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Leading Canadian life insurance companies jointly release an update on the new IFRS 17 accounting standard
Leading Canadian life insurance companies jointly release an update on the new IFRS 17 ac...
About this update from Great-west Lifeco Inc.
[{"type":"text","content":"\n \n \n \n Leading Canadian life insurance companies jointly release an update on the new IFRS 17 accounting standard\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n and\n \n WINNIPEG, MB\n \n \n ,\n \n \n April 19, 2022\n \n \n /CNW/ - Three Canadian life insurance companies, Great-West Lifeco Inc., Manulife Financial Corporation and Sun Life Financial Inc., (together referred to as the \"Companies\"), jointly announced today that they have released a document entitled \"Overview of earnings presentation and reporting under the new IFRS 17 accounting standard\" regarding IFRS 17,\n \n Insurance Contracts\n \n , which takes effect on\n \n January 1, 2023\n \n .\n \n \n The adoption of this global accounting standard is expected to enhance the reporting of insurance business under IFRS as issued by the IASB. The Companies note that the adoption of IFRS 17 will not change the underlying fundamentals of their businesses, their financial strength, or ability to pay claims.\n \n \n The document provides the Companies' collective view on certain presentation and reporting concepts expected under IFRS 17, including a simplified view of the income statement, an illustration of the drivers of earnings analysis, and definitions of select key performance indicators.\n \n \n To download the document, please visit the following links.\n \n \n \n https://www.greatwestlifeco.com/news-events/events/april-19-2022.html\n \n \n \n \n https://www.manulife.com/en/investors/results-and-reports.html\n \n \n \n \n https://www.sunlife.com/en/investors/presentations-and-events/past-events/\n \n \n \n About Great-West Lifeco Inc.\n \n \n Great-West Lifeco is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. We operate in\n \n Canada\n \n ,\n \n the United States\n \n and\n \n Europe\n \n under the brands Canada Life, Empower, Putnam Investments, and\n \n Irish Life\n \n . At the end of 2021, ou...