Preparing for LDTI
Since the issuance of ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI), there has been a significant increase in activity from insurers impacted by the standard. Insurance companies are gearing up their change programs and thinking with purpose about how they should implement the new standard.
At this point, it is important to pause and consider how to respond to the challenge of the new reporting standard. Based on KPMG professionals’ experience working with insurers in the U.S. and around the world on a wide range of complex transitions, such as IFRS 17, Solvency II implementation, postmerger integration, and a variety of finance and actuarial transformation initiatives, we offer our thoughts on possible next steps for the future when planning for LDTI implementation.