{"id":"F2023L00612","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 122 of 2023","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-122-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104303,"registerId":"commonwealth-F2023L00612-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Reporting Standard LRS 310.0","sectionType":"part","heading":"Reporting Standard LRS 310.0","content":"![Commonwealth Coat of Arms of Australia](image.001.png)\n\n# Reporting Standard LRS 310.0\n\n# Statement of profit or loss and other comprehensive income\n\n## Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA in relation to a life company’s profit or loss and other comprehensive income.\n\nIt includes associated specific instructions and must be read in conjunction with Reporting Standard LRS 001 Reporting Requirements (LRS 001), including the general instruction guide.\n\n### Authority\n\n    This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.\n\n### Purpose\n\n    2. The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision including assessing compliance with capital adequacy standards.\n\n### Application and commencement\n\n    3. This Reporting Standard applies to all life insurance companies including friendly societies (together referred to as ‘life companies’) registered under the Life Insurance Act 1995 (Life Act). This Reporting Standard applies for reporting periods ending on or after 1 July 2023.\n\n### Information required\n\n    4. A life company must provide APRA with the information required by this Reporting Standard for each reporting period.\n    5. The information reported to APRA under this Reporting Standard is not required to be given to policy owners pursuant to section 124 of the Life Act. It does not constitute a reporting document for the purposes of section 124.\n\n### Method of submission\n\n6. The information required by this Reporting Standard must be given to APRA:\n\n    (a) in electronic format using an electronic method available on APRA’s website; or\n    (b) by a method notified by APRA prior to submission.\n\n### Reporting periods and due dates\n\n    7. Subject to paragraph 8, a life company must provide the information required by this Reporting Standard:\n\n(a) in respect of each quarter based on the financial year of the life company on an unaudited basis; and\n\n(b) in respect of each financial year of the life company on an audited basis.\n\nNote 1: This means that information provided under this Reporting Standard will be submitted five times for a full financial year.\n\nNote 2: The annual audited information provided under this Reporting Standard must be submitted in conjunction with the annual auditor’s report, as required under Prudential Standard LPS 310 Audit and Related Matters.\n\n    8. If, having regard to the particular circumstances of a life company, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 7(a) or 7(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular life company.\n    9. The information required by this Reporting Standard in respect of a life company must be provided to APRA:\n\n(a) in the case of quarterly information, within 20 business days after the end of the reporting period to which the information relates;\n\n(b) in the case of annual information, within three months after the end of the reporting period to which the information relates; or\n\n(c) in the case of information provided in accordance with paragraph 8, within the time specified by notice in writing.\n\n10. APRA may, in writing, grant a life company an extension of a due date, in which case the new due date will be the date on the notice of extension.\n\nNote: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, a life company is nonetheless required to submit the information required no later than the due date.\n\n### Quality control\n\n    11. The information provided by a life company under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Auditor of the life company. This will require the Auditor to review and test the life company’s systems, processes and controls supporting the reporting of the information to enable the life company to provide reliable financial information to APRA. This review and testing must be done on:\n\n(a) an annual basis or more frequently if necessary to enable the Auditor to form an opinion on the reliability and accuracy of data; and\n\n(b) at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board as may be amended from time to time, to the extent that they are not inconsistent with the requirements of Prudential Standard LPS 310 Audit and Related Matters.\n\n    12. All information provided by a life company under this Reporting Standard must be subject to systems, processes and controls developed by the life company for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the life company to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n    13. Actuarial valuations and calculations included in or used in the preparation of the information provided to APRA must be in accordance with the prudential standards in force for the reporting period. However, life companies may use reasonable estimates when preparing information that will not be audited (i.e. for the first four submissions of information for a full financial year).\n\n### Authorisation\n\n14. When an officer or agent of a life company provides the information required by this Reporting Standard using an electronic format, the officer or agent must digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n    15. An officer or agent of a life company who submits information under this Reporting Standard must be authorised by either:\n\n(a) the Principal Executive Officer of the life company; or\n\n(b) the Chief Financial Officer of the life company.\n\n### Variations\n\n    16. APRA may, by written notice to the life company, vary the reporting requirements of this Reporting Standard in relation to that life company.\n\n### Transition\n\n    17. A life company must report under the old reporting standard in respect of a transitional reporting period. For these purposes:\n\nold reporting standard means the reporting standard revoked in the determination making this Reporting Standard; and\n\ntransitional reporting period means a reporting period under the old reporting standard:\n\n    (a) which ended before 1 July 2023; and\n    (b) in relation to which the life company was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.\n\nNote: For the avoidance of doubt, if a life company was required to report under an old reporting standard, and the reporting documents were due before the date of revocation of the old reporting standard, the life company is still required to provide any overdue reporting documents in accordance with the old reporting standard.\n\n### Interpretation\n\n    18. In this Reporting Standard:\n\n(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard LPS 001 Definitions (LPS 001); and\n\n    (b) the following definitions are applicable:\n\nAuditor means an auditor appointed under paragraph 83 of the Life Act.\n\ncapital adequacy standards means the prudential standards which relate to capital adequacy as defined in LPS 001.\n\nChief Financial Officer means the chief financial officer of the life company, by whatever name called.\n\nfinancial year has the meaning in the Corporations Act 2001.\n\ngeneral instruction guide refers to the general instruction guide set out in Attachment A of LRS 001.\n\nLife Act means the Life Insurance Act 1995.\n\nPrincipal Executive Officer means the principal executive officer of the life company, by whatever name called, and whether or not he or she is a member of the governing board of the entity.\n\nreporting period means a reporting period under subparagraph 7(a) or 7(b) or, if applicable, paragraph 8.\n\n    19. Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.","sortOrder":0},{"sectionNumber":"Statement of profit or loss and other co","sectionType":"part","heading":"Statement of profit or loss and other comprehensive income","content":"![Commonwealth Coat of Arms of Australia](image.001.png)\n\n# Reporting Standard LRS 310.0\n\n# Statement of profit or loss and other comprehensive income\n\n## Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA in relation to a life company’s profit or loss and other comprehensive income.\n\nIt includes associated specific instructions and must be read in conjunction with Reporting Standard LRS 001 Reporting Requirements (LRS 001), including the general instruction guide.\n\n### Authority\n\n    This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.\n\n### Purpose\n\n    2. The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision including assessing compliance with capital adequacy standards.\n\n### Application and commencement\n\n    3. This Reporting Standard applies to all life insurance companies including friendly societies (together referred to as ‘life companies’) registered under the Life Insurance Act 1995 (Life Act). This Reporting Standard applies for reporting periods ending on or after 1 July 2023.\n\n### Information required\n\n    4. A life company must provide APRA with the information required by this Reporting Standard for each reporting period.\n    5. The information reported to APRA under this Reporting Standard is not required to be given to policy owners pursuant to section 124 of the Life Act. It does not constitute a reporting document for the purposes of section 124.\n\n### Method of submission\n\n6. The information required by this Reporting Standard must be given to APRA:\n\n    (a) in electronic format using an electronic method available on APRA’s website; or\n    (b) by a method notified by APRA prior to submission.\n\n### Reporting periods and due dates\n\n    7. Subject to paragraph 8, a life company must provide the information required by this Reporting Standard:\n\n(a) in respect of each quarter based on the financial year of the life company on an unaudited basis; and\n\n(b) in respect of each financial year of the life company on an audited basis.\n\nNote 1: This means that information provided under this Reporting Standard will be submitted five times for a full financial year.\n\nNote 2: The annual audited information provided under this Reporting Standard must be submitted in conjunction with the annual auditor’s report, as required under Prudential Standard LPS 310 Audit and Related Matters.\n\n    8. If, having regard to the particular circumstances of a life company, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 7(a) or 7(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular life company.\n    9. The information required by this Reporting Standard in respect of a life company must be provided to APRA:\n\n(a) in the case of quarterly information, within 20 business days after the end of the reporting period to which the information relates;\n\n(b) in the case of annual information, within three months after the end of the reporting period to which the information relates; or\n\n(c) in the case of information provided in accordance with paragraph 8, within the time specified by notice in writing.\n\n10. APRA may, in writing, grant a life company an extension of a due date, in which case the new due date will be the date on the notice of extension.\n\nNote: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, a life company is nonetheless required to submit the information required no later than the due date.\n\n### Quality control\n\n    11. The information provided by a life company under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Auditor of the life company. This will require the Auditor to review and test the life company’s systems, processes and controls supporting the reporting of the information to enable the life company to provide reliable financial information to APRA. This review and testing must be done on:\n\n(a) an annual basis or more frequently if necessary to enable the Auditor to form an opinion on the reliability and accuracy of data; and\n\n(b) at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board as may be amended from time to time, to the extent that they are not inconsistent with the requirements of Prudential Standard LPS 310 Audit and Related Matters.\n\n    12. All information provided by a life company under this Reporting Standard must be subject to systems, processes and controls developed by the life company for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the life company to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n    13. Actuarial valuations and calculations included in or used in the preparation of the information provided to APRA must be in accordance with the prudential standards in force for the reporting period. However, life companies may use reasonable estimates when preparing information that will not be audited (i.e. for the first four submissions of information for a full financial year).\n\n### Authorisation\n\n14. When an officer or agent of a life company provides the information required by this Reporting Standard using an electronic format, the officer or agent must digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n    15. An officer or agent of a life company who submits information under this Reporting Standard must be authorised by either:\n\n(a) the Principal Executive Officer of the life company; or\n\n(b) the Chief Financial Officer of the life company.\n\n### Variations\n\n    16. APRA may, by written notice to the life company, vary the reporting requirements of this Reporting Standard in relation to that life company.\n\n### Transition\n\n    17. A life company must report under the old reporting standard in respect of a transitional reporting period. For these purposes:\n\nold reporting standard means the reporting standard revoked in the determination making this Reporting Standard; and\n\ntransitional reporting period means a reporting period under the old reporting standard:\n\n    (a) which ended before 1 July 2023; and\n    (b) in relation to which the life company was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.\n\nNote: For the avoidance of doubt, if a life company was required to report under an old reporting standard, and the reporting documents were due before the date of revocation of the old reporting standard, the life company is still required to provide any overdue reporting documents in accordance with the old reporting standard.\n\n### Interpretation\n\n    18. In this Reporting Standard:\n\n(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard LPS 001 Definitions (LPS 001); and\n\n    (b) the following definitions are applicable:\n\nAuditor means an auditor appointed under paragraph 83 of the Life Act.\n\ncapital adequacy standards means the prudential standards which relate to capital adequacy as defined in LPS 001.\n\nChief Financial Officer means the chief financial officer of the life company, by whatever name called.\n\nfinancial year has the meaning in the Corporations Act 2001.\n\ngeneral instruction guide refers to the general instruction guide set out in Attachment A of LRS 001.\n\nLife Act means the Life Insurance Act 1995.\n\nPrincipal Executive Officer means the principal executive officer of the life company, by whatever name called, and whether or not he or she is a member of the governing board of the entity.\n\nreporting period means a reporting period under subparagraph 7(a) or 7(b) or, if applicable, paragraph 8.\n\n    19. Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.","sortOrder":1},{"sectionNumber":"Objective of this Reporting Standard","sectionType":"part","heading":"Objective of this Reporting Standard","content":"## Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA in relation to a life company’s profit or loss and other comprehensive income.\n\nIt includes associated specific instructions and must be read in conjunction with Reporting Standard LRS 001 Reporting Requirements (LRS 001), including the general instruction guide.","sortOrder":2},{"sectionNumber":"Authority","sectionType":"division","heading":"Authority","content":"### Authority\n\n    This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.","sortOrder":3},{"sectionNumber":"Purpose","sectionType":"division","heading":"Purpose","content":"### Purpose\n\n    2. The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision including assessing compliance with capital adequacy standards.","sortOrder":4},{"sectionNumber":"Application and commencement","sectionType":"division","heading":"Application and commencement","content":"### Application and commencement\n\n    3. This Reporting Standard applies to all life insurance companies including friendly societies (together referred to as ‘life companies’) registered under the Life Insurance Act 1995 (Life Act). This Reporting Standard applies for reporting periods ending on or after 1 July 2023.","sortOrder":5},{"sectionNumber":"Information required","sectionType":"division","heading":"Information required","content":"### Information required\n\n    4. A life company must provide APRA with the information required by this Reporting Standard for each reporting period.\n    5. The information reported to APRA under this Reporting Standard is not required to be given to policy owners pursuant to section 124 of the Life Act. It does not constitute a reporting document for the purposes of section 124.","sortOrder":6},{"sectionNumber":"Method of submission","sectionType":"division","heading":"Method of submission","content":"### Method of submission\n\n6. The information required by this Reporting Standard must be given to APRA:\n\n    (a) in electronic format using an electronic method available on APRA’s website; or\n    (b) by a method notified by APRA prior to submission.","sortOrder":7},{"sectionNumber":"Reporting periods and due dates","sectionType":"division","heading":"Reporting periods and due dates","content":"### Reporting periods and due dates\n\n    7. Subject to paragraph 8, a life company must provide the information required by this Reporting Standard:\n\n(a) in respect of each quarter based on the financial year of the life company on an unaudited basis; and\n\n(b) in respect of each financial year of the life company on an audited basis.\n\nNote 1: This means that information provided under this Reporting Standard will be submitted five times for a full financial year.\n\nNote 2: The annual audited information provided under this Reporting Standard must be submitted in conjunction with the annual auditor’s report, as required under Prudential Standard LPS 310 Audit and Related Matters.\n\n    8. If, having regard to the particular circumstances of a life company, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 7(a) or 7(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular life company.\n    9. The information required by this Reporting Standard in respect of a life company must be provided to APRA:\n\n(a) in the case of quarterly information, within 20 business days after the end of the reporting period to which the information relates;\n\n(b) in the case of annual information, within three months after the end of the reporting period to which the information relates; or\n\n(c) in the case of information provided in accordance with paragraph 8, within the time specified by notice in writing.\n\n10. APRA may, in writing, grant a life company an extension of a due date, in which case the new due date will be the date on the notice of extension.\n\nNote: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, a life company is nonetheless required to submit the information required no later than the due date.","sortOrder":8},{"sectionNumber":"Quality control","sectionType":"division","heading":"Quality control","content":"### Quality control\n\n    11. The information provided by a life company under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Auditor of the life company. This will require the Auditor to review and test the life company’s systems, processes and controls supporting the reporting of the information to enable the life company to provide reliable financial information to APRA. This review and testing must be done on:\n\n(a) an annual basis or more frequently if necessary to enable the Auditor to form an opinion on the reliability and accuracy of data; and\n\n(b) at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board as may be amended from time to time, to the extent that they are not inconsistent with the requirements of Prudential Standard LPS 310 Audit and Related Matters.\n\n    12. All information provided by a life company under this Reporting Standard must be subject to systems, processes and controls developed by the life company for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the life company to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n    13. Actuarial valuations and calculations included in or used in the preparation of the information provided to APRA must be in accordance with the prudential standards in force for the reporting period. However, life companies may use reasonable estimates when preparing information that will not be audited (i.e. for the first four submissions of information for a full financial year).","sortOrder":9},{"sectionNumber":"Authorisation","sectionType":"division","heading":"Authorisation","content":"### Authorisation\n\n14. When an officer or agent of a life company provides the information required by this Reporting Standard using an electronic format, the officer or agent must digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n    15. An officer or agent of a life company who submits information under this Reporting Standard must be authorised by either:\n\n(a) the Principal Executive Officer of the life company; or\n\n(b) the Chief Financial Officer of the life company.","sortOrder":10},{"sectionNumber":"Variations","sectionType":"division","heading":"Variations","content":"### Variations\n\n    16. APRA may, by written notice to the life company, vary the reporting requirements of this Reporting Standard in relation to that life company.","sortOrder":11},{"sectionNumber":"Transition","sectionType":"division","heading":"Transition","content":"### Transition\n\n    17. A life company must report under the old reporting standard in respect of a transitional reporting period. For these purposes:\n\nold reporting standard means the reporting standard revoked in the determination making this Reporting Standard; and\n\ntransitional reporting period means a reporting period under the old reporting standard:\n\n    (a) which ended before 1 July 2023; and\n    (b) in relation to which the life company was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.\n\nNote: For the avoidance of doubt, if a life company was required to report under an old reporting standard, and the reporting documents were due before the date of revocation of the old reporting standard, the life company is still required to provide any overdue reporting documents in accordance with the old reporting standard.","sortOrder":12},{"sectionNumber":"Interpretation","sectionType":"division","heading":"Interpretation","content":"### Interpretation\n\n    18. In this Reporting Standard:\n\n(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard LPS 001 Definitions (LPS 001); and\n\n    (b) the following definitions are applicable:\n\nAuditor means an auditor appointed under paragraph 83 of the Life Act.