{"id":"F2009L03322","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 27 of 2009 - GRS 310.0_G (2009) - Income Statement","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-27-of-2009-grs-310-0-g-2009-","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":140861,"registerId":"commonwealth-F2009L03322-current","compilationNumber":null,"startDate":"2026-04-03","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Reporting Standard GRS 310.0_G (2009) In","sectionType":"part","heading":"Reporting Standard GRS 310.0_G (2009) Income Statement","content":"# Reporting Standard GRS 310.0\\_G (2009) Income Statement\n\nFinancial Sector (Collection of Data) Act 2001\n\nI, John Roy Trowbridge, a Member of APRA and delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (‘the Act’) MAKE the reporting standard set out in the Schedule, which applies to financial sector entities of the kind specified in paragraph 2 of the reporting standard.\n\nUnder section 15 of the Act, I DECLARE that the reporting standard shall begin to apply to those entities on registration of this instrument on the Federal Register of Legislative Instruments.\n\n    Dated 21August 2009\n\n\\[Signed\\]\n\nJohn Trowbridge\n\nMember  \nInterpretation\n\nIn this Determination\n\n> APRA means the Australian Prudential Regulation Authority.\n\n> Federal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003.\n\n  \n\nSchedule\n\nReporting Standard GRS 310.0\\_G (2009) Income Statement comprises the 27 pages commencing on the next page.","sortOrder":0},{"sectionNumber":"Reporting Standard GRS 310.0_G (2009)","sectionType":"part","heading":"Reporting Standard GRS 310.0_G (2009)","content":"## Reporting Standard GRS 310.0\\_G (2009)\n\nIncome Statement\n\n### Objective of this reporting standard\n\nThis reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires Level 2 insurance groups to report to APRA, generally on a semi-annual and annual basis, information on their financial and operational performance.\n\nThis reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with:\n\n-   Form GRF 310.0\\_G Income Statement (Form GRF 310.0\\_G) and the associated instructions (which are attached and all form part of this reporting standard); and\n\n-   any prudential standards referenced in the attached instructions.\n\n# Purpose\n\n1.  Data collected in Form GRF 310.0\\_G is used by APRA for the purpose of prudential supervision of Level 2 insurance groups.\n\n# Application and commencement\n\n2. This reporting standard applies to all Level 2 insurance groups for reporting periods commencing on or after 30 June 2009.\n\n# Information required\n\n3. A Level 2 insurance group must provide APRA with the information required by the Form GRF 310.0\\_G for each reporting period specified in paragraph 5 for the Level 2 insurance group.\n\n# Forms and method of submission\n\n4. The information required by this reporting standard must be given to APRA either:\n\n(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or\n\n(b) by manually completing Form GRF 310.0\\_G on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.\n\nWhere the information is submitted by means of an agent to whom the Level 2 insurance group has outsourced the function of providing the information on the Level 2 insurance group’s behalf, the agent may only provide the information in accordance with subparagraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under subparagraph 4(a).\n\nNote: the Direct to APRA application software and paper forms may be obtained from APRA.\n\n# Reporting periods and due dates\n\n5. Subject to paragraph 6, a Level 2 insurance group must provide the information required by this reporting standard:\n\n(a) in respect of each half year based on the financial year (as defined in Prudential Standard GPS 001 Definitions (GPS 001)) of the Level 2 insurance group on an unaudited basis; and\n\n(b) in respect of each financial year (as defined in GPS 001) of the Level 2 insurance group on an audited basis.\n\nNote: The annual information required by paragraphs 3, 4 and 5(b) together with certain annual information required by other reporting standards, will form part of the Level 2 insurance group’s annual accounts within the meaning of GPS 001. Prudential Standard GPS 311 Audit and Actuarial Reporting and Valuation: Level 2 Insurance Groups (GPS 311) contains the relevant provisions governing audits.\n\n6. APRA may, by notice in writing to the parent entity, change the reporting periods, or specified reporting periods, for a particular Level 2 insurance group to require it to provide the information:\n\n(a) more frequently (if, having regard to the particular circumstances of the Level 2 insurance group, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the Level 2 insurance group); or\n\n(b) less frequently (if, having regard to the particular circumstances of the Level 2 insurance group and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the Level 2 insurance group to provide the information as frequently.\n\n7. The information required by paragraph 3 of this reporting standard from a Level 2 insurance group must be provided to APRA by the following times:\n\n(a) in the case of the half yearly information required by subparagraph 5(a) – three months after the end of the reporting period to which the information relates; and\n\n(b) in the case of the audited annual information required by subparagraph 5(b) – four months after the end of the reporting period to which the information relates.\n\nNote: GPS 311 requires a Level 2 insurance group to ensure that its Group Auditor conducts a limited assurance review of the group’s annual accounts. Accordingly, the Group Auditor’s report(s) as required by GPS 311 (relating to the information required by paragraph 3) must be provided to APRA by the time specified in subparagraph 7(b) of this reporting standard (unless an extension is granted under paragraph 8).\n\n8. APRA may by notice in writing to the parent entity grant a Level 2 insurance group an extension of a due date for the provision of the information, in which case the new due date will be the date on the notice of extension.\n\n9. On the written application of the parent entity of a Level 2 insurance group, APRA may by notice in writing to the parent entity exclude the requirement under subparagraph 5(a) to provide half yearly information.\n\n# Quality control\n\n10. The information provided by a Level 2 insurance group under this reporting standard must be the product of processes and controls that have been reviewed and tested by the Group Auditor of the Level 2 insurance group. This will require the Group Auditor to review and test the systems, processes and controls supporting the reporting of the information to ensure that they produce accurate data and are otherwise reliable. This review and testing must be done on:\n\n(a) an annual basis to enable the Group Auditor to form an opinion on the accuracy and reliability of the data; and\n\n(b) at least a limited assurance engagement consistent with the professional standards and guidance notes issued by the Auditing and Assurance Standards Board (AUASB) as may be amended from time to time, to the extent that they are not inconsistent with the requirements of Prudential Standard GPS 311 Audit and Actuarial Reporting and Valuation: Level 2 Insurance Groups.\n\n11. The information provided by a Level 2 insurance group under this reporting standard must be subject to processes and controls developed by the Level 2 insurance group for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the parent entity of the Level 2 insurance group to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n\n# Authorisation\n\n12. If an officer of a parent entity[\\[1\\]](#_ftn1) of a Level 2 insurance group provides the information required by this reporting standard:\n\n(a) under subparagraph 4(a), the officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the parent entity of the Level 2 insurance group who have authority from the parent entity of the Level 2 insurance group to transmit data to APRA); or\n\n(b) under subparagraph 4(b), the completed form must be signed in accordance with paragraph 13.\n\n13. If a Level 2 insurance group provides the information required by this reporting standard through an agent under either subparagraphs 4(a) or (b), the agent will not be required to sign or authorise the information. However, the Level 2 insurance group must:\n\n(a) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 4(a) or (b)); and\n\n(b) cause the paper copy to be signed in accordance with paragraph 13; and\n\n(c) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, waives the requirement to lodge the signed paper copy with APRA by varying this reporting standard in relation to the Level 2 insurance group).\n\nNote: APRA may, for example, determine to waive the requirement under subparagraph 13(c) where a Level 2 insurance group has undertaken to retain the signed copy of the completed form for an agreed period of time.\n\n14. If information under this reporting standard is provided in paper form, it must be signed on the front page of the relevant completed form by either:\n\n(a) the Principal Executive Officer of the parent entity of the Level 2 insurance group; or\n\n(b) the Chief Financial Officer of the parent entity of the Level 2 insurance group (whatever his or her official title may be).\n\n# Minor alterations to forms and instructions\n\n15. APRA may make minor variations to the instructions to a form, to clarify their application to the form without changing any substantive requirement in the form or instructions.\n\n> 16. If APRA makes such a variation it must notify the parent entity of each Level 2 insurance group in writing.\n\n# Transition\n\n> 17. Where APRA has granted a period of transition to a Level 2 insurance group by determining a later effective date for:\n\n(a) Prudential Standard GPS 111 Capital Adequacy: Level 2 Insurance Group;\n\n(b) Prudential Standard GPS 221 Risk Management: Level 2 Insurance Group; and\n\n(c) Prudential Standard GPS 311 Audit and Actuarial Reporting and Valuation: Level 2 Insurance Group\n\na later effective date for this Reporting Standard will apply to the Level 2 insurance group as determined by APRA.\n\n# Adjustments\n\n> 18. The parent entity of a Level 2 insurance group may apply in writing to APRA to vary the reporting requirements of GRF 310.0\\_G Income Statement in relation to that Level 2 insurance group. APRA may in its discretion in writing approve such an application.\n\n  \nInterpretation\n\n19 In this reporting standard (including the attachments):\n\n(a) Unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard GPS 001 Definitions;\n\n(b) APRA-authorised reinsurer means an insurer carrying on reinsurance business. For the purposes of this definition, a Lloyd’s underwriter as defined under the Act is an APRA-authorised reinsurer if it carries on reinsurance business;\n\nbusiness days means ordinary business days, exclusive of Saturdays, Sundays and public holidays;\n\ncapital standards means the prudential standards which relate to capital adequacy as defined in Prudential Standard GPS 001 Definitions;\n\nforeign insurer means a foreign general insurer within the meaning of the Insurance Act;\n\nNote: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.\n\nGroup Auditor has the meaning given in Prudential Standard GPS 311 Audit and Actuarial Reporting and Valuation: Level 2 Insurance Groups;\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of the Insurance Act;\n\nNote: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.\n\nNon-APRA authorised reinsurer means any reinsurer that is not an APRA-authorised reinsurer;\n\nPrincipal Executive Officer means the current principal executive officer of the entity, regardless of title, and whether or not he or she is a member of the governing board of the entity;\n\nreporting period means a period mentioned in subparagraph 5(a) or (b) or, if applicable, paragraph 6.\n\n20 A reference to a prudential standard is a reference to the applicable prudential standard made under section 32 of the Insurance Act, as amended from time to time. If the prudential standard has been revoked and replaced, the reference shall be taken to be to the prudential standard that has replaced it.","sortOrder":1},{"sectionNumber":"Objective of this reporting standard","sectionType":"division","heading":"Objective of this reporting standard","content":"### Objective of this reporting standard\n\nThis reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires Level 2 insurance groups to report to APRA, generally on a semi-annual and annual basis, information on their financial and operational performance.\n\nThis reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with:\n\n-   Form GRF 310.0\\_G Income Statement (Form GRF 310.0\\_G) and the associated instructions (which are attached and all form part of this reporting standard); and\n\n-   any prudential standards referenced in the attached instructions.","sortOrder":2},{"sectionNumber":"Purpose","sectionType":"part","heading":"Purpose","content":"# Purpose\n\n1.  Data collected in Form GRF 310.0\\_G is used by APRA for the purpose of prudential supervision of Level 2 insurance groups.","sortOrder":3},{"sectionNumber":"Application and commencement","sectionType":"part","heading":"Application and commencement","content":"# Application and commencement\n\n2. This reporting standard applies to all Level 2 insurance groups for reporting periods commencing on or after 30 June 2009.","sortOrder":4},{"sectionNumber":"Information required","sectionType":"part","heading":"Information required","content":"# Information required\n\n3. A Level 2 insurance group must provide APRA with the information required by the Form GRF 310.0\\_G for each reporting period specified in paragraph 5 for the Level 2 insurance group.","sortOrder":5},{"sectionNumber":"Forms and method of submission","sectionType":"part","heading":"Forms and method of submission","content":"# Forms and method of submission\n\n4. The information required by this reporting standard must be given to APRA either:\n\n(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or\n\n(b) by manually completing Form GRF 310.0\\_G on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.