Insurers' 2025 annual financial statements

Our latest analysis of 55 insurers from across the globe shows a growing maturity in the application of IFRS 17 Insurance Contracts, with insurers refining their accounting policies and disclosures. In line with prior years, our analysis focused on the accounting policies, significant judgements and disclosures under IFRS 17 and IFRS 9 Financial Instruments.

Insurers’ refinements to their IFRS 17 accounting policies and disclosures signal growing maturity; however, differences in the quality of disclosures means comparability challenges remain.

Bob Owel,

IFRS Technical Associate Partner

Frederic Poesen

Partner | Audit

KPMG in Belgium

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What are our key observations?

In this 2025 reporting cycle, we have seen more insurers disclosing changes in accounting policies and estimates related to IFRS 17. These have included updates to policies related to insurance finance income and expenses, and refinements to risk adjustment techniques, which signal a growing maturity in the application of IFRS 17.

We observed that differences remain in the quality and detail of insurers’ disclosures. Insurers’ accounting policy choices and significant judgements also differ, making comparability more challenging for users of financial statements.

What’s new?

This year we:

provide new observations on insurance risk-related disclosures and the level of aggregation of disclosures;
expand our analysis of key areas of judgement, including the contractual service margin and discount rates; and
deliver additional insights on comparability of insurers’ accounting policies by segment.