1、Developed bySetting new standards:Preparing for IFRS 17 complianceCompendium of survey results Survey conducted by Economist Impact on behalf of DeloitteDecember 2022 2022.For information,contact Deloitte Touche Tohmatsu Limited.BackgroundSetting new standards:Preparing for IFRS 17 compliance Part I

2、:Time to compliance Part II:IT systems readiness Part III:Allocating financial and human resources Part IV:Impacting financial statements Part V:Communicating change Part VI:Strengthening your business Survey demographics ContactsContents Preparing for IFRS 17 Compliance survey|Economist Impact and

3、Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.3BackgroundPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.Deloitte and the Economist Impact have joined forces one more time to survey the views

4、 of the global insurance industry on IFRS 17.Our commitment to bring the highest quality independent research on this important topic spans a decade.We released our first survey in 2012,titled Winning the waiting game?when the prospect of a global convergence on a global accounting standard adopted

5、in all markets,including the United States,was a tangible prospect.Much water has gone under the bridge of insurance accounting.The global convergence did not materialize when the U.S.regulators in 2014 took the project of reforming U.S.accounting for insurance in their own hands.The 2013 and 2018 s

6、urveys reported an increasing level of engagement across all markets affected by the arrival of IFRS 17.They also confirmed the appreciation across the industry of the enormity of the implementation efforts.The countdown to 2021 was never finished and in 2020,the goalpost moved to the current target

7、 of 1 January 2023.In this statistical compendium,you can find the responses collected from 360 participants globally between May and June 2022.The compendium accompanies four reports that analyze the views we collected from this large sample of senior insurance practitioners involved in steering th

8、eir organizations to be fully compliant with IFRS 17 in 2023.Francesco NagariGlobal IFRS Insurance LeaderDeloitte China Links to previous surveys:Global Survey 2018:2021 countdown underwayGlobal Survey 2013:Gaining momentumGlobal Survey 2012:Winning the waiting game?BackgroundPreparing for IFRS 17 C

9、ompliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.5Setting new standards:Preparing for IFRS 17 compliance Preparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.6Pa

10、rt I:Time to compliance Preparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.How confident are you that your organization can comply with the new IFRS 17 by the go-live date of 1 January 2023?Select one.7Response#%Very co

11、nfident10128.1%Somewhat confident21660.0%Uncertain349.4%Not confident92.5%I dont know 00.0%Total360100.0%0.0%2.5%9.4%60.0%28.1%0%20%40%60%80%100%I dont knowNot confidentUncertainSomewhat confidentVery confidentPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information

12、,contact Deloitte Touche Tohmatsu Limited.In getting your company ready for the go-live date of IFRS 17,please indicate the difficulty your organization has experienced(or continues to experience)in working to successfully complete each step?Select one answer in each row.8Great difficultyModerate di

13、fficultyMinimal difficultyNo difficultyDont knowTotalEstablish a program management team47013.1%33.1%39.7%14.2%0.0%100.0%Retrieve data necessary for IFRS 17 calculations and reporting46012.8%40.6%35.8%10.3%0.6%100.0%Upgrade existing capabilities of IT systems or implement new s

14、ystems to comply with the new IFRS 17 requirements 48013.3%38.6%36.7%11.4%0.0%100.0%Complete User Acceptance Testing of the new systems and processes48013.3%41.7%35.0%10.0%0.0%100.0%Produce the opening balance sheet at transition date(1 January 2023)56015.6%42.2%34.2

15、%8.1%0.0%100.0%Preparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.In getting your company ready for the go-live date of IFRS 17,please indicate the difficulty your organization has experienced(or continues to experience

16、)in working to successfully complete each step?Select one answer in each row.(contd)9Great difficultyModerate difficultyMinimal difficultyNo difficultyDont knowTotalProduce parallel run IFRS 17 financial information during 202245012.5%34.4%43.9%8.9%0.3%100.0%Review the operating model of

17、actuarial,regulatory reporting,finance and risk functions47013.1%36.7%39.7%10.3%0.3%100.0%Educate and train staff who have not been involved in the implementation of IFRS 3036013.1%40.8%34.2%11.9%0.0%100.0%Prepare investor relations and financial communication for shareholders

18、and markets50013.9%36.1%38.3%11.4%0.3%100.0%Engagement with your organizations external auditors to audit IFRS 8136012.5%35.8%40.8%10.6%0.3%100.0%Preparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.

19、In getting your company ready for the go-live date of IFRS 17,please indicate the difficulty your organization has experienced(or continues to experience)in working to successfully complete each step?Select one answer in each row.(contd)1013%14%13%13%13%16%13%13%13%13%36%36%41%37%34%42%42%39%41%33%4

20、1%38%34%40%44%34%35%37%36%40%11%11%12%10%9%8%10%11%10%14%0%0%0%0%0%0%0%0%1%0%0%10%20%30%40%50%60%70%80%90%100%Engagement with your organizations external auditors to audit IFRS 17Prepare investor relations and financial communication for shareholders and marketsEducate and train staff who have not b

21、een involved in the implementation of IFRS 17Review the operating model of actuarial,regulatory reporting,finance and risk functionsProduce parallel run IFRS 17 financial information during 2022Produce the opening balance sheet at transition date(1 January 2023)Complete User Acceptance Testing of th