\n\nWhere the information is submitted by means of an agent to whom the Level 2 insurance group has outsourced the function of providing the information on the Level 2 insurance group’s behalf, the agent may only provide the information in accordance with subparagraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under subparagraph 4(a).\n\nNote: the Direct to APRA application software and paper forms may be obtained from APRA.","sortOrder":6},{"sectionNumber":"Reporting periods and due dates","sectionType":"part","heading":"Reporting periods and due dates","content":"# Reporting periods and due dates\n\n5. Subject to paragraph 6, a Level 2 insurance group must provide the information required by this reporting standard:\n\n(a) in respect of each half year based on the financial year (as defined in Prudential Standard GPS 001 Definitions (GPS 001)) of the Level 2 insurance group on an unaudited basis; and\n\n(b) in respect of each financial year (as defined in GPS 001) of the Level 2 insurance group on an audited basis.\n\nNote: The annual information required by paragraphs 3, 4 and 5(b) together with certain annual information required by other reporting standards, will form part of the Level 2 insurance group’s annual accounts within the meaning of GPS 001. Prudential Standard GPS 311 Audit and Actuarial Reporting and Valuation: Level 2 Insurance Groups (GPS 311) contains the relevant provisions governing audits.\n\n6. APRA may, by notice in writing to the parent entity, change the reporting periods, or specified reporting periods, for a particular Level 2 insurance group to require it to provide the information:\n\n(a) more frequently (if, having regard to the particular circumstances of the Level 2 insurance group, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the Level 2 insurance group); or\n\n(b) less frequently (if, having regard to the particular circumstances of the Level 2 insurance group and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the Level 2 insurance group to provide the information as frequently.\n\n7. The information required by paragraph 3 of this reporting standard from a Level 2 insurance group must be provided to APRA by the following times:\n\n(a) in the case of the half yearly information required by subparagraph 5(a) – three months after the end of the reporting period to which the information relates; and\n\n(b) in the case of the audited annual information required by subparagraph 5(b) – four months after the end of the reporting period to which the information relates.\n\nNote: GPS 311 requires a Level 2 insurance group to ensure that its Group Auditor conducts a limited assurance review of the group’s annual accounts. Accordingly, the Group Auditor’s report(s) as required by GPS 311 (relating to the information required by paragraph 3) must be provided to APRA by the time specified in subparagraph 7(b) of this reporting standard (unless an extension is granted under paragraph 8).\n\n8. APRA may by notice in writing to the parent entity grant a Level 2 insurance group an extension of a due date for the provision of the information, in which case the new due date will be the date on the notice of extension.\n\n9. On the written application of the parent entity of a Level 2 insurance group, APRA may by notice in writing to the parent entity exclude the requirement under subparagraph 5(a) to provide half yearly information.","sortOrder":7},{"sectionNumber":"Quality control","sectionType":"part","heading":"Quality control","content":"# Quality control\n\n10. The information provided by a Level 2 insurance group under this reporting standard must be the product of processes and controls that have been reviewed and tested by the Group Auditor of the Level 2 insurance group. This will require the Group Auditor to review and test the systems, processes and controls supporting the reporting of the information to ensure that they produce accurate data and are otherwise reliable. This review and testing must be done on:\n\n(a) an annual basis to enable the Group Auditor to form an opinion on the accuracy and reliability of the data; and\n\n(b) at least a limited assurance engagement consistent with the professional standards and guidance notes issued by the Auditing and Assurance Standards Board (AUASB) as may be amended from time to time, to the extent that they are not inconsistent with the requirements of Prudential Standard GPS 311 Audit and Actuarial Reporting and Valuation: Level 2 Insurance Groups.\n\n11. The information provided by a Level 2 insurance group under this reporting standard must be subject to processes and controls developed by the Level 2 insurance group for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the parent entity of the Level 2 insurance group to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.","sortOrder":8},{"sectionNumber":"Authorisation","sectionType":"part","heading":"Authorisation","content":"# Authorisation\n\n12. If an officer of a parent entity[\\[1\\]](#_ftn1) of a Level 2 insurance group provides the information required by this reporting standard:\n\n(a) under subparagraph 4(a), the officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the parent entity of the Level 2 insurance group who have authority from the parent entity of the Level 2 insurance group to transmit data to APRA); or\n\n(b) under subparagraph 4(b), the completed form must be signed in accordance with paragraph 13.\n\n13. If a Level 2 insurance group provides the information required by this reporting standard through an agent under either subparagraphs 4(a) or (b), the agent will not be required to sign or authorise the information. However, the Level 2 insurance group must:\n\n(a) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 4(a) or (b)); and\n\n(b) cause the paper copy to be signed in accordance with paragraph 13; and\n\n(c) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, waives the requirement to lodge the signed paper copy with APRA by varying this reporting standard in relation to the Level 2 insurance group).\n\nNote: APRA may, for example, determine to waive the requirement under subparagraph 13(c) where a Level 2 insurance group has undertaken to retain the signed copy of the completed form for an agreed period of time.\n\n14. If information under this reporting standard is provided in paper form, it must be signed on the front page of the relevant completed form by either:\n\n(a) the Principal Executive Officer of the parent entity of the Level 2 insurance group; or\n\n(b) the Chief Financial Officer of the parent entity of the Level 2 insurance group (whatever his or her official title may be).","sortOrder":9},{"sectionNumber":"Minor alterations to forms and instructi","sectionType":"part","heading":"Minor alterations to forms and instructions","content":"# Minor alterations to forms and instructions\n\n15. APRA may make minor variations to the instructions to a form, to clarify their application to the form without changing any substantive requirement in the form or instructions.\n\n> 16. If APRA makes such a variation it must notify the parent entity of each Level 2 insurance group in writing.","sortOrder":10},{"sectionNumber":"Transition","sectionType":"part","heading":"Transition","content":"# Transition\n\n> 17. Where APRA has granted a period of transition to a Level 2 insurance group by determining a later effective date for:\n\n(a) Prudential Standard GPS 111 Capital Adequacy: Level 2 Insurance Group;\n\n(b) Prudential Standard GPS 221 Risk Management: Level 2 Insurance Group; and\n\n(c) Prudential Standard GPS 311 Audit and Actuarial Reporting and Valuation: Level 2 Insurance Group\n\na later effective date for this Reporting Standard will apply to the Level 2 insurance group as determined by APRA.","sortOrder":11},{"sectionNumber":"Adjustments","sectionType":"part","heading":"Adjustments","content":"# Adjustments\n\n> 18. The parent entity of a Level 2 insurance group may apply in writing to APRA to vary the reporting requirements of GRF 310.0\\_G Income Statement in relation to that Level 2 insurance group. APRA may in its discretion in writing approve such an application.\n\n  \nInterpretation\n\n19 In this reporting standard (including the attachments):\n\n(a) Unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard GPS 001 Definitions;\n\n(b) APRA-authorised reinsurer means an insurer carrying on reinsurance business. For the purposes of this definition, a Lloyd’s underwriter as defined under the Act is an APRA-authorised reinsurer if it carries on reinsurance business;\n\nbusiness days means ordinary business days, exclusive of Saturdays, Sundays and public holidays;\n\ncapital standards means the prudential standards which relate to capital adequacy as defined in Prudential Standard GPS 001 Definitions;\n\nforeign insurer means a foreign general insurer within the meaning of the Insurance Act;\n\nNote: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.\n\nGroup Auditor has the meaning given in Prudential Standard GPS 311 Audit and Actuarial Reporting and Valuation: Level 2 Insurance Groups;\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of the Insurance Act;\n\nNote: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.\n\nNon-APRA authorised reinsurer means any reinsurer that is not an APRA-authorised reinsurer;\n\nPrincipal Executive Officer means the current principal executive officer of the entity, regardless of title, and whether or not he or she is a member of the governing board of the entity;\n\nreporting period means a period mentioned in subparagraph 5(a) or (b) or, if applicable, paragraph 6.\n\n20 A reference to a prudential standard is a reference to the applicable prudential standard made under section 32 of the Insurance Act, as amended from time to time. If the prudential standard has been revoked and replaced, the reference shall be taken to be to the prudential standard that has replaced it.","sortOrder":12},{"sectionNumber":"Audit requirements","sectionType":"subdivision","heading":"Audit requirements","content":"#### Audit requirements\n\nThe annual return of GRF 310.0\\_G Income Statement (Level 2 Insurance Group) required under paragraphs 3 and 5(c) of Reporting Standard GRS 310.0\\_G must be subject to a limited assurance[\\[2\\]](#_ftn2) review by the Group Auditor (see Prudential Standard GPS 311 Audit and Actuarial Reporting and Valuation: Level 2 Insurance Groups (GPS 311)).\n\nThe Group Auditor must prepare a review report on the basis of a limited assurance engagement in accordance with the requirements of GPS 311. Assurance in the review report will be provided in the form of negative assurance. To express negative assurance in the review report, the auditor will use limited procedures to obtain sufficient appropriate evidence. Enquiries of the Level 2 insurance group’s staff and analytical procedures will be the primary tools used to obtain evidence. These procedures will not provide all the evidence that would be required in an audit.\n\nThe scope and nature of audit testing required is outlined in the Standard on Assurance Engagement ASAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information issued by the Auditing and Assurance Standards Board.","sortOrder":13},{"sectionNumber":"Reporting entities","sectionType":"subdivision","heading":"Reporting entities","content":"#### Reporting entities\n\nGRF 310.0\\_G Income Statement (Level 2 Insurance Group) is to be completed by the parent entity of a Level 2 insurance group as defined under Prudential Standard GPS 001 Definitions (GPS 001).\n\nConsolidation at Level 2 should cover the Level 2 insurance group as defined under GPS 001.","sortOrder":14},{"sectionNumber":"Definitions","sectionType":"subdivision","heading":"Definitions","content":"#### Definitions\n\nFor Australian business[\\[3\\]](#_ftn3), report insurance business as per APRA-authorised insurer reporting. For international business[\\[4\\]](#_ftn4), only report insurance business deemed to be general insurance business.[\\[5\\]](#_ftn5) Definitions for data reporting items required by this form have been provided where possible in the instructions under the section headed ‘Specific Instructions’. For prudential reporting purposes ‘Level 1 Insurer’ is as defined in GPS 001.\n\nUnit of measurement\n\nThis form is to be presented in Australian dollars (AUD), rounded to thousands of dollars, with no decimal place.\n\nAmounts denominated in foreign currency are to be converted to AUD in accordance with Australian accounting standards.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with Australian accounting standards.\n\nMateriality\n\nGRF 310.0\\_G Income Statement (Level 2 Insurance Group) is to be prepared based on the concept of materiality as applied in Australian accounting standards subject to APRA’s discretion. APRA’s discretion is likely to apply in instances where the application of materiality criteria is not suitable for prudential reporting purposes.\n\nReporting period\n\nLevel 2 insurance groups are required to report the information in the reporting form. This information is to be reported on three occasions in a Level 2 insurance group’s financial year. A Level 2 insurance group is required to submit:\n\n-   semi-annual return which is to be completed in respect of each half year from the start of the financial year of the Level 2 insurance group; and\n-   an audited annual return which will be based on a limited assurance review by the Group Auditor (see Audit requirements).\n\nThe financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the Level 2 insurance group.","sortOrder":15},{"sectionNumber":"Reporting lag","sectionType":"part","heading":"Reporting lag","content":"## Reporting lag\n\nSubmission times for Level 2 reporting forms are as follows (in accordance with GRS 310.0\\_G Income Statement):\n\n-   The semi-annual return is to be lodged within three months after the end of the reporting period.\n-   The audited annual return is to be lodged within four months after the end of the reporting period.","sortOrder":16},{"sectionNumber":"Basis of preparation","sectionType":"subdivision","heading":"Basis of preparation","content":"#### Basis of preparation\n\nLevel 2 insurance groups are requested to follow the Australian accounting standards, notably AASB 1023 ‘General Insurance Contracts’, except where indicated otherwise in the instruction guide.","sortOrder":18},{"sectionNumber":"International business","sectionType":"subdivision","heading":"International business","content":"#### International business\n\nLevel 2 insurance groups are required to report financial data on both Australian and international exposures as defined in this form. For the purposes of segment reporting, Level 2 insurance groups are not to follow the requirements under the Australian accounting standards when completing this form where they conflict with the specific instructions in this form.