IFRS 17 report – overview of financial reporting by (re)insurers as of 31 December 2024

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Forvis Mazars conducted its annual comparative study on the financial disclosures of an international panel of (re)insurers. The objective of this study is to analyse the information published along three main lines:

1. The first part focuses on key performance indicators and provides an overview of practices observed in investor presentations.
2. The second part analyses the quantitative data published in financial statements under IFRS 17, including liability movement analyses and explanatory notes on recognised amounts.
3. The third part examines the information provided from the perspective of IFRS 17 accounting principles and methodologies, covering both narrative disclosures and supplementary quantitative data.

Scope

The study was conducted on a panel of 23 (re)insurers and analysed their investor presentations and consolidated financial statements published as of 31 December 2024.

These insurers and reinsurers are diversified and offer contracts in:

• Life and health insurance (Life);
• Property and casualty insurance (Non-life);
• Life, health and property insurance (Composite);
• Reinsurance.

The panel includes (re)insurers from various continents, with a majority based in Europe (17 entities).

Key takeaways from the study

As of 31 December 2024, (re)insurers’ financial communications are stabilising in this second year of IFRS 17 implementation, confirming the findings of the previous study.

• Regarding key performance indicators, the Contractual Service Margin (CSM) remains the benchmark for measuring profitability in Life insurance and receives particular attention in investor presentations. It is also often included in total equity to assess the economic value of (re)insurance companies.
• The combined ratio continues to be widely discussed for Non-life activities, with persistent variability in how it is constructed.
• In consolidated financial statements, the standardised format of published information on recognised amounts has enabled analysis of key IFRS 17 balance sheet and income statement aggregates, showing relative stability between 2023 and 2024. However, drawing deeper conclusions remains difficult due to structural differences in product mix and market specifics across entities.
• As for methodologies and judgments applied, practice disparities persist in 2024. Observations from some market regulators regarding the depth of disclosures on actuarial assumptions and parameters have not led to significant changes in published information.