SEB publishes restated comparative figures for the year 2022 to reflect the implementation of the new standard IFRS 17 Insurance Contracts, which replaces IFRS 4 Insurance Contracts for annual periods on or after 1 January 2023. As the standard requires comparative information for the annual reporting period immediately preceding the date of initial application, the transition date of IFRS 17 is 1 January 2022.
On adoption, IFRS 17 changed the measurement of insurance contracts and participating investment contracts. The group will restate comparative information for 2022 in the reports for 2023. The effects of adopting IFRS 17 is recognised 1 January 2022 as a reduction of retained earnings of SEK 0.3bn. The changes have reduced net profit by SEK 112m for the full year 2022 and had a marginal effect on capital adequacy. The changes impact division Life and the Group.
There is no significant impact on the balance sheet, although the new standard also introduces new estimates and judgements that affect the measurement of insurance liabilities. Measurement of the liability for incurred claims (previously claims outstanding and incurred-but-not-reported claims) is determined on a discounted probability-weighted expected value basis and includes an explicit risk adjustment for non-financial risk. The new standard is not applied by the parent company.
The restated comparative figures are available here.
Please see note 51 in the Annual Report 2022 for more information about transition effects from the implementation of IFRS 17.
For further information, contact:
Pawel Wyszynski, Head of Investor Relations
+46 70 462 2111
Niklas Magnusson, Head of Media Relations & External Communication
+46 70 763 8243
SEB is a leading northern European financial services group with international reach. We exist to positively shape the future with responsible advice and capital, today and for generations to come. By partnering with our customers, we want to be a leading catalyst in the transition to a more sustainable world. In Sweden and the Baltic countries, SEB offers financial advice and a wide range of financial services. In Denmark, Finland, Norway, Germany and the United Kingdom, we have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in our presence in more than 20 countries worldwide, with around 16,500 employees. At 31 December 2022, the Group's total assets amounted to SEK 3,533bn while assets under management totalled SEK 2,123bn. Read more about SEB at sebgroup.com.