Home Home
  • Global
    • Global
    • Albania
    • Algeria
    • Angola
    • Argentina
    • Armenia
    • Australia
    • Austria
    • Azerbaijan
    • Bahamas
    • Bahrain
    • Bangladesh
    • Belarus
    • Belgium
    • Belize
    • Benin
    • Bermuda
    • Bolivia
    • Bosnia Herzegovina
    • Brazil
    • British Virgin Islands
    • Bulgaria
    • Burkina Faso
    • Cameroon
    • Canada
    • Cayman Islands
    • Central African Republic
    • Chile
    • China
    • Colombia
    • Congo, DR
    • Costa Rica
    • Croatia
    • Cuba
    • Cyprus
    • Czech Republic
    • Denmark
    • Djibouti
    • Dominican Republic
    • Ecuador
    • Egypt
    • El Salvador
    • Equatorial Guinea
    • Eritrea
    • Estonia
    • Ethiopia
    • Fiji Islands
    • Finland
    • France
    • Gabon
    • Georgia
    • Germany
    • Gibraltar
    • Greece
    • Grenada
    • Guatemala
    • Guinea-Bissau
    • Guyana
    • Hong Kong SAR
    • Hungary
    • India
    • Indonesia
    • Iran
    • Ireland
    • Isle Of Man
    • Israel
    • Italy
    • Ivory Coast
    • Jamaica
    • Japan
    • Jordan
    • Kazakhstan
    • Kenya
    • Korea
    • Kuwait
    • Kyrgyz Republic
    • Latvia
    • Lebanon
    • Lesotho
    • Lithuania
    • Luxembourg
    • Macedonia
    • Madagascar
    • Malawi
    • Malaysia
    • Mali
    • Malta
    • Mauritius
    • Mexico
    • Moldova
    • Mongolia
    • Montenegro
    • Morocco
    • Mozambique
    • Nepal
    • Netherlands
    • New Zealand
    • Nicaragua
    • Niger
    • Nigeria
    • Norway
    • Oman
    • Pakistan
    • Palestinian Ruled Territories
    • Panama
    • Paraguay
    • Peru
    • Philippines
    • Poland
    • Portugal
    • Puerto Rico
    • Qatar
    • Reunion
    • Romania
    • Russia
    • Rwanda
    • San Marino
    • Saudi Arabia
    • Senegal
    • Serbia
    • Singapore
    • Slovakia
    • South Africa
    • South Sudan
    • Spain
    • Sri Lanka
    • Sweden
    • Switzerland
    • Syria
    • Taiwan
    • Tajikistan
    • Tanzania
    • Thailand
    • Togo
    • Tunisia
    • Turkey
    • Turks and Caicos Islands
    • U.S. Virgin Islands
    • Uganda
    • Ukraine
    • United Arab Emirates
    • United Kingdom
    • United States of America
    • Uruguay
    • Uzbekistan
    • Venezuela
    • Global
    • Yemen
    • Zambia
    • Zimbabwe
  • Search
  • x


