Malayan Insurance has achieved full readiness for the International Financial Reporting Standard 17 (IFRS 17), two years ahead of the Philippines’ revised implementation deadline. The non-life insurer accomplished this milestone through its deployment of the SAS IFRS 17 solution, positioning itself as an early adopter of the global reporting standard in the local industry.
IFRS 17, a new international accounting standard for insurance contracts, aims to improve transparency, comparability, and consistency in insurers’ financial reporting. Originally set to take effect in the Philippines on Jan. 1, 2025, the local deadline has since been moved to 2027. Despite this, Malayan Insurance opted to proceed with its timeline.
“Even though the deadline was extended locally, we chose to stay the course,” said Frederick Pineda, senior vice president and chief financial officer of Malayan Insurance. “This wasn’t just about compliance — it was about doing things right, setting the tone for the future, and aligning ourselves with international best practices.”
The project required Malayan to overhaul its legacy systems, restructure data models, and coordinate efforts across finance, actuarial, underwriting, and IT teams. IFRS 17 fundamentally changes how insurers measure liabilities and recognize revenue, making such preparation essential. The SAS platform enabled the company to generate automated cash flow calculations, model contractual service margins, and produce audit-ready reports.
“One of the most complex parts of the project was retrieving and preparing historic data going back to 2018,” said Pineda. He explained that the actuarial team handled assumptions and cash flow modeling, the IT team extracted data, and finance reviewed the results. “Doing this manually would have been near impossible,” he added.
Febrianto Siboro, managing director for Malaysia, Indonesia, and Philippines at SAS, described the collaboration as forward-looking. “Malayan Insurance’s success highlights the pivotal role of advanced analytics in navigating complex regulatory changes such as IFRS 17,” he said. “We are proud to collaborate with a forward-thinking insurer that views compliance not merely as a requirement, but as a strategic driver for innovation.”
After evaluating several options, Malayan selected the SAS solution for its flexibility, auditability, and strong support. Partnering with Financial Risk Group (FRG), the insurer carried out calibration, testing, and rollout with guidance from SAS and FRG.
“This started out as an accounting project, but we’re pleased with the added value we’re getting,” said Pineda. “The insights we now have will help us make more informed decisions.”
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