Response 1 - ABI

About the ABI

The Association of British Insurers is the voice of the UK's world-leading insurance and long-term savings industry. A productive, inclusive and thriving sector, our industry is helping Britain thrive with a balanced and innovative economy, employing over 300,000 individuals in high-skilled lifelong careers, two-thirds of which are outside of London.

The UK insurance industry manages investments of over £1.7 trillion, pays nearly £12bn in taxes to the Government and powers growth across the UK by enabling trade, risk-taking, investment and innovation. We are also a global success story, the largest in Europe and the fourth largest in the world.

Founded in 1985, the ABI represents over 200 member companies providing peace of mind to households and businesses across the UK, including most household names and specialist providers.

ABI response

1 We are grateful for the opportunity to respond to the UK Endorsement Board's (UKEB) consultation about its draft comment letter on the IASB's exposure draft (ED) Initial Application of IFRS 17 and IFRS 9 – Comparative Information (Proposed Amendment to IFRS 17).

2 We agree with the UKEB's support for the proposals in the IASB's ED.

August 2021