UK Insurers Stick to New Global Accounting Rules, Watchdog Finds

The UK’s accounting regulator said Thursday that insurance companies generally were following new global accounting rules properly, but called for improvements in areas including the use of estimates.

The Financial Reporting Council said that it had reviewed the accounts of 17 companies that use the rules in IFRS 17 Insurance Contracts, which took effect in 2023 after 20 years in the making. This is the first time there has been a single set of rules for insurers globally, replacing a muddle of different national standards.

• “The FRC recognises that this is a new accounting standard, with a significant impact on ...