\n\ncapital adequacy standards means the prudential standards which relate to capital adequacy as defined in LPS 001.\n\nChief Financial Officer means the chief financial officer of the life company, by whatever name called.\n\nfinancial year has the meaning in the Corporations Act 2001.\n\ngeneral instruction guide refers to the general instruction guide set out in Attachment A of LRS 001.\n\nLife Act means the Life Insurance Act 1995.\n\nPrincipal Executive Officer means the principal executive officer of the life company, by whatever name called, and whether or not he or she is a member of the governing board of the entity.\n\nreporting period means a reporting period under subparagraph 7(a) or 7(b) or, if applicable, paragraph 8.\n\n    19. Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.","sortOrder":13},{"sectionNumber":"General instructions","sectionType":"part","heading":"General instructions","content":"## General instructions\n\nThese instructions assist completion of the information collected by Reporting Standard LRS 310.0 Statement of profit or loss and other comprehensive income (LRS 310.0). This Reporting Standard collects information relating to the licensed insurer’s profit or loss and other comprehensive income.","sortOrder":16},{"sectionNumber":"Reporting tables","sectionType":"division","heading":"Reporting tables","content":"### Reporting tables\n\nTables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.","sortOrder":17},{"sectionNumber":"General accounting basis","sectionType":"division","heading":"General accounting basis","content":"### General accounting basis\n\nIn completing the reporting standards, unless otherwise stated specifically, reporting life companies are to follow the basis consistent with the relevant Australian Accounting Standards. In particular, appropriate consideration must be given to the interpretation, the basis for measurement, and the netting between revenues/expenses items and financial assets/liabilities.","sortOrder":18},{"sectionNumber":"References to Australian Accounting Stan","sectionType":"division","heading":"References to Australian Accounting Standards","content":"### References to Australian Accounting Standards\n\nEach item reported under this Reporting Standard aligns with the Accounting Standards made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item. AASB reference provides a written description of the accounting meaning of an IFRS Taxonomy element.","sortOrder":19},{"sectionNumber":"IFRS taxonomy element reference","sectionType":"division","heading":"IFRS taxonomy element reference","content":"### IFRS taxonomy element reference\n\nEach IFRS taxonomy element contains at least one cross-reference to an AASB Standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board (IASB)) and has a reference type that can be used to identify the source of that element. The IFRS Taxonomy uses the following element reference types:\n\n    (a) disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;\n    (b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and\n    (c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements they not specifically mentioned in IFRS/AASB Standards or their accompanying materials, but are consistent with IFRS/AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.","sortOrder":20},{"sectionNumber":"Reporting direction for life insurers","sectionType":"division","heading":"Reporting direction for life insurers","content":"### Reporting direction for life insurers\n\nFor APRA reporting, life insurers must also meet the relevant policy liability valuation requirements outlined in the Prudential Standard LPS 340 Valuation of Policy Liabilities.","sortOrder":21},{"sectionNumber":"Definitions","sectionType":"division","heading":"Definitions","content":"### Definitions\n\nTerms that are highlighted in bold italics are defined in these instructions.","sortOrder":22},{"sectionNumber":"Specific instructions","sectionType":"part","heading":"Specific instructions","content":"# Reporting Standard LRS 310.0\n\n# Statement of profit or loss and other comprehensive income\n\n## General instructions\n\nThese instructions assist completion of the information collected by Reporting Standard LRS 310.0 Statement of profit or loss and other comprehensive income (LRS 310.0). This Reporting Standard collects information relating to the licensed insurer’s profit or loss and other comprehensive income.\n\n### Reporting tables\n\nTables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\n### General accounting basis\n\nIn completing the reporting standards, unless otherwise stated specifically, reporting life companies are to follow the basis consistent with the relevant Australian Accounting Standards. In particular, appropriate consideration must be given to the interpretation, the basis for measurement, and the netting between revenues/expenses items and financial assets/liabilities.\n\n### References to Australian Accounting Standards\n\nEach item reported under this Reporting Standard aligns with the Accounting Standards made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item. AASB reference provides a written description of the accounting meaning of an IFRS Taxonomy element.\n\n### IFRS taxonomy element reference\n\nEach IFRS taxonomy element contains at least one cross-reference to an AASB Standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board (IASB)) and has a reference type that can be used to identify the source of that element. The IFRS Taxonomy uses the following element reference types:\n\n    (a) disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;\n    (b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and\n    (c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements they not specifically mentioned in IFRS/AASB Standards or their accompanying materials, but are consistent with IFRS/AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.\n\n### Reporting direction for life insurers\n\nFor APRA reporting, life insurers must also meet the relevant policy liability valuation requirements outlined in the Prudential Standard LPS 340 Valuation of Policy Liabilities.\n\n### Definitions\n\nTerms that are highlighted in bold italics are defined in these instructions.\n\n  \n\n## Specific instructions\n\n### Reporting basis\n\nInformation in this Reporting Standard is to be completed by life insurers including friendly societies (together referred to as life insurers or licensed insurers) for each reporting period on statutory fund (approved benefit fund for a friendly society), licensed insurer and statutory fund eliminations bases.\n\nLRS 310.0 must be submitted for each statutory fund (approved benefit fund for a friendly society) separately for each reporting period.\n\nLRS 310.0 must be submitted for the sum of individual statutory funds, the sum of statutory fund eliminations, the general fund, and if applicable the general fund eliminations for each reporting period. The term ‘general fund’ has been used to refer to the shareholders’ fund of a life company other than a friendly society or the management fund of a friendly society.\n\nPlease disclose non-distinct investment components in Reporting Standard LRS 320.0 Liability Roll Forwards at:\n\n-   Part A: Liability Roll Forward 1, item 12: ‘Investment components and premium refunds’, item 18: ‘Claims and other expenses paid, including investment components’; and\n-   Part B: Liability Roll Forward 1, item 9: ‘Investment components and premium refunds’\n\nas applicable (refer to AASB 17.103 (c) and AASB 17.105 (a) (iii)).\n\n### APRA class of business\n\nThe APRA class of business that apply for the purpose of this Reporting Standard are:\n\n#####  Australia – Ordinary Business\n\n#####  Australia – Superannuation Business\n\n#####  Overseas – All Business\n\nThe expressions ‘Australian Business’ and ‘Overseas Business’ refer to the territories where the life insurance business is carried on.\n\nThe expressions ‘Ordinary Business’ and ‘Superannuation Business’ are defined in the Life Act.\n\nThis section is also to be completed for each participating and non-participating business. The expressions ‘participating business and ‘non-participating business’ are defined in the Life Act.\n\nDirect business is any insurance business written / insurance contracts issued by the reporting insurer.\n\nInwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.\n\nNon-life insurance business is insurance business carried on by a life company in accordance with APRA’s declaration made under section 12A or section 12B of the Life Act.\n\n### Units of measurement\n\nReport values in this Reporting Standard in whole Australian dollars (AUD) with no decimal place.\n\nConvert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.\n\nReport losses and expenses as negative values.\n\n#### Columns for Licensed insurer and Statutory fund eliminations reporting:\n\n| Column 1  | Report the total amounts for Australian business before statutory fund eliminations representing the sum of individual statutory funds.                                                                                  |\n| --------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Column 2  | Report the total amounts for overseas business before statutory fund eliminations representing the sum of individual statutory funds.                                                                                    |\n| Column 3  | Column 3 ‘Total business before statutory fund eliminations’ is a derived column and is calculated as the sum of columns 1 and 2.                                                                                        |\n| Column 4  | Report the total amounts for Australian business statutory fund eliminations in negative values.                                                                                                                         |\n| Column 5  | Report the total amounts for overseas business statutory fund eliminations in negative values.                                                                                                                           |\n| Column 6  | Column 6 ‘Total business’ is a derived column and is calculated as the sum of columns 4 and 5.                                                                                                                           |\n| Column 7  | Column 7 ‘Australian business after statutory fund eliminations’ is a derived column and is calculated as the sum of columns 1 and 4.                                                                                    |\n| Column 8  | Column 8 ‘Overseas business after statutory fund eliminations’ is a derived column and is calculated as the sum of columns 2 and 5.                                                                                      |\n| Column 9  | Column 9 ‘Total business (after statutory fund eliminations)’ is a derived column and is calculated as the sum of columns 7 and 8.                                                                                       |\n| Column 10 | Report the amounts as applicable for the general fund in positive values.                                                                                                                                                |\n| Column 11 | Report the amounts as applicable for general fund eliminations in negative values.                                                                                                                                       |\n| Column 12 | Column 12 is a derived column and is calculated as the sum of columns 9, 10 and 11. Total entity is equal to the sum of Total business (after statutory fund eliminations), General fund, and General fund eliminations’ |\n\n#### Columns for Statutory fund reporting:\n\n| Column 1 | Report the amounts for Australian business for the individual statutory fund. |\n| -------- | ----------------------------------------------------------------------------- |\n| Column 2 | Report the amounts for overseas business for the individual statutory fund.   |\n| Column 3 | Column 3 is a derived column and is calculated as the sum of columns 1 and 2. |\n\n1.  Insurance revenue\n\n| Item 1   | Item 1 total insurance revenue is a derived item calculated as the sum of items 1.1 to 1.4 inclusive.Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80 (a) and AASB 17.83. |\n| -------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 1.1 | Report insurance revenue from life insurance direct business.                                                                                                                                            |\n| Item 1.2 | Report insurance revenue from life investment direct business.                                                                                                                                           |\n| Item 1.3 | Report insurance revenue from inwards reinsurance.                                                                                                                                                       |\n| Item 1.4 | Report insurance revenue from non-life insurance business.                                                                                                                                               |\n\n2. Insurance service expense\n\n| Item 2     | Item 2 total insurance service expense is a derived item calculated as the sum of items 2.1 to 2.4. inclusive.Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84.                                                                                     |\n| ---------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 2.1   | Item 2.1 insurance service expense from life insurance direct business is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive.                                                                                                                                          |\n| Item 2.1.1 | Report incurred claims from life insurance direct business.                                                                                                                                                                                                                                       |\n| Item 2.1.2 | Report other insurance service expenses from life insurance direct business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.                                                                                         |\n| Item 2.1.3 | Report amortisation of insurance acquisition cash flows from life insurance direct business.                                                                                                                                                                                                      |\n| Item 2.1.4 | Report losses and reversal of losses on onerous contracts from life insurance direct business.Report this item in accordance with AASB 17.47-52.                                                                                                                                                  |\n| Item 2.1.5 | Report changes that relate to past service: changes to liabilities for incurred claims from life insurance direct business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                  |\n| Item 2.1.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from life insurance direct business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense. |\n| Item 2.2   | Report life investment direct business.                                                                                                                                                                                                                                                           |\n| Item 2.2.1 | Report other insurance service expenses from life investment direct business.Report this item in accordance with AASB 17.103 (b).                                                                                                                                                                 |\n| Item 2.3   | Item 2.3, insurance service expenses from inwards reinsurance, is a derived item and is calculated as the sum of items 2.3.1 to 2.3.6 inclusive.                                                                                                                                                  |\n| Item 2.3.1 | Report incurred claims from inwards reinsurance.                                                                                                                                                                                                                                                  |\n| Item 2.3.2 | Report other insurance service expenses from inwards reinsurance.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.                                                                                                    |\n| Item 2.3.3 | Report amortisation of insurance acquisition cash flows from inwards reinsurance.                                                                                                                                                                                                                 |\n| Item 2.3.4 | Report losses and reversal of losses on onerous contracts from inwards reinsurance.Report this item in accordance with AASB 17.47-52.                                                                                                                                                             |\n| Item 2.3.5 | Report changes that relate to past service: changes to liabilities for incurred claims from inwards reinsurance.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                             |\n| Item 2.3.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from inwards reinsurance.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.            |\n| Item 2.4   | Item 2.4, insurance service expenses from non-life insurance business, is a derived item and is calculated as the sum of items 2.4.1 to 2.4.6 inclusive.                                                                                                                                          |\n| Item 2.4.1 | Report incurred claims from non-life insurance business.                                                                                                                                                                                                                                          |\n| Item 2.4.2 | Report other insurance service expenses from non-life insurance business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59 (a) at this item.                                                                                           |\n| Item 2.4.3 | Report amortisation of insurance acquisition cash flows from non-life insurance business.                                                                                                                                                                                                         |\n| Item 2.4.4 | Report losses and reversal of losses on onerous contracts from non-life insurance business.Report this item in accordance with AASB 17.47-52.                                                                                                                                                     |\n| Item 2.4.5 | Report changes that relate to past service: changes to liabilities for incurred claims from non-life insurance business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                     |\n| Item 2.4.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from non-life insurance business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.    |\n\n3. Insurance service result before reinsurance contracts held\n\n| Item 3 | Item 3, insurance service result before reinsurance contracts held, is a derived item calculated as the sum of item 1 and item 2.Report this item in accordance with AASB 17 Appendix A. |\n| ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n4. Allocation of reinsurance premiums\n\n| Item 4 | Report allocation of reinsurance premiums.It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at item 5.Report this item in accordance with AASB 17.86. |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n5. Amounts recoverable from reinsurers\n\n| Item 5 | Report amounts recoverable from reinsurers. Include at this item reversals of recoveries of losses from the reinsurance contracts determined in accordance with AASB 17.66B for reinsurance contracts held.Report this item in accordance with AASB 17.86.The amount reported at this item should reconcile to item 8 ‘Amounts recoverable from reinsurers’ reported in Reporting Standard LRS 320.0 Liability Roll Forwards Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (LRS 320.0 Part B RF1). |\n| ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n6. Net expense from reinsurance contracts held\n\n| Item 6 | Item 6 is a derived item and is calculated as the sum of item 4 and item 5. This item can be a net income or net expense.Report this item in accordance with AASB 17 Appendix A, AASB 101.82 (ac), AASB 17.82 and AASB 17.86. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n7. Insurance service result\n\n| Item 7 | Item 7 insurance service result is a derived item and is calculated sum of item 3 and item 6.Report this item in accordance with AASB 17.80 (a). |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n8. Interest revenue calculated using the effective interest method\n\n| Item 8 | Report interest revenue calculated using the effective interest method.Report this item in accordance with AASB 101.82 (a) (i) and AASB 9 Appendix A. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n9. Other interest and similar income\n\n| Item 9 | Report other interest and similar income, include income that is not reported at item 8 and items 10 to 16. |\n| ------ | ----------------------------------------------------------------------------------------------------------- |\n\n10. Net gains/losses on financial assets at fair value through profit or loss\n\n| Item 10 | Report net gains/losses on financial assets at fair value through profit or loss.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (i). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n11. Net gains/losses on derecognition of financial assets measured at fair value through other comprehensive income\n\n| Item 11 | Report net gains or losses on derecognition of financial assets measured at fair value through other comprehensive income.