TORONTO, Feb. 15, 2024 /CNW/ – Royal Bank of Canada (TSX:RY) (NYSE:RY) has released an abridged version of its Q4 2023 Supplemental Financial Information package, which will be used in connection with the reporting of its Q1 2024 results on February 28, 2024. As previously disclosed in our 2023 Annual Report, International Financial Reporting Standard 17, Insurance Contracts (IFRS 17) was effective for Royal Bank of Canada on November 1, 2023 and has been applied retrospectively with comparatives restated beginning November 1, 2022. The Q4 2023 Supplemental Financial Information package has been updated to reflect the adoption of IFRS 17 and the restatement of 2023 financial results.
While IFRS 17 impacts the timing of profit recognition of insurance contracts, it will have no impact on total profit recognized over the lifetime of these contracts.
The restated results may not be fully comparable to future periods as we were not managing our asset and liability portfolios under IFRS 17 and the re-balancing of our asset portfolio was not completed until the first quarter of 2024.
Royal Bank of Canada expects to provide more information on the impact of IFRS 17 in its Q1 2024 Report to Shareholders, which will be available on February 28. The abridged version of the Q4 2023 Supplemental Financial Information package is now available at rbc.com/investorrelations. For additional information on changes to accounting policy and disclosure please refer to pages 121-122 and …