Source: www.breakingviews.com is Europe’s leading financial commentary service
Date: September 2003
By Christopher Hughes
After the spate of rights issues and dividend cuts that Europe’s insurers have inflicted on shareholders over the past year, one might have thought the industry would be a little modest about its predictive powers. Not a bit of it. Insurers are fighting tooth and nail against new accounting rules that would limit their ability to manipulate or, in industry parlance, “smooth” their numbers.
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