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (viii). |\n| ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n12. Net change in investment contract liabilities\n\n| Item 12 | Report the net change in investment contract liabilities.Report this item in accordance with AASB 7.20 (a) (i). |\n| ------- | --------------------------------------------------------------------------------------------------------------- |\n\n13. Net gains/(losses) on derecognition of financial assets measured at amortised cost\n\n| Item 13 | Report net gains/(losses) on derecognition of financial assets measured at amortised cost.Report this item in accordance with AASB 132.11 and AASB 101.82 (aa). |\n| ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n14. Impairment loss on financial assets\n\n| Item 14 | Report impairment loss on financial assets.Report this item in accordance with AASB 9 Appendix A, AASB 132.11 and AASB 101.82 (ba). |\n| ------- | ----------------------------------------------------------------------------------------------------------------------------------- |\n\n15. Net gains from fair value adjustments to investment properties\n\n| Item 15 | Report net gains from fair value adjustments to investment properties.Report this item in accordance with AASB 140.5 and AASB 140.76 (d). |\n| ------- | ----------------------------------------------------------------------------------------------------------------------------------------- |\n\n16. Net foreign exchange income / expense\n\n| Item 16 | Report net foreign exchange income or expense.Report this item in accordance with AASB 121.52 (a) Common practice. |\n| ------- | ------------------------------------------------------------------------------------------------------------------ |\n\n17. Total investment result\n\n| Item 17 | Item 17 total investment result is a derived item and is calculated as the sum of items 8 to 16 inclusive. |\n| ------- | ---------------------------------------------------------------------------------------------------------- |\n\n18. Insurance finance expenses for insurance contracts issued\n\n| Item 18 | Report insurance finance expenses for insurance contracts issued. This item can be a net income or net expense.Report this item in accordance with AASB 17.87 and AASB 17 Appendix A. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n19. Reinsurance finance income for reinsurance contracts held\n\n| Item 19 | Report reinsurance finance income for reinsurance contracts held. This item can be a net income or net expense.Report this item in accordance with AASB 17.82 and AASB 17 Appendix A.Report the “Effect of changes in non-performance risk of reinsurers\" as reported in LRS 320.0 Part B RF1 item 14 at this item. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n20. Net insurance financial result through profit or loss\n\n| Item 20 | Item 20 net insurance financial result through profit or loss, is a derived item calculated as the sum of item 18 and item 19. This item can be a net income or net expense. |\n| ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n21. Asset management services revenue\n\n| Item 21 | Report asset management services revenue. This includes revenue from investment management services accounted for in accordance with AASB 15.Report this item in accordance with AASB 15.113 (a) Disclosure and AASB 15.114 Disclosure. |\n| ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n22. Investment management expenses\n\n| Item 22 | Report investment management expenses. |\n| ------- | -------------------------------------- |\n\n23. Share of profit/loss of associates and joint ventures accounted for using the equity method\n\n| Item 23 | Report the share of profit or loss of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82 (c) and AASB 128.3. |\n| ------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n24. Profit/loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations\n\n| Item 24 | Report the profit or loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n25. Impairment loss for goodwill\n\n| Item 25 | Report impairment loss for goodwill.Report this item in accordance with AASB 138.8, AASB 3 Appendix A and AASB 3.B67 (d). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------- |\n\n26. Other income\n\n| Item 26 | Report other income that is not reported elsewhere in this Reporting Standard; including income from contracts outside the scope of AASB 17 (including AASB 15 Revenue from Contracts with Customers) under this item. Revenue from investment management services is to be reported at item 21. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n27. Other finance costs\n\n| Item 27 | Report other finance costs.Report this item in accordance with AASB 101.82 (b) and includes the interest expense on lease liabilities (with the meaning given to it in AASB 16.49 and AASB 16.53 (b)). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n28. Other expenses\n\n| Item 28 | Report other expenses. Additionally, include expenses from contracts outside the scope of AASB 17 under this item. |\n| ------- | ------------------------------------------------------------------------------------------------------------------ |\n\n29. Profit/loss from continuing operations before tax\n\n| Item 29 | Item 29 is a derived item and is calculated as the sum of items 7, 17, and items 20 to 28 inclusive.Report this item in accordance with AASB 101.81A (a) Disclosure. |\n| ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n30. Income tax expense from continuing operations\n\n| Item 30 | Report income tax expense from continuing operations.Report this item in accordance with AASB 101.82 (d) and AASB 112.77. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------- |\n\n31. Profit/loss for the year from continuing operations after income tax\n\n| Item 31 | Item 31 profit/loss for the year from continuing operations after income tax, is a derived item calculated as the sum of item 29 and item 30.Report this item in accordance with AASB 101.81A. |\n| ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n32. Profit/loss from discontinued operations after income tax\n\n| Item 32 | Report profit or loss from discontinued operations after income tax.Report this item in accordance with AASB 101.82 (ea). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------- |\n\n33. Profit (loss) after income tax attributable to members of the company\n\n| Item 33 | Item 33 profit (loss) after income tax attributable to members of the company is a derived item and is calculated as the sum of item 31 and item 32.Report this item in accordance with AASB 101.81B (a) (ii). |\n| ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n### Other comprehensive income\n\n#### Items that may be reclassified to profit or loss in subsequent periods\n\nReport this item in accordance with AASB 101.82A (a) (ii).\n\n34. Change in fair value of financial assets at fair value through other comprehensive income\n\n| Item 34 | Report change in fair value of financial assets at fair value through other comprehensive income.Report this item in accordance with AASB 13 Appendix A, AASB 132.11 and AASB 7.20 (a) (viii). |\n| ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n35. Amount reclassified to profit or loss\n\n| Item 35 | Report amount reclassified to profit or loss.Report this item in accordance with AASB 7.20 (a) (viii). |\n| ------- | ------------------------------------------------------------------------------------------------------ |\n\n36. Insurance finance expenses for insurance contracts issued\n\n| Item 36 | Report insurance finance expenses for insurance contracts issued. This item can be a net income or net expense.Report this item in accordance with AASB 17.90 and AASB 17 Appendix A. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n37. Reinsurance finance income for reinsurance contracts held\n\n| Item 37 | Report reinsurance finance income for reinsurance contracts held. This item can be a net income or net expense.Report this item in accordance with AASB 17.82, AASB 17.90 and AASB 17 Appendix A. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n38. Net insurance financial result through other comprehensive income\n\n| Item 38 | Item 38, net insurance financial result through other comprehensive income, is a derived item calculated as the sum of item 36 and item 37. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------- |\n\n39. Share of other comprehensive income of associates and joint ventures accounted for using the equity method\n\n| Item 39 | Report the share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (ii). |\n| ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n40. Income tax relating to items that will be reclassified\n\n| Item 40 | Report income tax relating to items that will be reclassified.Report this item in accordance with AASB 101.91. |\n| ------- | -------------------------------------------------------------------------------------------------------------- |\n\n#### Items that will not be reclassified to profit or loss\n\nReport this item in accordance with AASB 101.82A (a) (i).\n\n41. Revaluation of land and buildings\n\n| Item 41 | Report revaluation of land and buildings.Report this item in accordance with AASB 116.39. |\n| ------- | ----------------------------------------------------------------------------------------- |\n\n42. Share of other comprehensive income of associates and joint ventures accounted for using the equity method\n\n| Item 42 | Report share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (i) and AASB 128.3. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n43. Remeasurements of post-employment benefit obligations, before tax\n\n| Item 43 | Report remeasurements of post-employment benefit obligations, before tax.Report this item in accordance with AASB 119.120 (c). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------ |\n\n44. Income tax relating to items that will not be reclassified\n\n| Item 44 | Report income tax relating to items that will not be reclassified.Report this item in accordance with AASB 101.91. |\n| ------- | ------------------------------------------------------------------------------------------------------------------ |\n\n45. Total other comprehensive income\n\n| Item 45 | Item 45 total other comprehensive income is a derived item and is calculated as the sum of items 34 and 35, and items 38 to 44 inclusive.Report this item in accordance with AASB 101.81A (b). |\n| ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n46. Total comprehensive income\n\n| Item 46 | Item 46 total comprehensive income is a derived item and is calculated as the sum of item 33 and item 45.Report this item in accordance with AASB 101.81A (c). |\n| ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------- |","sortOrder":23},{"sectionNumber":"Reporting basis","sectionType":"division","heading":"Reporting basis","content":"### Reporting basis\n\nInformation in this Reporting Standard is to be completed by life insurers including friendly societies (together referred to as life insurers or licensed insurers) for each reporting period on statutory fund (approved benefit fund for a friendly society), licensed insurer and statutory fund eliminations bases.\n\nLRS 310.0 must be submitted for each statutory fund (approved benefit fund for a friendly society) separately for each reporting period.\n\nLRS 310.0 must be submitted for the sum of individual statutory funds, the sum of statutory fund eliminations, the general fund, and if applicable the general fund eliminations for each reporting period. The term ‘general fund’ has been used to refer to the shareholders’ fund of a life company other than a friendly society or the management fund of a friendly society.\n\nPlease disclose non-distinct investment components in Reporting Standard LRS 320.0 Liability Roll Forwards at:\n\n-   Part A: Liability Roll Forward 1, item 12: ‘Investment components and premium refunds’, item 18: ‘Claims and other expenses paid, including investment components’; and\n-   Part B: Liability Roll Forward 1, item 9: ‘Investment components and premium refunds’\n\nas applicable (refer to AASB 17.103 (c) and AASB 17.105 (a) (iii)).","sortOrder":24},{"sectionNumber":"APRA class of business","sectionType":"division","heading":"APRA class of business","content":"### APRA class of business\n\nThe APRA class of business that apply for the purpose of this Reporting Standard are:","sortOrder":25},{"sectionNumber":" Australia — Ordinary Business","sectionType":"section","heading":" Australia — Ordinary Business","content":"# Reporting Standard LRS 310.0\n\n# Statement of profit or loss and other comprehensive income\n\n## General instructions\n\nThese instructions assist completion of the information collected by Reporting Standard LRS 310.0 Statement of profit or loss and other comprehensive income (LRS 310.0). This Reporting Standard collects information relating to the licensed insurer’s profit or loss and other comprehensive income.\n\n### Reporting tables\n\nTables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\n### General accounting basis\n\nIn completing the reporting standards, unless otherwise stated specifically, reporting life companies are to follow the basis consistent with the relevant Australian Accounting Standards. In particular, appropriate consideration must be given to the interpretation, the basis for measurement, and the netting between revenues/expenses items and financial assets/liabilities.\n\n### References to Australian Accounting Standards\n\nEach item reported under this Reporting Standard aligns with the Accounting Standards made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item. AASB reference provides a written description of the accounting meaning of an IFRS Taxonomy element.\n\n### IFRS taxonomy element reference\n\nEach IFRS taxonomy element contains at least one cross-reference to an AASB Standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board (IASB)) and has a reference type that can be used to identify the source of that element. The IFRS Taxonomy uses the following element reference types:\n\n    (a) disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;\n    (b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and\n    (c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements they not specifically mentioned in IFRS/AASB Standards or their accompanying materials, but are consistent with IFRS/AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.\n\n### Reporting direction for life insurers\n\nFor APRA reporting, life insurers must also meet the relevant policy liability valuation requirements outlined in the Prudential Standard LPS 340 Valuation of Policy Liabilities.\n\n### Definitions\n\nTerms that are highlighted in bold italics are defined in these instructions.\n\n  \n\n## Specific instructions\n\n### Reporting basis\n\nInformation in this Reporting Standard is to be completed by life insurers including friendly societies (together referred to as life insurers or licensed insurers) for each reporting period on statutory fund (approved benefit fund for a friendly society), licensed insurer and statutory fund eliminations bases.\n\nLRS 310.0 must be submitted for each statutory fund (approved benefit fund for a friendly society) separately for each reporting period.\n\nLRS 310.0 must be submitted for the sum of individual statutory funds, the sum of statutory fund eliminations, the general fund, and if applicable the general fund eliminations for each reporting period. The term ‘general fund’ has been used to refer to the shareholders’ fund of a life company other than a friendly society or the management fund of a friendly society.\n\nPlease disclose non-distinct investment components in Reporting Standard LRS 320.0 Liability Roll Forwards at:\n\n-   Part A: Liability Roll Forward 1, item 12: ‘Investment components and premium refunds’, item 18: ‘Claims and other expenses paid, including investment components’; and\n-   Part B: Liability Roll Forward 1, item 9: ‘Investment components and premium refunds’\n\nas applicable (refer to AASB 17.103 (c) and AASB 17.105 (a) (iii)).\n\n### APRA class of business\n\nThe APRA class of business that apply for the purpose of this Reporting Standard are:\n\n#####  Australia – Ordinary Business\n\n#####  Australia – Superannuation Business\n\n#####  Overseas – All Business\n\nThe expressions ‘Australian Business’ and ‘Overseas Business’ refer to the territories where the life insurance business is carried on.\n\nThe expressions ‘Ordinary Business’ and ‘Superannuation Business’ are defined in the Life Act.\n\nThis section is also to be completed for each participating and non-participating business. The expressions ‘participating business and ‘non-participating business’ are defined in the Life Act.\n\nDirect business is any insurance business written / insurance contracts issued by the reporting insurer.\n\nInwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.\n\nNon-life insurance business is insurance business carried on by a life company in accordance with APRA’s declaration made under section 12A or section 12B of the Life Act.\n\n### Units of measurement\n\nReport values in this Reporting Standard in whole Australian dollars (AUD) with no decimal place.\n\nConvert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.\n\nReport losses and expenses as negative values.\n\n#### Columns for Licensed insurer and Statutory fund eliminations reporting:\n\n| Column 1  | Report the total amounts for Australian business before statutory fund eliminations representing the sum of individual statutory funds.                                                                                  |\n| --------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Column 2  | Report the total amounts for overseas business before statutory fund eliminations representing the sum of individual statutory funds.                                                                                    |\n| Column 3  | Column 3 ‘Total business before statutory fund eliminations’ is a derived column and is calculated as the sum of columns 1 and 2.                                                                                        |\n| Column 4  | Report the total amounts for Australian business statutory fund eliminations in negative values.                                                                                                                         |\n| Column 5  | Report the total amounts for overseas business statutory fund eliminations in negative values.                                                                                                                           |\n| Column 6  | Column 6 ‘Total business’ is a derived column and is calculated as the sum of columns 4 and 5.                                                                                                                           |\n| Column 7  | Column 7 ‘Australian business after statutory fund eliminations’ is a derived column and is calculated as the sum of columns 1 and 4.                                                                                    |\n| Column 8  | Column 8 ‘Overseas business after statutory fund eliminations’ is a derived column and is calculated as the sum of columns 2 and 5.                                                                                      |\n| Column 9  | Column 9 ‘Total business (after statutory fund eliminations)’ is a derived column and is calculated as the sum of columns 7 and 8.                                                                                       |\n| Column 10 | Report the amounts as applicable for the general fund in positive values.                                                                                                                                                |\n| Column 11 | Report the amounts as applicable for general fund eliminations in negative values.                                                                                                                                       |\n| Column 12 | Column 12 is a derived column and is calculated as the sum of columns 9, 10 and 11. Total entity is equal to the sum of Total business (after statutory fund eliminations), General fund, and General fund eliminations’ |\n\n#### Columns for Statutory fund reporting:\n\n| Column 1 | Report the amounts for Australian business for the individual statutory fund. |\n| -------- | ----------------------------------------------------------------------------- |\n| Column 2 | Report the amounts for overseas business for the individual statutory fund.   |\n| Column 3 | Column 3 is a derived column and is calculated as the sum of columns 1 and 2. |\n\n1.  Insurance revenue\n\n| Item 1   | Item 1 total insurance revenue is a derived item calculated as the sum of items 1.1 to 1.4 inclusive.Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80 (a) and AASB 17.83. |\n| -------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 1.1 | Report insurance revenue from life insurance direct business.                                                                                                                                            |\n| Item 1.2 | Report insurance revenue from life investment direct business.                                                                                                                                           |\n| Item 1.3 | Report insurance revenue from inwards reinsurance.                                                                                                                                                       |\n| Item 1.4 | Report insurance revenue from non-life insurance business.                                                                                                                                               |\n\n2. Insurance service expense\n\n| Item 2     | Item 2 total insurance service expense is a derived item calculated as the sum of items 2.1 to 2.4. inclusive.Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84.                                                                                     |\n| ---------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 2.1   | Item 2.1 insurance service expense from life insurance direct business is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive.                                                                                                                                          |\n| Item 2.1.1 | Report incurred claims from life insurance direct business.                                                                                                                                                                                                                                       |\n| Item 2.1.2 | Report other insurance service expenses from life insurance direct business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.                                                                                         |\n| Item 2.1.3 | Report amortisation of insurance acquisition cash flows from life insurance direct business.                                                                                                                                                                                                      |\n| Item 2.1.4 | Report losses and reversal of losses on onerous contracts from life insurance direct business.Report this item in accordance with AASB 17.47-52.                                                                                                                                                  |\n| Item 2.1.5 | Report changes that relate to past service: changes to liabilities for incurred claims from life insurance direct business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                  |\n| Item 2.1.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from life insurance direct business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense. |\n| Item 2.2   | Report life investment direct business.                                                                                                                                                                                                                                                           |\n| Item 2.2.1 | Report other insurance service expenses from life investment direct business.Report this item in accordance with AASB 17.103 (b).                                                                                                                                                                 |\n| Item 2.3   | Item 2.3, insurance service expenses from inwards reinsurance, is a derived item and is calculated as the sum of items 2.3.1 to 2.3.6 inclusive.                                                                                                                                                  |\n| Item 2.3.1 | Report incurred claims from inwards reinsurance.                                                                                                                                                                                                                                                  |\n| Item 2.3.2 | Report other insurance service expenses from inwards reinsurance.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.                                                                                                    |\n| Item 2.3.3 | Report amortisation of insurance acquisition cash flows from inwards reinsurance.                                                                                                                                                                                                                 |\n| Item 2.3.4 | Report losses and reversal of losses on onerous contracts from inwards reinsurance.Report this item in accordance with AASB 17.47-52.                                                                                                                                                             |\n| Item 2.3.5 | Report changes that relate to past service: changes to liabilities for incurred claims from inwards reinsurance.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                             |\n| Item 2.3.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from inwards reinsurance.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.            |\n| Item 2.4   | Item 2.4, insurance service expenses from non-life insurance business, is a derived item and is calculated as the sum of items 2.4.1 to 2.4.6 inclusive.                                                                                                                                          |\n| Item 2.4.1 | Report incurred claims from non-life insurance business.                                                                                                                                                                                                                                          |\n| Item 2.4.2 | Report other insurance service expenses from non-life insurance business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59 (a) at this item.                                                                                           |\n| Item 2.4.3 | Report amortisation of insurance acquisition cash flows from non-life insurance business.                                                                                                                                                                                                         |\n| Item 2.4.4 | Report losses and reversal of losses on onerous contracts from non-life insurance business.Report this item in accordance with AASB 17.47-52.                                                                                                                                                     |\n| Item 2.4.5 | Report changes that relate to past service: changes to liabilities for incurred claims from non-life insurance business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                     |\n| Item 2.4.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from non-life insurance business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.    |\n\n3. Insurance service result before reinsurance contracts held\n\n| Item 3 | Item 3, insurance service result before reinsurance contracts held, is a derived item calculated as the sum of item 1 and item 2.Report this item in accordance with AASB 17 Appendix A. |\n| ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n4. Allocation of reinsurance premiums\n\n| Item 4 | Report allocation of reinsurance premiums.It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at item 5.Report this item in accordance with AASB 17.86. |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n5. Amounts recoverable from reinsurers\n\n| Item 5 | Report amounts recoverable from reinsurers. Include at this item reversals of recoveries of losses from the reinsurance contracts determined in accordance with AASB 17.66B for reinsurance contracts held.Report this item in accordance with AASB 17.86.The amount reported at this item should reconcile to item 8 ‘Amounts recoverable from reinsurers’ reported in Reporting Standard LRS 320.0 Liability Roll Forwards Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (LRS 320.0 Part B RF1). |\n| ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n6. Net expense from reinsurance contracts held\n\n| Item 6 | Item 6 is a derived item and is calculated as the sum of item 4 and item 5. This item can be a net income or net expense.Report this item in accordance with AASB 17 Appendix A, AASB 101.82 (ac), AASB 17.82 and AASB 17.86. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n7. Insurance service result\n\n| Item 7 | Item 7 insurance service result is a derived item and is calculated sum of item 3 and item 6.Report this item in accordance with AASB 17.80 (a). |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n8. Interest revenue calculated using the effective interest method\n\n| Item 8 | Report interest revenue calculated using the effective interest method.Report this item in accordance with AASB 101.82 (a) (i) and AASB 9 Appendix A. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n9. Other interest and similar income\n\n| Item 9 | Report other interest and similar income, include income that is not reported at item 8 and items 10 to 16. |\n| ------ | ----------------------------------------------------------------------------------------------------------- |\n\n10. Net gains/losses on financial assets at fair value through profit or loss\n\n| Item 10 | Report net gains/losses on financial assets at fair value through profit or loss.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (i). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n11. Net gains/losses on derecognition of financial assets measured at fair value through other comprehensive income\n\n| Item 11 | Report net gains or losses on derecognition of financial assets measured at fair value through other comprehensive income.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (viii). |\n| ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n12. Net change in investment contract liabilities\n\n| Item 12 | Report the net change in investment contract liabilities.Report this item in accordance with AASB 7.20 (a) (i). |\n| ------- | --------------------------------------------------------------------------------------------------------------- |\n\n13. Net gains/(losses) on derecognition of financial assets measured at amortised cost\n\n| Item 13 | Report net gains/(losses) on derecognition of financial assets measured at amortised cost.Report this item in accordance with AASB 132.11 and AASB 101.82 (aa). |\n| ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n14. Impairment loss on financial assets\n\n| Item 14 | Report impairment loss on financial assets.Report this item in accordance with AASB 9 Appendix A, AASB 132.11 and AASB 101.82 (ba). |\n| ------- | ----------------------------------------------------------------------------------------------------------------------------------- |\n\n15. Net gains from fair value adjustments to investment properties\n\n| Item 15 | Report net gains from fair value adjustments to investment properties.Report this item in accordance with AASB 140.5 and AASB 140.76 (d). |\n| ------- | ----------------------------------------------------------------------------------------------------------------------------------------- |\n\n16. Net foreign exchange income / expense\n\n| Item 16 | Report net foreign exchange income or expense.Report this item in accordance with AASB 121.52 (a) Common practice. |\n| ------- | ------------------------------------------------------------------------------------------------------------------ |\n\n17. Total investment result\n\n| Item 17 | Item 17 total investment result is a derived item and is calculated as the sum of items 8 to 16 inclusive. |\n| ------- | ---------------------------------------------------------------------------------------------------------- |\n\n18. Insurance finance expenses for insurance contracts issued\n\n| Item 18 | Report insurance finance expenses for insurance contracts issued. This item can be a net income or net expense.Report this item in accordance with AASB 17.87 and AASB 17 Appendix A. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n19. Reinsurance finance income for reinsurance contracts held\n\n| Item 19 | Report reinsurance finance income for reinsurance contracts held. This item can be a net income or net expense.Report this item in accordance with AASB 17.82 and AASB 17 Appendix A.Report the “Effect of changes in non-performance risk of reinsurers\" as reported in LRS 320.0 Part B RF1 item 14 at this item. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n20. Net insurance financial result through profit or loss\n\n| Item 20 | Item 20 net insurance financial result through profit or loss, is a derived item calculated as the sum of item 18 and item 19. This item can be a net income or net expense. |\n| ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n21. Asset management services revenue\n\n| Item 21 | Report asset management services revenue. This includes revenue from investment management services accounted for in accordance with AASB 15.Report this item in accordance with AASB 15.113 (a) Disclosure and AASB 15.114 Disclosure. |\n| ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n22. Investment management expenses\n\n| Item 22 | Report investment management expenses. |\n| ------- | -------------------------------------- |\n\n23. Share of profit/loss of associates and joint ventures accounted for using the equity method\n\n| Item 23 | Report the share of profit or loss of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82 (c) and AASB 128.3. |\n| ------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n24. Profit/loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations\n\n| Item 24 | Report the profit or loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n25. Impairment loss for goodwill\n\n| Item 25 | Report impairment loss for goodwill.Report this item in accordance with AASB 138.8, AASB 3 Appendix A and AASB 3.B67 (d). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------- |\n\n26. Other income\n\n| Item 26 | Report other income that is not reported elsewhere in this Reporting Standard; including income from contracts outside the scope of AASB 17 (including AASB 15 Revenue from Contracts with Customers) under this item. Revenue from investment management services is to be reported at item 21. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n27. Other finance costs\n\n| Item 27 | Report other finance costs.Report this item in accordance with AASB 101.82 (b) and includes the interest expense on lease liabilities (with the meaning given to it in AASB 16.49 and AASB 16.53 (b)). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n28. Other expenses\n\n| Item 28 | Report other expenses. Additionally, include expenses from contracts outside the scope of AASB 17 under this item. |\n| ------- | ------------------------------------------------------------------------------------------------------------------ |\n\n29. Profit/loss from continuing operations before tax\n\n| Item 29 | Item 29 is a derived item and is calculated as the sum of items 7, 17, and items 20 to 28 inclusive.Report this item in accordance with AASB 101.81A (a) Disclosure. |\n| ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n30. Income tax expense from continuing operations\n\n| Item 30 | Report income tax expense from continuing operations.Report this item in accordance with AASB 101.82 (d) and AASB 112.77. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------- |\n\n31. Profit/loss for the year from continuing operations after income tax\n\n| Item 31 | Item 31 profit/loss for the year from continuing operations after income tax, is a derived item calculated as the sum of item 29 and item 30.Report this item in accordance with AASB 101.81A. |\n| ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n32. Profit/loss from discontinued operations after income tax\n\n| Item 32 | Report profit or loss from discontinued operations after income tax.Report this item in accordance with AASB 101.82 (ea). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------- |\n\n33. Profit (loss) after income tax attributable to members of the company\n\n| Item 33 | Item 33 profit (loss) after income tax attributable to members of the company is a derived item and is calculated as the sum of item 31 and item 32.Report this item in accordance with AASB 101.81B (a) (ii). |\n| ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n### Other comprehensive income\n\n#### Items that may be reclassified to profit or loss in subsequent periods\n\nReport this item in accordance with AASB 101.82A (a) (ii).\n\n34. Change in fair value of financial assets at fair value through other comprehensive income\n\n| Item 34 | Report change in fair value of financial assets at fair value through other comprehensive income.Report this item in accordance with AASB 13 Appendix A, AASB 132.11 and AASB 7.20 (a) (viii). |\n| ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n35. Amount reclassified to profit or loss\n\n| Item 35 | Report amount reclassified to profit or loss.Report this item in accordance with AASB 7.20 (a) (viii). |\n| ------- | ------------------------------------------------------------------------------------------------------ |\n\n36. Insurance finance expenses for insurance contracts issued\n\n| Item 36 | Report insurance finance expenses for insurance contracts issued. This item can be a net income or net expense.Report this item in accordance with AASB 17.90 and AASB 17 Appendix A. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n37. Reinsurance finance income for reinsurance contracts held\n\n| Item 37 | Report reinsurance finance income for reinsurance contracts held. This item can be a net income or net expense.Report this item in accordance with AASB 17.82, AASB 17.90 and AASB 17 Appendix A. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n38. Net insurance financial result through other comprehensive income\n\n| Item 38 | Item 38, net insurance financial result through other comprehensive income, is a derived item calculated as the sum of item 36 and item 37. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------- |\n\n39. Share of other comprehensive income of associates and joint ventures accounted for using the equity method\n\n| Item 39 | Report the share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (ii). |\n| ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n40. Income tax relating to items that will be reclassified\n\n| Item 40 | Report income tax relating to items that will be reclassified.Report this item in accordance with AASB 101.91. |\n| ------- | -------------------------------------------------------------------------------------------------------------- |\n\n#### Items that will not be reclassified to profit or loss\n\nReport this item in accordance with AASB 101.82A (a) (i).\n\n41. Revaluation of land and buildings\n\n| Item 41 | Report revaluation of land and buildings.Report this item in accordance with AASB 116.39. |\n| ------- | ----------------------------------------------------------------------------------------- |\n\n42. Share of other comprehensive income of associates and joint ventures accounted for using the equity method\n\n| Item 42 | Report share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (i) and AASB 128.3. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n43. Remeasurements of post-employment benefit obligations, before tax\n\n| Item 43 | Report remeasurements of post-employment benefit obligations, before tax.Report this item in accordance with AASB 119.120 (c). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------ |\n\n44. Income tax relating to items that will not be reclassified\n\n| Item 44 | Report income tax relating to items that will not be reclassified.Report this item in accordance with AASB 101.91. |\n| ------- | ------------------------------------------------------------------------------------------------------------------ |\n\n45. Total other comprehensive income\n\n| Item 45 | Item 45 total other comprehensive income is a derived item and is calculated as the sum of items 34 and 35, and items 38 to 44 inclusive.Report this item in accordance with AASB 101.81A (b). |\n| ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n46. Total comprehensive income\n\n| Item 46 | Item 46 total comprehensive income is a derived item and is calculated as the sum of item 33 and item 45.Report this item in accordance with AASB 101.81A (c). |\n| ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------- |","sortOrder":26},{"sectionNumber":" Australia — Superannuation Business","sectionType":"section","heading":" Australia — Superannuation Business","content":"# Reporting Standard LRS 310.0\n\n# Statement of profit or loss and other comprehensive income\n\n## General instructions\n\nThese instructions assist completion of the information collected by Reporting Standard LRS 310.0 Statement of profit or loss and other comprehensive income (LRS 310.0). This Reporting Standard collects information relating to the licensed insurer’s profit or loss and other comprehensive income.\n\n### Reporting tables\n\nTables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\n### General accounting basis\n\nIn completing the reporting standards, unless otherwise stated specifically, reporting life companies are to follow the basis consistent with the relevant Australian Accounting Standards. In particular, appropriate consideration must be given to the interpretation, the basis for measurement, and the netting between revenues/expenses items and financial assets/liabilities.\n\n### References to Australian Accounting Standards\n\nEach item reported under this Reporting Standard aligns with the Accounting Standards made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item. AASB reference provides a written description of the accounting meaning of an IFRS Taxonomy element.\n\n### IFRS taxonomy element reference\n\nEach IFRS taxonomy element contains at least one cross-reference to an AASB Standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board (IASB)) and has a reference type that can be used to identify the source of that element. The IFRS Taxonomy uses the following element reference types:\n\n    (a) disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;\n    (b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and\n    (c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements they not specifically mentioned in IFRS/AASB Standards or their accompanying materials, but are consistent with IFRS/AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.\n\n### Reporting direction for life insurers\n\nFor APRA reporting, life insurers must also meet the relevant policy liability valuation requirements outlined in the Prudential Standard LPS 340 Valuation of Policy Liabilities.\n\n### Definitions\n\nTerms that are highlighted in bold italics are defined in these instructions.\n\n  \n\n## Specific instructions\n\n### Reporting basis\n\nInformation in this Reporting Standard is to be completed by life insurers including friendly societies (together referred to as life insurers or licensed insurers) for each reporting period on statutory fund (approved benefit fund for a friendly society), licensed insurer and statutory fund eliminations bases.\n\nLRS 310.0 must be submitted for each statutory fund (approved benefit fund for a friendly society) separately for each reporting period.\n\nLRS 310.0 must be submitted for the sum of individual statutory funds, the sum of statutory fund eliminations, the general fund, and if applicable the general fund eliminations for each reporting period. The term ‘general fund’ has been used to refer to the shareholders’ fund of a life company other than a friendly society or the management fund of a friendly society.\n\nPlease disclose non-distinct investment components in Reporting Standard LRS 320.0 Liability Roll Forwards at:\n\n-   Part A: Liability Roll Forward 1, item 12: ‘Investment components and premium refunds’, item 18: ‘Claims and other expenses paid, including investment components’; and\n-   Part B: Liability Roll Forward 1, item 9: ‘Investment components and premium refunds’\n\nas applicable (refer to AASB 17.103 (c) and AASB 17.105 (a) (iii)).\n\n### APRA class of business\n\nThe APRA class of business that apply for the purpose of this Reporting Standard are:\n\n#####  Australia – Ordinary Business\n\n#####  Australia – Superannuation Business\n\n#####  Overseas – All Business\n\nThe expressions ‘Australian Business’ and ‘Overseas Business’ refer to the territories where the life insurance business is carried on.\n\nThe expressions ‘Ordinary Business’ and ‘Superannuation Business’ are defined in the Life Act.\n\nThis section is also to be completed for each participating and non-participating business. The expressions ‘participating business and ‘non-participating business’ are defined in the Life Act.\n\nDirect business is any insurance business written / insurance contracts issued by the reporting insurer.\n\nInwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.\n\nNon-life insurance business is insurance business carried on by a life company in accordance with APRA’s declaration made under section 12A or section 12B of the Life Act.