Shaheen Insurance Company Limited (SICL) has signed an agreement with Prima Consulting to adopt Delta, an end-to-end software solution designed to support insurers with IFRS 17 compliance. The agreement comes as Pakistani insurers enter the first financial year in which IFRS 17 applies to their reporting, with the new accounting standard becoming effective for reporting periods beginning January 1, 2026. Shaheen Insurance will use the platform as it prepares for its first year-end financial statements under the new standard, moving its IFRS 17 implementation from planning and assessment into operational reporting and system deployment.
The agreement was signed at Shaheen Complex, the head office of Shaheen Insurance, with senior representatives from both companies attending alongside members of their actuarial and finance teams. Discussions around the implementation focused on the practical stages involved in deploying the system, including data migration, parallel calculations and integration between Shaheen Insurance’s existing general ledger and the output generated through Delta. The implementation is expected to include a parallel run, allowing the insurer to compare its existing calculations with the results produced under the IFRS 17 framework before completing the final transition.
IFRS 17 replaced IFRS 4 as the accounting standard governing insurance contracts and introduces more detailed requirements for measuring insurance liabilities and reporting financial results. Under the new framework, insurers are required to use current assumptions relating to cash flows, discount rates and risk when measuring insurance contracts. The Securities and Exchange Commission of Pakistan (SECP) set January 1, 2026 as the effective date for the standard following an implementation process that included gap analysis, financial impact assessment, system design and methodology development, followed by a parallel run before implementation. The shift has required insurers to move beyond spreadsheet-based processes and develop systems capable of handling the greater level of data and calculation detail required under IFRS 17.
For Shaheen Insurance, the implementation involves additional requirements because the company operates as a composite insurer with conventional insurance business as well as Takaful operations through Shaheen Window Takaful. Prima Consulting said Delta supports both the General Measurement Model and the Premium Allocation Approach from the same platform. This enables the system to accommodate different insurance contracts and measurement requirements across business lines. Shaheen Insurance’s portfolio includes motor, travel, personal accident, fire, marine, engineering, aviation and other commercial and personal insurance products, while its Takaful operations provide Shariah-compliant general insurance products.
The implementation is expected to follow several stages covering data assessment, system configuration, migration and validation, a parallel reporting exercise and final cutover. The parallel run will allow Shaheen Insurance to identify differences between its existing reserve calculations and calculations required under IFRS 17 before the year-end reporting process. Data traceability and audit trails are also important elements of the implementation, as IFRS 17 requires insurers to maintain detailed records supporting calculations and changes made during the reporting process. Delta is designed to record calculations and data changes together with information about the user making those changes.
Prima Consulting said Shaheen Insurance evaluated other IFRS 17 solutions before selecting Delta, with the platform developed around insurance and regulatory requirements applicable in Pakistan and other regional markets. The company has previously worked with insurers in Pakistan and the Gulf on IFRS 17 implementation projects. Delta is positioned as a platform configured for requirements associated with SECP as well as insurance regulatory frameworks in Saudi Arabia and the United Arab Emirates. Prima Consulting said its existing insurance-sector experience was among the factors relevant to the platform’s deployment for Shaheen Insurance.
Shaheen Insurance joins a number of Pakistani insurers that have adopted or are implementing Delta for IFRS 17 requirements. Prima Consulting identified TPL Insurance, IGI Insurance, Jubilee General Insurance, Habib Insurance and Atlas Insurance among insurers using its Delta platform. The adoption reflects the wider technology requirement emerging across Pakistan’s insurance industry as companies move into the operational phase of IFRS 17 implementation and prepare financial statements under the new reporting framework.
Shaheen Insurance has operated in Pakistan’s insurance sector since 1996 and is owned by Shaheen Foundation, which is wholly owned by the Pakistan Air Force. The company holds an A rating with a stable outlook from PACRA and provides insurance across personal and commercial segments. Its operations include motor, travel and personal accident insurance, along with commercial coverage covering fire, marine, engineering, aviation and miscellaneous risks. Its Shaheen Window Takaful Operations, launched in April 2018, provides Shariah-compliant general Takaful products under the supervision of a Shariah Supervisory Board.
Prima Consulting is a Karachi-founded actuarial and IFRS advisory firm providing services across insurance, financial reporting and related areas. Its practices cover IFRS 17 insurance reserving, IFRS 9 expected credit loss modelling, IAS 19 employee benefit valuations, ESG reporting, internal audit outsourcing and fractional CFO services. According to the company, it has completed more than 700 engagements involving banks, insurers, listed manufacturers, government entities and family-owned groups. Its operations extend across offices in Karachi, Al Khobar, Dubai, Dublin and Aachen, while its IFRS technology division developed Delta for insurance companies operating under regulatory frameworks in Pakistan and the Gulf.
With IFRS 17 now applicable to Pakistani insurers from the beginning of 2026, Shaheen Insurance’s adoption of Delta places technology deployment at the centre of its year-end reporting preparations. The upcoming parallel reporting and validation stages will be important in aligning existing insurance data and calculations with the requirements of the new standard before the company completes its first full-year IFRS 17 reporting cycle.
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