8530 Nonlife Insurance

Münchener Rückversicherungs-Gesellschaft AG Monitor

Münchener Rückversicherungs-Gesellschaft AG Annual Report 2017
CR Monitor Issue: 
2018/0724
Company covered: 
Münchener Rückversicherungs-Gesellschaft AG
Period End: 
31 December, 2017
Report issued on 31 July 2018 covered the following practice issues:
Pronouncements
Enhanced disclosure in respect of the impacts of new accounting standards including IFRS 17 "Insurance contracts", IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers" and IFRS 16 "Leases".
Change
Change in classification of interest receivable not due.
Pronouncements
Presentation of a reconciliation of movements in liabilities arising form financing activities following adoption of an amendment to IAS 7 "Statement of cash flows".
Pronouncements
Discussion of key audit matters included in the audit report.
Change
Change in segmental reporting structure linked to discontinuation of a business.
Change
Recognition of impairment reversal in respect of deferred acquisition costs.

Hiscox Ltd Monitor

Hiscox Ltd Annual Report 2017
CR Monitor Issue: 
2018\0613
Company covered: 
Hiscox Ltd
Period End: 
31 December, 2017
Report issued on 17 July 2018 covered the following practice issues:
Pronouncements
Disclosure enhanced in relation to impact of IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers" and IFRS 17 "Insurance contracts".
Restatement
Restatement of cash flow amount from operating activities to investing activities.
Restatement
Restatement in presentation of investment results to exclude investment management fees.
Change
Extended disclosure of principal risk factors.
Change
Profit and cash flow information disclosed in respect of operations disposed.
Change
Disclosure of change in reporting currency.

RSA Insurance Group plc Monitor

RSA Insurance Group Annual Report 2017
CR Monitor Issue: 
2018/0706
Company covered: 
RSA Insurance Group
Period End: 
31 December, 2017
Report issued on 09 July 2018 covered the following practice issues:
Change
Discussion of key audit matters included in audit report including identification of the recoverability of the parent company's investments in subsidiaries as a key audit matter.
Pronouncements
Presentation of a reconciliation of movements in liabilities arising from financing activities on adoption of amendment to IAS 7 "Statement of cash flows".
Change
Newly issued loan notes included as part of equity.
Restatement
Restatement of analysis of other operating income without explanation.
Change
Additional insurance contracts reconciliation presented showing movements in deferred acquisition costs.

Beazley plc Monitor

Beazley plc Annual Report 2017
CR Monitor Issue: 
2018/0616
Company covered: 
Beazley plc
Period End: 
31 December, 2017
Report issued on 20 June 2018 covered the following practice issues:
Pronouncements
Extended disclosure in respect of the future impacts of new standards: IFRS 17 "Insurance contracts"; IFRS 16 "Leases"; IFRS 9 "Financial instruments"; and IFRS 15 "Revenues from contracts with customers".
New
Recognition of intangible assets following a business combination.
Restatement
Restatement of segmental reporting structure.
Change
High yield bond funds included in analysis of unconsolidated structured entities.
Change
Auditors' report includes separate sections discussing director and auditor responsibilities.
Change
Extended disclosure of principal risks.

Zurich Insurance Group Ltd Monitor

Zurich Insurance Annual Report 2017
CR Monitor Issue: 
2018/0505
Company covered: 
Zurich Insurance
Period End: 
31 December 2017
Report issued on 01 May 2018 covered the following practice issues:
Change
Presentation changes made in the financial statements including reclassifications.
Pronouncements
Disclosure of discussion in respect of new accounting standards IFRS 9, IFRS 16 and IFRS 17.
Change
Changes made to segment reporting.

RSA Insurance Group Monitor

RSA Insurance Group Annual Report 2016
CR Monitor Issue: 
2017/1206
Company covered: 
RSA Insurance Group
Period End: 
31 December, 2016
Report issued on 12 December 2017 covered the following practice issues:
Restatement
Operating activities section of cash flow statement restated following a classification review.
Restatement
Segment reporting restated following introduction of new reporting segment.
Change
Financial instrument disclosures enhanced by introduction of table in respect of netting arrangements.
Change
Disposal of legacy insurance business explained in post balance sheet events note.
Restatement
Restatement of investments considered to be a structured entity following review of the definition.
Change
Capital management disclosures enhanced by inclusion of sensitivity analysis.

Admiral Group plc Monitor

Admiral Group plc Annual Report 2016
CR Monitor Issue: 
2017/1112
Company covered: 
Admiral Group plc
Period End: 
31 December, 2016
Report issued on 28 November 2017 covered the following practice issues:
Change
Post balance sheet change in discount rate taken into account in valuation of insurance liabilities.
Change
Presentation of a sensitivity analysis in respect of discount rate applied when valuing insurance liabilities.
Restatement
Restatement of cash flow statement following reclassification.
Change
Market risk identified as a new principal risk factor.
Change
Presentation of audit report enhanced by inclusion of audit approach summary and diagrams in respect of audit scope and materiality.
New
Additional performance measures discussion introduced.

Beazley plc Monitor

Beazley plc Annual Report 2016
CR Monitor Issue: 
2017/0506
Company covered: 
Beazley plc
Period End: 
31 December, 2016
Report issued on 9 May 2017 covered the following practice issues:
Change
Application of reverse acquisition accounting principles when establishing new holding company.
Change
Presentation of the auditors’ report enhanced by the introducing of an overview and graphical representations.
Change
Format of reconciliation showing relationship between tax expense and accounting profit altered.

MS Amlin plc Monitor

MS Amlin plc Annual Report 2015
CR Monitor Issue: 
2016/0512
Company covered: 
MS Amlin plc
Period End: 
31 December, 2015
Report issued on 31 May 2016 covered the following practice issues:
Change
Reporting segments restated following change in operating structure.
New
Non-operating gain of £11.6 million recognised on closure of defined benefit pension scheme.

Beazley plc Interims Monitor

Interim Financial Report
CR Interim Monitor Issue: 
2016/0313
Period End: 
30 June 2015
Listing Status: 
FTSE Mid 250
ICB Industry Classification: 
8536 Property & Casualty Insurance
Auditor: 
KPMG
Pronouncements
Movements in Level 3 fair value investments reconciled.
Change
Financial investments at fair value sub-divided into fixed and floating rate.
Change
Some investments classified as unconsolidated structured entities.
Change
Additional disclosure on Level 3 investments made.