The high level anonymised results of the survey the CFO Forum ran on 2022 IFRS 17 disclosures following the ESMA public statement release on transparency of application of IFRS 17:
Half Year Disclosures:
- Unless exception, members do not plan on providing significant quantitative disclosures.
- Qualitative disclosures that would be added would be more focused on “tick the box: approach to meeting the ESMA objectives without adding too much details as some believe that the qualitative and quantitative disclosures needs to be done together in order for the information to be meaningful
- Some qualitative disclosures including disclosures that the insurer plans to utilise the Fair Value Approach for transition as well as the OCI option without providing too much more information on these options (e.g. no quantitative impacts of these selections).
- Some members noted that they did not plan any significant additional HY disclosures compared to prior period disclosures.
Full Year Disclosures:
- Almost all plan to include quantitative disclosures but it is too early to say what these qualitative and quantitative disclosures will be at this time.
- Many will have IR days prior to full year disclosures but it is too soon to say what these disclosures will include other than it is expected that it will be a combination of qualitative and quantitative information which has been subject to some level of audit procedures.
Insurance Europe