Topic: IFRS 17 Page 1 / 3
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- March 12 2025
Philippines extends PFRS 17 deadline until January 2027
Last year, the Insurance Commission mandated adoption of a new accounting standard - which aligns with the International Financial Reporting Standard 17 (IFRS 17) - by January 1, 2025.
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- December 6 2024
IFRS 17 readiness and implementation “not fit for purpose” for some APAC players
There are “specific pockets” where problems with IFRS 17 are still manifest in the Asia market, including aspects of reporting.
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- October 17 2024
India extends IFRS 17 implementation deadline to April 2027: report
IRDAI had earlier set an April 2025 deadline for the implementation of the new accounting regime in the insurance sector.
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- October 3 2024
India defers roll out of IFRS 17 equivalent indefinitely: report
Insurers can submit financial statements under the earlier Ind AS104 regime till the IRDAI notifies the implementation of the Ind AS 117standard.
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- September 26 2024
IFRS 17: Making your financial controls automation truly work for you
Shifting towards a more automated and streamlined workstream can free up time for insurers to critically analyse results that inform future financial planning.
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- May 15 2024
Korean insurers may face bigger corporate tax bill this year due to IFRS: report
The implementation of IFRS 17 means that the amount of cash surrender reserves recognised as expenses has surged by trillions of won per annum, according to a local report.
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- April 18 2024
Exit-bound Lotte Insurance owner shopping for overseas private equity buyers: report
South Korea’s JKL Partners is reportedly in talks with JC Flowers to sell the Korean non-life carrier in a sale process run by JPMorgan.ts valuation.
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- March 4 2024
Taiwanese regulator set to finalise rules to ease insurers offshore bond issuance: report
The amendments seek to allow Taiwanese carriers to issue regulatory bonds via SPVs, which will reduce related tax costs and help them cope with IFRS 17 implications.
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- February 15 2024
Korea’s Lotte Insurance records highest full year profit since inception
The non-life insurer's provisional full-year operating profit tripled from a year ago to US$350.5m, thanks in part to its strong growth in long-term business.
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- February 2 2024
IFRS 17: market still divided over the right KPIs
As insurers gear up for full-year reporting between February and April, experts say that the question remains as to which numbers are going to get the most emphasis.
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- January 4 2024
(Re)insurers to keep an eye on inflation, climate risk and geopolitical tensions in 2024
Expectations for a recovery in growth, orderly renewals, improved supply-demand dynamics, easing of retro market conditions point to a shift in sentiments and the industry’s resilience.
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- December 8 2023
CSM growth to drive Korean non-life insurers’ assets, profitability: Fitch
Korean non-life insurers to be stable in 2024, amid a high-interest-rate environment, despite facing uncertainty over the operating environment, with prolonged inflation and high interest rates.
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- August 23 2023
Asian Captive Conference 2023 to set the agenda on self-insurance
The sixth iteration of the conference in Kuala Lumpur, co-hosted by Labuan IBFC and LIIA, will feature a diverse mix of professionals from the global captive industry.
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- July 24 2023
IFRS 17 brings mixed results for APAC carriers
While the new standard seems to have improved insurance results, impacts of external factors like interest rates have brought a greater need to explain the numbers to investors.
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- June 9 2023
Hyundai Marine to benefit from transition to IFRS 17: AM Best
The carrier was facing 'considerable pressure' on its capital position in FY 2022 due to valuation losses, which can now be reduced.
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- March 14 2023
Asian insurers lag global peers as IFRS 17 kicks in
With traditional accounting measures such as GWP and NWP being phased out, there are numerous reporting challenges to overcome.
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- January 5 2023
APAC insurers still playing IFRS 17 catch-up
Companies need to carefully evaluate the implementation choices as it will have a lasting impact on shareholders’ equity and revenues.
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- February 1 2022
New Aussie reporting rules may challenge cyber insurance
Insurers will have to split out their cyber data as part of IFRS 17 reforms – but this may not be so easy.
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- September 1 2021
Fubon P&C sees over 30% decline in premiums in H1 2021
Plans to grow the firm's non-motor reinsurance business in China faces intense competition, AM Best says.
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- July 26 2021
New Zealand seeks feedback on interim insurer solvency standards
Stakeholders will have until October 1, 2021 to share their views with the central bank.
