Lessons learnt from the ongoing IFRS 17 implementation in Asia-Pacific

Lessons learnt from the ongoing IFRS 17 implementation in Asia-Pacific

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Speaker(s): Steve Cheung (Ernst & Young)

After twenty years of deliberating, the IASB released the final IFRS 17 Standard on May 18, 2017. By setting January 1, 2021 as the mandatory effective date, the IASB grants insurance companies 3.5 years to implement the new requirements.
For many insurers across Asia-Pacific, IFRS 17 is not just a pure compliance exercise but they see it as an opportunity to rethink and redesign their reporting process, framework and related system, also the related implications on the product development and investor story/ strategy. It has been seen various insurers taking this opportunity as a catalyst for financial reporting transformation.
EY has been supporting various clients on such transformation programs across the region. In the presentation, we will outline and visualize lessons learnt from ongoing IFRS 17 implementation projects in Hong Kong, China, Taiwan, South Korea, Japan, Malaysia, Singapore, Thailand, Australia, and New Zealand.
Lessons learnt cover the following areas:

  • Overall planning of various insurers
  • Scope and scale of the IFRS 17 implementation
  • Progress of the IFRS 17 implementation up-to-date
  • Technical issues related to actuarial and finance
  • Data, systems, and process issues
  • People issues
  • Commercial implications - for instance, product portfolio and pricing, implications on key performance indices and investor story
  • Specific issues encountered in selected jurisdictions - for instance, capital restore and strengthening by issuing hybrid capital securities in South Korea in advance to IFRS 17 being live
  • Interaction of IFRS 17 with regulatory considerations - for instance, interaction with local risk based capital development
  • Others points (applicable when they evolve)

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