GCC Performance Periodical FY2023

Dear Members

As of January 1, 2023, “IFRS 17: Insurance Contracts” superseded “IFRS 4: Insurance Contracts,” bringing about significant alterations in the financial reporting for insurance companies.

These changes aim to enhance comparability between companies by clearly distinguishing between insurance and investment operations. By the end of 2023, most listed insurance companies in the GCC region had adopted the new standard, except for a few takaful firms. These firms are expected to implement FAS 42 (the equivalent of IFRS-17) starting January 1, 2025.

Lux Actuaries have published an annual report which we are happy to share with you