Insurance sector’s Ind AS shift underway, IRDAI monitors FY28 batch

Hyderabad: As many as 11 insurance companies have begun the transition to Indian Accounting Standards (Ind AS) from the current financial year (FY27), IRDAI said on Wednesday.

Among these, SBI General Insurance, Niva Bupa Health Insurance and Star Health and Allied Insurance have submitted their financial numbers for the first quarter of FY27 under Ind AS, marking a key milestone in the sector’s shift to the new accounting framework.

The Insurance Regulatory and Development Authority of India said it is continuing to facilitate the smooth and consistent implementation of Ind AS across the sector.

It is also closely monitoring insurers that have been granted forbearance and are scheduled to adopt Ind AS from FY28.