French insurer Axa has revealed its estimated 2002 US loss was almost double its original forecast, at 2.9 billion euros (£1.9 billion).
An analyst told Reuters that said the revision marked a stricter interpretation of US accounting laws.
Commerzbank London analyst Andrew Goodwin said: "One of the problems is that there is an element of subjectivity in the treatment of impairment losses. In my view, it's not that significant an item... It's just stricter rules."
The insurer had estimated in its results on 27 February that it would show a EUE 1.6 billion euros (£1.1bn) under the US Generally Accepted Accounting Principals (GAAP).
The new information was not yet audited and consequently subject to change, Axa said.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
