Manulife announces updated reporting template
Manulife announces updated reporting template | Insurance Business Canada
Insurance News
Manulife announces updated reporting template
Full summary of changes issued
Insurance News
By
Miko Pagaduan
Manulife, one of the world’s leading financial services providers, has announced the release of an updated template for its statistical information package (SIP). The updated template will be used in connection with the reporting of Manulife’s first quarter of 2023 financial results on May 10, 2023.
The SIP has been updated primarily to reflect the adoption of International Financial Reporting Standard (IFRS) 17 “Insurance Contracts” and IFRS 9 “Financial Instruments” effective January 1, 2023. These updates are designed to align Manulife’s financial reporting with international accounting standards.
Summary of changes to the SIP
In addition to the updated template, Manulife has also released a summary of changes to the SIP. The summary provides an overview of the changes that have been made to the SIP and is intended to assist users in understanding the updated presentation.
According to the summary, the key changes to the SIP include the addition of new disclosures related to insurance contracts and financial instruments, as well as changes to the format of certain tables and charts. The summary also notes that the updates are designed to improve the transparency and comparability of Manulife’s financial reporting.
Availability of the updated SIP template
The updated SIP template and accompanying summary of changes is available in the IFRS 17 section of Manulife’s investor relations website: manulife.com/en/investors/results-and-reports.
The website provides investors and analysts with access to a range of financial information and reports, including quarterly and annual financial statements, investor presentations, and regulatory filings.
Importance of SIP
Manulife’s updated SIP template reflects the company’s commitment to transparency and best practices in financial reporting.
Manulife’s SIP is an essential tool for providing a comprehensive overview of the company’s financial performance. The updated SIP template, reflecting the adoption of the latest accounting standards, enhances transparency and comparability of Manulife’s financial reporting.
It is used for reporting financial results, including revenue, earnings, and other financial metrics, along with detailed disclosures of insurance contracts and financial instruments. The availability of the updated SIP template and summary of changes on Manulife’s investor relations website demonstrates the company’s commitment to transparency and best practices in financial reporting, enabling investors and analysts to access critical financial information easily and efficiently.
The SIP enables Manulife to identify areas of strength and weakness in its financial performance and to develop strategies to enhance its profitability and long-term growth prospects. By providing a detailed and accurate picture of its financial performance, Manulife can make informed decisions that benefit both the company and its stakeholders.
By adopting the latest accounting standards, Manulife is providing its stakeholders with a clearer picture of its financial performance.
The availability of the updated SIP template and summary of changes on Manulife’s investor relations website will enable investors and analysts to access key financial information more easily and efficiently.
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