Insurers shell out $20b to implement IFRS 17

Yet, firms report no significant impact came from the new standard.

Comparing results across the sector remains complex, and publication timelines have slowed, despite insurers spending $20b on IFRS 17 implementation.

WTW's global analysis of 2023 insurance reporting under IFRS 17, covering 89 insurers and reinsurers (including 34 large multinationals) published by 30 April also revealed that significant differences in methodologies and KPIs, making meaningful comparisons challenging for analysts and investors.

Understanding sensitivities, movement analyses, growth measures, and reconciliations to other metrics is essential for assessing insurers' performance and prospects.

Publication delays and key information being available only in annual reports (not earlier investor disclosures) mean meaningful sector comparisons are now possible about one month later than under IFRS 4.

Many insurers report that IFRS 17 has not materially impacted business operations, strategy, dividend-paying capacity, or non-IFRS key metrics.

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