Notes to the Financial Statements
LRC
Excluding loss component
Loss component
LIC AIACF
Total
2023
$'000 $'000 $'000 $'000 $'000
Net opening balance Opening insurance contract liabilities Opening insurance contract assets
13,759 (100,038) (279,148) 45,515 (319,912)
(11,949)
(7,794) (79,448) 223,865 124,674
1,810 (107,832) (358,596) 269,380 (195,238)
Total net opening balance
Insurance revenue Contracts under modified retrospective approach
49,157 17,921
— — — —
— — 49,157 — — 17,921 — — 223,737 — — 290,815
Contracts under fair value approach
Other contracts
223,737 290,815
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 Changes that relate to past service - adjustments to the LIC Impairment of assets for insurance acquisition cash flows and reversal of impairment
— 27,182 (226,496)
— (199,314)
(37,932)
—
— — (37,932)
— (26,437)
— — (26,437)
—
— (11,973)
— (11,973)
—
—
— (14,345) (14,345)
(37,932) 252,883
745 (238,469) (14,345) (290,001)
Total insurance service expenses
745 (238,469) (14,345)
814
Insurance service result
Insurance finance expenses Net finance income/(expenses)
8,742 (4,808) 8,742 (4,808)
8,409 6,192 18,535 8,409 6,192 18,535
Total insurance finance income/(expenses)
261,625 (4,063) (230,060) (8,153)
19,349
Total amounts recognised in comprehensive income
Cash flows Premiums received
(324,801)
—
— — (324,801)
Claims and other directly attributable expenses paid
—
— 207,946
— 207,946
Insurance acquisition cash flows
3,179
—
— 41,603 44,782
(321,622)
— 207,946 41,603 (72,073)
Total cash flows
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts
31,165
—
— (31,165)
—
—
— 3,069
— 3,069
Other movements 2
Net closing balance Closing insurance contract liabilities Closing insurance contract assets
(6,336) (20,686)
(111,054) (307,433) 94,591 (330,232) (841) (70,208) 177,074 85,339
(27,022) (111,895) (377,641) 271,665 (244,893)
Total net closing balance
1 The losses on onerous contracts in FY24 mainly resulted from actuarial assumptions changes made at 30 June 2024. 2 Other movements relate to non-cash items such as amortisation of intangible assets.
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ClearView Wealth Limited
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