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Insurance market update – April 2011

The Deloitte view for life insurers

IMU April 2011

Background

Despite a desire for simplicity in financial reporting from the life insurance industry, the scheduled implementation of Solvency II is now less than two years away, bringing with it an unprecedented increase in complexity. At the same time plans are afoot for the implementation of IFRS 4 Phase II, which represents another comprehensive change. With both solvency and profit reporting frameworks soon to be replaced, does the retention of EV provide a useful reference point against which stakeholders can measure the impact of Solvency II and IFRS 4 Phase II? Or is now the time to consign EV to the history books as well, replacing its function with a version of the balance sheet and analysis that will emerge from Solvency II?

Key findings

In this edition, we consider some of the drivers that led to the rise of the EV techniques over the last 20 years, question whether there will still be a need for them in the future and look at some of the practical challenges the industry must address to ensure a consistent measure of financial reporting once Solvency II and IFRS 4 Phase II are in place.

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