On Apr. 29, 2025, RSA CB issued communication on extension by 14 days for submission of first quarter of 2025 quarterly quantitative reporting template.
Issued in terms of section 279(1), Financial Sector Regulation Act 9 of 2017.
Extension granted to solo and micro-insurers, as defined by Insurance Act, 2017 (Act No. 18 of 2017) and supervised by the Prudential Authority (PA).
Solo and micro-insurers granted extension to submit quarterly QRT by May 14, 2025.
RSA CB communication to clarify the completion of the Quantitative Reporting Templates (QRTs) following the implementation of IFRS 17, which replaced IFRS 4.
The implementation of IFRS 17 on Jan. 1, 2023 represents a significant shift from the approach and underlying assumptions governing the recognition, measurement, presentation and disclosure of insurance contracts in comparison to IFRS 4.
Guidance
Insurers that have adopted IFRS 17 to note following when completing QRTs for 2023.
The first quarterly/bi-annual/annual QRT submission following the implementation of IFRS 17, the “Current quarter/half-year/year” IFRS entries must be based on IFRS 17.
Previous quarter/half-year/year IFRS entries must be based on IFRS 4 i.e., no restatement of comparative information on the IFRS basis is required and subsequent quarterly/bi-annual/annual QRT reporting, all IFRS entries must be based on IFRS 17.
Terms written premiums, earned premiums and unearned premiums as referenced in the QRTs, and any other term where the interpretation of such term may be affected by the implementation of IFRS 17, should be interpreted independently of IFRS 17.
I.e., in same manner in which they would have been interpreted prior to IFRS 17.
Regarding statement of assets, liabilities and basic own funds (IFRS basis).
Insurers are not required to disclose/present DAC separately but should apply IFRS 17 principles on the DAC treatment i.e., the DAC should be included in insurance contract fulfilment cash flows and therefore reflected in the overall insurance contract liability.
Disclosure/presentation of the gross technical provision (Liability for incurred Claims and/or Liability for Remaining Coverage) amount is required for the IFRS basis.
The breakdown thereof into the various components is not required.
Where LRC is an asset, balance of asset should be reported in Other Assets line with a note in the comment section to disclose what portion of other assets relates to LRC.
Assumptions made by insurers to enable IFRS 17 reporting in QRTs must be supported by detailed explanations of the basis of such assumptions in the comment sections.
Apr. 22, 2025 Template Replaced
On Apr. 22, 2025, RSA CB issued communication on replacement of quantitative reporting template (QRT) sheet OF2 statement of assets, liabilities, basic own funds.
Implementation of IFRS 17 on Jan. 1, 2023 marked significant shift from approach, underlying assumptions on recognition, measurement, presentation and disclosure of insurance contracts, compared to IFRS 4.
Prudential Authority acknowledged current version of the QRTs not aligned to IFRS 17 requirements, as this version was designed in accordance with IFRS 4 requirements.
Amendment to QRT sheet OF2 intended to address the misalignment and guide licensed insurers in completing the IFRS basis reporting in the QRTs.
Insurers must continue to apply guidance provided in Com 7/2023 for completion of SAM basis columns, where the required data is aligned to IFRS 4 terminology.
Apr. 29, 2025 Q1 2025 Reporting
On Apr. 29, 2025, RSA CB issued communication on extension by 14 days for submission of first quarter of 2025 quarterly quantitative reporting template.
Issued in terms of section 279(1), Financial Sector Regulation Act 9 of 2017.
Extension granted to solo and micro-insurers, as defined by Insurance Act, 2017 (Act No. 18 of 2017) and supervised by the Prudential Authority (PA).
Solo and micro-insurers granted extension to submit quarterly QRT by May 14, 2025.
Regulators
RSA CB
Entity Types
Auditor; Ins
Reference
PR, Com 7/2025, 4/29/2025; PR, Com 6/2025 4/22/2025; PR, Com 7/2023, 6/30/2023; IFRS 4; IFRS 17;
