ClearView Annual report 2024

Notes to the Financial Statements

The effects of adopting AASB 17 on the retained earnings as at 1 July 2022 are $83.6 million. A breakdown of the impact on transition is reflected in the Balance Sheet reported below:

Derecogni- tion

Reclassifica- tion

AASB 17 recognition AASB 17

AASB 1038

1 July 2022

$'000

$'000

$'000

$'000

$'000

Assets

Assets

Cash and cash equivalents

150,735

— — — — —

— —

— 150,735 Cash and cash equivalents

Investments Receivables 1

2,289,624

— 2,289,624 Investments

35,003

(7,701)

— —

27,302 Receivables

Fixed interest deposits

2,897

2,897 Fixed interest deposits 124,674 Insurance contract assets

— 124,674

Reinsurers’ share of life insurance policy liabilities 4

26,367

(26,367)

(28,977)

138,157 35,851

109,180 Reinsurance contract assets

Deferred tax asset 5

11,915

— — — — — —

— — — — — —

47,766 Deferred tax asset

468

— — — — —

468 Property, plant and equipment 10,456 Right-of-use assets 13,734 Investment in associate

Property, plant and equipment

Right-of-use assets

10,456 13,734 12,511 17,368

Investment in associate

Goodwill

12,511 Goodwill

Intangible assets

17,368 Intangible assets

Total assets

2,806,715 Total assets

2,571,078

(26,367)

(36,678)

298,682

Liabilities Payables 2

Liabilities

50,297

— (29,174)

— — — —

21,123 Payables

Current tax liabilities

1,425 6,321 11,160

— — —

1,425 Current tax liabilities

Provisions 3

(202)

6,119 Provisions

Lease liabilities

11,160 Lease liabilities

Life insurance policy liabilities 4

(10,676)

10,676

(7,302)

327,214 18,078

319,912 Insurance contract liabilities 18,078 Reinsurance contract liabilities

Life investment contract liabilities

1,295,378

— 1,295,378 Life investment contract liabilities

Liability to non-controlling interest in controlled unit trusts

Liability to non-controlling interest in controlled unit trusts

645,612

— — — —

— —

— 645,612

Deferred tax liabilities

606

606 Deferred tax liabilities

Borrowings

16,000 73,857

— —

16,000 Borrowings

Subordinated debt Total liabilities

73,857 Subordinated debt

2,409,270 Total liabilities

2,089,980

10,676

(36,678)

345,292

397,445 Net assets

Net assets

481,098

(37,043)

— (46,610)

Equity

Equity

Issued capital

466,655

— 466,655 Issued capital

Retained earnings

7,881 6,562

(37,043)

— (46,610)

(75,772) Retained losses

6,562 Share based payments reserve

Share based payments reserve

Total equity

397,445 Total equity

481,098

(37,043)

— (46,610)

1 The reclassification of receivables relate to premium receivable balances, now a part of insurance contract assets and liabilities, remeasured in accordance with AASB 17 requirements. 2 The reclassification of payables relate to reinsurance premium payable balances and commission payable balances, now a part of (re)insurance contract assets and liabilities, remeasured in accordance with AASB 17 requirements. 3 The reclassification of provisions relate to provision for reinsurance recoveries, now a part of reinsurance contract assets and liabilities, remeasured in accordance with AASB 17 requirements. 4 Reinsurers’ share of life insurance policy liabilities and life insurance policy liabilities are derecognised and replaced by reinsurance and

insurance contract assets and liabilities, remeasured in accordance with AASB 17 requirements. 5 The recognition of deferred tax assets relates to the tax impact of restatement of retained earnings.

175

ClearView Wealth Limited

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