A Multi-standard interpretation based on IFRS 17
Gain a clear understanding of IFRS 17, Solvency II and IFRS 4
The IFRS 17 standard, effective from 1st January 2023, creates a major evolution in the reading and interpretation of the financial and accounting results of the insurance and reinsurance companies it applies to.
To analyze the results, a comparison with other accounting or prudential standards helps to interpret and understand the new concepts.
In this paper, we present a multi-standard interpretation by comparing Solvency II and IFRS 17 liabilities as well as IFRS 4 and IFRS 17 income statements.
The main difference between the standards lies in the chosen approach:
- Solvency II is a prudential standard designed to ensure sufficient capital for insurance companies
- IFRS 17, seeks to harmonize the valuation and presentation of insurance, reinsurance and investment contracts with discretionary participation, facilitating the interpretation and the comparison of financial statements.
In our study, we refer to EIOPA latest report on implementation and differences between IFRS17 and Solvency II, published on April 15, 2024.
This content was written by our experts:
Ines Ben Abdelhamid
Manager
Actuarial Consulting
Addactis
Marion SOULIE
Manager
Actuarial Consulting
Addactis
Yapei LI
Manager
Modeling & Risk P&C
Addactis
Discover our other contents dedicated to IFRS 17:
Risk Adjustment under IFRS 17 – Definitions, Calculations, and Impacts
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