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IFRS 17 – Insurance Contracts

Insurance companies have been waiting nearly two decades for a single global accounting standard that fits their unique and complex industry. The aim of IFRS 17 is to standardise insurance accounting globally to improve comparability and increase transparency, and to provide users of accounts with the information they need to meaningfully understand the insurer’s financial position, performance and risk exposure.

IFRS 17 goes beyond a change in accounting policy. It will impact a Company’s financial performance, operating model and other areas of the business such as product pricing, remuneration policies and financial planning. We have seen it before and have experience in delivering successful large scale regulatory change programmes within Financial Services.