For companies pursuing acquisitions, IFRS 17 will be tricky. The accounting for acquired businesses fundamentally changes under IFRS 17. Moreover, if the company you’re acquiring has not implemented IFRS 17 yet, or has a very different approach to implementation, you have some work on your hands around aligning and implementing necessary processes.
Another factor insurers must watch out for is the upcoming update on the Solvency II framework. It's still unclear when this will be implemented and to what extent the suggestions will be approved. However, as many companies are currently building their IFRS 17 processes on Solvency II processes, any changes on Solvency II would mean that they need to assess how IFRS 17 could be affected as well.
We still have some time to go before we have a clear view of the best practices for IFRS 17 implementation. Until then, pushing forward with the implementation while paying close attention to opportunities and challenges is the way ahead for Nordic insurers.