IFRS 17 implementation

In Insurance

IFRS 17 heralds the most significant transformation in insurance accounting practices in decades. The landmark regulation mandates extensive changes in measuring insurance contracts, but also introduces formidable challenges in financial reporting, governance and processes. EY teams can help you navigate this journey at every stage – from IFRS 17 compliance to future-proof finance function.

What EY can do for you

IFRS 17 as a gateway to innovation

At EY, we see IFRS 17 not just as a regulatory hurdle but as an opportunity for transformative growth and a catalyst for broader innovation. It supports a thorough reassessment and enhancement of your finance operating model – from advancing technology to help optimizing the closing process to strengthening data capabilities across finance functions with strict links to investment, risk and actuarial operations.

How you have chosen or plan to choose your approach to compliance can profoundly influence your core accounting data, systems and processes, significantly impacting business agility and strategic direction.

How EY can help

EY teams combine extensive experience, in-depth industry knowledge and technical proficiency. We collaborate with you to help achieve IFRS 17 compliance effectively and with a strategic vision.

Using IFRS 17 as a starting point for broader financial and risk transformation that aligns with your overall business objectives, we move beyond implementation and mere accounting compliance to automate reporting, improve analysis of results, and deepen understanding of the impacts of IFRS 17 and IFRS 9 on business performance.

By optimizing and integrating finance, risk and actuarial functions, we create lasting value and timely, forward-looking insights for your entire business.

Why EY?

EY offers unparalleled knowledge and experience in regulatory compliance and finance transformation:

  • In-depth insight: EY teams have a broad understanding of IFRS implications for insurers.
  • Technology-driven models: We advise in developing targeted operating models that help effectively integrate finance and actuarial functions.
  • Vendor network: Our detailed knowledge of the solution and vendor landscape is backed by a proven approach to the evaluation and selection of tools and technology.
  • Strategic collaborations: Our collaborations with leading technology players put us at the forefront of innovation and better services.
  • Proven track record: We have a strong history of building successful IFRS 17 solutions and help integrating finance and actuarial operations.
  • Diverse expertise: EY team’s mix of skills and experience is key to help achieving compliance and driving transformation.

Efficient solution accelerators: Our accelerators are designed to quickly maximize value, minimize

By choosing EY, you partner with a leader in regulatory compliance and finance transformation equipped to guide you through every step of your journey.

Read our latest accounting alerts. For a full listing, go here.

Reporting under IFRS 17 and IFRS 9

Post-IFRS 17 implementation point of view

Market updates on impact of IFRS 17 and IFRS 9 October 2023

Market updates on impact of IFRS 17 and IFRS 9 July 2023

Market updates on impact of IFRS 17 and IFRS 9 March 2023

Disclosure of expected impacts of IFRS 17 and IFRS 9 prior to initial application November 2022

Insurance Accounting Alert December 2021

Accounting for taxes considering the impact of IFRS 17

Interim Reporting and IFRS 17 July 2021

Insurance Accounting Alert July 2021

Insurance Accounting Alert June 2020

Insurance Accounting Alert May 2020

Insurance Accounting Alert March 2020

Our latest thinking

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

In this webcast, we will discuss how insurers are amending their financial statements and updating their key performance indicators due to the new IFRS 17 accounting standard.

How insurers can build the finance function of the future

The future of the insurance finance function is constantly evolving, causing senior leadership to reconsider their workforce set-up. Learn more.

Why insurers must reimagine their finance service delivery model

Learn how insurers can evolve their finance function and design next-generation service delivery.

    The team

    Francesco Pisapia

    EY Italy Insurance Consulting Leader
    Experienced in both life and non-life insurance. A leader in insurance transformation. Leverages technology and new ways of working to drive innovation.
    Milano, ITA

    Steven Capps

    EY Global Insurance Finance Transformation and EMEIA Finance Technology Consulting Leader
    Finance transformation leader. Expertise in delivering technology solutions to solve industry challenges. Proud father of two, ex-rugby player trying to trail-run & cycle. Wakefield Trinity supporter.
    London, GBR

    Evan Bogardus

    Ernst & Young LLP US Accounting Change Leader, Insurance FAAS Partner
    Experienced Partner. Works with insurance companies of all natures and scales. Skilled in financial accounting and reporting. Expert in FP&A and metrics production and analysis.
    New York, USA

    Chad Runchey

    EY Americas Insurance Financial Performance & Risk Leader
    Career EY’er. Educated in Madison, interned in Hartford, started in Chicago, now working in New York. Leveraging an actuarial background to help clients solve their challenges.
    New York, USA

    Brian Edey

    EY EMEIA IFRS 17 Leader; Partner, Insurance, Ernst & Young LLP
    Respected leader in finance. Passionate about growing talent. Father of two (plus a dog). Skier, hiker, golfer.
    London, GBR

    Janine Donelly

    EY Asia-Pacific Financial Services Consulting Leader - Finance
    Experienced in delivery and positive change. Passionate in supporting people to develop. Proud mother of two young boys.
    Melbourne, AUS

    Martyn van Wensveen

    EY Asia-Pacific IFRS 17 Implementation and Finance Transformation Leader
    Committed to helping financial services clients strategically prepare and reshape finance and risk functions. Ensures clients can meet today’s regulatory change and performance management agenda.
    Singapore, SGP
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