Notes to the Financial Statements
FY24 30 June 2024 30 June 2023 $’000 $’000
Reinsurance contracts held Less than 1 year
(7,013) (6,244) (5,573) (4,982) (4,456) (31,843) (60,111)
(1,857) (1,619) (1,426) (1,268)
1-2 years 2-3 years 3-4 years 4-5 years
(1,125) (7,684) (14,979)
More than 5 years
Total
5.3.4 Contractual service margin by transition method
The following tables provides an analysis of contractual service margin by transition method applied to measure the contracts on adoption of AASB 17.
Modified retrospective approach
Other contracts
Fair value approach
Total
Insurance contracts issued
$’000
$’000 (1,351)
$’000
$’000
CSM at 1 July 2023
(30,305)
— (31,656)
Changes that relate to current service Contractual service margin release for services provided Changes that relate to future service Contracts initially recognised in the period Changes in estimates that adjust the contractual service margin
52,468
—
— 52,468
(56,199)
—
— (56,199)
1,174
1,399 (48)
—
2,573
Insurance finance expense
(3,485) (36,347) (21,855)
— (3,533) — (36,347)
—
CSM at 30 June 2024 CSM at 1 July 2022
(35,898)
(5,016)
(62,769)
Changes that relate to current service Contractual service margin release for services provided Changes that relate to future service Contracts initially recognised in the period Changes in estimates that adjust the contractual service margin
37,396
233
5,124
42,753
(48,522)
—
— (48,522)
3,812
35,541 (1,227) (1,351)
— 39,353
Insurance finance expense
(1,136)
(108)
(2,471)
(30,305)
— (31,656)
CSM at 30 June 2023
137
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