11 Insurers Adopt Ind AS From FY27 as IRDAI Pushes Accounting Overhaul
IRDAI is driving a major accounting overhaul, with 11 insurers set to adopt Ind AS from FY27.
IRDAI is pushing an accounting overhaul as 11 insurers adopt Ind AS from FY27. The move aims to bring greater transparency and consistency to insurance reporting.
IRDAI: The Insurance Regulatory and Development Authority of India (IRDAI) announced on September 9, 2026, that 11 insurers have implemented Indian Accounting Standards (Ind AS) effective FY 2026-27, marking the first cohort to move under a transition timeline the regulator set in motion through a 2024 regulatory amendment.
IRDAI: A Multi-Year Push for Accounting Convergence
The shift stems from an amendment to the IRDAI (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024, which mandated Ind AS implementation for insurers effective April 1, 2026. Ind AS is India’s converged version of International Financial Reporting Standards (IFRS), and its extension to insurers has been a long-pending reform aimed at aligning the sector’s financial reporting with global norms — improving comparability for investors, rating agencies and policyholders alike.
To manage the transition, IRDAI issued two circulars: one on April 1, 2026, laying out the implementation framework, and a follow-up on July 14, 2026, offering clarifications on specific accounting treatments. The regulator also convened a joint workshop with the Institute of Chartered Accountants of India (ICAI) and the Institute of Actuaries of India (IAI) on June 5, 2026, in Mumbai, bringing together Chief Financial Officers and Appointed Actuaries to address cross-functional implementation issues.
Also Read: Life Insurers’ First-Year Premium Rises 20% to ₹1.97 Lakh Crore in FY27 So Far, IRDAI Data
IRDAI: Which Insurers Have Adopted Ind AS
The 11 insurers implementing Ind AS from FY 2026-27 span life, general, health and reinsurance segments:
Life Insurers: Acko Life Insurance, Tata AIA Life Insurance
General Insurers: Acko General Insurance, Kiwi General Insurance, SBI General Insurance, ECGC Limited
Health Insurers: Aditya Birla Health Insurance, Niva Bupa Health Insurance, Star Health and Allied Insurance, Galaxy Health Insurance
Foreign Reinsurance Branch: XL Insurance Company SE, India Reinsurance Branch (Axa XL)
Of these, SBI General Insurance, Niva Bupa Health Insurance and Star Health and Allied Insurance have already submitted their Q1 FY 2026-27 financial results under Ind AS — the first insurers in India to report quarterly numbers under the new standard.
IRDAI: What Comes Next: FY 2027-28 Cohort Under Watch
Insurers granted forbearance are scheduled to adopt Ind AS from FY 2027-28, and IRDAI said it is monitoring their progress against Board-approved monthly implementation milestones, engaging insurers directly where challenges or delays arise.
IRDAI added that it will continue coordinating through the Joint Expert Group — comprising the regulator, the National Financial Reporting Authority (NFRA), the Securities and Exchange Board of India (SEBI), ICAI and IAI — to resolve implementation issues as the broader industry transition continues.
