By Aduragbemi Omiyale
The 2023 full-year financial statements of Stanbic IBTC Insurance have been approved by the National Insurance Commission (NAICOM).
The results received regulatory authorisation after the underwriting firm adopted the International Financial Reporting Standard (IFRS) 17 standardization process, showcasing its commitment to transparency and adherence to global accounting practices.
The IFRS 17 was issued by the International Accounting Standards Board in May 2017, but implemented in Nigeria in January 2023 and adopted by NAICOM.
It mandates all insurance firms to upgrade their financial reporting model by migrating from the IFRS4 model to the IFRS 17 model.
The IFRS 4 model allows companies to continue using existing local accounting practices, leading to inconsistencies and challenges in comparing financial statements across different jurisdictions. Thus, the model lacked uniformity in accounting practices as well as hindered comparability and transparency.
Business Post gathered that Stanbic IBTC Insurance is the first insurer in Nigeria to have successfully obtained vetting and approval from the regulator for its 2023 full-year financial report.
The chief executive of the company, Mr Akinjide Orimolade, described the vetting by NAICOM as a testament to the organisation’s commitment to international financial reporting standards while giving stakeholders a clear understanding of its financial position and performance.
“Being the first insurer to have our financial report vetted by NAICOM, following the adoption of the IFRS17 standardisation model, is a testament to our unwavering commitment to international accounting standards. This milestone reinforces our dedication to transparency, trust, and operational excellence,” he stated.
He added that, “The adoption of the IFRS 17 Standardisation Model not only enhances the quality of our financial reporting but also signifies our proactive stance towards aligning with global best practices.
“By embracing international accounting standards, we aim to set a high benchmark for transparency and integrity in the insurance industry.”
“Our commitment to industry standards of reporting goes beyond compliance – it reflects our vision to drive sustainable growth and build long-term trust with our stakeholders.
The adoption of the IFRS 17 framework underscores our dedication to operational efficiency, accuracy, and the highest levels of financial governance,” Mr Orimolade noted.
