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© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
IFRS17Insurance
Contracts
A new perspect...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Greatercomparabilityandtransparency
2
Jo...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
What’stheissue?
3
Analysts currently hav...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Thechangescouldsignificantlyaffectinsure...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Anew,comprehensiveaccountingmodel
5
IFRS...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Thegeneral
measurementmodel
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Initialrecognition
7
Key components
Net ...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Subsequentmeasurement–Composition
8
Liab...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Subsequentmeasurement
9
Past and current...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Recognisinginsurancerevenue
10
Expected
...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Levelofaggregation
11
Portfolio
Annual c...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Modificationsto
theGMM
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Premiumallocationapproach(PAA)
13
While ...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Variablefeeapproach(VFA)
14
The approach...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Forreinsurancecontractsheld…
15
The GMM ...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Presentationand
disclosures
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Presentation
17
Investment components ar...
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Disclosures
18
Information should be dis...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Transition
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Fullretrospectiveapproachisrequired…
20
...
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Makingthetransition
21
Comparative infor...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Potentialaccounting
changesforinsurers
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Lifeinsurers
23
Significant accounting c...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Non-lifeinsurers
24
Accounting for non-l...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Otherthingstothinkabout
25
Accounting mi...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Effectivedateand
nextsteps
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Getready
27
Fundamental operational chal...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
Findoutmore
28
Talk to your
usual KPMG
c...
© 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved.
© 2017 KPMG IFRG Limited, a UK company l...
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IFRS 17 Insurance Contracts

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A new perspective on insurance accounting. Find out more at kpmg.com/ifrs

Veröffentlicht in: Wirtschaft & Finanzen
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IFRS 17 Insurance Contracts

