Notes to the Financial Statements
Asset for remaining coverage
Excluding loss-recovery component
Asset for incurred claims 1
Loss-recovery component
Total
2023
$'000
$'000
$'000
$'000
Net opening balance Opening reinsurance contract assets Opening reinsurance contract liabilities
(50,484) (40,304) (90,788)
75,601 5,647 81,248
84,063 16,579 100,642
109,180 (18,078)
91,102
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
(102,197)
—
— (102,197)
— (20,793)
106,258
85,465
—
19,820
— 19,820
—
—
4,932
4,932
(102,197)
(973)
111,190
8,020
(6,196)
3,610
(6,108)
(8,694)
(108,393)
2,637
105,082
(674)
127,371
— — —
— 127,371
Recoveries from reinsurance
—
(87,176) (87,176)
(87,176) 40,195
127,371
Total cash flows
Net closing balance Closing reinsurance contract assets Closing reinsurance contract liabilities
(60,730) (11,080) (71,810)
83,527
115,723
138,520 (7,897)
358
2,825
Total net closing balance 130,623 1 ClearView entered into two incurred claims treaties with its main reinsurer Swiss Re Life and Health Australia (Swiss Re) for its lump sum and income protection portfolios to manage its financial exposure to its reinsurer and address the concentration risk. Under the treaties, ClearView LifeSolutions and ClearChoice lump sum and income protection claims are substantially settled on an earned premium and incurred claims basis. As at 30 June 2024, ClearView received $193.6 million of the reinsurer’s share of incurred claims liability (30 June 2023: $176.7 million). 83,885 118,548
146
ClearView Annual Report 2024
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