1 International Financial Reporting Standards Insurance Contracts Project Update March 2015 The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
2 International Financial Reporting Standards Why? The need for change The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
3 Need for a global insurance standard 3 IFRS 4 Insurance Contracts is an interim Standard IFRS 4 permits continuation of a wide variety of diverse practice IFRS 4 includes a temporary exemption from the general requirement that accounting policies should be relevant and reliable IFRS 4 does not provide transparent information about the effect of insurance contracts on financial statements The new standard will provide transparent information about: The effect of insurance contracts on financial performance The way an entity makes profits or losses through underwriting activity and investing premiums from customers The nature and extent of risks from insurance contracts Existing accounting makes comparisons difficult between products, companies and across jurisdictions. The new standard will replace the huge variety of accounting treatments that depend on type of contract and type of company that issues the contracts The new standard will make it easier to make comparisons between insurance contracts and other types of contracts IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
4 How the IASB s new standard will improve accounting for insurance contracts 4 Existing issues Variety of accounting treatments depending on type of contract and type of company that issues the contracts Estimates for long duration contracts not updated Discount rate based on estimates of investment returns does not reflect economic risks of insurance contract How our proposals improve accounting Consistent accounting for all insurance contracts by all companies (not just insurance companies) Estimates updated to reflect current market-based information Discount rate reflects characteristics of the cash flows of the contract Lack of discounting for measurement of some contracts Little information about economic value of embedded options and guarantees Measurement of insurance contract reflects discounting where significant Measurement reflects information about full range of possible outcomes IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
5 International Financial Reporting Standards How? Project history and consultation The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
6 Project history TBC 1997 IASC starts project on insurance contracts March 2004 IFRS 4 Insurance contracts Phase I completed Interim standard on insurance contracts issued May 2007 Discussion paper Preliminary views on Insurance Contracts 162 comment letters received July 2010 Exposure Draft Insurance Contracts 253 comment letters received June 2013 Exposure Draft Insurance Contracts 194 comment letters received After 2015 Earliest expected publication IFRS x Insurance contracts Mid-2004 IASB takes up Phase II Insurance Working Group formed 2014 IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
7 Extensive consultation 7 Consultation documents issued 2007 Discussion Paper Preliminary Views on Insurance Contracts 2010 Exposure Draft Insurance Contracts 2013 Exposure Draft Insurance Contracts Extensive outreach with investors, analysts, preparers, regulators, accounting firms and standard-setters, in all regions with significant insurance industry Three rounds of field work focussed on assessing operationality of the proposals 2014 IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
8 International Financial Reporting Standards What? The IASB s proposals The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
9 Current balance sheet measurement provides up-to-date view of entity s obligations 9 Contractual service margin Fulfilment cash flows Future cash flows: expected cash flows from premiums and claims and benefits Risk adjustment: an assessment of the uncertainty about the amount of future cash flows Discounting: an adjustment that converts future cash flows into current amounts Contractual service margin reflects the entity s obligation to provide insurance coverage. Measured as the difference between the risk-adjusted present value of expected inflows and outflows at inception, updated to reflect changes in future service-related estimates Fulfilment cash flows is a probabilityweighted estimate of cash inflows and outflows that will arise as the entity fulfils the contract. Estimated in a way that incorporates all possible scenarios and calculated using current estimates, including current discount rates and risk adjustment 2014 IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
10 The IASB has sought to address concerns about the effect of changes in current value measurement 10 Many believe that not all changes in estimates should be considered current period performance. Some estimates viewed as causing unwarranted volatility The IASB has sought to address these concerns by tentatively deciding: Changes relating to future service affect profit or loss in future periods through adjustment to contractual service margin (so-called unlocking ) Entities can choose whether to present effects of interest rate changes in OCI or profit or loss Entities can use top-down approach to determine discount rate. Significantly reduces accounting mismatches caused by credit spread changes by reflecting this in both asset and liability measurement 2014 IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
11 Changes in estimates related to future service Changes in estimates related to future service Changes in estimates Contracts without participation features 11 Contractual service margin (Expected contract profit) Release of contractual service Profit or loss: underwriting result Fulfilment cash flows Changes in cash flows related to past and current services Future cash flows: expected cash flows from premiums and claims and benefits Risk adjustment: an assessment of the uncertainty about the amount of future cash flows Release of risk adjustment relating to current and past periods Interest expense at locked-in discount rate (unwind of discount) Profit or loss: investment result Discounting: an adjustment that converts future cash flows into current amounts Effect of changes in discount rates Other comprehensive income 2014 IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
