Notes to the Financial Statements
Modified retrospective approach
Other contracts
Fair value approach
FY24
Total
Reinsurance contracts held
$’000 (7,637)
$’000 (8,810)
$’000 1,468
$’000
CSM at 1 July 2023
(14,979)
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
5,003
5,579
(967)
9,615
2,365
—
—
2,365
(31,350)
(30,113)
4,550 (56,913)
Reinsurance finance income
(18)
(230)
49
(199)
(31,637) (2,232)
(33,574)
5,100 1,954
(60,111) 16,793
CSM at 30 June 2024 CSM at 1 July 2022
17,071
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
735
1,635
(278)
2,092
(6,126)
—
— (6,126)
95
(28,157)
(250)
(28,312)
Reinsurance finance income
(109)
641
42
574
(7,637)
(8,810)
1,468
(14,979)
CSM at 30 June 2023
5.3.5 Expected derecognition of the assets for insurance acquisition cash flows
The following table set out when the Group expects to derecognise assets for insurance acquisition cash flows after the reporting date. FY24 30 June 2024 30 June 2023 $’000 $’000
Less than 1 year
28,120 27,626 25,215 22,869 20,722 156,239 280,791
28,854 26,285 23,843 21,618 19,518 151,547 271,665
1-2 years 2-3 years 3-4 years 4-5 years
More than 5 years
Total
138
ClearView Annual Report 2024
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