American Financial to Change Annuity Performance Reporting
July 3, 2019 by Allison Bell
American Financial Group Inc. has decided to change the way it reports on the performance of its Great American Life Insurance Company annuity operations, to adjust for the effects of new financial reporting rules on net income.
Accounting bodies and regulators are starting to push publicly traded insurers to include the effects of ups and downs in many items items in their U.S. Generally Accepted Accounting Principles (GAAP) net results.
Under the new GAAP reporting rules, life insurers are supposed to include ups and downs in the current “fair value” of fluctuations in the value of, derivatives, the value of changes in assumptions about benefits obligations, and other items in GAAP net earnings.
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