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11 thoughts on “IFRS17 / Ind AS117 Implementation: A massive shift in the way Life Insurance business is done

  1. It will be a migration in the right direction, ushering in more transparency, the ultimate gainer will be the policy holder.

  2. Good article Tiger. In Indian context, it is important solvency reporting needs to be aligned with IFRS . If not companies will have to adopt two kinds of reporting which makes life difficult till aligned. It is great opportunity for actuaries as the financial statements have to be /can be prepared and interpreted with actuarial background much better.

  3. Well articulated Sai. It’s finally in. But still India would not be fully following it. But a great beginning. This will seriously impact reporting structure, profitability and industry ranking of companies. Hope to see one standard reporting instead of the multiple reporting ny Finance, Actuary, IFRS etc.

    Good beginning. Thanks for a well summarised article Buddy.

    1. It’s a good move to bring in transparency and comparability of financials. While INDIA has opted for early implementation clarity on liability valuation for solvency is required and quick alignment is needed. Else it will lead to inconsistency and 2 different results to be looked at increasing the complexity of insurance figures and metrics.

  4. The right time has come for insurance industry to start work on IFRS 17 on immediate basis.
    Actuaries need to get trained quickly on this skill and actuaries can try to become an apple of an eye of the company by immensely contributing in this area.
    Curious to know how many insurance companies India have started this work?

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