Notes to the Financial Statements
5.3.2 Detail of insurance service and other expenses
2024 $’000
2023
FY24
$’000 127,162 26,438 53,895 30,661 49,791
Claims
176,359 44,884
Losses on onerous contracts and reversal of those losses
Commission expenses Administration expenses Employee expenses Share based payments
63,116
33,399 52,063
195
(166)
Directors’ fees
704 387 7,134
960 150
Employee termination payments
Depreciation and amortisation expenses
5,384
Other expenses Finance costs
—
28
10,172 8,243 388,413 302,546
Amounts attributed to insurance acquisition cash flows Amortisation of insurance acquisition cash flows
(54,284)
(44,782)
38,802
37,932
Impairment of assets for insurance acquisition cash flows and reversal of impairment
23,377
14,345
396,308
310,041
Insurance service and other expenses
Insurance service and other expenses represented by :
2024 $’000
2023
FY24
$’000
Insurance service expenses Other operating expenses
372,180 290,001
13,956 10,172
11,797 8,243
Other finance costs
396,308
310,041
Total
5.3.3 Expected recognition of the contractual service margin
The following tables set out when the CSM is expected to be released into profit or loss in future periods. FY24 30 June 2024 30 June 2023 $’000 $’000 Insurance contracts issued Less than 1 year (26,796) (23,220) 1-2 years (593) (540) 2-3 years (554) (495) 3-4 years (511) (467) 4-5 years (486) (432) More than 5 years (7,407) (6,502) Total (36,347) (31,656)
136
ClearView Annual Report 2024
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