\n\n### Units of measurement\n\nReport values in this Reporting Standard in whole Australian dollars (AUD) with no decimal place.\n\nConvert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.\n\nReport losses and expenses as negative values.\n\n#### Columns for Licensed insurer and Statutory fund eliminations reporting:\n\n| Column 1  | Report the total amounts for Australian business before statutory fund eliminations representing the sum of individual statutory funds.                                                                                  |\n| --------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Column 2  | Report the total amounts for overseas business before statutory fund eliminations representing the sum of individual statutory funds.                                                                                    |\n| Column 3  | Column 3 ‘Total business before statutory fund eliminations’ is a derived column and is calculated as the sum of columns 1 and 2.                                                                                        |\n| Column 4  | Report the total amounts for Australian business statutory fund eliminations in negative values.                                                                                                                         |\n| Column 5  | Report the total amounts for overseas business statutory fund eliminations in negative values.                                                                                                                           |\n| Column 6  | Column 6 ‘Total business’ is a derived column and is calculated as the sum of columns 4 and 5.                                                                                                                           |\n| Column 7  | Column 7 ‘Australian business after statutory fund eliminations’ is a derived column and is calculated as the sum of columns 1 and 4.                                                                                    |\n| Column 8  | Column 8 ‘Overseas business after statutory fund eliminations’ is a derived column and is calculated as the sum of columns 2 and 5.                                                                                      |\n| Column 9  | Column 9 ‘Total business (after statutory fund eliminations)’ is a derived column and is calculated as the sum of columns 7 and 8.                                                                                       |\n| Column 10 | Report the amounts as applicable for the general fund in positive values.                                                                                                                                                |\n| Column 11 | Report the amounts as applicable for general fund eliminations in negative values.                                                                                                                                       |\n| Column 12 | Column 12 is a derived column and is calculated as the sum of columns 9, 10 and 11. Total entity is equal to the sum of Total business (after statutory fund eliminations), General fund, and General fund eliminations’ |\n\n#### Columns for Statutory fund reporting:\n\n| Column 1 | Report the amounts for Australian business for the individual statutory fund. |\n| -------- | ----------------------------------------------------------------------------- |\n| Column 2 | Report the amounts for overseas business for the individual statutory fund.   |\n| Column 3 | Column 3 is a derived column and is calculated as the sum of columns 1 and 2. |\n\n1.  Insurance revenue\n\n| Item 1   | Item 1 total insurance revenue is a derived item calculated as the sum of items 1.1 to 1.4 inclusive.Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80 (a) and AASB 17.83. |\n| -------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 1.1 | Report insurance revenue from life insurance direct business.                                                                                                                                            |\n| Item 1.2 | Report insurance revenue from life investment direct business.                                                                                                                                           |\n| Item 1.3 | Report insurance revenue from inwards reinsurance.                                                                                                                                                       |\n| Item 1.4 | Report insurance revenue from non-life insurance business.                                                                                                                                               |\n\n2. Insurance service expense\n\n| Item 2     | Item 2 total insurance service expense is a derived item calculated as the sum of items 2.1 to 2.4. inclusive.Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84.                                                                                     |\n| ---------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 2.1   | Item 2.1 insurance service expense from life insurance direct business is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive.                                                                                                                                          |\n| Item 2.1.1 | Report incurred claims from life insurance direct business.                                                                                                                                                                                                                                       |\n| Item 2.1.2 | Report other insurance service expenses from life insurance direct business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.                                                                                         |\n| Item 2.1.3 | Report amortisation of insurance acquisition cash flows from life insurance direct business.                                                                                                                                                                                                      |\n| Item 2.1.4 | Report losses and reversal of losses on onerous contracts from life insurance direct business.Report this item in accordance with AASB 17.47-52.                                                                                                                                                  |\n| Item 2.1.5 | Report changes that relate to past service: changes to liabilities for incurred claims from life insurance direct business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                  |\n| Item 2.1.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from life insurance direct business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense. |\n| Item 2.2   | Report life investment direct business.                                                                                                                                                                                                                                                           |\n| Item 2.2.1 | Report other insurance service expenses from life investment direct business.Report this item in accordance with AASB 17.103 (b).                                                                                                                                                                 |\n| Item 2.3   | Item 2.3, insurance service expenses from inwards reinsurance, is a derived item and is calculated as the sum of items 2.3.1 to 2.3.6 inclusive.                                                                                                                                                  |\n| Item 2.3.1 | Report incurred claims from inwards reinsurance.                                                                                                                                                                                                                                                  |\n| Item 2.3.2 | Report other insurance service expenses from inwards reinsurance.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.                                                                                                    |\n| Item 2.3.3 | Report amortisation of insurance acquisition cash flows from inwards reinsurance.                                                                                                                                                                                                                 |\n| Item 2.3.4 | Report losses and reversal of losses on onerous contracts from inwards reinsurance.Report this item in accordance with AASB 17.47-52.                                                                                                                                                             |\n| Item 2.3.5 | Report changes that relate to past service: changes to liabilities for incurred claims from inwards reinsurance.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                             |\n| Item 2.3.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from inwards reinsurance.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.            |\n| Item 2.4   | Item 2.4, insurance service expenses from non-life insurance business, is a derived item and is calculated as the sum of items 2.4.1 to 2.4.6 inclusive.                                                                                                                                          |\n| Item 2.4.1 | Report incurred claims from non-life insurance business.                                                                                                                                                                                                                                          |\n| Item 2.4.2 | Report other insurance service expenses from non-life insurance business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59 (a) at this item.                                                                                           |\n| Item 2.4.3 | Report amortisation of insurance acquisition cash flows from non-life insurance business.                                                                                                                                                                                                         |\n| Item 2.4.4 | Report losses and reversal of losses on onerous contracts from non-life insurance business.Report this item in accordance with AASB 17.47-52.                                                                                                                                                     |\n| Item 2.4.5 | Report changes that relate to past service: changes to liabilities for incurred claims from non-life insurance business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                     |\n| Item 2.4.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from non-life insurance business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.    |\n\n3. Insurance service result before reinsurance contracts held\n\n| Item 3 | Item 3, insurance service result before reinsurance contracts held, is a derived item calculated as the sum of item 1 and item 2.Report this item in accordance with AASB 17 Appendix A. |\n| ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n4. Allocation of reinsurance premiums\n\n| Item 4 | Report allocation of reinsurance premiums.It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at item 5.Report this item in accordance with AASB 17.86. |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n5. Amounts recoverable from reinsurers\n\n| Item 5 | Report amounts recoverable from reinsurers. Include at this item reversals of recoveries of losses from the reinsurance contracts determined in accordance with AASB 17.66B for reinsurance contracts held.Report this item in accordance with AASB 17.86.The amount reported at this item should reconcile to item 8 ‘Amounts recoverable from reinsurers’ reported in Reporting Standard LRS 320.0 Liability Roll Forwards Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (LRS 320.0 Part B RF1). |\n| ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n6. Net expense from reinsurance contracts held\n\n| Item 6 | Item 6 is a derived item and is calculated as the sum of item 4 and item 5. This item can be a net income or net expense.Report this item in accordance with AASB 17 Appendix A, AASB 101.82 (ac), AASB 17.82 and AASB 17.86. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n7. Insurance service result\n\n| Item 7 | Item 7 insurance service result is a derived item and is calculated sum of item 3 and item 6.Report this item in accordance with AASB 17.80 (a). |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n8. Interest revenue calculated using the effective interest method\n\n| Item 8 | Report interest revenue calculated using the effective interest method.Report this item in accordance with AASB 101.82 (a) (i) and AASB 9 Appendix A. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n9. Other interest and similar income\n\n| Item 9 | Report other interest and similar income, include income that is not reported at item 8 and items 10 to 16. |\n| ------ | ----------------------------------------------------------------------------------------------------------- |\n\n10. Net gains/losses on financial assets at fair value through profit or loss\n\n| Item 10 | Report net gains/losses on financial assets at fair value through profit or loss.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (i). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n11. Net gains/losses on derecognition of financial assets measured at fair value through other comprehensive income\n\n| Item 11 | Report net gains or losses on derecognition of financial assets measured at fair value through other comprehensive income.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (viii). |\n| ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n12. Net change in investment contract liabilities\n\n| Item 12 | Report the net change in investment contract liabilities.Report this item in accordance with AASB 7.20 (a) (i). |\n| ------- | --------------------------------------------------------------------------------------------------------------- |\n\n13. Net gains/(losses) on derecognition of financial assets measured at amortised cost\n\n| Item 13 | Report net gains/(losses) on derecognition of financial assets measured at amortised cost.Report this item in accordance with AASB 132.11 and AASB 101.82 (aa). |\n| ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n14. Impairment loss on financial assets\n\n| Item 14 | Report impairment loss on financial assets.Report this item in accordance with AASB 9 Appendix A, AASB 132.11 and AASB 101.82 (ba). |\n| ------- | ----------------------------------------------------------------------------------------------------------------------------------- |\n\n15. Net gains from fair value adjustments to investment properties\n\n| Item 15 | Report net gains from fair value adjustments to investment properties.Report this item in accordance with AASB 140.5 and AASB 140.76 (d). |\n| ------- | ----------------------------------------------------------------------------------------------------------------------------------------- |\n\n16. Net foreign exchange income / expense\n\n| Item 16 | Report net foreign exchange income or expense.Report this item in accordance with AASB 121.52 (a) Common practice. |\n| ------- | ------------------------------------------------------------------------------------------------------------------ |\n\n17. Total investment result\n\n| Item 17 | Item 17 total investment result is a derived item and is calculated as the sum of items 8 to 16 inclusive. |\n| ------- | ---------------------------------------------------------------------------------------------------------- |\n\n18. Insurance finance expenses for insurance contracts issued\n\n| Item 18 | Report insurance finance expenses for insurance contracts issued. This item can be a net income or net expense.Report this item in accordance with AASB 17.87 and AASB 17 Appendix A. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n19. Reinsurance finance income for reinsurance contracts held\n\n| Item 19 | Report reinsurance finance income for reinsurance contracts held. This item can be a net income or net expense.Report this item in accordance with AASB 17.82 and AASB 17 Appendix A.Report the “Effect of changes in non-performance risk of reinsurers\" as reported in LRS 320.0 Part B RF1 item 14 at this item. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n20. Net insurance financial result through profit or loss\n\n| Item 20 | Item 20 net insurance financial result through profit or loss, is a derived item calculated as the sum of item 18 and item 19. This item can be a net income or net expense. |\n| ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n21. Asset management services revenue\n\n| Item 21 | Report asset management services revenue. This includes revenue from investment management services accounted for in accordance with AASB 15.Report this item in accordance with AASB 15.113 (a) Disclosure and AASB 15.114 Disclosure. |\n| ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n22. Investment management expenses\n\n| Item 22 | Report investment management expenses. |\n| ------- | -------------------------------------- |\n\n23. Share of profit/loss of associates and joint ventures accounted for using the equity method\n\n| Item 23 | Report the share of profit or loss of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82 (c) and AASB 128.3. |\n| ------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n24. Profit/loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations\n\n| Item 24 | Report the profit or loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n25. Impairment loss for goodwill\n\n| Item 25 | Report impairment loss for goodwill.Report this item in accordance with AASB 138.8, AASB 3 Appendix A and AASB 3.B67 (d). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------- |\n\n26. Other income\n\n| Item 26 | Report other income that is not reported elsewhere in this Reporting Standard; including income from contracts outside the scope of AASB 17 (including AASB 15 Revenue from Contracts with Customers) under this item. Revenue from investment management services is to be reported at item 21. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n27. Other finance costs\n\n| Item 27 | Report other finance costs.Report this item in accordance with AASB 101.82 (b) and includes the interest expense on lease liabilities (with the meaning given to it in AASB 16.49 and AASB 16.53 (b)). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n28. Other expenses\n\n| Item 28 | Report other expenses. Additionally, include expenses from contracts outside the scope of AASB 17 under this item. |\n| ------- | ------------------------------------------------------------------------------------------------------------------ |\n\n29. Profit/loss from continuing operations before tax\n\n| Item 29 | Item 29 is a derived item and is calculated as the sum of items 7, 17, and items 20 to 28 inclusive.Report this item in accordance with AASB 101.81A (a) Disclosure. |\n| ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n30. Income tax expense from continuing operations\n\n| Item 30 | Report income tax expense from continuing operations.Report this item in accordance with AASB 101.82 (d) and AASB 112.77. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------- |\n\n31. Profit/loss for the year from continuing operations after income tax\n\n| Item 31 | Item 31 profit/loss for the year from continuing operations after income tax, is a derived item calculated as the sum of item 29 and item 30.Report this item in accordance with AASB 101.81A. |\n| ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n32. Profit/loss from discontinued operations after income tax\n\n| Item 32 | Report profit or loss from discontinued operations after income tax.Report this item in accordance with AASB 101.82 (ea). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------- |\n\n33. Profit (loss) after income tax attributable to members of the company\n\n| Item 33 | Item 33 profit (loss) after income tax attributable to members of the company is a derived item and is calculated as the sum of item 31 and item 32.Report this item in accordance with AASB 101.81B (a) (ii). |\n| ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n### Other comprehensive income\n\n#### Items that may be reclassified to profit or loss in subsequent periods\n\nReport this item in accordance with AASB 101.82A (a) (ii).\n\n34. Change in fair value of financial assets at fair value through other comprehensive income\n\n| Item 34 | Report change in fair value of financial assets at fair value through other comprehensive income.Report this item in accordance with AASB 13 Appendix A, AASB 132.11 and AASB 7.20 (a) (viii). |\n| ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n35. Amount reclassified to profit or loss\n\n| Item 35 | Report amount reclassified to profit or loss.Report this item in accordance with AASB 7.20 (a) (viii). |\n| ------- | ------------------------------------------------------------------------------------------------------ |\n\n36. Insurance finance expenses for insurance contracts issued\n\n| Item 36 | Report insurance finance expenses for insurance contracts issued. This item can be a net income or net expense.Report this item in accordance with AASB 17.90 and AASB 17 Appendix A. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n37. Reinsurance finance income for reinsurance contracts held\n\n| Item 37 | Report reinsurance finance income for reinsurance contracts held. This item can be a net income or net expense.Report this item in accordance with AASB 17.82, AASB 17.90 and AASB 17 Appendix A. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n38. Net insurance financial result through other comprehensive income\n\n| Item 38 | Item 38, net insurance financial result through other comprehensive income, is a derived item calculated as the sum of item 36 and item 37. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------- |\n\n39. Share of other comprehensive income of associates and joint ventures accounted for using the equity method\n\n| Item 39 | Report the share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (ii). |\n| ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n40. Income tax relating to items that will be reclassified\n\n| Item 40 | Report income tax relating to items that will be reclassified.Report this item in accordance with AASB 101.91. |\n| ------- | -------------------------------------------------------------------------------------------------------------- |\n\n#### Items that will not be reclassified to profit or loss\n\nReport this item in accordance with AASB 101.82A (a) (i).