The International Accounting Standards Board (IASB) is reluctant to make revisions to IFRS 17 amid fears that changes could disrupt existing implementation processes.
By Chris Seekings, The Actuary | October 26, 2018
At a meeting earlier this week, the board agreed that potential changes would be “narrow in scope”, with a number of members arguing against compromising core principles of the standard.
By Andrew Tjaardstra, Insurance Asia News | October 23, 2018
FWD Group has agreed to acquire Commonwealth Bank of Australia’s 80% stake in Indonesian life insurer PT Commonwealth Life for around A$426 million (US$300 million).
By Reuters | October 23, 2018
FWD Group, led by Hong Kong billionaire Richard Li, will buy control of an Indonesian life insurance venture from Commonwealth Bank of Australia for A$426 million (US$300 million) as it seeks to expand across Asia.
Read More »FWD pursues pan-Asia ambitions with deal for CBA’s Indonesia insurance unit
By Jhoo Dong-chan, The Korea Times | October 22, 2018
MetLife Korea, a local unit of the largest life insurer in the U.S., is gaining attention for high return of its whole life insurance product investing in the U.S. treasury bonds or promising firms there.
Today, the European Insurance and Occupational Pensions Authority (EIOPA) published its 
analysis of IFRS 17 Insurance Contracts.
EIOPA carried out the analysis in light of the upcoming implementation of IFRS 17 to foster a better understanding of the implications and potential impacts of the standard on European insurance and reinsurance undertakings as well as to provide insights into the future interplay between insurers’ financial and prudential reporting.
Read More »EIOPA analyses the benefits of IFRS 17 Insurance Contracts
Nine insurance organisations have written to the International Accounting Standards Board (IASB) calling for a two-year delay to the introduction of IFRS 17.
By Chris Seekings | The Actuary
In a letter addressed to the IASB’s chairman Hans Hoogervorst, the group warned of “serious operational constraints” on insurers’ ability to meet the 1 January 2021 implementation date.
By InsuranceAsia News Staff, InsuranceAsia News | October 18, 2018
Nine national and regional insurance bodies have called for a two-year delay from the original date of 1 January 2021 before the imposition of costly accounting rules, known as IFRS 17.
By InsuranceAsia News Staff, InsuranceAsia News | October 15, 2018
In the wake of a number of profitable bancassurance distribution deals recently made in South-East Asia, Singapore’s United Overseas Bank has decided to review its insurance business arrangements, along with its present partnership deal with Prudential.
By InsuranceAsia News Staff, InsuranceAsia News | October 15, 2018
Insurance players in Asia, both the new generation and traditional firms, should focus on collaboration not disruption to tap into the opportunities presented by insurance technology (insurtech), according to Balaji Prabhakaran, head of propositions and digital products in Asia-Pacific for global giant Allianz.
By InsuranceAsia News Staff, InsuranceAsia News | October 11, 2018
Life insurance companies in Korea are in the process of downsizing their workforce. Mirae Asset Life has announced it is introducing a voluntary retirement programme for its employees and a host of rivals have been cutting costs.