Major Canadian Life Insurance Companies Jointly Issue Update on New IFRS 17 Accounting Standard
TORONTO and WINNIPEG, MB, April 19, 2022 /CNW/ – Three Canadian life insurance companies, Great-West Lifeco Inc., Manulife Financial Corporation and Sun Life Financial Inc. (collectively referred to as the “Companies”), jointly announced today that they have published a document entitled “Overview of presentation and reporting of results under the new IFRS 17 accounting standard” relating to the IFRS 17 standard, Insurance contractswhich takes effect on January 1, 2023.
The adoption of this global accounting standard should improve the presentation of insurance activities under the IFRS published by the IASB. The Companies note that the adoption of IFRS 17 will not change the underlying fundamentals of their business, their financial strength or their ability to pay claims.
The document provides the collective view of the companies on certain presentation and reporting concepts expected under IFRS 17, including a simplified view of the income statement, an illustration of the analysis of the drivers of results and definitions of certain key performance indicators.
To download the document, please visit the following links.
About Great-West Lifeco Inc.
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. We operate in Canada, United States and Europe under the Canada Life, Empower, Putnam Investments and Irish life. At the end of 2021, our businesses had approximately 28,000 employees, 215,000 advisor relationships and thousands of channel partners, all serving more than 33 million customer relationships in these regions. Great-West Lifeco trades on the Toronto (TSX) under the symbol GWO and is a member of the Power Corporation group of companies. To learn more, visit greatwestlifeco.com.
Manulife Financial Corporation is a leading international provider of financial services that helps people make decisions easier and live better lives. With our global headquarters in Toronto, Canadawe provide financial advice and insurance, trading as Manulife across Canada, Asiaand Europeand mainly as John Hancock in United States. Through Manulife Investment Management, the global brand for our global wealth and asset management business, we serve individuals, institutions and pension plan members around the world. Our main operations are in Asia and Canadaand United States, where we have been serving our customers for over 155 years. We trade as “MFC” on the Toronto, New Yorkand Philippine stock exchanges and under ‘945’ in hong kong. Over the past 12 months, we have made 31.8 billion Canadian dollars in payments to our customers.
Not all offers are available in all jurisdictions. For more information, visit manulife.com.
About Sun Life
Sun Life is a leading international financial services organization providing asset management, wealth management, insurance and health solutions to individual and institutional clients. Sun Life operates in a number of markets worldwide, including Canada, United Statesthe UK, Ireland, hong kong, The Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. From December 31, 2021Sun Life had total assets under management of $1.44 trillion. For more information, visit www.sunlife.com.
Sun Life Financial Inc. trades at the Toronto (TSX), New York (NYSE) and the Philippine Stock Exchanges (PSE) under the symbol SLF.
Great-West Lifeco Inc.
The Canada Life Assurance Company
Manulife Financial Corporation
The Manufacturers Life Insurance Company
Sun Life Financial Inc.
Sun Life, Life Assurance Company of Canada
SOURCE Manulife Financial Corporation