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:
These illustrative accounts also include examples of the disclosures on transition to new UK GAAP.
Narrative reporting covered includes:
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.