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Prudential, MetLife Among Supporters of Insurance Accounting Delay

Sept. 27, 2019, 8:47 PM

Prudential Financial Group Inc., MetLife Inc., Cigna Corp., and several other large insurers support delaying a major change to how they account for the liabilities embedded in long-term insurance policies they sell their customers.

The Financial Accounting Standards Board in August proposed giving insurance companies more time to comply with an overhaul to accounting for long-term insurance like life and annuities. If finalized, large publicly traded insurers would follow the new accounting in 2022 instead of 2021. Private companies and publicly traded businesses that qualify as a “smaller reporting company” under Securities and Exchange Commission rules, would have until 2024...

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