IFRS 17(보험계약) 수익성 정보의 이해와 해석 : 수익 인식 체계의 비일관성을 중심으로

Korean insurance industry is facing unprecidented accounting environment changes due to the adoption of IFRS 17 scheduled to be effective in 2023. Under the new accounting standards, insurance liabilities are measured through the fair value approach, and revenues are recognized on the accrual basis. In particular, IFRS 17 is expected to significantly enhance the usefulness of financial performance information by providing detailed information on diverse profit sources such as amortization of contractual service margin, amortization of risk adjustment, and reversal of best estimate liabilities. However, aggregated profitability at the insurer level still may remain unpredictable because IFRS 17 applies inconsistent revenue recognition standards to different profit sources; that is, contractual service margin is being amortized on a basis of policyholder’s expected benefits, while best estimate liabilities are being reversed on a basis of insurer’s expected costs. The results of simulation analyses on representative insurance products in Korea support such inference. The absolute magnitude of profits displays a stable trend which is primarily determined by the amortization of contractual service margin, whereas the relative profitability shows unstable movements along with continued changes in the reversal of best estimate liabilities. To improve prediction value of profitability information, this study suggests some remedial methods such as standardized footnote disclosure on pro-forma information systematically presenting both amortization of contractual service margin and fulfillment cash flows for a remaining contractual period in addition to consistent application of revenue recognition standards. This study would be useful for various purposes such as learning, investment, standard-setting, and academic research regarding IFRS 17.