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European Insurers’ IFRS 9 Benchmark Study

The new standard IFRS 9 on financial instruments has been effective starting 1st January 2018 for most entities but insurance groups have the possibility to defer its application to 2021, the year when the new standard IFRS 17 on insurance contracts will enter into force.

IFRS 9 introduces numerous changes (Phase 1/ classification, Phase 2/ impairment, Phase 3/ hedge accounting, disclosures) and its implementation is complex. We chose to study the 2017 year-end financial reports of 16 European insurance and reinsurance Groups and 10 bank insurers with the aim of identifying trends, progress and the impact they expect on their financial statements when first applying IFRS 9, and sources of these impacts.

Find out more about the Benchmark Study here.

Maxime Simoen

Partner, Mazars Paris

Maxime has more than 20 years of experience in Mazars and is currently leading the Mazars standards insurance team. He is an expert in IFRS and actuarial topics especially IFRS 17 and also in EV and Internal Model review. Maxime is a representative of the International Actuarial Association for accounting topics.

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