Notes to the Financial Statements
Present value of future cash flows
Risk adjustment
CSM AIACF
Total
2023
$'000 $'000 $'000 $'000 $'000
Net opening balance Opening insurance contract liabilities Opening insurance contract assets
(251,449) (67,678) (46,300)
45,515 (319,912)
(77,322) (5,400) (16,469) 223,865 124,674 (328,771) (73,078) (62,769) 269,380 (195,238)
Total net opening balance
Changes related to current services CSM recognised for services provided
—
— 42,753
— 42,753
Change in risk adjustment for non-financial risks expired
— 13,193
— —
— 13,193 — (2,377)
Experience adjustments
(2,377)
—
Changes related to future services Contracts recognised in the period Changes in estimates that adjust the CSM
53,542 (10,950) (48,522)
— (5,930)
(34,168)
(5,185)
39,353
—
—
Changes in estimates that result in onerous contract losses or reversal of losses Changes related to past services Adjustment to liabilities for incurred claims Impairment of assets for insurance acquisition cash flows and reversal of impairment
(16,375)
(4,132)
—
— (20,507)
(10,788)
(1,185)
—
— (11,973)
—
—
— (14,345) (14,345)
Net finance expenses Net finance expenses
13,722
1,092 (2,471)
6,192 18,535
3,556 (7,167)
31,113 (8,153)
19,349
Total amounts recognised in comprehensive income
Cash flows Premiums received
(324,801)
— — — —
— —
— (324,801) — 207,946
Claims and other directly attributable expenses paid 207,946
Insurance acquisition cash flows
3,179
— 41,603 44,782 — 41,603 (72,073)
(113,676)
Total cash flows
Allocation from assets for insurance acquisition cash flows to groups of insurance contracts
31,165 3,069
— —
— (31,165)
—
—
— 3,069
Other movements 1
Net closing balance Closing insurance contract liabilities Closing insurance contract assets
(338,326) (74,658) (11,839)
94,591 (330,232)
(66,331) (5,587) (19,817) 177,074 85,339 (404,657) (80,245) (31,656) 271,665 (244,893)
Total net closing balance
1 Other movements relate to non-cash items such as amortisation of intangible assets.
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ClearView Wealth Limited
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