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Page 1: IFRS 17 Insurance Contracts—the accounting model in one … · IFRS 17 Insurance Contracts—the accounting model in one page Profit or loss Modifications for contracts with a ‘variable

IFRS 17 Insurance Contracts—the accounting model in one page

Profit or loss

Modifications for contracts with a ‘variable fee’

Other comprehensive income (optional)Insurance finance expenses

+/– Changes in discount rates1

Balance sheet

+ +

Insurance contract liability

Notes1 The fulfilment cash flows are at current value: cash flows, discount rates and risk adjustment are updated at each reporting date2 Changes in cash flows and in risk adjustment that relate to coverage to be provided in the future adjust the contractual service margin3 Changes in cash flows and in risk adjustment that relate to coverage provided in the period and in the past are recognised in profit or loss 4 The release of risk adjustment within the liability for incurred claims reduces incurred claims in profit or loss

Profit from coverage to be provided in the future2

Contractual service margin

Risk adjustment

Fulfilment cash flows1

Present value of future cash flows

Cash flows

Discount rates

Liability for remaining coverage Liability for incurred claims

+Profit from coverage to be

provided in the future2

(including changes in the variable fee)

Contractual service margin

Fulfilment cash flows1

Insurance finance expensesUnwind of discount rates +/– Changes in discount rates1–

Simplified measurement based on unearned

premiums

=Liability for remaining coverage Liability for remaining coverageLiability for incurred claims

Cash flows(no need to discount if payments

of claims due within one year)

Fulfilment cash flows1

Risk adjustment4

=Liability for incurred claims

Risk adjustment4

Present value of future cash flows

Cash flows

Discount rates

Risk adjustment

Fulfilment cash flows1

Present value of future cash flows

Cash flows

Discount rates

Risk adjustment4

Fulfilment cash flows1

Present value of future cash flows

Cash flows

Discount rates

Expected claims and other insurance service expenses

Insurance service result

+/––

Revenue for coverage provided in the periodRevenue for release of risk adjustment in the period

++

Insurance revenue

Insurance service

expensesChanges in cash flows and in risk adjustment that relate

to coverage provided in the period and in the past3,4

Simplifications for short-term contracts (optional)Insurance contract liabilityInsurance contract liability

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