PwC wins this award for its comprehensive approach to providing advice and support to life and annuity carriers implementing the US GAAP Long-duration Targeted Improvements (LDTI) accounting rules.

The audit and consulting firm has supported more than 41 companies on their LDTI implementation journeys. This includes both implementation support to its advisory clients and a proactive assurance framework PwC established for its audit clients.

InsuranceERM's judging panel were impressed by the way PwC has developed solutions to help clients accelerate their LDTI implementations. The firm has created LDTI Simplifier solutions with tools that can be leveraged for bespoke requirements.

PwC says the investment in developing LDTI Simplifier is a manifestation of a key tenet of its approach to the market, which is one of "showing" clients, instead of "talking" to clients, about its capabilities and insights. It has also enabled PwC to support clients across 150 projects dealing with the accounting standard.

Richard de Haan, PwC's global and US risk modelling services leader, says winning this LDTI award "is super exciting" for PwC.

He explains that LDTI involves two waves in the US. Most of the larger listed insurers went live with LDTI in Q1 2023. Smaller and non-listed insurers have until January 2025 to implement the accounting standard.

Following the first wave of LDTI implementation in January, de Haan says: "We are really seeing an interesting pivot to understanding of the insurance balance sheet, budgeting and forecasting and balance sheet optimisation. I think there are also parallels with how insurers are absorbing the impacts of IFRS 17.

"There is also a significant amount of interest by the analyst community and obviously by the insurers to ensure that as they bring business on, they have a good story around why they are writing this business and why it is accretive to profitability."