Unlocking efficiency, insight and agility in insurance reporting

When the International Financial Reporting Standard (IFRS) 17 began rolling out in 2021, insurers worldwide – including Spanish insurer Santalucía Group – faced sweeping changes in how they account for insurance contracts. Meeting the new requirements meant rethinking systems, processes and data flows, particularly how actuarial and financial information is integrated.

For many organizations, compliance was the primary goal. But Santalucía took a broader view, recognizing IFRS 17 as a catalyst to transform its finance and risk ecosystem – modernizing its data architecture, improving cross‑functional alignment and enabling faster, more insight‑driven decision‑making.

Based in Madrid, Santalucía is no stranger to change. With more than a century of history, the organization has evolved into a diversified group spanning insurance, health care, asset management and service operations – increasing the complexity of data integration and workflows across the business.

New environment, new solutions

In early 2022, Santalucía began transforming its financial processes to align with IFRS standards, particularly IFRS 17. By April of that year, the group launched a regulatory reporting initiative designed to support the diverse reporting needs of its companies.

To deliver IFRS 17 reporting at a group level, the project team needed to connect actuarial results with finance‑led accounting and reporting processes across multiple entities. Beyond regulatory compliance, the finance team also sought a robust internal management capability to streamline reporting and strengthen insight across the group.

Ultimately, Santalucía needed a solution that could scale across the organization and be tailored for different users and regulatory requirements. The insurer chose to collaborate with SAS based on the flexibility of its solutions and a trusted relationship built over more than 15 years.

The group implemented SAS reporting modules for Solvency II and IFRS 17, enabling configurable outputs for both statutory requirements and internal management reporting. This foundation also supported additional regulatory reporting for local supervisory authorities.

Trustworthy team and technology

“Preparing for IFRS 17 is a complex task for any insurance company,” says Juan Luis Pla, Corporate Director for Finance at Santalucía. “That’s why it was essential for us to work with a team and a technology we fully trust. The project was demanding, but the trust built over 15 years, our shared understanding and the flexibility on both sides were key to its success. We were able to address every challenge, and we are very pleased with the results.”

With SAS in place, Santalucía’s finance department met new IFRS reporting requirements while remaining aligned with other regulatory obligations. The platform’s scalability also supports evolving internal reporting needs.

Today, Santalucía benefits from:

• Faster adaptation to regulatory and business changes, supported by an adaptable data model.
• Greater agility in reporting by enabling users to adjust parameters quickly.
• Lower development costs and faster time to insight through user‑led report configuration without additional development.
• Reliable performance and scalability to manage increasing data volumes.
• Reduced implementation risk and phased investment, allowing reporting components to be deployed independently as priorities evolve.

Together, these capabilities provide Santalucía with a foundation it can adapt as requirements change and new reporting needs emerge.

“One aspect we value most about SAS solutions is that they allow us to build whatever we need, even if it’s not part of the standard configuration,” Pla says. “It’s hard to find anything that can’t be done.”