Consolidated FY24 results (AASB 17): Management View - Reconciliation of Underlying NPAT to Reported NPAT 1
2024
%
2023
Change 2
1H
Consolidated Profit or Loss¹ Gross life insurance premiums Interest and other income 3
1H
2H
FY23 325.1
2H
FY24 358.1
160.0
165.2
178.0
180.1
10% 28% 11% 33% 35%
10.9
14.0
4.6
6.4
7.2
6.8
164.6 (66.2)
171.5 (66.6)
336.1
185.2 (84.1)
186.9 (91.9)
372.1
Gross Income
(132.8)
(176.0)
Claims incurred (gross) Reinsurance recoveries
94.9
127.8
46.6
48.3
61.5
66.3
(123.2)
(130.2)
Reinsurance premium expense
(61.3) (33.4) (31.3)
(61.9) (35.3) (33.6)
(64.1) (41.0) (34.7)
(66.1) (41.3) (34.5)
6%
(68.7) (64.9)
(82.3) (69.2) (10.0)
Commission & other external expenses
20%
Operating expenses
7%
(8.1)
(3.8)
(4.2)
(4.9)
(5.1) 10.9 25.0 (7.0) 18.0
Interest on debt & facility fees 3
23%
6.8
17.4 49.5
2.9
3.9
6.5
Other movement in insurance contract liability
Large
Underlying NPBT
18.0 (5.4) 12.7
22.1 (6.5) 15.5 (1.0) (1.7) 12.8
40.1
24.5 (7.2) 17.3
23% 19% 25%
(11.9)
(14.2)
Income tax (expense) / benefit
28.2
35.3
Group Underlying NPAT from continuing operations Financial Advice – Interest in Centrepoint Alliance
0.7
2.8
1.7
2.8
-
Large
(2.7) 26.2
(4.7) 33.5
Wealth Management - Discontinued operation
(1.0) 13.4
(1.9) 18.3 (1.3)
(2.8) 15.2
74% 28%
Group Underlying NPAT Change in loss component
(4.6)
(12.2)
(1.2)
(3.5)
(10.9)
Large Large Large
3.0
(2.2)
Economic assumption impact on AASB17 liability
2.4 0.3
0.6
1.5 1.2
(3.7) (0.4) (7.5)
(2.3)
0.8
Net economic assumption impact on disabled lives reserves (DLR)
(2.6) (5.0)
(10.0)
(16.4)
Changes in AIACF impairment
(5.1)
(8.9)
64%
-
2.3
- -
-
-
2.3
Current year timing impacts from assumption changes on CSM
NM NM
(0.8) (2.6)
(14.9)
Wealth Management exit
(0.8) (1.1)
(14.1)
(0.8) (1.5) (7.2)
(3.4)
Costs considered unusual to ordinary activities
(1.4)
(1.9) (5.3)
31%
8.5
0.4
8.9
(12.5)
Reported NPAT
NM
1. Management view under AASB 17 basis. Wealth management excludes the life investments contracts (that is, unit linked business) and reflects fees earned by the shareholder less expenses incurred. Inter-segment revenues/expenses are not eliminated in the management view. 2. % change represents the movement from FY23 to FY24. 3. Underlying investment income includes the portfolio carry yield on the investment portfolio and interest rate earned on physical cash holdings. Interest cost on corporate debt includes Tier 2 subordinated debt costs and costs on the bank debt facility. Excludes interest on discontinued operations
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