Over the years, financial communication has become an essential element in promoting the activities of large groups, especially for insurers, with their particular business model.
Like last year, our survey considers the financial disclosures of a sample of 16 European insurers and re-insurers on the basis of their annual reports and their financial reporting material at 31 December 2014.
This year we have focused on the following topics:
the strategic plans of insurance groups: an analysis of the indicators used and the main messages conveyed;
the impact of the first application of the new standards on the ‘consolidation package’ on financial communication;
the disclosures provided by insurers on the impact of persistent low interest rates in Europe;
disclosures on goodwill, the associated recoverability tests and disclosures associated with other intangible assets;
insurers’ communication on financial instruments, including derivative instruments, and the issues associated with the market environment;
communication on embedded value and the main performance indicators; and
disclosures on capital management against a background of regulatory reform.
We have sought to shed light on the comparability, comprehensibility and relevance of disclosures, both under IFRSs and the other conceptual frameworks to which our analysis will refer.
Composition of the sample
Our sample consists of the following 16 European insurance and reinsurance groups that publish their accounts under IFRSs:
Find out more in our survey, available in English and French.
Key points of the financial communication of insurance groups 2015
Communication financiere des groupes d'assurance 2015
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Jean-claude Pauly Partner, Global Head of Insurance - Paris, France
The insurance industry is facing an uncertain, unstable and highly complex economic and financial environment compounded by major regulatory changes. As a leading provider of audit and business advisory services, we have substantial experience in the international insurance market. Our strong business model ensures that we can combine a global scope with the listening skills and service levels of an individual business partner.