ZURICH INSURANCE GRO

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

Zurich provides update on implementation of new financial reporting rules

09/28/2022 | 06:22am

Zurich Insurance Group (Zurich) will today host a virtual event to outline the Group's key implementation choices and implications of the transition to the IFRS 17 financial reporting standard on Zurich's financial statements as of January 2023.

The new reporting rules will not affect Zurich's business activities, model or strategy. The adoption of the new standards is expected to have limited effect on earnings and revenue. Cash remittances, capital and dividends will remain unaffected. The Group's equity at transition will be impacted mainly due to recognition of unearned profits as a liability in the form of a contractual service margin for its life business, and a newly introduced risk adjustment concept.

The event presentation can be downloaded here. Presenters include George Quinn, Group Chief Financial Officer, and Karthik Thilak, Group Head of Financial Accounting and Reporting.

The new IFRS 17 standard intends to make the financial statements of public insurance companies more consistent, transparent and comparable.

Zurich will report under the new standards from the financial year 2023, starting with the update for the first three months of the year, published in May 2023. The Group's new financial targets for the period 2023-2025 will also be based on IFRS 17. These are due to be presented at the Investor Day on November 16, 2022.

Further information

The education event for analysts and investors will start with a live presentation at 1:00pm CEST, followed by a Q&A session and end at approximately 3:00pm CEST.

The live webcast can be accessed here on the day of the event.

For the Q&A live session please find below the dial-in numbers:

Switzerland / Europe: +41 (0) 58 310 50 00

United Kingdom: +44 (0) 207 107 06 13

United States: +1 (1) 631 570 56 13

(C) 2022 Electronic News Publishing, source ENP Newswire

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