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Proposed changes in U.S. accounting standards aimed at bringing them in line with those used by European firms would “radically transform” the accounting methodology used by property and casualty and life insurers, according to an investment banking firm.

An investor’s note from Sandler O’Neill & Partners, a specialist in financial firms, said the proposed new standard would also increase earnings volatility and “alter the relevance of historical valuation measures, such as book value and return-on-equity.”

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