IFRS 17 changes how insurance contracts are valued and reported, introducing a range of concepts. The present value of a group of contracts is to be determined at inception, considering all related cash flows and adjusting for risks, financial and other. Moreover, revenues are not recognised upon receipt. Instead, earnings are deferred and only released to the extent to which services are deemed fulfilled. This paradigm shift results in a set of new requirements for financial accounting and disclosure, prompting companies and analysts to adjust how they view performance.

The paper combines recent literature on the new standard with market reviews and studies analysing its implications for financial reporting. Expert interviews were conducted to explore key considerations in interpreting IFRS 17 figures and to identify the metrics and disclosures most relevant for performance analysis. Based on these insights, an assessment schema was developed and applied to the reports of the reinsurance companies Hannover Re, Munich Re, Swiss Re, and SCOR. The findings were synthesised to derive a concise and tangible set of considerations for practitioners.

Taking into account earlier market reviews, the examined reinsurers’ annual disclosures show progress in richness and uniformity. All four companies have largely adopted IFRS 17 metrics in their KPI framework. Nevertheless, there is a persistent reliance on established measures. These legacy disclosures are partially being integrated to reconcile with the accounts and line items of the new framework. Examples include the revised combined ratio metric and some approaches to breaking down service expenses and large losses. The deferral of revenue under IFRS 17 elevates the role of insurance liabilities, a shift clearly reflected in new KPIs and supplementary disclosures. The study confirms that the standard does introduce complexity that needs to be navigated, but there are merits to the standard’s rigidity, especially for internal business analysis and steering. From an external perspective, the paper concludes that the limitations are to some degree inevitable and especially pronounced as the industry is still transitioning. Yet, the new measurements make economic value components explicit, and the various additional disclosures offer a new perspective on performance.