The implementation of IFRS 17 accounting standards in the insurance industry has forced a modification to AM Best’s annual ranking of top reinsurance groups for 2023, the rating agency said.

IFRS 17 shifts a traditional focus on premiums written and earned to one based on insurance revenue, which it intended to gauge the amount an insurer has earned for service rendered. The shift has necessitated the change, AM Best said.

In this year’s ranking, companies that report under IFRS 17 are ranked 1 to 15 based on gross reinsurance revenue; companies that report under non-IFRS 17 are ranked 1 to 35 based on the more-traditional gross written reinsurance premium.

Under this approach, AM Best said, Munich Reinsurance Co. is the largest IFRS 17 reporting reinsurer based on nearly $32.9 billion in 2023 reinsurance revenue, followed by Hannover Rück SE ($27 billion) and SCOR SE ($17.6 billion).

Swiss Re Ltd. is the largest non-IFRS 17 reporting reinsurer with $40.5 billion in 2023 gross premium written, followed by Berkshire Hathaway, Inc. ($27.5 billion) and Lloyd’s ( $22.1 billion).

“This year’s list of the top reinsurers looks different than it has in prior years, as the analysis has evolved to provide the most relevant rankings possible,” said Carlos Wong-Fupuy, senior director, AM Best.