IFRS 17: Transition survey August 2021
Eighteen insurance companies participated in this survey from the end of April to the beginning of June 2021, including some of the largest insurers in the world.
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.
IFRS 17 is coming
IFRS 17 Managed Service provides access to a PwC developed solution in the 17 Solved calculation engine, coupled with ongoing support from a reliable global IFRS 17 implementation leader. The Managed Service fills the gap for many insurers who do not have the time and resources available to develop an in-house IFRS 17 capability and to purchase a vendor solution.
Get your teams prepared for IFRS 17
The implementation of IFRS 17 will be a major challenge for the insurance industry, fundamentally changing accounting and reporting practices.
Our aim is to ensure that key stakeholders in your business have a sound understanding of IFRS 17 and its business impact ahead of IFRS 17 implementation in 2023. We have developed a suite of training materials to be delivered in one of three ways; via PwC facilitated training, via the comprehensive PwC IFRS 17 e-learning curriculum, or via a blend of the two.
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.
In a recent external assessment by Chartis Research, IFRS 17 In A Box was rated as the most complete offering among other Insurance Accounting softwares.
Watch the video for a quick introduction to PwC’s IFRS 17 In A Box offering.
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Watch our IFRS 17 webcasts
PwC IFRS 17 webcast invitation: "IFRS 17: A Global Challenge or an Industry Opportunity?"
Date: Wednesday 2nd June 2021
IFRS 17 continues to evolve and develop at such a fast pace. We heard from PwC IFRS 17 leads around the world on how insurers are approaching the IFRS 17 journey, helping to inform your own decision making - no matter what stage you have reached.
The PwC IFRS 17 experts aimed to answer the question whether IFRS 17 is seen as an opportunity or a challenge, as well as what insurers need to consider over the remainder of 2021 but also looking over the 18 months remaining until compliance is required by most of the globe, 1 January 2023.
Alex Bertolotti (Global IFRS 17 Leader)
Richard Hart (PwC Asia-Pacific IFRS 17 Finance Transformation Lead),
Jan-Huug Lobregt (PwC EMEA IFRS 17 and Actuarial Lead),
Rich de Haan (PwC Americas IFRS 17 and Global Actuarial Lead),
Gail Tucker (PwC Global IFRS 17 Technical Lead) and
Alwin Swales (PwC UK IFRS 17 Technology Consulting Lead)
IFRS 17 insights
10 results
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Illustrative IFRS consolidated financial statements - IFRS 17, Insurance contracts
This publication focuses on financial reporting by insurance companies in the periods subsequent to the adoption of IFRS 17, Insurance Contracts, and IFRS 9, Financial Instruments.
IFRS 17 In A Box: Take the headache out of implementation
IFRS 17 In a Box: a one-stop-shop solution centred around an industrial strength IFRS 17 valuation engine.
IFRS 17: Managing data to optimise cloud strategy
The variety of technology platforms and applications that firms use to manage data can make optimising it difficult.
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PwC IFRS 17 territory contacts
As a leading provider of professional services to insurance organisations across the globe PwC has extensive knowledge of the issues and challenges that insurers face with IFRS 17. Helping you to plan and understand how you can use IFRS 17 outputs to better inform your decision making is our priority. Our credentials, capabilities and experts span across the globe, with over 160 IFRS 17 territory champions who are ready to help to support you in this journey. For more information and contact details of your local territory experts please contact Stuart Low, Global IFRS 17 Business Driver, PwC UK.
PwC collaboration with IFRS 17 Vendors
PwC and Oracle announce global collaboration on IFRS 17
The collaboration with Oracle will provide PwC insurance clients with enhanced visibility related to near-term and ongoing compliance with the IFRS 17 Standard. Together, Oracle and PwC will enable broader risk and finance transformation as well as help insurers to adopt IFRS 17. Oracle will provide the data management platform to enable finance transformation and analytical applications for IFRS 17 with pre-built business rules, valuations, contractual service margin calculations and disclosures. PwC will act as Oracle’s strategic advisor and provide consulting and implementation services and accelerator tools delivering tailored enhancements. Insurers will benefit from improved decision making, modernized actuarial analytics, and more timely and insightful reporting related to compliance needs.
PwC and Moody’s Analytics announce a joint business relationship
The collaboration with Moody’s Analytics will allow us to provide an unparalleled end-to-end solution with a rich blend of domain knowledge, tools and execution capabilities spanning Finance, Actuarial and Operations to help insurers meet the new International Financial Reporting Standard for Insurance contracts (IFRS 17) globally.
Read the press releaseOpens in a new window
PwC Canada's collaboration with Moody’s AnalyticsOpens in a new window
Contact us
Dara Reynolds
Global IFRS 17 for Insurance Programme Lead, PwC United Kingdom
Tel: +44 20 721 31592
