An anonymous director reports

ROYAL BANK OF CANADA RELEASES UPDATED SUPPLEMENTAL FINANCIAL INFORMATION PACKAGE TEMPLATE REFLECTING ADOPTION OF IFRS 17

Royal Bank of Canada has released an abridged version of its Q4 2023 supplemental financial information package, which will be used in connection with the reporting of its Q1 2024 results on Feb. 28, 2024. As previously disclosed in its 2023 annual report, international financial reporting standard 17, Insurance Contracts (IFRS 17), was effective for Royal Bank of Canada on Nov. 1, 2023, and has been applied retrospectively with comparatives restated beginning Nov. 1, 2022. The Q4 2023 supplemental financial information package has been updated to reflect the adoption of IFRS 17 and the restatement of 2023 financial results.

While IFRS 17 impacts the timing of profit recognition of insurance contracts, it will have no impact on total profit recognized over the lifetime of these contracts.

The restated results may not be fully comparable to future periods as the bank was not managing its asset and liability portfolios under IFRS 17 and the rebalancing of its asset portfolio was not completed until the first quarter of 2024.

Royal Bank of Canada expects to provide more information on the impact of IFRS 17 in its Q1 2024 report to shareholders, which will be available on Feb. 28. The abridged version of the Q4 2023 supplemental financial information package is now available on the bank's website. For additional information on changes to accounting policy and disclosure please refer to pages 121 to 122 and 159 of the bank's 2023 annual report.

About Royal Bank of Canada

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Its success comes from the over 94,000 employees who leverage their imaginations and insights to bring the bank's vision, values and strategy to life so it can help its clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, the bank has diversified business model with a focus on innovation and providing exceptional experiences to its 17 million clients in Canada, the United States and 27 other countries.

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