\n\nFor prudential reporting purposes ‘Australian Business’ is as defined in GPS 001 and means insurance business carried on by any Level 1 insurer within a Level 2 insurance group. Therefore, all insurance business written by Level 1 insurers is deemed to be Australian business. ‘International Business’[\\[6\\]](#_ftn6) is insurance business carried on by an entity within the group that is not authorised under the Insurance Act 1973. This treatment is different to the requirements of AASB 1023 ‘General Insurance Contracts’ and other Australian accounting standards.\n\nCapturing information that distinguishes between Australian business and international business by region will ensure APRA receives enough data to enable it to effectively assess the financial performance of the entire group. This form captures information on international exposures across the Level 2 insurance group by region. This includes premiums written by the international business as well as claims arising from the international business.\n\nInternational business is to be reported according to the following geographical regions:\n\n-   New Zealand;\n-   South East Asia;\n-   Asia Pacific;\n-   USA;\n-   Americas;\n-   UK/Europe; and\n-   Other.\n\nAmounts reported for Australia and other regions should be reported on the basis that these entities (or regions) are separate from the group before consolidation.\n\nThe value of inter-region transactions, which are eliminated on consolidation, need to be reported under ‘Inter-region elimination’.\n\nFor entities which are not insurers within the Level 2 insurance group, items should be reported as:\n\n-   ‘Australian Business’ when they relate to an entity incorporated in Australia; and\n-   The international region that most appropriately reflects the business and / or operational segments of the group, when they relate to an entity incorporated outside of Australia.\n\nThe regions should be defined consistently with the other Level 2 reporting forms that require data to be split by international region, for example GRF 210.0 G Outstanding Claims Liabilities – Insurance Risk Charge (Level 2 Insurance Group), GRF 210.1\\_G Premium Liabilities – Insurance Risk Charge (Level 2 Insurance Group) and GRF 302.0\\_G Statement of Financial Position by Region (Level 2 Insurance Group).\n\nOnce regions are defined, they should generally be maintained thereafter for consistency. However, this does not prevent the Level 2 insurance group from altering its reporting regions where necessary, provided APRA is notified of any change.","sortOrder":19},{"sectionNumber":"Tax Effect Accounting/Adjustments","sectionType":"subdivision","heading":"Tax Effect Accounting/Adjustments","content":"#### Tax Effect Accounting/Adjustments\n\nThe treatment of tax effect accounting items in this form must be in accordance with the treatment adopted under Australian accounting standards.","sortOrder":20},{"sectionNumber":"Fair value of charged/encumbered assets","sectionType":"subdivision","heading":"Fair value of charged/encumbered assets","content":"#### Fair value of charged/encumbered assets\n\nIf an asset is in any way subject to a charge, covenant, encumbrance, option to purchase or any other arrangement by way of agreement or statute, that restricts the fair value of the asset, the value attached to the assets needs to reflect the existence of these arrangements. For example, if the Level 2 insurance group has agreed to deliver an asset to a purchaser at a price below the arms length value, the fair value cannot exceed the agreed price.","sortOrder":21},{"sectionNumber":"Netting","sectionType":"subdivision","heading":"Netting","content":"#### Netting\n\nUnless stated otherwise in the instructions, net amounts may be reported in accordance with Australian accounting standards.","sortOrder":22},{"sectionNumber":"Limited Risk Transfer Arrangements","sectionType":"subdivision","heading":"Limited Risk Transfer Arrangements","content":"Reporting Form GRF 310.0\\_G\n\nIncome Statement (Level 2 Insurance Group)\n\nInstruction Guide\n\nIntroduction\n\nThe purpose of this form is to collect information on the operating performance, both within Australia and internationally, of the Level 2 insurance group.\n\n#### Audit requirements\n\nThe annual return of GRF 310.0\\_G Income Statement (Level 2 Insurance Group) required under paragraphs 3 and 5(c) of Reporting Standard GRS 310.0\\_G must be subject to a limited assurance[\\[2\\]](#_ftn2) review by the Group Auditor (see Prudential Standard GPS 311 Audit and Actuarial Reporting and Valuation: Level 2 Insurance Groups (GPS 311)).\n\nThe Group Auditor must prepare a review report on the basis of a limited assurance engagement in accordance with the requirements of GPS 311. Assurance in the review report will be provided in the form of negative assurance. To express negative assurance in the review report, the auditor will use limited procedures to obtain sufficient appropriate evidence. Enquiries of the Level 2 insurance group’s staff and analytical procedures will be the primary tools used to obtain evidence. These procedures will not provide all the evidence that would be required in an audit.\n\nThe scope and nature of audit testing required is outlined in the Standard on Assurance Engagement ASAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information issued by the Auditing and Assurance Standards Board.\n\n#### Reporting entities\n\nGRF 310.0\\_G Income Statement (Level 2 Insurance Group) is to be completed by the parent entity of a Level 2 insurance group as defined under Prudential Standard GPS 001 Definitions (GPS 001).\n\nConsolidation at Level 2 should cover the Level 2 insurance group as defined under GPS 001.\n\n#### Definitions\n\nFor Australian business[\\[3\\]](#_ftn3), report insurance business as per APRA-authorised insurer reporting. For international business[\\[4\\]](#_ftn4), only report insurance business deemed to be general insurance business.[\\[5\\]](#_ftn5) Definitions for data reporting items required by this form have been provided where possible in the instructions under the section headed ‘Specific Instructions’. For prudential reporting purposes ‘Level 1 Insurer’ is as defined in GPS 001.\n\nUnit of measurement\n\nThis form is to be presented in Australian dollars (AUD), rounded to thousands of dollars, with no decimal place.\n\nAmounts denominated in foreign currency are to be converted to AUD in accordance with Australian accounting standards.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with Australian accounting standards.\n\nMateriality\n\nGRF 310.0\\_G Income Statement (Level 2 Insurance Group) is to be prepared based on the concept of materiality as applied in Australian accounting standards subject to APRA’s discretion. APRA’s discretion is likely to apply in instances where the application of materiality criteria is not suitable for prudential reporting purposes.\n\nReporting period\n\nLevel 2 insurance groups are required to report the information in the reporting form. This information is to be reported on three occasions in a Level 2 insurance group’s financial year. A Level 2 insurance group is required to submit:\n\n-   semi-annual return which is to be completed in respect of each half year from the start of the financial year of the Level 2 insurance group; and\n-   an audited annual return which will be based on a limited assurance review by the Group Auditor (see Audit requirements).\n\nThe financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the Level 2 insurance group.\n\n## Reporting lag\n\nSubmission times for Level 2 reporting forms are as follows (in accordance with GRS 310.0\\_G Income Statement):\n\n-   The semi-annual return is to be lodged within three months after the end of the reporting period.\n-   The audited annual return is to be lodged within four months after the end of the reporting period.\n\n#### Adjustments\n\nThe parent entity of a Level 2 insurance group may apply in writing to APRA to vary the reporting requirements of GRF 310.0\\_G Income Statement (Level 2 Insurance Group) in relation to that Level 2 insurance group. APRA may, at its discretion, approve such an application in writing.\n\n#### Basis of preparation\n\nLevel 2 insurance groups are requested to follow the Australian accounting standards, notably AASB 1023 ‘General Insurance Contracts’, except where indicated otherwise in the instruction guide.\n\n#### International business\n\nLevel 2 insurance groups are required to report financial data on both Australian and international exposures as defined in this form. For the purposes of segment reporting, Level 2 insurance groups are not to follow the requirements under the Australian accounting standards when completing this form where they conflict with the specific instructions in this form.\n\nFor prudential reporting purposes ‘Australian Business’ is as defined in GPS 001 and means insurance business carried on by any Level 1 insurer within a Level 2 insurance group. Therefore, all insurance business written by Level 1 insurers is deemed to be Australian business. ‘International Business’[\\[6\\]](#_ftn6) is insurance business carried on by an entity within the group that is not authorised under the Insurance Act 1973. This treatment is different to the requirements of AASB 1023 ‘General Insurance Contracts’ and other Australian accounting standards.\n\nCapturing information that distinguishes between Australian business and international business by region will ensure APRA receives enough data to enable it to effectively assess the financial performance of the entire group. This form captures information on international exposures across the Level 2 insurance group by region. This includes premiums written by the international business as well as claims arising from the international business.\n\nInternational business is to be reported according to the following geographical regions:\n\n-   New Zealand;\n-   South East Asia;\n-   Asia Pacific;\n-   USA;\n-   Americas;\n-   UK/Europe; and\n-   Other.\n\nAmounts reported for Australia and other regions should be reported on the basis that these entities (or regions) are separate from the group before consolidation.\n\nThe value of inter-region transactions, which are eliminated on consolidation, need to be reported under ‘Inter-region elimination’.\n\nFor entities which are not insurers within the Level 2 insurance group, items should be reported as:\n\n-   ‘Australian Business’ when they relate to an entity incorporated in Australia; and\n-   The international region that most appropriately reflects the business and / or operational segments of the group, when they relate to an entity incorporated outside of Australia.\n\nThe regions should be defined consistently with the other Level 2 reporting forms that require data to be split by international region, for example GRF 210.0 G Outstanding Claims Liabilities – Insurance Risk Charge (Level 2 Insurance Group), GRF 210.1\\_G Premium Liabilities – Insurance Risk Charge (Level 2 Insurance Group) and GRF 302.0\\_G Statement of Financial Position by Region (Level 2 Insurance Group).\n\nOnce regions are defined, they should generally be maintained thereafter for consistency. However, this does not prevent the Level 2 insurance group from altering its reporting regions where necessary, provided APRA is notified of any change.\n\n#### Tax Effect Accounting/Adjustments\n\nThe treatment of tax effect accounting items in this form must be in accordance with the treatment adopted under Australian accounting standards.\n\n#### Fair value of charged/encumbered assets\n\nIf an asset is in any way subject to a charge, covenant, encumbrance, option to purchase or any other arrangement by way of agreement or statute, that restricts the fair value of the asset, the value attached to the assets needs to reflect the existence of these arrangements. For example, if the Level 2 insurance group has agreed to deliver an asset to a purchaser at a price below the arms length value, the fair value cannot exceed the agreed price.\n\n#### Netting\n\nUnless stated otherwise in the instructions, net amounts may be reported in accordance with Australian accounting standards.\n\n#### Limited Risk Transfer Arrangements\n\n#### The recognition of revenues and expenses arising from Limited Risk Transfer Arrangements should be consistent with the recognition of the assets and liabilities in relation to these arrangements recorded on GRF 300.0\\_G Statement of Financial Position (Level 2 Insurance Group). See the instructions to that form for further details.\n\n###   \nSpecific instructions\n\nLevel 2 insurance groups are required to report financial data on Australian and international business by region. International business, as defined in GPS 001, is to be reported according to the regions specified in this form. Level 2 insurance groups are required to report according to the regions which most appropriately reflects the business and/or operational segments of the group. For prudential reporting purposes ‘Australian business’ is as defined in GPS 001 and means insurance business carried on by any Level 1 insurer within a Level 2 Insurance group. Therefore, all insurance business written by Level 1 insurers is deemed to be Australian business. This treatment is different to the requirements of AASB 1023 ‘General Insurance Contracts’ and other applicable Australian accounting standards.\n\nAmounts reported for Australia and other regions should be reported on the basis that these entities (or regions) are separate from the group before consolidation.\n\nLevel 2 insurance groups may apply to APRA to be exempt from having to report international business as specified in this form. This exemption, however, will be subject to the group providing information to APRA in another suitable and agreed upon format.\n\n## Inter-region elimination\n\nThe value of inter-region transactions, which are eliminated on consolidation, need to be reported as negative values under ‘Inter-region elimination’.