National Insurance Commission (NAICOM) has approved the 2023 full year financial report of Stanbic IBTC Insurance which is a subsidiary to Stanbic IBTC holding.
Stanbic IBTC Insurance emerged as the first insurance company in Nigeria to have successfully obtained vetting and approval from the National Insurance Commission (NAICOM) for its 2023 full year financial report.
NAICOM is an insurance regulator. It is said that the achievement comes as a result of adoption of International Financial Reporting Standard (IFRS) 17 standardization process, showcasing its commitment to transparency and adherence to global accounting practices.
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.
The IFRS 4 model allows companies to continue using existing local accounting practices, leading to inconsistencies and challenges in comparing financial statements across different jurisdictions. Thus, the model lacked uniformity in accounting practices as well as hindered comparability and transparency.
Akinjide Orimolade, Chief Executive of Stanbic IBTC Insurance, 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” said Orimolade.
“Our commitment to industry standards of reporting goes beyond compliance – it reflects our vision to drive sustainable growth and build long-term trust with our stakeholders. The adoption of the IFRS 17 framework underscores our dedication to operational efficiency, accuracy, and the highest levels of financial governance” he added.
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