{"id":"F2023L00614","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 84 of 2023","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-84-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104306,"registerId":"commonwealth-F2023L00614-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Reporting Standard GRS 311.0","sectionType":"part","heading":"Reporting Standard GRS 311.0","content":"## ![Commonwealth Coat of Arms of Australia](image.001.png)\n\n# Reporting Standard GRS 311.0\n\n# Statement of Profit or Loss and Other Comprehensive Income by Product Group\n\n## Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA in relation to a general insurer’s profit or loss and other comprehensive income.\n\nIt includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide.\n\n### Authority\n\n    This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.\n\n### Purpose\n\n    2. The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision including assessing compliance with the capital standards.\n\n### Application and commencement\n\n    3. This Reporting Standard applies to all general insurers authorised under the Insurance Act 1973 (insurers). This Reporting Standard applies for reporting periods ending on or after 1 July 2023.\n\n### Information required\n\n    4. An insurer must provide APRA with the information required by this Reporting Standard for each reporting period.\n\n### Method of submission\n\n    5. The information required by this Reporting Standard must be given to APRA:\n    (a) in electronic format using an electronic method available on APRA’s website; or\n    (b) by a method notified by APRA prior to submission.\n\n### Reporting periods and due dates\n\n    6. Subject to paragraph 7, an insurer must provide the information required by this Reporting Standard:\n\n(a) in respect of each quarter based on the financial year of the insurer; and\n\n(b) in respect of each financial year of the insurer.\n\nNote: The annual information required from an insurer by paragraphs 4, 5 and 6(b), together with certain annual information required by other reporting standards, will form part of the insurer’s yearly statutory accounts within the meaning of section 3 of the Insurance Act. This means that the information must be audited in accordance with paragraph 49J(1)(a) of the Insurance Act. Under subsection 49J(3), the principal auditor of the insurer must give the insurer a certificate relating to the yearly statutory accounts, and that certificate must contain statements of the auditor’s opinions on the matters required by the prudential standards to be dealt with in the certificate.\n\n    7. If, having regard to the particular circumstances of an insurer, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 6(a) or 6(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular insurer.\n    8. The information required by this Reporting Standard in respect of an insurer must be provided to APRA:\n\n(a) in the case of quarterly information, within 20 business days after the end of the reporting period to which the information relates;\n\n(b) in the case of annual information, within three months after the end of the reporting period to which the information relates; or\n\n(c) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.\n\nNote: Paragraph 49L(1)(a) of the Insurance Act provides that the auditor’s certificate required under subsection 49J(3) of that Act must be lodged with APRA in accordance with the prudential standards. The prudential standards provide that the certificate must be submitted to APRA together with the yearly statutory accounts. Accordingly, the auditor’s certificate relating to the annual information referred to in subparagraph 6(b) must be provided to APRA by the time specified in GRS 001 (unless an extension of time is granted under GRS 001).\n\n    9. APRA may, in writing, grant an insurer an extension of a due date in paragraph 8, in which case the new due date will be the date on the notice of extension.\n\nNote: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, an insurer is nonetheless required to submit the information required no later than the due date.\n\n### Quality control\n\n    10. The information provided by an insurer under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Appointed Auditor of the insurer. This will require the Appointed Auditor to review and test the insurer’s systems, processes and controls designed to enable the insurer to report reliable financial information to APRA. This review and testing must be done on:\n\n(a) an annual basis or more frequently if necessary to enable the Appointed Auditor to form an opinion on the reliability and accuracy of data; and\n\n(b) at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board as may be amended from time to time, to the extent that they are not inconsistent with the requirements of Prudential Standard GPS 310 Audit and Related Matters.\n\n    11. All information provided by an insurer under this Reporting Standard must be subject to systems, processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the insurer 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\n    12. When an officer, or agent, of an insurer provides the information required by this Reporting Standard using an electronic format the officer, or agent, must digitally sign the relevant information using a digital certificate acceptable to APRA.\n    13. If the information required by this Reporting Standard is provided by an agent who submits the information on the insurer’s behalf, the insurer must:\n\n(a) obtain from the agent a copy of the completed information provided to APRA; and\n\n(b) retain the completed copy.\n\n    14. An officer, or agent, of an insurer who submits the information under this Reporting Standard for, or on behalf of, the insurer must be authorised by either:\n\n(a) the Principal Executive Officer of the insurer; or\n\n(b) the Chief Financial Officer of the insurer.\n\n### Variations\n\n    15. APRA may, by written notice to the insurer, vary the reporting requirements of this Reporting Standard in relation to that insurer.\n\n### Interpretation\n\n    16. In this Reporting Standard:\n\n(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard GPS 001 Definitions (GPS 001); and\n\n(b) the following definitions are applicable:\n\nAppointed Auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;\n\nAPRA-authorised reinsurer means an insurer carrying on reinsurance business. For the purposes of this definition, a Lloyd’s underwriter as defined under the Insurance Act is an APRA-authorised reinsurer if it carries on reinsurance business. The Australian Reinsurance Pool Corporation is also an APRA-authorised reinsurer for the purposes of this definition;\n\ncapital standards means the prudential standards which relate to capital adequacy as defined in GPS 001;\n\nChief Financial Officer means the chief financial officer of the insurer, by whatever name called;\n\nfinancial year means the financial year (within the meaning in the Corporations Act 2001) of the insurer;\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\ngeneral instruction guide refers to the general instruction guide set out in Attachment A of GRS 001;\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of section 11 of the Insurance Act;\n\nNote: In this Reporting Standard, 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 principal executive officer of the insurer, by whatever name called, and whether or not he or she is a member of the governing board of the insurer; and\n\nreporting period means a period mentioned in subparagraph 6(a) or 6(b) or, if applicable, paragraph 7.\n\n    17. Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.","sortOrder":0},{"sectionNumber":"Statement of Profit or Loss and Other Co","sectionType":"part","heading":"Statement of Profit or Loss and Other Comprehensive Income by Product Group","content":"## ![Commonwealth Coat of Arms of Australia](image.001.png)\n\n# Reporting Standard GRS 311.0\n\n# Statement of Profit or Loss and Other Comprehensive Income by Product Group\n\n## Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA in relation to a general insurer’s profit or loss and other comprehensive income.\n\nIt includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide.\n\n### Authority\n\n    This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.\n\n### Purpose\n\n    2. The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision including assessing compliance with the capital standards.\n\n### Application and commencement\n\n    3. This Reporting Standard applies to all general insurers authorised under the Insurance Act 1973 (insurers). This Reporting Standard applies for reporting periods ending on or after 1 July 2023.\n\n### Information required\n\n    4. An insurer must provide APRA with the information required by this Reporting Standard for each reporting period.\n\n### Method of submission\n\n    5. The information required by this Reporting Standard must be given to APRA:\n    (a) in electronic format using an electronic method available on APRA’s website; or\n    (b) by a method notified by APRA prior to submission.\n\n### Reporting periods and due dates\n\n    6. Subject to paragraph 7, an insurer must provide the information required by this Reporting Standard:\n\n(a) in respect of each quarter based on the financial year of the insurer; and\n\n(b) in respect of each financial year of the insurer.\n\nNote: The annual information required from an insurer by paragraphs 4, 5 and 6(b), together with certain annual information required by other reporting standards, will form part of the insurer’s yearly statutory accounts within the meaning of section 3 of the Insurance Act. This means that the information must be audited in accordance with paragraph 49J(1)(a) of the Insurance Act. Under subsection 49J(3), the principal auditor of the insurer must give the insurer a certificate relating to the yearly statutory accounts, and that certificate must contain statements of the auditor’s opinions on the matters required by the prudential standards to be dealt with in the certificate.\n\n    7. If, having regard to the particular circumstances of an insurer, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 6(a) or 6(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular insurer.\n    8. The information required by this Reporting Standard in respect of an insurer must be provided to APRA:\n\n(a) in the case of quarterly information, within 20 business days after the end of the reporting period to which the information relates;\n\n(b) in the case of annual information, within three months after the end of the reporting period to which the information relates; or\n\n(c) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.\n\nNote: Paragraph 49L(1)(a) of the Insurance Act provides that the auditor’s certificate required under subsection 49J(3) of that Act must be lodged with APRA in accordance with the prudential standards. The prudential standards provide that the certificate must be submitted to APRA together with the yearly statutory accounts. Accordingly, the auditor’s certificate relating to the annual information referred to in subparagraph 6(b) must be provided to APRA by the time specified in GRS 001 (unless an extension of time is granted under GRS 001).\n\n    9. APRA may, in writing, grant an insurer an extension of a due date in paragraph 8, in which case the new due date will be the date on the notice of extension.\n\nNote: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, an insurer is nonetheless required to submit the information required no later than the due date.\n\n### Quality control\n\n    10. The information provided by an insurer under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Appointed Auditor of the insurer. This will require the Appointed Auditor to review and test the insurer’s systems, processes and controls designed to enable the insurer to report reliable financial information to APRA. This review and testing must be done on:\n\n(a) an annual basis or more frequently if necessary to enable the Appointed Auditor to form an opinion on the reliability and accuracy of data; and\n\n(b) at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board as may be amended from time to time, to the extent that they are not inconsistent with the requirements of Prudential Standard GPS 310 Audit and Related Matters.\n\n    11. All information provided by an insurer under this Reporting Standard must be subject to systems, processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the insurer 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\n    12. When an officer, or agent, of an insurer provides the information required by this Reporting Standard using an electronic format the officer, or agent, must digitally sign the relevant information using a digital certificate acceptable to APRA.\n    13. If the information required by this Reporting Standard is provided by an agent who submits the information on the insurer’s behalf, the insurer must:\n\n(a) obtain from the agent a copy of the completed information provided to APRA; and\n\n(b) retain the completed copy.\n\n    14. An officer, or agent, of an insurer who submits the information under this Reporting Standard for, or on behalf of, the insurer must be authorised by either:\n\n(a) the Principal Executive Officer of the insurer; or\n\n(b) the Chief Financial Officer of the insurer.\n\n### Variations\n\n    15. APRA may, by written notice to the insurer, vary the reporting requirements of this Reporting Standard in relation to that insurer.\n\n### Interpretation\n\n    16. In this Reporting Standard:\n\n(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard GPS 001 Definitions (GPS 001); and\n\n(b) the following definitions are applicable:\n\nAppointed Auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;\n\nAPRA-authorised reinsurer means an insurer carrying on reinsurance business. For the purposes of this definition, a Lloyd’s underwriter as defined under the Insurance Act is an APRA-authorised reinsurer if it carries on reinsurance business. The Australian Reinsurance Pool Corporation is also an APRA-authorised reinsurer for the purposes of this definition;\n\ncapital standards means the prudential standards which relate to capital adequacy as defined in GPS 001;\n\nChief Financial Officer means the chief financial officer of the insurer, by whatever name called;\n\nfinancial year means the financial year (within the meaning in the Corporations Act 2001) of the insurer;\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\ngeneral instruction guide refers to the general instruction guide set out in Attachment A of GRS 001;\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of section 11 of the Insurance Act;\n\nNote: In this Reporting Standard, 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 principal executive officer of the insurer, by whatever name called, and whether or not he or she is a member of the governing board of the insurer; and\n\nreporting period means a period mentioned in subparagraph 6(a) or 6(b) or, if applicable, paragraph 7.\n\n    17. Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.","sortOrder":1},{"sectionNumber":"Objective of this Reporting Standard","sectionType":"part","heading":"Objective of this Reporting Standard","content":"## Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA in relation to a general insurer’s profit or loss and other comprehensive income.\n\nIt includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide.","sortOrder":2},{"sectionNumber":"Authority","sectionType":"division","heading":"Authority","content":"### Authority\n\n    This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.","sortOrder":3},{"sectionNumber":"Purpose","sectionType":"division","heading":"Purpose","content":"### Purpose\n\n    2. The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision including assessing compliance with the capital standards.","sortOrder":4},{"sectionNumber":"Application and commencement","sectionType":"division","heading":"Application and commencement","content":"### Application and commencement\n\n    3. This Reporting Standard applies to all general insurers authorised under the Insurance Act 1973 (insurers). This Reporting Standard applies for reporting periods ending on or after 1 July 2023.","sortOrder":5},{"sectionNumber":"Information required","sectionType":"division","heading":"Information required","content":"### Information required\n\n    4. An insurer must provide APRA with the information required by this Reporting Standard for each reporting period.","sortOrder":6},{"sectionNumber":"Method of submission","sectionType":"division","heading":"Method of submission","content":"### Method of submission\n\n    5. The information required by this Reporting Standard must be given to APRA:\n    (a) in electronic format using an electronic method available on APRA’s website; or\n    (b) by a method notified by APRA prior to submission.","sortOrder":7},{"sectionNumber":"Reporting periods and due dates","sectionType":"division","heading":"Reporting periods and due dates","content":"### Reporting periods and due dates\n\n    6. Subject to paragraph 7, an insurer must provide the information required by this Reporting Standard:\n\n(a) in respect of each quarter based on the financial year of the insurer; and\n\n(b) in respect of each financial year of the insurer.\n\nNote: The annual information required from an insurer by paragraphs 4, 5 and 6(b), together with certain annual information required by other reporting standards, will form part of the insurer’s yearly statutory accounts within the meaning of section 3 of the Insurance Act. This means that the information must be audited in accordance with paragraph 49J(1)(a) of the Insurance Act. Under subsection 49J(3), the principal auditor of the insurer must give the insurer a certificate relating to the yearly statutory accounts, and that certificate must contain statements of the auditor’s opinions on the matters required by the prudential standards to be dealt with in the certificate.\n\n    7. If, having regard to the particular circumstances of an insurer, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 6(a) or 6(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular insurer.\n    8. The information required by this Reporting Standard in respect of an insurer must be provided to APRA:\n\n(a) in the case of quarterly information, within 20 business days after the end of the reporting period to which the information relates;\n\n(b) in the case of annual information, within three months after the end of the reporting period to which the information relates; or\n\n(c) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.\n\nNote: Paragraph 49L(1)(a) of the Insurance Act provides that the auditor’s certificate required under subsection 49J(3) of that Act must be lodged with APRA in accordance with the prudential standards. The prudential standards provide that the certificate must be submitted to APRA together with the yearly statutory accounts. Accordingly, the auditor’s certificate relating to the annual information referred to in subparagraph 6(b) must be provided to APRA by the time specified in GRS 001 (unless an extension of time is granted under GRS 001).