| Abstract [eng] |
This thesis considers the evolving regulatory landscape for the insurance sector, focusing on the almost simultaneous introduction of two key regulatory frameworks: Solvency II and IFRS 17. Solvency II, implemented in the European Union on 1 January 2016, introduced a harmonized and risk-based prudential regime, with the primary objective of strengthening policyholder protection and financial stability. In parallel, IFRS 17, effective from 1 January 2023, is intended to be the first global accounting standard for insurance contracts, aiming to increase transparency and comparability of financial information. The deep changes that these two frameworks have introduced in insurance companies are explored, requiring significant changes in terms of governance, risk management, information systems and reporting processes. The diverging primary purposes of the two regimes are highlighted: Solvency II focuses on prudential robustness and solvency, while IFRS 17 is oriented towards reporting of the economic performance of insurance contracts. The combined use of these two frameworks influence the decision-making in companies. Going through the evolution of Solvency II with Minimum Capital Requirement and Solvency Capital Requirement, until the evaluation of technical provisions, with a focus on key concepts such as Risk Margin. Then, going through the measurement models of IFRS 17: General Measurement Model. Premium Allocation Approach and Variable Fee Approach. Finally, the thesis includes a case study on Crédit Agricole Assurance, analyzing the Solvency and Financial Condition Report 2024 to illustrate the concrete application of the Solvency II principles and the implementations of the new accounting principle IFRS 17. |