22、e new systems and processesUpgrade existing capabilities of IT systems or implement new systems to comply with the new IFRS 17Retrieve data necessary for IFRS 17 calculations and reportingEstablish a program management teamGreat difficultyModerate difficultyMinimal difficultyNo difficultyDont knowPr

23、eparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.What is your organizations current progress toward the completion of each workstream before the go-live date?Select one answer in each row.(contd)11Less than 50%Greater t

24、han 50%,but not fully complete100%completeDont knowTotalEstablish a program management team606.7%45.3%36.4%1.7%100.0%Retrieve data necessary for IFRS 17 calculations and reporting750.8%44.2%34.4%0.6%100.0%Upgrade existing capabilities of IT systems or implement new systems to c

25、omply with the new IFRS 17 requirements 77.4%51.7%26.4%0.6%100.0%Complete User Acceptance Testing of the new systems and processes79.9%51.4%26.1%0.6%100.0%Produce the opening balance sheet at transition date(1 January 2023)730.3%48.6%30.6%0.6%100.0%Preparing for IFRS

26、 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.What is your organizations current progress toward the completion of each workstream before the go-live date?Select one answer in each row.12Less than 50%Greater than 50%,but not fully c

27、omplete100%completeDont knowTotalProduce parallel run IFRS 17 financial information during 2022719.7%50.0%29.7%0.6%100.0%Review the operating model of actuarial,regulatory reporting,finance and risk functions82.5%50.8%26.1%0.6%100.0%Educate and train staff who have not been inv

28、olved in the implementation of IFRS 36021.9%46.9%30.8%0.3%100.0%Prepare investor relations and financial communication for shareholders and markets802.2%45.0%31.9%0.8%100.0%Engagement with your organizations external auditors to audit IFRS 36018.9%47.8%33.1%0.3%100.0

29、%Preparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.What is your organizations current progress toward the completion of each workstream before the go-live date?Select one answer in each row.1319%22%22%23%20%20%22%21%21

30、%17%48%45%47%51%50%49%51%52%44%45%33%32%31%26%30%31%26%26%34%36%0%1%0%1%1%1%1%1%1%2%0%10%20%30%40%50%60%70%80%90%100%Engagement with your organizations external auditors to audit IFRS 17Prepare investor relations and financial communication for shareholders and marketsEducate and train staff who hav

31、e not been involved in the implementation of IFRS 17Review the operating model of actuarial,regulatory reporting,finance and risk functionsProduce parallel run IFRS 17 financial information during 2022Produce the opening balance sheet at transition date(1 January 2023)Complete User Acceptance Testin

32、g of the new systems and processesUpgrade existing capabilities of IT systems or implement new systems to comply with the new IFRS 17Retrieve data necessary for IFRS 17 calculations and reportingEstablish a program management teamLess than 50%Greater than 50%,but not fully complete100%completeDont k

33、nowPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.14Part II:IT systems readiness Preparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.To

34、 what extent do you feel your organizations current technology systems(financial reporting,administrative and/or actuarial systems)have changed to meet the requirements of IFRS 17?Select one.15Response#%My current technology systems required significant upgrades9827.2%My current technology systems r

35、equired moderate upgrades24066.7%My current technology systems did not require upgrades215.8%I dont know10.3%Total360100.0%0.3%5.8%66.7%27.2%0%20%40%60%80%100%I dont knowMy current technology systems didnot require upgradesMy current technology systemsrequired moderate upgradesMy current technology

36、systemsrequired significant upgradesPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.This question was answered by those participants who said their technology systems required significant or moderate upgrades(a sub-t

37、otal of 338 participants out of 360-see page 15)Please indicate your agreement/disagreement with the following statements.Select one answer in each row.16Strongly agreeSomewhat agreeNeither agree nor disagreeSomewhat disagreeStrongly disagreeDont knowTotalWe needed to partner with external vendors t

38、o adequately upgrade our systems7382.1%40.5%53.6%3.0%0.9%0.0%100.0%We were able to leverage existing systems and capabilities to develop in-house solutions for IFRS 17 30388.9%48.2%30.5%12.1%0.3%0.0%100.0%We were able to procure the high-quality software solutions that we neede

39、d to manage the data and calculations required by IFRS 0033821.3%32.0%23.7%23.1%0.0%0.0%100.0%Our efforts to upgrade our IT systems brought new capabilities,beyond those previously available33389.8%38.2%37.0%15.1%0.0%0.0%100.0%Preparing for IFRS 17 Compliance survey|Economist I

40、mpact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.This question was answered by those participants who said their technology systems required significant or moderate upgrades(a sub-total of 338 participants out of 360-see page 15)Please indicate your agreement/disagree

41、ment with the following statements.Select one answer in each row.1710%21%9%2%38%32%48%41%37%24%30%54%15%23%12%3%0%0%0%1%0%0%0%0%0%10%20%30%40%50%60%70%80%90%100%Our efforts to upgrade our IT systems brought new capabilities,beyond those previously availableWe were able to procure the high-quality so

42、ftware solutions that we needed to manage the data andcalculations required by IFRS 17We were able to leverage existing systems and capabilities to develop in-house solutions for IFRS 17We needed to partner with external vendors to adequately upgrade our systemsStrongly agreeSomewhat agreeNeither ag

