The insurance sector has long felt undervalued by investors. Many attribute this to the complexity of the financial statements and the vast array of difference measures that are used to assess performance. This situation has not been helped by the lack of a consistently applied global accounting standard.
However, after many years of waiting, it now appears that this latter issue is drawing to a close. The IASB is expected to issue a final accounting standard for insurance contracts, IFRS 17, in the first half of 2017. This will profoundly change the way that insurance contract liabilities are measured and profit is reported. It also gives insurers a chance to take a fresh look at how they tell their market story and opens the door to many strategic opportunities. What will the key implications be for your business?