A fast-growing Fortune 500 life insurer needed to transition their business to IFRS in a way that enabled them to clearly demonstrate to investors how their business created value. Recognizing the complexity and significant challenges posed by such a large-scale change in a short timeframe they engaged KPMG in Hong Kong to support them through the analysis and implementation.
KPMG drew on a multinational team to conduct a gap analysis assessing the current state, designing and building the target end state and supporting them through the implementation program. KPMG worked closely with the client to determine what data was available, what choices were available to them and to design external reporting and optimize re-designed close processes. We also designed and built a supporting suite of management reporting, budgeting and forecasting models. The project culminated in a series of workshops to cascade and embed the new metrics widely across the organization.
The project provided the client with a deep understanding of IFRS and a sound basis for operating in their new reporting environment. Management had a solid and well-defined foundation upon which to build impactful reporting to their Board and investors that has supported them through continued successful growth.
For more information on how KPMG can support your transition to the forthcoming insurance contracts standard please contact your local KPMG member firm today.
IFRS insurance contracts standard will have far reaching impacts for life and P&C insurers and reinsurers.