Insurers – Illustrative disclosures

Your essential guides to disclosures for insurers

Our Guides to financial statements help you to prepare and present financial statements in accordance with IFRS^® Accounting Standards. 

For insurers, we have three guides containing illustrative disclosures for a fictitious multinational insurer that applies IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments:

• after initial application: Illustrative disclosures for insurers (2024 edition) for an annual period beginning on 1 January 2024. The 2024 edition includes expanded disclosures based on common disclosures in insurers’ financial statements after their first year of experience with IFRS 17. An insurer no longer needs to present financial statements for the year of transition to IFRS 17 and IFRS 9; however, some disclosures relating to transition remain relevant;
• in the period of initial application: Illustrative disclosures for insurers (2020 edition) illustrates the first annual financial statements when IFRS 17 and IFRS 9 are applied for the first time ; and
• before initial application: the IFRS 17 and IFRS 9 pre-transition disclosures supplement, illustrating pre-transition disclosures required by IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors in the financial statements.

What’s new in 2024?

Driving clarity in financial reporting

Investors and regulators have been raising concerns about the clarity of financial reporting, including climate reporting. Companies need to be clear on climate in their financial reporting and be ready for the additional scrutiny of their financial statements that will come with sustainability reporting.

In response to investors’ concerns, the International Accounting Standards Board (IASB) is focusing on presentation and disclosure matters. A number of amendments to the existing presentation and disclosure requirements become effective this year. 

Connectivity provides the unifying principle in achieving clarity in corporate reporting. It ensures that the different elements of a company’s annual report make a coherent, connected and integrated whole. The three key areas of the annual report – the financial statements, the sustainability disclosures and management’s discussion and analysis (MD&A) – need to provide a complete picture of the company’s business model and strategy, connecting the dots between the financial and non-financial information.

For more about connectivity, see our Connected reporting page.

For more KPMG insight on IFRS 17, visit our Insurance contracts page.

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