ClearView Annual report 2024

Notes to the Financial Statements

5.5 Insurance contracts issued

5.5.1 Reconciliation of the liability for remaining coverage and the liability for incurred claims

LRC

Excluding loss component

Loss component

LIC AIACF

Total

2024

$'000 $'000 $'000 $'000 $'000

Net opening balance Opening insurance contract liabilities Opening insurance contract assets

(6,335)

(111,055) (307,433)

94,591 (330,232)

(20,686)

(841) (70,208) 177,074 85,339

(27,021) (111,896) (377,641) 271,665 (244,893)

Total net opening balance

Insurance revenue Contracts under modified retrospective approach

51,391

— — —

— 51,391 — 282,520 — 333,911

Other contracts

282,520 333,911

Total insurance revenue

Insurance service expenses Incurred claims and other directly attributable expenses Insurance acquisition cash flows amortisation Losses on onerous contracts and reversal of those losses 1 Changes that relate to past service - adjustments to the LIC Impairment of assets for insurance acquisition cash flows and reversal of impairment

— 13,302 (259,961)

— (246,659) — (38,802)

(38,802)

—

— (44,884)

—

— (44,884)

—

— (18,458)

—

— (23,377) (23,377)

(38,802)

(31,582) (278,419) (23,377) (372,180)

Total insurance service expenses

295,109 (31,582) (278,419) (23,377) (38,269)

Insurance service result

Insurance finance expenses Net finance income/(expenses)

16,221 16,221

(6,644) (6,644)

1,513 12,079 23,169 1,513 12,079 23,169

Total insurance finance income/(expenses)

311,330 (38,226) (276,906) (11,298) (15,100)

Total amounts recognised in comprehensive income

Cash flows Premiums received

(354,780)

—

— (354,780) — 219,358

Claims and other directly attributable expenses paid

—

— 219,358

Insurance acquisition cash flows

1,686

—

— 52,598 54,284

(353,094)

— 219,358 52,598 (81,138)

Total cash flows

Allocation from assets for insurance acquisition cash flows to groups of insurance contracts

32,174

—

— (32,174)

—

— 3,762

Other movements 2

Net closing balance Closing insurance contract liabilities Closing insurance contract assets

(9,732) (148,856) (338,275)

36,882 (459,981)

(26,879)

(1,266) (93,152) 243,909 122,612

(36,611) (150,122) (431,427) 280,791 (337,369)

Total net closing balance

140

ClearView Annual Report 2024