Life assurers lag on new reporting rules

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

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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