      Image
      Search
      Image
      Share
      • About us
          • About us
              • Annual review
              • Shared future
              • Our commitment
              • Leadership team
              • Press room
              • Transparency report
          • Services
              • Advisory
              • COVID-19 resource hub
              • HLB Digital
              • Forensic and investigation services
              • Global China service
              • IPO services
              • Sustainability and CSR advisory services
              • Technology advisory services
              • Transaction advisory Services
              • Audit & assurance
              • IFRS services
              • Financial audit
              • Global accounting & compliance services
              • Risk assurance services
              • Tax
              • Expatriate tax services
              • Indirect tax compliance for e-commerce businesses
              • Indirect tax services
              • Transfer pricing
              • LATEST INSIGHTS
              • Pondering,African,American,Young,Woman,Thinking,On,Creative,Ideas,ForTalent recruitment and retention challenges for Not-For-Profit organisations
              • Unpacking invisible backpack imageUnpacking your invisible backpack
              • Thoughtful,It,Developer,Thinking,About,Fixing,Software,Bugs,On,NetbookEmbracing innovations in learning and development
          • Industries
              • Agriculture, food & beverages
              • Healthcare
              • Manufacturing
              • Real estate
              • Emerging technologies
              • Hospitality
              • Not-for-profit
              • Technology, media & telecommunications
              • LATEST INSIGHTS
              • Pondering,African,American,Young,Woman,Thinking,On,Creative,Ideas,ForTalent recruitment and retention challenges for Not-For-Profit organisations
              • Unpacking invisible backpack imageUnpacking your invisible backpack
              • Thoughtful,It,Developer,Thinking,About,Fixing,Software,Bugs,On,NetbookEmbracing innovations in learning and development
          • Careers
              • Diversity, equity and inclusion
              • Job Search
          • Insights
      • Services
          • About us
              • Annual review
              • Shared future
              • Our commitment
              • Leadership team
              • Press room
              • Transparency report
          • Services
              • Advisory
              • COVID-19 resource hub
              • HLB Digital
              • Forensic and investigation services
              • Global China service
              • IPO services
              • Sustainability and CSR advisory services
              • Technology advisory services
              • Transaction advisory Services
              • Audit & assurance
              • IFRS services
              • Financial audit
              • Global accounting & compliance services
              • Risk assurance services
              • Tax
              • Expatriate tax services
              • Indirect tax compliance for e-commerce businesses
              • Indirect tax services
              • Transfer pricing
              • LATEST INSIGHTS
              • Pondering,African,American,Young,Woman,Thinking,On,Creative,Ideas,ForTalent recruitment and retention challenges for Not-For-Profit organisations
              • Unpacking invisible backpack imageUnpacking your invisible backpack
              • Thoughtful,It,Developer,Thinking,About,Fixing,Software,Bugs,On,NetbookEmbracing innovations in learning and development
          • Industries
              • Agriculture, food & beverages
              • Healthcare
              • Manufacturing
              • Real estate
              • Emerging technologies
              • Hospitality
              • Not-for-profit
              • Technology, media & telecommunications
              • LATEST INSIGHTS
              • Pondering,African,American,Young,Woman,Thinking,On,Creative,Ideas,ForTalent recruitment and retention challenges for Not-For-Profit organisations
              • Unpacking invisible backpack imageUnpacking your invisible backpack
              • Thoughtful,It,Developer,Thinking,About,Fixing,Software,Bugs,On,NetbookEmbracing innovations in learning and development
          • Careers
              • Diversity, equity and inclusion
              • Job Search
          • Insights
      • Industries
          • About us
              • Annual review
              • Shared future
              • Our commitment
              • Leadership team
              • Press room
              • Transparency report
          • Services
              • Advisory
              • COVID-19 resource hub
              • HLB Digital
              • Forensic and investigation services
              • Global China service
              • IPO services
              • Sustainability and CSR advisory services
              • Technology advisory services
              • Transaction advisory Services
              • Audit & assurance
              • IFRS services
              • Financial audit
              • Global accounting & compliance services
              • Risk assurance services
              • Tax
              • Expatriate tax services
              • Indirect tax compliance for e-commerce businesses
              • Indirect tax services
              • Transfer pricing
              • LATEST INSIGHTS
              • Pondering,African,American,Young,Woman,Thinking,On,Creative,Ideas,ForTalent recruitment and retention challenges for Not-For-Profit organisations
              • Unpacking invisible backpack imageUnpacking your invisible backpack
              • Thoughtful,It,Developer,Thinking,About,Fixing,Software,Bugs,On,NetbookEmbracing innovations in learning and development
          • Industries
              • Agriculture, food & beverages
              • Healthcare
              • Manufacturing
              • Real estate
              • Emerging technologies
              • Hospitality
              • Not-for-profit
              • Technology, media & telecommunications
              • LATEST INSIGHTS
              • Pondering,African,American,Young,Woman,Thinking,On,Creative,Ideas,ForTalent recruitment and retention challenges for Not-For-Profit organisations
              • Unpacking invisible backpack imageUnpacking your invisible backpack
              • Thoughtful,It,Developer,Thinking,About,Fixing,Software,Bugs,On,NetbookEmbracing innovations in learning and development
          • Careers
              • Diversity, equity and inclusion
              • Job Search
          • Insights
      • Careers
          • About us
              • Annual review
              • Shared future
              • Our commitment
              • Leadership team
              • Press room
              • Transparency report
          • Services
              • Advisory
              • COVID-19 resource hub
              • HLB Digital
              • Forensic and investigation services
              • Global China service
              • IPO services
              • Sustainability and CSR advisory services
              • Technology advisory services
              • Transaction advisory Services
              • Audit & assurance
              • IFRS services
              • Financial audit
              • Global accounting & compliance services
              • Risk assurance services
              • Tax
              • Expatriate tax services
              • Indirect tax compliance for e-commerce businesses
              • Indirect tax services
              • Transfer pricing
              • LATEST INSIGHTS
              • Pondering,African,American,Young,Woman,Thinking,On,Creative,Ideas,ForTalent recruitment and retention challenges for Not-For-Profit organisations
              • Unpacking invisible backpack imageUnpacking your invisible backpack
              • Thoughtful,It,Developer,Thinking,About,Fixing,Software,Bugs,On,NetbookEmbracing innovations in learning and development
          • Industries
              • Agriculture, food & beverages
              • Healthcare
              • Manufacturing
              • Real estate
              • Emerging technologies
              • Hospitality
              • Not-for-profit
              • Technology, media & telecommunications
              • LATEST INSIGHTS
              • Pondering,African,American,Young,Woman,Thinking,On,Creative,Ideas,ForTalent recruitment and retention challenges for Not-For-Profit organisations
              • Unpacking invisible backpack imageUnpacking your invisible backpack
              • Thoughtful,It,Developer,Thinking,About,Fixing,Software,Bugs,On,NetbookEmbracing innovations in learning and development
          • Careers
              • Diversity, equity and inclusion
              • Job Search
          • Insights
      • Insights
      • About us
        • Annual review
        • Shared future
        • Our commitment
        • Press room
        • Join HLB
        • Leadership team
        • Transparency Report
      • Services
        • Advisory
          • COVID-19 resource hub
          • HLB Digital
          • Forensic and investigation services
          • Global China service
          • IPO services
          • Sustainability and CSR advisory services
          • Technology advisory services
          • Transaction advisory services
        • Audit & Assurance
          • Financial audit
          • Global accounting & compliance services
          • IFRS services
          • Risk Assurance Services
        • Tax
          • Expatriate tax services
          • Indirect tax compliance for e-commerce businesses
          • Indirect tax services
          • Transfer Pricing
      • Industries
        • Agriculture, Food & Beverages
        • Hospitality
        • Real Estate
        • Emerging growth company lifecycle
        • Emerging Technologies
        • Healthcare
        • Manufacturing
        • Not-For-Profit
        • Technology, Media & Telecommunications
      • Careers
        • Diversity, equity and inclusion
        • Job search
      • Insights
      1. Home/
      2. Insights/
      3. Leadership