  1. 1. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. IFRS17Insurance Contracts A new perspective on insurance accounting May 2017 kpmg.com/ifrs
  2. 2. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Greatercomparabilityandtransparency 2 Joachim Kölschbach, KPMG’s global IFRS insurance leader “IFRS 17 will give users of financial statements a whole new perspective. For the first time, insurers will be on a level footing internationally. It will open up the ‘black box’ of current insurance accounting.” “The ways in which analysts interpret and compare companies will change. Increased transparency will give users more insight into an insurer’s financial health than ever before.”
  3. 3. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. What’stheissue? 3 Analysts currently have to adjust insurance companies’ financial positions and performance to be able to compare them IFRS 17 increases transparency about profitability and will add comparability
  4. 4. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Thechangescouldsignificantlyaffectinsurers’… 4 Volatility of financial results and equity Level of transparency about profit drivers Equity levels The magnitude of the accounting change for life and non-life insurers will be different Profitability patterns
  5. 5. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Anew,comprehensiveaccountingmodel 5 IFRS 17’s general measurement model (GMM) is based on a fulfilment objective and uses current assumptions It introduces a single, revenue recognition principle to reflect services provided And is modified for certain contracts
  6. 6. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Thegeneral measurementmodel
  7. 7. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Initialrecognition 7 Key components Net cash outflows result in no CSM – a loss is recognised immediately Fulfilment cash flows Risk-adjusted present value of future cash flows – e.g. premiums, claims Contractual service margin (CSM) Represents unearned profit – results in no gain on initial recognition 1 3 2 4 Future cash flows 0 In- flows Out- flows 1 Discounting2 Risk adjustment3 CSM4
  8. 8. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Subsequentmeasurement–Composition 8 Liability for remaining coverage (LRC) Fulfilment cash flows related to future services, plus CSM (unearned profit) remaining + Liability for incurred claims (LIC) Fulfilment cash flows for claims incurred, but not yet paid Total liability of a group of insurance contracts
  9. 9. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Subsequentmeasurement 9 Past and current services Future services Changes in current estimates Adjust the CSM CSM allocation Fulfilment cash flows CSM Financial risk assumptions Either Or
  10. 10. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Recognisinginsurancerevenue 10 Expected insurance claims and expenses Risk adjustment CSM allocation Insurance revenue is derived from the changes in the LRC for each reporting period, covering… Acquisition cash flows These items represent a company’s consideration for providing services
  11. 11. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Levelofaggregation 11 Portfolio Annual cohort Group The CSM is determined for groups of insurance contracts IFRS 17 limits offsetting of onerous contracts against profitable onesInsurers will need to account for their business performance at a more granular level
  12. 12. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Modificationsto theGMM
  13. 13. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Premiumallocationapproach(PAA) 13 While unearned premium is a familiar concept, the revenue recognition pattern could differ Liability for remaining coverage (LRC) PAA replaces the GMM for short-duration contracts Liability for incurred claims (LIC) May need to be discounted Premium is recognised over time as revenue unless release of risk follows a different pattern Total liability of a group of insurance contracts + The PAA is an optional, simplified model for measuring the LRC
  14. 14. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Variablefeeapproach(VFA) 14 The approach considers the variable fee associated with direct participating contracts Obligation to policyholder = Obligation to pay fair value of underlying items - Variable fee Recognised immediately Adjusts the CSM Subsequent measurement – Accounting for changes The VFA reduces the volatility of net results
  15. 15. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Forreinsurancecontractsheld… 15 The GMM and PAA still apply, with modifications The reinsurance contract held is accounted for separately from the underlying direct contract Reinsurance gain or loss is recognised as reinsurance services are received
  16. 16. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Presentationand disclosures
  17. 17. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Presentation 17 Investment components are excluded from insurance revenue and service expenses Entities can choose to present the effect of changes in discount rates and other financial risks in profit or loss or OCI to reduce volatility
  18. 18. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Disclosures 18 Information should be disclosed at a level of granularity that helps users assess the effects contracts have on… Financial position Financial performance Cash flows New disclosures relate to expected profitability and attributes of new business
  19. 19. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Transition
  20. 20. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Fullretrospectiveapproachisrequired… 20 … but expedients can be used Modified retrospective approach, if possible Fair value approach Yes No Either Is it impracticable to use a full retrospective approach? Or Full retrospective approach A company can apply different approaches for different groups
  21. 21. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Makingthetransition 21 Comparative information is restated Limited ability to redesignate some financial assets on initial application
  22. 22. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Potentialaccounting changesforinsurers
  23. 23. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Lifeinsurers 23 Significant accounting changes are almost certain to occur under the new standard Sources of complexity include… Use of current estimates Disaggregating changes in LRC Tracking the CSM at a group level
  24. 24. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Non-lifeinsurers 24 Accounting for non-life insurers may have similarities to current practice But major impacts may arise around… Qualifying for the PAA LIC discounting Onerous contracts !%
  25. 25. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Otherthingstothinkabout 25 Accounting mismatches may occur but accounting policy choices and transition provisions could reduce them More consistency and transparency for options and guarantees
  26. 26. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Effectivedateand nextsteps
  27. 27. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Getready 27 Fundamental operational challenges lie ahead and there isn’t much time You need to… Complete an initial assessment Review your contracts Plan your accounting policy decisions Determine your needs for systems, processes and resources Effective date
  28. 28. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. Findoutmore 28 Talk to your usual KPMG contact Follow KPMG IFRS on LinkedIn Find out more at kpmg.com/ifrs
  29. 29. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. © 2017 KPMG IFRG Limited, a UK company limited by guarantee. All rights reserved. KPMG International Standards Group is part of KPMG IFRG Limited. KPMG International Cooperative (“KPMG International”) is a Swiss entity that serves as a coordinating entity for a network of independent firms operating under the KPMG name. KPMG International provides no audit or other client services. Such services are provided solely by member firms of KPMG International (including sublicensees and subsidiaries) in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any other member firm, nor does KPMG International have any such authority to obligate or bind KPMG International or any other member firm, in any manner whatsoever. The KPMG name and logo are registered trademarks or trademarks of KPMG International. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. kpmg.com/socialmedia

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