Investor Presentaiton
29
2021 Financials "Note # 3"
Overview
إعادة
Saudi Re
■This standard has been published on May 18, 2017, it
establishes the principles for the recognition,
measurement, presentation and disclosure of
insurance contracts and supersedes IFRS 4 - Insurance
contracts.
■ The new standard applies to insurance contracts
issued, to all reinsurance contracts and to investment
contracts with discretionary participating features
provided the entity also issues insurance contracts. It
requires to separate the following components from
insurance contracts:
i) embedded derivatives, if they meet
specified criteria;
ii) distinct investment components; and
certain
iii) any promise to transfer distinct goods or non-
insurance services.
These components should be accounted for separately
in accordance with the related standards (IFRS 9 and
IFRS 15).
■ IFRS 17 is a new accounting standard for (re)insurers
that will be applicable to financial reporting periods
beginning 1 January 2023.
IFRS 17 is a significant development in accounting that
will have a fundamental impact on the methodology,
process, systems and results.
■ The new accounting standard will require a new
approach to the measurement, reporting and
disclosure of profitability for insurance and reinsurance
contracts.
Public
www.saudi-re.comView entire presentation