Introduction

IFRS17 necessitates all entities writing insurance contracts to identify portfolios of insurance contracts,subdivided into various groups at initial recognition. The three key parameters for grouping are as below:

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Other Considerations

Some key things to be kept in mind for entities, while grouping their business are:

Level of Aggregation of Insurance Contracts is key in IFRS17 as the groups once formed cannot be changed/revisited and are subsequently used for computing all the key cashflows. If you have not started grouping your business to be IFRS17 ready, it is now time to begin the gap assessment.

To gain more insights on the above grouping considerations under IFRS17 or for any other related discussions, please feel free to reach out to us at kap@ka-pandit.com.

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