Correction Of Insurance Service Result In Reconciliation Disclosure
(Doc ID 2829255.1)
Last updated on DECEMBER 26, 2021
Applies to:Oracle Insurance Accounting Analyzer - Version 8.0.6 and later
Information in this document applies to any platform.
Currently, the application calculates the ‘Insurance Service Result’ as the sum of Insurance revenue and Insurance Service Expense only.
However, per the IFRS 17 standard (para 103) and guidance documents published by the Big 4, it is expected to also include the ‘Investment Component’ as part of the Insurance Service Result as well.
This implies that the sequence of repline for Investment Component should also change i.e. this should be reported before 'Insurance Service Result'
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