AIAF Definition Guide
Third edition 2025

The Third released (June 2023 – March 2025)

Approximately 10 years ago, AIAF and EFFAS published the first AIAF/EFFAS definition guide, comprising four sections dedicated to the financial indicators used for evaluating industrial, banking, insurance, and real estate financial statements. Considering the introduction of the new insurance accounting standards IFRS 17 and 9, AIAF has undertaken a study aimed at updating the section dedicated to insurance indicators.

The Standard Commission has developed a double analysis based on:

• the introduction of the new international accounting standards for the insurance sector, focused on the IFRS 17 and IFRS 9
• the new market practices in the field of financial analysis and communication developed by the main insurance players and the practice of financial analysts

the Commission was composed of 22 professionals from the insurance market and was a mix of different competencies and experience: 55% from the insurance market, 35% from the world of equity financial analysis and advisory valuation, and 10% from the Universities.

The final output of the Commission was the list of 110 overall indicators:

• 21 have been eliminated, compared to the previous “AIAF/EFFAS Definition Guide”, as they were considered obsolete and no longer in line with the new accounting standards
• 61 have been added

Below is an alphabetical list of the brokers who joined the initiative and of the people who actively took part in the work of the Commission:

• Banca Akros: Enrico Esposti
• Generali Group: Martina Vono
• Intermonte: Antonio Gianfrancesco
• Intesa Sanpaolo: Elena Perini
• Grant Thornton Financial Due Diligence: Luca D’Onofrio
• Unipol: Adriano Donati, Eleonora Roncuzzi, Liliana Saggio
• Andrea Bellucci, Paolo Botta, Michele Pegolo, Raffaele del Gaudio, Sabrina Pucci, all members of the AIAF Commission “IFRS 17 nuovi KPI assicurativi”