Proforma-Life Limited

Illustrative life insurance group annual report prepared under UK GAAP (31 December 2015)

This publication provides illustrative consolidated financial statements for a fictitious UK life insurance group, Proforma-Life Limited, reporting under UK GAAP for the year ended 31 December 2015. 

These illustrative accounts reflect new UK GAAP for insurers, including the requirements of:

  • FRS 102 ‘The Financial Reporting Standard, applicable in the UK and Republic of Ireland’; 
  • FRS 103 “Insurance Contracts” (including its implementation guidance); and
  • The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

These illustrative accounts also include examples of the disclosures on transition to new UK GAAP.

Narrative reporting covered includes:

  • The Strategic report and Directors report requirements for private companies.
  • An illustrative auditor’s report for private companies reporting under FRS 102.

This report can be used by preparers, reviewers and users of insurers' financial statements, however, the suggested disclosure is intended for guidance only and would not be applicable to all groups or to all companies.

If you wish to discuss any aspect of insurance financial reporting, please contact the author, Mike Vickery, +44 (0) 117923 4222, or your usual PwC contact.