IFRS 17 Related Expenses

[FrankP-OR]

We are currently implementing IFRS-17 and are incurring consulting and software expenses related to the implementation. For IFRS, GAAP and STAT reporting, we are currently identifying these expenses as "other expenses" rather than as underwriting expenses. For statutory reporting, these expenses appear on Page 4 line 14 as consulting and software. Any comments? Thank you.

[Jay]

I suspect the Line 14 reference relates to Line 14 of Part 3-Analysis of Expenses and the consultants used are all external. The title of this line is" outsourced services"; generally, expense allocation to this line is acceptable if less than 10% of Total General Expenses in Column 3, Line 26. Otherwise, expenses should be specifically allocated by line. Perhaps, classification to an aggregate write-in in Part 3, Line 25 Column 3 with proper description is another option (since non-recurring).