Insurance companies: SECP issues new ‘Published Financial Statements’

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued a new “Published Financial Statements” to be submitted by life and non-life insurers.

The SECP has issued a SRO 1917(I)/2025 to introduce draft amendments in the Insurance Rules, 2017.

According to the SECP, these amendments will come into force on the date when IFRS 17 becomes effective for life and non life insurers.

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The Published Financial Statements of life insurers shall consist of the following statements which shall be submitted according to the annexed Forms: Statement of Financial Position, Statement of Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows.

The Published Financial Statements of life insurers shall consist of Disclosure 100, IFRS 17 – Insurance Contracts as per format given hereunder separately for each class of business given under the Section 4(1) of the Ordinance and Disclosure 101, IFRS 17 – Insurance Contracts as per format given hereunder separately for each class of business given under the Section 4(1) of the Ordinance.

Notes forming part of the financial statements will be prepared in accordance with the provisions of the IFRSs and applicable standards including segmental information as per format, the SECP stated.

In Annexure II, after the form LJ of life insurers and before Form GA of non-life insurers, the forms of financial published statements of life insurers and notes from 1 to 51 listed underneath will be replaced with the new forms.

The Published Financial Statements of non-life insurers shall consist of the following statements which shall be submitted according to the annexed Forms: Statement of Financial Position, Statement of Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows, Disclosure 100, IFRS 17 – Insurance Contracts as per format given hereunder separately for each major class of business as given under Regulation 22 of Insurance Accounting Regulations, 2017, Disclosure 101, IFRS 17 – Insurance Contracts as per format given hereunder separately for each major class of business as given under Regulation 22 of Insurance Accounting Regulations, 2017.

Notes forming part of the financial statements will be prepared in accordance with the provisions of the IFRSs and applicable standards including segmental information as per format.

In Annexure II, after the form GK of non-life insurers, and before the Annexure III, the forms of published financial statements of non-life insurers and notes from 1 to 44 listed underneath will be replaced with the new forms, the SECP added.

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