Malayan Insurance has become one of the first insu in the country to achieve full IFRS 17 readiness, completing implementation of the global accounting standard two years ahead of the extended 2027 national deadline. The initiative, powered by SAS’s IFRS 17 solution, positions Malayan as a regional frontrunner in regulatory modernization and underscores the policy impact of early compliance with international financial reporting standards.
Originally set for enforcement in 2025 before local regulators extended the deadline, IFRS 17 fundamentally changes how insurers measure liabilities and revenue, emphasizing greater transparency and comparability across markets. Malayan’s early adoption signals a broader shift toward higher governance standards in the non-life insurance sector, demonstrating how insurers can use compliance projects to drive strategic transformation.
Frederick Pineda, CFO at Malayan, emphasized the collaborative effort needed to overhaul legacy systems and integrate historical data. “We chose to stay the course despite the extension. This wasn’t just about meeting a deadline — it was about aligning with best practices and setting the tone for future growth,” he said.
SAS Philippines’ Febrianto Siboro highlighted the broader implications: “Malayan Insurance is proof that regulatory readiness can be a catalyst for innovation and trust in the insurance ecosystem.”
Through this early transition, Malayan has achieved faster, more reliable financial reporting — with automated IFRS 17 outputs generated in under 30 minutes, offering stakeholders enhanced insights into profitability, risk, and obligations. The project also strengthens Malayan’s regulatory credibility and operational resilience as the industry prepares for full IFRS 17 compliance.
Malayan’s prompt action reinforces the strategic value of timely regulatory adoption, encouraging peers to treat compliance not as a burden, but as an opportunity for modernization and investor confidence-building in the local insurance market.
