In a significant stride towards international financial reporting standards, Stanbic IBTC Insurance has successfully obtained approval from the National Insurance Commission (NAICOM) 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 (IFRS) 17 standardisation process, showcasing its commitment to transparency and adherence to global accounting practices.
Commenting on the feat, Chief Executive of Stanbic IBTC Insurance, AkinjideOrimolade, noted that the vetting by NAICOM is a testament of Stanbic IBTC Insurance’s commitment to international financial reporting standards, while giving stakeholders a clear understanding of its financial position and performance.
“Being the first insurer to have our financial report vetted by NAICOM, following the adoption of the IFRS17 standardisation model, is a testament to our unwavering commitment to international accounting standards. This milestone reinforces our dedication to transparency, trust, and operational excellence,” he said.
The insurer noted that the adoption of the IFRS 17 standardisation model of financial reporting by Stanbic IBTC Insurance underscores the company’s dedication to upholding international financial reporting standards.
It noted that by aligning its financial reporting with this internationally recognised framework, the insurer is not only demonstrating its commitment to transparency but also aiming to instill confidence in its stakeholders.
“The adoption of the IFRS17 Standardisation Model not only enhances the quality of our financial reporting, but also signifies our proactive stance towards aligning with global best practices. By embracing international accounting standards, we aim to set a high benchmark for transparency and integrity in the insurance industry,” Orimolade said.
The International Financial Reporting Standard (IFRS17), which was issued by the International Accounting Standards Board in May 2017, implemented in Nigeria in January 2023 and adopted by the National Insurance Commission, mandates all insurance firms to upgrade their financial reporting model by migrating from the IFRS4 model to the IFRS17 model.