43、ree nor disagreeSomewhat disagreeStrongly disagreeDont knowPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.This question was answered by those participants who said their technology systems required significant or mo

44、derate upgrades(a sub-total of 338 participants out of 360-see page 15)Based on your organizations implementation and system/user testing experience to date,which aspects of preparing your technology solutions to support IFRS 17 compliance have given you trouble?Select all that apply.18Response#%Cap

45、turing data inputs at the required level of granularity across data sources(i.e.,finance,risk management,actuarial functions)12336.4%Performance of technology solutions(i.e.speed/processing time of automation solutions)11233.1%End-user interface10230.2%Data storage/management capabilities9227.2%Calc

46、ulation capabilities9227.2%Reporting interface8124.0%Data quality 6619.5%Cyber-security6218.3%Controls4513.3%Other Please specify00.0%I dont know10.3%Total respondents who provided the multiple choices above338100.0%0.3%0.0%13.3%18.3%19.5%24.0%27.2%27.2%30.2%33.1%36.4%0%20%40%60%80%100%I dont knowOt

47、her Please specifyControlsCyber-securityData qualityReporting interfaceCalculation capabilitiesData storage/managementEnd-user interfacePerformance of technologyCapturing data inputs at thePreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Tou

48、che Tohmatsu Limited.This question was answered by those participants who said their technology systems required significant or moderate upgrades(a sub-total of 338 participants out of 360-see page 15)What have been the top three challenges to your organization as it completes the implementation of

49、technology solutions to support IFRS 17 compliance?Select up to three.19Response#%Quality of packaged software solutions(i.e.,out-of-the-box functionalities were substantially inadequate for your organizations needs for IFRS 17)14442.6%Budgeting enough resources(both internal and external)for implem

50、enting and testing IFRS-related technology solutions12837.9%Integrating operations(i.e.,finance,risk management,actuarial)to optimize the use of the new technology solutions11132.8%Ability to provide sufficient staff time to deliver the implementation8926.3%Ensuring adequate cyber-security(i.e.,ensu

51、ring adequate data protections are in place)8224.3%24.3%26.3%32.8%37.9%42.6%0%20%40%60%80%100%Ensuring adequate cyber-security(i.e.,ensuring adequate dataprotections are in place)Ability to provide sufficient stafftime to deliver the implementationIntegrating operations(i.e.,finance,risk management,

52、actuarial)tooptimize the use of the newBudgeting enough resources(bothinternal and external)forimplementing and testing IFRS-Quality of packaged softwaresolutions(i.e.,out-of-the-boxfunctionalities were substantiallyPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For infor

53、mation,contact Deloitte Touche Tohmatsu Limited.This question was answered by those participants who said their technology systems required significant or moderate upgrades(a sub-total of 338 participants out of 360-see page 15)What have been the top three challenges to your organization as it compl

54、etes the implementation of technology solutions to support IFRS 17 compliance?Select up to three.(contd)20Response#%Having time to implement new technology solutions6920.4%Finding the vendor(s)with the technology solutions we need6118.0%Allowing enough time for testing5416.0%Designing appropriate te

55、chnology solutions5315.7%Lacking needed skills/talent to implement,test and improve technology solutions Please specify which skills/talent was lacking 00.0%Other Please specify00.0%I dont see any challenges00.0%Total respondents who provided the multiple choices above338100.0%0.0%0.0%0.0%15.7%16.0%

56、18.0%20.4%0%20%40%60%80%100%I dont see any challengesOther Please specifyLacking needed skills/talent toimplement,test and improveDesigning appropriate technologysolutionsAllowing enough time for testingFinding the vendor(s)with thetechnology solutions we needHaving time to implement newtechnology s

57、olutionsPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.21Part III:Allocating financial and human resources Preparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte

58、Touche Tohmatsu Limited.What is your estimated total global budget(including internal resources,cost to buy new systems software/hardware and external fees for professional services)to meet the new IFRS 17 regulations?Select one.22Response#%Less than 10m 00.0%More than 10m to less than 25m 51.4%More

59、 than 25m to less than 50m 19855.0%More than 50m to less than 75m 10328.6%More than 75m to less than 100m4612.8%More than 100m82.2%I do not know00.0%Total360100.0%2.2%12.8%28.6%55.0%1.4%0.0%0%20%40%60%80%100%More than 100mMore than 75m to less than 100mMore than 50m to less than 75mMore than 25m to

60、less than 50mMore than 10m to less than 25mLess than 10mPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.Please estimate how your budget is/was spent?Each row represents a category of expenditure for the implementatio

61、n of IFRS 17 and each column the range within which the percentage of the total IFRS 17 implementation expenditure was for that category.23Expense categories0%1%-25%26%-50%51%-75%76%-100%Not answeredTotalInternal resources for designing/implementing/testing technology solutions(e.g.,for actuarial va

62、luations,financial sub-ledger application and data storage systems)0276831003600.0%76.7%23.1%0.3%0.0%0.0%100.0%Buying software and hardware solutions 22521060003600.6%70.0%29.4%0.0%0.0%0.0%100.0%Engaging external business consulting firms(e.g.,for project management,technical IFRS,technical actuaria

