In March 2024, many insurers with December year-ends published their first set of the highly anticipated IFRS 17 Insurance Contracts (IFRS 17) compliant financial statements. This marked the culmination of a multi-year investment worthy of celebration. Yet, despite what appeared to be celebratory photo finishes, in many cases, the 2023 reporting deadline was still crossed with 'blurred IFRS 17 financial reporting vision', as insurers grappled with operational and reporting complexities in producing financial statements.
