In 2010, financial markets and the insurance industry continued to recover slowly from the financial crisis and recession. Current investment yields declined due to low bank interest rates and long-term government bond yields, but while the insurance industry reaped some benefit from improvements in the value of fixed interest securities, the performance of the world’s major stock markets was mixed.
We are pleased to announce the publication of the latest edition of Insurance Reporting Round-up, which presents a review of 2010 financial information published by major European insurance groups in their preliminary results announcements, annual reports and results presentations.
The companies reviewed are: AEGON, Allianz, Aviva, AXA, CNP, Generali, ING, Legal & General, Mapfre, Munich Re, Old Mutual, Prudential, Standard Life, Swiss Re, Talanx and Zurich.
The different measurement models adopted (both for assets and liabilities), the wide range of different products and services typically offered, and the different types and mixes of financial assets that they hold, have highlighted the difficulty in comparing the performance of different insurance groups under current accounting rules.
Will IFRS 4 – phase II achieve the IASB's goal of more consistency in financial reporting, and provide more relevant information for users of insurers' financial statements? Only time will tell.
What does the publication cover?
- A review of financial performance
- A look at key financial performance indicators in results presentations
- Developments in premiums and new business
- Trends in investments' performance and reporting
- Solvency disclosures