The Insurance subsidiaries of Hellenic Bank Group, HB Insurance Holding Ltd, Hellenic Life Insurance Company Ltd and Pancyprian Insurance Limited, are implementing the solution SAP S/4HANA® for financial products subledger, insurance option, to initiate a major Finance Transformation process and also address and comply with the requirements and challenges of the new International Financial Reporting Standard for Insurance Contracts, IFRS 17. IFRS 17 is an International Financial Reporting Standard that was issued by the International Accounting Standards Board in May 2017. It will replace IFRS 4 on accounting for insurance contracts and has an effective date of 1 January 2023.
The project was initiated in June 2021 and will be delivered in 2022. Both Hellenic Life and Pancyprian Insurance will run in Parallel for one year with IFRS 4 and IFRS 17 until the end of 2022. The project will be implemented by SAP channel partners improvIT Global Ltd and AMS-Advanced Management Solutions Ltd.
The implementation of SAP Solution for IFRS17 will affect all aspects of the Companies, to ensure data governance, lineage and transparency across the information chain. This new consistent and high-quality accounting standard will reduce the long-term costs of compliance and make it easier to compare business units and aggregate results and financial statements. The SAP Solution for IFRS17 aims to strengthen Balance sheets and offer more protection to policyholders as a result.
The implementation includes the solutions of S/4HANA Financial Products Subledger, Profitability and Performance Management and SAP Analytics Cloud. Services include insurance and actuarial data management, IFRS related calculations, integration with General Ledger (S/4HANA financials) as well as preparation of all IFRS17 disclosures and financial intelligence reporting.