MetLife, Cigna, Other Insurers Get Accounting Rules Extension

Insurance companies like Cigna Corp., Unum Group, and MetLife Inc. got some breathing room on overhauling how they report their profits and losses.

The Financial Accounting Standards Board on Thursday officially gave large publicly traded insurers until 2023 to comply with new accounting rules that were supposed to take effect next year. Private insurers and a category of listed companies called smaller reporting companies have until 2025. Insurers ready to adopt the new rules ahead of the deadline can do so, and FASB tweaked wording in the so-called transition requirements to encourage companies to apply the new accounting early.

FASB ...