FRS 103 Insurance Contracts

This FRS consolidates existing financial reporting requirements and guidance for insurance contracts. Entities that are applying FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, whether or not they are ‘insurance companies’, shall also apply this FRS to insurance contracts (including reinsurance contracts) that the entity issues and reinsurance contracts that the entity holds, and to other financial instruments that the entity issues with a discretionary participation feature.

The Table of Differences describes the relationships between UK and Ireland financial reporting standards and IFRS Standards.

Related impact assessments and feedback statements to the following publications.

Extant publications

Current edition: January 2022

FRS 103 Insurance Contracts (January 2022) (PDF)
Implementation Guidance to accompany FRS 103 Insurance Contracts (January 2022) (PDF)
These editions of FRS 103 and the accompanying Implementation Guidance update the previous editions issued in March 2018 and reflect the amendments below:

From 1 January 2021 (early application permitted)

December 2020

Amendments to UK and Republic of Ireland accounting standards - UK exit from the European Union (PDF)

Earlier publications

March 2018 

FRS 103 Insurance Contracts (March 2018) (PDF)
Implementation Guidance to FRS 103 Insurance Contracts (March 2018) (PDF)

February 2017

FRS 103 Insurance Contracts (Feb 2017) (PDF)

Implementation Guidance to accompany FRS 103 Insurance Contracts (Feb 2017) (PDF)
Letter from the Department of Business, Energy and Industrial Strategy to the FRC – Solvency II clarification dated 3 February 2017 (PDF)

December 2017

Triennial review 2017 amendments (PDF)


May 2016

Amendments to FRS 103 Insurance Contracts – Solvency II (PDF)

March 2014

FRS 103 Insurance Contracts (Mar 2014) (PDF)
Implementation Guidance to accompany FRS 103 Insurance Contracts (Mar 2014) (PDF)