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IFRS 17 will be a positive change for Swiss Re L&H: CEO Paul Murray

20th September 2023

IFRS 17 changes create a lot of opportunity for reinsurers to help companies deal with the entwined disruption, suggested Paul Murray, CEO of Life & Health Reinsurance, Swiss Re, speaking with CNBC. Discussing the current outlook of the L&H reinsurance market, Murray told CNBC there are a lot of "tailwinds" at ... Read the full article

GCC Islamic insurers face challenges with IFRS 17 adoption: S&P

9th August 2023

Islamic insurers operating in the Gulf Cooperation Council (GCC) region are poised for continued growth in 2023, but the adoption of the International Financial Reporting Standard 17 (IFRS 17) is presenting significant challenges, according to S&P Global Ratings. While the implementation is expected to usher in enhanced transparency and comparability, smaller ... Read the full article

Wide variation in impact of IFRS 17 on re/insurers: AM Best

17th May 2023

Analysts at AM Best have reported wide variation in the impact of the transition to IFRS 17 on insurers and reinsurers, with the effects being far more pronounced in the life segment than in non-life. For re/insurers that report under International Financial Reporting Standards (IFRS), the transition to the new accounting ... Read the full article

WTW releases IFRS 17 reporting solution

11th May 2023

Global advisory, broking and solutions company WTW has announced the release of its new IFRS 17 based reporting solution, Financial Results Analyzer (FRA). Developed by the company’s Insurance Consulting and Technology (ICT) business, WTW’s Financial Results Analyzer tool is designed to meet the IFRS 17 reporting requirements of re/insurers as they ... Read the full article

Fairfax announces estimate of IFRS 17 effect on common shareholders’ equity

18th April 2023

Canadian property and casualty re/insurer, Fairfax Financial Holdings Limited has published its preliminary, unaudited estimate of the effect of IFRS 17 on common shareholders’ equity stating that it will increase by approximately $2.2 billion, as at December 31, 2022. The new accounting standard, IFRS 17, was required to be adopted on ... Read the full article

SCOR sets new targets and assumptions amid IFRS 17 transition

12th April 2023

French reinsurer SCOR has released a set of financial targets and assumptions for 2023 amid the transition to the new IFRS 17 accounting framework, which it says will notably allow it to disclose the full value of its risk portfolio. As of Q1 2023, the reinsurer will publish its financial results ... Read the full article

Munich Re raises 2023 profit guidance to €4bn under IFRS 17

15th December 2022

German reinsurance giant Munich Re is aiming for a consolidated profit of roughly €4 billion for the 2023 financial year under the new IFRS 17 reporting standard, with profit of around €3.3 billion expected in the reinsurance field of business. At the same time, the reinsurer anticipates insurance revenues, which it ... Read the full article

IFRS 17 adoption already impacting L&G operating profit: Berenberg

1st December 2022

A new note from analysts Berenberg says that next year’s adoption of IFRS 17 has led to Legal & General announcing a 20-25% reduction in its operating profit. The firm said that the incoming standard had led to a ‘dominance of annuities’ in Legal & General’s business model, becoming a key ... Read the full article

IFRS 17 strategy changes could affect ratings, warns S&P

26th August 2022

Analysts at S&P Global Ratings have warned that ratings actions could be taken if insurers and reinsurers make significant changes to their risk appetite or capitalization strategies following the implementation of IFRS 17 in 2023. International Financial Reporting Standards (IFRS) 17 will reshape insurance accounting from January 1st in a move ... Read the full article

Canada’s OSFI releases final insurance capital guidelines for IFRS 17

25th July 2022

Canada’s Office of the Superintendent of Financial Institutions (OSFI) has announced the release of the final insurance capital guidelines. They have been updated to reflect implementation of International Financial Reporting Standards 17 - Insurance Contracts (IFRS 17) for fiscal years beginning on or after 1 January, 2023. According to OSFI, these guidelines ... Read the full article

IFRS 17 not expected to affect insurers’ business models or credit ratings: Fitch

8th July 2022

Analysts at Fitch Ratings have stated that the first public comments from Dutch insurer – ASR, on the implications of IFRS 17 support Fitch Ratings’ view that the new standard will not affect insurers’ business models in the near term. The major European insurer said in an update last month ... Read the full article

“Huge work” required before IFRS 17 goes live – WTW

17th June 2022

Insurers have reported that there is still a huge amount of work to complete in order to successfully deliver IFRS 17 ahead of the 2023 deadline, according to a new survey by WTW. The study polled 270 insurers from 45 countries and is believed to be the industry’s most comprehensive ... Read the full article

Level of preparedness for IFRS 17 in MENA varies: AM Best

7th June 2022

According to a new report from AM Best, the level of preparedness in the Middle East and North Africa (MENA) for IFRS 17 varies significantly by country and by insurer, ahead of the standards effective date of January 1st, 2023. While several countries within the MENA region continue to report under ... Read the full article

IFRS 17 to cost global insurance industry as much as $20bn: WTW

7th June 2021

The implementation of IFRS 17, the International Financial Reporting Standard that was issued by the International Accounting Standards Board, is estimated to cost the global insurance industry as much as $20 billion, according to a survey by Willis Towers Watson (WTW). The global insurance and reinsurance broker recently polled 312 carriers ... Read the full article

Limited rating impact expected from IFRS 17: Fitch

12th May 2021

Analysts at Fitch Ratings have assured that the introduction of IFRS 17 is expected to have a “limited” impact on ratings and no overall changes to its view on capitalisation for most re/insurers. While IFRS 17 is an important and major accounting change for insurance contracts, in itself it does not ... Read the full article