Press release

EY held IFRS seminar for the insurance companies

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Baku, 15 November 2012 ― On November 14, 2012 EY held a workshop on application of IFRS in insurance industry and related technical issues for representatives of leading insurance companies of Azerbaijan and Georgia. The seminar was delivered by Kirill Olshansky (Manager – EY Insurance and Actuarial Advisory Services) and Natalia Ugolkova (Manager – EY Insurance Group). The main topics discussed included application of IFRS 4 “Insurance Contracts”, specific actuarial matters, practical issues faced by insurance companies in the region and other points.

The audience appreciated contribution made by EY in holding such a useful event.

Michael Omanadze, Head of Financial Reporting of IC Group Insurance Company LLC, Georgia shared his experience: “The workshop organized by EY Baku office with participation of tutors from Moscow touched very interesting and actual issues concerning implementation of IFRS for insurance companies. For me, the most interesting part of technical session was the detailed discussion of quite complicated IFRS 4. It is quite difficult to interpret it without the help of EY consultants. Also, it was interesting to get information on treatment of long-term insurance contracts which has little guidance in IFRS 4. EY actuary discussed some especially exciting and useful issues regarding the adequacy of liabilities and up-to-date rating methods in insurance business. In conclusion, I would like to note that this workshop was notable for its usefulness and relevance of discussed business matters. As a person responsible for the company’s IFRS reporting and a person regularly contacting with auditors, I took a great practical advantage of the meeting with qualified EY representatives. Thank you.”

Murad Suleymanov, Deputy Finance & MIS Director of Pasha Insurance company, added: “At present, there is big gap in preparation of financial statements under International Financial Reporting Standards in the local insurance market given development stage of market and regulatory mechanisms and frameworks, lack of experienced personnel and publications. Considering all of this, I think the training was in time and I am sure will improve financial reporting of participant companies mainly in the areas of technical matters, extensive disclosures and presentation of financial statements”.

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EY has made a major commitment to Azerbaijan and the region with the opening of our office in Baku 18 years ago and the growth of our local financial service industry group. Today, in addition to being a leading audit firm in Azerbaijan, we are the leading firm in the region. Because of our experience and depth of knowledge, we have been able to assist both domestic and international companies as well as state-owned entities in developing them to face the challenges of the international economy.

We currently have more than 140 staff in our Baku practice, which served our clients, including banks and other financial institutions, in Azerbaijan. The strength of EY in the Caspian Region and the firm's commitment of resources are important to the entities operating in the region. It means that as we grow, EY will continue to demonstrate a tradition of hiring and training local professionals to be leaders in our practice.

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