12 Permit two views of performance Contracts without participation features 12 Statement of Comprehensive Income 20XX Insurance contracts revenue Incurred claims and expenses Operating result Investment income Interest on insurance liability Investment result Profit or loss Effect of discount rate changes on insurance liability (optional) Total comprehensive income X (X) X X (X) X X (X) XX Interest expense is either current or locked-in, depending on accounting policy choice If interest expense is locked-in, effect of difference between current and locked-in rates is presented in OCI 2014 IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
13 The IASB has sought to reduce complexity where possible 13 Practical expedients and simplifications proposed by the IASB: Pragmatic scope exceptions to avoid imposing costs with no significant benefits Optional premium allocation approach to simplify measurement Contracts are not recognised until the coverage period begins, unless onerous Contracts may be aggregated for accounting purposes Limited unbundling of components within insurance contracts Measurement includes renewal cash flows when there is a substantive obligation to provide coverage determined at a portfolio, rather the contract level Discount rates can be determined using top-down or bottom-up approach Simplified transition requirements allow more entities to approximate retrospective application However significant complexity arises as a result of the decisions taken to disaggregate current period performance from other changes in current value measurement IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
14 International Financial Reporting Standards 14 Reactions What we heard The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
15 Support for many key features (1) 15 Scope Consistent accounting for all types of insurance contracts, with pragmatic exceptions made on costbenefit grounds Limited unbundling of components of insurance contracts Simplified accounting for straightforward insurance contracts IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
16 Support for many key features (2) 16 Current measurement approach Measurement based on the assumption that the entity fulfils the contract Incorporates all available information about expected cash flows, especially effect of options and guarantees embedded in insurance contracts Reflects time value of money using a rate that reflects only the characteristics of the cash flows Explicit measurement of the uncertainty inherent in the expected cash flows, based on the entity s assessment of risk after the effects of diversification benefits Elimination of Day 1 gains Effects of service-related estimates recognised in period service is provided (through unlocking) IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
17 Support for many key features (3) 17 Presentation and disclosure Consistency in presentation of revenue and expense between insurance and other types of contracts Segregation of the effects of changes in discount rate in profit or loss or OCI according to accounting policy choice Reconciliation of changes in the components of the insurance contracts measurement Information about the nature and extent of risks arising from insurance contracts IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
18 Mixed views in some areas (1) 18 Topic Reason for IASB view Differences in views Revenue Transition Level of aggregation Comparable revenue and expenses between different types of insurance contracts and with all other types of contract. Comparable accounting for contracts written before and after the date of transition, at a reasonable cost Allow aggregation provided that doing so approximates the results if contracts were measured individually Some suggest that the costs of determining revenue do not justify the benefits of comparable information Some believe it inappropriate to require contracts written many years ago to be accounted for using the new standard Some are concerned that the combination of the IASB s proposals and regulatory constraints may result in recognition of losses that would not be recognised under existing accounting methods. IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
19 Mixed views in some areas (2) 19 Topic Reason for IASB view Differences in views Determining CSM using locked-in discount rates Allocation of CSM Reinsurance CSM at inception Consistency with day-1 measurement of the CSM, consistency with revenue recognition, and to avoid the CSM reflecting cash flows discounted using discount rates from different dates To recognise the CSM as the entity provides insurance coverage, which is provided according to the passage of time. Insurance coverage is distinct from the bearing of risk, which is reflected in the risk adjustment. Gains arising from reinsurance contracts, and the expense of purchasing reinsurance, recognised over coverage period Some would prefer using current rate for unlocking and accreting interest to reduce operational complexity Some would prefer to remeasure CSM to reflect current rates Some believe that the provision of insurance coverage should instead reflect the pattern of release from risk or the occurrence of claims and benefits. Some believe that, for some reinsurance contracts, some gains and losses ought to be recognised in profit or loss immediately. IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
20 International Financial Reporting Standards 20 Work in progress Decisions still to be made on contracts with participation features The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
