The Securities and Exchange Commission of Pakistan (SECP) has issued new formats for “Published Financial Statements” to be submitted by life and non-life insurance companies under draft amendments to the Insurance Rules, 2017.
According to a notification (SRO 1917(I)/2025) issued by the regulator, the amendments will take effect once the International Financial Reporting Standard (IFRS) 17 becomes effective for both life and non-life insurers. The move is aimed at standardising financial reporting across the insurance sector in line with global accounting practices.
Under the new framework, life insurers will be required to submit a Statement of Financial Position, Statement of Comprehensive Income, Statement of Changes in Equity, and Statement of Cash Flows in accordance with annexed formats. Additional disclosures — including Disclosure 100 and Disclosure 101 under IFRS 17 (Insurance Contracts) — must be provided separately for each class of business defined under Section 4(1) of the Insurance Ordinance.
The SECP said accompanying notes to the statements must follow International Financial Reporting Standards and include segmental information in the prescribed format. Annexure II of the Insurance Rules will be updated, replacing existing forms and notes (1–51) for life insurers with new versions.
Similarly, non-life insurers will be required to file the same set of statements — Financial Position, Comprehensive Income, Changes in Equity, and Cash Flows — along with Disclosure 100 and Disclosure 101 under IFRS 17, for each major class of business listed in Regulation 22 of the Insurance Accounting Regulations, 2017.