\n\n## Total business\n\nFor each line item where the data for individual regions is required to be manually entered, then the total business column must also be manually entered. For each line item, this will represent the sum of values reported under:\n\n-   Australian business;\n-   each region for international business; and\n-   inter-region elimination.\n\n1.0 Gross earned premium\n\nGross earned premium must be recognised in accordance with the requirements under AASB 1023 ' General Insurance Contracts'.\n\nWhere there is reinsurance between regions, regions are to be reported on a separate basis. That is, the region directly assuming the risks must report as direct business. The reinsuring region should report this as direct business as well.\n\nWhere reinsurance occurs between entities in one region, the reinsurance transaction is eliminated on consolidation.\n\n1.1 Gross earned premium on direct business\n\nFor each region, report the gross earned premium on direct business.\n\n1.2 Gross earned premium on inwards reinsurance business\n\nFor each region, report the gross earned premium on inwards reinsurance business.\n\n1.3 Total gross earned premium\n\nThis is automatically calculated by the form and represents the total of item 1.1 ‘Gross earned premium on direct business’ and item 1.3 ‘Gross earned premium on inwards reinsurance business’.\n\n2.0 Reinsurance expense\n\nReinsurance expense must be recognised in accordance with the requirements under AASB 1023 'General Insurance Contracts'.\n\n2.1 Reinsurance expense attributed to direct business\n\nFor each region, report the total outward reinsurance expense attributed to direct business.\n\n2.2 Reinsurance expense attributed to inwards reinsurance business\n\nFor each region, report the total outward reinsurance expense attributed to inwards reinsurance business.\n\n2.3 Total outward reinsurance expense\n\nThis is automatically calculated by the form and represents the total of item 2.1 ‘Reinsurance expense attributed to direct business’ and item 2.2 ‘Reinsurance expense attributed to inwards reinsurance business’.\n\n3.0 Net Premium Revenue\n\nThis is automatically calculated by the form and represents the difference between item 1.3 'Total gross earned premium' and item 2.3 'Total outward reinsurance expense'.\n\n4.0 Claims Expense\n\nReport the claims expense for each region on:\n\n4.1 direct business; and\n\n4.2 inwards reinsurance business.\n\n4.3 Gross Claims Expense\n\nThe Gross claims expense is automatically calculated by the form and represents the sum of item 4.1 'Claims expense on direct business' and item 4.2 'Claim expense on inwards reinsurance business'.\n\n4.3.1 Prior period reserve releases / strengthening\n\nDisclose in this field that component of gross claims expense which is due to reserve releases /strengthening including changes due to the impacts of movements in discount rates and changes in the probability of sufficiency. This is a memo item of total gross claims expense and is not added into the calculation of 'Net Incurred Claims' or 'Underwriting Result'.\n\nFor a six-monthly reporting form, ‘prior period’ is defined as the previous six-month period. For an annual reporting, ‘prior period’ is defined as the previous 12-month period.\n\n5.0 Reinsurance Recoveries[\\[7\\]](#_ftn7) Revenue\n\nReport the reinsurance recoveries revenue for each region:\n\n5.1 on direct business, and\n\n5.2 on inwards reinsurance business.\n\n5.3 Total Reinsurance Recoveries Revenue\n\nThis is automatically calculated by the form and represents the sum of item 5.1 'Reinsurance recoveries revenue on direct business' and item 5.2 'Reinsurance recoveries revenue on inwards reinsurance business'.\n\n6.0 Other Recoveries Revenue\n\nThis is the revenue from recoveries other than reinsurance recoveries, in respect of claims. Where appropriate it is to be reported after deducting the reinsurer’s share of the ‘other recoveries revenue’.\n\n7.0 Total Recoveries\n\nThis is automatically calculated by the form and represents the sum of item 5.3 'Total reinsurance recoveries revenue' and item 6.0 'Other recoveries revenue'.\n\n8.0 Net Incurred Claims\n\nThis is automatically calculated by the form and represents the difference between item 4.3 ‘Gross claims expense’ and item 7 ‘Total recoveries’.\n\n8.1 Prior period reserve releases / strengthening\n\nDisclose in this field that component of net incurred claims which is due to reserve releases /strengthening including changes due to the impacts of movements in discount rates and changes in the probability of sufficiency. This is a memo item of net incurred claims and is not added into the calculation of Underwriting Result.\n\nFor a six-monthly reporting form, ‘prior period’ is defined as the previous six-month period. For an annual reporting form, ‘prior period’ is defined as the previous 12-month period.\n\n9.0 Underwriting expenses\n\n9.1 Acquisition costs\n\nReport the Acquisition Costs expensed for the period as recognised in accordance with Australian accounting standards.\n\n9.2 Other underwriting expenses\n\nThis item will include all other underwriting expenses which are not included in item 9.1 ‘acquisition costs’.\n\n9.3 Liability adequacy test deficiency on unexpired risk\n\nReport any adjustments from the liability adequacy test carried out in accordance with AASB 1023 'General Insurance Contracts'. This information is only to be supplied for geographical segments in cases where it is readily available. Where this information is not available the Level 2 insurance group must be able to provide APRA with details of how application of the liability adequacy test has impacted profitability of geographical segments.\n\n9.4 Commission revenue\n\nReport the value of commission revenue earned for the period. The measurement and recognition of commission revenue must be in accordance with the Australian accounting standards. Commission revenue is to be reported as a negative value.\n\n9.5 Total underwriting expenses\n\nThis is automatically calculated by the form and represents the sum of the values reported for items 9.1 to 9.4.\n\n  \n\n10.0 Underwriting Result\n\nThe underwriting result is calculated automatically by the form and is derived from:\n\n-   item 3.0 'Net Premium Revenue';\n\nLess:\n\n-   item 8.0 'Net Incurred Claims';\n\nLess:\n\n-   item 9.5 'Total underwriting expenses'.\n\n11.0 Investment Income\n\n11.1 Dividend revenue\n\nDividend revenue is to be recognised in accordance with Australian accounting standards.\n\nItem 11.1 ‘Dividend revenue’ is automatically calculated by the form and represents the sum of item 11.1.1 ‘on listed equity’ and item11.1.2 ‘on unlisted equity’\n\nFor each region, report the value of dividend income received by the Level 2 insurance group for the period on:\n\n11.1.1 listed equity; and\n\n11.1.2 unlisted equity.\n\n11.2 Interest revenue\n\nInterest revenue is to be recognised in accordance with Australian accounting standards.\n\nReport the value of interest revenue for each region during the period.\n\n11.3 Trust revenue\n\nReport the value of trust revenue for each region during the period.\n\nItem 11.3 ‘Trust revenue’ is automatically calculated by the form and represents the sum of item 11.3.1 ‘Trusts on a ‘look-through’ basis’ and item11.3.2 ‘Trusts without ‘look-through’\n\nRevenue should be reported separately for:\n\n11.3.1 trusts on a 'look-through' basis; and\n\n11.3.2 trusts without 'look-through'.\n\n11.4 Rental income\n\nRental income represents the revenue arising from the Level 2 insurance group’s assets yielding rent, for example investment property rentals under AASB 140 ‘Investment Property’.\n\nFor each region, report the value of rental income earned during the period.\n\n11.5 Other investment income\n\nReport in this item all other investment income not reported above.\n\n11.6 Net changes in fair value of investments\n\nChanges in the fair value of investments are to be recognised in accordance with Australian accounting standards. For the measurement of assets follow AASB 1023 ‘General Insurance Contracts’ and other Australian accounting Standards. Unlike at Level 1, APRA will accept the notion of assets backing insurance liabilities for the Level 2 insurance group, provided these assets represent all assets controlled and managed by the group to support insurance liabilities. Investments backing general insurance liabilities must be measured at fair value.[\\[8\\]](#_ftn8)\n\nThe form requires Level 2 insurance groups to report the net changes in the fair value of investments separately, based on whether they are:\n\n-   realised gains and losses; or\n-   unrealised gains and losses;\n\nRecord gains as positive amounts and losses as negative amounts.\n\nItem 11.6 ‘Net changes in fair value of investments’ is automatically calculated by the form and represents the sum of item 11.6.1 ‘Realised net gains and losses on:’ and item11.6.2 ‘Unrealised net gains and losses on:’\n\n11.6.1 Realised net gains and losses on:\n\nItem 11.6.1 ‘Realised net gains and losses on:’ is automatically calculated by the form and represents the sum of items 11.6.1.1 to 11.6.1.5.\n\nFor each region, report the realised net gains or losses on:\n\n11.6.1.1 interest bearing instruments;\n\n11.6.1.2 listed equity;\n\n11.6.1.3 unlisted equity;\n\n11.6.1.4 investment property;\n\n11.6.1.5 other investments.\n\n11.6.2 Unrealised net gains and losses\n\nItem 11.6.2 ‘Unrealised net gains and losses on:’ is automatically calculated by the form and represents the sum of items 11.6.2.1 to 11.6.2.5.\n\nFor each region, report the unrealised net gains or losses on:\n\n11.6.2.1 interest bearing instruments;\n\n11.6.2.2 listed equity;\n\n11.6.2.3 unlisted equity;\n\n11.6.2.4 investment property;\n\n11.6.2.5 other investments.\n\n11.7 Total investment Income\n\nTotal investment income is calculated automatically and represents the sum of item 11.1 'Dividend revenue', item 11.2 'Interest revenue', item 11.3 'Trust revenue', item 11.4 ‘Rental income', item 11.5 'Other investment income' and item 11.6 'Net changes in fair value of investments'.\n\nFor each region, Level 2 insurance groups are to report the total investment income arising from:\n\n11.7.1 assets backing insurance liabilities; and\n\n11.7.2 shareholder funds.\n\nInvestment income is to be determined for these items in the same manner as is adopted by the Australian accounting standards.\n\n12.0 Other income\n\n12.1 Net foreign exchange gains\n\nReport any gains on foreign exchange separately for each region. Foreign exchange gains should be reported in accordance with Australian accounting standards. The amount reported is on a net basis. If a value is reported for a region at this item, then no value can be reported for this region at item 13.3.\n\n12.2 Negative goodwill\n\nReport negative goodwill recognised and measured in accordance with Australian accounting standards.\n\n12.3 Defined benefit actuarial gains\n\nReport the value of any defined benefit actuarial gains recognised and measured in accordance with Australian accounting standards.\n\n12.4 Other income\n\nReport all other income not reported above in this item. Include in this item any increment or decrement (write down) from the revaluation of other assets. Decrements are to be reported as a negative number.\n\n12.5 Profit from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations\n\nReport any gain on the measurement of a non-current asset (or disposal group) classified as held for sale that does not meet the definition of a discontinued operation.\n\nThis item must be completed in accordance with the requirements of Australian accounting standards.\n\n12.6 Total other income\n\nTotal other income is calculated automatically and represents the sum of items 12.1-12.5.\n\n13.0 Other expenses\n\n13.1 Investment expenses on assets backing insurance liabilities\n\nFor each region, report the value of investment expenses incurred for the period by the Level 2 insurance group on assets backing insurance liabilities.\n\n13.2 Investment expenses on shareholders' funds\n\nFor each region, report the value of investment expenses incurred for the period by the Level 2 insurance group on shareholders' funds.\n\n13.3 Net foreign exchange losses\n\nReport any losses on foreign exchange separately for each region. Foreign exchange losses should be reported in accordance with Australian accounting standards. The amount reported is on a net basis. If a value is reported for a region at this item, then no value can be reported for this region at item 12.1.\n\n13.4 Finance costs\n\nFor each region, report the value of expenses incurred for the period in relation to financing.\n\n13.5 Defined benefit actuarial losses\n\nReport the value of any defined benefit actuarial losses recognised and measured in accordance with Australian accounting standards.\n\n13.6 Other operating expenses\n\nReport in this item other operating expenses not reported above.\n\n13.7 Loss from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations\n\nReport any loss on the measurement of a non-current asset (or disposal group) classified as held for sale that does not meet the definition of a discontinued operation.\n\nThis item must be completed in accordance with the requirements of Australian accounting standards.\n\n13.8 Other\n\nReport in this item expenses not reported above. This will include any:\n\n-   impairment of goodwill recognised in the income statement in accordance with the requirements of Australian accounting standards; and\n-   net asset revaluation adjustments (including non-consolidated subsidiaries) that is recognised in the income statement. These amounts may not equal the amounts reported in accordance with Australian accounting standards due to the prudential requirements relating to the valuation of non-consolidated subsidiaries and the mandatory revaluation of owner occupied property using the revaluation model under AASB 116 ‘Property Plant and Equipment’\n\n13.9 Total other expenses\n\nThis is automatically calculated and represents the sum of items 13.1-13.8.\n\n14.0 Profit (loss) before income tax expense (benefit) from continuing operations\n\nThe profit (loss) from continuing operations is calculated automatically and is derived from:\n\n-   item 10.0 'Underwriting result';\n\nPlus:\n\nthe sum of:\n\n-   item 11.7 'Total investment income'; and\n\n-   item 12.6 'Total other income';\n\nLess:\n\n-   item 13.9 'Total other expenses'.\n\n15.0 Income tax expense (benefit) from continuing operations\n\nThis represents the income tax expense or benefit attributable to the profit or loss from continuing operations.