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IFRS 17

The global implementation of International Financial Reporting Standard (IFRS) 17 presents significant challenges around data, systems, processes, modeling, governance, and auditability.

Moody’s is revolutionizing the financial accounting process with cutting-edge solutions designed to navigate the complexities of IFRS 17.

By improving automation, governance, and controls for the IFRS 17 process, we can reduce production time as well as allow managers and auditors to review results with confidence.

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Solutions

01 RiskIntegrity solution for IFRS 17

RiskIntegrity solution for IFRS 17

The RiskIntegrity for IFRS 17 solution integrates with your existing infrastructure to connect data, models, systems, and processes between actuarial and accounting functions.

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02 RiskIntegrity™ Financial Forecast

RiskIntegrity™ Financial Forecast

Aligning financial planning and analysis (FP&A) with IFRS 17 reporting can be challenging. Manual, spreadsheet-based processes are complex, error-prone, and lack sufficient governance to manage the detailed, consistent calculations that IFRS 17 demands. Achieving consistency across functions can be difficult. For example, firms might need to align liability calculations for hedging or reinsurance strategies with financial reporting to minimize discrepancies in performance metrics.  Stronger governance and controls help stakeholders trust the quality of reported information. 

The RiskIntegrity™ Financial Forecast solution transforms insurers' FP&A capabilities by addressing the complexities of IFRS 17 liability forecasting. It replaces manual, spreadsheet-based processes with a cloud-enabled platform that offers automation, robust governance, and an intuitive interface. Fully integrated with the RiskIntegrity™ solution for IFRS 17 and the AXIS™ Actuarial system, it simplifies implementation while offering advanced analytics and forecasting tools. This offers actionable insights to support better decision-making and financial outcomes for our RiskIntegrity solution for IFRS 17 customers.  

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03 Discount Curve Service for IFRS 17

Discount Curve Service for IFRS 17

The Moody's Discount Curve Service for IFRS 17 supports the valuation of insurers’ cash flows to meet the new accounting standard:
 

  • Delivers comprehensive calibration content designed to support insurers with the methodology selection, approval processes, and production challenges associated with the discount curve under IFRS 17

  • Helps insurers by providing flexible, granular calibration content they can customize to the specific characteristics of their liabilities

  • Allows actuaries and accountants to navigate the approval process by providing a fully documented methodology

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04 Scenario Generator

Scenario Generator

The Market-Consistent Scenario Generator provides stochastic asset modeling tools to produce risk-neutral scenarios.

With the Scenario Generator, you can:

  • Use risk-neutral scenarios for liability valuation. Models are calibrated to market data where appropriate, resulting in market-consistent liability values.

  • Gain a robust and easy-to-use automation framework to support the production of many stress and sensitivity calibrations.

  • Benefit from a comprehensive monthly calibration service covering a wide range of economies and asset classes and produced to exacting standards of governance and quality assurance.

  • Receive comprehensive documentation of all models and calibrations, including calibration reports and methods, model methods, assumption updates, and policy and compliance documents.

  • Implement a suite of financial models covering many asset classes and sophistication levels.

  • Reduce run times from hours or days to minutes using the Cloud Burst Service to run the Scenario Generator in the Moody’s-hosted cloud environment.

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05 AXIS Actuarial system

AXIS Actuarial system

The AXIS™ Actuarial system provides the flexibility to deploy large-scale computing power through an advanced cloud-based delivery platform or installed software.

Learn more about AXIS™ Actuarial system

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News and views

article
Moody's
IFRS 17 calls for greater integration of actuarial and accounting systems

To respond to IFRS 17 requirements, a consistent accounting framework is critical. This paper explores how practitioners can overcome operational challenges by designing an appropriate chart of accounts and posting logic.

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whitepaper
Moody's
Calculating the IFRS 17 risk adjustment

IFRS 17 introduces the concept of a risk adjustment for non-financial risk, which may influence how profit from insurance contracts is reported. This paper summarizes three potential methods for calculating risk adjustment.

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article

Aug 14, 2024
Astra Life leads the way in Indonesia with successful completion of IFRS 17 compliance audit review

Astra Life, a leading life insurance company in Indonesia, has proudly announced the adoption of Moody's RiskIntegrity solution for IFRS 17 and the subsequent successful completion of its first IFRS 17 compliance audit review, marking a significant milestone in the country's financial landscape. 

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whitepaper
Moody's
Aggregation and diversification of the IFRS 17 risk adjustment

The various methods of calculating risk adjustments, as required under the IFRS 17 standard, introduce unique challenges around appropriate allowances for diversification across contract groups. This paper dives into some potential methods’ merits and drawbacks. 

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whitepaper
Moody's
Profit emergence under IFRS 17: the variable fee approach

In response to IFRS 17 requirements, insurers must understand the patterns of profit emergence that arise for their business under the standard.  This paper looks at the impact of financial risk on contracts with participation features. 

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whitepaper
Moody's
Equivalent confidence level for the IFRS 17 risk adjustment

This paper explores the specific issues around calculating an equivalent confidence level for the IFRS 17 risk adjustment where a method other than Value-at-Risk (VaR) is used. 

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whitepaper
Moody's
Permitted approaches for constructing IFRS 17 discount rates

IFRS 17 requires insurers to use fair value and market-consistent approaches to liability valuations for reporting purposes. This paper explores the permitted approaches to IFRS 17 discount rates and how insurers can take steps to mitigate the impact.

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webinar
Moody's
Interim reporting under IFRS 17

Part of Moody’s Voices of our Experts series, this episode looks at how insurance companies can manage external annual reporting, interim reporting, and internal management reporting requirements in parallel.

Watch now
whitepaper
Moody's
Profit emergence under IFRS 17: gaining business insight through projection models

Beyond reporting and disclosure practices, IFRS 17 requires insurance companies to understand how financial statements might evolve under different scenarios. This paper explores why the importance of insurers being able to project financial statements in order understand their sensitivity to market risks, insurance risks, and methodology decisions. 

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RiskIntegrity for IFRS 17 solution: life insurers

Moody's RiskIntegrity for IFRS 17 solution helps life insurers to easily set up their company structure and portfolios with support for methodologies including GMM, VFA, and PAA.

RiskIntegrity for IFRS 17 solution: composite insurers

IFRS 17 gives composite insurers instant access to an array of functionality for generating the standard disclosure reports required by IFRS 17.

RiskIntegrity for IFRS 17 solution: P&C insurers

RiskIntegrity for IFRS 17 solution helps P&C insurers meet the challenging actuarial and accounting requirements under IFRS 17, thanks to computing power and scalability.

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