Aktia changes its segment reporting and publishes comparative figures after the implementation of the IFRS 17 standard
08 Maio 2023 - 12:50PM
Aktia changes its segment reporting and publishes comparative
figures after the implementation of the IFRS 17 standard
Aktia Bank PlcStock Exchange Release8 May 2023 at 6.50 p.m.
EET
Aktia changes its segment reporting and publishes
comparative figures after the implementation of the IFRS
17 standard
- In the future, Aktia will report the
asset management business and the life insurance business as
separate segments.
- Aktia has implemented the IFRS 17
accounting standard as of 1 January 2023, which affects the
comparative figures of the life insurance business and thus of the
Group.
- The comparative figures have been
recalculated in connection to the new segment reporting and the
implementation of IFRS 17.
- The wording of Aktia's outlook has
been clarified due to the recalculated comparative figures
according to IFRS 17.
To further increase reporting transparency, the Aktia Group's
reported segments have been changed. As of 1 January 2023, the life
insurance business has been separated from the former Asset
Management segment. Since then, the reporting segments of Aktia
Group are Banking, Asset Management, Life Insurance and Group
Functions.
Aktia has also adopted the IFRS 17 accounting standard, which
has changed the valuation and presentation of insurance contracts
in the financial statements as of 1 January 2023. It is worth
noting that the recalculated comparative figures for the net income
from life insurance, and thus the comparable operating profit for
2022, are exceptionally high due to the increase in interest rates
and its impact on the discount rate used for calculating the
present value of liabilities for insurance contracts.
In connection with the implementation of IFRS 17, the transition
effect on 1 January 2022 was a decrease of EUR 104 million of
shareholders’ equity (net after tax), which was entered directly in
shareholders’ equity. The implementation of IFRS 17 does not affect
the solvency ratio of Aktia Life Insurance Ltd or the Bank Group's
capital adequacy ratio. However, the capital adequacy ratio of the
finance and insurance conglomerate increased by almost two
percentage points and the return on equity (ROE) by almost two
percentage points.
The wording of Aktia's
outlook has been clarified
Due to the recalculation of the comparative figures, the wording
of Aktia's outlook, which was given in connection with the
publication of financial statement release, is clarified so that
the comparison with last year's comparable operating profit refers
to the result for 2022, which was reported according to the
previous accounting standard and amounted to EUR 65.2 million. The
clarified outlook is:
“Aktia's comparable operating profit for 2023 is expected to be
clearly higher than the EUR 65.2 million reported for 2022 (under
the accounting standard previously applied for the life insurance
business).”
(Earlier: Aktia's comparable operating profit for 2023 is
expected to be clearly higher than for 2022.”)
Transition effects as of 1 January 2022 as well as the
recalculated quarterly results and the full-year result for 2022
according to IFRS 17 and renewed segment reporting are attached to
this stock exchange release. The accounting principles for
insurance contracts are included in Aktia's interim report for the
period 1 January to 31 March 2023, which will be published on 11
May 2023.
Aktia Bank Plc
For more information, please contact:
Outi Henriksson, CFOTel. +358 40 545 5810,
outi.henriksson(at)aktia.fi
Lotta Borgström, Director, Investor Relations and
CommunicationsTel. +358 10 247 6838,
lotta.borgstrom(at)aktia.fi
Distribution:Nasdaq Helsinki OyMass mediawww.aktia.com
Aktia is a Finnish asset manager, bank and life insurer that has
been creating wealth and wellbeing from one generation to the next
for 200 years. We serve our customers in digital channels
everywhere and face-to-face in our offices in the Helsinki, Turku,
Tampere, Vaasa, and Oulu regions. Our award-winning asset
management business sells investment funds internationally. We
employ approximately 900 people around Finland. Aktia's assets
under management (AuM) on 31 December 2022 amounted to EUR 13.5
billion, and the balance sheet total to EUR 12.4 billion. Aktia's
shares are listed on Nasdaq Helsinki Ltd (AKTIA).
aktia.com.
- Restated_comparative_figures_pdf
- Restated_comparative_figures
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