\n\nThis item must be completed in accordance with the requirements of Australian accounting standards.\n\n16.0 Profit (loss) after income tax and before minority interests from continuing operations\n\nThis item is calculated automatically and is derived from:\n\n-   item 14.0 'Profit (loss) before income tax expense (benefit) from continuing operations';\n\nLess:\n\n-   item 15.0 'Income tax expense (benefit) from continuing operations'.\n\n17.0 Profit (loss) after income tax from discontinued operations\n\nProfit (loss) after income tax from discontinued operations is to be classified and reported in accordance with the Australian accounting standards.\n\n18.0 Total profit (loss) after income tax and discontinued operations and before minority interests\n\nThis is calculated automatically and is derived from:\n\n-   item 16.0 'Profit (loss) after income tax and before minority interests from continuing operations';\n\nPlus:\n\n-   item 17.0 'Profit (loss) after income tax from discontinued operations'.\n\n19.0 Net profit (loss) after income tax attributable to minority interests\n\nThis item is to be reported in accordance with the requirements of the Australian accounting standards.\n\n20.0 Net profit (loss) after income tax attributable to members of the company\n\nThis is calculated automatically and is derived from:\n\n-   item 18.0 'Total profit (loss) after income tax and discontinued operations and before minority interests';\n\nLess:\n\n-   item 19.0 'Net profit (loss) after income tax attributable to minority interests'.\n\n21.0 Retained earnings at beginning of the financial year\n\nReport here the relevant retained earnings amount at the beginning of the current financial year. For the first year of reporting the APRA forms, use the retained earnings figure as per the Level 2 insurance group’s financial statements prepared in accordance with Australian accounting standards.\n\n22.0 Adjustments to retained earnings due to changes in accounting policies\n\nInclude the value of aggregate adjustments to retained earnings due to changes in accounting policies in accordance with Australian accounting standards.\n\n23.0 Reduction in retained earnings on share buy back\n\nDisclose that portion of the consideration used for share buy backs during the reporting period that is allocated to retained earnings. This should be entered as a positive value.\n\n24.0 Amounts transferred from reserves\n\nDisclose the amount of funds transferred from other reserves to Retained Earnings during the reporting period.\n\n25.0 Total available for appropriation\n\nThis amount is calculated automatically and is derived from:\n\n-   item 20.0 'Net profit (loss) after income tax attributable to members of the company';\n\nPlus:\n\n-   item 21.0 'Retained earnings at the beginning of the financial year';\n\nPlus:\n\n-   item 22.0 'Adjustments to retained earnings due to changes in accounting policies';\n\nLess:\n\n-   item 23.0 'Reduction in retained earnings on share buy back';\n\nPlus:\n\n-   item 24.0 'Amounts transferred from reserves'.\n\n26.0 Dividends declared or paid\n\nReport dividends that have been declared or paid by the Level 2 insurance group during the reporting period. Dividends are to be recognised in accordance with the Australian accounting standards.\n\n27.0 Aggregate of amounts transferred to reserves\n\nDisclose the amount of funds transferred to other reserves from Retained Earnings during the reporting period. This should be entered as a positive number\n\n28.0 Retained earnings at the end of the reporting period\n\nThis is calculated automatically and is derived from:\n\n-   item 25.0 'Total available for appropriation';\n\nLess:\n\nthe sum of:\n\n-   item 26.0 'Dividends declared or paid'; and\n-   item 27.0 'Aggregate of amounts transferred to reserves'.","sortOrder":23},{"sectionNumber":"The recognition of revenues and expenses","sectionType":"subdivision","heading":"The recognition of revenues and expenses arising from Limited Risk Transfer Arrangements should be consistent with the recognition of the assets and liabilities in relation to these arrangements recorded on GRF 300.0_G Statement of Financial Position (Level 2 Insurance Group). See the instructions to that form for further details.","content":"Reporting Form GRF 310.0\\_G\n\nIncome Statement (Level 2 Insurance Group)\n\nInstruction Guide\n\nIntroduction\n\nThe purpose of this form is to collect information on the operating performance, both within Australia and internationally, of the Level 2 insurance group.\n\n#### Audit requirements\n\nThe annual return of GRF 310.0\\_G Income Statement (Level 2 Insurance Group) required under paragraphs 3 and 5(c) of Reporting Standard GRS 310.0\\_G must be subject to a limited assurance[\\[2\\]](#_ftn2) review by the Group Auditor (see Prudential Standard GPS 311 Audit and Actuarial Reporting and Valuation: Level 2 Insurance Groups (GPS 311)).\n\nThe Group Auditor must prepare a review report on the basis of a limited assurance engagement in accordance with the requirements of GPS 311. Assurance in the review report will be provided in the form of negative assurance. To express negative assurance in the review report, the auditor will use limited procedures to obtain sufficient appropriate evidence. Enquiries of the Level 2 insurance group’s staff and analytical procedures will be the primary tools used to obtain evidence. These procedures will not provide all the evidence that would be required in an audit.\n\nThe scope and nature of audit testing required is outlined in the Standard on Assurance Engagement ASAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information issued by the Auditing and Assurance Standards Board.\n\n#### Reporting entities\n\nGRF 310.0\\_G Income Statement (Level 2 Insurance Group) is to be completed by the parent entity of a Level 2 insurance group as defined under Prudential Standard GPS 001 Definitions (GPS 001).\n\nConsolidation at Level 2 should cover the Level 2 insurance group as defined under GPS 001.\n\n#### Definitions\n\nFor Australian business[\\[3\\]](#_ftn3), report insurance business as per APRA-authorised insurer reporting. For international business[\\[4\\]](#_ftn4), only report insurance business deemed to be general insurance business.[\\[5\\]](#_ftn5) Definitions for data reporting items required by this form have been provided where possible in the instructions under the section headed ‘Specific Instructions’. For prudential reporting purposes ‘Level 1 Insurer’ is as defined in GPS 001.\n\nUnit of measurement\n\nThis form is to be presented in Australian dollars (AUD), rounded to thousands of dollars, with no decimal place.\n\nAmounts denominated in foreign currency are to be converted to AUD in accordance with Australian accounting standards.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with Australian accounting standards.\n\nMateriality\n\nGRF 310.0\\_G Income Statement (Level 2 Insurance Group) is to be prepared based on the concept of materiality as applied in Australian accounting standards subject to APRA’s discretion. APRA’s discretion is likely to apply in instances where the application of materiality criteria is not suitable for prudential reporting purposes.\n\nReporting period\n\nLevel 2 insurance groups are required to report the information in the reporting form. This information is to be reported on three occasions in a Level 2 insurance group’s financial year. A Level 2 insurance group is required to submit:\n\n-   semi-annual return which is to be completed in respect of each half year from the start of the financial year of the Level 2 insurance group; and\n-   an audited annual return which will be based on a limited assurance review by the Group Auditor (see Audit requirements).\n\nThe financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the Level 2 insurance group.\n\n## Reporting lag\n\nSubmission times for Level 2 reporting forms are as follows (in accordance with GRS 310.0\\_G Income Statement):\n\n-   The semi-annual return is to be lodged within three months after the end of the reporting period.\n-   The audited annual return is to be lodged within four months after the end of the reporting period.\n\n#### Adjustments\n\nThe parent entity of a Level 2 insurance group may apply in writing to APRA to vary the reporting requirements of GRF 310.0\\_G Income Statement (Level 2 Insurance Group) in relation to that Level 2 insurance group. APRA may, at its discretion, approve such an application in writing.\n\n#### Basis of preparation\n\nLevel 2 insurance groups are requested to follow the Australian accounting standards, notably AASB 1023 ‘General Insurance Contracts’, except where indicated otherwise in the instruction guide.\n\n#### International business\n\nLevel 2 insurance groups are required to report financial data on both Australian and international exposures as defined in this form. For the purposes of segment reporting, Level 2 insurance groups are not to follow the requirements under the Australian accounting standards when completing this form where they conflict with the specific instructions in this form.\n\nFor prudential reporting purposes ‘Australian Business’ is as defined in GPS 001 and means insurance business carried on by any Level 1 insurer within a Level 2 insurance group. Therefore, all insurance business written by Level 1 insurers is deemed to be Australian business. ‘International Business’[\\[6\\]](#_ftn6) is insurance business carried on by an entity within the group that is not authorised under the Insurance Act 1973. This treatment is different to the requirements of AASB 1023 ‘General Insurance Contracts’ and other Australian accounting standards.\n\nCapturing information that distinguishes between Australian business and international business by region will ensure APRA receives enough data to enable it to effectively assess the financial performance of the entire group. This form captures information on international exposures across the Level 2 insurance group by region. This includes premiums written by the international business as well as claims arising from the international business.\n\nInternational business is to be reported according to the following geographical regions:\n\n-   New Zealand;\n-   South East Asia;\n-   Asia Pacific;\n-   USA;\n-   Americas;\n-   UK/Europe; and\n-   Other.\n\nAmounts reported for Australia and other regions should be reported on the basis that these entities (or regions) are separate from the group before consolidation.\n\nThe value of inter-region transactions, which are eliminated on consolidation, need to be reported under ‘Inter-region elimination’.\n\nFor entities which are not insurers within the Level 2 insurance group, items should be reported as:\n\n-   ‘Australian Business’ when they relate to an entity incorporated in Australia; and\n-   The international region that most appropriately reflects the business and / or operational segments of the group, when they relate to an entity incorporated outside of Australia.\n\nThe regions should be defined consistently with the other Level 2 reporting forms that require data to be split by international region, for example GRF 210.0 G Outstanding Claims Liabilities – Insurance Risk Charge (Level 2 Insurance Group), GRF 210.1\\_G Premium Liabilities – Insurance Risk Charge (Level 2 Insurance Group) and GRF 302.0\\_G Statement of Financial Position by Region (Level 2 Insurance Group).\n\nOnce regions are defined, they should generally be maintained thereafter for consistency. However, this does not prevent the Level 2 insurance group from altering its reporting regions where necessary, provided APRA is notified of any change.\n\n#### Tax Effect Accounting/Adjustments\n\nThe treatment of tax effect accounting items in this form must be in accordance with the treatment adopted under Australian accounting standards.\n\n#### Fair value of charged/encumbered assets\n\nIf an asset is in any way subject to a charge, covenant, encumbrance, option to purchase or any other arrangement by way of agreement or statute, that restricts the fair value of the asset, the value attached to the assets needs to reflect the existence of these arrangements. For example, if the Level 2 insurance group has agreed to deliver an asset to a purchaser at a price below the arms length value, the fair value cannot exceed the agreed price.\n\n#### Netting\n\nUnless stated otherwise in the instructions, net amounts may be reported in accordance with Australian accounting standards.\n\n#### Limited Risk Transfer Arrangements\n\n#### The recognition of revenues and expenses arising from Limited Risk Transfer Arrangements should be consistent with the recognition of the assets and liabilities in relation to these arrangements recorded on GRF 300.0\\_G Statement of Financial Position (Level 2 Insurance Group). See the instructions to that form for further details.\n\n###   \nSpecific instructions\n\nLevel 2 insurance groups are required to report financial data on Australian and international business by region. International business, as defined in GPS 001, is to be reported according to the regions specified in this form. Level 2 insurance groups are required to report according to the regions which most appropriately reflects the business and/or operational segments of the group. For prudential reporting purposes ‘Australian business’ is as defined in GPS 001 and means insurance business carried on by any Level 1 insurer within a Level 2 Insurance group. Therefore, all insurance business written by Level 1 insurers is deemed to be Australian business. This treatment is different to the requirements of AASB 1023 ‘General Insurance Contracts’ and other applicable Australian accounting standards.\n\nAmounts reported for Australia and other regions should be reported on the basis that these entities (or regions) are separate from the group before consolidation.\n\nLevel 2 insurance groups may apply to APRA to be exempt from having to report international business as specified in this form. This exemption, however, will be subject to the group providing information to APRA in another suitable and agreed upon format.\n\n## Inter-region elimination\n\nThe value of inter-region transactions, which are eliminated on consolidation, need to be reported as negative values under ‘Inter-region elimination’.