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Our KPI and IFRS 17 report
For analysts and investors, insurance reporting can be obscure and considered somewhat selective in detail. For insurers, the current reporting frameworks do not fully tell the story of value creation; insurers feel they’re valued at a discount. Under current accounting standards, few stakeholders are getting what they need.
A key objective of IFRS 17 adoption is to improve the quality of available financial information, ostensibly reducing the need for additional reporting. A lot of time and resource has been invested in moving to IFRS 17, yet initial impressions from analysts and investors are lukewarm. In this article, we will look at how this gap can be bridged and how, in our opinion, the KPIs framework should be changed.
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Vitalina Kobernik Audit Director - FS Insurance
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IFRS17 Insurance contracts
Insurers are expected to apply IFRS 17 for the recognition, measurement, presentation and disclosure of insurance contracts, which will affect many aspects of their day to day operations.