Insurance - Spotlight on FASB's own-credit approach after 2nd quarter results

The publication of second quarter results by US insurers has again thrown into the spotlight the controversial issue of the own-credit valuation aspect of the Financial Accounting Standards Board's (FASB's) approach to valuing insurance liabilities.

New York-based Metlife's losses nearly tripled from $574 million (£350 million) in the first quarter of 2009 to $1.4 billion in the second quarter. This included a $1.8 billion writedown on fair valuation of derivatives, $1 billion of which was due

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