\n\n## Total business\n\nFor each line item where the data for individual regions is required to be manually entered, then the total business column must also be manually entered. For each line item, this will represent the sum of values reported under:\n\n-   Australian business;\n-   each region for international business; and\n-   inter-region elimination.\n\n1.0 Gross earned premium\n\nGross earned premium must be recognised in accordance with the requirements under AASB 1023 ' General Insurance Contracts'.\n\nWhere there is reinsurance between regions, regions are to be reported on a separate basis. That is, the region directly assuming the risks must report as direct business. The reinsuring region should report this as direct business as well.\n\nWhere reinsurance occurs between entities in one region, the reinsurance transaction is eliminated on consolidation.\n\n1.1 Gross earned premium on direct business\n\nFor each region, report the gross earned premium on direct business.\n\n1.2 Gross earned premium on inwards reinsurance business\n\nFor each region, report the gross earned premium on inwards reinsurance business.\n\n1.3 Total gross earned premium\n\nThis is automatically calculated by the form and represents the total of item 1.1 ‘Gross earned premium on direct business’ and item 1.3 ‘Gross earned premium on inwards reinsurance business’.\n\n2.0 Reinsurance expense\n\nReinsurance expense must be recognised in accordance with the requirements under AASB 1023 'General Insurance Contracts'.\n\n2.1 Reinsurance expense attributed to direct business\n\nFor each region, report the total outward reinsurance expense attributed to direct business.\n\n2.2 Reinsurance expense attributed to inwards reinsurance business\n\nFor each region, report the total outward reinsurance expense attributed to inwards reinsurance business.\n\n2.3 Total outward reinsurance expense\n\nThis is automatically calculated by the form and represents the total of item 2.1 ‘Reinsurance expense attributed to direct business’ and item 2.2 ‘Reinsurance expense attributed to inwards reinsurance business’.\n\n3.0 Net Premium Revenue\n\nThis is automatically calculated by the form and represents the difference between item 1.3 'Total gross earned premium' and item 2.3 'Total outward reinsurance expense'.\n\n4.0 Claims Expense\n\nReport the claims expense for each region on:\n\n4.1 direct business; and\n\n4.2 inwards reinsurance business.\n\n4.3 Gross Claims Expense\n\nThe Gross claims expense is automatically calculated by the form and represents the sum of item 4.1 'Claims expense on direct business' and item 4.2 'Claim expense on inwards reinsurance business'.\n\n4.3.1 Prior period reserve releases / strengthening\n\nDisclose in this field that component of gross claims expense which is due to reserve releases /strengthening including changes due to the impacts of movements in discount rates and changes in the probability of sufficiency. This is a memo item of total gross claims expense and is not added into the calculation of 'Net Incurred Claims' or 'Underwriting Result'.\n\nFor a six-monthly reporting form, ‘prior period’ is defined as the previous six-month period. For an annual reporting, ‘prior period’ is defined as the previous 12-month period.\n\n5.0 Reinsurance Recoveries[\\[7\\]](#_ftn7) Revenue\n\nReport the reinsurance recoveries revenue for each region:\n\n5.1 on direct business, and\n\n5.2 on inwards reinsurance business.\n\n5.3 Total Reinsurance Recoveries Revenue\n\nThis is automatically calculated by the form and represents the sum of item 5.1 'Reinsurance recoveries revenue on direct business' and item 5.2 'Reinsurance recoveries revenue on inwards reinsurance business'.\n\n6.0 Other Recoveries Revenue\n\nThis is the revenue from recoveries other than reinsurance recoveries, in respect of claims. Where appropriate it is to be reported after deducting the reinsurer’s share of the ‘other recoveries revenue’.\n\n7.0 Total Recoveries\n\nThis is automatically calculated by the form and represents the sum of item 5.3 'Total reinsurance recoveries revenue' and item 6.0 'Other recoveries revenue'.\n\n8.0 Net Incurred Claims\n\nThis is automatically calculated by the form and represents the difference between item 4.3 ‘Gross claims expense’ and item 7 ‘Total recoveries’.\n\n8.1 Prior period reserve releases / strengthening\n\nDisclose in this field that component of net incurred claims which is due to reserve releases /strengthening including changes due to the impacts of movements in discount rates and changes in the probability of sufficiency. This is a memo item of net incurred claims and is not added into the calculation of Underwriting Result.\n\nFor a six-monthly reporting form, ‘prior period’ is defined as the previous six-month period. For an annual reporting form, ‘prior period’ is defined as the previous 12-month period.\n\n9.0 Underwriting expenses\n\n9.1 Acquisition costs\n\nReport the Acquisition Costs expensed for the period as recognised in accordance with Australian accounting standards.\n\n9.2 Other underwriting expenses\n\nThis item will include all other underwriting expenses which are not included in item 9.1 ‘acquisition costs’.\n\n9.3 Liability adequacy test deficiency on unexpired risk\n\nReport any adjustments from the liability adequacy test carried out in accordance with AASB 1023 'General Insurance Contracts'. This information is only to be supplied for geographical segments in cases where it is readily available. Where this information is not available the Level 2 insurance group must be able to provide APRA with details of how application of the liability adequacy test has impacted profitability of geographical segments.\n\n9.4 Commission revenue\n\nReport the value of commission revenue earned for the period. The measurement and recognition of commission revenue must be in accordance with the Australian accounting standards. Commission revenue is to be reported as a negative value.\n\n9.5 Total underwriting expenses\n\nThis is automatically calculated by the form and represents the sum of the values reported for items 9.1 to 9.4.\n\n  \n\n10.0 Underwriting Result\n\nThe underwriting result is calculated automatically by the form and is derived from:\n\n-   item 3.0 'Net Premium Revenue';\n\nLess:\n\n-   item 8.0 'Net Incurred Claims';\n\nLess:\n\n-   item 9.5 'Total underwriting expenses'.\n\n11.0 Investment Income\n\n11.1 Dividend revenue\n\nDividend revenue is to be recognised in accordance with Australian accounting standards.\n\nItem 11.1 ‘Dividend revenue’ is automatically calculated by the form and represents the sum of item 11.1.1 ‘on listed equity’ and item11.1.2 ‘on unlisted equity’\n\nFor each region, report the value of dividend income received by the Level 2 insurance group for the period on:\n\n11.1.1 listed equity; and\n\n11.1.2 unlisted equity.\n\n11.2 Interest revenue\n\nInterest revenue is to be recognised in accordance with Australian accounting standards.\n\nReport the value of interest revenue for each region during the period.\n\n11.3 Trust revenue\n\nReport the value of trust revenue for each region during the period.\n\nItem 11.3 ‘Trust revenue’ is automatically calculated by the form and represents the sum of item 11.3.1 ‘Trusts on a ‘look-through’ basis’ and item11.3.2 ‘Trusts without ‘look-through’\n\nRevenue should be reported separately for:\n\n11.3.1 trusts on a 'look-through' basis; and\n\n11.3.2 trusts without 'look-through'.\n\n11.4 Rental income\n\nRental income represents the revenue arising from the Level 2 insurance group’s assets yielding rent, for example investment property rentals under AASB 140 ‘Investment Property’.\n\nFor each region, report the value of rental income earned during the period.\n\n11.5 Other investment income\n\nReport in this item all other investment income not reported above.\n\n11.6 Net changes in fair value of investments\n\nChanges in the fair value of investments are to be recognised in accordance with Australian accounting standards. For the measurement of assets follow AASB 1023 ‘General Insurance Contracts’ and other Australian accounting Standards. Unlike at Level 1, APRA will accept the notion of assets backing insurance liabilities for the Level 2 insurance group, provided these assets represent all assets controlled and managed by the group to support insurance liabilities. Investments backing general insurance liabilities must be measured at fair value.[\\[8\\]](#_ftn8)\n\nThe form requires Level 2 insurance groups to report the net changes in the fair value of investments separately, based on whether they are:\n\n-   realised gains and losses; or\n-   unrealised gains and losses;\n\nRecord gains as positive amounts and losses as negative amounts.\n\nItem 11.6 ‘Net changes in fair value of investments’ is automatically calculated by the form and represents the sum of item 11.6.1 ‘Realised net gains and losses on:’ and item11.6.2 ‘Unrealised net gains and losses on:’\n\n11.6.1 Realised net gains and losses on:\n\nItem 11.6.1 ‘Realised net gains and losses on:’ is automatically calculated by the form and represents the sum of items 11.6.1.1 to 11.6.1.5.\n\nFor each region, report the realised net gains or losses on:\n\n11.6.1.1 interest bearing instruments;\n\n11.6.1.2 listed equity;\n\n11.6.1.3 unlisted equity;\n\n11.6.1.4 investment property;\n\n11.6.1.5 other investments.\n\n11.6.2 Unrealised net gains and losses\n\nItem 11.6.2 ‘Unrealised net gains and losses on:’ is automatically calculated by the form and represents the sum of items 11.6.2.1 to 11.6.2.5.\n\nFor each region, report the unrealised net gains or losses on:\n\n11.6.2.1 interest bearing instruments;\n\n11.6.2.2 listed equity;\n\n11.6.2.3 unlisted equity;\n\n11.6.2.4 investment property;\n\n11.6.2.5 other investments.\n\n11.7 Total investment Income\n\nTotal investment income is calculated automatically and represents the sum of item 11.1 'Dividend revenue', item 11.2 'Interest revenue', item 11.3 'Trust revenue', item 11.4 ‘Rental income', item 11.5 'Other investment income' and item 11.6 'Net changes in fair value of investments'.\n\nFor each region, Level 2 insurance groups are to report the total investment income arising from:\n\n11.7.1 assets backing insurance liabilities; and\n\n11.7.2 shareholder funds.\n\nInvestment income is to be determined for these items in the same manner as is adopted by the Australian accounting standards.\n\n12.0 Other income\n\n12.1 Net foreign exchange gains\n\nReport any gains on foreign exchange separately for each region. Foreign exchange gains should be reported in accordance with Australian accounting standards. The amount reported is on a net basis. If a value is reported for a region at this item, then no value can be reported for this region at item 13.3.\n\n12.2 Negative goodwill\n\nReport negative goodwill recognised and measured in accordance with Australian accounting standards.\n\n12.3 Defined benefit actuarial gains\n\nReport the value of any defined benefit actuarial gains recognised and measured in accordance with Australian accounting standards.\n\n12.4 Other income\n\nReport all other income not reported above in this item. Include in this item any increment or decrement (write down) from the revaluation of other assets. Decrements are to be reported as a negative number.\n\n12.5 Profit from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations\n\nReport any gain on the measurement of a non-current asset (or disposal group) classified as held for sale that does not meet the definition of a discontinued operation.\n\nThis item must be completed in accordance with the requirements of Australian accounting standards.\n\n12.6 Total other income\n\nTotal other income is calculated automatically and represents the sum of items 12.1-12.5.\n\n13.0 Other expenses\n\n13.1 Investment expenses on assets backing insurance liabilities\n\nFor each region, report the value of investment expenses incurred for the period by the Level 2 insurance group on assets backing insurance liabilities.\n\n13.2 Investment expenses on shareholders' funds\n\nFor each region, report the value of investment expenses incurred for the period by the Level 2 insurance group on shareholders' funds.\n\n13.3 Net foreign exchange losses\n\nReport any losses on foreign exchange separately for each region. Foreign exchange losses should be reported in accordance with Australian accounting standards. The amount reported is on a net basis. If a value is reported for a region at this item, then no value can be reported for this region at item 12.1.\n\n13.4 Finance costs\n\nFor each region, report the value of expenses incurred for the period in relation to financing.\n\n13.5 Defined benefit actuarial losses\n\nReport the value of any defined benefit actuarial losses recognised and measured in accordance with Australian accounting standards.\n\n13.6 Other operating expenses\n\nReport in this item other operating expenses not reported above.\n\n13.7 Loss from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations\n\nReport any loss on the measurement of a non-current asset (or disposal group) classified as held for sale that does not meet the definition of a discontinued operation.\n\nThis item must be completed in accordance with the requirements of Australian accounting standards.\n\n13.8 Other\n\nReport in this item expenses not reported above. This will include any:\n\n-   impairment of goodwill recognised in the income statement in accordance with the requirements of Australian accounting standards; and\n-   net asset revaluation adjustments (including non-consolidated subsidiaries) that is recognised in the income statement. These amounts may not equal the amounts reported in accordance with Australian accounting standards due to the prudential requirements relating to the valuation of non-consolidated subsidiaries and the mandatory revaluation of owner occupied property using the revaluation model under AASB 116 ‘Property Plant and Equipment’\n\n13.9 Total other expenses\n\nThis is automatically calculated and represents the sum of items 13.1-13.8.\n\n14.0 Profit (loss) before income tax expense (benefit) from continuing operations\n\nThe profit (loss) from continuing operations is calculated automatically and is derived from:\n\n-   item 10.0 'Underwriting result';\n\nPlus:\n\nthe sum of:\n\n-   item 11.7 'Total investment income'; and\n\n-   item 12.6 'Total other income';\n\nLess:\n\n-   item 13.9 'Total other expenses'.\n\n15.0 Income tax expense (benefit) from continuing operations\n\nThis represents the income tax expense or benefit attributable to the profit or loss from continuing operations.