2025 SOA Valuation Actuary Meeting: Session 1D: The IFRS 17 KPI Committee - Uniting for Clarity, Comparability and Communication-08.18.25-Recording

MSA Research established a committee in 2024, to build industry-standard Key Performance Indicators (KPIs) for IFRS 17. The committee was comprised of insurers, reinsurers, audit and consulting firms, professional associations, trade organizations, technology partners, and regulators. Candidate KPIs were chosen and the committee met monthly to vote on their suitability. Accepted KPIs were published for all companies in Canada based on statutory financial statement data and delivered to committee companies. IFRS 17 KPIs for Canada provide insights into new IFRS 17 financial statements, on an agreed-upon and standardized basis, for meaningful cross-company comparisons, calibration, and benchmarking. This advances the stated goals of IFRS 17 - Enhanced Comparability, Increased Transparency, Improved Consistency, Faithful Representation. The committee work is applicable to IFRS 18 'Management-defined performance measure', and could be leveraged or duplicated in other jurisdictions, to achieve global comparability under IFRS 17. We would like to illuminate the development and workings of the committee and the technical outcomes. Attendees will be able to understand and compare IFRS 17 financial statements and will be better prepared for IFRS 18. Attendees will learn how to engage a large and diverse group of stakeholders to establish and achieve goals.