      IFRS 17: Insurer's future prospects

      Image

      In this era of a global economy and international commerce, a plethora of new reporting and compliance standards are sweeping the globe, causing a transformation in the way insurers to conduct business. For insurance firms, IFRS 17, the new financial reporting standard, is considered a welcome transformation. It establishes a set of new financial reporting accountability criteria for insurance businesses equivalent to those in other sectors.

      IFRS 17, will undoubtedly become the most significant shift in insurance accounting regulations in recent years. IFRS 17 is a positive move for many in the sector. It will result in a considerable transformation in the data available to financial statement users. In brief, it will reveal information that already appears to exist in the current insurance accounting sector but is not to all practitioners knowledge, allowing insurers to be more transparent. Also, it will assist in establishing a fairer playing field among insurers worldwide. It will give them a better understanding of the insurer's financial situation.

      The new International Financial Reporting Standards (IFRS 17) will have an influence on:

      • Reporting: Modifications to the P&L and balance sheet, as well as additional components such as cash flows, risk calculation, and CSM.
      • Organisation: There will be a lot of contact and collaboration between the actuarial, IT, and finance departments.
      • Investors: The adoption of IFRS will alter how the financial statements are presented, analysed, and interpreted by stakeholders.
      • IT: Data must be managed at a lower level with deeper information, but systems must operate quickly.


      What significance will IFRS 17 developments have on today's insurers?

      It will impact profit structures. There will be more openness in terms of profitability, and equity levels will be visible. If investors and stakeholders have a better understanding of an insurer's accurate financial results, they are more likely to change how they report and conduct business.

      Here are some of the new features of IFRS 17.

      • Only revenue, costs, and other operations related to insurance contracts are recognised
      • Projected cash flow predictions can be more exact if premium claims and spending are taken into account
      • Streamlining of reporting with less confusion and synchronisation of internal and external perspectives
      • Insurance contracts and reinsurance contracts are not the same things
      • Gain or loss from contracts of a specific entity is recognised in a broad group
      • Enhances business collaboration and financial reporting position improvement
      • Gives data by focusing solely on investment income

      According to current accounting rules, the valuation of insurance contracts is frequently estimated using historical data and facts accessible at the start of the insurance period. IFRS 17 mandates a future-oriented evaluation based on best-estimate cash flows. It is more concerned with the revenue of portfolios. It specifies rules for identifying, assessing, displaying and disclosing insurance contracts.

      Bottom line

      The adoption of IFRS 17 will substantially impact financial reporting, particularly by assisting in resolving the current difficulty of various accounting procedures. Insurers will have to evaluate, comprehend, and apply the new standard to their insurance contracts and reporting in the future years, which will take a lot of time and energy. The needed substantial transformation programme will affect more than just the finance and actuarial teams, and its implications will need to be conveyed to various participants.

      However, help is at hand. HLB’s IFRS advisers can help you understand the key complexities and application of IFRS 17. More information can be found here.

