“Overall, we are very good at defining new regulatory requirements, but not as good at abolishing old regulations,” said Chief Financial Officer Christoph Jurecka in an interview with the Börsen-Zeitung. The complexity of the regulations is thus increasing more and more. Elsewhere you are slimmer on the road.
In Canada, for example, the new accounting standard IFRS 17, which will be mandatory for insurance groups from this year, will be prescribed by the regulator “simultaneously for tax issues and local accounting”. According to Jurecka, he would be happy if IFRS could also be used in Germany for local financial statements and for taxes.
However, the Executive Board believes that the IFRS 17 standard for accounting for insurance contracts and the IFRS 9 regulation, which have been in force since the beginning of 2023, are a success: “Overall, we think the set of regulations is very successful,” says Jurecka. It is more market value-oriented and creates more up-to-date transparency about the value creation of the business. “Munich Re’s earning power is becoming even more visible,” said the newspaper’s CFO.
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