HNBGI becomes first local general insurer to implement IFRS 17

HNB General Insurance marks a significant milestone in its journey towards compliance with the International Financial Reporting Standard (IFRS) 17 by becoming the first local general insurance company to implement WTW’s ResQ  Financial Reporter (FR) and engage WTW as the main advisor for the implementation.
“Being the pioneers among general insurance companies in Sri Lanka to embrace WTW’s ResQFR solution is a testament to our dedication. This strategic investment reaffirms our resolve towards IFRS 17 compliance, ensuring precision and openness in our financial disclosures,” said Sithumina Jayasundara, CEO of HNB General Insurance Limited.
IFRS 17 signifies a pivotal shift in the insurance sector, ushering in new requirements for financial reporting. By integrating ResQFR, HNB General Insurance stands to reap several benefits, including more robust and efficient financial reporting, improved data management and analytical capabilities, augmented transparency and consistency in financial disclosures, and a competitive edge in the marketplace.
“The implementation of WTW’s ResQFR signifies a significant step forward for HNB General Insurance,” remarked Nalin Subasinghe, Chief Actuarial Officer at HNB General Insurance.