63、l and systems implementation)2272860003600.6%75.6%23.9%0.0%0.0%0.0%100.0%Engaging contractors for development and implementation of technology solutions2325320013600.6%90.3%8.9%0.0%0.0%0.3%100.0%Other internal expenses000.0%52.2%2.2%0.0%0.0%45.6%100.0%Preparing for IFRS 17 Compliance surv

64、ey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.Please estimate how your budget is/was spent?240%1%1%1%0%52%90%76%70%77%2%9%24%29%23%0%0%0%0%0%0%0%0%0%0%46%0%0%0%0%0%10%20%30%40%50%60%70%80%90%100%Other internal expensesEngaging contractors for developm

65、ent and implementation of technology solutionsEngaging external business consulting firms(e.g.,for project management,technical IFRS,technicalactuarial and systems implementation)Buying software and hardware solutionsInternal resources for designing/implementing/testing technology solutions(e.g.,for

66、 actuarialvaluations,financial sub-ledger application and data storage systems)0%1%-25%26%-50%51%-75%76%-100%Not answeredPercentage of the expense category out of the total IFRS 17 implementation expenditurePreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,co

67、ntact Deloitte Touche Tohmatsu Limited.How many people were(are)involved at the peak of your organizations efforts to implement IFRS 17?Select one answer in each row.25None1 to 1011 to 2526 to 5051 to 7576+I dont knowTotalFull-time employees:Finance02500.0%6.9%50.3%40.3%2.5%0.0%0.0%100.0%

68、Full-time employees:Actuarial3600.3%2.2%24.4%48.9%23.6%0.6%0.0%100.0%Full-time employees:IT303600.3%6.4%27.5%36.1%28.9%0.8%0.0%100.0%Full-time employees:Other Please specify00000000Preparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contac

69、t Deloitte Touche Tohmatsu Limited.How many people were(are)involved at the peak of your organizations efforts to implement IFRS 17?Select one answer in each row.(contd)26None1 to 1011 to 2526 to 5051 to 7576+I dont knowTotalPart-time/contract workers:Finance222600.6%6.1%34.4%42.2%16.1%0.

70、6%0.0%100.0%Part-time/contract workers:Actuarial23600.6%5.0%25.8%45.8%21.1%1.7%0.0%100.0%Part-time/contract workers:IT303600.8%4.7%27.8%40.0%25.0%1.7%0.0%100.0%Part-time/contract workers:Other Please specify00000000Preparing for IFRS 17 Compliance survey|Economist Impact and De

71、loitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.How many people were(are)involved at the peak of your organizations efforts to implement IFRS 17?Select one answer in each row.(contd)27None1 to 1011 to 2526 to 5051 to 7576+I dont knowTotalBusiness consultants:Finance30

72、3600.8%4.2%35.6%40.8%18.1%0.6%0.0%100.0%Business consultants:Actuarial23600.6%3.1%27.2%41.1%26.9%1.1%0.0%100.0%Business consultants:IT43601.1%5.3%27.2%43.1%22.2%1.1%0.0%100.0%Business consultants:Other Please specify00000000Preparing for IFRS 17 Compliance survey|Economist Impa

73、ct and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.How many people were(are)involved at the peak of your organizations efforts to implement IFRS 17?Select one answer in each row.(contd)280%1%1%1%0%1%1%1%0%0%0%0%0%5%3%4%0%5%5%6%0%6%2%7%0%27%27%36%0%28%26%34%0%28%24%50%0%43%

74、41%41%0%40%46%42%0%36%49%40%0%22%27%18%0%25%21%16%0%29%24%3%0%1%1%1%0%2%2%1%0%1%1%0%0%0%0%0%0%0%0%0%0%0%0%0%0%10%20%30%40%50%60%70%80%90%100%Business consultants:Other Please specifyBusiness consultants:ITBusiness consultants:ActuarialBusiness consultants:FinancePart-time/contract workers:Other Plea

75、se specifyPart-time/contract workers:ITPart-time/contract workers:ActuarialPart-time/contract workers:FinanceFull-time employees:Other Please specifyFull-time employees:ITFull-time employees:ActuarialFull-time employees:FinanceNone1 to 1011 to 2526 to 5051 to 7576+I dont knowPreparing for IFRS 17 Co

76、mpliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.29Part IV:Impacting financial statements Preparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.Please indicate the

77、 expected impact of compliance with IFRS 17 on your organizations financial statements compared with current reporting requirements,following the transition date(i.e.,1 January 2022 for calendar year reporting entities adopting IFRS 17,with an effective date of 1 January 2023).Select one answer in e

78、ach row.30Higher/QuickerLower/SlowerBroadly the sameI dont knowTotalTransition date net assets/equity332943303609.2%81.7%9.2%0.0%100.0%Transition date value of my IFRS liabilities6037.8%30.8%30.6%0.8%100.0%Profits in the first year under IFRS 17(i.e.,2023)88.4%50.0%25.3%0.3%100

79、.0%Profit volatility36033.1%35.3%28.6%3.1%100.0%Emergence of profits over time from in-force insurance contracts031.7%51.9%16.4%0.0%100.0%Preparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.Please i

