IFRS 17 and the Impact on Investors and Analysts
Asia Pacific – 30 May 2023
3:30 pm HKT (UTC+8) | 8:30 am BST (UTC+1)
IFRS 17 Insurance Contracts became effective on January 1, 2023. The new standard enables a consistent reporting framework for insurers globally with the introduction of a defined set of measurement models and consistent reporting requirements.
The implementation of the accounting standard has been a long journey for insurers creating a significant degree of change globally. Given its wide-ranging impact insurers will need to effectively educate and communicate the impacts for each quarter and annual period to relevant stakeholders.
The introduction of the standard has caused insurers to fundamentally re-think their communication approach and the relationship between the financial reporting of insurance contracts and perceived economic value.
We held an exclusive online webcast on May 30 with Farooq Hanif, Head of European Insurance Equity Research at a Global bank, and heard about the investor and analyst point of view on communications and impacts to organizational valuation.
During this discussion, Farooq shared his insights and perspectives on the impact of IFRS 17 to the analyst and investor community, including impacts to analysis, key performance indicators, benchmarking, and valuation modelling.
Please watch the recording, which you can access on the right box.
Thank you for joining us.
Head of European Insurance Equity Research
at a Global Bank
Farooq Hanif is the Head of European Insurance Equity Research at a Global Bank and has been a leading sell-side analyst for the insurance sector for the past twenty years across a number of major financial institutions. He has a degree in Chemistry from the University of Oxford and started his career as an actuary consulting to pension funds and insurers.
Global IFRS Insurance Leader
Francesco Nagari is a partner with Deloitte China. He is the Deloitte Touche Tohmatsu Global IFRS Insurance Leader and is currently based in the Hong Kong office. Francesco is an expert on insurance reporting issues across IFRS, U.S. GAAP, and several other Asian and European accounting frameworks, including the reporting requirements of Solvency II and of the Hong Kong Risk-Based Capital regulations. He gained this experience over 30 years of work as an auditor, interim manager, and business advisor to insurance organizations. Francesco is the author of several articles and publications on the subject and has advised regulators in Europe and in Asia. He has been invited to be a member of several advisory committees set up by financial reporting regulators and insurance supervisors at a global level, in the European Union, in Italy and in Hong Kong.
Ophelia Au Young
Partner, Actuarial and Insurance Solutions
Ophelia is a Partner of the Life Insurance practice of Deloitte Actuarial based in Hong Kong. She has over 20 years of experience in life insurance as an Actuarial Consultant and an in-house Chief Actuary. Throughout her career, Ophelia has worked on solving a range of business problems including M&A, Appointed Actuary Reporting, financial reporting, product pricing, business planning, actuarial modelling and IFRS 17 implementation. She is now co-leading Deloitte Hong Kong’s Finance & Actuarial Transformation campaign with a fellow Partner, bringing technology-enabled solutions to insurance clients to solve business challenges and transform the positioning of the Finance & Actuarial function.