Oliver Ralph's article in the FT will ring bells with many a life company CFO, as insurance investors increasingly look for simplified and more standardised capital reporting.  

It would appear that some of the benefits which arrived with what is widely considered to be a more robust, egalitarian reporting framework under Solvency 2 may have been lost by IFRS accounting rules.  It may take time shareholders to acclimatise to the various measures which have replaced (where they were applicable) local GAAP rules...