News

Additional postponement for IFRS 17 insurance contracts

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

Industry players welcome IFRS 17 effective date deferral

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

Woori Financial in talks with MBK Partners to jointly bid for Prudential Life

By Lee Seung-hoon, Kang Woo-seok and Lee Ha-yeon | Pulse | March 11, 2020

Woori Financial Group and MBK Partners are in discussion to jointly bid for midsized insurer Prudential Life Insurance Co. in a $2 billion deal and pose a formidable contender to sole plausible candidate KB Financial Group.

FSC urged to bar PEFs’ Prudential takeover

By Park Jae-hyuk | Korea Times | March 1, 2020

MBK Partners, Hahn & Company and IMM Private Equity are facing another stumbling block to their ongoing bids to take over Prudential Life Insurance Company of Korea.

PE players, KB and Fubon bid for Prudential Life Korea

By Yvonne Lau, Insurance Asia News | January 20, 2020

Three South Korean private equity firms — MBK Partners, Hahn & Company and IMM Private Equity — have submitted letters of intent for a 100% acquisition of Prudential Life Korea, according to a Korean Investors report.

IFRS 17 amendments approved

The International Accounting Standards Board (IASB) has approved six changes to IFRS 17 following widespread pressure from the insurance industry.

By CHRIS SEEKINGS | December 16, 2019 | The Actuary

The changes, originally proposed in an exposure draft earlier this year, include deferring some acquisition costs for renewal business.

Proposed IFRS 17 changes focus on reinsurance contracts

By Ryan Smith 13 Dec 2019 | Insurance Business

The International Accounting Standards Board (IASB) met Wednesday to deliberate some of the IFRS 17 changes proposed in the Exposure Draft (ED) based on stakeholder feedback. The IASB decided to defer discussions on the effective date of IFRS 17 until the extent and complexity of all amendments had been determined, expected at the end of February, according to a Willis Towers Watson report.

IFRS 17 providing value to insurance stakeholders

By Tinashe Mashoko | December 10, 2019 | Zimbabwe Independent

Something big is happening in the world of insurance company reporting. International Financial Reporting Standard (IFRS) 17 is a complex new reporting standard that has been in the making for the last 20 years. The standard is an overhaul of the current IFRS 4 and comes into effect in two years’ time.

Hong Kong Federation of Insurers urges postponement of IFRS 17

By Gabriel Olano | December 4, 2019 | Insurance Business

The Hong Kong Federation of Insurers (HKFI) has requested a two-year delay in the implementation of IFRS 17, to give its members more time to adapt to the global accounting standards regarding the reporting of accounts.

Prudential seeks to sell Korean insurance arm in estimated $2 bn deal

By Chaeyon Kim and Hugh YH Jeong | Deember 3, 2019 | Korean Investors

Prudential Financial Inc. has put its South Korean life insurance arm on the market, as the US insurance giant is seeking to shed part of overseas assets ahead of the 2022 implementation of US life insurance accounting reforms.

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