Ensuring IFRS 17 compliance

Ensuring IFRS 17 compliance

The client

A large South African bancassurer at an early stage of their IFRS 17 programme.

The challenge

  • Compile a gap analysis to understand the model, systems and methodology requirements of IFRS 17 and assign priorities within their IFRS 17 programme.
  • Investigate the expected profit signatures under IFRS 17 since the chief areas of concern were profit emergence under IFRS 17 and the consequent tax implications.

What MBE did

  1. Worked on site using MBE’s IFRS Assess modelling and simulation tool to highlight gaps and test scenarios.
  2. Configured IFRS Assess to model four long-term and short-term products.
  3. Trained the client in IFRS methodology and the use of IFRS Assess for future investigations, sensitivity analyses, and decision-making.
  4. Delivered a dry run prototyping exercise giving the team lifelike experience of IFRS 17 reporting in a risk-free environment, supported by experts.
  5. Ran a workshop for actuaries and accountants to share findings and make unified decisions.

The results

  • Clear shared understanding of implications of IFRS 17 for the business.
  • Models and results packs for four core products with insights team could apply and explain.
  • Comprehensive gap analysis with recommendations.
  • Well-trained in-house team that understood how to model the impact of various sensitivities on the IFRS 17 balance sheet using IFRS Assess.

Get in touch






UK +44 (0)1737 735 563

SA +27 (0)21 527 0041

Get in touch









UK +44 (0)1737 735 563

SA +27 (0)21 527 0041