News

The insurance industry’s journey towards IFRS17 implementation

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

Limited rating impact expected from IFRS 17: Fitch

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

How insurers are faring as IFRS 17 transition looms

By Jason Contant | April 29, 2021

As the transition date for the new insurance accounting standard IFRS 17 approaches in January 2022, insurers are split on whether or not to use dedicated staff for implementation.Read More »How insurers are faring as IFRS 17 transition looms

Aegon Said to Explore Sale of Transamerica Business in Asia

By Jan-Henrik Foerster and Manuel Baigorri, Bloomberg | February 22, 2021

Aegon NV is exploring a sale of its Transamerica business in Asia as it pushes ahead with plans to exit non-core markets, according to people familiar with the matter.Read More »Aegon Said to Explore Sale of Transamerica Business in Asia

Foreign insurers losing customers in South Korea

by Gabriel Olano | Insurance Business | February 20, 2021

Several foreign-owned life insurance companies in South Korea are reportedly seeing higher levels of contract terminations, compared to their homegrown competitors.Read More »Foreign insurers losing customers in South Korea

Hong Kong Life Insurance owners revive sale after failed deal

The Business Times | January 23, 2021

This is the third attempt at exiting the business; a successful sale could fetch US$400m to US$500m

THE owners of Hong Kong Life Insurance Ltd are reviving a sale of the business after a deal was scrapped more than two years ago, according to people familiar with the matter.Read More »Hong Kong Life Insurance owners revive sale after failed deal

Chile advances with IFRS 17 implementation plans

Bnamericas | January 12, 2021

Chile has taken a step closer to introducing the new IFRS accounting standard for insurance contracts: IFRS 17.Read More »Chile advances with IFRS 17 implementation plans

MetLife to Sell Car and Home Insurance Unit to Zurich for Nearly $4 Billion

By Leslie Scism and Julie Steinberg | The Wall Street Journal | December 11, 2020

Deal comes as insurers face need for scale in advertising, and technology drives changes in how they do business

Swiss insurer Zurich Insurance ZURVY -2.51% Group AG said it would acquire MetLife Inc.’s MET -0.76% car and home insurance business for $3.94 billion in cash, a move that will substantially boost the size of its Farmers business in the U.S.Read More »MetLife to Sell Car and Home Insurance Unit to Zurich for Nearly $4 Billion

South Korea:Insurance act to be amended for IFRS 17 to be adopted in 2023

Asia Insurance Review | December 07, 2020

The Financial Services Commission (FSC) has announced that it will conduct a task force to submit amendments to insurance law to the National Assembly in the first half of next year to implement the new international accounting standard FRS 17 in 2023 .Read More »South Korea:Insurance act to be amended for IFRS 17 to be adopted in 2023

FWD Insurance expands Aptitude Software adoption across Asia to prepare for IFRS 17

FWD is now closer to fulfilling its goal to build a technology platform that will go above and beyond compliance.

PRWEB, London | December 02, 2020

Aptitude Software, a leading provider of financial management software, is delighted to announce that its IFRS 17 charter client, FWD Insurance (“FWD”), has extended its relationship with Aptitude Software to expand the Aptitude footprint across its operations in Asia as it continues to prepare for the new IFRS 17 regulatory landscape.Read More »FWD Insurance expands Aptitude Software adoption across Asia to prepare for IFRS 17

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