BaFin expands XBRL reporting for insurers and pension funds
Germany’s Federal Financial Supervisory Authority (BaFin) has expanded its use of XBRL, with new digital reporting requirements now in force for insurers and occupational pension funds. As of 1 January 2025, affected entities must submit their reports in XBRL format, aligning with BaFin’s push to standardise and streamline quantitative reporting.
The mandate applies to reports under several regulations, including the Insurance Reporting Ordinance and the Pension Fund Supervision Ordinance. BaFin has emphasised that while this shift is technical rather than content-driven, it aims to improve data validation and consistency. The move reflects a broader regulatory trend towards structured, machine-readable financial reporting to enhance oversight and efficiency.
XBRL’s adoption offers clear advantages, including greater transparency, reduced reporting errors, and improved data processing for both regulators and companies. By moving away from fragmented formats, BaFin is reinforcing its commitment to high-quality, structured financial data—an approach increasingly seen across European and global regulatory frameworks.
With BaFin expanding XBRL’s reach, insurers and pension funds must now ensure compliance with these updated requirements.
Read more about the reporting changes here.
