ZURICH INSURANCE GRO

ZURN
Delayed Swiss Exchange - 11:30 2022-12-02 am EST
450.00 CHF -0.82%

Zurich Insurance Group To Adopt New IFRS Reporting Standard In 2023 With Limited Expected Impact On Earnings

09/27/2022 | 01:47am
(MT Newswires) -- Zurich Insurance Group (ZURN.SW) said Tuesday that it intends to transition to new accounting rules under the International Financial Reporting Standards for its financial statements as of January 2023.

The implantation of the IFRS 17 financial reporting standard is expected to have a limited impact on the Swiss insurer's earnings and revenue, with cash remittances, capital and dividends to remain unaffected.

However, the company's equity will be affected primarily due to the recognition of unearned profits as a liability in the form of a contractual service margin for its life business.

Shares in Zurich Insurance were down more than 1% on Monday's close.

MT Newswires 2022
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