\n\nThis item must be completed in accordance with the requirements of Australian accounting standards.\n\n16.0 Profit (loss) after income tax and before minority interests from continuing operations\n\nThis item is calculated automatically and is derived from:\n\n-   item 14.0 'Profit (loss) before income tax expense (benefit) from continuing operations';\n\nLess:\n\n-   item 15.0 'Income tax expense (benefit) from continuing operations'.\n\n17.0 Profit (loss) after income tax from discontinued operations\n\nProfit (loss) after income tax from discontinued operations is to be classified and reported in accordance with the Australian accounting standards.\n\n18.0 Total profit (loss) after income tax and discontinued operations and before minority interests\n\nThis is calculated automatically and is derived from:\n\n-   item 16.0 'Profit (loss) after income tax and before minority interests from continuing operations';\n\nPlus:\n\n-   item 17.0 'Profit (loss) after income tax from discontinued operations'.\n\n19.0 Net profit (loss) after income tax attributable to minority interests\n\nThis item is to be reported in accordance with the requirements of the Australian accounting standards.\n\n20.0 Net profit (loss) after income tax attributable to members of the company\n\nThis is calculated automatically and is derived from:\n\n-   item 18.0 'Total profit (loss) after income tax and discontinued operations and before minority interests';\n\nLess:\n\n-   item 19.0 'Net profit (loss) after income tax attributable to minority interests'.\n\n21.0 Retained earnings at beginning of the financial year\n\nReport here the relevant retained earnings amount at the beginning of the current financial year. For the first year of reporting the APRA forms, use the retained earnings figure as per the Level 2 insurance group’s financial statements prepared in accordance with Australian accounting standards.\n\n22.0 Adjustments to retained earnings due to changes in accounting policies\n\nInclude the value of aggregate adjustments to retained earnings due to changes in accounting policies in accordance with Australian accounting standards.\n\n23.0 Reduction in retained earnings on share buy back\n\nDisclose that portion of the consideration used for share buy backs during the reporting period that is allocated to retained earnings. This should be entered as a positive value.\n\n24.0 Amounts transferred from reserves\n\nDisclose the amount of funds transferred from other reserves to Retained Earnings during the reporting period.\n\n25.0 Total available for appropriation\n\nThis amount is calculated automatically and is derived from:\n\n-   item 20.0 'Net profit (loss) after income tax attributable to members of the company';\n\nPlus:\n\n-   item 21.0 'Retained earnings at the beginning of the financial year';\n\nPlus:\n\n-   item 22.0 'Adjustments to retained earnings due to changes in accounting policies';\n\nLess:\n\n-   item 23.0 'Reduction in retained earnings on share buy back';\n\nPlus:\n\n-   item 24.0 'Amounts transferred from reserves'.\n\n26.0 Dividends declared or paid\n\nReport dividends that have been declared or paid by the Level 2 insurance group during the reporting period. Dividends are to be recognised in accordance with the Australian accounting standards.\n\n27.0 Aggregate of amounts transferred to reserves\n\nDisclose the amount of funds transferred to other reserves from Retained Earnings during the reporting period. This should be entered as a positive number\n\n28.0 Retained earnings at the end of the reporting period\n\nThis is calculated automatically and is derived from:\n\n-   item 25.0 'Total available for appropriation';\n\nLess:\n\nthe sum of:\n\n-   item 26.0 'Dividends declared or paid'; and\n-   item 27.0 'Aggregate of amounts transferred to reserves'.","sortOrder":24},{"sectionNumber":"Specific instructions","sectionType":"division","heading":"Specific instructions","content":"###   \nSpecific instructions\n\nLevel 2 insurance groups are required to report financial data on Australian and international business by region. International business, as defined in GPS 001, is to be reported according to the regions specified in this form. Level 2 insurance groups are required to report according to the regions which most appropriately reflects the business and/or operational segments of the group. For prudential reporting purposes ‘Australian business’ is as defined in GPS 001 and means insurance business carried on by any Level 1 insurer within a Level 2 Insurance group. Therefore, all insurance business written by Level 1 insurers is deemed to be Australian business. This treatment is different to the requirements of AASB 1023 ‘General Insurance Contracts’ and other applicable Australian accounting standards.\n\nAmounts reported for Australia and other regions should be reported on the basis that these entities (or regions) are separate from the group before consolidation.\n\nLevel 2 insurance groups may apply to APRA to be exempt from having to report international business as specified in this form. This exemption, however, will be subject to the group providing information to APRA in another suitable and agreed upon format.","sortOrder":25},{"sectionNumber":"Inter-region elimination","sectionType":"part","heading":"Inter-region elimination","content":"## Inter-region elimination\n\nThe value of inter-region transactions, which are eliminated on consolidation, need to be reported as negative values under ‘Inter-region elimination’.","sortOrder":26},{"sectionNumber":"Total business","sectionType":"part","heading":"Total business","content":"## Total business\n\nFor each line item where the data for individual regions is required to be manually entered, then the total business column must also be manually entered. For each line item, this will represent the sum of values reported under:\n\n-   Australian business;\n-   each region for international business; and\n-   inter-region elimination.\n\n1.0 Gross earned premium\n\nGross earned premium must be recognised in accordance with the requirements under AASB 1023 ' General Insurance Contracts'.\n\nWhere there is reinsurance between regions, regions are to be reported on a separate basis. That is, the region directly assuming the risks must report as direct business. The reinsuring region should report this as direct business as well.\n\nWhere reinsurance occurs between entities in one region, the reinsurance transaction is eliminated on consolidation.\n\n1.1 Gross earned premium on direct business\n\nFor each region, report the gross earned premium on direct business.\n\n1.2 Gross earned premium on inwards reinsurance business\n\nFor each region, report the gross earned premium on inwards reinsurance business.\n\n1.3 Total gross earned premium\n\nThis is automatically calculated by the form and represents the total of item 1.1 ‘Gross earned premium on direct business’ and item 1.3 ‘Gross earned premium on inwards reinsurance business’.\n\n2.0 Reinsurance expense\n\nReinsurance expense must be recognised in accordance with the requirements under AASB 1023 'General Insurance Contracts'.\n\n2.1 Reinsurance expense attributed to direct business\n\nFor each region, report the total outward reinsurance expense attributed to direct business.\n\n2.2 Reinsurance expense attributed to inwards reinsurance business\n\nFor each region, report the total outward reinsurance expense attributed to inwards reinsurance business.\n\n2.3 Total outward reinsurance expense\n\nThis is automatically calculated by the form and represents the total of item 2.1 ‘Reinsurance expense attributed to direct business’ and item 2.2 ‘Reinsurance expense attributed to inwards reinsurance business’.\n\n3.0 Net Premium Revenue\n\nThis is automatically calculated by the form and represents the difference between item 1.3 'Total gross earned premium' and item 2.3 'Total outward reinsurance expense'.\n\n4.0 Claims Expense\n\nReport the claims expense for each region on:\n\n4.1 direct business; and\n\n4.2 inwards reinsurance business.\n\n4.3 Gross Claims Expense\n\nThe Gross claims expense is automatically calculated by the form and represents the sum of item 4.1 'Claims expense on direct business' and item 4.2 'Claim expense on inwards reinsurance business'.\n\n4.3.1 Prior period reserve releases / strengthening\n\nDisclose in this field that component of gross claims expense which is due to reserve releases /strengthening including changes due to the impacts of movements in discount rates and changes in the probability of sufficiency. This is a memo item of total gross claims expense and is not added into the calculation of 'Net Incurred Claims' or 'Underwriting Result'.\n\nFor a six-monthly reporting form, ‘prior period’ is defined as the previous six-month period. For an annual reporting, ‘prior period’ is defined as the previous 12-month period.\n\n5.0 Reinsurance Recoveries[\\[7\\]](#_ftn7) Revenue\n\nReport the reinsurance recoveries revenue for each region:\n\n5.1 on direct business, and\n\n5.2 on inwards reinsurance business.\n\n5.3 Total Reinsurance Recoveries Revenue\n\nThis is automatically calculated by the form and represents the sum of item 5.1 'Reinsurance recoveries revenue on direct business' and item 5.2 'Reinsurance recoveries revenue on inwards reinsurance business'.\n\n6.0 Other Recoveries Revenue\n\nThis is the revenue from recoveries other than reinsurance recoveries, in respect of claims. Where appropriate it is to be reported after deducting the reinsurer’s share of the ‘other recoveries revenue’.\n\n7.0 Total Recoveries\n\nThis is automatically calculated by the form and represents the sum of item 5.3 'Total reinsurance recoveries revenue' and item 6.0 'Other recoveries revenue'.\n\n8.0 Net Incurred Claims\n\nThis is automatically calculated by the form and represents the difference between item 4.3 ‘Gross claims expense’ and item 7 ‘Total recoveries’.\n\n8.1 Prior period reserve releases / strengthening\n\nDisclose in this field that component of net incurred claims which is due to reserve releases /strengthening including changes due to the impacts of movements in discount rates and changes in the probability of sufficiency. This is a memo item of net incurred claims and is not added into the calculation of Underwriting Result.\n\nFor a six-monthly reporting form, ‘prior period’ is defined as the previous six-month period. For an annual reporting form, ‘prior period’ is defined as the previous 12-month period.\n\n9.0 Underwriting expenses\n\n9.1 Acquisition costs\n\nReport the Acquisition Costs expensed for the period as recognised in accordance with Australian accounting standards.\n\n9.2 Other underwriting expenses\n\nThis item will include all other underwriting expenses which are not included in item 9.1 ‘acquisition costs’.\n\n9.3 Liability adequacy test deficiency on unexpired risk\n\nReport any adjustments from the liability adequacy test carried out in accordance with AASB 1023 'General Insurance Contracts'. This information is only to be supplied for geographical segments in cases where it is readily available. Where this information is not available the Level 2 insurance group must be able to provide APRA with details of how application of the liability adequacy test has impacted profitability of geographical segments.\n\n9.4 Commission revenue\n\nReport the value of commission revenue earned for the period. The measurement and recognition of commission revenue must be in accordance with the Australian accounting standards. Commission revenue is to be reported as a negative value.\n\n9.5 Total underwriting expenses\n\nThis is automatically calculated by the form and represents the sum of the values reported for items 9.1 to 9.4.\n\n  \n\n10.0 Underwriting Result\n\nThe underwriting result is calculated automatically by the form and is derived from:\n\n-   item 3.0 'Net Premium Revenue';\n\nLess:\n\n-   item 8.0 'Net Incurred Claims';\n\nLess:\n\n-   item 9.5 'Total underwriting expenses'.\n\n11.0 Investment Income\n\n11.1 Dividend revenue\n\nDividend revenue is to be recognised in accordance with Australian accounting standards.\n\nItem 11.1 ‘Dividend revenue’ is automatically calculated by the form and represents the sum of item 11.1.1 ‘on listed equity’ and item11.1.2 ‘on unlisted equity’\n\nFor each region, report the value of dividend income received by the Level 2 insurance group for the period on:\n\n11.1.1 listed equity; and\n\n11.1.2 unlisted equity.\n\n11.2 Interest revenue\n\nInterest revenue is to be recognised in accordance with Australian accounting standards.\n\nReport the value of interest revenue for each region during the period.\n\n11.3 Trust revenue\n\nReport the value of trust revenue for each region during the period.\n\nItem 11.3 ‘Trust revenue’ is automatically calculated by the form and represents the sum of item 11.3.1 ‘Trusts on a ‘look-through’ basis’ and item11.3.2 ‘Trusts without ‘look-through’\n\nRevenue should be reported separately for:\n\n11.3.1 trusts on a 'look-through' basis; and\n\n11.3.2 trusts without 'look-through'.\n\n11.4 Rental income\n\nRental income represents the revenue arising from the Level 2 insurance group’s assets yielding rent, for example investment property rentals under AASB 140 ‘Investment Property’.\n\nFor each region, report the value of rental income earned during the period.\n\n11.5 Other investment income\n\nReport in this item all other investment income not reported above.\n\n11.6 Net changes in fair value of investments\n\nChanges in the fair value of investments are to be recognised in accordance with Australian accounting standards. For the measurement of assets follow AASB 1023 ‘General Insurance Contracts’ and other Australian accounting Standards. Unlike at Level 1, APRA will accept the notion of assets backing insurance liabilities for the Level 2 insurance group, provided these assets represent all assets controlled and managed by the group to support insurance liabilities. Investments backing general insurance liabilities must be measured at fair value.[\\[8\\]](#_ftn8)\n\nThe form requires Level 2 insurance groups to report the net changes in the fair value of investments separately, based on whether they are:\n\n-   realised gains and losses; or\n-   unrealised gains and losses;\n\nRecord gains as positive amounts and losses as negative amounts.