Malayan Insurance has announced its full compliance with the International Financial Reporting Standard 17 (IFRS 17), becoming one of the first non-life insurers in the Philippines to do so-two years ahead of the revised national implementation deadline.
The company achieved this milestone by implementing the SAS IFRS 17 solution, solidifying its position as an early mover in aligning with the global reporting standard.
IFRS 17 is designed to enhance the transparency, consistency, and comparability of financial reporting for insurance contracts. Although the Philippines initially set a compliance date of January 1, 2025, the timeline was recently extended to 2027. Malayan Insurance, however, chose to maintain its original schedule and move forward with early adoption.
The project involved a comprehensive transformation of Malayan Insurance’s operations, including the overhaul of legacy systems, restructuring of data models, and cross-functional collaboration among finance, actuarial, underwriting, and IT teams. Given that IFRS 17 introduces a fundamental shift in how insurers calculate liabilities and recognize revenue, such extensive preparation was crucial. The SAS platform supported this transition by enabling automated cash flow calculations, modelling of contractual service margins, and the generation of audit-ready reports.