While the implementation of the International Financial Reporting Standard (IFRS) 17 has been deferred to 2025 in the Philippines, it is understood that insurance companies in the market are at various stages of preparation, with some more advanced than others. In August 2021, Milliman conducted a survey to measure the preparedness for IFRS 17 among life and composite insurance companies based in the Philippines.
We asked 47 questions over 11 key topics, including:
Status of preparedness
Assumptions update process
Discount rate setting
Methodology of risk adjustment calculation
Contractual service margin and loss component
Methods and choices
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IFRS 17 Preparedness Survey Report: Philippines
Roughly two-thirds of respondents have already started their implementation projects.