Continuing our ongoing analysis of insurers’ reporting on implementing the new accounting standards – IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments – we have now analysed the half-year reports of 64 insurers for the six months ended 30 June 2023. We now share our key observations on:

  • the IFRS 17 disclosures included in the half-year reports; and
  • the impacts of IFRS 17 on key performance indicators (KPIs).

What are our key observations?

We found the following in our analysis.

  • There is significant variation in the IFRS 17 disclosures included by insurers in their half-year reports. The level of aggregation of the disclosures also varied.
  • There are significant differences in the yield curves applied to discount insurance liabilities. The detail provided on how discount rates are determined also varied widely.
  • The contractual service margin (CSM) has been integrated into many life insurers’ KPIs, including the metrics for new business, profitability and company value. Non-life insurers have largely continued with existing KPIs.

What else did we look at?

These include an update to our previous analysis on:

  • insurers’ IFRS 17 and IFRS 9 accounting policies and significant judgements; and
  • the impact to opening equity from the adoption of IFRS 17 and IFRS 9.

What’s next?

Read our analysis of insurers’ half-year reports under IFRS 17 and IFRS 9.


Contact our IFRS 17 and IFRS 9 experts


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