\n\n    9. APRA may, in writing, grant an insurer an extension of a due date in paragraph 8, in which case the new due date will be the date on the notice of extension.\n\nNote: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, an insurer is nonetheless required to submit the information required no later than the due date.","sortOrder":8},{"sectionNumber":"Quality control","sectionType":"division","heading":"Quality control","content":"### Quality control\n\n    10. The information provided by an insurer under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Appointed Auditor of the insurer. This will require the Appointed Auditor to review and test the insurer’s systems, processes and controls designed to enable the insurer to report reliable financial information to APRA. This review and testing must be done on:\n\n(a) an annual basis or more frequently if necessary to enable the Appointed Auditor to form an opinion on the reliability and accuracy of data; and\n\n(b) at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board as may be amended from time to time, to the extent that they are not inconsistent with the requirements of Prudential Standard GPS 310 Audit and Related Matters.\n\n    11. All information provided by an insurer under this Reporting Standard must be subject to systems, processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.","sortOrder":9},{"sectionNumber":"Authorisation","sectionType":"division","heading":"Authorisation","content":"### Authorisation\n\n    12. When an officer, or agent, of an insurer provides the information required by this Reporting Standard using an electronic format the officer, or agent, must digitally sign the relevant information using a digital certificate acceptable to APRA.\n    13. If the information required by this Reporting Standard is provided by an agent who submits the information on the insurer’s behalf, the insurer must:\n\n(a) obtain from the agent a copy of the completed information provided to APRA; and\n\n(b) retain the completed copy.\n\n    14. An officer, or agent, of an insurer who submits the information under this Reporting Standard for, or on behalf of, the insurer must be authorised by either:\n\n(a) the Principal Executive Officer of the insurer; or\n\n(b) the Chief Financial Officer of the insurer.","sortOrder":10},{"sectionNumber":"Variations","sectionType":"division","heading":"Variations","content":"### Variations\n\n    15. APRA may, by written notice to the insurer, vary the reporting requirements of this Reporting Standard in relation to that insurer.","sortOrder":11},{"sectionNumber":"Interpretation","sectionType":"division","heading":"Interpretation","content":"### Interpretation\n\n    16. In this Reporting Standard:\n\n(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard GPS 001 Definitions (GPS 001); and\n\n(b) the following definitions are applicable:\n\nAppointed Auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;\n\nAPRA-authorised reinsurer means an insurer carrying on reinsurance business. For the purposes of this definition, a Lloyd’s underwriter as defined under the Insurance Act is an APRA-authorised reinsurer if it carries on reinsurance business. The Australian Reinsurance Pool Corporation is also an APRA-authorised reinsurer for the purposes of this definition;\n\ncapital standards means the prudential standards which relate to capital adequacy as defined in GPS 001;\n\nChief Financial Officer means the chief financial officer of the insurer, by whatever name called;\n\nfinancial year means the financial year (within the meaning in the Corporations Act 2001) of the insurer;\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\ngeneral instruction guide refers to the general instruction guide set out in Attachment A of GRS 001;\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of section 11 of the Insurance Act;\n\nNote: In this Reporting Standard, 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 principal executive officer of the insurer, by whatever name called, and whether or not he or she is a member of the governing board of the insurer; and\n\nreporting period means a period mentioned in subparagraph 6(a) or 6(b) or, if applicable, paragraph 7.\n\n    17. Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.","sortOrder":12},{"sectionNumber":"General instructions","sectionType":"part","heading":"General instructions","content":"# Reporting Standard GRS 311.0\n\n# Statement of Profit or Loss and Other Comprehensive Income by Product Group\n\n## General instructions\n\n### These instructions assist completion of Reporting Standard GRS 311.0 Statement of Profit or Loss and Other Comprehensive Income by Product Group. This Reporting Standard collects income statement data by APRA product groups (classes of business).\n\n### Reporting tables\n\nTables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\n### General accounting basis\n\n### Unless otherwise specifically stated, reporting insurers are to report in accordance with the relevant Australian Accounting Standards.\n\n### References to Australian Accounting Standards\n\nEach item reported under this Reporting Standard aligns with the Accounting Standards made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item. AASB reference provides a written description of the accounting meaning of an IFRS Taxonomy element.\n\n### IFRS taxonomy element reference\n\nEach IFRS taxonomy element contains at least one cross-reference to an AASB Standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board (IASB)) and has a reference type that can be used to identify the source of that element. The IFRS Taxonomy uses the following element reference types:\n\n    (a) disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;\n    (b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and\n    (c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements they not specifically mentioned in IFRS/AASB Standards or their accompanying materials, but are consistent with IFRS/AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.\n\n### Definitions\n\nTerms that are highlighted in bold italics are defined in these instructions.\n\n  \n\n## Specific instructions\n\n### Reporting basis\n\nInformation in this form is to be completed by general insurers for each reporting period on a Level 1 (licensed insurer) basis.\n\n### APRA product groups\n\nThe APRA product groups (classes of business) that apply for the reporting purpose are defined in GPS 001:\n\nInsurance business\n\n-   C1: Householders\n-   C2: Commercial Motor\n-   C3: Domestic Motor\n-   C4: Travel\n-   C5: Fire and ISR\n-   C6: Marine\n-   C7: Aviation\n-   C8: Consumer Credit\n-   C9: Other Accident\n-   C10: Mortgage\n-   C11: CTP\n-   C12: Public and Product Liability\n-   C13: Professional Indemnity\n-   C14: Employers Liability\n-   C15: Cyber\n-   C16: Directors and Officers\n-   C17: Other Direct – Category A\n-   C18: Other Direct – Category B\n-   C19: Other Direct – Category C\n\nReinsurance business\n\n-   RB1: Proportional – Category A\n-   RB2: Proportional – Category B\n-   RB3: Proportional – Category C\n-   RB4: Non-proportional – Category A\n-   RB5: Non-proportional – Category B\n-   RB6: Non-proportional – Category C\n\nDirect business is any insurance business written / insurance contracts issued by the reporting insurer.\n\nInwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.\n\nCategory A consists of householders, commercial motor, and domestic motor. Category B consists of travel, fire and ISR, marine and aviation, consumer credit, and other accident. Category C consists of mortgage, CTP, public and product liability, professional liability, employers’ liability, cyber, and directors’ & officers’ liability.\n\n### Allocation principles\n\nGeneral insurers are to apply the allocation principles defined in GRS 001 to allocate AASB 17 numbers to APRA classes of business where it is not possible to clearly identify AASB 17 numbers and assign it to specific APRA classes of business.\n\n### Units of measurement\n\nReport values in this form in whole Australian dollars (AUD) with no decimal place.\n\nConvert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.\n\nReport losses and expenses as negative values.\n\n  \n\nColumns for Licensed insurer\n\n| Columns 1 to 25   | Report the amount by APRA product groups. |\n| ----------------- | ----------------------------------------- |\n| Column 26 (Total) | Report the total amount of columns 1-25.  |\n\n1.  Insurance revenue\n\n| Item 1   | Item 1 insurance revenue is a derived item and is calculated as the sum of item 1.1 and item 1.2.Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80 (a) and AASB 17.83. |\n| -------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 1.1 | Report insurance revenue from direct business.                                                                                                                                                       |\n| Item 1.2 | Report insurance revenue from inwards reinsurance.                                                                                                                                                   |\n\n2. Insurance service expense\n\n| Item 2     | Item 2 insurance service expense, is a derived item calculated as the sum of item 2.1 and item 2.2.Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84.                                                                                     |\n| ---------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 2.1   | Item 2.1 insurance service expense from direct business is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive.                                                                                                                                              |\n| Item 2.1.1 | Report incurred claims from direct business.                                                                                                                                                                                                                                           |\n| Item 2.1.2 | Report other insurance service expenses from direct business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59 (a) at this item.                                                                                            |\n| Item 2.1.3 | Report amortisation of insurance acquisition cash flows from direct business.                                                                                                                                                                                                          |\n| Item 2.1.4 | Report losses and reversal of losses on onerous contracts from direct business Report this item in accordance with AASB 17.47-52.                                                                                                                                                      |\n| Item 2.1.5 | Report changes that relate to past service: changes to liabilities for incurred claims from direct business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                      |\n| Item 2.1.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from direct business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.     |\n| Item 2.2   | Item 2.2 insurance service expenses from inwards reinsurance is a derived item calculated as the sum of items 2.2.1 to 2.2.6 inclusive.                                                                                                                                                |\n| Item 2.2.1 | Report incurred claims from inwards reinsurance.                                                                                                                                                                                                                                       |\n| Item 2.2.2 | Report other insurance service expenses from inwards reinsurance.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.                                                                                         |\n| Item 2.2.3 | Report amortisation of insurance acquisition cash flows from inwards reinsurance.                                                                                                                                                                                                      |\n| Item 2.2.4 | Report losses and reversal of losses on onerous contracts from inwards reinsurance.Report this item in accordance with AASB 17.47-52                                                                                                                                                   |\n| Item 2.2.5 | Report changes that relate to past service: changes to liabilities for incurred claims from inwards reinsurance.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                  |\n| Item 2.2.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from inwards reinsurance.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense. |\n\n3. Insurance service result before reinsurance contracts held\n\n| Item 3 | Item 3 insurance service result before reinsurance contracts held is a derived item and is calculated as the sum of item 1 and item 2.Report this item in accordance with AASB 17 Appendix A. |\n| ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n4. Allocation of reinsurance premiums\n\n| Item 4 | Report allocation of reinsurance premiums.It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at item 5.Report this item in accordance with AASB 17.86. |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n5. Amounts recoverable from reinsurers\n\n| Item 5 | Report amounts recoverable from reinsurers. Include at this item reversals of recoveries of losses from the reinsurance contracts determined in accordance with AASB 17.66B for reinsurance contracts held.Report this item in accordance with AASB 17.86.The amount reported at this item should reconcile to item 8. ‘Amounts recoverable from reinsurers’ reported in Reporting Standard GRS 320.0 Liability Roll Forwards Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (GRS 320.0 Part B RF1). |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n6. Net expense from reinsurance contracts held\n\n| Item 6 | Item 6 is a derived item and is calculated as the sum of item 4 and item 5. This item can be a net income or net expense.Report this item in accordance with AASB 17 Appendix A, AASB 101.82 (ac), AASB 17.82 and AASB 17.86. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n7. Insurance service result\n\n| Item 7 | Item 7 insurance service result is a derived item and is calculated as the sum of item 3 and item 6.Report this item in accordance with AASB 17.80 (a). |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n8. Balance sheet memo items\n\n##### APRA intends to collect General Measurement Model (GMM) and Premium Allocation Approach (PAA) liability for remaining coverage and liability for incurred claims, GMM contractual service margin and risk adjustment component by APRA product groups. APRA will use these items and the data items collected:\n\n-   to form a view on profitability by APRA product groups;\n-   to compare the accounting risk adjustment to the GPS 340 risk margin by APRA product groups; and\n-   to understand drivers behind accounting liability movements by APRA product groups.\n\nAPRA appreciates this information required by APRA product groups may require allocation of the AASB 17 balance sheet items which may not be perfect. APRA requests that insurers to use the allocation principles to allocate the AASB 17 items into APRA product groups. The intent is that simple “allocation drivers” (deemed appropriate by the insurer) are used to allocate the AASB 17 items into product groups.\n\n##### For clarity, the following items are defined based on AASB 17:\n\n#####  AASB 17 liability for remaining coverage as defined in AASB 17 Appendix A\n\n#####  AASB 17 liability for incurred claims as defined in AASB 17 Appendix A\n\n#####  AASB 17 contractual service margin as defined in AASB 17 Appendix A\n\n#####  AASB 17 risk adjustment for non-financial risk as defined in AASB 17 Appendix A\n\nNote, GMM items in the table below can be zero.\n\nColumns for Licensed insurer\n\n| Columns 1 to 25   | Report the amount by APRA product group. |\n| ----------------- | ---------------------------------------- |\n| Column 26 (Total) | Report the total amount of columns 1-25. |\n\n| Item 8.1  | Insurance contract - AASB 17 GMM liabilities / assets for remaining coverageReport the amount of the liabilities / assets for remaining coverage for insurance contracts issued measured under AASB 17 GMM by APRA product groups.                                                                                                |\n| --------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 8.2  | Insurance contract - AASB 17 PAA liabilities / assets for remaining coverageReport the amount of the liabilities / assets for remaining coverage for insurance contracts issued measured under AASB 17 PAA by APRA product groups.                                                                                                |\n| Item 8.3  | Insurance contract - AASB 17 GMM contractual service marginReport the amount of contractual service margin from insurance contracts issued measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                                                              |\n| Item 8.4  | Reinsurance contract held - AASB 17 GMM assets / liabilities for remaining coverageReport the amount of the assets/liabilities for remaining coverage for reinsurance contracts held measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                    |\n| Item 8.5  | Reinsurance contract held - AASB 17 PAA assets / liabilities for remaining coverageReport the amount of the assets/liabilities for remaining coverage for reinsurance contracts held measured under AASB 17 PAA by APRA product groups.                                                                                           |\n| Item 8.6  | Reinsurance contract held - AASB 17 GMM contractual service marginReport the amount of contractual service margin for reinsurance contracts held measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                                                        |\n| Item 8.7  | Insurance contract - AASB 17 GMM liabilities / assets for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for insurance contracts measured under AASB 17 GMM by APRA product groups.                                                                                       |\n| Item 8.8  | Insurance contract - AASB 17 GMM liabilities / assets for incurred claims – LIC / AIC excluding risk adjustment component.Report the amount of the liability / asset for incurred claims excluding risk adjustment for non-financial risk for insurance contracts measured under AASB 17 GMM by APRA product groups.              |\n| Item 8.9  | Insurance contract - AASB 17 PAA liabilities / assets for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for insurance contracts measured under AASB 17 PAA by APRA product groups.                                                                                       |\n| Item 8.10 | Insurance contract - AASB 17 PAA liabilities / assets for incurred claims – LIC / AIC excluding risk adjustment component.Report the amount of the liability / asset for incurred claims excluding risk adjustment for non-financial risk for insurance contracts measured under AASB 17 PAA by APRA product groups.              |\n| Item 8.11 | Reinsurance contract held – AASB 17 GMM assets / liabilities for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 GMM by APRA product groups.                                                                         |\n| Item 8.12 | Reinsurance contract held – AASB 17 GMM assets / liabilities for incurred claims – AIC / LIC excluding risk adjustment componentReport the amount of the asset / liability for incurred claims excluding risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 GMM by APRA product groups. |\n| Item 8.13 | Reinsurance contract held – AASB 17 PAA assets / liabilities for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 PAA by APRA product groups.                                                                         |\n| Item 8.14 | Reinsurance contract held – AASB 17 PAA assets / liabilities for incurred claims – AIC / LIC excluding risk adjustment componentReport the amount of the asset / liability for incurred claims excluding risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 PAA by APRA product groups. |","sortOrder":15},{"sectionNumber":"These instructions assist completion of ","sectionType":"division","heading":"These instructions assist completion of Reporting Standard GRS 311.0 Statement of Profit or Loss and Other Comprehensive Income by Product Group. This Reporting Standard collects income statement data by APRA product groups (classes of business).","content":"# Reporting Standard GRS 311.0\n\n# Statement of Profit or Loss and Other Comprehensive Income by Product Group\n\n## General instructions\n\n### These instructions assist completion of Reporting Standard GRS 311.0 Statement of Profit or Loss and Other Comprehensive Income by Product Group. This Reporting Standard collects income statement data by APRA product groups (classes of business).\n\n### Reporting tables\n\nTables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\n### General accounting basis\n\n### Unless otherwise specifically stated, reporting insurers are to report in accordance with the relevant Australian Accounting Standards.\n\n### References to Australian Accounting Standards\n\nEach item reported under this Reporting Standard aligns with the Accounting Standards made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item. AASB reference provides a written description of the accounting meaning of an IFRS Taxonomy element.\n\n### IFRS taxonomy element reference\n\nEach IFRS taxonomy element contains at least one cross-reference to an AASB Standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board (IASB)) and has a reference type that can be used to identify the source of that element. The IFRS Taxonomy uses the following element reference types:\n\n    (a) disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;\n    (b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and\n    (c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements they not specifically mentioned in IFRS/AASB Standards or their accompanying materials, but are consistent with IFRS/AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.\n\n### Definitions\n\nTerms that are highlighted in bold italics are defined in these instructions.\n\n  \n\n## Specific instructions\n\n### Reporting basis\n\nInformation in this form is to be completed by general insurers for each reporting period on a Level 1 (licensed insurer) basis.\n\n### APRA product groups\n\nThe APRA product groups (classes of business) that apply for the reporting purpose are defined in GPS 001:\n\nInsurance business\n\n-   C1: Householders\n-   C2: Commercial Motor\n-   C3: Domestic Motor\n-   C4: Travel\n-   C5: Fire and ISR\n-   C6: Marine\n-   C7: Aviation\n-   C8: Consumer Credit\n-   C9: Other Accident\n-   C10: Mortgage\n-   C11: CTP\n-   C12: Public and Product Liability\n-   C13: Professional Indemnity\n-   C14: Employers Liability\n-   C15: Cyber\n-   C16: Directors and Officers\n-   C17: Other Direct – Category A\n-   C18: Other Direct – Category B\n-   C19: Other Direct – Category C\n\nReinsurance business\n\n-   RB1: Proportional – Category A\n-   RB2: Proportional – Category B\n-   RB3: Proportional – Category C\n-   RB4: Non-proportional – Category A\n-   RB5: Non-proportional – Category B\n-   RB6: Non-proportional – Category C\n\nDirect business is any insurance business written / insurance contracts issued by the reporting insurer.\n\nInwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.\n\nCategory A consists of householders, commercial motor, and domestic motor. Category B consists of travel, fire and ISR, marine and aviation, consumer credit, and other accident. Category C consists of mortgage, CTP, public and product liability, professional liability, employers’ liability, cyber, and directors’ & officers’ liability.\n\n### Allocation principles\n\nGeneral insurers are to apply the allocation principles defined in GRS 001 to allocate AASB 17 numbers to APRA classes of business where it is not possible to clearly identify AASB 17 numbers and assign it to specific APRA classes of business.\n\n### Units of measurement\n\nReport values in this form in whole Australian dollars (AUD) with no decimal place.\n\nConvert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.\n\nReport losses and expenses as negative values.\n\n  \n\nColumns for Licensed insurer\n\n| Columns 1 to 25   | Report the amount by APRA product groups. |\n| ----------------- | ----------------------------------------- |\n| Column 26 (Total) | Report the total amount of columns 1-25.  |\n\n1.  Insurance revenue\n\n| Item 1   | Item 1 insurance revenue is a derived item and is calculated as the sum of item 1.1 and item 1.2.Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80 (a) and AASB 17.83. |\n| -------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 1.1 | Report insurance revenue from direct business.                                                                                                                                                       |\n| Item 1.2 | Report insurance revenue from inwards reinsurance.                                                                                                                                                   |\n\n2. Insurance service expense\n\n| Item 2     | Item 2 insurance service expense, is a derived item calculated as the sum of item 2.1 and item 2.2.Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84.                                                                                     |\n| ---------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 2.1   | Item 2.1 insurance service expense from direct business is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive.                                                                                                                                              |\n| Item 2.1.1 | Report incurred claims from direct business.                                                                                                                                                                                                                                           |\n| Item 2.1.2 | Report other insurance service expenses from direct business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59 (a) at this item.                                                                                            |\n| Item 2.1.3 | Report amortisation of insurance acquisition cash flows from direct business.                                                                                                                                                                                                          |\n| Item 2.1.4 | Report losses and reversal of losses on onerous contracts from direct business Report this item in accordance with AASB 17.47-52.                                                                                                                                                      |\n| Item 2.1.5 | Report changes that relate to past service: changes to liabilities for incurred claims from direct business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                      |\n| Item 2.1.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from direct business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.     |\n| Item 2.2   | Item 2.2 insurance service expenses from inwards reinsurance is a derived item calculated as the sum of items 2.2.1 to 2.2.6 inclusive.                                                                                                                                                |\n| Item 2.2.1 | Report incurred claims from inwards reinsurance.                                                                                                                                                                                                                                       |\n| Item 2.2.2 | Report other insurance service expenses from inwards reinsurance.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.                                                                                         |\n| Item 2.2.3 | Report amortisation of insurance acquisition cash flows from inwards reinsurance.                                                                                                                                                                                                      |\n| Item 2.2.4 | Report losses and reversal of losses on onerous contracts from inwards reinsurance.Report this item in accordance with AASB 17.47-52                                                                                                                                                   |\n| Item 2.2.5 | Report changes that relate to past service: changes to liabilities for incurred claims from inwards reinsurance.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                  |\n| Item 2.2.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from inwards reinsurance.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense. |\n\n3. Insurance service result before reinsurance contracts held\n\n| Item 3 | Item 3 insurance service result before reinsurance contracts held is a derived item and is calculated as the sum of item 1 and item 2.Report this item in accordance with AASB 17 Appendix A. |\n| ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n4. Allocation of reinsurance premiums\n\n| Item 4 | Report allocation of reinsurance premiums.It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at item 5.Report this item in accordance with AASB 17.86. |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n5. Amounts recoverable from reinsurers\n\n| Item 5 | Report amounts recoverable from reinsurers. Include at this item reversals of recoveries of losses from the reinsurance contracts determined in accordance with AASB 17.66B for reinsurance contracts held.Report this item in accordance with AASB 17.86.The amount reported at this item should reconcile to item 8. ‘Amounts recoverable from reinsurers’ reported in Reporting Standard GRS 320.0 Liability Roll Forwards Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (GRS 320.0 Part B RF1). |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n6. Net expense from reinsurance contracts held\n\n| Item 6 | Item 6 is a derived item and is calculated as the sum of item 4 and item 5. This item can be a net income or net expense.Report this item in accordance with AASB 17 Appendix A, AASB 101.82 (ac), AASB 17.82 and AASB 17.86. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n7. Insurance service result\n\n| Item 7 | Item 7 insurance service result is a derived item and is calculated as the sum of item 3 and item 6.Report this item in accordance with AASB 17.80 (a). |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n8. Balance sheet memo items\n\n##### APRA intends to collect General Measurement Model (GMM) and Premium Allocation Approach (PAA) liability for remaining coverage and liability for incurred claims, GMM contractual service margin and risk adjustment component by APRA product groups. APRA will use these items and the data items collected:\n\n-   to form a view on profitability by APRA product groups;\n-   to compare the accounting risk adjustment to the GPS 340 risk margin by APRA product groups; and\n-   to understand drivers behind accounting liability movements by APRA product groups.\n\nAPRA appreciates this information required by APRA product groups may require allocation of the AASB 17 balance sheet items which may not be perfect. APRA requests that insurers to use the allocation principles to allocate the AASB 17 items into APRA product groups. The intent is that simple “allocation drivers” (deemed appropriate by the insurer) are used to allocate the AASB 17 items into product groups.\n\n##### For clarity, the following items are defined based on AASB 17:\n\n#####  AASB 17 liability for remaining coverage as defined in AASB 17 Appendix A\n\n#####  AASB 17 liability for incurred claims as defined in AASB 17 Appendix A\n\n#####  AASB 17 contractual service margin as defined in AASB 17 Appendix A\n\n#####  AASB 17 risk adjustment for non-financial risk as defined in AASB 17 Appendix A\n\nNote, GMM items in the table below can be zero.\n\nColumns for Licensed insurer\n\n| Columns 1 to 25   | Report the amount by APRA product group. |\n| ----------------- | ---------------------------------------- |\n| Column 26 (Total) | Report the total amount of columns 1-25. |\n\n| Item 8.1  | Insurance contract - AASB 17 GMM liabilities / assets for remaining coverageReport the amount of the liabilities / assets for remaining coverage for insurance contracts issued measured under AASB 17 GMM by APRA product groups.                                                                                                |\n| --------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 8.2  | Insurance contract - AASB 17 PAA liabilities / assets for remaining coverageReport the amount of the liabilities / assets for remaining coverage for insurance contracts issued measured under AASB 17 PAA by APRA product groups.                                                                                                |\n| Item 8.3  | Insurance contract - AASB 17 GMM contractual service marginReport the amount of contractual service margin from insurance contracts issued measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                                                              |\n| Item 8.4  | Reinsurance contract held - AASB 17 GMM assets / liabilities for remaining coverageReport the amount of the assets/liabilities for remaining coverage for reinsurance contracts held measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                    |\n| Item 8.5  | Reinsurance contract held - AASB 17 PAA assets / liabilities for remaining coverageReport the amount of the assets/liabilities for remaining coverage for reinsurance contracts held measured under AASB 17 PAA by APRA product groups.                                                                                           |\n| Item 8.6  | Reinsurance contract held - AASB 17 GMM contractual service marginReport the amount of contractual service margin for reinsurance contracts held measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                                                        |\n| Item 8.7  | Insurance contract - AASB 17 GMM liabilities / assets for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for insurance contracts measured under AASB 17 GMM by APRA product groups.                                                                                       |\n| Item 8.8  | Insurance contract - AASB 17 GMM liabilities / assets for incurred claims – LIC / AIC excluding risk adjustment component.Report the amount of the liability / asset for incurred claims excluding risk adjustment for non-financial risk for insurance contracts measured under AASB 17 GMM by APRA product groups.              |\n| Item 8.9  | Insurance contract - AASB 17 PAA liabilities / assets for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for insurance contracts measured under AASB 17 PAA by APRA product groups.                                                                                       |\n| Item 8.10 | Insurance contract - AASB 17 PAA liabilities / assets for incurred claims – LIC / AIC excluding risk adjustment component.Report the amount of the liability / asset for incurred claims excluding risk adjustment for non-financial risk for insurance contracts measured under AASB 17 PAA by APRA product groups.              |\n| Item 8.11 | Reinsurance contract held – AASB 17 GMM assets / liabilities for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 GMM by APRA product groups.                                                                         |\n| Item 8.12 | Reinsurance contract held – AASB 17 GMM assets / liabilities for incurred claims – AIC / LIC excluding risk adjustment componentReport the amount of the asset / liability for incurred claims excluding risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 GMM by APRA product groups. |\n| Item 8.13 | Reinsurance contract held – AASB 17 PAA assets / liabilities for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 PAA by APRA product groups.                                                                         |\n| Item 8.14 | Reinsurance contract held – AASB 17 PAA assets / liabilities for incurred claims – AIC / LIC excluding risk adjustment componentReport the amount of the asset / liability for incurred claims excluding risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 PAA by APRA product groups. |","sortOrder":16},{"sectionNumber":"Reporting tables","sectionType":"division","heading":"Reporting tables","content":"### Reporting tables\n\nTables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.","sortOrder":17},{"sectionNumber":"General accounting basis","sectionType":"division","heading":"General accounting basis","content":"# Reporting Standard GRS 311.0\n\n# Statement of Profit or Loss and Other Comprehensive Income by Product Group\n\n## General instructions\n\n### These instructions assist completion of Reporting Standard GRS 311.0 Statement of Profit or Loss and Other Comprehensive Income by Product Group. This Reporting Standard collects income statement data by APRA product groups (classes of business).\n\n### Reporting tables\n\nTables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\n### General accounting basis\n\n### Unless otherwise specifically stated, reporting insurers are to report in accordance with the relevant Australian Accounting Standards.\n\n### References to Australian Accounting Standards\n\nEach item reported under this Reporting Standard aligns with the Accounting Standards made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item. AASB reference provides a written description of the accounting meaning of an IFRS Taxonomy element.