We are pleased to present the first edition of PwC’s analysis of major insurers’ results. This publication comments on the financial results of South Africa’s major insurers for the 31 December 2011 reporting period.
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Many insurers are struggling to integrate their SAM programmes, which are often structured to focus on meeting the individual requirements of the SAM pillars.
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The FSB has issued certain regulatory changes during December 2011 which impacts the business of long-term and short-term insurers.
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With two months to go before the IASB is expected to release the exposure draft for IFRS 4: Phase II, the accounting standard on the measurement of insurance contracts, we conducted interviews with South African insurance analysts, to obtain their views on the current and suggestions for future reporting by South African insurers. The survey follows a similar study carried out by our global firm during the fourth quarter of 2009.
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The financial crisis will continue to reshape the competitive and regulatory environment within the global insurance industry over the next three to five years.
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