Following our analysis on the key themes arising from many insurers’ investor education sessions in 2022, we now focus on the disclosures in 2022 annual financial statements on implementing the new accounting standards, IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments.

What does our analysis show?

From our detailed analysis of 60 insurers’ 2022 financial statement disclosures in four key areas, some of our key findings include the following.

Focus area Key finding

Disclosures under IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

All insurers disclosed the key accounting policies they expect to apply under IFRS 17 and IFRS 9, but the level of detail varied widely

Restatement of the opening balance sheet

Many insurers disclosed the expected impact on opening equity

Restatement of 2022 comparatives

Many insurers aim to provide restated 2022 comparatives before or together with their first interim report

Ongoing IFRS 17 and IFRS 9 reporting

Some insurers report the expected impact on restated profitability in 2022 and key performance indicators (KPIs)


A sufficient number of insurers reported on these areas to allow a meaningful comparison of accounting policies under IFRS 17 and IFRS 9 and their financial impact. However, most expect their impacts may potentially change.

What’s next?

Use our analysis to identify and benchmark the key information for your first round of reporting under IFRS 17 and IFRS 9. 

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