Following years of substantial investment across the insurance sector, the implementation of IFRS 17 Insurance Contracts (IFRS 17) marks a significant shift in financial reporting. This publication provides a comparative analysis of initial disclosures made by a selection of insurance companies in Singapore, drawing exclusively from publicly available financial statements. The sample comprises 8 composite and life insurers, 17 general insurers, 5 composite reinsurers, and 4 general reinsurers.
This analysis reveals a range of approaches adopted by insurers in their disclosures for the financial year 2023, despite the mandatory nature of certain disclosures under IFRS 17. Variations were observed in areas such as methodology, calibration, and the granularity of information presented. Additionally, disclosures regarding key performance indicators (KPIs) and the impact of IFRS 17 transition on these metrics remain limited.
As insurers gain further experience with IFRS 17, a convergence towards greater comparability and transparency in performance reporting is anticipated. This alignment will be driven by industry best practices and the evolving needs of financial statement users.
Furthermore, insurers are urged to prioritise strategic investments in technology and process transformation. This will be crucial to achieving a sustainable balance between cost efficiency and the effectiveness of financial reporting under the new standard.