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Financial Reporting

UK insurers report to the markets on the basis of either:

  • International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) and as adopted for use in the Europe Union under the International Accounting Standards Regulation. They are mandatory for listed groups in Europe and optional for others in the UK.
  • UK Financial Reporting Standards (UK FRSs), issued by the Financial Reporting Council (FRC).

Good financial reporting standards enable insurers to communicate their financial performance clearly to the markets and so should reduce their cost of capital.

You can find out more information about the IFRS from the IFRS Foundation, and on financial reporting requirements in the UK from the Financial Reporting Council.