Notes to the Financial Statements
5.6 Reinsurance contracts held
5.6.1 Reconciliation of the remaining coverage and incurred claims
Asset for remaining coverage
Excluding loss-recovery component
Asset for incurred claims 1
Loss-recovery component
Total
2024
$'000
$'000
$'000
$'000
Net opening balance Opening reinsurance contract assets Opening reinsurance contract liabilities
(60,730) (11,080) (71,810)
83,527
115,723
138,520 (7,897) 130,623
358
2,825
83,885
118,548
Total net opening balance
Net income/(expenses) from reinsurance contracts held Reinsurance expenses Claims recovered and other incurred directly attributable expenses Recoveries and reversals of recoveries of losses on onerous underlying insurance contracts Changes that relate to past service - adjustments to assets for the incurred claims Total net income/(expenses) from reinsurance contracts held Finance income from reinsurance contracts held Total amounts recognised in comprehensive income Cash flows Premiums paid net of ceding commissions and other directly attributable expenses paid
(117,021)
—
— (117,021)
—
(9,944)
106,441
96,497
—
27,404
— 27,404
—
—
31,533
31,533
(117,021)
17,460
137,974
38,413
(22,227)
4,983
(1,088)
(18,332)
(139,248)
22,443
136,886
20,081
136,499
—
— 136,499
Recoveries from reinsurance
—
— (107,625) — (107,625)
(107,625)
136,499
28,874
Total cash flows
Net closing balance Closing reinsurance contract assets Closing reinsurance contract liabilities
(56,368)
105,672
140,245
189,549 (9,971) 179,578
(18,191)
656
7,564
(74,559)
106,328
147,809
Total net closing balance
145
ClearView Wealth Limited
Powered by FlippingBook