11 insurers begin Ind AS transition from FY27; IRDAI tracks rest for FY28
Eleven insurance companies in India have begun transitioning to the new Indian Accounting Standards (Ind AS) for the current financial year. The IRDAI is monitoring the progress of these firms and others scheduled for adoption by FY28 to ensure consistent financial reporting and governance.
Why it matters
This shift aims to improve transparency and financial accountability within the Indian insurance sector, aligning it with global reporting standards.
As many as 11 insurance companies have begun the transition to Indian Accounting Standards (Ind AS) from the current financial year (FY27), the Insurance Regulatory and Development Authority of India (IRDAI) said on Wednesday.
Among these, SBI General Insurance, Niva Bupa Health Insurance and Star Health and Allied Insurance have submitted their financial numbers for the first quarter of FY27 under Ind AS, marking a key milestone in the sector’s shift to the new accounting framework.
The other insurers that have started the transition include life insurers Acko and Tata AIA, general insurers Acko, Kiwi and ECGC; health insurers Aditya Birla and Galaxy; and foreign insurance branch XL Insurance Company SE-India Reinsurance Branch (Axa XL).
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