IFRS 17 Implementation

Few years into IFRS 17 implementation, the Nordic insurance and pension sector has gained valuable insights into how this transformative accounting standard is being applied in practice. This comprehensive analysis examines the IFRS 17 implementation across nine leading Nordic insurance companies – six life and pension insurers and three non-life insurers. Through detailed comparison of accounting policies, measurement methods, and transition approaches, we explore the key lessons learned and what lies ahead for the industry.

Key topics covered:

• Accounting policies and measurement methods – How companies apply GMM, VFA, and PAA, and the variation in discount rate methodologies
• Contractual Service Margin (CSM) and Risk Adjustment – Analysis of profit recognition patterns and risk measurement approaches across the Nordic region
• Transition approaches and scope – Different strategies for transitioning to IFRS 17 and the varying proportion of business classified as insurance
• Equity impact and comparability – How IFRS 17 adoption has affected shareholder equity and the challenges in comparing companies across countries
• Future developments and convergence – Expected improvements in KPI reporting, accounting policy alignment, and enhanced disclosures