AIG to take $100m hit from Ogden change

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The group said that its carried reserves as of 31 December 2016 were estimated using an assumption that the Ogden rate would decline to 1.0%. In February Lord Chancellor Liz Truss revealed the rate would be cut to -0.75%. “This discount rate change primarily impacts the liability & financial lines business within commercial insurance in the United Kingdom,” a group statement said. The increase to prior year loss reserves implemented by AIG as a result of the change is relatively low com