IFRS 17 Insurance Contracts is a major new accounting standard for insurance contracts. IFRS 17 is effective for annual reporting periods beginning on or after 1 January 2023, with early application permitted. It replaces IFRS 4 Insurance Contracts, an interim standard, which permitted insurers largely to continue to apply their existing (local) accounting practices. This means that insurers may apply different accounting policies to measure similar insurance contracts they write in different countries. 

The objective of IFRS 17 is to provide more transparent and useful information about insurance contracts. IFRS 17 introduces consistent principles, improving international comparability. Insurers must use updated estimates and assumptions that reflect the timing of cash flows and any uncertainty relating to insurance contracts. Profits are only recognised as the company delivers services and companies must provide information about insurance contract profits they expect to recognise in the future.

In July 2021 the IASB proposed a narrow-scope amendment to IFRS 17’s transition requirements to enable entities to improve the usefulness of the comparative information presented on initial application of IFRS 17 and IFRS 9 Financial Instruments. For more information on our work in relation to this amendment, please see here.

Contact us at ifrs17@endorsement-board.uk

UKEB [Draft] Endorsement Criteria Assessment

The UKEB has published its [Draft] Endorsement Criteria Assessment: IFRS 17 Insurance Contracts and welcomes stakeholders’ views on the potential adoption of IFRS 17 for use in the UK.  

If you would like to comment, please complete the ‘Your Details’ form and provide feedback using the ‘Invitation to Comment’ template. Responses providing views on individual questions as well as comprehensive responses to all questions are welcome.

Please respond no later than close of business on 3 February 2022 to ifrs17@endorsement-board.uk  The relevant documents are available at the foot of this page. 

UKEB outreach

User survey and roundtable

In May 2021 the UKEB conducted a User survey to gather users’ views on the implementation of IFRS 17. Participants included analysts, rating agencies and investor associations. Nine analysts also attended the User roundtable to discuss the key themes identified in the User survey.

User Survey summary

User Roundtable

Preparer survey

In September 2020 the UKEB secretariat conducted a survey of insurance companies to gather views on the implementation of IFRS 17. Sixteen insurance companies responded to the Preparer survey, representing approximately 67% of the total gross written premiums of all UK insurance companies using IFRS.

Preparer Survey summary


In March 2021 the UK Endorsement Board secretariat held a webinar on the UK endorsement of IFRS 17. The event was aimed primarily at users of accounts and featured a presentation by IASB Board member Nick Anderson on key features of IFRS 17. It also included initial views from equity analyst and rating agency perspectives on how the standard could impact their analysis of insurance businesses.

A recording of the webinar is available here.

In May 2020 the UK Endorsement Board secretariat held a webinar on IFRS 17 for stakeholders which featured a presentation by IASB Board member Darrel Scott.

A recording of the webinar is available here

Economic Report

An Economic Report on the impact of IFRS 17 was commissioned from Europe Economics and finalised in November 2020. The report is available here

Technical Advisory Group

Click to access more information about the Technical Advisory Group

Document type
18 January 2022
13 January 2022
17 December 2021
11 November 2021
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11 November 2021
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