Leading Canadian life insurance companies jointly release an update on the new IFRS 17 accounting standard

Three Canadian life insurance companies, Great-West Lifeco Inc., Manulife Financial Corporation and Sun Life Financial Inc., (together referred to as the "Companies"), jointly announced today that they have released a document entitled "Overview of earnings presentation and reporting under the new IFRS 17 accounting standard" regarding IFRS 17, Insurance Contracts, which takes effect on January 1, 2023.

The adoption of this global accounting standard is expected to enhance the reporting of insurance business under IFRS as issued by the IASB. The Companies note that the adoption of IFRS 17 will not change the underlying fundamentals of their businesses, their financial strength, or ability to pay claims.

The document provides the Companies' collective view on certain presentation and reporting concepts expected under IFRS 17, including a simplified view of the income statement, an illustration of the drivers of earnings analysis, and definitions of select key performance indicators.