The New Zealand Financial Markets Authority published a thematic review insights report on how New Zealand insurers have implemented NZ IFRS 17 Insurance Contracts, providing observations intended to support financial statement preparers, audit committees and auditors. The report focuses on insurers’ transition to NZ IFRS 17, which replaces NZ IFRS 4 and applies to reporting periods starting on or after 1 January 2023. It covers the transition approach, use of measurement models, discount rates and risk adjustment for non-financial risk, treatment of onerous contracts, the impact on equity at the transition date, and other implementation decisions, and flags areas for improvement alongside the FMA’s future focus.
New Zealand Financial Markets Authority 2025-09-01
New Zealand Financial Markets Authority publishes thematic review insights on insurers’ implementation of NZ IFRS 17
The New Zealand Financial Markets Authority released a thematic review insights report on the implementation of NZ IFRS 17 Insurance Contracts by New Zealand insurers, highlighting transition approaches, measurement models, and areas for improvement. The report aims to assist financial statement preparers, audit committees, and auditors in adapting to the new standard effective from 1 January 2023.