Lack of market consistency means US life industry would be unaffected by a US Greek-style crisis
The continued adherence of US accounting practice to market-inconsistent techniques means the headline figures of the US life industry would be unaffected by interest rate movements, even in the event of a Greek-style crisis or downgrade of treasury bills.
The American Council of Life Insurers (ACLI) said that as the industry values its treasuries under amortised cost, their portfolio would be insensitive to interest rate moves, even as its market worth collapsed.
The ACLI website lists $4.6
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