The large insurance groups have once again prepared their financial statements under a stable framework that awaits the adoption of IFRS 4 phase 2 (which is still subject to debate) and in a changeable economic and regulatory context with the implementation of Solvency 2 and the designation of systemic players.
The areas of greatest subjectivity and interest within the IFRS financial statements of large european insurance groups
For the fifth consecutive year, Mazars has carried out a detailed analysis of the largest insurance groups’ financial information. The accounts of insurance entities for the year ended 31 December 2012 were prepared against an ongoing background of economic crisis, characterised by: continuing weak growth in the major world economies; low interest rates; and persistently volatile markets.
The Asian insurance market growth potential is tremendous, Yet how can the industry achieve this when it fails to attract talents?
In today’s global business environment, insurance executives, particularly Finance leaders, face continuous pressure to drive business results, deliver increasingly complex financial reports and comply with new and ever-changing regulatory requirements.
The IFRS insurance contracts project is still in the pipeline after more than ten years’ work. The delay in drafting this standard reflects the divergent opinions expressed at different stages in the project, and the complexity of ensuring consistency with the corpus of standards.
Risk appetite at a high-level is a simple formal statement of what risks an insurer is willing to accept given its business objectives. Understanding and utilising the risk-reward mechanism is perhaps one of the most important commercial challenges for insurers operating under a risk based capital regulatory environment.
Mazars’ study on the review of the European Supervisory Authorities (EBA, EIOPA, ESMA) on behalf of the European Parliament
Mazars was commissioned in early 2013 by the European Parliament to assess the performance of the European Supervisory Authorities (ESAs) - part of the new EU architecture responsible for financial supervision created in the wake of the global financial crisis.