View source for Definition:Ernst & Young (EY)

🏢 '''Ernst & Young (EY)''' is one of the "Big Four" global professional services firms and a major provider of audit, tax, advisory, and consulting services to the insurance industry worldwide. Founded through a series of mergers tracing back to the early twentieth century — combining the legacies of Arthur Young & Company (established 1906) and Ernst & Ernst (established 1903) — the firm formally became Ernst & Young in 1989 and later adopted the brand name EY. Within insurance, EY occupies a significant position as statutory and financial auditor for numerous [[Definition:Insurance carrier | carriers]], [[Definition:Reinsurer | reinsurers]], and [[Definition:Lloyd's syndicate | Lloyd's syndicates]], while also maintaining one of the industry's largest advisory practices spanning [[Definition:Actuarial services | actuarial]], risk, regulatory, transactions, and technology consulting.

⚙️ EY's insurance practice is structured to serve the sector across multiple dimensions. Its audit teams conduct statutory and regulatory audits under diverse frameworks — [[Definition:US GAAP | US GAAP]], [[Definition:IFRS 17 | IFRS 17]], [[Definition:Solvency II | Solvency II]] reporting, and local statutory regimes in markets such as Japan, China, and Hong Kong — making regulatory fluency a core competency. The advisory and consulting arms assist insurers with [[Definition:Digital transformation consulting | digital transformation]], [[Definition:Mergers and acquisitions (M&A) | M&A]] due diligence, [[Definition:Actuarial reserve | reserve]] opinions, [[Definition:Risk management | enterprise risk management]], and [[Definition:Regulatory compliance | regulatory compliance]]. EY has been notably active in guiding insurers through the implementation of IFRS 17, one of the most complex accounting standard transitions the industry has faced. The firm's transaction advisory services frequently support [[Definition:Private equity | private equity]] firms and strategic buyers in insurance deals, providing financial, actuarial, and operational due diligence.

🌐 EY's importance to the insurance sector extends beyond the services it sells — the firm is also an influential voice in shaping industry thinking through thought leadership, benchmarking studies, and engagement with regulators and standard-setters. Its annual global insurance outlook reports and regulatory briefings are widely read by executives and boards. The firm's actuarial and risk practices have contributed to the development of reserving standards and [[Definition:Capital modeling | capital modeling]] approaches adopted across the industry. For insurance companies navigating an environment of accelerating [[Definition:Insurtech | insurtech]] disruption, evolving accounting standards, and increasingly complex [[Definition:Regulatory compliance | regulatory]] landscapes, EY — along with its Big Four peers — functions as both a compliance gatekeeper and a strategic advisor, making it a structural fixture in the industry's professional ecosystem.

'''Related concepts:'''
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* [[Definition:Big Four (accounting firms)]]
* [[Definition:Statutory audit]]
* [[Definition:IFRS 17]]
* [[Definition:Actuarial services]]
* [[Definition:Mergers and acquisitions (M&A)]]
* [[Definition:Regulatory compliance]]
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