IFRS 17 in practice: UK non-life insurers
8 October 2025
As insurers prepare to enter year three of IFRS 17 reporting, now is the time to pause and reflect on the lessons learnt from the first two years of IFRS 17 to further improve disclosure quality in the future.
Building on the original objectives of the standard, our benchmarking review offers practical insights to enhance corporate reporting, better communicate performance, and unlock greater synergies from IFRS 17 implementation.
With comment from our experts, this report serves as a valuable benchmarking resource for UK-listed general insurers and the broader non-life market navigating the impact of IFRS 17.
Key findings
- 84Is the average share of IFRS 17 Insurance service result in Profit Before Tax (PBT) of the most profitable companies in our sample.
- 93Is an average share of IFRS 17 revenue in Gross Written Premium (GWP), the key measure of growth for non-life insurers.
- 63Of the insurers in scope provided a more complete set of sensitivities to insurance risk disclosures, presenting sensitivity to risk adjustment, discount rate and loss ratio or claims inflation.
- Profitability. The listed general insurance market remained profitable in 2024, but softening prices in some segments highlight the future need for sharper profitability strategies and clearer communication.
- Comparability.Although "premium written" is used to maintain market consistency, the wide range of embedded adjustments limits true comparability, as reconciliations reveal.
- Transparency.While reporting aligns with regulatory expectations, further improvements are needed to boost clarity and stakeholder confidence.
Explore the full findings to see how your organisation’s corporate reporting aligns with the market – and where there may be opportunities to lead.
Our insurance experts