General Insurance Article - ABI comment on IFRS 17

The UK Endorsement Board (UKEB) has announced that it has approved the adoption of the International Accounting Standards Board’s (IASB) IFRS 17 Insurance Contracts for use by UK companies.

 David Otudeko, ABI Head of Prudential Regulation says: “We note the UK Endorsement Board’s (UKEB) decision to endorse IFRS 17 for use in the UK. The ABI recognises the improvements to financial reporting IFRS 17 affords and welcomes the certainty this decision provides for UK insurers who prepare their financial statements on an IFRS basis. The UKEB must now focus its efforts on ensuring the UK’s voice is heard in resolving outstanding IFRS 17 implementation issues.

 This includes the current live issue relating to the quantification of benefits provided under an annuity contract which is a material issue for UK annuity providers and was the subject of a recent IFRS interpretations committee tentative agenda decision.

 We urge the UKEB as part of its remit for international influencing to engage with the IASB to secure a positive outcome for UK annuity providers.” 

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