Aegon UK selects Legerity’s IFRS 17 solution
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”
• In the UK, Aegon offers retirement, workplace savings and protection solutions to well over three million customers and employs approximately 3,450 staff. More information: www.aegon.co.uk
• As an international life insurance, pensions and asset management group based in The Hague, Aegon has businesses in over twenty-five markets in the Americas, Europe and Asia. Aegon companies employ over 28,000 people and have millions of customers across the globe. Further information: www.aegon.com
Legerity helps clients deliver complex accounting change. Legerity’s FastPost Accounting Rules platform provides a 3rd generation solution that meets the new IFRS 9, 15, 16 and 17 accounting standards in a fast and non-disruptive manner.
IFRS 17 is an opportunity to go beyond just compliance. Legerity FastPost standardises data across the enterprise to deliver real benefits: simplified processing, improved reporting, faster close, reduced cost and future-proof scalability.
Available as a SaaS cloud-based fully managed service, FastPost provides highly scalable and on-demand performance, giving firms’ confidence that IFRS accounting data is available when required.