Financial Reporting Standards and Transparency in Nigerian Insurance Companies

This study examines the adoption of International Financial Reporting Standards (IFRS) and the quality of financial transparency in Nigerian insurance companies. Following Nigeria's adoption of IFRS in 2012, insurance companies were required to transition from Nigerian Generally Accepted Accounting Principles (NGAAP) to IFRS, with significant implications for premium recognition, claims reserving, investment asset measurement, and insurance contract liability disclosure. The full implementation of IFRS 17, which replaced IFRS 4 for insurance contracts, introduces further complexity in financial reporting for insurers. This research employs a document analysis and expert interview design using audited financial statements of fifteen insurance companies from 2020 to 2023, supplemented by interviews with 20 insurance accountants, external auditors, and NAICOM financial examiners. Analysis assesses IFRS 17 adoption readiness, quality of actuarial estimates in reported reserves, consistency of disclosures, and auditor qualifications issued. Findings evaluate the extent to which financial reporting practices meet transparency standards expected by investors and regulators. Preliminary findings are anticipated to reveal implementation gaps and inconsistent adoption of IFRS 17 measurement models. The study recommends NAICOM-issued implementation guidance and mandatory actuarial sign-off on insurance liability estimates. Keywords: IFRS, Financial Reporting, Insurance Companies, Transparency, IFRS 17.