Nigeria: Stanbic IBTC Insurance Receives NAICOM's Approval for 2023 Fs

3 June 2024
This Day (Lagos)
By Nume Ekeghe

In a significant stride towards international financial reporting standards, Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings, has 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.

"As the first insurance provider to receive such vetting by the industry regulator, this achievement comes on the heels of the insurance company's adoption of the International Financial Reporting Standard (IFRS) 17 standardisation 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, "the company said in a statement.

Commenting on the feat, Chief Executive of Stanbic IBTC Insurance, Akinjide Orimolade, 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.

He noted that the adoption of the IFRS 17 standardisation model of financial reporting by Stanbic IBTC Insurance underscores the company's dedication to upholding international financial reporting standards.

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