\n\n41. Revaluation of land and buildings\n\n| Item 41 | Report revaluation of land and buildings.Report this item in accordance with AASB 116.39. |\n| ------- | ----------------------------------------------------------------------------------------- |\n\n42. Share of other comprehensive income of associates and joint ventures accounted for using the equity method\n\n| Item 42 | Report share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (i) and AASB 128.3. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n43. Remeasurements of post-employment benefit obligations, before tax\n\n| Item 43 | Report remeasurements of post-employment benefit obligations, before tax.Report this item in accordance with AASB 119.120 (c). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------ |\n\n44. Income tax relating to items that will not be reclassified\n\n| Item 44 | Report income tax relating to items that will not be reclassified.Report this item in accordance with AASB 101.91. |\n| ------- | ------------------------------------------------------------------------------------------------------------------ |\n\n45. Total other comprehensive income\n\n| Item 45 | Item 45 total other comprehensive income is a derived item and is calculated as the sum of items 34 and 35, and items 38 to 44 inclusive.Report this item in accordance with AASB 101.81A (b). |\n| ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n46. Total comprehensive income\n\n| Item 46 | Item 46 total comprehensive income is a derived item and is calculated as the sum of item 33 and item 45.Report this item in accordance with AASB 101.81A (c). |\n| ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------- |","sortOrder":27},{"sectionNumber":" Overseas — All Business","sectionType":"section","heading":" Overseas — All Business","content":"#####  Overseas – All Business\n\nThe expressions ‘Australian Business’ and ‘Overseas Business’ refer to the territories where the life insurance business is carried on.\n\nThe expressions ‘Ordinary Business’ and ‘Superannuation Business’ are defined in the Life Act.\n\nThis section is also to be completed for each participating and non-participating business. The expressions ‘participating business and ‘non-participating business’ are defined in the Life Act.\n\nDirect business is any insurance business written / insurance contracts issued by the reporting insurer.\n\nInwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.\n\nNon-life insurance business is insurance business carried on by a life company in accordance with APRA’s declaration made under section 12A or section 12B of the Life Act.","sortOrder":28},{"sectionNumber":"Units of measurement","sectionType":"division","heading":"Units of measurement","content":"### Units of measurement\n\nReport values in this Reporting Standard in whole Australian dollars (AUD) with no decimal place.\n\nConvert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.\n\nReport losses and expenses as negative values.","sortOrder":29},{"sectionNumber":"Columns for Licensed insurer and Statuto","sectionType":"subdivision","heading":"Columns for Licensed insurer and Statutory fund eliminations reporting:","content":"#### Columns for Licensed insurer and Statutory fund eliminations reporting:\n\n| Column 1  | Report the total amounts for Australian business before statutory fund eliminations representing the sum of individual statutory funds.                                                                                  |\n| --------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Column 2  | Report the total amounts for overseas business before statutory fund eliminations representing the sum of individual statutory funds.                                                                                    |\n| Column 3  | Column 3 ‘Total business before statutory fund eliminations’ is a derived column and is calculated as the sum of columns 1 and 2.                                                                                        |\n| Column 4  | Report the total amounts for Australian business statutory fund eliminations in negative values.                                                                                                                         |\n| Column 5  | Report the total amounts for overseas business statutory fund eliminations in negative values.                                                                                                                           |\n| Column 6  | Column 6 ‘Total business’ is a derived column and is calculated as the sum of columns 4 and 5.                                                                                                                           |\n| Column 7  | Column 7 ‘Australian business after statutory fund eliminations’ is a derived column and is calculated as the sum of columns 1 and 4.                                                                                    |\n| Column 8  | Column 8 ‘Overseas business after statutory fund eliminations’ is a derived column and is calculated as the sum of columns 2 and 5.                                                                                      |\n| Column 9  | Column 9 ‘Total business (after statutory fund eliminations)’ is a derived column and is calculated as the sum of columns 7 and 8.                                                                                       |\n| Column 10 | Report the amounts as applicable for the general fund in positive values.                                                                                                                                                |\n| Column 11 | Report the amounts as applicable for general fund eliminations in negative values.                                                                                                                                       |\n| Column 12 | Column 12 is a derived column and is calculated as the sum of columns 9, 10 and 11. Total entity is equal to the sum of Total business (after statutory fund eliminations), General fund, and General fund eliminations’ |","sortOrder":30},{"sectionNumber":"Columns for Statutory fund reporting:","sectionType":"subdivision","heading":"Columns for Statutory fund reporting:","content":"#### Columns for Statutory fund reporting:\n\n| Column 1 | Report the amounts for Australian business for the individual statutory fund. |\n| -------- | ----------------------------------------------------------------------------- |\n| Column 2 | Report the amounts for overseas business for the individual statutory fund.   |\n| Column 3 | Column 3 is a derived column and is calculated as the sum of columns 1 and 2. |\n\n1.  Insurance revenue\n\n| Item 1   | Item 1 total insurance revenue is a derived item calculated as the sum of items 1.1 to 1.4 inclusive.Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80 (a) and AASB 17.83. |\n| -------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 1.1 | Report insurance revenue from life insurance direct business.                                                                                                                                            |\n| Item 1.2 | Report insurance revenue from life investment direct business.                                                                                                                                           |\n| Item 1.3 | Report insurance revenue from inwards reinsurance.                                                                                                                                                       |\n| Item 1.4 | Report insurance revenue from non-life insurance business.                                                                                                                                               |\n\n2. Insurance service expense\n\n| Item 2     | Item 2 total insurance service expense is a derived item calculated as the sum of items 2.1 to 2.4. inclusive.Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84.                                                                                     |\n| ---------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 2.1   | Item 2.1 insurance service expense from life insurance direct business is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive.                                                                                                                                          |\n| Item 2.1.1 | Report incurred claims from life insurance direct business.                                                                                                                                                                                                                                       |\n| Item 2.1.2 | Report other insurance service expenses from life insurance direct business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.                                                                                         |\n| Item 2.1.3 | Report amortisation of insurance acquisition cash flows from life insurance direct business.                                                                                                                                                                                                      |\n| Item 2.1.4 | Report losses and reversal of losses on onerous contracts from life insurance direct business.Report this item in accordance with AASB 17.47-52.                                                                                                                                                  |\n| Item 2.1.5 | Report changes that relate to past service: changes to liabilities for incurred claims from life insurance direct business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                  |\n| Item 2.1.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from life insurance direct business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense. |\n| Item 2.2   | Report life investment direct business.                                                                                                                                                                                                                                                           |\n| Item 2.2.1 | Report other insurance service expenses from life investment direct business.Report this item in accordance with AASB 17.103 (b).                                                                                                                                                                 |\n| Item 2.3   | Item 2.3, insurance service expenses from inwards reinsurance, is a derived item and is calculated as the sum of items 2.3.1 to 2.3.6 inclusive.                                                                                                                                                  |\n| Item 2.3.1 | Report incurred claims from inwards reinsurance.                                                                                                                                                                                                                                                  |\n| Item 2.3.2 | Report other insurance service expenses from inwards reinsurance.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.                                                                                                    |\n| Item 2.3.3 | Report amortisation of insurance acquisition cash flows from inwards reinsurance.                                                                                                                                                                                                                 |\n| Item 2.3.4 | Report losses and reversal of losses on onerous contracts from inwards reinsurance.Report this item in accordance with AASB 17.47-52.                                                                                                                                                             |\n| Item 2.3.5 | Report changes that relate to past service: changes to liabilities for incurred claims from inwards reinsurance.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                             |\n| Item 2.3.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from inwards reinsurance.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.            |\n| Item 2.4   | Item 2.4, insurance service expenses from non-life insurance business, is a derived item and is calculated as the sum of items 2.4.1 to 2.4.6 inclusive.                                                                                                                                          |\n| Item 2.4.1 | Report incurred claims from non-life insurance business.                                                                                                                                                                                                                                          |\n| Item 2.4.2 | Report other insurance service expenses from non-life insurance business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59 (a) at this item.                                                                                           |\n| Item 2.4.3 | Report amortisation of insurance acquisition cash flows from non-life insurance business.                                                                                                                                                                                                         |\n| Item 2.4.4 | Report losses and reversal of losses on onerous contracts from non-life insurance business.Report this item in accordance with AASB 17.47-52.                                                                                                                                                     |\n| Item 2.4.5 | Report changes that relate to past service: changes to liabilities for incurred claims from non-life insurance business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                     |\n| Item 2.4.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from non-life insurance business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.    |\n\n3. Insurance service result before reinsurance contracts held\n\n| Item 3 | Item 3, insurance service result before reinsurance contracts held, is a derived item calculated as the sum of item 1 and item 2.Report this item in accordance with AASB 17 Appendix A. |\n| ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n4. Allocation of reinsurance premiums\n\n| Item 4 | Report allocation of reinsurance premiums.It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at item 5.Report this item in accordance with AASB 17.86. |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n5. Amounts recoverable from reinsurers\n\n| Item 5 | Report amounts recoverable from reinsurers. Include at this item reversals of recoveries of losses from the reinsurance contracts determined in accordance with AASB 17.66B for reinsurance contracts held.Report this item in accordance with AASB 17.86.The amount reported at this item should reconcile to item 8 ‘Amounts recoverable from reinsurers’ reported in Reporting Standard LRS 320.0 Liability Roll Forwards Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (LRS 320.0 Part B RF1). |\n| ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n6. Net expense from reinsurance contracts held\n\n| Item 6 | Item 6 is a derived item and is calculated as the sum of item 4 and item 5. This item can be a net income or net expense.Report this item in accordance with AASB 17 Appendix A, AASB 101.82 (ac), AASB 17.82 and AASB 17.86. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n7. Insurance service result\n\n| Item 7 | Item 7 insurance service result is a derived item and is calculated sum of item 3 and item 6.Report this item in accordance with AASB 17.80 (a). |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n8. Interest revenue calculated using the effective interest method\n\n| Item 8 | Report interest revenue calculated using the effective interest method.Report this item in accordance with AASB 101.82 (a) (i) and AASB 9 Appendix A. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n9. Other interest and similar income\n\n| Item 9 | Report other interest and similar income, include income that is not reported at item 8 and items 10 to 16. |\n| ------ | ----------------------------------------------------------------------------------------------------------- |\n\n10. Net gains/losses on financial assets at fair value through profit or loss\n\n| Item 10 | Report net gains/losses on financial assets at fair value through profit or loss.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (i). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n11. Net gains/losses on derecognition of financial assets measured at fair value through other comprehensive income\n\n| Item 11 | Report net gains or losses on derecognition of financial assets measured at fair value through other comprehensive income.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (viii). |\n| ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n12. Net change in investment contract liabilities\n\n| Item 12 | Report the net change in investment contract liabilities.Report this item in accordance with AASB 7.20 (a) (i). |\n| ------- | --------------------------------------------------------------------------------------------------------------- |\n\n13. Net gains/(losses) on derecognition of financial assets measured at amortised cost\n\n| Item 13 | Report net gains/(losses) on derecognition of financial assets measured at amortised cost.Report this item in accordance with AASB 132.11 and AASB 101.82 (aa). |\n| ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n14. Impairment loss on financial assets\n\n| Item 14 | Report impairment loss on financial assets.Report this item in accordance with AASB 9 Appendix A, AASB 132.11 and AASB 101.82 (ba). |\n| ------- | ----------------------------------------------------------------------------------------------------------------------------------- |\n\n15. Net gains from fair value adjustments to investment properties\n\n| Item 15 | Report net gains from fair value adjustments to investment properties.Report this item in accordance with AASB 140.5 and AASB 140.76 (d). |\n| ------- | ----------------------------------------------------------------------------------------------------------------------------------------- |\n\n16. Net foreign exchange income / expense\n\n| Item 16 | Report net foreign exchange income or expense.Report this item in accordance with AASB 121.52 (a) Common practice. |\n| ------- | ------------------------------------------------------------------------------------------------------------------ |\n\n17. Total investment result\n\n| Item 17 | Item 17 total investment result is a derived item and is calculated as the sum of items 8 to 16 inclusive. |\n| ------- | ---------------------------------------------------------------------------------------------------------- |\n\n18. Insurance finance expenses for insurance contracts issued\n\n| Item 18 | Report insurance finance expenses for insurance contracts issued. This item can be a net income or net expense.Report this item in accordance with AASB 17.87 and AASB 17 Appendix A. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n19. Reinsurance finance income for reinsurance contracts held\n\n| Item 19 | Report reinsurance finance income for reinsurance contracts held. This item can be a net income or net expense.Report this item in accordance with AASB 17.82 and AASB 17 Appendix A.Report the “Effect of changes in non-performance risk of reinsurers\" as reported in LRS 320.0 Part B RF1 item 14 at this item. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n20. Net insurance financial result through profit or loss\n\n| Item 20 | Item 20 net insurance financial result through profit or loss, is a derived item calculated as the sum of item 18 and item 19. This item can be a net income or net expense. |\n| ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n21. Asset management services revenue\n\n| Item 21 | Report asset management services revenue. This includes revenue from investment management services accounted for in accordance with AASB 15.Report this item in accordance with AASB 15.113 (a) Disclosure and AASB 15.114 Disclosure. |\n| ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n22. Investment management expenses\n\n| Item 22 | Report investment management expenses. |\n| ------- | -------------------------------------- |\n\n23. Share of profit/loss of associates and joint ventures accounted for using the equity method\n\n| Item 23 | Report the share of profit or loss of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82 (c) and AASB 128.3. |\n| ------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n24. Profit/loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations\n\n| Item 24 | Report the profit or loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n25. Impairment loss for goodwill\n\n| Item 25 | Report impairment loss for goodwill.Report this item in accordance with AASB 138.8, AASB 3 Appendix A and AASB 3.B67 (d). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------- |\n\n26. Other income\n\n| Item 26 | Report other income that is not reported elsewhere in this Reporting Standard; including income from contracts outside the scope of AASB 17 (including AASB 15 Revenue from Contracts with Customers) under this item. Revenue from investment management services is to be reported at item 21. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n27. Other finance costs\n\n| Item 27 | Report other finance costs.Report this item in accordance with AASB 101.82 (b) and includes the interest expense on lease liabilities (with the meaning given to it in AASB 16.49 and AASB 16.53 (b)). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n28. Other expenses\n\n| Item 28 | Report other expenses. Additionally, include expenses from contracts outside the scope of AASB 17 under this item. |\n| ------- | ------------------------------------------------------------------------------------------------------------------ |\n\n29. Profit/loss from continuing operations before tax\n\n| Item 29 | Item 29 is a derived item and is calculated as the sum of items 7, 17, and items 20 to 28 inclusive.Report this item in accordance with AASB 101.81A (a) Disclosure. |\n| ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n30. Income tax expense from continuing operations\n\n| Item 30 | Report income tax expense from continuing operations.Report this item in accordance with AASB 101.82 (d) and AASB 112.77. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------- |\n\n31. Profit/loss for the year from continuing operations after income tax\n\n| Item 31 | Item 31 profit/loss for the year from continuing operations after income tax, is a derived item calculated as the sum of item 29 and item 30.Report this item in accordance with AASB 101.81A. |\n| ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n32. Profit/loss from discontinued operations after income tax\n\n| Item 32 | Report profit or loss from discontinued operations after income tax.Report this item in accordance with AASB 101.82 (ea). