Globally, International Financial Reporting Standard (IFRS) 17 became effective on 1 January 2023. Various markets in Asia either adopted IFRS 17 on that date, implemented it later, or deferred it. Based on IFRS 17 disclosures of select insurance companies, we conducted a comparative analysis of key aspects of the IFRS 17 methodology and financial results. In particular, this report addresses the following questions:

• What are the key commonalities and differences in IFRS 17 methodology among the companies?
• How does IFRS 17 impact the adjusted equity as of yearend 2023 and 2024, and how does this compare against embedded values?
• What is the impact of IFRS 17 on companies’ profitability, including IFRS 17 net profit and nonGAAP operating profit metrics?
• What are the key drivers impacting IFRS 17 profitability and how have they evolved over time?
• What does new business value creation look like under IFRS 17?
• What are the key drivers impacting companies’ new business value creation under IFRS 17?