Sagicor published its first quarter results on Monday applying for the first time the new International Financial Reporting Standard (IFRS) 17 which replaces the old IFRS 4 standard.

The change primarily affects the treatment of long-term insurance contracts of over one year, which are now a separate segment from short-term insurance contracts, replacing the previous individual and employee benefit lines based on groups verses individuals. Consequently, the new long-term insurance category includes annuities, traditional life and universal life, while the short-term segment contains group life, health and property and casualty insurance which operate on an annual renewal cycle. The group’s asset management, commercial and investment banking, and cambio and remittance businesses are unaffected by IFR 17.

https://www.jamaicaobserver.com/business/sagicor-first-quarter-results-apply-international-reporting-standard/https://www.jamaicaobserver.com/business/sagicor-first-quarter-results-apply-international-reporting-standard/