Major life insurance analysis - 31 December 2022 results

Trust and leadership through transition

Overview

Reflections on major life insurers’ results for 31 December 2022

The industry published decent results in 2022 and were mostly aligned to expectations, especially considering the macro economic operating environment for South Africa as a whole. IFRS earnings for 2022 amounted to R26bn aligned to pre-COVID-19 results. The major themes previously reported in the major life insurers’ analysis, most noticeably under pressure on VNB and EV earnings, remain.

Our report provides high level commentary on the 2022 results and a longer discussion on reporting under IFRS 17, including what we have observed globally. Significant effort is focused on the immediate priority of IFRS 17 compliance, and the interest of all stakeholders has naturally increased to understand the implications of the new standard on the insurers.

Insurance groups analysed in this publication include:

Discovery Limited
Liberty Holdings Limited
Momentum Metropolitan Holdings Limited
Old Mutual Limited
Sanlam Limited

Click here to download Major life insurance analysis - December 2022

The industry published decent results in 2022 and were mostly aligned to expectations, especially considering the macro economic operating environment for South Africa as a whole.