HNB General Insurance in compliance with IFRS 17
View(s):HNB General Insurance has complied with the International Financial Reporting Standard (IFRS) 17 by becoming the first local general insurance company to implement WTW’s ResQ Financial Reporter (FR) and engage WTW as the main advisor for the implementation.
WTW’s ResQFR is a solution that provides an efficient flexible framework to generate IFRS17 financial statements and the supporting disclosure requirements, saving time and effort for insurers when undertaking end-to-end reporting processes. The IFRS 17 standard is set to be mandatory for insurance entities in Sri Lanka by 2026, the company said in a media release.
“Being the pioneers among general insurance companies in Sri Lanka to embrace WTW’s ResQFR solution is a testament to our dedication. This strategic investment reaffirms our resolve towards IFRS 17 compliance, ensuring precision and openness in our financial disclosures,” said Sithumina Jayasundara, CEO of HNB General Insurance Ltd.
IFRS 17 signifies a pivotal shift in the insurance sector, ushering in new requirements for financial reporting. By integrating ResQFR, HNB General Insurance stands to reap several benefits, including more robust and efficient financial reporting, improved data management and analytical capabilities, augmented transparency and consistency in financial disclosures, and a competitive edge in the marketplace.
“The implementation of WTW’s ResQFR signifies a significant step forward for HNB General Insurance,” said Nalin Subasinghe, Chief Actuarial Officer at HNB General Insurance. “This initiative underscores our commitment to adopting best-in-class solutions for accurate financial reporting under IFRS 17. With ResQFR, we are well-equipped to address the complexities of the new regulatory framework while maintaining transparency and efficiency in our operations.”
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