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------- |\n\n33. Profit (loss) after income tax attributable to members of the company\n\n| Item 33 | Item 33 profit (loss) after income tax attributable to members of the company is a derived item and is calculated as the sum of item 31 and item 32.Report this item in accordance with AASB 101.81B (a) (ii). |\n| ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |","sortOrder":31},{"sectionNumber":"Other comprehensive income","sectionType":"division","heading":"Other comprehensive income","content":"# Reporting Standard LRS 310.0\n\n# Statement of profit or loss and other comprehensive income\n\n## General instructions\n\nThese instructions assist completion of the information collected by Reporting Standard LRS 310.0 Statement of profit or loss and other comprehensive income (LRS 310.0). This Reporting Standard collects information relating to the licensed insurer’s profit or loss and other comprehensive income.\n\n### Reporting tables\n\nTables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\n### General accounting basis\n\nIn completing the reporting standards, unless otherwise stated specifically, reporting life companies are to follow the basis consistent with the relevant Australian Accounting Standards. In particular, appropriate consideration must be given to the interpretation, the basis for measurement, and the netting between revenues/expenses items and financial assets/liabilities.\n\n### References to Australian Accounting Standards\n\nEach item reported under this Reporting Standard aligns with the Accounting Standards made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item. AASB reference provides a written description of the accounting meaning of an IFRS Taxonomy element.\n\n### IFRS taxonomy element reference\n\nEach IFRS taxonomy element contains at least one cross-reference to an AASB Standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board (IASB)) and has a reference type that can be used to identify the source of that element. The IFRS Taxonomy uses the following element reference types:\n\n    (a) disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;\n    (b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and\n    (c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements they not specifically mentioned in IFRS/AASB Standards or their accompanying materials, but are consistent with IFRS/AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.\n\n### Reporting direction for life insurers\n\nFor APRA reporting, life insurers must also meet the relevant policy liability valuation requirements outlined in the Prudential Standard LPS 340 Valuation of Policy Liabilities.\n\n### Definitions\n\nTerms that are highlighted in bold italics are defined in these instructions.\n\n  \n\n## Specific instructions\n\n### Reporting basis\n\nInformation in this Reporting Standard is to be completed by life insurers including friendly societies (together referred to as life insurers or licensed insurers) for each reporting period on statutory fund (approved benefit fund for a friendly society), licensed insurer and statutory fund eliminations bases.\n\nLRS 310.0 must be submitted for each statutory fund (approved benefit fund for a friendly society) separately for each reporting period.\n\nLRS 310.0 must be submitted for the sum of individual statutory funds, the sum of statutory fund eliminations, the general fund, and if applicable the general fund eliminations for each reporting period. The term ‘general fund’ has been used to refer to the shareholders’ fund of a life company other than a friendly society or the management fund of a friendly society.\n\nPlease disclose non-distinct investment components in Reporting Standard LRS 320.0 Liability Roll Forwards at:\n\n-   Part A: Liability Roll Forward 1, item 12: ‘Investment components and premium refunds’, item 18: ‘Claims and other expenses paid, including investment components’; and\n-   Part B: Liability Roll Forward 1, item 9: ‘Investment components and premium refunds’\n\nas applicable (refer to AASB 17.103 (c) and AASB 17.105 (a) (iii)).\n\n### APRA class of business\n\nThe APRA class of business that apply for the purpose of this Reporting Standard are:\n\n#####  Australia – Ordinary Business\n\n#####  Australia – Superannuation Business\n\n#####  Overseas – All Business\n\nThe expressions ‘Australian Business’ and ‘Overseas Business’ refer to the territories where the life insurance business is carried on.\n\nThe expressions ‘Ordinary Business’ and ‘Superannuation Business’ are defined in the Life Act.\n\nThis section is also to be completed for each participating and non-participating business. The expressions ‘participating business and ‘non-participating business’ are defined in the Life Act.\n\nDirect business is any insurance business written / insurance contracts issued by the reporting insurer.\n\nInwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.\n\nNon-life insurance business is insurance business carried on by a life company in accordance with APRA’s declaration made under section 12A or section 12B of the Life Act.\n\n### Units of measurement\n\nReport values in this Reporting Standard in whole Australian dollars (AUD) with no decimal place.\n\nConvert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.\n\nReport losses and expenses as negative values.\n\n#### Columns for Licensed insurer and Statutory fund eliminations reporting:\n\n| Column 1  | Report the total amounts for Australian business before statutory fund eliminations representing the sum of individual statutory funds.                                                                                  |\n| --------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Column 2  | Report the total amounts for overseas business before statutory fund eliminations representing the sum of individual statutory funds.                                                                                    |\n| Column 3  | Column 3 ‘Total business before statutory fund eliminations’ is a derived column and is calculated as the sum of columns 1 and 2.                                                                                        |\n| Column 4  | Report the total amounts for Australian business statutory fund eliminations in negative values.                                                                                                                         |\n| Column 5  | Report the total amounts for overseas business statutory fund eliminations in negative values.                                                                                                                           |\n| Column 6  | Column 6 ‘Total business’ is a derived column and is calculated as the sum of columns 4 and 5.                                                                                                                           |\n| Column 7  | Column 7 ‘Australian business after statutory fund eliminations’ is a derived column and is calculated as the sum of columns 1 and 4.                                                                                    |\n| Column 8  | Column 8 ‘Overseas business after statutory fund eliminations’ is a derived column and is calculated as the sum of columns 2 and 5.                                                                                      |\n| Column 9  | Column 9 ‘Total business (after statutory fund eliminations)’ is a derived column and is calculated as the sum of columns 7 and 8.                                                                                       |\n| Column 10 | Report the amounts as applicable for the general fund in positive values.                                                                                                                                                |\n| Column 11 | Report the amounts as applicable for general fund eliminations in negative values.                                                                                                                                       |\n| Column 12 | Column 12 is a derived column and is calculated as the sum of columns 9, 10 and 11. Total entity is equal to the sum of Total business (after statutory fund eliminations), General fund, and General fund eliminations’ |\n\n#### Columns for Statutory fund reporting:\n\n| Column 1 | Report the amounts for Australian business for the individual statutory fund. |\n| -------- | ----------------------------------------------------------------------------- |\n| Column 2 | Report the amounts for overseas business for the individual statutory fund.   |\n| Column 3 | Column 3 is a derived column and is calculated as the sum of columns 1 and 2. |\n\n1.  Insurance revenue\n\n| Item 1   | Item 1 total insurance revenue is a derived item calculated as the sum of items 1.1 to 1.4 inclusive.Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80 (a) and AASB 17.83. |\n| -------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 1.1 | Report insurance revenue from life insurance direct business.                                                                                                                                            |\n| Item 1.2 | Report insurance revenue from life investment direct business.                                                                                                                                           |\n| Item 1.3 | Report insurance revenue from inwards reinsurance.                                                                                                                                                       |\n| Item 1.4 | Report insurance revenue from non-life insurance business.                                                                                                                                               |\n\n2. Insurance service expense\n\n| Item 2     | Item 2 total insurance service expense is a derived item calculated as the sum of items 2.1 to 2.4. inclusive.Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84.                                                                                     |\n| ---------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 2.1   | Item 2.1 insurance service expense from life insurance direct business is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive.                                                                                                                                          |\n| Item 2.1.1 | Report incurred claims from life insurance direct business.                                                                                                                                                                                                                                       |\n| Item 2.1.2 | Report other insurance service expenses from life insurance direct business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.                                                                                         |\n| Item 2.1.3 | Report amortisation of insurance acquisition cash flows from life insurance direct business.                                                                                                                                                                                                      |\n| Item 2.1.4 | Report losses and reversal of losses on onerous contracts from life insurance direct business.Report this item in accordance with AASB 17.47-52.                                                                                                                                                  |\n| Item 2.1.5 | Report changes that relate to past service: changes to liabilities for incurred claims from life insurance direct business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                  |\n| Item 2.1.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from life insurance direct business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense. |\n| Item 2.2   | Report life investment direct business.                                                                                                                                                                                                                                                           |\n| Item 2.2.1 | Report other insurance service expenses from life investment direct business.Report this item in accordance with AASB 17.103 (b).                                                                                                                                                                 |\n| Item 2.3   | Item 2.3, insurance service expenses from inwards reinsurance, is a derived item and is calculated as the sum of items 2.3.1 to 2.3.6 inclusive.                                                                                                                                                  |\n| Item 2.3.1 | Report incurred claims from inwards reinsurance.                                                                                                                                                                                                                                                  |\n| Item 2.3.2 | Report other insurance service expenses from inwards reinsurance.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.                                                                                                    |\n| Item 2.3.3 | Report amortisation of insurance acquisition cash flows from inwards reinsurance.                                                                                                                                                                                                                 |\n| Item 2.3.4 | Report losses and reversal of losses on onerous contracts from inwards reinsurance.Report this item in accordance with AASB 17.47-52.                                                                                                                                                             |\n| Item 2.3.5 | Report changes that relate to past service: changes to liabilities for incurred claims from inwards reinsurance.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                             |\n| Item 2.3.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from inwards reinsurance.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.            |\n| Item 2.4   | Item 2.4, insurance service expenses from non-life insurance business, is a derived item and is calculated as the sum of items 2.4.1 to 2.4.6 inclusive.                                                                                                                                          |\n| Item 2.4.1 | Report incurred claims from non-life insurance business.                                                                                                                                                                                                                                          |\n| Item 2.4.2 | Report other insurance service expenses from non-life insurance business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59 (a) at this item.                                                                                           |\n| Item 2.4.3 | Report amortisation of insurance acquisition cash flows from non-life insurance business.                                                                                                                                                                                                         |\n| Item 2.4.4 | Report losses and reversal of losses on onerous contracts from non-life insurance business.Report this item in accordance with AASB 17.47-52.                                                                                                                                                     |\n| Item 2.4.5 | Report changes that relate to past service: changes to liabilities for incurred claims from non-life insurance business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                     |\n| Item 2.4.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from non-life insurance business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.    |\n\n3. Insurance service result before reinsurance contracts held\n\n| Item 3 | Item 3, insurance service result before reinsurance contracts held, is a derived item calculated as the sum of item 1 and item 2.Report this item in accordance with AASB 17 Appendix A. |\n| ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n4. Allocation of reinsurance premiums\n\n| Item 4 | Report allocation of reinsurance premiums.It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at item 5.Report this item in accordance with AASB 17.86. |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n5. Amounts recoverable from reinsurers\n\n| Item 5 | Report amounts recoverable from reinsurers. Include at this item reversals of recoveries of losses from the reinsurance contracts determined in accordance with AASB 17.66B for reinsurance contracts held.Report this item in accordance with AASB 17.86.The amount reported at this item should reconcile to item 8 ‘Amounts recoverable from reinsurers’ reported in Reporting Standard LRS 320.0 Liability Roll Forwards Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (LRS 320.0 Part B RF1). |\n| ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n6. Net expense from reinsurance contracts held\n\n| Item 6 | Item 6 is a derived item and is calculated as the sum of item 4 and item 5. This item can be a net income or net expense.Report this item in accordance with AASB 17 Appendix A, AASB 101.82 (ac), AASB 17.82 and AASB 17.86. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n7. Insurance service result\n\n| Item 7 | Item 7 insurance service result is a derived item and is calculated sum of item 3 and item 6.Report this item in accordance with AASB 17.80 (a). |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n8. Interest revenue calculated using the effective interest method\n\n| Item 8 | Report interest revenue calculated using the effective interest method.Report this item in accordance with AASB 101.82 (a) (i) and AASB 9 Appendix A. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n9. Other interest and similar income\n\n| Item 9 | Report other interest and similar income, include income that is not reported at item 8 and items 10 to 16. |\n| ------ | ----------------------------------------------------------------------------------------------------------- |\n\n10. Net gains/losses on financial assets at fair value through profit or loss\n\n| Item 10 | Report net gains/losses on financial assets at fair value through profit or loss.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (i). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n11. Net gains/losses on derecognition of financial assets measured at fair value through other comprehensive income\n\n| Item 11 | Report net gains or losses on derecognition of financial assets measured at fair value through other comprehensive income.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (viii). |\n| ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n12. Net change in investment contract liabilities\n\n| Item 12 | Report the net change in investment contract liabilities.Report this item in accordance with AASB 7.20 (a) (i). |\n| ------- | --------------------------------------------------------------------------------------------------------------- |\n\n13. Net gains/(losses) on derecognition of financial assets measured at amortised cost\n\n| Item 13 | Report net gains/(losses) on derecognition of financial assets measured at amortised cost.Report this item in accordance with AASB 132.11 and AASB 101.82 (aa). |\n| ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n14. Impairment loss on financial assets\n\n| Item 14 | Report impairment loss on financial assets.Report this item in accordance with AASB 9 Appendix A, AASB 132.11 and AASB 101.82 (ba). |\n| ------- | ----------------------------------------------------------------------------------------------------------------------------------- |\n\n15. Net gains from fair value adjustments to investment properties\n\n| Item 15 | Report net gains from fair value adjustments to investment properties.Report this item in accordance with AASB 140.5 and AASB 140.76 (d). |\n| ------- | ----------------------------------------------------------------------------------------------------------------------------------------- |\n\n16. Net foreign exchange income / expense\n\n| Item 16 | Report net foreign exchange income or expense.Report this item in accordance with AASB 121.52 (a) Common practice. |\n| ------- | ------------------------------------------------------------------------------------------------------------------ |\n\n17. Total investment result\n\n| Item 17 | Item 17 total investment result is a derived item and is calculated as the sum of items 8 to 16 inclusive. |\n| ------- | ---------------------------------------------------------------------------------------------------------- |\n\n18. Insurance finance expenses for insurance contracts issued\n\n| Item 18 | Report insurance finance expenses for insurance contracts issued. This item can be a net income or net expense.Report this item in accordance with AASB 17.87 and AASB 17 Appendix A. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n19. Reinsurance finance income for reinsurance contracts held\n\n| Item 19 | Report reinsurance finance income for reinsurance contracts held. This item can be a net income or net expense.Report this item in accordance with AASB 17.82 and AASB 17 Appendix A.Report the “Effect of changes in non-performance risk of reinsurers\" as reported in LRS 320.0 Part B RF1 item 14 at this item. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n20. Net insurance financial result through profit or loss\n\n| Item 20 | Item 20 net insurance financial result through profit or loss, is a derived item calculated as the sum of item 18 and item 19. This item can be a net income or net expense. |\n| ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n21. Asset management services revenue\n\n| Item 21 | Report asset management services revenue. This includes revenue from investment management services accounted for in accordance with AASB 15.Report this item in accordance with AASB 15.113 (a) Disclosure and AASB 15.114 Disclosure. |\n| ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n22. Investment management expenses\n\n| Item 22 | Report investment management expenses. |\n| ------- | -------------------------------------- |\n\n23. Share of profit/loss of associates and joint ventures accounted for using the equity method\n\n| Item 23 | Report the share of profit or loss of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82 (c) and AASB 128.3. |\n| ------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n24. Profit/loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations\n\n| Item 24 | Report the profit or loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n25. Impairment loss for goodwill\n\n| Item 25 | Report impairment loss for goodwill.Report this item in accordance with AASB 138.8, AASB 3 Appendix A and AASB 3.B67 (d). