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19 May 2009
Life insurers, including Legal & General, Prudential and Standard Life, have elected to postpone changes to new reporting reforms, including market consistent embedded value.
Instead, the companies are pushing for a two-year lee-way to iron out inconsistencies, according to ft.com
Aviva, Old Mutual and Scottish Widows in the UK, and European companies including Axa and Generali have all adopted the standard.
In justifying its response to the new rules, Standard Life said there was '...a lack of robust understanding as to how to apply its principles in the current market conditions.'
Philip Scott, finance director at Aviva and chairman of the CFO Forum, said he was confident the industry would adhere to the new reporting rules.
'I'm optimistic that those who have not yet adopted this standard will do so more quickly than 2001,' he said.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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