Through the use of SAS Managed Cloud Services and the SAS Solution for IFRS 17, Malayan Insurance, one of the biggest non-life insurers in the Philippines, has fully prepared for IFRS 17 two years ahead of the nation’s extended compliance date. This early adoption positions the company as a leader in regulatory transformation within the region, turning compliance into a strategic advantage.

The insurer’s proactive approach reflects its commitment to innovation, operational agility, and industry leadership. According to Febrianto Siboro, Managing Director for Malaysia, Indonesia, and the Philippines at SAS, Malayan’s accomplishment demonstrates how advanced analytics can help organizations navigate complex regulatory requirements. He emphasized that the company’s early adoption sets a benchmark for the Philippine insurance sector while highlighting technology as a catalyst for trust and long-term success.

Founded in 1930, Malayan Insurance operates over 30 branches and service offices nationwide. The company embraced IFRS 17 — the international standard replacing IFRS 4 — well before its original January 1, 2025 implementation date, which was later extended to 2027. The new standard significantly changes how insurers measure liabilities and recognize revenue, enhancing transparency, comparability, and consistency in financial reporting.

To meet the complex requirements, Malayan upgraded legacy systems and restructured data models, enabling automated cash flow calculations, Contractual Service Margin (CSM) modeling, and audit-ready reporting. The initiative required close collaboration across finance, actuarial, underwriting, and IT teams, with SAS technology providing a unified data source for faster, more reliable reporting. Retrieving and preparing historical data from as far back as 2018 was one of the most challenging aspects, demanding cross-functional coordination and precision.

Despite the local deadline extension, Malayan chose to proceed without delay, viewing the project as a commitment to best practices and long-term strategy. After evaluating multiple platforms, the company selected SAS for its flexibility, transparency, performance, and strong support, with implementation partner Financial Risk Group guiding calibration, testing, and deployment.

The result is a streamlined reporting process that generates IFRS 17 outputs in under 30 minutes, offering full traceability and deeper insights to inform decision-making. Malayan’s achievement marks not just a compliance milestone but a transformative step toward sustained leadership and innovation in the insurance industry.