What IFRS 17 KPIs should insurers focus on — now, next and beyond

This webcast brings together subject-matter experts and influential voices in the insurance industry across Asia-Pacific to explore the impact of new international accounting standard for insurance contracts on key financial performance indicators.

Based on our 2nd EY Global IFRS 17 KPI survey completed by 91 insurance companies across the globe, we will share with you how insurers are amending their financial statements and updating their key performance indicators for the upcoming external and internal reporting cycles on the new IFRS 17 and 9 basis.

Highlights of this session:

• IFRS 17 Now: Key IFRS 17 implementation challenges that (re)insurers are currently facing and lessons learned through the redefinition of KPIs and the related investor story, now that IFRS 17&9 has gone live in many countries.

• IFRS 17 Next: Broader IFRS 17 impact considerations, including early market reactions from first publications, wider stakeholder management needs, and potential business management implications for areas such as product development, product pricing and the potential need for adjustments to existing management incentive schemes due to the refined KPIs.

• IFRS 17 Beyond: Opportunities to deliver long-term value-add across the organization through the adoption of the new set of accounting standards and KPIs, such as financial close process optimization, enhanced internal controls framework, improved standard operating procedures and documentation, embedded staff training programs, and better integrated financial planning & analytics tools and outputs.

Panelists:

• Anita Sun-Young Bong, EY Asia-Pacific Insurance Sector Leader; EY Korea Financial Services Consulting Leader

• Martyn van Wensveen, EY Asia-Pacific IFRS 17 Implementation Leader

• Harun Kannan Rajagopal, EY Asean IFRS17 Leader; Partner, Assurance, Ernst & Young PLT 

• Brendan Counsell, EY Oceania IFRS17 Leader; Partner, Consulting, Ernst & Young

• Peter Telders, EY Hong Kong IFRS 17 Accounting Leader; Partner​, Assurance, Ernst & Young Advisory Services Limited

• Kenny Tan Wee Keat, Chief Financial Officer, AmGeneral Insurance Berhad 

• Blake Sowerby, IFRS 17 Program Director, Generali Asia