Impact of accounting standards on insurance statistics
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1 Impact of accounting standards on insurance statistics OECD Asia Regional Seminar Kuala Lumpur September 2010 José Pavão Nunes
2 Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002: Consolidated accounts of insurance undertakings with securities admitted to trading on a regulated market are required to adopt the international accounting standards (IFRS); Member States may also permit or require insurance undertakings to prepare their consolidated accounts and/or annual accounts in conformity with IFRS. Local GAAPs applied where not required or voluntarily adopted COMPARABILITY?? 2
3 IFRS 4 Insurance contracts Phase I: Stepping stone to phase II Phase II: Still Exposure Draft (ED) (issued on July 2010) Complete IFRS (Q2)? 3
4 Contracts issued by Insurance Undertakings IFRS does not concern insurance undertakings, but the accounting treatment of contracts The risk transferred defines the existence of an insurance contract: A contract that exposes the undertaking to significant insurance risk insurance contract A contract that exposes the undertaking to financial risk without significant insurance risk investment contract A contract that exposes the undertaking neither to significant insurance risk or financial risk rendering of services contract Statistic reporting shall be significantly affected on items as: premiums, technical provisions, claims data and investment income 4
5 IFRS impact Premiums IFRS 4 IAS 39 IAS 18 Classified as insurance contracts Classified as investment contracts Classified as rendering of services contracts The full premium is recognised as revenue Fees are the only recognised revenue (Deposit accounting) Fees are the only recognised revenue 5
6 IFRS impact Technical Provisions Contracts under IFRS 4 Contracts under IAS 39 Contracts under IAS 18 Classified as insurance contracts liabilities Classified as financial liabilities Classified as financial liabilities (payables) Measurement: Best estimate + risk adjustment + residual margin (specific treatment for short duration contracts) Measurement: amortised cost or fair value Measurement: amortised cost or fair value Deposit floor not applicable Deposit floor applicable Deposit floor applicable Split of unit-linked and presentation by IFRS 8 reportable segments Lines of business split not established Lines of business split not established 6
7 IFRS impact Claims data IFRS 4 IAS 39 IAS 18 Income and expenses presented in profit or loss Deposit accounting (statement of financial position) Deposit accounting (statement of financial position) 7
8 IFRS impact Reinsurance IFRS 4 IAS 39 IAS 18 Same treatment as for insurance contracts Same treatment as for investment contracts Same treatment as for service contracts 8
9 IFRS impact Investment income Income Expenses Both revenue and gains Both losses and expenses 9
10 Measuring the effect... Example of premiums : Accounting variable Code: Section 1.1 Name: Gross premiums written 10
11 Measuring the effect... Mio 12,000 10,000 8,000 6,000 4,000 2,000 0 Before (IFRS) Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Life Non-Life Total Mio 12,000 10,000 8,000 6,000 4,000 2,000 0 After (IFRS) Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Life Non-Life Total 11
12 The future... Possible Scenarios (Premiums): A. P&L information, leads to the exclusion of Inflows and Outflows of Investment Contracts and Rendering of Services Contracts, considering only their Commissions (management fees) B. P&L and Statistical information, adding Inflows to Premiums and Outflows to Claims C
13 Thank you 13
14 Some IFRS with major impact in insurance business: IAS 16 - Property, Plant and Equipment IAS 19 - Employee Benefits IAS 18 Revenue (Rendering of services) IAS 32 - Financial Instruments: Presentation IAS 36 - Impairment of Assets IAS 39 - Financial Instruments: Recognition and Measurement IAS 40 - Investment Property IFRS 4 - Insurance Contracts IFRS 7 - Financial Instruments: Disclosures 14
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