HNB General first local insurer to implement IFRS 17

Wednesday, 27 March 2024 01:13 - - {{hitsCtrl.values.hits}}

Uses WTW ResQFR solution with WTW as lead advisor

Chief Actuarial Officer Nalin Subasinghe

Chief Financial Officer Punsirini Perera

Head of Finance Roshan Kularathne

HNB General Insurance, marked a significant milestone in its journey towards compliance with the International Financial Reporting Standard (IFRS) 17 by becoming the first in the industry to implement WTW’s ResQ Financial Reporter (FR) and engage WTW as the main advisor for the implementation.

WTW’s ResQFR is a solution that provides an efficient flexible framework to generate IFRS17 financial statements and the supporting disclosure requirements, saving time and effort for insurers when undertaking end-to-end reporting processes. The IFRS 17 standard is set to be mandatory for insurance entities in Sri Lanka by 2026. This new standard mandates insurers to adopt a fair value approach to measuring insurance liabilities, fostering enhanced transparency and comparability in financial reporting. HNB General Insurance’s innovative adoption of ResQFR underscores its unwavering commitment to proactively embracing international best practices. The system positions the company with the requisite tools and capabilities to accurately assess and articulate its financial performance under IFRS 17.

HNB General Insurance CEO Sithumina Jayasundara said: “Being the pioneers among general insurance companies in Sri Lanka to embrace WTW’s ResQFR solution is a testament to our dedication. This strategic investment reaffirms our resolve towards IFRS 17 compliance, ensuring precision and openness in our financial disclosures. We firmly believe that ResQFR will serve as a formidable asset in navigating the evolving regulatory landscape and realizing our strategic objectives.”

IFRS 17 signifies a pivotal shift in the insurance sector, ushering in new requirements for financial reporting. By integrating ResQFR, HNB General Insurance stands to reap several benefits, including more robust and efficient financial reporting, improved data management and analytical capabilities, augmented transparency and consistency in financial disclosures, and a competitive edge in the marketplace.

HNB General Insurance Chief Actuarial Officer Nalin Subasinghe said: “The implementation of WTW’s ResQFR signifies a significant step forward for HNB General Insurance,” remarked. “This initiative underscores our commitment to adopting best-in-class solutions for accurate financial reporting under IFRS 17. With ResQFR, we are well-equipped to address the complexities of the new regulatory framework while maintaining transparency and efficiency in our operations.”

WTW Head of Insurance Consulting and Technology, India and Sri Lanka Vivek Jalan said: “ResQFR is a calculation and data management solution that takes the complexity out of IFRS 17, so insurance companies can focus on the core activities of their business. It is designed to enable the rapid implementation of IFRS 17 for P&C insurers. We are delighted that HNB General Insurance has chosen WTW and our solution to support them in their journey towards IFRS 17 compliance. Working alongside with our consultants, we are confident that HNB General Insurance can achieve their financial reporting objectives efficiently while maintaining industry-leading standards throughout the process.”