To meet the reporting requirements of IFRS 17, insurers have invested significant budget, resources and time. Now, many are looking for ways to extend the value of these investments so they can add more value to the business.

IFRS 17 is about recognising profit over the term of the insurance policy based on emerging profit patterns related to policyholder services. In an ideal world, the expected contractual service margin (CSM) release would be the same as the actual profit release. But in reality, the profit release can be higher or lower than expected due to operating and experience variance, assumptions change, among others. Insurers will need to understand the deviation and conduct Analysis of Change to identify the sources of profits and losses. 

IFRS 17 numbers can tell the story

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