80、ndicate the expected impact of compliance with IFRS 17 on your organizations financial statements compared with current reporting requirements,following the transition date(i.e.,1 January 2022 for calendar year reporting entities adopting IFRS 17,with an effective date of 1 January 2023).Select one

81、answer in each row.3132%33%24%38%9%52%35%50%31%82%16%29%25%31%9%0%3%0%1%0%0%10%20%30%40%50%60%70%80%90%100%Emergence of profits over time from in-force insurance contractsProfit volatilityProfits in the first year under IFRS 17(i.e.,2023)Transition date value of my IFRS liabilitiesTransition date ne

82、t assets/equityHigher/QuickerLower/SlowerBroadly the sameI dont knowPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.What do you think are the most challenging aspects of the IFRS 17 reporting?Select up to three.32Res

83、ponse#%Aligning compliance of IFRS 17 standards with other local regulatory frameworks(Solvency II in the EU,new risk-based capital standards in Asian countries,etc.)11331.4%Unbundling of embedded derivatives and other distinct non-insurance components8924.7%Transitionestimating the IFRS 17 amounts

84、to be reported in the opening balance sheet8222.8%Calculation of contractual service margins(CSM)unlocking and coverage units6818.9%Accounting for the variable fee approach(including determining eligibility for its use)6718.6%18.6%18.9%22.8%24.7%31.4%0%20%40%60%80%100%Accounting for the variable fee

85、approach(including determiningeligibility for its use)Calculation of contractual servicemargins(CSM)unlocking andcoverage unitsTransitionestimating the IFRS 17 amounts to be reported in the opening balance sheetUnbundling of embeddedderivatives and other distinct non-insurance componentsAligning com

86、pliance of IFRS 17standards with other localregulatory frameworks(Solvency IIPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.What do you think are the most challenging aspects of the IFRS 17 reporting?Select up to th

87、ree.(contd)33Response#%Accounting for the effect of changes in foreign currency exchange rates6317.5%Financial statement presentation of insurance revenue and expenses5715.8%Applying the other comprehensive income(OCI)option to discounting presentation5515.3%Risk adjustment calculations and disclosu

88、res5013.9%That the United States will not adopt a consistent standard4813.3%Potential for increased earnings and/or capital volatility4512.5%Discounting of expected cash flows4311.9%Accounting for reinsurance contracts held4111.4%Onerous contract measurement4011.1%Other Please specify00.0%Dont know0

89、0.0%Total respondents who provided the multiple choices above360100.0%0.0%0.0%11.1%11.4%11.9%12.5%13.3%13.9%15.3%15.8%17.5%0%20%40%60%80%100%Dont knowOther Please specifyOnerous contract measurementAccounting for reinsuranceDiscounting of expected cash flowsPotential for increased earningsThat the U

90、nited States will notRisk adjustment calculations andApplying the other comprehensiveFinancial statement presentationAccounting for the effect ofPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.What benefits do you fo

91、resee for your organization once it is IFRS 17 compliant?Select up to three.34Response#%Easier access to capital markets for mergers and acquisitions and fundraising activities11732.5%Improved operational efficiency of finance,actuarial and other functions10629.4%Financial statements that better ref

92、lect the results of business performance10428.9%Better cross-functional collaboration within the companys functions10128.1%Greater transparency in IFRS financial reporting than currently9225.6%25.6%28.1%28.9%29.4%32.5%0%20%40%60%80%100%Greater transparency in IFRSfinancial reporting than currentlyBe

93、tter cross-functional collaboration within the companys functionsFinancial statements that betterreflect the results of businessperformanceImproved operational efficiency offinance,actuarial and otherfunctionsEasier access to capital markets formergers and acquisitions andfundraising activitiesPrepa

94、ring for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.What benefits do you foresee for your organization once it is IFRS 17 compliant?Select up to three.(contd)35Response#%Improved internal controls over financial reporting8222

95、.8%Improved forecasting and planning7921.9%Better risk management5916.4%Improved technology systems5715.8%Lower cost of capital5314.7%Other Please specify00.0%Dont know00.0%I dont foresee any benefits00.0%Total respondents who provided the multiple choices above360100.0%0.0%0.0%0.0%14.7%15.8%16.4%21

96、.9%22.8%0%20%40%60%80%100%I dont foresee any benefitsDont knowOther Please specifyLower cost of capitalImproved technology systemsBetter risk managementImproved forecasting and planningImproved internal controls overfinancial reportingPreparing for IFRS 17 Compliance survey|Economist Impact and Delo

97、itte 2022.For information,contact Deloitte Touche Tohmatsu Limited.36Part V:Communicating change Preparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.To what extent do you agree with the following statements regarding you

98、r organizations level of communication on IFRS 17 to its stakeholders?Select one answer in each row.37Strongly agreeSomewhat agreeNeither agree nor disagreeSomewhat disagreeStrongly disagreeI dont knowTotalThe board of directors has a good understanding of the implications of IFRS 17 for the organiz

99、ation33609.2%38.3%36.7%15.3%0.6%0.0%100.0%Senior management and other internal executive stakeholders have a good understanding of the implications of IFRS 17 for the organization446012.2%40.6%35.6%11.1%0.6%0.0%100.0%Our investors have a good understanding of the implications o

