Second year of IFRS 17 reporting
FY24 marks the second year of reporting under IFRS 17 in Australia. This publication compares the disclosures made by a selection of Australian life (8) and general (10) insurers, including both direct writers and reinsurance companies, in their annual financial statements for FY24. These statements were mostly published in the first quarter of 2025, while others with June year-end reporting were published in the second half of 2024. In addition to examining these disclosures, the publication also discusses the expectations of a post-implementation review and explores potential next steps for IFRS 17 reporting in the framework of finance transformation.
The second year of IFRS 17 reporting was notably smoother for most insurers, with the focus rightly on performance rather than accounting. Looking ahead, finance teams are focusing on how they can effectively support business performance by leveraging data and technology, and harnessing the experience and knowledge of their people. Any Post-Implementation Review of IFRS 17 is still some way off and experience of other reviews suggests that significant changes to IFRS 17 are unlikely.”
Antonie JaggaPwC Australia, Insurance LeaderThis publication has been prepared exclusively using publicly available financial information. Its primary objective is to present the range of approaches adopted across the industry through a comparison of a selection of companies. This publication is purely informational and does not contain any opinions or subjective interpretations.
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Year two Australian insights on IFRS 17 reporting in FY24
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