Insurance & Actuarial Advisory · Saudi Arabia
Insurance reporting under IFRS 17 and the Insurance Authority.
SRR supports insurers and reinsurers in Saudi Arabia with IFRS 17 and IFRS 9 measurement, technical reserve data, and reporting under the Insurance Authority regime and the cooperative model, with actuarial valuations delivered by a qualified actuary through the FinSoul Network.
The short answer
What does insurance and actuarial advisory in Saudi Arabia involve?
It covers IFRS 17 and IFRS 9 measurement support for insurers and reinsurers, the structuring of technical reserve and liability data and assumptions for actuarial valuation, IAS 19 end-of-service valuations, and financial close and disclosure support under the cooperative insurance model. Since 2024 the sector is regulated by the Insurance Authority, which took over from SAMA, and Saudi insurers adopted IFRS 17 and IFRS 9 from 1 January 2023.
SRR structures the data and supports the measurement and reporting; formal actuarial valuations are performed by a qualified actuary through the FinSoul Network. The appointed actuary is a defined regulatory role and is distinct from this support work. SRR is not a licensed audit firm.
Source: Saudi Insurance Authority and IASB IFRS 17. Checked 8 September 2026.
- Regulator
- Insurance Authority
- Since 2024 the Insurance Authority (IA) is the sole regulator of the Saudi insurance sector, taking over insurance supervision from SAMA and the Council of Health Insurance.
- Accounting basis
- IFRS 17 & IFRS 9
- The Saudi insurance sector adopted IFRS 17 and IFRS 9 from 1 January 2023, in line with the IASB effective date, one of the earliest adoptions globally.
- Market model
- Cooperative insurance
- Saudi insurance operates on a cooperative model, with surplus-sharing features that shape reserving, measurement, and reporting.
What We Handle
IFRS 17 and actuarial reporting that runs every period.
One senior team supports the measurement, structures the actuarial data, and prepares the reporting, so the close produces IFRS 17 results and disclosures that reconcile.
- IFRS 17 measurement support: model design, data preparation, and disclosure drafting
- IFRS 9 classification and expected credit loss support for insurers
- Technical reserve and liability data structuring for actuarial valuation
- IAS 19 end-of-service and employee benefit valuations
- Gap reviews against Insurance Authority reporting and solvency expectations
- Financial close support for the cooperative insurance model, including surplus treatment
- Regulatory reporting preparation and coordination with the appointed actuary
- Board and audit committee reporting on the transition and its financial impact
Who It Is For
Where insurers usually come to us.
You are implementing or embedding IFRS 17
An insurer or reinsurer that adopted IFRS 17 and IFRS 9 and now needs the measurement, data, and disclosures to run reliably each period rather than as a one-off project.
You are adjusting to the Insurance Authority
Supervision has moved from SAMA to the Insurance Authority, and the reporting, solvency, and governance expectations need to be mapped and met under the new regulator.
You need actuarial input structured
End-of-service liabilities, technical reserves, or benefit obligations need to be valued and reported, and the data and assumptions have to be prepared for a qualified actuary to work from.
Your close does not hold the numbers
The financial close cannot yet produce IFRS 17 results and disclosures cleanly, and the cooperative surplus treatment is not reflected properly in the reporting.
How It Works
From gap review to reporting that reconciles.
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Scope and gap review
We establish where you are against IFRS 17, IFRS 9, and the Insurance Authority reporting and solvency expectations, and identify the gaps in models, data, and disclosures.
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Structure the data and assumptions
We prepare the technical reserve and liability data and the assumptions in the form a qualified actuary needs, so the valuation rests on clean, documented inputs.
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Support measurement and reporting
We support the IFRS 17 measurement and IFRS 9 classification, draft the disclosures, and reflect the cooperative surplus treatment so the close produces results that reconcile.
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Coordinate and evidence
We coordinate with the appointed actuary and the auditor, and give the board and audit committee a clear view of the transition and its financial impact.
What Goes Wrong
Where insurance reporting comes undone.
The failures cluster around a few avoidable gaps, and each one shows up in the disclosures before it shows up anywhere else.
Treating IFRS 17 as a one-off project
Adoption was the start. Without the models, data, and close process embedded to run every period, each reporting cycle becomes a scramble and the disclosures drift out of line with the numbers.
Confusing the advisory role with the appointed actuary
The appointed actuary of record is a defined regulatory role. Structuring the data, assumptions, and reporting to support the valuation is a different task, and the two should not be blurred.
Ignoring the cooperative model in the numbers
Saudi insurance is cooperative. Surplus-sharing features affect measurement and reporting, and a template built for a conventional insurer will not reflect them correctly.
Leaving IFRS 9 out of the picture
IFRS 17 came in alongside IFRS 9 for insurers. Classifying financial assets and modelling expected credit losses is part of the same reporting change, not a separate afterthought.
Common Questions
Insurance and actuarial advisory, answered.
Who regulates insurance in Saudi Arabia now?
Since 2024 the Insurance Authority (IA) is the sole regulator of the Saudi insurance sector. It took over insurance supervision from the Saudi Central Bank (SAMA) and health insurance responsibilities from the Council of Health Insurance, consolidating the sector under one regulator. Reporting, solvency, and governance expectations now sit with the IA.
When did Saudi insurers adopt IFRS 17 and IFRS 9?
The Saudi insurance sector adopted IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments from 1 January 2023, in line with the effective date set by the International Accounting Standards Board. Saudi Arabia was one of the earliest markets to adopt the two standards together.
Does SRR act as our appointed actuary?
No. The appointed actuary is a defined regulatory role. SRR structures the technical reserve and liability data and the assumptions, supports the IFRS 17 measurement and disclosures, and coordinates with the qualified actuary. Where a formal actuarial valuation or opinion is required, that work is performed by a qualified actuary, with specialist actuarial capacity available through the FinSoul Network.
How does the cooperative model affect the reporting?
Saudi insurance operates on a cooperative basis, with surplus-sharing features between the insurer and policyholders. That affects how reserves, results, and surplus are measured and presented, so the IFRS 17 model and the financial close have to reflect the cooperative structure rather than a conventional insurer template.
Can you help with end-of-service and employee benefit valuations?
Yes. IAS 19 end-of-service benefit obligations need actuarial valuation, and we structure the data and assumptions and coordinate the valuation. This applies to insurers and to businesses in other sectors that carry material end-of-service liabilities in the Kingdom.
Who delivers the work, and what is SRR’s role?
SRR Consultants is a management and business advisory consultancy. It supports IFRS 17 and IFRS 9 measurement, structures actuarial data and assumptions, and prepares reporting. Formal actuarial valuations are performed by a qualified actuary through the FinSoul Network, and SRR is not a licensed audit firm, so any external audit or statutory opinion sits with a separately registered firm.
Part of our advisory and assurance practice in Saudi Arabia. For the Bahrain equivalent under the CBB Volume 3 regime, see insurance and reinsurance advisory in Bahrain and actuarial services in Bahrain.
Make IFRS 17 reporting run, not just exist.
A short call with a senior practitioner is the quickest way to scope IFRS 17 and IFRS 9 support, actuarial data structuring, or reporting under the Insurance Authority regime.