100、f IFRS 17 for the organization33609.2%36.1%38.1%16.4%0.3%0.0%100.0%My organizationhas a dedicated team responsible for communicating the impact of IFRS 17 to all relevant stakeholders32608.9%42.8%33.1%15.0%0.3%0.0%100.0%My organizationis adequately communicating the impact of I

101、FRS 17 to all relevant stakeholders35609.7%34.7%39.4%15.0%1.1%0.0%100.0%Preparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.To what extent do you agree with the following statements regarding your organization

102、s level of communication on IFRS 17 to its stakeholders?Select one answer in each row.3810%9%9%12%9%35%43%36%41%38%39%33%38%36%37%15%15%16%11%15%1%0%0%1%1%0%0%0%0%0%0%10%20%30%40%50%60%70%80%90%100%My organization is adequately communicating the impact of IFRS 17 to all relevant stakeholdersMy organ

103、ization has a dedicated team responsible for communicating the impact of IFRS 17 to allrelevant stakeholdersOur investors have a good understanding of the implications of IFRS 17 for the organizationSenior management and other internal executive stakeholders have a good understanding of theimplicati

104、ons of IFRS 17 for the organizationThe board of directors has a good understanding of the implications of IFRS 17 for the organizationStrongly agreeSomewhat agreeNeither agree nor disagreeSomewhat disagreeStrongly disagreeI dont knowPreparing for IFRS 17 Compliance survey|Economist Impact and Deloit

105、te 2022.For information,contact Deloitte Touche Tohmatsu Limited.39Part VI:Strengthening your businessPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.In response to IFRS 17,how is your organization responding to the

106、possibility to integrate actuarial,finance,risk management,IT and other functions?Select all that apply.40Response#%Creating a cross-functional team in charge of the organizations forecasting and planning 14038.9%Changing incentive and key performance indicators(KPIs)to encourage cross-collaboration

107、12735.3%Creating cross-functional leadership in charge of data quality10830.0%Restructuring departments to be more cross-functional10027.8%Creating regular opportunities for cross-functional communication9426.1%Developing cross-functional operational processes8724.2%Creating cross-functional leaders

108、hip teams8423.3%Designing cross-functional technology solutions8222.8%Other Please specify00.0%I dont know20.6%Total respondents who provided the multiple choices above360100.0%0.6%0.0%22.8%23.3%24.2%26.1%27.8%30.0%35.3%38.9%0%20%40%60%80%100%I dont knowOther Please specifyDesigning cross-functional

109、Creating cross-functionalDeveloping cross-functionalCreating regular opportunities forRestructuring departments to beCreating cross-functionalChanging incentive and keyCreating a cross-functional teamPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact D

110、eloitte Touche Tohmatsu Limited.What impact do you think IFRS 17 will have on the following parts of your organizations business?Select one answer in each row.41Significant positive impactModerate positive impactNo impactModerate negative impactSignificant negative impactI dont knowTotalInsurance pr

111、oduct design33609.2%35.3%35.3%18.3%1.9%0.0%100.0%Reinsurance program design32608.9%36.9%32.5%20.6%1.1%0.0%100.0%KPIs35609.7%36.1%35.3%17.5%1.4%0.0%100.0%Claims management466012.8%35.6%35.6%14.7%1.4%0.0%100.0%Underwriting&pricing456012.5%35.8%31.

112、7%18.6%1.4%0.0%100.0%Access to capital markets32608.9%37.8%34.2%17.8%1.4%0.0%100.0%Dividend policy35609.7%30.6%40.0%19.2%0.6%0.0%100.0%Asset/liability management406011.1%34.4%33.6%18.3%2.2%0.3%100.0%Operating model changes other than finance and actuarial451281275550

113、36012.5%35.6%35.3%15.3%1.4%0.0%100.0%Preparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.What impact do you think IFRS 17 will have on the following parts of your organizations business?Select one answer in each row.4213

114、%11%10%9%13%13%10%9%9%36%34%31%38%36%36%36%37%35%35%34%40%34%32%36%35%33%35%15%18%19%18%19%15%18%21%18%1%2%1%1%1%1%1%1%2%0%0%0%0%0%0%0%0%0%0%10%20%30%40%50%60%70%80%90%100%Operating model changes other than finance and actuarialAsset/liability managementDividend policyAccess to capital marketsUnderw

115、riting&pricingClaims managementKPIsReinsurance program designInsurance product designSignificant positive impactModerate positive impactNo impactModerate negative impactSignificant negative impactI dont knowPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,co

116、ntact Deloitte Touche Tohmatsu Limited.Which of the following skills are most needed for your organization to successfully be IFRS 17 compliant?Select up to three.43Response#%Technology design and implementation9827.2%Collaboration skills 8523.6%Risk management expertise8323.1%Accounting expertise82

117、22.8%Program management and leadership8122.5%Strategic planning7821.7%Data management7721.4%21.4%21.7%22.5%22.8%23.1%23.6%27.2%0%20%40%60%80%100%Data managementStrategic planningProgram management andAccounting expertiseRisk management expertiseCollaboration skillsTechnology design andPreparing for

118、IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.Which of the following skills are most needed for your organization to successfully be IFRS 17 compliant?Select up to three.(contd)44Response#%Specific packaged software expertise722

