Notes to the Financial Statements
or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). For the Group, this category primarily includes corporate bonds and floating rate notes. For the Company, this category includes investments in subordinated debt. The valuation techniques may include the use of discounted cash flow analysis using a yield curve appropriate to the remaining maturity of the investments and other market accepted valuation models. • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Group and the Company did not have any investments falling into this category as at 30 June 2024 and 30 June 2023.
Level 1 Total $'000 $'000 $'000 $'000 Level 2 Level 3
Consolidated
Financial assets 30 June 2024 Growth investments
1,681,778
—
— 1,681,778 — 415,382 — 161,258 — (1,834,709) — 423,709 — 1,708,780 — 370,437 — 184,266 — (1,868,598) — 394,885
Interest bearing investments Non-interest bearing investments
183,238 232,144
161,258
—
Included in assets held for sale (see section 8.5(d))
(1,752,431)
(82,278)
273,843 149,866
Total
30 June 2023 Growth investments
1,708,780
—
Interest bearing investments Non-interest bearing investments
170,725 199,712
184,266
—
Included in assets held for sale (see section 8.5(d))
(1,793,382)
(75,216)
270,389 124,496
Total
Financial Liabilities 30 June 2024 Life investment contract liability
— 1,386,866 — 467,562
— 1,386,866 — 467,562
Liability to non-controlling interest in controlled unit trusts Included in liabilities directly associated with assets held for sale (see section 8.5(d))
— (1,854,116) — 312
— (1,854,116) — 312
Total
30 June 2023 Life investment contract liability
— 1,345,463 — 557,485
— 1,345,463 — 557,485
Liability to non-controlling interest in controlled unit trusts Included in liabilities directly associated with assets held for sale (see section 8.5(d))
— (1,902,623) — 325
— (1,902,623) — 325
Total
There were no transfers between Level 1 and Level 2 during the current and prior financial periods.
3.4 Financial risk management
Management of Financial Instruments The financial assets of the Group (other than shareholder cash holdings) are managed by specialist investment managers who are required to invest the assets allocated in accordance with directions from the Board. BNP Paribas acts as master custodian on behalf of the Group and, as such, provides services including physical custody and safekeeping of assets, settlement of trades, collection of dividends and accounting for investment transactions. Daily operating bank accounts and shareholder cash are managed within the Group by the internal management and the finance department. a) Financial risk management objectives The primary financial risks borne by the Group relate to the (re)insurance contract assets and liabilities, and the financial assets of the Group and its operating subsidiaries excluding those in the non-guaranteed investment linked funds in ClearView Life’s statutory fund No.4 (referred to below as ClearView assets). The primary financial risks related to the financial assets in the non-guaranteed investment linked funds in ClearView Life’s statutory fund No.4 are borne by policyholders of the life investment contracts as the investment performance
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ClearView Wealth Limited
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