The adoption of IFRS 9 and IFRS 17 has reshaped how insurers report performance. This paper analyzes the 2024 annual reports of the non-life insurance divisions of Achmea, a.s.r. (ASR), and NN Schade (NN), offering a comparative view of the impact.

Key highlights:

• Contractual service margin (CSM) to present value of future cash flows stayed stable for NN and ASR; for Achmea it declined
• IFRS 17 risk adjustments are much lower than Solvency II risk margins across all three
• Cost-of-capital percentages under IFRS 17 are lower than under the previous regulatory framework
• ASR's combined ratios improved across P&C and disability; Achmea and NN worsened due to higher claims
• CSM maturities stayed stable for Achmea and NN; ASR shifted slightly to the one-to-10-year bucket
• Achmea showed a higher relative loss component
• ASR and NN discount rates were steady; Achmea’s increased in 2024
• While reporting detail and structure converged, key differences remain