Only 11 insurers across India’s life, general, health and reinsurance segments have started the transition to Indian Accounting Standards (Ind AS) for the financial year 2026-27, highlighting the scale of work involved in adopting the new reporting framework.
The group includes two life insurers, four general insurers, four standalone health insurers and one reinsurer. IRDAI began the implementation framework from April 1, 2026, followed by further clarifications in July to help insurers address accounting and implementation issues.
Ind AS Transition Requires Major Changes
The transition requires insurers to coordinate across finance, actuarial, investment, technology and other functions. Insurers also need to assess how the new accounting framework affects their financial reporting, systems and internal processes.
Ind AS aims to establish more consistent principles for recognising, measuring, presenting and disclosing financial information. The framework can also improve comparability and transparency for stakeholders, including policyholders, investors and rating agencies.
IRDAI has worked with industry stakeholders to support the transition. The regulator issued an implementation circular on April 1 and a clarification circular on July 14, 2026. It also held a joint workshop with the Institute of Chartered Accountants of India and the Institute of Actuaries of India in June to discuss implementation issues with insurers’ finance and actuarial teams.
11 Insurers Start Reporting Under New Framework
The 11 insurers that have begun the transition include Acko Life Insurance and Tata AIA Life Insurance in the life segment.
Acko General Insurance, Kiwi General Insurance, SBI General Insurance and ECGC have started the transition among general insurers. Aditya Birla Health Insurance, Niva Bupa Health Insurance, Star Health and Allied Insurance and Galaxy Health Insurance represent the standalone health insurance segment. General Insurance Corporation of India (GIC Re) is the reinsurer in the group.
IRDAI has also highlighted early progress among some of these insurers. SBI General, Niva Bupa and Star Health have submitted their first-quarter FY2026-27 financial numbers under Ind AS.
For the wider insurance industry, the transition remains a significant operational exercise. Insurers that have not yet moved to the new framework will need to address technology changes, accounting policies, actuarial requirements and data processes before they can adopt Ind AS effectively.
The gradual rollout also reflects the complexity of applying a common accounting framework across India’s diverse insurance businesses.
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