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1 SEC FORM 17 Q MS JANET a ENCARNACION SEC 1

1 SEC FORM 17 Q MS JANET a ENCARNACION SEC 1

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hello and welcome to the IFRS 17 training Series in this video we will cover the IFRS 17 income statement for a sample Life Insurance Company the IFRS 17 income statement is a fundamental change under IFRS 17 relative to ifrs4 and it offers a very different View and presentation there's also a different concept of Revenue and expenses the income statement is split into sections the first section is known as the insurance service result the second the investment result and finally you'll have the other result or income taxes for example we'll make some simplifying assumptions we'll assume that all business is non-participating long-term life insurance contracts and all contracts are subject to the general measurement approach we'll also assume that all groups of contracts are profitable currently and have positive CSM balances so we won't be dealing with any loss components and finally we'll assume that everything goes through p l

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