21 IASB yet to make critical decisions on contracts with participation features 21 IASB is still considering the appropriate accounting for contracts with participation features. The critical issues are: 1. How to account for the entity s share of underlying items, including the effect of options and guarantees 2. Allocation of the CSM in profit or loss 3. Determining locked-in interest expense for profit or loss 2014 IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
22 Approach to contracts with participation features Extending the general model 22 IASB approach is to consider what adaptations are needed to general proposals Fulfilment cash flows Measure on basis of all cash flows that arise in fulfilling the contract Include all cash flows that arise from policyholder rights to share in return on underlying items Discount using rates that reflect the characteristics of the cash flows No special adaptations for risk adjustment needed Contractual service margin (CSM) ED proposals: Determined to eliminate any Day 1 gain at initial recognition Subsequent to initial recognition, adjust the CSM to reflect changes in estimates of future services Payment of investment returns is not a service Adaptations being considered: Adjust to reflect changes in entity s share of underlying items Allocation pattern Interest expense in profit and loss ED proposals Determined at the date when the contract was initially recognised, updated when changes in returns on underlying items result in changes in expected cash flows. Adaptations being considered: Alternative approaches to determining lockedin interest rates
23 Critical issue: Reporting changes in the entity s share of returns 23 In an insurance contract with a participation feature, the entity: Provides the policyholder with a share in the returns on underlying items held by the entity. This is the policyholder s share. Retains a share of the returns on the underlying items held by the entity. This is the entity s share. Issue: how should changes in the entity's share be reported? In a way consistent with the applicable standard for the underlying item. Such changes would be recognised in the statement of comprehensive income OR As a change in the value of the obligation to provide service, ie by adjusting the CSM IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
24 Critical issue: What is the entity s share? An example 24 Entity receives premium of 100 and promises to pay policyholder: 1,000 if the policyholder dies; and The return of premium plus a 90% share of the returns the entity earns from investing the premium at the end of 5 years Entity invests the premium in financial assets and expects to earn a return of 5%, ie assets are worth 100 x = 128 at end of 5 years. At the beginning of the contract, the entity expects policyholder will not die during coverage period, and that it will: pay the policyholder % of 28 = 125. This is the policyholders share retain 10% of the share of growth, ie 3. This is the entity s share. If expectations changed immediately after the beginning of the contract and the entity would expect the assets to earn a return of 7%, then: The assets would be expected to be worth 100 x = 140 at the end of 5 years The entity would expect to pay the policyholder % of 40 = 136. The entity would expect to retain 10% of the share of growth, ie IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
25 Critical issue: Allocation of CSM 25 Issue: what guidance should be provided to ensure consistency in how entities recognise the contractual service margin in profit or loss? The IASB s objective is to allocate the CSM on a reasonable and systematic basis that reflects the service provided by a contract. Questions the IASB needs to address are: What services are provided by insurance contracts with participation features? What is the pattern of provision of those services? How to address situations in which there is more than one service provided in more than one pattern? IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
26 Critical issue: Determining locked-in interest rate for profit or loss 26 Issue: How to report a cost based interest expense on the insurance contract? A contract with participation features includes cash flows that vary as a result of changes in interest rates. Therefore, the proposal to segregate the effect of changes in discount rate on the insurance contract from other changes in estimates needs to be modified. The IASB is considering two possible modifications: A book yield approach. Interest expense in profit or loss that mirrors the investment income on the underlying items An effective yield approach. Interest expense in profit or loss based on a yield that discounts estimated cash receipts through the expected life of the contract to the net carrying amount of the contract (reflects amounts credited to policyholder) 2014 IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
27 International Financial Reporting Standards When? Next steps and interaction with IFRS 9 The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
28 Next steps 28 Deliberations continue in 2015 Final Standard expected after 2015 IASB to consider need for testing and how to support implementation 2014 IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
29 Timing Interaction with IFRS 9 Financial Instruments 29 IFRS 9 Financial Instruments Applies to all entities with financial instruments Provides: A logical classification approach A much needed forwardlooking expected loss model for impairment An improved hedge accounting model that is better aligned with risk management Insurance Contracts Standard Applies to all entities that issue insurance contracts Expected to provide: Comparable accounting for insurance contracts Transparent information about how insurance contracts affect an entity s financial position and performance 2014 IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
