In the evolving landscape of financial reporting, the recent adoption of IFRS 9 and IFRS 17 has brought significant changes to how insurance companies report their financial performance. In this paper, we provide a comparative analysis of the life insurance divisions of Achmea, a.s.r. (ASR), Athora (SRLEV), and NN Group (NN Leven), focusing on their 2024 annual reports.

Our analysis delves into balance sheet (BS) components of shareholder equity, revaluations, contractual service margin (CSM), and risk adjustment (RA), which collectively shape the perceived value of these companies. We explore the dynamics of these components and their implications for future financial performance, highlighting the changes in 2024. We also examine key performance indicators such as CSM growth and new business CSM, providing insights into the profitability and sustainability of new business.