FY24 Result (AASB 17) - Life insurance management view
2024
%
2023
1
2H
1H
2H
Change
1H
FY23
FY24
Life Insurance Profit or Loss 2 Gross life insurance premiums
165.2
325.1
358.1
160.0
178.0
180.1
10%
5.8
10.0
12.6
Interest Income
4.2
6.4
6.2
26%
(1.4)
(2.7)
(3.1)
Interest on Tier 2
(1.3)
(1.5)
(1.6)
15%
(66.6)
(132.8)
(176.0)
Claims incurred (gross)
(66.2)
(84.1)
(91.9)
33%
48.3
94.9
127.8
Reinsurance recoveries
46.6
61.5
66.3
35%
(61.9)
(123.2)
(130.2)
Reinsurance premium expense
(61.3)
(64.1)
(66.1)
6%
(35.3)
(68.7)
(82.3)
Commission & Other External
(33.4)
(41.0)
(41.3)
20%
(33.2)
(63.7)
(67.9)
Operating expenses
(30.5)
(34.1)
(33.8)
7%
3.9
6.8
17.4
Other movement in insurance contract liability
2.9
6.5
10.9
Large
(7.4)
(13.7)
(16.9)
Income tax (expense) / benefit
(6.3)
(8.3)
(8.6)
23%
17.4
Life Insurance Underlying NPAT
14.7
32.1
19.4
20.1
39.5
23%
(3.4)
(4.6)
(12.2)
Change in loss component
(1.2)
(1.3)
(10.9)
Large
0.6
3.0
(2.2)
Economic assumption impact on AASB17 liability
2.4
1.5
(3.7)
Large
(2.6)
(2.3)
0.8
Net economic assumption impact on disabled lives reserves (DLR)
0.3
1.2
(0.4)
Large
(5.0)
(10.1)
(16.4)
Changes in AIACF impairment
(5.1)
(8.9)
(7.5)
64%
-
-
2.3
Current year timing impacts from assumption changes on CSM
-
-
2.3
NM
(0.4)
(1.5)
(2.8)
Costs considered unusual to ordinary activities
(1.1)
(1.6)
(1.2)
87%
6.5
Reported NPAT
10.1
16.6
10.3
(1.2)
9.1
(45%)
1. % change represents the movement from FY23 to FY24. 2. Management view under AASB 17 basis
27
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