CASE STUDY
Malayan Insurance, one of the Philippines’ largest non-life insurers, has become one of the first in the country to achieve full IFRS 17 readiness – two years ahead of the revised national deadline – through its implementation of the SAS IFRS 17 solution.
This positions Malayan as a regional leader in regulatory transformation, turning compliance into a strategic edge.
“ Malayan Insurance’ s success highlights the pivotal role of advanced analytics in navigating complex regulatory changes such as IFRS 17. Their proactive leadership and commitment to early adoption have not only set a new standard for the Philippine insurance sector but also exemplify how technology serves as a catalyst for transformation, agility and trust. We are proud to collaborate with a forward-thinking insurer that views compliance not merely as a requirement but as a strategic driver for innovation,” said Febrianto Siboro, Managing Director for Malaysia, Indonesia and Philippines at SAS.
Established in 1930, Malayan Insurance operates an extensive network of over 30 branches and service offices across the country. The company’ s legacy of forward-thinking leadership and commitment to excellence made it a natural early adopter of the IFRS 17 reporting standard, originally set to take effect in the Philippines on January 1, 2025 before being extended to 2027.
Built for future resilience
The need to overhaul legacy systems and restructure data models was real, as IFRS 17, a new international accounting standard for insurance contracts, requires insurers to fundamentally change how they measure liabilities and recognize revenue from insurance
THIS POSITIONS MALAYAN AS A REGIONAL LEADER
IN REGULATORY TRANSFORMATION,
TURNING COMPLIANCE INTO A STRATEGIC EDGE.
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