Shaheen Insurance Company Limited becomes the latest Pakistani insurer to adopt Delta, Prima Consulting's end-to-end IFRS 17 solution, as the industry works through its first reporting year under the Securities and Exchange Commission of Pakistan's IFRS 17 regime.
Karachi, Pakistan — 8th September 2026 — Shaheen Insurance Company Limited (SICL) has signed an agreement with Prima Consulting to license Delta, Prima's IFRS 17 compliance software built specifically for insurers operating under Pakistani regulation. IFRS 17 became effective for Pakistani insurers' reporting periods starting January 1, 2026.
That means Shaheen is already inside the year the new standard governs, with its first IFRS 17 financial statements due once FY2026 closes.
For an industry that spent two years running gap analyses and financial impact assessments on spreadsheets, a signed software agreement is the point where IFRS 17 stops being a planning exercise and starts being an operational one. Shaheen's leadership described the decision as less about compliance for its own sake and more about not wanting to find out, close to year-end, that the old process couldn't keep up.
The Securities and Exchange Commission of Pakistan adopted IFRS 17 to replace IFRS 4, the older and looser standard that let insurers report reserves and liabilities with far more discretion than regulators were comfortable with. IFRS 17 forces insurers to value contracts using current assumptions about cash flows, discount rates, and risk, instead of the locked-in numbers from the day a policy was written.
SECP set the effective date at January 1, 2026, after years of industry pressure. It laid out a four-phase rollout: gap analysis, financial impact assessment, system design and methodology, and a parallel run before go-live.
Most of Pakistan's insurance sector cleared the first two phases well before the standard took effect. Phase three, system design, is where many companies are running into trouble: spreadsheets built for IFRS 4 simply don't scale to IFRS 17's level of granularity.
It's the phase insurers now need to finish fast, since FY2026 is already the first year IFRS 17 applies. That's the phase Shaheen just addressed by bringing in Delta.
The signing took place at Shaheen Complex, Shaheen Insurance's head office. Senior management from both Shaheen Insurance and Prima Consulting attended, along with members of each firm's actuarial and finance teams.
The discussion centered less on the contract terms and more on implementation sequencing. People in the room talked through how data migration would run, which reporting periods would use parallel calculations, and where Shaheen's existing general ledger would need to connect into Delta's output.
One detail that came up repeatedly was audit trail. Under IFRS 4, a lot of insurers could get away with reserve calculations that lived in one analyst's spreadsheet.
IFRS 17 doesn't allow that kind of single point of failure. Delta logs every calculation and data change with the user who made it.
Shaheen had looked at other IFRS 17 vendors before settling on Delta, according to people familiar with the selection process. It landed on Prima largely because the actuaries building the software are the same ones who've run IFRS 17 implementations for other Pakistani and Gulf insurers.
An IFRS 17 solution built by people who've only ever written code, without ever having to defend a reserve number to a regulator, tends to miss the parts that actually matter at audit time. That track record is a big part of why Shaheen chose Delta over a generic IFRS 17 solution built for a different market and retrofitted for Pakistan.
SECP's rules, SAMA's rules, and the UAE Insurance Authority's rules diverge in enough small ways that a platform configured only for Europe or the Gulf tends to need custom work just to handle Pakistani reporting formats. Shaheen joins a growing list of Pakistani insurers already running on Delta, including TPL Insurance, IGI Insurance, Jubilee General Insurance, Habib Insurance, and Atlas Insurance.
For Shaheen, a composite insurer with both conventional and Takaful operations under Shaheen Window Takaful, the stakes are a bit higher than for a single-line insurer. Delta runs both the General Measurement Model and the Premium Allocation Approach from the same platform.
That matters for a company managing motor, fire, marine, health, and Takaful contracts that won't all fall under the same measurement model.
Shaheen now has a five-step path to go-live: data assessment, configuration, migration and validation, a parallel run against its current reporting, and a supported cutover. The company expects the parallel run to surface most of the real friction, the gap between how its systems currently calculate reserves and how IFRS 17 requires them to be calculated.
There's enough of FY2026 left to fix that gap before the year closes and the first IFRS 17 financial statements are due, instead of finding out at close.
Shaheen Insurance Company Limited has operated in Pakistan's insurance market since 1996. The company is owned by Shaheen Foundation, itself wholly owned by the Pakistan Air Force, and holds an "A" rating with a stable outlook from PACRA.
Shaheen writes personal lines including motor, travel, and personal accident cover, alongside commercial lines spanning fire, marine, engineering, aviation, and miscellaneous risks. Through Shaheen Window Takaful Operations, launched in April 2018, the company also offers Shariah-compliant general Takaful products overseen by its own Shariah Supervisory Board.
Website: https://www.shaheeninsurance.com/
Prima Consulting is a Karachi-founded actuarial and IFRS advisory firm built by actuaries and accountants who came out of Big Four firms and insurance companies. The firm's goal from the start was keeping actuarial and accounting work under one roof instead of splitting it across vendors.
The firm runs ten integrated practices covering IFRS 17 insurance reserving, IFRS 9 expected credit loss modeling, IAS 19 employee benefit valuations, ESG reporting, internal audit outsourcing, and fractional CFO services. Prima has completed over 700 engagements for banks, insurers, listed manufacturers, government entities, and family-held groups.
It now operates from five offices in Karachi, Al Khobar, Dubai, Dublin, and Aachen. Its IFRS Tech division built Delta, Prima's IFRS 17 compliance software, specifically to SECP, SAMA, and UAE Insurance Authority requirements, drawing on the firm's direct experience implementing IFRS 17 for insurers across Pakistan and the Gulf.
