保险报告的四维视角：寿险CFO如何引领业务迈向新高度

Contents The four corners of insurance reporting04 Connecting the corners – data, systems and processes06 Operational dimension:bridging accounting, value, economic and regulatory views08 Time dimension:plan, forecast and actual reporting08 Integrating historical financial reportingwith planning and forecasting in life insurance09 Historical financial reporting as a baseline09 Planning and forecasting in a multi-dimensional framework09 Conclusion10 Contacts10 Deloitte’s collaboration with the life insurance sector over the pasttwo decades, a period of investment to cope with regulatory andbusiness challenges of unprecedented intensity, demonstrates thatlife insurance chief financial officers (CFOs) are now better positionedthan ever to build more effective steering frameworks. insurance CFOs to maximise ROC. Thefour corners framework allows lifeinsurers to explain their results andprepare coherent plans and forecastsacross two interconnected dimensionsof ROC. Furthermore, it enables lifeinsurers to intuitively identify areaswhere underlying data, systemsand processes can be improved toachieve more granular, faster reportingcapabilities that elevate the businesscontribution of the finance andactuarial function. The past 20 years of life insuranceregulation focussed on reportedprofits and measures of capital.This is not surprising given thesemetrics determine a life insurer'sreturn on capital (ROC)—by fartheir most important performanceindicator. Deloitte’s “four cornersof insurance reporting” framework("four corners framework") coalescesall relevant facts, enabled by variousreporting bases having becomemore homogenous, to empower life The four cornersof insurance reporting The implementation of IFRS 17 has been challenging forthe life insurance industry. The effort life insurers put intoIFRS 17 was unprecedented not just for their industry, butarguably for any sector of the global economy. Deloitte'sproprietary data indicates that from 2017 to 2023, whenIFRS 17 came into effect in many jurisdictions, insurersinvested USD15 billion to USD20 billion in preparation andimplementation—with life insurers accounting for morethan half of this sum. This is corroborated by researchDeloitte conducted with Economist Impact1and anestimate of IFRS 17 implementation investment by WillisTowers Watson2. risk sensitivity and alignment with international financialreporting standards, solvency capital is the seconddimension of the four corners framework. The developmentand implementation of IFRS 17, particularly its building-blocks approach for valuing insurance contracts, hashad a substantial influence on the modernisation ofglobal regulations. The overall modernisation of solvencyregulations has been shaped by the emphasis on risk-basedvaluation, improved solvency reporting and enhancedpolicyholder protection, leading to milestones includingthe finalisation at the end of 2024 of the InternationalAssociation of Insurance Supervisors (IAIS) Insurance CapitalStandard (ICS). Insurers, regulators and other stakeholders in theover 20 years spent establishing IFRS 17 as a new highquality, comprehensive and globally accepted accountingstandard expected it to yield substantial benefits. Thesebenefits are now being realised: IFRS 17's consistentfinancial reporting and transparency on the drivers of lifeinsurers' financial performance are attracting investorsto the sector. The standard's transparent comparabilitybetween different life insurers, and between life insurersand companies in other sectors, is reducing the costof capital for life insurers to grow their businesses. Lifeinsurers' IFRS profitability is the first dimension of thefour corners framework. Designed as a risk-based measure of capital adequacy forInternationally Active Insurance Groups (IAIGs), the ICS wasextensively monitored and refined over the past five yearsas the IAIS incorporated feedback from public consultationsand supervisory assessments to enhance the standard andensure its consistent implementation across jurisdictions.The IAIS will begin assessing implementation in 2026, withjurisdiction evaluations set to start in 2027. The finalisationof ICS was a leap towards greater regulatory convergenceand financial stability in the insurance sector. In finalisingthe ICS, the IAIS strove to ensure its solvency frameworksremain aligned with evolving accounting standards like IFRS17 and their influence on how insurers measure liabilitiesand capital adequacy. Amid the global modernisation of insurance solvency capitalregulations, driven by the need for greater transparency, Profitability and capital, the first two dimensions of the fourcorners framework, represent the two elements of ROC,arguably the most important indicator of a life insurer’sfinancial performance. The final two dimensions are basedon two logically correlated facets to assessing ROC: from deploying their economic capital or otherinternal capital measures. This facet is often presente