\n\n### IFRS taxonomy element reference\n\nEach IFRS taxonomy element contains at least one cross-reference to an AASB Standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board (IASB)) and has a reference type that can be used to identify the source of that element. The IFRS Taxonomy uses the following element reference types:\n\n    (a) disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;\n    (b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and\n    (c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements they not specifically mentioned in IFRS/AASB Standards or their accompanying materials, but are consistent with IFRS/AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.\n\n### Definitions\n\nTerms that are highlighted in bold italics are defined in these instructions.\n\n  \n\n## Specific instructions\n\n### Reporting basis\n\nInformation in this form is to be completed by general insurers for each reporting period on a Level 1 (licensed insurer) basis.\n\n### APRA product groups\n\nThe APRA product groups (classes of business) that apply for the reporting purpose are defined in GPS 001:\n\nInsurance business\n\n-   C1: Householders\n-   C2: Commercial Motor\n-   C3: Domestic Motor\n-   C4: Travel\n-   C5: Fire and ISR\n-   C6: Marine\n-   C7: Aviation\n-   C8: Consumer Credit\n-   C9: Other Accident\n-   C10: Mortgage\n-   C11: CTP\n-   C12: Public and Product Liability\n-   C13: Professional Indemnity\n-   C14: Employers Liability\n-   C15: Cyber\n-   C16: Directors and Officers\n-   C17: Other Direct – Category A\n-   C18: Other Direct – Category B\n-   C19: Other Direct – Category C\n\nReinsurance business\n\n-   RB1: Proportional – Category A\n-   RB2: Proportional – Category B\n-   RB3: Proportional – Category C\n-   RB4: Non-proportional – Category A\n-   RB5: Non-proportional – Category B\n-   RB6: Non-proportional – Category C\n\nDirect business is any insurance business written / insurance contracts issued by the reporting insurer.\n\nInwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.\n\nCategory A consists of householders, commercial motor, and domestic motor. Category B consists of travel, fire and ISR, marine and aviation, consumer credit, and other accident. Category C consists of mortgage, CTP, public and product liability, professional liability, employers’ liability, cyber, and directors’ & officers’ liability.\n\n### Allocation principles\n\nGeneral insurers are to apply the allocation principles defined in GRS 001 to allocate AASB 17 numbers to APRA classes of business where it is not possible to clearly identify AASB 17 numbers and assign it to specific APRA classes of business.\n\n### Units of measurement\n\nReport values in this form in whole Australian dollars (AUD) with no decimal place.\n\nConvert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.\n\nReport losses and expenses as negative values.\n\n  \n\nColumns for Licensed insurer\n\n| Columns 1 to 25   | Report the amount by APRA product groups. |\n| ----------------- | ----------------------------------------- |\n| Column 26 (Total) | Report the total amount of columns 1-25.  |\n\n1.  Insurance revenue\n\n| Item 1   | Item 1 insurance revenue is a derived item and is calculated as the sum of item 1.1 and item 1.2.Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80 (a) and AASB 17.83. |\n| -------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 1.1 | Report insurance revenue from direct business.                                                                                                                                                       |\n| Item 1.2 | Report insurance revenue from inwards reinsurance.                                                                                                                                                   |\n\n2. Insurance service expense\n\n| Item 2     | Item 2 insurance service expense, is a derived item calculated as the sum of item 2.1 and item 2.2.Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84.                                                                                     |\n| ---------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 2.1   | Item 2.1 insurance service expense from direct business is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive.                                                                                                                                              |\n| Item 2.1.1 | Report incurred claims from direct business.                                                                                                                                                                                                                                           |\n| Item 2.1.2 | Report other insurance service expenses from direct business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59 (a) at this item.                                                                                            |\n| Item 2.1.3 | Report amortisation of insurance acquisition cash flows from direct business.                                                                                                                                                                                                          |\n| Item 2.1.4 | Report losses and reversal of losses on onerous contracts from direct business Report this item in accordance with AASB 17.47-52.                                                                                                                                                      |\n| Item 2.1.5 | Report changes that relate to past service: changes to liabilities for incurred claims from direct business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                      |\n| Item 2.1.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from direct business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.     |\n| Item 2.2   | Item 2.2 insurance service expenses from inwards reinsurance is a derived item calculated as the sum of items 2.2.1 to 2.2.6 inclusive.                                                                                                                                                |\n| Item 2.2.1 | Report incurred claims from inwards reinsurance.                                                                                                                                                                                                                                       |\n| Item 2.2.2 | Report other insurance service expenses from inwards reinsurance.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.                                                                                         |\n| Item 2.2.3 | Report amortisation of insurance acquisition cash flows from inwards reinsurance.                                                                                                                                                                                                      |\n| Item 2.2.4 | Report losses and reversal of losses on onerous contracts from inwards reinsurance.Report this item in accordance with AASB 17.47-52                                                                                                                                                   |\n| Item 2.2.5 | Report changes that relate to past service: changes to liabilities for incurred claims from inwards reinsurance.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                  |\n| Item 2.2.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from inwards reinsurance.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense. |\n\n3. Insurance service result before reinsurance contracts held\n\n| Item 3 | Item 3 insurance service result before reinsurance contracts held is a derived item and is calculated as the sum of item 1 and item 2.Report this item in accordance with AASB 17 Appendix A. |\n| ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n4. Allocation of reinsurance premiums\n\n| Item 4 | Report allocation of reinsurance premiums.It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at item 5.Report this item in accordance with AASB 17.86. |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n5. Amounts recoverable from reinsurers\n\n| Item 5 | Report amounts recoverable from reinsurers. Include at this item reversals of recoveries of losses from the reinsurance contracts determined in accordance with AASB 17.66B for reinsurance contracts held.Report this item in accordance with AASB 17.86.The amount reported at this item should reconcile to item 8. ‘Amounts recoverable from reinsurers’ reported in Reporting Standard GRS 320.0 Liability Roll Forwards Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (GRS 320.0 Part B RF1). |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n6. Net expense from reinsurance contracts held\n\n| Item 6 | Item 6 is a derived item and is calculated as the sum of item 4 and item 5. This item can be a net income or net expense.Report this item in accordance with AASB 17 Appendix A, AASB 101.82 (ac), AASB 17.82 and AASB 17.86. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n7. Insurance service result\n\n| Item 7 | Item 7 insurance service result is a derived item and is calculated as the sum of item 3 and item 6.Report this item in accordance with AASB 17.80 (a). |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n8. Balance sheet memo items\n\n##### APRA intends to collect General Measurement Model (GMM) and Premium Allocation Approach (PAA) liability for remaining coverage and liability for incurred claims, GMM contractual service margin and risk adjustment component by APRA product groups. APRA will use these items and the data items collected:\n\n-   to form a view on profitability by APRA product groups;\n-   to compare the accounting risk adjustment to the GPS 340 risk margin by APRA product groups; and\n-   to understand drivers behind accounting liability movements by APRA product groups.\n\nAPRA appreciates this information required by APRA product groups may require allocation of the AASB 17 balance sheet items which may not be perfect. APRA requests that insurers to use the allocation principles to allocate the AASB 17 items into APRA product groups. The intent is that simple “allocation drivers” (deemed appropriate by the insurer) are used to allocate the AASB 17 items into product groups.\n\n##### For clarity, the following items are defined based on AASB 17:\n\n#####  AASB 17 liability for remaining coverage as defined in AASB 17 Appendix A\n\n#####  AASB 17 liability for incurred claims as defined in AASB 17 Appendix A\n\n#####  AASB 17 contractual service margin as defined in AASB 17 Appendix A\n\n#####  AASB 17 risk adjustment for non-financial risk as defined in AASB 17 Appendix A\n\nNote, GMM items in the table below can be zero.\n\nColumns for Licensed insurer\n\n| Columns 1 to 25   | Report the amount by APRA product group. |\n| ----------------- | ---------------------------------------- |\n| Column 26 (Total) | Report the total amount of columns 1-25. |\n\n| Item 8.1  | Insurance contract - AASB 17 GMM liabilities / assets for remaining coverageReport the amount of the liabilities / assets for remaining coverage for insurance contracts issued measured under AASB 17 GMM by APRA product groups.                                                                                                |\n| --------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 8.2  | Insurance contract - AASB 17 PAA liabilities / assets for remaining coverageReport the amount of the liabilities / assets for remaining coverage for insurance contracts issued measured under AASB 17 PAA by APRA product groups.                                                                                                |\n| Item 8.3  | Insurance contract - AASB 17 GMM contractual service marginReport the amount of contractual service margin from insurance contracts issued measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                                                              |\n| Item 8.4  | Reinsurance contract held - AASB 17 GMM assets / liabilities for remaining coverageReport the amount of the assets/liabilities for remaining coverage for reinsurance contracts held measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                    |\n| Item 8.5  | Reinsurance contract held - AASB 17 PAA assets / liabilities for remaining coverageReport the amount of the assets/liabilities for remaining coverage for reinsurance contracts held measured under AASB 17 PAA by APRA product groups.                                                                                           |\n| Item 8.6  | Reinsurance contract held - AASB 17 GMM contractual service marginReport the amount of contractual service margin for reinsurance contracts held measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                                                        |\n| Item 8.7  | Insurance contract - AASB 17 GMM liabilities / assets for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for insurance contracts measured under AASB 17 GMM by APRA product groups.                                                                                       |\n| Item 8.8  | Insurance contract - AASB 17 GMM liabilities / assets for incurred claims – LIC / AIC excluding risk adjustment component.Report the amount of the liability / asset for incurred claims excluding risk adjustment for non-financial risk for insurance contracts measured under AASB 17 GMM by APRA product groups.              |\n| Item 8.9  | Insurance contract - AASB 17 PAA liabilities / assets for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for insurance contracts measured under AASB 17 PAA by APRA product groups.                                                                                       |\n| Item 8.10 | Insurance contract - AASB 17 PAA liabilities / assets for incurred claims – LIC / AIC excluding risk adjustment component.Report the amount of the liability / asset for incurred claims excluding risk adjustment for non-financial risk for insurance contracts measured under AASB 17 PAA by APRA product groups.              |\n| Item 8.11 | Reinsurance contract held – AASB 17 GMM assets / liabilities for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 GMM by APRA product groups.                                                                         |\n| Item 8.12 | Reinsurance contract held – AASB 17 GMM assets / liabilities for incurred claims – AIC / LIC excluding risk adjustment componentReport the amount of the asset / liability for incurred claims excluding risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 GMM by APRA product groups. |\n| Item 8.13 | Reinsurance contract held – AASB 17 PAA assets / liabilities for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 PAA by APRA product groups.                                                                         |\n| Item 8.14 | Reinsurance contract held – AASB 17 PAA assets / liabilities for incurred claims – AIC / LIC excluding risk adjustment componentReport the amount of the asset / liability for incurred claims excluding risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 PAA by APRA product groups. |","sortOrder":18},{"sectionNumber":"Unless otherwise specifically stated, re","sectionType":"division","heading":"Unless otherwise specifically stated, reporting insurers are to report in accordance with the relevant Australian Accounting Standards.","content":"# Reporting Standard GRS 311.0\n\n# Statement of Profit or Loss and Other Comprehensive Income by Product Group\n\n## General instructions\n\n### These instructions assist completion of Reporting Standard GRS 311.0 Statement of Profit or Loss and Other Comprehensive Income by Product Group. This Reporting Standard collects income statement data by APRA product groups (classes of business).\n\n### Reporting tables\n\nTables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\n### General accounting basis\n\n### Unless otherwise specifically stated, reporting insurers are to report in accordance with the relevant Australian Accounting Standards.\n\n### References to Australian Accounting Standards\n\nEach item reported under this Reporting Standard aligns with the Accounting Standards made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item. AASB reference provides a written description of the accounting meaning of an IFRS Taxonomy element.\n\n### IFRS taxonomy element reference\n\nEach IFRS taxonomy element contains at least one cross-reference to an AASB Standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board (IASB)) and has a reference type that can be used to identify the source of that element. The IFRS Taxonomy uses the following element reference types:\n\n    (a) disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;\n    (b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and\n    (c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements they not specifically mentioned in IFRS/AASB Standards or their accompanying materials, but are consistent with IFRS/AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.\n\n### Definitions\n\nTerms that are highlighted in bold italics are defined in these instructions.\n\n  \n\n## Specific instructions\n\n### Reporting basis\n\nInformation in this form is to be completed by general insurers for each reporting period on a Level 1 (licensed insurer) basis.\n\n### APRA product groups\n\nThe APRA product groups (classes of business) that apply for the reporting purpose are defined in GPS 001:\n\nInsurance business\n\n-   C1: Householders\n-   C2: Commercial Motor\n-   C3: Domestic Motor\n-   C4: Travel\n-   C5: Fire and ISR\n-   C6: Marine\n-   C7: Aviation\n-   C8: Consumer Credit\n-   C9: Other Accident\n-   C10: Mortgage\n-   C11: CTP\n-   C12: Public and Product Liability\n-   C13: Professional Indemnity\n-   C14: Employers Liability\n-   C15: Cyber\n-   C16: Directors and Officers\n-   C17: Other Direct – Category A\n-   C18: Other Direct – Category B\n-   C19: Other Direct – Category C\n\nReinsurance business\n\n-   RB1: Proportional – Category A\n-   RB2: Proportional – Category B\n-   RB3: Proportional – Category C\n-   RB4: Non-proportional – Category A\n-   RB5: Non-proportional – Category B\n-   RB6: Non-proportional – Category C\n\nDirect business is any insurance business written / insurance contracts issued by the reporting insurer.\n\nInwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.\n\nCategory A consists of householders, commercial motor, and domestic motor. Category B consists of travel, fire and ISR, marine and aviation, consumer credit, and other accident. Category C consists of mortgage, CTP, public and product liability, professional liability, employers’ liability, cyber, and directors’ & officers’ liability.\n\n### Allocation principles\n\nGeneral insurers are to apply the allocation principles defined in GRS 001 to allocate AASB 17 numbers to APRA classes of business where it is not possible to clearly identify AASB 17 numbers and assign it to specific APRA classes of business.\n\n### Units of measurement\n\nReport values in this form in whole Australian dollars (AUD) with no decimal place.\n\nConvert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.\n\nReport losses and expenses as negative values.\n\n  \n\nColumns for Licensed insurer\n\n| Columns 1 to 25   | Report the amount by APRA product groups. |\n| ----------------- | ----------------------------------------- |\n| Column 26 (Total) | Report the total amount of columns 1-25.  |\n\n1.  Insurance revenue\n\n| Item 1   | Item 1 insurance revenue is a derived item and is calculated as the sum of item 1.1 and item 1.2.Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80 (a) and AASB 17.83. |\n| -------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 1.1 | Report insurance revenue from direct business.                                                                                                                                                       |\n| Item 1.2 | Report insurance revenue from inwards reinsurance.                                                                                                                                                   |\n\n2. Insurance service expense\n\n| Item 2     | Item 2 insurance service expense, is a derived item calculated as the sum of item 2.1 and item 2.2.Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84.                                                                                     |\n| ---------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 2.1   | Item 2.1 insurance service expense from direct business is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive.                                                                                                                                              |\n| Item 2.1.1 | Report incurred claims from direct business.                                                                                                                                                                                                                                           |\n| Item 2.1.2 | Report other insurance service expenses from direct business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59 (a) at this item.                                                                                            |\n| Item 2.1.3 | Report amortisation of insurance acquisition cash flows from direct business.                                                                                                                                                                                                          |\n| Item 2.1.4 | Report losses and reversal of losses on onerous contracts from direct business Report this item in accordance with AASB 17.47-52.                                                                                                                                                      |\n| Item 2.1.5 | Report changes that relate to past service: changes to liabilities for incurred claims from direct business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                      |\n| Item 2.1.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from direct business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.     |\n| Item 2.2   | Item 2.2 insurance service expenses from inwards reinsurance is a derived item calculated as the sum of items 2.2.1 to 2.2.6 inclusive.                                                                                                                                                |\n| Item 2.2.1 | Report incurred claims from inwards reinsurance.                                                                                                                                                                                                                                       |\n| Item 2.2.2 | Report other insurance service expenses from inwards reinsurance.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.                                                                                         |\n| Item 2.2.3 | Report amortisation of insurance acquisition cash flows from inwards reinsurance.                                                                                                                                                                                                      |\n| Item 2.2.4 | Report losses and reversal of losses on onerous contracts from inwards reinsurance.Report this item in accordance with AASB 17.47-52                                                                                                                                                   |\n| Item 2.2.5 | Report changes that relate to past service: changes to liabilities for incurred claims from inwards reinsurance.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                  |\n| Item 2.2.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from inwards reinsurance.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense. |\n\n3. Insurance service result before reinsurance contracts held\n\n| Item 3 | Item 3 insurance service result before reinsurance contracts held is a derived item and is calculated as the sum of item 1 and item 2.Report this item in accordance with AASB 17 Appendix A. |\n| ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n4. Allocation of reinsurance premiums\n\n| Item 4 | Report allocation of reinsurance premiums.It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at item 5.Report this item in accordance with AASB 17.86. |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n5. Amounts recoverable from reinsurers\n\n| Item 5 | Report amounts recoverable from reinsurers. Include at this item reversals of recoveries of losses from the reinsurance contracts determined in accordance with AASB 17.66B for reinsurance contracts held.Report this item in accordance with AASB 17.86.The amount reported at this item should reconcile to item 8. ‘Amounts recoverable from reinsurers’ reported in Reporting Standard GRS 320.0 Liability Roll Forwards Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (GRS 320.0 Part B RF1). |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n6. Net expense from reinsurance contracts held\n\n| Item 6 | Item 6 is a derived item and is calculated as the sum of item 4 and item 5. This item can be a net income or net expense.Report this item in accordance with AASB 17 Appendix A, AASB 101.82 (ac), AASB 17.82 and AASB 17.86. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n7. Insurance service result\n\n| Item 7 | Item 7 insurance service result is a derived item and is calculated as the sum of item 3 and item 6.Report this item in accordance with AASB 17.80 (a). |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n8. Balance sheet memo items\n\n##### APRA intends to collect General Measurement Model (GMM) and Premium Allocation Approach (PAA) liability for remaining coverage and liability for incurred claims, GMM contractual service margin and risk adjustment component by APRA product groups. APRA will use these items and the data items collected:\n\n-   to form a view on profitability by APRA product groups;\n-   to compare the accounting risk adjustment to the GPS 340 risk margin by APRA product groups; and\n-   to understand drivers behind accounting liability movements by APRA product groups.\n\nAPRA appreciates this information required by APRA product groups may require allocation of the AASB 17 balance sheet items which may not be perfect. APRA requests that insurers to use the allocation principles to allocate the AASB 17 items into APRA product groups. The intent is that simple “allocation drivers” (deemed appropriate by the insurer) are used to allocate the AASB 17 items into product groups.\n\n##### For clarity, the following items are defined based on AASB 17:\n\n#####  AASB 17 liability for remaining coverage as defined in AASB 17 Appendix A\n\n#####  AASB 17 liability for incurred claims as defined in AASB 17 Appendix A\n\n#####  AASB 17 contractual service margin as defined in AASB 17 Appendix A\n\n#####  AASB 17 risk adjustment for non-financial risk as defined in AASB 17 Appendix A\n\nNote, GMM items in the table below can be zero.\n\nColumns for Licensed insurer\n\n| Columns 1 to 25   | Report the amount by APRA product group. |\n| ----------------- | ---------------------------------------- |\n| Column 26 (Total) | Report the total amount of columns 1-25. |\n\n| Item 8.1  | Insurance contract - AASB 17 GMM liabilities / assets for remaining coverageReport the amount of the liabilities / assets for remaining coverage for insurance contracts issued measured under AASB 17 GMM by APRA product groups.                                                                                                |\n| --------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 8.2  | Insurance contract - AASB 17 PAA liabilities / assets for remaining coverageReport the amount of the liabilities / assets for remaining coverage for insurance contracts issued measured under AASB 17 PAA by APRA product groups.                                                                                                |\n| Item 8.3  | Insurance contract - AASB 17 GMM contractual service marginReport the amount of contractual service margin from insurance contracts issued measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                                                              |\n| Item 8.4  | Reinsurance contract held - AASB 17 GMM assets / liabilities for remaining coverageReport the amount of the assets/liabilities for remaining coverage for reinsurance contracts held measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                    |\n| Item 8.5  | Reinsurance contract held - AASB 17 PAA assets / liabilities for remaining coverageReport the amount of the assets/liabilities for remaining coverage for reinsurance contracts held measured under AASB 17 PAA by APRA product groups.                                                                                           |\n| Item 8.6  | Reinsurance contract held - AASB 17 GMM contractual service marginReport the amount of contractual service margin for reinsurance contracts held measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                                                        |\n| Item 8.7  | Insurance contract - AASB 17 GMM liabilities / assets for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for insurance contracts measured under AASB 17 GMM by APRA product groups.                                                                                       |\n| Item 8.8  | Insurance contract - AASB 17 GMM liabilities / assets for incurred claims – LIC / AIC excluding risk adjustment component.Report the amount of the liability / asset for incurred claims excluding risk adjustment for non-financial risk for insurance contracts measured under AASB 17 GMM by APRA product groups.              |\n| Item 8.9  | Insurance contract - AASB 17 PAA liabilities / assets for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for insurance contracts measured under AASB 17 PAA by APRA product groups.                                                                                       |\n| Item 8.10 | Insurance contract - AASB 17 PAA liabilities / assets for incurred claims – LIC / AIC excluding risk adjustment component.Report the amount of the liability / asset for incurred claims excluding risk adjustment for non-financial risk for insurance contracts measured under AASB 17 PAA by APRA product groups.              |\n| Item 8.11 | Reinsurance contract held – AASB 17 GMM assets / liabilities for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 GMM by APRA product groups.                                                                         |\n| Item 8.12 | Reinsurance contract held – AASB 17 GMM assets / liabilities for incurred claims – AIC / LIC excluding risk adjustment componentReport the amount of the asset / liability for incurred claims excluding risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 GMM by APRA product groups. |\n| Item 8.13 | Reinsurance contract held – AASB 17 PAA assets / liabilities for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 PAA by APRA product groups.                                                                         |\n| Item 8.14 | Reinsurance contract held – AASB 17 PAA assets / liabilities for incurred claims – AIC / LIC excluding risk adjustment componentReport the amount of the asset / liability for incurred claims excluding risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 PAA by APRA product groups. |","sortOrder":19},{"sectionNumber":"References to Australian Accounting Stan","sectionType":"division","heading":"References to Australian Accounting Standards","content":"### References to Australian Accounting Standards\n\nEach item reported under this Reporting Standard aligns with the Accounting Standards made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item. AASB reference provides a written description of the accounting meaning of an IFRS Taxonomy element.","sortOrder":20},{"sectionNumber":"IFRS taxonomy element reference","sectionType":"division","heading":"IFRS taxonomy element reference","content":"### IFRS taxonomy element reference\n\nEach IFRS taxonomy element contains at least one cross-reference to an AASB Standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board (IASB)) and has a reference type that can be used to identify the source of that element. The IFRS Taxonomy uses the following element reference types:\n\n    (a) disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;\n    (b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and\n    (c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements they not specifically mentioned in IFRS/AASB Standards or their accompanying materials, but are consistent with IFRS/AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.","sortOrder":21},{"sectionNumber":"Definitions","sectionType":"division","heading":"Definitions","content":"### Definitions\n\nTerms that are highlighted in bold italics are defined in these instructions.","sortOrder":22},{"sectionNumber":"Specific instructions","sectionType":"part","heading":"Specific instructions","content":"# Reporting Standard GRS 311.0\n\n# Statement of Profit or Loss and Other Comprehensive Income by Product Group\n\n## General instructions\n\n### These instructions assist completion of Reporting Standard GRS 311.0 Statement of Profit or Loss and Other Comprehensive Income by Product Group. This Reporting Standard collects income statement data by APRA product groups (classes of business).\n\n### Reporting tables\n\nTables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\n### General accounting basis\n\n### Unless otherwise specifically stated, reporting insurers are to report in accordance with the relevant Australian Accounting Standards.\n\n### References to Australian Accounting Standards\n\nEach item reported under this Reporting Standard aligns with the Accounting Standards made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item. AASB reference provides a written description of the accounting meaning of an IFRS Taxonomy element.\n\n### IFRS taxonomy element reference\n\nEach IFRS taxonomy element contains at least one cross-reference to an AASB Standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board (IASB)) and has a reference type that can be used to identify the source of that element. The IFRS Taxonomy uses the following element reference types:\n\n    (a) disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;\n    (b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and\n    (c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements they not specifically mentioned in IFRS/AASB Standards or their accompanying materials, but are consistent with IFRS/AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.\n\n### Definitions\n\nTerms that are highlighted in bold italics are defined in these instructions.\n\n  \n\n## Specific instructions\n\n### Reporting basis\n\nInformation in this form is to be completed by general insurers for each reporting period on a Level 1 (licensed insurer) basis.\n\n### APRA product groups\n\nThe APRA product groups (classes of business) that apply for the reporting purpose are defined in GPS 001:\n\nInsurance business\n\n-   C1: Householders\n-   C2: Commercial Motor\n-   C3: Domestic Motor\n-   C4: Travel\n-   C5: Fire and ISR\n-   C6: Marine\n-   C7: Aviation\n-   C8: Consumer Credit\n-   C9: Other Accident\n-   C10: Mortgage\n-   C11: CTP\n-   C12: Public and Product Liability\n-   C13: Professional Indemnity\n-   C14: Employers Liability\n-   C15: Cyber\n-   C16: Directors and Officers\n-   C17: Other Direct – Category A\n-   C18: Other Direct – Category B\n-   C19: Other Direct – Category C\n\nReinsurance business\n\n-   RB1: Proportional – Category A\n-   RB2: Proportional – Category B\n-   RB3: Proportional – Category C\n-   RB4: Non-proportional – Category A\n-   RB5: Non-proportional – Category B\n-   RB6: Non-proportional – Category C\n\nDirect business is any insurance business written / insurance contracts issued by the reporting insurer.\n\nInwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.\n\nCategory A consists of householders, commercial motor, and domestic motor. Category B consists of travel, fire and ISR, marine and aviation, consumer credit, and other accident. Category C consists of mortgage, CTP, public and product liability, professional liability, employers’ liability, cyber, and directors’ & officers’ liability.\n\n### Allocation principles\n\nGeneral insurers are to apply the allocation principles defined in GRS 001 to allocate AASB 17 numbers to APRA classes of business where it is not possible to clearly identify AASB 17 numbers and assign it to specific APRA classes of business.\n\n### Units of measurement\n\nReport values in this form in whole Australian dollars (AUD) with no decimal place.\n\nConvert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.\n\nReport losses and expenses as negative values.\n\n  \n\nColumns for Licensed insurer\n\n| Columns 1 to 25   | Report the amount by APRA product groups. |\n| ----------------- | ----------------------------------------- |\n| Column 26 (Total) | Report the total amount of columns 1-25.  |\n\n1.  Insurance revenue\n\n| Item 1   | Item 1 insurance revenue is a derived item and is calculated as the sum of item 1.1 and item 1.2.Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80 (a) and AASB 17.83. |\n| -------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 1.1 | Report insurance revenue from direct business.                                                                                                                                                       |\n| Item 1.2 | Report insurance revenue from inwards reinsurance.                                                                                                                                                   |\n\n2. Insurance service expense\n\n| Item 2     | Item 2 insurance service expense, is a derived item calculated as the sum of item 2.1 and item 2.2.Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84.                                                                                     |\n| ---------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 2.1   | Item 2.1 insurance service expense from direct business is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive.                                                                                                                                              |\n| Item 2.1.1 | Report incurred claims from direct business.                                                                                                                                                                                                                                           |\n| Item 2.1.2 | Report other insurance service expenses from direct business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59 (a) at this item.                                                                                            |\n| Item 2.1.3 | Report amortisation of insurance acquisition cash flows from direct business.                                                                                                                                                                                                          |\n| Item 2.1.4 | Report losses and reversal of losses on onerous contracts from direct business Report this item in accordance with AASB 17.47-52.                                                                                                                                                      |\n| Item 2.1.5 | Report changes that relate to past service: changes to liabilities for incurred claims from direct business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                      |\n| Item 2.1.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from direct business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.     |\n| Item 2.2   | Item 2.2 insurance service expenses from inwards reinsurance is a derived item calculated as the sum of items 2.2.1 to 2.2.6 inclusive.                                                                                                                                                |\n| Item 2.2.1 | Report incurred claims from inwards reinsurance.                                                                                                                                                                                                                                       |\n| Item 2.2.2 | Report other insurance service expenses from inwards reinsurance.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.                                                                                         |\n| Item 2.2.3 | Report amortisation of insurance acquisition cash flows from inwards reinsurance.                                                                                                                                                                                                      |\n| Item 2.2.4 | Report losses and reversal of losses on onerous contracts from inwards reinsurance.Report this item in accordance with AASB 17.47-52                                                                                                                                                   |\n| Item 2.2.5 | Report changes that relate to past service: changes to liabilities for incurred claims from inwards reinsurance.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                  |\n| Item 2.2.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from inwards reinsurance.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense. |\n\n3. Insurance service result before reinsurance contracts held\n\n| Item 3 | Item 3 insurance service result before reinsurance contracts held is a derived item and is calculated as the sum of item 1 and item 2.Report this item in accordance with AASB 17 Appendix A. |\n| ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n4. Allocation of reinsurance premiums\n\n| Item 4 | Report allocation of reinsurance premiums.It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at item 5.Report this item in accordance with AASB 17.86. |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n5. Amounts recoverable from reinsurers\n\n| Item 5 | Report amounts recoverable from reinsurers. Include at this item reversals of recoveries of losses from the reinsurance contracts determined in accordance with AASB 17.66B for reinsurance contracts held.Report this item in accordance with AASB 17.86.The amount reported at this item should reconcile to item 8. ‘Amounts recoverable from reinsurers’ reported in Reporting Standard GRS 320.0 Liability Roll Forwards Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (GRS 320.0 Part B RF1). |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n6. Net expense from reinsurance contracts held\n\n| Item 6 | Item 6 is a derived item and is calculated as the sum of item 4 and item 5. This item can be a net income or net expense.Report this item in accordance with AASB 17 Appendix A, AASB 101.82 (ac), AASB 17.82 and AASB 17.86. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n7. Insurance service result\n\n| Item 7 | Item 7 insurance service result is a derived item and is calculated as the sum of item 3 and item 6.Report this item in accordance with AASB 17.80 (a). |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n8. Balance sheet memo items\n\n##### APRA intends to collect General Measurement Model (GMM) and Premium Allocation Approach (PAA) liability for remaining coverage and liability for incurred claims, GMM contractual service margin and risk adjustment component by APRA product groups. APRA will use these items and the data items collected:\n\n-   to form a view on profitability by APRA product groups;\n-   to compare the accounting risk adjustment to the GPS 340 risk margin by APRA product groups; and\n-   to understand drivers behind accounting liability movements by APRA product groups.\n\nAPRA appreciates this information required by APRA product groups may require allocation of the AASB 17 balance sheet items which may not be perfect. APRA requests that insurers to use the allocation principles to allocate the AASB 17 items into APRA product groups. The intent is that simple “allocation drivers” (deemed appropriate by the insurer) are used to allocate the AASB 17 items into product groups.\n\n##### For clarity, the following items are defined based on AASB 17:\n\n#####  AASB 17 liability for remaining coverage as defined in AASB 17 Appendix A\n\n#####  AASB 17 liability for incurred claims as defined in AASB 17 Appendix A\n\n#####  AASB 17 contractual service margin as defined in AASB 17 Appendix A\n\n#####  AASB 17 risk adjustment for non-financial risk as defined in AASB 17 Appendix A\n\nNote, GMM items in the table below can be zero.\n\nColumns for Licensed insurer\n\n| Columns 1 to 25   | Report the amount by APRA product group. |\n| ----------------- | ---------------------------------------- |\n| Column 26 (Total) | Report the total amount of columns 1-25. |\n\n| Item 8.1  | Insurance contract - AASB 17 GMM liabilities / assets for remaining coverageReport the amount of the liabilities / assets for remaining coverage for insurance contracts issued measured under AASB 17 GMM by APRA product groups.                                                                                                |\n| --------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 8.2  | Insurance contract - AASB 17 PAA liabilities / assets for remaining coverageReport the amount of the liabilities / assets for remaining coverage for insurance contracts issued measured under AASB 17 PAA by APRA product groups.                                                                                                |\n| Item 8.3  | Insurance contract - AASB 17 GMM contractual service marginReport the amount of contractual service margin from insurance contracts issued measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                                                              |\n| Item 8.4  | Reinsurance contract held - AASB 17 GMM assets / liabilities for remaining coverageReport the amount of the assets/liabilities for remaining coverage for reinsurance contracts held measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                    |\n| Item 8.5  | Reinsurance contract held - AASB 17 PAA assets / liabilities for remaining coverageReport the amount of the assets/liabilities for remaining coverage for reinsurance contracts held measured under AASB 17 PAA by APRA product groups.                                                                                           |\n| Item 8.6  | Reinsurance contract held - AASB 17 GMM contractual service marginReport the amount of contractual service margin for reinsurance contracts held measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                                                        |\n| Item 8.7  | Insurance contract - AASB 17 GMM liabilities / assets for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for insurance contracts measured under AASB 17 GMM by APRA product groups.                                                                                       |\n| Item 8.8  | Insurance contract - AASB 17 GMM liabilities / assets for incurred claims – LIC / AIC excluding risk adjustment component.Report the amount of the liability / asset for incurred claims excluding risk adjustment for non-financial risk for insurance contracts measured under AASB 17 GMM by APRA product groups.              |\n| Item 8.9  | Insurance contract - AASB 17 PAA liabilities / assets for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for insurance contracts measured under AASB 17 PAA by APRA product groups.                                                                                       |\n| Item 8.10 | Insurance contract - AASB 17 PAA liabilities / assets for incurred claims – LIC / AIC excluding risk adjustment component.Report the amount of the liability / asset for incurred claims excluding risk adjustment for non-financial risk for insurance contracts measured under AASB 17 PAA by APRA product groups.              |\n| Item 8.11 | Reinsurance contract held – AASB 17 GMM assets / liabilities for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 GMM by APRA product groups.                                                                         |\n| Item 8.12 | Reinsurance contract held – AASB 17 GMM assets / liabilities for incurred claims – AIC / LIC excluding risk adjustment componentReport the amount of the asset / liability for incurred claims excluding risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 GMM by APRA product groups. |\n| Item 8.13 | Reinsurance contract held – AASB 17 PAA assets / liabilities for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 PAA by APRA product groups.                                                                         |\n| Item 8.14 | Reinsurance contract held – AASB 17 PAA assets / liabilities for incurred claims – AIC / LIC excluding risk adjustment componentReport the amount of the asset / liability for incurred claims excluding risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 PAA by APRA product groups. |","sortOrder":23},{"sectionNumber":"Reporting basis","sectionType":"division","heading":"Reporting basis","content":"### Reporting basis\n\nInformation in this form is to be completed by general insurers for each reporting period on a Level 1 (licensed insurer) basis.","sortOrder":24},{"sectionNumber":"APRA product groups","sectionType":"division","heading":"APRA product groups","content":"### APRA product groups\n\nThe APRA product groups (classes of business) that apply for the reporting purpose are defined in GPS 001:\n\nInsurance business\n\n-   C1: Householders\n-   C2: Commercial Motor\n-   C3: Domestic Motor\n-   C4: Travel\n-   C5: Fire and ISR\n-   C6: Marine\n-   C7: Aviation\n-   C8: Consumer Credit\n-   C9: Other Accident\n-   C10: Mortgage\n-   C11: CTP\n-   C12: Public and Product Liability\n-   C13: Professional Indemnity\n-   C14: Employers Liability\n-   C15: Cyber\n-   C16: Directors and Officers\n-   C17: Other Direct – Category A\n-   C18: Other Direct – Category B\n-   C19: Other Direct – Category C\n\nReinsurance business\n\n-   RB1: Proportional – Category A\n-   RB2: Proportional – Category B\n-   RB3: Proportional – Category C\n-   RB4: Non-proportional – Category A\n-   RB5: Non-proportional – Category B\n-   RB6: Non-proportional – Category C\n\nDirect business is any insurance business written / insurance contracts issued by the reporting insurer.\n\nInwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.\n\nCategory A consists of householders, commercial motor, and domestic motor. Category B consists of travel, fire and ISR, marine and aviation, consumer credit, and other accident. Category C consists of mortgage, CTP, public and product liability, professional liability, employers’ liability, cyber, and directors’ & officers’ liability.","sortOrder":25},{"sectionNumber":"Allocation principles","sectionType":"division","heading":"Allocation principles","content":"### Allocation principles\n\nGeneral insurers are to apply the allocation principles defined in GRS 001 to allocate AASB 17 numbers to APRA classes of business where it is not possible to clearly identify AASB 17 numbers and assign it to specific APRA classes of business.","sortOrder":26},{"sectionNumber":"Units of measurement","sectionType":"division","heading":"Units of measurement","content":"### Units of measurement\n\nReport values in this form in whole Australian dollars (AUD) with no decimal place.\n\nConvert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.\n\nReport losses and expenses as negative values.\n\n  \n\nColumns for Licensed insurer\n\n| Columns 1 to 25   | Report the amount by APRA product groups. |\n| ----------------- | ----------------------------------------- |\n| Column 26 (Total) | Report the total amount of columns 1-25.  |\n\n1.  Insurance revenue\n\n| Item 1   | Item 1 insurance revenue is a derived item and is calculated as the sum of item 1.1 and item 1.2.Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80 (a) and AASB 17.83. |\n| -------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 1.1 | Report insurance revenue from direct business.                                                                                                                                                       |\n| Item 1.2 | Report insurance revenue from inwards reinsurance.                                                                                                                                                   |\n\n2. Insurance service expense\n\n| Item 2     | Item 2 insurance service expense, is a derived item calculated as the sum of item 2.1 and item 2.2.Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84.                                                                                     |\n| ---------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 2.1   | Item 2.1 insurance service expense from direct business is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive.                                                                                                                                              |\n| Item 2.1.1 | Report incurred claims from direct business.                                                                                                                                                                                                                                           |\n| Item 2.1.2 | Report other insurance service expenses from direct business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59 (a) at this item.                                                                                            |\n| Item 2.1.3 | Report amortisation of insurance acquisition cash flows from direct business.                                                                                                                                                                                                          |\n| Item 2.1.4 | Report losses and reversal of losses on onerous contracts from direct business Report this item in accordance with AASB 17.47-52.                                                                                                                                                      |\n| Item 2.1.5 | Report changes that relate to past service: changes to liabilities for incurred claims from direct business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                      |\n| Item 2.1.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from direct business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.     |\n| Item 2.2   | Item 2.2 insurance service expenses from inwards reinsurance is a derived item calculated as the sum of items 2.2.1 to 2.2.6 inclusive.                                                                                                                                                |\n| Item 2.2.1 | Report incurred claims from inwards reinsurance.                                                                                                                                                                                                                                       |\n| Item 2.2.2 | Report other insurance service expenses from inwards reinsurance.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.                                                                                         |\n| Item 2.2.3 | Report amortisation of insurance acquisition cash flows from inwards reinsurance.                                                                                                                                                                                                      |\n| Item 2.2.4 | Report losses and reversal of losses on onerous contracts from inwards reinsurance.Report this item in accordance with AASB 17.47-52                                                                                                                                                   |\n| Item 2.2.5 | Report changes that relate to past service: changes to liabilities for incurred claims from inwards reinsurance.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                  |\n| Item 2.2.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from inwards reinsurance.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense. |\n\n3. Insurance service result before reinsurance contracts held\n\n| Item 3 | Item 3 insurance service result before reinsurance contracts held is a derived item and is calculated as the sum of item 1 and item 2.Report this item in accordance with AASB 17 Appendix A. |\n| ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n4. Allocation of reinsurance premiums\n\n| Item 4 | Report allocation of reinsurance premiums.It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at item 5.Report this item in accordance with AASB 17.86. |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n5. Amounts recoverable from reinsurers\n\n| Item 5 | Report amounts recoverable from reinsurers. Include at this item reversals of recoveries of losses from the reinsurance contracts determined in accordance with AASB 17.66B for reinsurance contracts held.Report this item in accordance with AASB 17.86.The amount reported at this item should reconcile to item 8. ‘Amounts recoverable from reinsurers’ reported in Reporting Standard GRS 320.0 Liability Roll Forwards Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (GRS 320.0 Part B RF1). |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n6. Net expense from reinsurance contracts held\n\n| Item 6 | Item 6 is a derived item and is calculated as the sum of item 4 and item 5. This item can be a net income or net expense.Report this item in accordance with AASB 17 Appendix A, AASB 101.82 (ac), AASB 17.82 and AASB 17.86. