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Insurance Accounting Change

Fundamentally changing the way stakeholders measure insurer performance.

By January 1, 2023, insurers are expected to significantly change their accounting models, transitioning to abide by International Financial Reporting Standards 17 (IFRS 17) and the FASB’s Targeted Improvements for Long-Duration Contracts (LDTI) requirements. That may still seem a long way off, but the implementation effort required will be significant and insurers should get started now to prepare before the new standards take effect.

These new standards fundamentally change the way insurers and their stakeholders measure performance by changing the face of the financial statements and enhancing disclosure requirements. Virtually every aspect of an insurer’s business and operations will be affected, making planning, communication and coordination essential for effective implementation.

KPMG professionals stand ready to help insurers navigate and operationalize these complex regulatory changes. Our team comprises accounting, actuarial, finance, project management, data science and technology disciplines, providing practical insight to help insurers identify risks, understand new compliance requirements, plan necessary changes and support implementation.

KPMG can help insurers with -

  • Updating actuarial models to produce IFRS 17 or LDTI compliant cash flows
  • Modernization of legacy systems and processes
  • Implementation of an accounting sub-ledger
  • Creation of enhanced management reporting package and key performance indicators (KPIs)
  • Updating accounting policies to comply with the new standards including LDTI, IFRS 17/9 and CECL
  • Transformation of experience study process to meet new assumption requirements
  • Support the development of an end-to-end governance and controls environment
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Advisory NAIC Bond Project

NAIC Bond Project - Principles-Based Bond Definition

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IFRS 17: Insurance contracts acquired

Key M&A considerations

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IFRS 17: Current challenges and creating value beyond compliance

Insurers have spent significant resources implementing IFRS 17. However, to truly realize value, more work needs to be done.

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Adoption of ASU 2018-12: Lessons Learned

Erica Stein and Emily Cassidy share observations of the implementation process and lessons learned by public companies in the first year of adoption of ASU 2018-12.

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Analysts Trends in LDTI

A KPMG survey reveals that analysts still want to hear how LDTI is impacting insurance companies.

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Benchmarking LDTI implementation

How the insurance industry can navigate the challenges of implementing the new LDTI standard to reap its benefits.

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LDTI Insurance accounting change

ASU 2018-12 Long Duration Targeted Improvements (LDTI)

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Accounting Change for Insurance Insights

A knowledge center to help insurers navigate new requirements.

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Illustrative disclosures for insurers adopting ASU 2018-12

The KPMG LDTI Illustrative Disclosures Guide presents one possible format for financial statements of a life insurer applying the requirements of ASU 2018-12

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Survey shows analysts’ expectations about financials after LDTI

As insurers prepare to adopt the new standard, KPMG survey reveals what analysts want to learn about life insurers’ financials

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Insights for the future

Preparing for LDTI

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People & organizational impacts of insurance accounting change

Getting ready for Business as Usual (BAU)

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Handbook: Long-duration contracts

Latest edition: Our updated guide for long-duration contracts, with Q&As, interpretive guidance and examples.

    Meet our team

    Image of Michael Lammons
    Michael Lammons
    Partner, KPMG Insurance Accounting Change Co-Lead, KPMG US
    Image of Emily Cassidy
    Emily Cassidy
    Managing Director, KPMG Insurance Accounting Change Co-Lead, KPMG LLP

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