      GlobalLeadershipTalent
      global,leadership,talent,

      Blog

      Why now is a good time to start practicing mindfulness at work

      The Coronavirus pandemic has generated disruption and uncertainty about our physical and mental wellbeing. HLB Chief People Officer, Marina Kooijmans, shares why now is a good time to start practicing...

      7 February 2022

      Research

      HLB Sustainability Report 2021

      Our sustainability report 2021 provides three-step roadmap to help businesses develop their sustainability strategy and explore the technologies that can help at each stage.

      2 November 2021

      Article

      What does the future of work look like?

      With plenty of time to adapt to working remotely during the lockdowns and discovering the benefits, more and more businesses are embracing a hybrid work style.

      4 August 2021

      Blog

      COVID-19 – A catalyst for a new model of global collaboration

      HLB CEO Marco Donzelli shares his thoughts on global collaboration and trade, in light of COVID-19 as a catalyst for change and the key findings from HLB's Survey of Business...

      20 January 2021

      Article

      Returning to the workplace: Considerations employers need to be aware of to protect staff

      As offices re-open, what do employers need to be aware of to protect staff and comply with safety guidelines?

      18 June 2020

      Article

      Strategies for business resilience after COVID-19

      In the face of a crisis or economic slowdown, businesses that prioritise a resilience strategy are positioned to succeed.

      22 May 2020

      Article

      Leadership in times of crisis: Pivoting towards recovery

      When a crisis occurs, it tests your leadership skills. To pivot recovery, resilience, trust and strong communications are essential.

      13 May 2020

      Article

      If we’re not intentionally inclusive, we are unintentionally exclusive: How men play a key role in the diversity and inclusion conversation

      In honour of International Men's Day, we explore how men play a key role in the diversity and inclusion conversation.

      18 November 2019

      Article

      Talent scarcity: A top threat to business growth in the CEE region

      Talent scarcity is a top threat for business growth in the CEE region. What is your people strategy to recruiting and attacking top talent?

      23 July 2018

      Article

      Does your business have a client relationship strategy?

      Here is how to build better relationships with your clients.

      15 June 2018

      Article

      International Women’s Day: Being more and the myth of having it all


      Can the modern career woman have it all? To mark International Women’s Day, three female accountants offer their thoughts.

      21 March 2017

      Article

      How design thinking can transform your career


      Design thinking is a problem-solving strategy that any business or profession can use to achieve extraordinary results.

      19 December 2016

      1. Home/
      2. Insights/
      3. Leadership
      • About us
      • Services
      • Industries
      • Insights
      • Locations
      • Contact us
      • Legal
      • Press room
      • Join HLB
      • Member login

      ©2022 HLB International Limited, All rights reserved.

      HLB International Limited, registered in England & Wales No. 02181222, registered office: Lynton House 7-12, Tavistock Square, London, WC1H 9LT.

      HLB International Limited is an English company limited by guarantee which co-ordinates the international activities of the HLB International network. HLB International is a global network of independent advisory and accounting firms, each of which is a separate and independent legal entity and as such has no liability for the acts and omissions of any other member.

      HLB
      Head Office
      123 Buckingham Palace
      Road
      London, SW1W 9SH
      United Kingdom

      T: +44 (0)20 7881 1100

      Get In Touch

      Share to:

      Copy link:


      Copied to clipboard
      Copy

      We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
      Cookie SettingsAccept
      Manage cookie

      Privacy Overview

      This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
      Necessary
      Always Enabled
      Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
      CookieDurationDescription
      cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
      cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
      cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
      cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
      cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
      viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
      Functional
      Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
      Performance
      Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
      Analytics
      Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
      Advertisement
      Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
      Others
      Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
      SAVE & ACCEPT
      x

      x

      Podcast Transcript

      x

      Share to:

      Copy link:


      Copied to clipboard
      Copy

      x

       
      Required 'Candidate' login to applying this job. Click here to logout And try again
       

      Login to your account

      • Forgot Password? | Sign Up

      Or Sign In With
      • Login with Twitter
      • Login with Google
      • Login with Linkedin
      • Login with Xing

      Reset Password

      • Already have an account? Login

      Enter the username or e-mail you used in your profile. A password reset link will be sent to you by email.

      Signup to your Account

      • Drop a resume file or click to upload.
        To upload file size is (Max 5Mb) and allowed file types are (.doc, .docx, .pdf)
        or
        Upload Resume
      • By clicking checkbox, you agree to our Terms and Conditions and Privacy Policy

        Already have an account? Login

      Or Sign In With
      • Login with Twitter
      • Login with Google
      • Login with Linkedin
      • Login with Xing
      Close
       

      Answers

       

      Account Activation

      Before you can login, you must activate your account with the code sent to your email address. If you did not receive this email, please check your junk/spam folder. Click here to resend the activation email. If you entered an incorrect email address, you will need to re-register with the correct email address.