IFRS 17 시행과 보험사 재무정보 유용성 변화: 가치관련성을 중심으로

IFRS 17, which became effective in 2023, introduces a fundamental overhaul in the accounting for insurance contracts, including fair value measurement of liabilities and accrual-based revenue recognition. While the new standard is theoretically expected to enh ance the usefulness of insurers’ financial information, concerns have emerged regarding increased discretion and complexity. These concerns raise the possibility that financial reporting quality under IFRS 17 may not have improved, or could even have deteriorated, particularly in the Korean insurance market. This study investigates whether the value relevance of Korean listed insurers’ financial information has changed following the adoption of IFRS 17. Using stock prices as a benchmark, we compare the association between financial metrics —earnings per share (EPS) and book value per share (BVPS)—under IFRS 4 (2020–2022) and IFRS 17 (2023). Results show no significant improvement in the explanatory power of these metrics after the transition. Furthermore, insurance service profit, a key performance indicator under IFRS 17, lacks significant correlation with stock prices, while contractual service margin shows a negative relationship. These findings suggest that despite its conceptual advances, IFRS 17’s usefulness may be undermined by its complexity and the subjectivity inherent in actuarial assumptions. This study contributes rare empirical evidence on post-IFRS 17 financial reporting in Korea and offers implications for investors, regulators, and researchers.