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n7. Insurance service result\n\n| Item 7 | Item 7 insurance service result is a derived item and is calculated as the sum of item 3 and item 6.Report this item in accordance with AASB 17.80 (a). |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n8. Balance sheet memo items","sortOrder":27},{"sectionNumber":"APRA intends to collect General Measurem","sectionType":"section","heading":"APRA intends to collect General Measurement Model (GMM) and Premium Allocation Approach (PAA) liability for remaining coverage and liability for incurred claims, GMM contractual service margin and risk adjustment component by APRA product groups. APRA will use these items and the data items collected:","content":"##### APRA intends to collect General Measurement Model (GMM) and Premium Allocation Approach (PAA) liability for remaining coverage and liability for incurred claims, GMM contractual service margin and risk adjustment component by APRA product groups. APRA will use these items and the data items collected:\n\n-   to form a view on profitability by APRA product groups;\n-   to compare the accounting risk adjustment to the GPS 340 risk margin by APRA product groups; and\n-   to understand drivers behind accounting liability movements by APRA product groups.\n\nAPRA appreciates this information required by APRA product groups may require allocation of the AASB 17 balance sheet items which may not be perfect. APRA requests that insurers to use the allocation principles to allocate the AASB 17 items into APRA product groups. The intent is that simple “allocation drivers” (deemed appropriate by the insurer) are used to allocate the AASB 17 items into product groups.","sortOrder":28},{"sectionNumber":"For clarity, the following items are def","sectionType":"section","heading":"For clarity, the following items are defined based on AASB 17:","content":"# Reporting Standard GRS 311.0\n\n# Statement of Profit or Loss and Other Comprehensive Income by Product Group\n\n## General instructions\n\n### These instructions assist completion of Reporting Standard GRS 311.0 Statement of Profit or Loss and Other Comprehensive Income by Product Group. This Reporting Standard collects income statement data by APRA product groups (classes of business).\n\n### Reporting tables\n\nTables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\n### General accounting basis\n\n### Unless otherwise specifically stated, reporting insurers are to report in accordance with the relevant Australian Accounting Standards.\n\n### References to Australian Accounting Standards\n\nEach item reported under this Reporting Standard aligns with the Accounting Standards made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item. AASB reference provides a written description of the accounting meaning of an IFRS Taxonomy element.\n\n### IFRS taxonomy element reference\n\nEach IFRS taxonomy element contains at least one cross-reference to an AASB Standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board (IASB)) and has a reference type that can be used to identify the source of that element. The IFRS Taxonomy uses the following element reference types:\n\n    (a) disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;\n    (b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and\n    (c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements they not specifically mentioned in IFRS/AASB Standards or their accompanying materials, but are consistent with IFRS/AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.\n\n### Definitions\n\nTerms that are highlighted in bold italics are defined in these instructions.\n\n  \n\n## Specific instructions\n\n### Reporting basis\n\nInformation in this form is to be completed by general insurers for each reporting period on a Level 1 (licensed insurer) basis.\n\n### APRA product groups\n\nThe APRA product groups (classes of business) that apply for the reporting purpose are defined in GPS 001:\n\nInsurance business\n\n-   C1: Householders\n-   C2: Commercial Motor\n-   C3: Domestic Motor\n-   C4: Travel\n-   C5: Fire and ISR\n-   C6: Marine\n-   C7: Aviation\n-   C8: Consumer Credit\n-   C9: Other Accident\n-   C10: Mortgage\n-   C11: CTP\n-   C12: Public and Product Liability\n-   C13: Professional Indemnity\n-   C14: Employers Liability\n-   C15: Cyber\n-   C16: Directors and Officers\n-   C17: Other Direct – Category A\n-   C18: Other Direct – Category B\n-   C19: Other Direct – Category C\n\nReinsurance business\n\n-   RB1: Proportional – Category A\n-   RB2: Proportional – Category B\n-   RB3: Proportional – Category C\n-   RB4: Non-proportional – Category A\n-   RB5: Non-proportional – Category B\n-   RB6: Non-proportional – Category C\n\nDirect business is any insurance business written / insurance contracts issued by the reporting insurer.\n\nInwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.\n\nCategory A consists of householders, commercial motor, and domestic motor. Category B consists of travel, fire and ISR, marine and aviation, consumer credit, and other accident. Category C consists of mortgage, CTP, public and product liability, professional liability, employers’ liability, cyber, and directors’ & officers’ liability.\n\n### Allocation principles\n\nGeneral insurers are to apply the allocation principles defined in GRS 001 to allocate AASB 17 numbers to APRA classes of business where it is not possible to clearly identify AASB 17 numbers and assign it to specific APRA classes of business.\n\n### Units of measurement\n\nReport values in this form in whole Australian dollars (AUD) with no decimal place.\n\nConvert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.\n\nReport losses and expenses as negative values.\n\n  \n\nColumns for Licensed insurer\n\n| Columns 1 to 25   | Report the amount by APRA product groups. |\n| ----------------- | ----------------------------------------- |\n| Column 26 (Total) | Report the total amount of columns 1-25.  |\n\n1.  Insurance revenue\n\n| Item 1   | Item 1 insurance revenue is a derived item and is calculated as the sum of item 1.1 and item 1.2.Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80 (a) and AASB 17.83. |\n| -------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 1.1 | Report insurance revenue from direct business.                                                                                                                                                       |\n| Item 1.2 | Report insurance revenue from inwards reinsurance.                                                                                                                                                   |\n\n2. Insurance service expense\n\n| Item 2     | Item 2 insurance service expense, is a derived item calculated as the sum of item 2.1 and item 2.2.Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84.                                                                                     |\n| ---------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 2.1   | Item 2.1 insurance service expense from direct business is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive.                                                                                                                                              |\n| Item 2.1.1 | Report incurred claims from direct business.                                                                                                                                                                                                                                           |\n| Item 2.1.2 | Report other insurance service expenses from direct business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59 (a) at this item.                                                                                            |\n| Item 2.1.3 | Report amortisation of insurance acquisition cash flows from direct business.                                                                                                                                                                                                          |\n| Item 2.1.4 | Report losses and reversal of losses on onerous contracts from direct business Report this item in accordance with AASB 17.47-52.                                                                                                                                                      |\n| Item 2.1.5 | Report changes that relate to past service: changes to liabilities for incurred claims from direct business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                      |\n| Item 2.1.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from direct business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.     |\n| Item 2.2   | Item 2.2 insurance service expenses from inwards reinsurance is a derived item calculated as the sum of items 2.2.1 to 2.2.6 inclusive.                                                                                                                                                |\n| Item 2.2.1 | Report incurred claims from inwards reinsurance.                                                                                                                                                                                                                                       |\n| Item 2.2.2 | Report other insurance service expenses from inwards reinsurance.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.                                                                                         |\n| Item 2.2.3 | Report amortisation of insurance acquisition cash flows from inwards reinsurance.                                                                                                                                                                                                      |\n| Item 2.2.4 | Report losses and reversal of losses on onerous contracts from inwards reinsurance.Report this item in accordance with AASB 17.47-52                                                                                                                                                   |\n| Item 2.2.5 | Report changes that relate to past service: changes to liabilities for incurred claims from inwards reinsurance.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                  |\n| Item 2.2.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from inwards reinsurance.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense. |\n\n3. Insurance service result before reinsurance contracts held\n\n| Item 3 | Item 3 insurance service result before reinsurance contracts held is a derived item and is calculated as the sum of item 1 and item 2.Report this item in accordance with AASB 17 Appendix A. |\n| ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n4. Allocation of reinsurance premiums\n\n| Item 4 | Report allocation of reinsurance premiums.It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at item 5.Report this item in accordance with AASB 17.86. |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n5. Amounts recoverable from reinsurers\n\n| Item 5 | Report amounts recoverable from reinsurers. Include at this item reversals of recoveries of losses from the reinsurance contracts determined in accordance with AASB 17.66B for reinsurance contracts held.Report this item in accordance with AASB 17.86.The amount reported at this item should reconcile to item 8. ‘Amounts recoverable from reinsurers’ reported in Reporting Standard GRS 320.0 Liability Roll Forwards Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (GRS 320.0 Part B RF1). |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n6. Net expense from reinsurance contracts held\n\n| Item 6 | Item 6 is a derived item and is calculated as the sum of item 4 and item 5. This item can be a net income or net expense.Report this item in accordance with AASB 17 Appendix A, AASB 101.82 (ac), AASB 17.82 and AASB 17.86. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n7. Insurance service result\n\n| Item 7 | Item 7 insurance service result is a derived item and is calculated as the sum of item 3 and item 6.Report this item in accordance with AASB 17.80 (a). |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n8. Balance sheet memo items\n\n##### APRA intends to collect General Measurement Model (GMM) and Premium Allocation Approach (PAA) liability for remaining coverage and liability for incurred claims, GMM contractual service margin and risk adjustment component by APRA product groups. APRA will use these items and the data items collected:\n\n-   to form a view on profitability by APRA product groups;\n-   to compare the accounting risk adjustment to the GPS 340 risk margin by APRA product groups; and\n-   to understand drivers behind accounting liability movements by APRA product groups.\n\nAPRA appreciates this information required by APRA product groups may require allocation of the AASB 17 balance sheet items which may not be perfect. APRA requests that insurers to use the allocation principles to allocate the AASB 17 items into APRA product groups. The intent is that simple “allocation drivers” (deemed appropriate by the insurer) are used to allocate the AASB 17 items into product groups.\n\n##### For clarity, the following items are defined based on AASB 17:\n\n#####  AASB 17 liability for remaining coverage as defined in AASB 17 Appendix A\n\n#####  AASB 17 liability for incurred claims as defined in AASB 17 Appendix A\n\n#####  AASB 17 contractual service margin as defined in AASB 17 Appendix A\n\n#####  AASB 17 risk adjustment for non-financial risk as defined in AASB 17 Appendix A\n\nNote, GMM items in the table below can be zero.\n\nColumns for Licensed insurer\n\n| Columns 1 to 25   | Report the amount by APRA product group. |\n| ----------------- | ---------------------------------------- |\n| Column 26 (Total) | Report the total amount of columns 1-25. |\n\n| Item 8.1  | Insurance contract - AASB 17 GMM liabilities / assets for remaining coverageReport the amount of the liabilities / assets for remaining coverage for insurance contracts issued measured under AASB 17 GMM by APRA product groups.                                                                                                |\n| --------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 8.2  | Insurance contract - AASB 17 PAA liabilities / assets for remaining coverageReport the amount of the liabilities / assets for remaining coverage for insurance contracts issued measured under AASB 17 PAA by APRA product groups.                                                                                                |\n| Item 8.3  | Insurance contract - AASB 17 GMM contractual service marginReport the amount of contractual service margin from insurance contracts issued measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                                                              |\n| Item 8.4  | Reinsurance contract held - AASB 17 GMM assets / liabilities for remaining coverageReport the amount of the assets/liabilities for remaining coverage for reinsurance contracts held measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                    |\n| Item 8.5  | Reinsurance contract held - AASB 17 PAA assets / liabilities for remaining coverageReport the amount of the assets/liabilities for remaining coverage for reinsurance contracts held measured under AASB 17 PAA by APRA product groups.                                                                                           |\n| Item 8.6  | Reinsurance contract held - AASB 17 GMM contractual service marginReport the amount of contractual service margin for reinsurance contracts held measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                                                        |\n| Item 8.7  | Insurance contract - AASB 17 GMM liabilities / assets for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for insurance contracts measured under AASB 17 GMM by APRA product groups.                                                                                       |\n| Item 8.8  | Insurance contract - AASB 17 GMM liabilities / assets for incurred claims – LIC / AIC excluding risk adjustment component.Report the amount of the liability / asset for incurred claims excluding risk adjustment for non-financial risk for insurance contracts measured under AASB 17 GMM by APRA product groups.              |\n| Item 8.9  | Insurance contract - AASB 17 PAA liabilities / assets for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for insurance contracts measured under AASB 17 PAA by APRA product groups.                                                                                       |\n| Item 8.10 | Insurance contract - AASB 17 PAA liabilities / assets for incurred claims – LIC / AIC excluding risk adjustment component.Report the amount of the liability / asset for incurred claims excluding risk adjustment for non-financial risk for insurance contracts measured under AASB 17 PAA by APRA product groups.              |\n| Item 8.11 | Reinsurance contract held – AASB 17 GMM assets / liabilities for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 GMM by APRA product groups.                                                                         |\n| Item 8.12 | Reinsurance contract held – AASB 17 GMM assets / liabilities for incurred claims – AIC / LIC excluding risk adjustment componentReport the amount of the asset / liability for incurred claims excluding risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 GMM by APRA product groups. |\n| Item 8.13 | Reinsurance contract held – AASB 17 PAA assets / liabilities for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 PAA by APRA product groups.                                                                         |\n| Item 8.14 | Reinsurance contract held – AASB 17 PAA assets / liabilities for incurred claims – AIC / LIC excluding risk adjustment componentReport the amount of the asset / liability for incurred claims excluding risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 PAA by APRA product groups. |","sortOrder":29},{"sectionNumber":" AASB 17 liability for remaining covera","sectionType":"section","heading":" AASB 17 liability for remaining coverage as defined in AASB 17 Appendix A","content":"# Reporting Standard GRS 311.0\n\n# Statement of Profit or Loss and Other Comprehensive Income by Product Group\n\n## General instructions\n\n### These instructions assist completion of Reporting Standard GRS 311.0 Statement of Profit or Loss and Other Comprehensive Income by Product Group. This Reporting Standard collects income statement data by APRA product groups (classes of business).\n\n### Reporting tables\n\nTables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\n### General accounting basis\n\n### Unless otherwise specifically stated, reporting insurers are to report in accordance with the relevant Australian Accounting Standards.\n\n### References to Australian Accounting Standards\n\nEach item reported under this Reporting Standard aligns with the Accounting Standards made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item. AASB reference provides a written description of the accounting meaning of an IFRS Taxonomy element.