Aegon UK, a leading savings, protection and investment service provider has selected Legerity Limited’s FastPost IFRS 17 solution to help it transition to the new International Financial Reporting Standard (IFRS 17).
The new standard takes effect from January 2022 and is one of the most significant changes to accounting in the insurance sector in years,
Legerity will provide Aegon UK with its third generation FastPost Accounting Rules and Sub-Ledger solution for implementation as an integrated part of its overall IFRS 17 accounting and reporting process.
David Wilson, IFRS 17 Programme Director at Aegon UK, comments, “IFRS 17 is a complex standard impacting multiple stakeholders including Actuarial, Finance and IT. There is no one size fits all solution for IFRS 17 so it is important that we selected best in class technology that can seamlessly integrate into our end to end financial reporting solution. After a detailed market and product evaluation process we have selected Legerity FastPost. We have been greatly impressed by the Legerity team and their FastPost accounting rules and sub-ledger technology.”
Legerity FastPost has also been selected by other Aegon regions for implementation as part of the Aegon Group’s IFRS 17 global programme.
Jeremy Wood, CEO and Founder of Legerity, adds “We are delighted to have entered into this agreement to be a key solution provider to Aegon’s future financial reporting. Aegon is a forward looking firm committed to market innovation and a digital future. It is great testament to our technology, team and achievements to have been selected by Aegon”.