Many insurance companies, particularly mutuals, do not report their data in GAAP terms.The company needs to refinance a $2.65 billion loan on which it is now in default because its accounts no longer comply with GAAP standards.In the US, GAAP are rules to which financial statements of publicly traded companies must conform.
Note that this abbreviation is pronounced as a single word rather than as individual letters. There are many abbreviations used in finance that are also pronounced as words, including the following: CHIPS ( /tʃɪps/)FICO ( /faɪkoʊ/)LIBOR ( /laɪbɔr/)PITI ( /pɪti/)SWIFT ( /swɪft/)
