Notes to the Financial Statements
9.4 Capital commitments ClearView has committed to technology projects and service agreements to a value of $15.8 million. This predominantly relates to the implementation and ongoing costs of a new integrated policy administration system ( PAS ) and underwriting rules engine ( URE ) ($13.1 million). Other commitments of $2.7 million include the infrastructure as a service agreement (service fees) and the implementation and ongoing costs of the AASB 17 sub-ledger solution. The following table outlines the expected cashflows in relation to those commitments. Consolidated Year 1 Year 2 Year 3 Total $'000 $'000 $'000 $'000 PAS/URE 10,395 2,043 692 13,130 Other commitments 1,767 783 135 2,685 Total 12,162 2,826 827 15,815 9.5 Guarantees The facility entered into with the National Bank of Australia is guaranteed jointly and severally by: • ClearView Group Holdings Pty Limited ACN 107 325 388 • ClearView Administration Services Pty Limited ACN 135 601 875 The guarantees are supported by collateral (in the form of the shares) of the entities. 9.6 New accounting standards New and amended Australian Accounting Standards and Interpretations affecting amounts reported and/ or disclosures in the financial statements AASB 17, the new accounting standard for insurance contracts, was adopted by the Australian Accounting Standards Board in July 2017. The first applicable annual reporting period for ClearView is the year ended 30 June 2024, with the restated comparative period ended 30 June 2023. Refer to section 5 for the accounting policy information.
174
ClearView Annual Report 2024
Powered by FlippingBook