\n\nItem 11.6 ‘Net changes in fair value of investments’ is automatically calculated by the form and represents the sum of item 11.6.1 ‘Realised net gains and losses on:’ and item11.6.2 ‘Unrealised net gains and losses on:’\n\n11.6.1 Realised net gains and losses on:\n\nItem 11.6.1 ‘Realised net gains and losses on:’ is automatically calculated by the form and represents the sum of items 11.6.1.1 to 11.6.1.5.\n\nFor each region, report the realised net gains or losses on:\n\n11.6.1.1 interest bearing instruments;\n\n11.6.1.2 listed equity;\n\n11.6.1.3 unlisted equity;\n\n11.6.1.4 investment property;\n\n11.6.1.5 other investments.\n\n11.6.2 Unrealised net gains and losses\n\nItem 11.6.2 ‘Unrealised net gains and losses on:’ is automatically calculated by the form and represents the sum of items 11.6.2.1 to 11.6.2.5.\n\nFor each region, report the unrealised net gains or losses on:\n\n11.6.2.1 interest bearing instruments;\n\n11.6.2.2 listed equity;\n\n11.6.2.3 unlisted equity;\n\n11.6.2.4 investment property;\n\n11.6.2.5 other investments.\n\n11.7 Total investment Income\n\nTotal investment income is calculated automatically and represents the sum of item 11.1 'Dividend revenue', item 11.2 'Interest revenue', item 11.3 'Trust revenue', item 11.4 ‘Rental income', item 11.5 'Other investment income' and item 11.6 'Net changes in fair value of investments'.\n\nFor each region, Level 2 insurance groups are to report the total investment income arising from:\n\n11.7.1 assets backing insurance liabilities; and\n\n11.7.2 shareholder funds.\n\nInvestment income is to be determined for these items in the same manner as is adopted by the Australian accounting standards.\n\n12.0 Other income\n\n12.1 Net foreign exchange gains\n\nReport any gains on foreign exchange separately for each region. Foreign exchange gains should be reported in accordance with Australian accounting standards. The amount reported is on a net basis. If a value is reported for a region at this item, then no value can be reported for this region at item 13.3.\n\n12.2 Negative goodwill\n\nReport negative goodwill recognised and measured in accordance with Australian accounting standards.\n\n12.3 Defined benefit actuarial gains\n\nReport the value of any defined benefit actuarial gains recognised and measured in accordance with Australian accounting standards.\n\n12.4 Other income\n\nReport all other income not reported above in this item. Include in this item any increment or decrement (write down) from the revaluation of other assets. Decrements are to be reported as a negative number.\n\n12.5 Profit from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations\n\nReport any gain on the measurement of a non-current asset (or disposal group) classified as held for sale that does not meet the definition of a discontinued operation.\n\nThis item must be completed in accordance with the requirements of Australian accounting standards.\n\n12.6 Total other income\n\nTotal other income is calculated automatically and represents the sum of items 12.1-12.5.\n\n13.0 Other expenses\n\n13.1 Investment expenses on assets backing insurance liabilities\n\nFor each region, report the value of investment expenses incurred for the period by the Level 2 insurance group on assets backing insurance liabilities.\n\n13.2 Investment expenses on shareholders' funds\n\nFor each region, report the value of investment expenses incurred for the period by the Level 2 insurance group on shareholders' funds.\n\n13.3 Net foreign exchange losses\n\nReport any losses on foreign exchange separately for each region. Foreign exchange losses should be reported in accordance with Australian accounting standards. The amount reported is on a net basis. If a value is reported for a region at this item, then no value can be reported for this region at item 12.1.\n\n13.4 Finance costs\n\nFor each region, report the value of expenses incurred for the period in relation to financing.\n\n13.5 Defined benefit actuarial losses\n\nReport the value of any defined benefit actuarial losses recognised and measured in accordance with Australian accounting standards.\n\n13.6 Other operating expenses\n\nReport in this item other operating expenses not reported above.\n\n13.7 Loss from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations\n\nReport any loss on the measurement of a non-current asset (or disposal group) classified as held for sale that does not meet the definition of a discontinued operation.\n\nThis item must be completed in accordance with the requirements of Australian accounting standards.\n\n13.8 Other\n\nReport in this item expenses not reported above. This will include any:\n\n-   impairment of goodwill recognised in the income statement in accordance with the requirements of Australian accounting standards; and\n-   net asset revaluation adjustments (including non-consolidated subsidiaries) that is recognised in the income statement. These amounts may not equal the amounts reported in accordance with Australian accounting standards due to the prudential requirements relating to the valuation of non-consolidated subsidiaries and the mandatory revaluation of owner occupied property using the revaluation model under AASB 116 ‘Property Plant and Equipment’\n\n13.9 Total other expenses\n\nThis is automatically calculated and represents the sum of items 13.1-13.8.\n\n14.0 Profit (loss) before income tax expense (benefit) from continuing operations\n\nThe profit (loss) from continuing operations is calculated automatically and is derived from:\n\n-   item 10.0 'Underwriting result';\n\nPlus:\n\nthe sum of:\n\n-   item 11.7 'Total investment income'; and\n\n-   item 12.6 'Total other income';\n\nLess:\n\n-   item 13.9 'Total other expenses'.\n\n15.0 Income tax expense (benefit) from continuing operations\n\nThis represents the income tax expense or benefit attributable to the profit or loss from continuing operations.\n\nThis item must be completed in accordance with the requirements of Australian accounting standards.\n\n16.0 Profit (loss) after income tax and before minority interests from continuing operations\n\nThis item is calculated automatically and is derived from:\n\n-   item 14.0 'Profit (loss) before income tax expense (benefit) from continuing operations';\n\nLess:\n\n-   item 15.0 'Income tax expense (benefit) from continuing operations'.\n\n17.0 Profit (loss) after income tax from discontinued operations\n\nProfit (loss) after income tax from discontinued operations is to be classified and reported in accordance with the Australian accounting standards.\n\n18.0 Total profit (loss) after income tax and discontinued operations and before minority interests\n\nThis is calculated automatically and is derived from:\n\n-   item 16.0 'Profit (loss) after income tax and before minority interests from continuing operations';\n\nPlus:\n\n-   item 17.0 'Profit (loss) after income tax from discontinued operations'.\n\n19.0 Net profit (loss) after income tax attributable to minority interests\n\nThis item is to be reported in accordance with the requirements of the Australian accounting standards.\n\n20.0 Net profit (loss) after income tax attributable to members of the company\n\nThis is calculated automatically and is derived from:\n\n-   item 18.0 'Total profit (loss) after income tax and discontinued operations and before minority interests';\n\nLess:\n\n-   item 19.0 'Net profit (loss) after income tax attributable to minority interests'.\n\n21.0 Retained earnings at beginning of the financial year\n\nReport here the relevant retained earnings amount at the beginning of the current financial year. For the first year of reporting the APRA forms, use the retained earnings figure as per the Level 2 insurance group’s financial statements prepared in accordance with Australian accounting standards.\n\n22.0 Adjustments to retained earnings due to changes in accounting policies\n\nInclude the value of aggregate adjustments to retained earnings due to changes in accounting policies in accordance with Australian accounting standards.\n\n23.0 Reduction in retained earnings on share buy back\n\nDisclose that portion of the consideration used for share buy backs during the reporting period that is allocated to retained earnings. This should be entered as a positive value.\n\n24.0 Amounts transferred from reserves\n\nDisclose the amount of funds transferred from other reserves to Retained Earnings during the reporting period.\n\n25.0 Total available for appropriation\n\nThis amount is calculated automatically and is derived from:\n\n-   item 20.0 'Net profit (loss) after income tax attributable to members of the company';\n\nPlus:\n\n-   item 21.0 'Retained earnings at the beginning of the financial year';\n\nPlus:\n\n-   item 22.0 'Adjustments to retained earnings due to changes in accounting policies';\n\nLess:\n\n-   item 23.0 'Reduction in retained earnings on share buy back';\n\nPlus:\n\n-   item 24.0 'Amounts transferred from reserves'.\n\n26.0 Dividends declared or paid\n\nReport dividends that have been declared or paid by the Level 2 insurance group during the reporting period. Dividends are to be recognised in accordance with the Australian accounting standards.\n\n27.0 Aggregate of amounts transferred to reserves\n\nDisclose the amount of funds transferred to other reserves from Retained Earnings during the reporting period. This should be entered as a positive number\n\n28.0 Retained earnings at the end of the reporting period\n\nThis is calculated automatically and is derived from:\n\n-   item 25.0 'Total available for appropriation';\n\nLess:\n\nthe sum of:\n\n-   item 26.0 'Dividends declared or paid'; and\n-   item 27.0 'Aggregate of amounts transferred to reserves'.","sortOrder":27}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-realtime","completionTokens":3223},"content_quality":"ok","complexity_score":7,"scope_assessment":{"changed":false,"description":"The instrument maintains its original focus on prudential supervision of Level 2 insurance groups through detailed income statement reporting, consistent with the framework of the Financial Sector (Collection of Data) Act 2001."},"complexity_factors":["28 structured reporting line items with up to 4 levels of numerical nesting (e.g., Item 11.6.2.3)","Extensive cross-referencing to multiple prudential standards (GPS 001, GPS 311), Australian accounting standards (AASB 1023, AASB 140), and the Insurance Act 1973","Mandatory geographic segmentation requiring separate reporting for 7 international regions plus Australia, with specific instructions for inter-region eliminations on consolidation","Dual submission protocols (electronic 'Direct to APRA' requiring digital certificates vs. paper-based) with differing authentication and authorisation requirements","Technical accounting requirements including liability adequacy testing, negative assurance audit standards, tax effect accounting, and fair value measurement rules"],"plain_english_summary":"This requires Level 2 insurance groups to submit Form GRF 310.0_G to APRA: a detailed profit-and-loss style breakdown of premiums, claims, expenses, investment income and gains/losses, profitability and a seven-region geographic split (with eliminations). Reports are half-yearly (unaudited) and annual (audited), filed electronically or by paper, subject to auditor review and authorised signing.\n\nIt affects Level 2 groups and APRA, enabling prudential supervision of solvency and overseas exposures to protect policyholders and financial stability."},"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":false,"description":"Scope remains focused on parent entities of Level 2 insurance groups providing income‑statement data to APRA (para 2). The instrument preserves that entity scope while giving APRA administrative discretion to vary reporting frequency, grant extensions or exemptions, and approve tailored arrangements on application (paras 6, 8, 9, 18). Those powers alter reporting burdens and timing for particular groups but do not expand the class of entities required to report."},"complexity_factors":["Multiple reporting frequencies and deadlines with APRA discretion to vary them (paras 5–9)","Mandatory limited assurance review by the Group Auditor under GPS 311 and ASAE 3000 (paras 10, Audit requirements)","Detailed line‑by‑line income statement items and automated/calculated fields in the form (Specific instructions; items 1.0–28.0)","Regional segmentation, inter‑region elimination and special rules for Australian vs international business that differ from accounting standards (International business; Specific instructions)","Tension between Australian accounting standards and prudential reporting requirements (Basis of preparation; International business)","Authorisation and submission rules including digital signatures, encryption, agent procedures and retention of signed paper copies (paras 4, 12–14)","APRA’s power to make minor variations to instructions and to approve bespoke reporting or exemptions on application (paras 15–16, 18)","Quality control requirement that systems and controls be reviewed and tested annually by the Group Auditor (para 10)","Conversion/measurement rules: AUD rounding, foreign currency conversion, fair value treatment for assets backing liabilities (Definitions; Unit of measurement; 11.6)","Materiality subject to APRA discretion which may override usual accounting materiality judgements (Materiality)"],"plain_english_summary":"This instrument requires Level 2 insurance groups to submit semi‑annual (unaudited) and annual (audited) income‑statement data to APRA using a specified electronic or paper form, with regional breakdowns and prescribed measurement rules. It applies to the parent entity of each Level 2 group and attaches audit, authorisation and timing obligations. APRA may vary frequencies, grant exemptions or approve tailored reporting on application. The data feed is used by APRA for prudential supervision and creates ongoing audit, authorisation and preparation costs for reporting entities."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-27-of-2009-grs-310-0-g-2009-","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-27-of-2009-grs-310-0-g-2009-/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-27-of-2009-grs-310-0-g-2009-/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-27-of-2009-grs-310-0-g-2009-/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-27-of-2009-grs-310-0-g-2009-/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-27-of-2009-grs-310-0-g-2009-/documents"}}