KLP Selects Moody's Analytics Solution for IFRS 17 Implementation
NEWS | For Immediate Release
LONDON, February 25, 2020 – Moody’s Analytics, a global provider of financial intelligence, today announced that its software has been selected by Kommunal Landspensjonskasse Mutual Insurance Company (KLP), one of Norway’s largest life insurance companies. KLP will use the Moody’s Analytics RiskIntegrity™ for IFRS 17 solution to address the new IFRS 17 accounting framework for insurance contracts.
Designed to support the needs of actuaries, finance, and IT professionals, the RiskIntegrity solution for IFRS 17 comes with all the capabilities required for an efficient implementation of the accounting standard. Available as a software-as-a-service solution, it integrates seamlessly with an insurer’s existing infrastructure, connecting data, models, systems, and processes between actuarial and finance functions.
“The RiskIntegrity solution for IFRS 17, combined with Moody’s Analytics expertise in this area, will enable KLP to confidently meet the new financial reporting requirements under IFRS 17,” said Bjørn Rønningsbakken, Senior Vice President of Accounting at KLP. “We look forward to working with Moody’s Analytics as we make the transition from current insurance accounting frameworks to IFRS 17.”
“Our core capabilities in software, actuarial modeling, and reporting mean that we are well positioned to help firms address new, and evolving reporting standards,” said Christophe Burckbuchler, Managing Director at Moody’s Analytics. “We are delighted that KLP has selected our solution for their implementation of IFRS 17, which is a priority for insurance companies worldwide.”
This month, Moody’s Analytics won IFRS 17 Solution of the Year at the annual InsuranceERM Awards.
Click here to learn more about the Moody’s Analytics RiskIntegrity solution for IFRS 17.
About Moody's Analytics
Moody’s Analytics provides financial intelligence and analytical tools to help business leaders make better, faster decisions. Our deep risk expertise, expansive information resources, and innovative application of technology help our clients confidently navigate an evolving marketplace. We are known for our industry-leading and award-winning solutions, made up of research, data, software, and professional services, assembled to deliver a seamless customer experience. We create confidence in thousands of organizations worldwide, with our commitment to excellence, open mindset approach, and focus on meeting customer needs. For more information about Moody’s Analytics, visit our website or connect with us on Twitter or LinkedIn.
Moody's Analytics, Inc. is a subsidiary of Moody's Corporation (NYSE: MCO). Moody’s Corporation reported revenue of $4.8 billion in 2019, employs approximately 11,100 people worldwide and maintains a presence in 40 countries.
Kommunal Landspensjonskasse Gjensidig Forsikringsselskap (KLP) was established in 1949. KLP is Norway’s largest pension company. The main aspects of KLP’s public sector occupational pension scheme include:
– Membership, pension entitlements in connection with change of employer and leave of absence, applications for pensions.
– KLP is a mutual company owned by customers with the public sector occupational pensions with the Company.
– The KLP Group has total assets of NOK 745 billion and annual gross written premiums of NOK 40 billion. 1 million Norwegians have earned pension rights in KLP.