1、From financial reporting to strategyNovember 2025How digital transformation driven by IFRS and RBC can reshape the Indian insurance sector2PwCFrom financial reporting to strategy2PwCFrom financial reporting to strategy3PwCFrom financial reporting to strategy1.Message062.Introduction073.IFRS 17:Align

2、ing Indian financial statements with global standards084.Risk-based capital:Quantifying resilience185.Interactions between IFRS and RBC236.Leveraging technology for financial transformation247.Illustrative use case298.Way forward30Table of contents3PwCFrom financial reporting to strategy4PwCFrom fin

3、ancial reporting to strategyThe Indian insurance industry stands at a pivotal juncture.The twin transitionsthe adoption of IFRS 17 accounting standards and the proposed shift to a risk-based capital(RBC)frameworkare poised to usher in a new era of financial transparency,robust risk management,and op

4、erational excellence.These reforms mark a decisive move toward globally harmonised financial reporting and prudential regulation.Recognising the scale and complexity of this transformation,the Insurance Regulatory and Development Authority of India(IRDAI)has proactively constituted an expert committ

5、ee to guide the industry through the IFRS 17 implementation journey.The initial gap assessments by all insurers are now complete and proforma submissions to evaluate the impact of the transition are underway in a phased manner.Cycle 1 submissions are expected by December 2025,followed by Cycle 2 in

6、June 2026.The final implementation timeline will be announced post-assessment and industry consultation.On the RBC front,Quantitative Impact Study(QIS)1 has been conducted,and QIS 2 concluded on 15 October 2025.IRDAI is actively evaluating the findings and is expected to announce the next steps shor