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------- |\n\n26. Other income\n\n| Item 26 | Report other income that is not reported elsewhere in this Reporting Standard; including income from contracts outside the scope of AASB 17 (including AASB 15 Revenue from Contracts with Customers) under this item. Revenue from investment management services is to be reported at item 21. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n27. Other finance costs\n\n| Item 27 | Report other finance costs.Report this item in accordance with AASB 101.82 (b) and includes the interest expense on lease liabilities (with the meaning given to it in AASB 16.49 and AASB 16.53 (b)). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n28. Other expenses\n\n| Item 28 | Report other expenses. Additionally, include expenses from contracts outside the scope of AASB 17 under this item. |\n| ------- | ------------------------------------------------------------------------------------------------------------------ |\n\n29. Profit/loss from continuing operations before tax\n\n| Item 29 | Item 29 is a derived item and is calculated as the sum of items 7, 17, and items 20 to 28 inclusive.Report this item in accordance with AASB 101.81A (a) Disclosure. |\n| ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n30. Income tax expense from continuing operations\n\n| Item 30 | Report income tax expense from continuing operations.Report this item in accordance with AASB 101.82 (d) and AASB 112.77. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------- |\n\n31. Profit/loss for the year from continuing operations after income tax\n\n| Item 31 | Item 31 profit/loss for the year from continuing operations after income tax, is a derived item calculated as the sum of item 29 and item 30.Report this item in accordance with AASB 101.81A. |\n| ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n32. Profit/loss from discontinued operations after income tax\n\n| Item 32 | Report profit or loss from discontinued operations after income tax.Report this item in accordance with AASB 101.82 (ea). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------- |\n\n33. Profit (loss) after income tax attributable to members of the company\n\n| Item 33 | Item 33 profit (loss) after income tax attributable to members of the company is a derived item and is calculated as the sum of item 31 and item 32.Report this item in accordance with AASB 101.81B (a) (ii). |\n| ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n### Other comprehensive income\n\n#### Items that may be reclassified to profit or loss in subsequent periods\n\nReport this item in accordance with AASB 101.82A (a) (ii).\n\n34. Change in fair value of financial assets at fair value through other comprehensive income\n\n| Item 34 | Report change in fair value of financial assets at fair value through other comprehensive income.Report this item in accordance with AASB 13 Appendix A, AASB 132.11 and AASB 7.20 (a) (viii). |\n| ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n35. Amount reclassified to profit or loss\n\n| Item 35 | Report amount reclassified to profit or loss.Report this item in accordance with AASB 7.20 (a) (viii). |\n| ------- | ------------------------------------------------------------------------------------------------------ |\n\n36. Insurance finance expenses for insurance contracts issued\n\n| Item 36 | Report insurance finance expenses for insurance contracts issued. This item can be a net income or net expense.Report this item in accordance with AASB 17.90 and AASB 17 Appendix A. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n37. Reinsurance finance income for reinsurance contracts held\n\n| Item 37 | Report reinsurance finance income for reinsurance contracts held. This item can be a net income or net expense.Report this item in accordance with AASB 17.82, AASB 17.90 and AASB 17 Appendix A. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n38. Net insurance financial result through other comprehensive income\n\n| Item 38 | Item 38, net insurance financial result through other comprehensive income, is a derived item calculated as the sum of item 36 and item 37. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------- |\n\n39. Share of other comprehensive income of associates and joint ventures accounted for using the equity method\n\n| Item 39 | Report the share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (ii). |\n| ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n40. Income tax relating to items that will be reclassified\n\n| Item 40 | Report income tax relating to items that will be reclassified.Report this item in accordance with AASB 101.91. |\n| ------- | -------------------------------------------------------------------------------------------------------------- |\n\n#### Items that will not be reclassified to profit or loss\n\nReport this item in accordance with AASB 101.82A (a) (i).\n\n41. Revaluation of land and buildings\n\n| Item 41 | Report revaluation of land and buildings.Report this item in accordance with AASB 116.39. |\n| ------- | ----------------------------------------------------------------------------------------- |\n\n42. Share of other comprehensive income of associates and joint ventures accounted for using the equity method\n\n| Item 42 | Report share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (i) and AASB 128.3. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n43. Remeasurements of post-employment benefit obligations, before tax\n\n| Item 43 | Report remeasurements of post-employment benefit obligations, before tax.Report this item in accordance with AASB 119.120 (c). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------ |\n\n44. Income tax relating to items that will not be reclassified\n\n| Item 44 | Report income tax relating to items that will not be reclassified.Report this item in accordance with AASB 101.91. |\n| ------- | ------------------------------------------------------------------------------------------------------------------ |\n\n45. Total other comprehensive income\n\n| Item 45 | Item 45 total other comprehensive income is a derived item and is calculated as the sum of items 34 and 35, and items 38 to 44 inclusive.Report this item in accordance with AASB 101.81A (b). |\n| ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n46. Total comprehensive income\n\n| Item 46 | Item 46 total comprehensive income is a derived item and is calculated as the sum of item 33 and item 45.Report this item in accordance with AASB 101.81A (c). |\n| ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------- |","sortOrder":32},{"sectionNumber":"Items that may be reclassified to profit","sectionType":"subdivision","heading":"Items that may be reclassified to profit or loss in subsequent periods","content":"#### Items that may be reclassified to profit or loss in subsequent periods\n\nReport this item in accordance with AASB 101.82A (a) (ii).\n\n34. Change in fair value of financial assets at fair value through other comprehensive income\n\n| Item 34 | Report change in fair value of financial assets at fair value through other comprehensive income.Report this item in accordance with AASB 13 Appendix A, AASB 132.11 and AASB 7.20 (a) (viii). |\n| ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n35. Amount reclassified to profit or loss\n\n| Item 35 | Report amount reclassified to profit or loss.Report this item in accordance with AASB 7.20 (a) (viii). |\n| ------- | ------------------------------------------------------------------------------------------------------ |\n\n36. Insurance finance expenses for insurance contracts issued\n\n| Item 36 | Report insurance finance expenses for insurance contracts issued. This item can be a net income or net expense.Report this item in accordance with AASB 17.90 and AASB 17 Appendix A. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n37. Reinsurance finance income for reinsurance contracts held\n\n| Item 37 | Report reinsurance finance income for reinsurance contracts held. This item can be a net income or net expense.Report this item in accordance with AASB 17.82, AASB 17.90 and AASB 17 Appendix A. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n38. Net insurance financial result through other comprehensive income\n\n| Item 38 | Item 38, net insurance financial result through other comprehensive income, is a derived item calculated as the sum of item 36 and item 37. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------- |\n\n39. Share of other comprehensive income of associates and joint ventures accounted for using the equity method\n\n| Item 39 | Report the share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (ii). |\n| ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n40. Income tax relating to items that will be reclassified\n\n| Item 40 | Report income tax relating to items that will be reclassified.Report this item in accordance with AASB 101.91. |\n| ------- | -------------------------------------------------------------------------------------------------------------- |","sortOrder":33},{"sectionNumber":"Items that will not be reclassified to p","sectionType":"subdivision","heading":"Items that will not be reclassified to profit or loss","content":"#### Items that will not be reclassified to profit or loss\n\nReport this item in accordance with AASB 101.82A (a) (i).\n\n41. Revaluation of land and buildings\n\n| Item 41 | Report revaluation of land and buildings.Report this item in accordance with AASB 116.39. |\n| ------- | ----------------------------------------------------------------------------------------- |\n\n42. Share of other comprehensive income of associates and joint ventures accounted for using the equity method\n\n| Item 42 | Report share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (i) and AASB 128.3. |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n43. Remeasurements of post-employment benefit obligations, before tax\n\n| Item 43 | Report remeasurements of post-employment benefit obligations, before tax.Report this item in accordance with AASB 119.120 (c). |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------ |\n\n44. Income tax relating to items that will not be reclassified\n\n| Item 44 | Report income tax relating to items that will not be reclassified.Report this item in accordance with AASB 101.91. |\n| ------- | ------------------------------------------------------------------------------------------------------------------ |\n\n45. Total other comprehensive income\n\n| Item 45 | Item 45 total other comprehensive income is a derived item and is calculated as the sum of items 34 and 35, and items 38 to 44 inclusive.Report this item in accordance with AASB 101.81A (b). |\n| ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n46. Total comprehensive income\n\n| Item 46 | Item 46 total comprehensive income is a derived item and is calculated as the sum of item 33 and item 45.Report this item in accordance with AASB 101.81A (c). |\n| ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------- |","sortOrder":34}],"analysis":{"kimi_summary":{"_metrics":{"completionTokens":740},"content_quality":"ok","complexity_score":8,"scope_assessment":{"changed":false,"description":"This is a technical reporting standard that remains tightly focused on its original purpose: collecting profit and loss data from life insurers for prudential supervision. While it incorporates the new AASB 17 insurance accounting standard (effective 2023), this represents updating to current accounting practice rather than scope expansion. The standard does not extend beyond financial data collection into operational or conduct regulation."},"complexity_factors":["46 detailed reporting items with nested sub-items (e.g., Item 2.1.1 through 2.1.6)","Extensive cross-referencing to AASB accounting standards (AASB 17, AASB 101, AASB 9, AASB 7, AASB 121, AASB 132, AASB 140, AASB 112, AASB 116, AASB 119, AASB 128, AASB 15, AASB 16)","Multiple reporting bases required: statutory fund level, licensed insurer level, and eliminations","12-column reporting structure with derived columns requiring complex calculations","Dual presentation: profit/loss items AND other comprehensive income items","Integration with 4 other APRA standards (LRS 001, LPS 001, LPS 310, LPS 340, LRS 320)","IFRS taxonomy element references with three classification types","Transition provisions requiring parallel reporting under old and new standards","Multiple business class distinctions (Australian/Overseas, Ordinary/Superannuation, participating/non-participating, direct/reinsurance)","Specific measurement rules (whole AUD, no decimals, negative values for losses)","Reconciliation requirements between this standard and LRS 320.0"],"plain_english_summary":"This reporting standard requires all Australian life insurers and friendly societies to submit standardized profit or loss and other comprehensive income data (46 specified items) to APRA electronically, with CEO/CFO digital sign-off. Reports are quarterly (unaudited estimates allowed) and annual (audited), with built‑in quality controls and deadlines. APRA uses the data for prudential supervision to monitor insurer health, protect policyholders and support financial system stability."},"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":false,"description":"This determination replaces an earlier reporting standard and primarily updates and standardises the mechanics of profit or loss and other comprehensive income reporting to align with current Australian Accounting Standards and APRA reporting taxonomy (including AASB 17 alignment). The instrument does not materially broaden the subject-matter of reporting beyond the income statement/OCI and related reconciliations; it mainly increases specification, detail, and procedural controls (electronic submission, auditor assurance, digital signing, column/line-item granularity) rather than extending APRA’s collection to new categories of information beyond the financial statement lines and their reconciliations (see paras 2–5, 11, general instructions)."},"complexity_factors":["46 principal reporting items with multiple nested sub-items (e.g. item 2 subdivided into 2.1.1–2.1.6 and further groups)","12-column reporting layout for licensed insurer/general fund/eliminations and separate column set for statutory funds (column rules)","Extensive cross-references to other APRA instruments (LRS 001, LRS 320.0, LPS 310, LPS 340)","Multiple external accounting standards referenced (AASB 17, AASB 101, AASB 9, AASB 7, AASB 121, AASB 140, AASB 16, AASB 119, AASB 128, AASB 138)","Derived items and required reconciliations (many fields are calculated as sums of subitems)","Auditor quality control and limited assurance requirements with cross-reference to Auditing and Assurance Standards Board guidance (para 11)","APRA discretion to vary frequency, reporting periods and specific requirements for particular insurers (paras 8, 16)"],"plain_english_summary":"**What this instrument does (mechanics first)**\n\n- Requires every Australian life insurer (including friendly societies) to submit to APRA a standardised statement of profit or loss and other comprehensive income for each reporting period (paras 3–4, 7).\n- Submission frequency: quarterly unaudited returns and one audited annual return (so five submissions for a full year) unless APRA specifies otherwise for a particular insurer (paras 7–9, 8). The annual audited return must be submitted with the auditor’s report (para 7, Note 2).\n- Data format and method: electronic submission using APRA’s electronic channels (or another method APRA notifies) and the submitting officer must digitally sign the submission using a certificate acceptable to APRA (paras 6, 14).\n- Content and structure: a detailed line-by-line mapping (46 principal items and numerous sub-items) that aligns reporting fields to Australian Accounting Standards / IFRS taxonomy (AASB 17, AASB 101, AASB 9, etc.) and to APRA reporting categories (statutory funds, general fund, eliminations; Australian / overseas / classes of business). The Standard sets column definitions, units (whole AUD), derived items and reconciliation expectations to other APRA returns (numerous parts of the Standard; see the “Reporting tables”, “Specific instructions” and itemised list) (general instructions; items 1–46; columns section).\n- Quality control and audit: reported information must come from systems, processes and controls reviewed and tested by the company’s Auditor (annual or more frequently as needed). The Auditor must perform at least a limited assurance engagement consistent with Australian auditing standards to the extent not inconsistent with Prudential Standard LPS 310 (para 11). Actuarial valuations must follow prudential standards; unaudited quarterly returns may use reasonable estimates (para 13).\n- Authorisation and accountability: submissions must be authorised by the Principal Executive Officer or Chief Financial Officer (paras 14–15). Boards and senior management must maintain internal policies and procedures for authorisation (para 12).\n- APRA discretion and transitional arrangements: APRA can vary reporting requirements or reporting periods for particular insurers (para 8, 16). Transitional reporting under the old standard is required for specified transitional periods (para 17).\n\n**Who this affects**\n\n- Primary: All life insurance companies and friendly societies registered under the Life Insurance Act 1995 — they must prepare, control, audit and submit the specified profit & loss and other comprehensive income items to APRA (paras 3–4).\n- Secondary: auditors (required to perform system reviews and limited assurance) and actuarial teams (required to apply prudential valuation standards where applicable) (paras 11, 13).\n\n**Why it matters**\n\n- APRA’s stated purpose for collecting this information is prudential supervision, including checking compliance with capital adequacy requirements (para 2). The Standard gives APRA a consistent, comparable, machine-readable feed of insurers’ income statement data aligned with AASB/IFRS taxonomies.\n\n**Practical effects, costs and incentives (tested against trade-offs in the instrument)**\n\n- Who pays: the compliance costs fall on life companies (implementation, ongoing data extraction, audit and actuarial work) because they must prepare the returns, maintain the systems and pay auditors for assurance work (paras 4, 11–13).\n\n- Who decides: APRA decides the electronic submission method, may notify alternate methods, can vary reporting periods or content for particular firms, and can grant extensions (paras 6, 8, 10, 16). Those APRA powers introduce regulatory discretion over timing and detail.\n\n- Behaviour changes required: insurers must (a) map internal accounting and actuarial outputs to the Standard’s line items and IFRS taxonomy, (b) operate data controls and authorisation procedures overseen by senior management and the board, (c) secure digital signing, and (d) involve auditors in testing and limited assurance engagements (paras 6, 11–15, general instructions, specific instructions).\n\n- Compliance burden and implementation risk: the Standard requires alignment with AASB 17 and other AASB standards and cross-references to other APRA returns (for example, LRS 320.0 Liability Roll Forwards and Prudential Standard LPS 340). That produces a non-trivial mapping and reconciliation workload (items 5, references to LRS 320.0, LPS 340 and multiple AASB standards). Smaller insurers may face proportionally higher fixed implementation costs; larger insurers can amortise systems costs more readily. The allowance to use reasonable estimates for unaudited quarterly returns (para 13) reduces immediate audit burden but does not remove the need for audited annual reconciliation.\n\n- Audit and assurance cost: the Auditor must review and test systems and provide at least a limited assurance engagement on the reporting controls (para 11). That raises recurring audit costs and requires auditors to expand scope beyond financial statement audits in some cases.\n\n- Data quality and operational risk: the Standard places responsibility on boards and senior management for authorisation and internal controls (para 12). Electronic submission and digital-signature requirements (para 14) create operational dependencies (certificate management, secure channels) and potential bottlenecks (e.g. if key signatories are unavailable or certificates lapse).\n\n- Regulatory leverage and bespoke requests: APRA’s ability to change reporting periods or vary requirements for a particular life company (paras 8, 16) increases APRA’s supervisory tools but also means firms must maintain flexibility to respond to ad hoc data requests.\n\n- Limited scope for private disclosure: the Standard expressly says the returns are for APRA and do not replace policy-owner disclosure under the Life Act (para 5). These returns therefore add regulatory reporting without changing statutory disclosures to policyholders.\n\n**Concrete trade-offs and opportunity costs visible in the instrument**\n\n- Trade-off: frequent regulatory reporting (quarterly unaudited plus annual audited) increases APRA’s data visibility (prudential benefits) at the cost of ongoing compliance and audit fees for insurers (paras 7, 11).\n- Trade-off: alignment to detailed AASB/IFRS taxonomy improves comparability across firms but requires system remapping and reconciliations between actuarial valuations, accounting outputs and APRA line items (general instructions; references to AASB 17 and LRS 320.0).\n\n**Implementation notes (practical flags)**\n\n- Firms will need to ensure reconciliations between LRS 310.0 items and LRS 320.0 liability roll forwards where the Standard explicitly requires it (item 5).\n- The auditor engagement for review and limited assurance is mandatory in scope (para 11) and must be consistent with Auditing and Assurance Standards Board guidance to the extent not inconsistent with LPS 310 (para 11(b)).\n- The Standard permits APRA to ask for more or less frequent data for a firm-by-firm basis (para 8); firms should keep reporting procedures flexible.\n\n(Primary source references: paras 2–19; specific item sections 1–46; submission and authorisation sections 6, 9, 10, 14–16; quality control 11–13; transition 17.)"},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-122-of-2023","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-122-of-2023/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-122-of-2023/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-122-of-2023/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-122-of-2023/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-122-of-2023/documents"}}