The International Accounting Standards Board’s (IASB) forthcoming insurance contracts standard, IFRS 17 (formerly often known as IFRS 4 Phase 2), is expected to significantly affect the profit emergence pattern of insurance products, introduce volatility into some entities’ profit or loss or other comprehensive income, and impact funds available for shareholder and policyholder dividends.
Additionally, key metrics such as written and earned premiums have been replaced and new metrics introduced, for example insurance contract revenue and insurance finance income expense. These changes will completely alter the look and feel of reported results and how performance is reported internally, including the metrics used to steer the business.
In the second of our webcast series, we will share practical examples of how reported profitability will be affected by IFRS 17 including showing how profit profiles will change and how volatile market conditions can impact reported profits. In addition we will explore the impact of the variable fee approach and how this works in practice. We will also share some of the lessons that we have learned from other programs of finance and actuarial change and transformation to help insurers shape their implementation plans.
During this webcast you will:
learn how IFRS 17 has the potential to affect reported results
better understand the variable fee approach
build on our experience to help develop your plans for implementation
Thursday, January 26, 2017 (9:00 - 10:00 am EST) Live
Friday, January 27, 2017 (9:00 - 10:00 am HKT) On demand
We look forward to having you join us on this webcast.
Mary Trussell, Global Insurance Accounting Change Lead Partner, KPMG in Canada Ferdia Byrne, Global Insurance Actuarial and Risk Lead Partner, KPMG in the UK Danny Clark, Global Insurance Accounting Change Technical Partner, KPMG in the UK Lucinda Parlett, Life Actuarial Principal Advisor and Global Financial Impact Leader, KPMG in the UK