Holdings, has emerged as the first insurance company in Nigeria to have successfully obtained vetting and approval from the National Insurance Commission for its 2023 full year financial report.
As the first insurance provider to receive such vetting by the industry regulator, this achievement comes on the heels of the insurance company’s adoption of the International Financial Reporting Standard 17 standardisation process, showcasing its commitment to transparency and adherence to global accounting practices.
Spurred by the need for a more robust and comprehensive standard that could better address the complexities of insurance contracts, the IFRS 17 represents a paradigm shift in accounting for insurance contracts. The model provides a consistent and transparent approach to insurance contract accounting.
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