On September 30, EFRAG published its Draft Endorsement Advice on IFRS 17 Insurance contracts. Comments are requested by 29 january 2021. It concluded on a consensus basis that IFRS 17 meets the various criteria for endorsement, with the notable exception of the requirement to apply annual cohorts to intergenerationally-mutualised and cash-flow matched contracts. In this paper, we focus on this particular issue and show how annual cohorts fail to give a pertinent picture of participating life insurance business, as practiced in many continental European countries.