KPMG | July 29, 2020
Among the new and updated requirements in the revised version of IFRS 17 Insurance Contracts is the new effective date of 1 January 2023. For many, there is still a lot of work to do.Read More »First Impressions: 2020 Edition
Accountancy Daily, published by Croner-i Ltd | June 29, 2020
The International Accounting Standards Board (IASB) has issued amendments to IFRS 17, Insurance Contracts, including a two-year deferral of the start date, to address concerns and implementation challenges identified following its introduction in May 2017
The amendments are effective for annual periods beginning on or after 1 January 2023 with earlier application permitted.Read More »IASB issues limited scope amendments to IFRS 17
By Michael Cohn | AccountingToday.com | June 10, 2020
The Financial Accounting Standards Board approved Wednesday a pair of new accounting standards for convertible instruments and nonprofit gifts-in-kind, while also voting to defer the effective date of its long-duration insurance standard because of the COVID-19 pandemic, during the final meeting in FASB chairman Russell Golden’s term.
Read More »FASB OKs two standards and delays insurance standard amid coronavirus
by Andrew Tjaardstra | Insurance Asia News | April 16, 2020
The Korea Development Bank (KDB) could be set to sell KDB Life Insurance to private equity firm JC Partners in its fourth attempt to sell the company formerly known as Kumho Life Insurance since 2014.
By Insurance Asia | April 14, 2020
KB Financial has acquired 100% of Prudential Life Korea for W2.3 trillion (US$1.9 billion).
The South-Korean financial giant beat out other potential buyers — including private equity firms MBK Partners and Hahn & Company — in a bidding war that saw KB Financial offer the highest price.
Read More »Prudential Life Korea sold to KB Financial for US$1.9bn
By Yvonne Lau | Insurance Asia News | April 1, 2020
Shinhan Financial Group’s (Shinhan) planned merger of its life units – Shinhan Life Insurance and Orange Life Insurance (formerly ING Life) – will catapult the consolidated life player into Korea’s top three ranks by net profit, says a report by The Korea Times.
Read More »Korea’s Shinhan to merge life units in top three push
By Yvonne Lau | Insurance Asia News | March 30, 2020
A stake in Asuransi BRI Life, the life unit of Indonesia’s Bank Rakyat Indonesia (Persero), will be up for sale again in a deal that could yield US$500 million, according to a report by Bloomberg.
By Han Woo-ram and Cho Jeehyun | Pulse | March 25, 2020
Korea’s KB Financial Group has gained a lead in the horserace over mid-sized insurer Prudential Life Insurance Co. upon reportedly handing the highest bid of 2.2 trillion won ($1.8 billion).
Read More »KB Financial likely to win over Prudential Life after offering $1.8 bn
By Pat Sweet | Accountancy Daily | March 19, 2020
The International Accounting Standards Board (IASB) has announced a further one-year deferment of the implementation date for IFRS 17 Insurance Contracts, so the effective date for the standard will now be 2023
The board has also decided to extend the exemption currently in place for some insurers regarding the application of IFRS 9 Financial Instruments to enable them to implement both IFRS 9 and IFRS 17 at the same time.Read More »Additional postponement for IFRS 17 insurance contracts
By Luke Gallin | Reinsurance News | March 17, 2020
The International Accounting Standards Board (IASB) has voted to defer the effective date of IFRS 17 insurance contracts to January 1st, 2023.Read More »Industry players welcome IFRS 17 effective date deferral