119、0.0%Communication6919.2%Actuarial expertise6317.5%Creativity4311.9%Testing3810.6%Other Please specify00.0%Dont know00.0%Total respondents who provided the multiple choices above360100.0%0.0%0.0%10.6%11.9%17.5%19.2%20.0%0%20%40%60%80%100%Dont knowOther Please specifyTestingCreativityActuarial experti

120、seCommunicationSpecific packaged softwareexpertisePreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.Please indicate whether you agree with this statement:For my business,the benefits of adopting IFRS 17 will outweigh t

121、he expected costs.Select one.45Response#%Strongly agree4713.1%Somewhat agree15743.6%Neither agree nor disagree14339.7%Somewhat disagree113.1%Strongly disagree20.6%I dont know00.0%Total360100.0%0.0%0.6%3.1%39.7%43.6%13.1%0%20%40%60%80%100%I dont knowStrongly disagreeSomewhat disagreeNeither agree nor

122、 disagreeSomewhat agreeStrongly agreePreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.This question was asked to 158 participants who said they worked for a company that is part of a group headquartered in the Europea

123、n UnionDo you plan to use the exemption for annual cohorts in preparing your 2023 IFRS 17 compliant financial statements?Select one.46Response#%Yes13182.9%No2616.5%I dont know10.6%Total158100.0%0.6%16.5%82.9%0%20%40%60%80%100%I dont knowNoYesPreparing for IFRS 17 Compliance survey|Economist Impact a

124、nd Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.This question was asked to those 158 participants noted on page 46 who answered Yes to the question in that page.Do you foresee the impact to your financial statements being material?Select one.47Response#%Yes11285.5%No1813.7%

125、I dont know10.8%Total131100.0%0.8%13.7%85.5%0%20%40%60%80%100%I dont knowNoYesPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.This question was asked to those 158 participants noted on page 46 who answered Yes to the

126、 question in that page.How do you plan to make your financial statements comparable to entities that did not take the annual cohort exemption?Select one.48Response#%Provide a quantitative reconciliation to net profit and other key performance indicators if reported without using the annual cohort ex

127、emption10882.4%Provide qualitative(non-quantitative)disclosure to explain the impact of not choosing the annual cohort exemption2317.6%Other Please specify00.0%Total131100.0%0.0%17.6%82.4%0%20%40%60%80%100%Other Please specifyProvide qualitative(non-quantitative)disclosure to explainthe impact of no

128、t choosing theProvide a quantitative reconciliationto net profit and other keyperformance indicators if reportedPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.49Demographic/screening questionsPreparing for IFRS 17 C

129、ompliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.Which best describes your companys primary business?Select one.50Response#%Composite insurance318.6%Life/longevity insurance12033.3%Health insurance298.1%Non-life insurance(excluding health i

130、nsurance)15342.5%Reinsurer277.5%We do not sell insurance00.0%Total360100.0%0.0%7.5%42.5%8.1%33.3%8.6%0%20%40%60%80%100%We do not sell insuranceReinsurerNon-life insurance(excluding healthinsurance)Health insuranceLife/longevity insuranceComposite insurancePreparing for IFRS 17 Compliance survey|Econ

131、omist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.Which accounting standards does your company comply with(including for group reporting purposes)?Select one.51Response#%International Financial Reporting Standards(IFRS)25270.0%US Generally Accepted Accounting Pr

132、inciples(GAAP)*9325.8%Local accounting standards only*71.9%US GAAP and/or local accounting standard and IFRS82.2%Dont know00.0%Total360100.0%0.0%2.2%1.9%25.8%70.0%0%20%40%60%80%100%Dont knowUS GAAP and/or local accountingstandard and IFRSLocal accounting standards onlyUS Generally Accepted Accountin

133、gPrinciples(GAAP)International Financial ReportingStandards(IFRS)*All of these respondents confirmed that they intend to adopt IFRS in the future and were thus considered in the survey.Preparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche

134、Tohmatsu Limited.Where are you based?Select one.52Response#%Australia205.6%Brazil51.4%Canada256.9%China256.9%France256.9%Germany256.9%Hong Kong102.8%Italy256.9%Japan256.9%Korea205.6%5.6%6.9%6.9%2.8%6.9%6.9%6.9%6.9%1.4%5.6%0%20%40%60%80%100%KoreaJapanItalyHKGermanyFranceChinaCanadaBrazilAustraliaPrep

135、aring for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.Where are you based?Select one.(contd)53Response#%Netherlands205.6%New Zealand102.8%Singapore102.8%South Africa154.2%Spain205.6%Switzerland205.6%Taiwan102.8%United Kingdom2

136、56.9%United States256.9%Total360100.0%6.9%6.9%2.8%5.6%5.6%4.2%2.8%2.8%5.6%0%20%40%60%80%100%United StatesUnited KingdomTaiwanSwitzerlandSpainSouth AfricaSingaporeNew ZealandNetherlandsPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche T

137、ohmatsu Limited.Where are you based?Select one.54Response#%EMEA 17548.6%APAC 13036.1%Americas 5515.3%Total360100.0%15.3%36.1%48.6%0%20%40%60%80%100%AmericasAPACEMEAPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.Wher

