IFRS 17 for insurers

Are you ready for the challenges and opportunities that IFRS 17 can bring?

What is IFRS 17?

All insurance companies reporting under IFRS (International Financial Reporting Standard) will be impacted by the new reporting standard when it becomes effective in January 2023. IFRS 17 will result in significant changes to the way that financial information is presented, and adoption will require significant planning.

IFRS 17 presents opportunities to harness data more effectively, to improve the structure of your finance function and to better inform your decision making. Ultimately IFRS 17 is about what story you want to tell about your company… and if you really grab the opportunities that implementing the standard presents, imagine the sort of business you could be running in 2023.

MFRS 17, issued by the Malaysian Accounting Standards Board (MASB) is equivalent to IFRS 17 Insurance Contracts as issued and amended by the International Accounting Standards Board (IASB). Angie Wong, a partner within Assurance Financial Services, is the project manager on MASB's Working Group on Insurance Contracts

How can PwC help on your IFRS17 journey

Workshop

The introduction of IFRS 17 will lead to significant changes across the business. The workshop sessions will help to:

  • Align key stakeholders across the main business units on the technical aspects of reporting under a new standard.
  • Ensure that key stakeholders are making decisions based on a sound understanding of the IFRS 17 principles.
  • Provide your team the grounding for next steps, including the gap analysis and determine the transition project plan.

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Gap analysis

By analysing the gaps between your current process of financial reporting and a process under the new standard, you will have:

  • An indication of the areas that are going to be most affected from your current IFRS reporting.  This will consider:
    • The major data gaps / system that are likely to exists
    • The differences from your current accounting policies and methodologies to  IFRS 17 for key products
    • The gap between the processes that will be needed for IFRS 17 and your current processes. It includes an assessment that measure the current readiness and help you to set priority for change in key areas in scope.
  • An estimation of resources required for the future project.
  • A key input to understanding the deeper systems impact.

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Financial impact assessment

The financial impact assessment will help you to:

  • Gain deep understanding of the scope and measurement models introduced by the new standard – IFRS 17.
  • Acknowledge the key concepts of the measurement models such as coverage units (CU), level of aggregation, risk adjustment, and PAA eligibility.
  • Identify high priority products, measurement model, and analyse develop profit signatures and its volatility.
  • Build up understanding of where IFRS 17 is likely to materially different from current accounting.
  • Derive the baseline input for your future multi-year integrated IFRS 17 implementation plan.

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Technical design

After understanding the result from the performed impact assessment and the gap between what your company has and what is needed, the next challenge would be on making the leap to the implementation stage in the near future. You might be wrestling with how to start this long-term IFRS 17 implementation project – this is where the technical design stage comes into play as it sets the foundation for the other phases towards implementation stage.

During this phase, we will work with you to provide industry knowledge about how your peers are planning to account for their business, produce new charts of accounts and disclosure requirements, evaluate the target operating model, and design the likely analyst packs and communications. Our insurance experts will partner with you to help you understand the areas to focus on when designing your underlying systems architecture.

To succeed in these endeavors, we advocate taking a “soft design” approach which introduces a flexible way of working following three well-established principles.

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Transition

The new standard requires insurers to restate their opening balance sheet to reflect their existing business. This one-off exercise should not be overlooked. For life companies this is a critical component of P&L for next ten plus years. PwC can support you with the design and implementation of the opening balance sheet and advise you on how to convert your existing processes to your target financial architecture, using existing data in the most effective way.

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IFRS 17 In A Box; Take the headache out of implementation

Are you looking for an “out of the box” solution for your IFRS 17 implementation project?

At PwC, we have used the collective experience of over 190 IFRS 17 projects to create a one-stop-shop solution centred around an industrial strength IFRS 17 valuation engine.

Watch the video for a quick introduction to PwC’s IFRS 17 In A Box offering.

Download the brochure

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Watch our IFRS 17 webcasts

PwC IFRS 17 webcast: Latest IFRS 17 developments - “IFRS 17: Are you there yet?”

24th March 2020

The effective date of IFRS 17 is moving closer and insurers are getting ready for implementation. Join PwC’s interactive global IFRS 17 webcast on Tuesday 24 March 2020 to hear from Alex Bertolotti, Alwin Swales, Gail Tucker and the IASB’s Rika Suzuki to hear the latest developments and find out how insurers are getting ready to implement IFRS 17.

#IFRS17areyouthereyet?
#PwCdoesIFRS17

Watch our on demand recording

PwC IFRS 17 webcast: Latest IFRS 17 developments - "Facing IFRS 17 with Confidence"

Date: Thursday 5th September 2019 
Timing:
 15.00 BST / 10.00 EDT / 22.00 HKT 

IFRS 17 continues to evolve & develop. Join PwC’s interactive global IFRS 17 webcast on Thursday 5 September 2019 to hear from Alex Bertolotti, Alwin Swales, Gail Tucker and the IASB’s Nick Anderson to hear the latest developments. 

#FaceIFRS17withconfidence 
#PwCdoesIFRS17

Watch our on demand recording

PwC IFRS 17 webcast: Latest IFRS 17 developments - to stand still is to fall behind 

Following the IASB’s vote to defer the start date for IFRS 17 until 1 January 2022, we have been speaking with clients across the globe about how this might affect their implementation plans. 

Watch the reply of our webcast from 17th January 2019, hosted by Alex Bertolotti, PwC’s IFRS 17 leader, with Gail Tucker (PwC Global Technical leader), Alwin Swales (PwC UK Technology Consulting Leader) and Darrel Scott from the IASB board, to find out how insurers are using their extra time, helping to inform your own decision making - no matter what stage you have reached. 

Watch our on demand recording

PwC IFRS 17 webcast: IFRS 17 one year on

It is now more than one year since the announcement of IFRS 17 and the scale of the implementation challenge is becoming clear. 

Watch the replay of our webcast to see PwC’s IFRS 17 leaders and Darrel Scott, IASB board member, discussing progress to date.

We shared stories of the varied ways companies around the world are tackling their IFRS 17 programmes, and discuss some of the issues that have arisen along the way. We also provided news of the latest developments at the IASB and the Transition Resource Group. 

This webcast is suitable for all members of IFRS 17 teams, as well as other stakeholders in the business that want to get a better understanding of progress across the global insurance community. 

Watch our on demand recording

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Contact us

Angie Wong

Angie Wong

Assurance Partner, PwC Malaysia

Tel: +60 (3) 2173 0496

Chi Min Liew

Chi Min Liew

Assurance Partner, PwC Malaysia

Tel: +60 (3) 2173 0544

Manjit Singh

Manjit Singh

Assurance Partner, PwC Malaysia

Tel: +60 (3) 2173 0818

Suet Lye Chan

Suet Lye Chan

Director, Assurance, PwC Malaysia

Tel: +60 (3) 2173 1079

Marcus von Engel

Marcus von Engel

Financial Services Consulting Leader, PwC Malaysia

Tel: +60 (3) 2173 3725

Joazral Azam Yusof

Joazral Azam Yusof

Director, Risk & Governance Consulting Leader, PwC Malaysia

Tel: +60 (3) 2173 1272

Nishant Anshul

Nishant Anshul

Senior Manager, Consulting, PwC Malaysia

Tel: +60 (3) 2173 3186

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