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• What are our key observations?
• What else did we look at?
  
• What’s next?

Continuing our ongoing analysis of insurers� reporting on implementing the new accounting standards � IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments � we have now analysed the half-year reports of 64 insurers for the six months ended 30 June 2023. We now share our key observations on:

• the IFRS 17 disclosures included in the half-year reports; and
• the impacts of IFRS 17 on key performance indicators (KPIs).

We found the following in our analysis.

• There is significant variation in the IFRS 17 disclosures included by insurers in their half-year reports. The level of aggregation of the disclosures also varied.
• There are significant differences in the yield curves applied to discount insurance liabilities. The detail provided on how discount rates are determined also varied widely.
• The contractual service margin (CSM) has been integrated into many life insurersâ€� KPIs, including the metrics for new business, profitability and company value. Non-life insurers have largely continued with existing KPIs.

These include an update to our  on:

• insurersâ€� IFRS 17 and IFRS 9 accounting policies and significant judgements; and
• the impact to opening equity from the adoption of IFRS 17 and IFRS 9.