138、e is your parent company based?Select one.55Response#%Argentina10.3%Australia256.9%Austria20.6%Barbados10.3%Belgium61.7%Bermuda10.3%Brazil113.1%Canada256.9%Chile10.3%China174.7%Denmark41.1%Egypt10.3%0.3%1.1%4.7%0.3%6.9%3.1%0.3%1.7%0.3%0.6%6.9%0.3%0%20%40%60%80%100%EgyptDenmarkChinaChileCanadaBrazilB

139、ermudaBelgiumBarbadosAustriaAustraliaArgentinaPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.Where is your parent company based?Select one.(contd)56Response#%Estonia10.3%Finland20.6%France215.8%Germany195.3%Hong Kon

140、g102.8%India10.3%Indonesia20.6%Italy226.1%Japan195.3%Jersey10.3%Netherlands205.6%New Zealand30.8%Philippines20.6%Poland20.6%0.6%0.6%0.8%5.6%0.3%5.3%6.1%0.6%0.3%2.8%5.3%5.8%0.6%0.3%0%20%40%60%80%100%PolandPhilippinesNew ZealandNetherlandsJerseyJapanItalyIndonesiaIndiaHong KongGermanyFranceFinlandEsto

141、niaPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.Where is your parent company based?Select one.(contd)57Response#%Portugal20.6%Qatar10.3%Singapore61.7%South Africa82.2%South Korea154.2%Spain133.6%Sweden20.6%Switzer

142、land154.2%Taiwan71.9%Thailand10.3%United Kingdom267.2%United States4412.2%Total360100.0%12.2%7.2%0.3%1.9%4.2%0.6%3.6%4.2%2.2%1.7%0.3%0.6%0%20%40%60%80%100%United StatesUnited KingdomThailandTaiwanSwitzerlandSwedenSpainSouth KoreaSouth AfricaSingaporeQatarPortugalPreparing for IFRS 17 Compliance surv

143、ey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.Where is your parent company based?Select one.(contd)58Response#%North America6919.2%Latin America154.2%Europe15843.9%Asia Pacific10830.0%Middle East10.3%Africa92.5%Total360100.0%2.5%0.3%30.0%43.9%4.2%19.2

144、%0%20%40%60%80%100%AfricaMiddle EastAsia PacificEuropeLatin AmericaNorth AmericaPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.Which best describes your level of seniority?Select one.59Response#%Board Member/Chairpe

145、rson/Chair 10.3%Chief Executive Officer308.3%Chief Financial Officer7621.1%Chief Technology Officer7621.1%Chief Investment Officer7119.7%Chief Communications Officer246.7%Chief Accounting Officer6919.2%Chief Actuary 20.6%Chief Information Officer51.4%Other C-level Executive 10.3%Financial Controller

146、20.6%SVP/VP/Director/Head of Function30.8%Other00.0%Total360100.0%0.0%0.8%0.6%0.3%1.4%0.6%19.2%6.7%19.7%21.1%21.1%8.3%0.3%0%20%40%60%80%100%OtherSVP/VP/Director/Head of FunctionFinancial ControllerOther C-level ExecutiveChief Information OfficerChief ActuaryChief Accounting OfficerChief Communicatio

147、ns OfficerChief Investment OfficerChief Technology OfficerChief Financial OfficerChief Executive OfficerBoard Member/Chairperson/ChairPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.What was the value of your organiz

148、ations net written premiums in its last set of annual financial statements(please consider your group consolidated financial statements if your company belongs to one)?Select one.60Response#%Under 300m00.0%Between 300m and 500m6217.2%Between 500m and 1bn 18250.6%Between 1bn and 5bn 9025.0%More than

149、5bn 267.2%Total360100.0%7.2%25.0%50.6%17.2%0.0%0%20%40%60%80%100%More than 5bnBetween 1bn and 5bnBetween 500m and 1bnBetween 300m and 500mUnder 300mPreparing for IFRS 17 Compliance survey|Economist Impact and Deloitte 2022.For information,contact Deloitte Touche Tohmatsu Limited.Contacts61Francesco

150、NagariGlobal IFRS Insurance Leader Deloitte C.hkJerome LemierreIFRS Insurance EMEA LeaderDeloitte Francejlemierredeloitte.frMurray MclarenGlobal IFRS Insurance Tax LeaderDeloitte United Kingdommmclarendeloitte.co.ukAndrew WarrenGlobal IFRS 17 Tools and Accelerators LeaderDeloitte South Africaanwarre

151、ndeloitte.co.zaElaine HultzerGlobal IFRS 17 Auditability LeaderDeloitte A.auLarry Danielson Global IFRS Insurance Technology LeaderDeloitte United SAnne DriverGlobal IFRS 17 General Insurance LeaderDeloitte A.auDarryl WagnerIFRS Insurance Americas LeaderDeloitte United SStephen KeaneIFRS Insurance E

152、MEA Leader Deloitte United Kingdomskeanedeloitte.co.ukPreparing for IFRS 17 Compliance survey|Economist Impact and DeloitteDeloitte refers to one or more of Deloitte Touche Tohmatsu Limited(“DTTL”),its global network of member firms,and their related entities(collectively,the“Deloitte organization”)

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