Microgen PLC FWD fires starter gun on IFRS 17 implementation
12 February 2018 - 8:30PM
RNS Non-Regulatory
TIDMMCGN
Microgen PLC
12 February 2018
via RNS Reach
PRESS RELEASE
12 February 2018
FWD GROUP FIRES STARTER GUN ON IFRS 17 IMPLEMENTATION
Asia-based insurance provider FWD Group has selected Aptitude
Software, a Microgen plc business, to address IFRS 17 and IFRS
9
With almost three years before the initial IFRS 17 deadline, FWD
Group ("FWD"), a leading pan-Asian life and general insurer, is one
of the world's first insurance companies to start the process of
implementation.
FWD has selected Aptitude Software to drive the changes required
to deal with accounting standards IFRS 17 and IFRS 9. FWD operates
across eight markets whilst managing more than $24bn in assets.
IFRS 17 is widely recognised as one of the biggest change issues
in the insurance industry to ever hit CFOs. This global accounting
standard affects every insurance company that reports under IFRS.
Its purpose is to align insurance company reporting across the
globe.
Richard Poon, FWD Group Finance Director said: "In line with our
mission to deliver best-in-class insurance in our markets, FWD's
proactive attitude to IFRS 17 and IFRS 9 is designed to empower our
future growth. Thanks to a rigorous evaluation, we believe our
chosen approach to implement broader improvements across our
finance processes will reinforce our position as a leading
pan-Asian insurer. Aptitude Software's commitment to the Hong Kong
and wider Asian market was highly valued, and we were impressed by
the amount of "out of the box" IFRS 17-specific intellectual
properties."
The International Accounting Standards Board (IASB) suggests
that 450 listed insurers use IFRS standards, which means
approximately $13 trillion (GBP9.8 trillion) of total assets are
impacted.
Tom Crawford, CEO of Aptitude Software, said: "We are fully
committed to helping insurers manage the incredible complexities of
IFRS 17. This is a billion-dollar problem that must be tackled by
an industry already under significant pressures. With almost 40% of
insurers expected to kick off their implementation projects in Q2
2018, we advise that insurers act now and avoid a potential skills
shortage in the market. FWD's selection of the Aptitude Accounting
Hub and Insurance Calculation Engine is a validation of the hard
work invested by our team over the past three years to build a
solution for this important standard."
FWD's evaluation took place across the last eight months and
included leading financial software vendors.
Aptitude Software is a global financial software specialist and
part of the Microgen plc group of companies. Earlier this month,
Aptitude Software published its first bi-annual Global IFRS 17
Readiness Assessment Report (GIRA) to assist CFOs and their finance
teams in addressing IFRS 17. The GIRA report includes data from 240
insurance companies worldwide, from insurers of all sizes including
those with gross written premiums (GWP) of over $50 billion and
life and non-life insurance companies.
Key findings from the GIRA report show that insurance companies
recognise the scale of the project and the significant risks to
implementing IFRS 17. It also shows that most insurers are
beginning to act, but they are still at a very early stage in the
planning and implementation process, considering compliance takes
between 12-30 months. Aptitude's Global IFRS 17 Readiness
Assessment Report will continue to be published on a bi-annual
basis.
ENDS
About FWD Group
FWD Group spans Hong Kong & Macau, Thailand, Indonesia, the
Philippines, Singapore, Vietnam, and Japan, offering life and
medical insurance, general insurance and employee benefits across a
number of its markets.
FWD is focused on creating fresh customer experiences, with
easy-to-understand products, supported by digital technology.
Through this customer-led approach, FWD aims to become a leading
pan-Asian insurer that changes the way people feel about
insurance.
Established in Asia in 2013, FWD is the insurance business of
investment group, Pacific Century Group.
About Aptitude Software
Aptitude Software is a leading financial software specialist.
Aptitude's technology equips CFOs, of the world's largest
organisations, with competitive advantages by streamlining and
automating financial accounting processes and enabling faster
actionable insights. This year Aptitude's proprietary software
supports businesses with combined revenues approaching $1 trillion
and over 500 million end customers. Headquartered in London,
Aptitude Software is an operating company of Microgen plc.
Aptitude Software recently announced a new strategic alliance
with Deloitte. They have completed joint projects including:
transforming the financial processing capability of a top 3 US
telecommunication company.
For more information:
Investor communications -
Philip Wood, Chief Financial Officer
philip.wood@microgen.com
+44 (0) 20 7496 8100
Press inquiries -
James Horne | Michelle Jeffery
aptitude@houstonpr.co.uk | +44 203 701 7660
This information is provided by RNS
The company news service from the London Stock Exchange
END
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