30 Timing Interaction with IFRS 9 Financial Instruments 30 Many are concerned that IFRS 9 will be applied before the insurance contracts Standard IFRS 9 is effective for accounting periods beginning on or after 1 January The mandatory effective date of the new insurance contracts Standard will now be after the effective date of IFRS 9. IASB will consider ways to ensure entities applying the insurance contracts standard are not disadvantaged Accounting mismatches between insurance contracts and financial assets can be avoided Entities permitted to choose to present the effect of changes in discount rate in profit or loss, or OCI Entities can address new accounting mismatches by refreshing elections in IFRS 9 for relevant financial assets The IASB will consider further reliefs to permit or require reassessment of business model of relevant financial assets IASB will consider implementation period as it finalises the insurance contracts Standard Will allow adequate time for implementation Aware of potential disruption if there were to be two significant changes in successive years Will consider whether it would be helpful to allow a longer period after IFRS 9 is mandatorily effective before the new insurance contracts Standard must be applied IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
31 International Financial Reporting Standards Appendix: Tentative decisions to date on the 2013 ED The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
32 The 2013 Exposure Draft built on previous consultations, focussed on five targeted areas 32 Measurement proposals Presentation proposals Approach to transition 1. Unlocking Changes in estimates of cash flows relating to future service recognised over remaining coverage period 3. Revenue Align to presentation of revenue required for other types of contracts with customers 5. Transition Apply Standard retrospectively if practicable, or with specified simplifications if not practicable 2. Mirroring Measurement and presentation exception when no economic mismatch is possible 4. OCI proposals Interest expense is amortised cost-based in profit or loss, current value- on the balance sheet 2014 IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
33 Who we heard from comment letters 187 outreach meetings, including discussion forums in 18 countries Third round of field work 17 entities outside European Union directly 13 entities within European Union, co-ordinated with EFRAG and European standard-setters Comment letter summaries discussed in January 2014 and redeliberations began in March IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
34 Summary of feedback on the 2013 ED Welcome progress made since 2010 Exposure Draft Acknowledgement that IASB has responded to concerns raised on the 2010 Exposure Draft Widespread agreement with direction of proposals relating to: unlocking of contractual service margin transition Support at a conceptual level for insurance contract revenue Overarching concern about extent of accounting mismatches. As a result: concern about scope of mirroring concern about mandatory OCI Significant concerns that mirroring: cannot be made operational does not sufficiently address accounting mismatches overall to justify the complexity would require options and guarantees to be reported in profit or loss
35 IASB has substantially completed redeliberations for contracts without participation features 35 Measurement proposals Presentation proposals Approach to transition 1. Unlocking Changes in estimates of cash flows and risk adjustment relating to future service recognised over remaining coverage period Favourable changes in estimates in profit or loss to the extent that they reverse losses that relate to future services 3. Revenue Align to presentation of revenue required for other types of contracts with customers Prohibit presentation of non-revenue premium information in the statement of comprehensive income 5. Transition Retrospective application unless impracticable When impracticable, apply a specified simplified approach When the simplified approach is impracticable, determine CSM using fair value 2. Mirroring Not applicable to contracts without participation features. The IASB has not made decisions on contracts with participation features. 4. OCI proposals Effect of changes in discount rates presented in either profit and loss or in OCI as accounting policy choice for contracts within a portfolio 2014 IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
36 IASB has addressed some issues raised that were not targeted for input in the 2013 ED 36 1 Option to include fixed fee service contracts within scope of insurance contracts standard. 2 Additional guidance on use of judgement in making any necessary adjustments to observable inputs to determine the discount rate. 3 Recognise contractual service margin in profit or loss in a way that reflects the passage of time and the expected number of contracts in force 4 Symmetrical treatment for changes in estimates of fulfilment cash flows for a reinsurance contract and the underlying direct insurance contract 5 Contracts acquired in settlement period should be accounted for as if issued by entity at the date of portfolio transfer or business combination 6 Clarified objectives relating to level of aggregation 7 Clarify that significant insurance risk only occurs when there is a possibility that an issuer will incur a loss on a present value basis 8 Confirm use of locked-in rate for accreting interest and for determining the amount that unlocks the contractual service margin IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.
37 For more information 37 Stay up to date Visit our website: Sign up for our alert Ask questions or share your views us: Comment on our proposals: go.ifrs.org/exposure-drafts Resources on IASB website IASB Update Project podcasts and webcasts Effect of redeliberations on the 2013 ED Investor resources High level summary of project Feedback statement
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