The IFRS Financial Statements of Large Insurance Groups as at 31 December 2010
Many insurance groups have a calendar financial year. In 2010, this financial close coincided with the continuing financial crisis, and as such was heavily impacted by unfavorable business environment conditions, such as:
- Stagnation within the main developed countries;
- Low interest rates;
- Increased credit risk on government bonds;
- Prolonged decline in the stock markets;
- High market volatility; and
- Solvency II framework early stage implications.
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