Shaheen Insurance Company Limited has signed an agreement with Prima Consulting to license Delta, an IFRS 17 compliance solution designed for insurers, as the company prepares for its first year-end reporting under the new insurance accounting standard. The agreement was signed at Shaheen Complex in Karachi and brings Prima Consulting’s actuarial and insurance technology capabilities into Shaheen Insurance’s financial reporting processes. IFRS 17 governs the accounting and reporting of insurance contracts and requires insurers to apply updated approaches to measuring insurance contracts and reporting their financial performance. The Securities and Exchange Commission of Pakistan (SECP) introduced IFRS 17 for the insurance, takaful, reinsurance and retakaful sectors through a phased implementation framework, with system design, methodology and parallel-run activities forming part of the transition process. SECP has subsequently issued further notifications concerning the implementation timeline.
Under the agreement, Shaheen Insurance will use Prima Consulting’s Delta platform to support IFRS 17 calculations, reporting and related financial processes. Prima describes Delta as an end-to-end IFRS 17 platform that can handle actuarial calculations, accounting entries and statutory reporting within an integrated system. The software supports both the General Measurement Model and Premium Allocation Approach, allowing insurers to apply different measurement approaches depending on the nature of their insurance portfolios. Delta also includes functions for cash-flow generation, risk adjustment, discounting, contractual service margin calculations and accounting outputs, while providing an audit trail for calculations and data changes. Prima says the platform has been developed specifically for insurers operating in markets including Pakistan, Saudi Arabia and the UAE, with its implementation work combining actuarial advisory and technology.
The adoption of IFRS 17 technology is particularly relevant for Shaheen Insurance because the company operates across several general insurance lines and also has a Window Takaful operation. Its insurance portfolio includes areas such as motor, fire, marine, health, aviation and engineering coverage, while its Takaful operations provide Shariah-compliant general insurance products. The implementation will therefore involve the assessment and configuration of different portfolios, followed by data migration, validation and parallel reporting before the system is fully integrated into the company’s reporting cycle. Prima said its implementation approach includes assessing existing data, configuring the platform, validating migrated information and conducting parallel calculations before the final transition. Delta is also designed to connect with existing enterprise resource planning and general-ledger systems through API-based integration, allowing actuarial outputs to feed into financial reporting processes.
The agreement adds Shaheen Insurance to the group of Pakistani insurers using or adopting Prima Consulting’s IFRS 17 technology. Prima’s current materials state that Delta is being used across Pakistani insurance operations and that the platform was developed alongside the firm’s actuarial and IFRS advisory work. The company’s broader IFRS 17 practice covers implementation, actuarial modelling, data migration and system integration for insurers. For Shaheen, the new arrangement provides a technology platform for managing IFRS 17 calculations and reporting as the insurer works through its reporting requirements under the updated accounting framework. The development also reflects the growing role of specialised insurance technology in Pakistan’s financial sector as insurers move from preparation and system-design stages toward recurring IFRS 17 reporting and audit processes.
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