Aegon International IFRS17 Case Study

How Legerity helped the global insurer deliver IFRS17 across 6 countries

Aegon International subsidiaries in Europe were looking to realise a common solution for the implementation of the new IFRS17 accounting standard. This was part of a joint operation across its businesses in Spain, Portugal, Hungary, Poland, Romania and Turkey.

This case study looks at:

  • The scope of the project
  • Aegon International's criteria for selecting a solution
  • How long the project has taken
  • What technical deployment was needed
  • Overcoming the challenges of IFRS17
  • The additional benefits Aegon International gained from the project
  • How Legerity supported Aegon International during the project

It was a project that would have a significant impact on the Actuarial, Finance and IT departments. So, the objective was to realise operational efficiencies by working together to create cross-border consistency.

The complexity of the new standard, especially the new granularity in reporting requirements, meant Aegon International needed new tools to support specific IFRS17 calculations, while introducing an accounting rules engine and a detailed subledger.

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Legerity Aegon IFRS17 Case Study Mockup

     

    This project makes Aegon International one of a pioneer group to reach dry runs across all 3 models and in multiple countries.

    What was the scope of the project?

    Delivering a cross-border implementation of the IFRS17 standard brought with it a great deal of complexity.

    The project covered six Aegon International businesses, requiring the collaboration of roughly 75 professionals across three areas of expertise – Actuarial, Accounting and IT. It featured three core workstreams, combining actuarial and financial data for close to 200 commercial products – all with different characteristics and conditions.

    There was also the need to integrate IFRS17 into the local and group reporting requirements. This meant creating a new, significantly more granular, reporting framework; utilising the detailed data from Legerity FastPost to feed both accounting and management reporting.

    6

    Aegon International businesses covered.

    75

    professionals collaborating across three areas of expertise – Actuarial, Accounting and IT.

    200

    commercial products – all with different characteristics and conditions.

    What challenges were overcome during the project?

    As an early implementer of IFRS17, there were no ready-made solutions available for Aegon International to deploy. The group needed the flexibility to meet its requirements, which is exactly what Legerity FastPost delivered.

    It was imperative to build a strong strategic relationship that fostered collaboration with a team of Aegon’s accountants, actuaries and IT experts. To facilitate this, Legerity brought people on-site to discuss solutions and make decisions in a workshop setting that involved all the relevant business teams.

    The COVID-19 pandemic also threatened to become a barrier to progress. However, with an agile approach based on the cloud, Aegon and Legerity were able to adapt to this and keep the project moving efficiently.

    Legerity was able to demonstrate its ability to deliver complex, multi-region projects and meet the needs of the Insurance industry’s largest firms.

    How was Legerity’s support during the project?

    Legerity provided Aegon International with confidence in its delivery of the project, with aligned goals and both firms working together to achieve a successful outcome. The Aegon team appreciated clear communication from Legerity’s experts and senior management on areas such as capabilities, priorities and technical architecture.

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