ECIC AR 2024 9TH

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Integrated Report 2024

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The first year of IFRS 17 implementation brought several significant challenges for insurers globally. IFRS 17 requires a complete overhaul of accounting policies and actuarial methodologies, making the drafting process more complex and time consuming. These challenges did not escape the ECIC and resulted in the Corporation receiving an unqualified audit opinion with findings (not achieving a clean audit for only the second time). With these challenges having been addressed in this audit process, the entity expects to return to a clean audit outcome in 2024/25. I extend my gratitude to the Chairperson and members of the Board, the Acting CEO, Management, and staff of ECIC for their

contributions to the entity’s performance during the year under review. I look forward to working with the ECIC as we strengthen the dtic’s institutions to create a dynamic, competitive, and inclusive economy that benefits all South Africans.

Mr Parks Tau, MP Minister of Trade, Industry and Competition Date:

YOUR EXPORT RISK PARTNER

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