FRS 103 Insurance Contracts
FRS 103 Insurance Contracts
This FRS consolidates existing financial reporting requirements and guidance for insurance contracts. Entities that are applying FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, whether or not they are ‘insurance companies’, shall also apply this FRS to insurance contracts (including reinsurance contracts) that the entity issues and reinsurance contracts that the entity holds, and to other financial instruments that the entity issues with a discretionary participation feature.
The FRC has also issued Implementation Guidance to accompany FRS 103 Insurance Contracts.
The Table of Differences describes the relationships between UK and Ireland financial reporting standards and IFRS Accounting Standards.
Related impact assessments and feedback statements to the following publications.
Current edition
| Name | FRS 103 Insurance Contracts (September 2024) |
|---|---|
| Publication date | 10 September 2024 |
| Type | Standard |
| Notes | The September 2024 edition of FRS 103 incorporates all amendments issued up to September 2024. Some requirements, including those introduced by the Periodic Review 2024 amendments, are not mandatory at the time of publication. See Section 1 Scope for details. |
| Format | PDF, 857.1 KB |
Superseded editions
| Name | FRS 103 Insurance Contracts (January 2022) |
|---|---|
| Publication date | 31 January 2022 |
| Type | Standard |
| Notes | The January 2022 edition of FRS 103 incorporates all amendments issued up to January 2022. |
| Format | PDF, 479.6 KB |
| Name | Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024 |
| Publication date | 27 March 2024 |
| Effective from | 1 January 2026 (Early application permitted) |
| Type | Amendment |
| Notes | The effective date for a new requirement in Section 6 Transition to this FRS is 1 January 2024. |
| Format | PDF, 31.2 KB |
| Name | FRS 103 Insurance Contracts (March 2018) |
|---|---|
| Publication date | 28 March 2018 |
| Type | Standard |
| Format | PDF, 491.1 KB |
| Name | Amendments to UK and Republic of Ireland accounting standards - UK exit from the European Union |
| Publication date | 21 December 2020 |
| Effective from | 1 January 2021 (Early application permitted) |
| Type | Amendment |
| Format | PDF, 726.6 KB |
| Name | FRS 103 Insurance Contracts (Feb 2017) |
|---|---|
| Publication date | 1 February 2017 |
| Type | Standard |
| Format | PDF, 489.3 KB |
| Name | Letter from the Department of Business, Energy and Industrial Strategy to the FRC – Solvency II clarification |
| Publication date | 3 February 2017 |
| Type | Letter |
| Format | PDF, 98.0 KB |
| Name | FRS 103 Insurance Contracts (Mar 2014) |
|---|---|
| Publication date | 20 March 2014 |
| Type | Standard |
| Format | PDF, 521.0 KB |
| Name | Amendments to FRS 103 Insurance Contracts – Solvency II |
| Publication date | 26 May 2016 |
| Type | Amendment |
| Format | PDF, 369.0 KB |
| Name | Triennial review 2017 amendments |
| Publication date | 14 December 2017 |
| Type | Amendment |
| Format | PDF, 790.8 KB |