Notes to the Financial Statements
Risk adjustment
Present value of future cash flows
for non- financial risk
CSM Total
2023
$'000 $'000 $'000 $'000
Net opening balance Opening reinsurance contract assets Opening reinsurance contract liabilities
60,673 62,387 (13,880) 109,180 (99,655) 50,904 30,673 (18,078)
(38,982)
113,291
16,793 91,102
Total net opening balance
Changes that relate to current service CSM recognised in profit and loss for services received Change in risk adjustment for non-financial risk expired
—
— 2,092 2,092
— (9,686)
— (9,686) — (9,138)
Experience adjustments
(9,138)
—
(9,138) (9,686)
2,092 (16,732)
Changes that relate to future service Contracts initially recognised in the period Changes in estimates that adjust the CSM
(2,498) 23,401
8,624 (6,126) (716) (22,685)
— —
Changes in estimates that do not adjust the CSM for the group of underlying insurance contracts Changes in recoveries of losses on onerous underlying insurance contracts that adjust CSM
20,005 5,442
— 25,447
—
— (5,627)
(5,627) 19,820
40,908 13,350 (34,438)
Changes that relate to past service Adjustments to the liability for incurred claims
4,040 4,040
892 892
— 4,932 — 4,932
35,810 4,556 (32,346)
8,020
Total net income/(expenses) from reinsurance contracts held Finance income/(expenses) from reinsurance contracts held Total amounts recognised in comprehensive income Cash flows Premiums paid net of ceding commissions and other directly attributable expenses paid
(6,326) (2,942)
574 (8,694)
29,484 1,614 (31,772)
(674)
127,371 (87,176) 40,195
— — —
— 127,371 — (87,176) — 40,195
Recoveries from reinsurance
Total cash flows
Net closing balance Closing reinsurance contract assets Closing reinsurance contract liabilities
47,013 105,178 (13,671) 138,520
(16,316)
9,727 (1,308)
(7,897)
30,697 114,905 (14,979) 130,623
Total net closing balance
148
ClearView Annual Report 2024
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