By Fitch Ratings | July 27, 2021
EU insurers’ IFRS 17 financial statements will not be as helpful for users as they could be, as they will lack certain profitability information unless they routinely show accounting data for cohorts of contracts grouped by origination year, Fitch Ratings says.Read More »EU Insurance Accounting Less Insightful Without Cohort Splits
By Prue Moodie | INTHEBLACK | July 1, 2021 Interesting times lie ahead for insurers, who are readying for more transparency under a new accounting… Read More »IFRS 17: What you need to know
By Lee Min-hyung | The Korea Times | June 30, 2021
Shinhan Life, which will be launched on Thursday following the merger of Shinhan Life Insurance and Orange Life Insurance, will intensify competition with rivals Kyobo Life Insurance and Mirae Asset Life Insurance as the new insurer seeks to gain an upper hand through the use of next-generation information technology.Read More »Launch of merged Shinhan Life to intensify health insurance competition
Michael Chevy Castranova | The Gazette | June 30, 2021
Principal Financial will get out of the business of selling life insurance and fixed annuities to consumers, the Des Moines-based company said earlier this week.Read More »Principal Financial to depart retail life insurance sales
NARAYANAN SOMASUNDARAM, Nikkei Asia chief banking and financial correspondent | Nikkei | June 29, 2021
Investment gives life insurer access to mass market clients in China
HONG KONG — AIA Group on Tuesday said it had agreed to buy a 24.99% stake in China Post Life Insurance for 12 billion yuan ($1.86 billion) to boost its exposure to the nation’s life insurance market.Read More »AIA to buy 25% stake in China Post Life Insurance for $1.9bn
By Jason Contant | Canadian Underwriter | June 9, 2021
The majority of insurers across the globe will spend US$20 million to implement the IFRS 17 insurance accounting standard into their operations, according to a new worldwide survey by Willis Towers Watson.Read More »What insurers are paying to deliver IFRS 17: Is there any bang for the buck?
By Insurance Journal | June 8, 2021
The total cost faced by the global insurance industry to implement IFRS 17 is estimated to be in the range of US$15 billion-$20 billion, according to a new global survey by Willis Towers Watson.Read More »Global Insurers Face Hefty Costs of $15B-$20B to Implement IFRS 17: WTW
By Luke Gallin | Reinsurance News | June 7, 2021
The implementation of IFRS 17, the International Financial Reporting Standard that was issued by the International Accounting Standards Board, is estimated to cost the global insurance industry as much as $20 billion, according to a survey by Willis Towers Watson (WTW).Read More »IFRS 17 to cost global insurance industry as much as $20bn: WTW
By Michael Rellosa | The Manila Times | May 24, 2021
AT this juncture, the Philippine nonlife insurance industry must be deep in thought and action preparing for the implementation of IFRS17 by Jan. 1, 2025. IFRS stands for international financial reporting standards and No. 17 refers to the latest global standard for all insurance contracts replacing all other earlier standards currently in place. The main objective of IFRS17 is to standardize insurance accounting across all jurisdictions with the end in view of improving comparability; thereby increasing transparency.Read More »The insurance industry’s journey towards IFRS17 implementation
By Matt Sheehan | Reinsurance News | May 12, 2021
Analysts at Fitch Ratings have assured that the introduction of IFRS 17 is expected to have a “limited” impact on ratings and no overall changes to its view on capitalisation for most re/insurers.Read More »Limited rating impact expected from IFRS 17: Fitch