MAZARS ROMANIA S.R.L.

  |  2014-11-18

Trends in financial reporting

International insurance groups shift focus from efficiency and cost control to client satisfaction, digital and capital management

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According to the latest Mazars’ international study on the insurers’ financial reporting practices across Europe, there is a tendency visible in the last three years for the management of large groups to shift the annual reports’ approach from focusing on efficiency and cost control, key elements during the financial crisis, towards client satisfaction, digital and capital management.

 

The conclusions of the Mazars study “Key Points of the financial communication of insurance groups - 2014” are based on the comparative analysis of the annual reports for 2013 and previous years published by 16 large European insurance and reinsurance groups that issue accounts under IFRS (International Financial Reporting Standards). The sample includes the European players listed among the financial companies that pose systemic risk to the global financial system (established by the Financial Stability Board).

 

By comparison, local insurers focus attention in their 2013 annual reports mostly on the compliance with the existing regulation framework.

 

Răzvan Butucaru, Financial Advisory Services Director, Mazars Romania: "Taking into account the way in which they present the activity results, local insurers are looking mostly to comply with the regulations in force and less <> the readers of the annual reports by providing additional information which may offer a broader view on their activities, such as corporate governance, corporate social and environmental responsibility or business performance."

 

The study is relevant for the Romanian insurance market as all local insurers will have to prepare financial statements in accordance with the International Financial Reporting Standards starting 1 January 2015 and to implement Solvency II requirements starting 1 January 2016. Solvency II will introduce a new, harmonized EU-wide insurance regulatory regime covering authorisation, corporate governance, supervisory reporting, public disclosure and risk assessment and management, as well as solvency and reserving.

 

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