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Member, Beacon International Group, Ltd.
PARIS--French multiline insurer AXA S.A. reported an estimated 2.9 billion euro ($2.74 billion) loss in 2002 under U.S. accounting standards.
The loss under U.S. generally accepted accounting principles compares with a 949 million euro ($897.2 million) profit under French accounting standards, which AXA reported in February. French and U.S. accounting standards differ in several ways, including how investment values are reported.
When AXA reported its results under French rules in February, it had estimated that its U.S. GAAP loss would be 1.6 billion euros ($1.51 billion). The estimated loss has widened due to increased estimates for the deterioration of the Paris-based insurer's investments.