\n\n### IFRS taxonomy element reference\n\nEach IFRS taxonomy element contains at least one cross-reference to an AASB Standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board (IASB)) and has a reference type that can be used to identify the source of that element. The IFRS Taxonomy uses the following element reference types:\n\n    (a) disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;\n    (b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and\n    (c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements they not specifically mentioned in IFRS/AASB Standards or their accompanying materials, but are consistent with IFRS/AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.\n\n### Definitions\n\nTerms that are highlighted in bold italics are defined in these instructions.\n\n  \n\n## Specific instructions\n\n### Reporting basis\n\nInformation in this form is to be completed by general insurers for each reporting period on a Level 1 (licensed insurer) basis.\n\n### APRA product groups\n\nThe APRA product groups (classes of business) that apply for the reporting purpose are defined in GPS 001:\n\nInsurance business\n\n-   C1: Householders\n-   C2: Commercial Motor\n-   C3: Domestic Motor\n-   C4: Travel\n-   C5: Fire and ISR\n-   C6: Marine\n-   C7: Aviation\n-   C8: Consumer Credit\n-   C9: Other Accident\n-   C10: Mortgage\n-   C11: CTP\n-   C12: Public and Product Liability\n-   C13: Professional Indemnity\n-   C14: Employers Liability\n-   C15: Cyber\n-   C16: Directors and Officers\n-   C17: Other Direct – Category A\n-   C18: Other Direct – Category B\n-   C19: Other Direct – Category C\n\nReinsurance business\n\n-   RB1: Proportional – Category A\n-   RB2: Proportional – Category B\n-   RB3: Proportional – Category C\n-   RB4: Non-proportional – Category A\n-   RB5: Non-proportional – Category B\n-   RB6: Non-proportional – Category C\n\nDirect business is any insurance business written / insurance contracts issued by the reporting insurer.\n\nInwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.\n\nCategory A consists of householders, commercial motor, and domestic motor. Category B consists of travel, fire and ISR, marine and aviation, consumer credit, and other accident. Category C consists of mortgage, CTP, public and product liability, professional liability, employers’ liability, cyber, and directors’ & officers’ liability.\n\n### Allocation principles\n\nGeneral insurers are to apply the allocation principles defined in GRS 001 to allocate AASB 17 numbers to APRA classes of business where it is not possible to clearly identify AASB 17 numbers and assign it to specific APRA classes of business.\n\n### Units of measurement\n\nReport values in this form in whole Australian dollars (AUD) with no decimal place.\n\nConvert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.\n\nReport losses and expenses as negative values.\n\n  \n\nColumns for Licensed insurer\n\n| Columns 1 to 25   | Report the amount by APRA product groups. |\n| ----------------- | ----------------------------------------- |\n| Column 26 (Total) | Report the total amount of columns 1-25.  |\n\n1.  Insurance revenue\n\n| Item 1   | Item 1 insurance revenue is a derived item and is calculated as the sum of item 1.1 and item 1.2.Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80 (a) and AASB 17.83. |\n| -------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 1.1 | Report insurance revenue from direct business.                                                                                                                                                       |\n| Item 1.2 | Report insurance revenue from inwards reinsurance.                                                                                                                                                   |\n\n2. Insurance service expense\n\n| Item 2     | Item 2 insurance service expense, is a derived item calculated as the sum of item 2.1 and item 2.2.Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84.                                                                                     |\n| ---------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 2.1   | Item 2.1 insurance service expense from direct business is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive.                                                                                                                                              |\n| Item 2.1.1 | Report incurred claims from direct business.                                                                                                                                                                                                                                           |\n| Item 2.1.2 | Report other insurance service expenses from direct business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59 (a) at this item.                                                                                            |\n| Item 2.1.3 | Report amortisation of insurance acquisition cash flows from direct business.                                                                                                                                                                                                          |\n| Item 2.1.4 | Report losses and reversal of losses on onerous contracts from direct business Report this item in accordance with AASB 17.47-52.                                                                                                                                                      |\n| Item 2.1.5 | Report changes that relate to past service: changes to liabilities for incurred claims from direct business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                      |\n| Item 2.1.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from direct business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.     |\n| Item 2.2   | Item 2.2 insurance service expenses from inwards reinsurance is a derived item calculated as the sum of items 2.2.1 to 2.2.6 inclusive.                                                                                                                                                |\n| Item 2.2.1 | Report incurred claims from inwards reinsurance.                                                                                                                                                                                                                                       |\n| Item 2.2.2 | Report other insurance service expenses from inwards reinsurance.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.                                                                                         |\n| Item 2.2.3 | Report amortisation of insurance acquisition cash flows from inwards reinsurance.                                                                                                                                                                                                      |\n| Item 2.2.4 | Report losses and reversal of losses on onerous contracts from inwards reinsurance.Report this item in accordance with AASB 17.47-52                                                                                                                                                   |\n| Item 2.2.5 | Report changes that relate to past service: changes to liabilities for incurred claims from inwards reinsurance.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                  |\n| Item 2.2.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from inwards reinsurance.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense. |\n\n3. Insurance service result before reinsurance contracts held\n\n| Item 3 | Item 3 insurance service result before reinsurance contracts held is a derived item and is calculated as the sum of item 1 and item 2.Report this item in accordance with AASB 17 Appendix A. |\n| ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n4. Allocation of reinsurance premiums\n\n| Item 4 | Report allocation of reinsurance premiums.It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at item 5.Report this item in accordance with AASB 17.86. |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n5. Amounts recoverable from reinsurers\n\n| Item 5 | Report amounts recoverable from reinsurers. Include at this item reversals of recoveries of losses from the reinsurance contracts determined in accordance with AASB 17.66B for reinsurance contracts held.Report this item in accordance with AASB 17.86.The amount reported at this item should reconcile to item 8. ‘Amounts recoverable from reinsurers’ reported in Reporting Standard GRS 320.0 Liability Roll Forwards Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (GRS 320.0 Part B RF1). |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n6. Net expense from reinsurance contracts held\n\n| Item 6 | Item 6 is a derived item and is calculated as the sum of item 4 and item 5. This item can be a net income or net expense.Report this item in accordance with AASB 17 Appendix A, AASB 101.82 (ac), AASB 17.82 and AASB 17.86. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n7. Insurance service result\n\n| Item 7 | Item 7 insurance service result is a derived item and is calculated as the sum of item 3 and item 6.Report this item in accordance with AASB 17.80 (a). |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n8. Balance sheet memo items\n\n##### APRA intends to collect General Measurement Model (GMM) and Premium Allocation Approach (PAA) liability for remaining coverage and liability for incurred claims, GMM contractual service margin and risk adjustment component by APRA product groups. APRA will use these items and the data items collected:\n\n-   to form a view on profitability by APRA product groups;\n-   to compare the accounting risk adjustment to the GPS 340 risk margin by APRA product groups; and\n-   to understand drivers behind accounting liability movements by APRA product groups.\n\nAPRA appreciates this information required by APRA product groups may require allocation of the AASB 17 balance sheet items which may not be perfect. APRA requests that insurers to use the allocation principles to allocate the AASB 17 items into APRA product groups. The intent is that simple “allocation drivers” (deemed appropriate by the insurer) are used to allocate the AASB 17 items into product groups.\n\n##### For clarity, the following items are defined based on AASB 17:\n\n#####  AASB 17 liability for remaining coverage as defined in AASB 17 Appendix A\n\n#####  AASB 17 liability for incurred claims as defined in AASB 17 Appendix A\n\n#####  AASB 17 contractual service margin as defined in AASB 17 Appendix A\n\n#####  AASB 17 risk adjustment for non-financial risk as defined in AASB 17 Appendix A\n\nNote, GMM items in the table below can be zero.\n\nColumns for Licensed insurer\n\n| Columns 1 to 25   | Report the amount by APRA product group. |\n| ----------------- | ---------------------------------------- |\n| Column 26 (Total) | Report the total amount of columns 1-25. |\n\n| Item 8.1  | Insurance contract - AASB 17 GMM liabilities / assets for remaining coverageReport the amount of the liabilities / assets for remaining coverage for insurance contracts issued measured under AASB 17 GMM by APRA product groups.                                                                                                |\n| --------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 8.2  | Insurance contract - AASB 17 PAA liabilities / assets for remaining coverageReport the amount of the liabilities / assets for remaining coverage for insurance contracts issued measured under AASB 17 PAA by APRA product groups.                                                                                                |\n| Item 8.3  | Insurance contract - AASB 17 GMM contractual service marginReport the amount of contractual service margin from insurance contracts issued measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                                                              |\n| Item 8.4  | Reinsurance contract held - AASB 17 GMM assets / liabilities for remaining coverageReport the amount of the assets/liabilities for remaining coverage for reinsurance contracts held measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                    |\n| Item 8.5  | Reinsurance contract held - AASB 17 PAA assets / liabilities for remaining coverageReport the amount of the assets/liabilities for remaining coverage for reinsurance contracts held measured under AASB 17 PAA by APRA product groups.                                                                                           |\n| Item 8.6  | Reinsurance contract held - AASB 17 GMM contractual service marginReport the amount of contractual service margin for reinsurance contracts held measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                                                        |\n| Item 8.7  | Insurance contract - AASB 17 GMM liabilities / assets for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for insurance contracts measured under AASB 17 GMM by APRA product groups.                                                                                       |\n| Item 8.8  | Insurance contract - AASB 17 GMM liabilities / assets for incurred claims – LIC / AIC excluding risk adjustment component.Report the amount of the liability / asset for incurred claims excluding risk adjustment for non-financial risk for insurance contracts measured under AASB 17 GMM by APRA product groups.              |\n| Item 8.9  | Insurance contract - AASB 17 PAA liabilities / assets for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for insurance contracts measured under AASB 17 PAA by APRA product groups.                                                                                       |\n| Item 8.10 | Insurance contract - AASB 17 PAA liabilities / assets for incurred claims – LIC / AIC excluding risk adjustment component.Report the amount of the liability / asset for incurred claims excluding risk adjustment for non-financial risk for insurance contracts measured under AASB 17 PAA by APRA product groups.              |\n| Item 8.11 | Reinsurance contract held – AASB 17 GMM assets / liabilities for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 GMM by APRA product groups.                                                                         |\n| Item 8.12 | Reinsurance contract held – AASB 17 GMM assets / liabilities for incurred claims – AIC / LIC excluding risk adjustment componentReport the amount of the asset / liability for incurred claims excluding risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 GMM by APRA product groups. |\n| Item 8.13 | Reinsurance contract held – AASB 17 PAA assets / liabilities for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 PAA by APRA product groups.                                                                         |\n| Item 8.14 | Reinsurance contract held – AASB 17 PAA assets / liabilities for incurred claims – AIC / LIC excluding risk adjustment componentReport the amount of the asset / liability for incurred claims excluding risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 PAA by APRA product groups. |","sortOrder":30},{"sectionNumber":" AASB 17 liability for incurred claims ","sectionType":"section","heading":" AASB 17 liability for incurred claims as defined in AASB 17 Appendix A","content":"# Reporting Standard GRS 311.0\n\n# Statement of Profit or Loss and Other Comprehensive Income by Product Group\n\n## General instructions\n\n### These instructions assist completion of Reporting Standard GRS 311.0 Statement of Profit or Loss and Other Comprehensive Income by Product Group. This Reporting Standard collects income statement data by APRA product groups (classes of business).\n\n### Reporting tables\n\nTables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\n### General accounting basis\n\n### Unless otherwise specifically stated, reporting insurers are to report in accordance with the relevant Australian Accounting Standards.\n\n### References to Australian Accounting Standards\n\nEach item reported under this Reporting Standard aligns with the Accounting Standards made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item. AASB reference provides a written description of the accounting meaning of an IFRS Taxonomy element.\n\n### IFRS taxonomy element reference\n\nEach IFRS taxonomy element contains at least one cross-reference to an AASB Standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board (IASB)) and has a reference type that can be used to identify the source of that element. The IFRS Taxonomy uses the following element reference types:\n\n    (a) disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;\n    (b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and\n    (c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements they not specifically mentioned in IFRS/AASB Standards or their accompanying materials, but are consistent with IFRS/AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.\n\n### Definitions\n\nTerms that are highlighted in bold italics are defined in these instructions.\n\n  \n\n## Specific instructions\n\n### Reporting basis\n\nInformation in this form is to be completed by general insurers for each reporting period on a Level 1 (licensed insurer) basis.\n\n### APRA product groups\n\nThe APRA product groups (classes of business) that apply for the reporting purpose are defined in GPS 001:\n\nInsurance business\n\n-   C1: Householders\n-   C2: Commercial Motor\n-   C3: Domestic Motor\n-   C4: Travel\n-   C5: Fire and ISR\n-   C6: Marine\n-   C7: Aviation\n-   C8: Consumer Credit\n-   C9: Other Accident\n-   C10: Mortgage\n-   C11: CTP\n-   C12: Public and Product Liability\n-   C13: Professional Indemnity\n-   C14: Employers Liability\n-   C15: Cyber\n-   C16: Directors and Officers\n-   C17: Other Direct – Category A\n-   C18: Other Direct – Category B\n-   C19: Other Direct – Category C\n\nReinsurance business\n\n-   RB1: Proportional – Category A\n-   RB2: Proportional – Category B\n-   RB3: Proportional – Category C\n-   RB4: Non-proportional – Category A\n-   RB5: Non-proportional – Category B\n-   RB6: Non-proportional – Category C\n\nDirect business is any insurance business written / insurance contracts issued by the reporting insurer.\n\nInwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.\n\nCategory A consists of householders, commercial motor, and domestic motor. Category B consists of travel, fire and ISR, marine and aviation, consumer credit, and other accident. Category C consists of mortgage, CTP, public and product liability, professional liability, employers’ liability, cyber, and directors’ & officers’ liability.\n\n### Allocation principles\n\nGeneral insurers are to apply the allocation principles defined in GRS 001 to allocate AASB 17 numbers to APRA classes of business where it is not possible to clearly identify AASB 17 numbers and assign it to specific APRA classes of business.\n\n### Units of measurement\n\nReport values in this form in whole Australian dollars (AUD) with no decimal place.\n\nConvert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.\n\nReport losses and expenses as negative values.\n\n  \n\nColumns for Licensed insurer\n\n| Columns 1 to 25   | Report the amount by APRA product groups. |\n| ----------------- | ----------------------------------------- |\n| Column 26 (Total) | Report the total amount of columns 1-25.  |\n\n1.  Insurance revenue\n\n| Item 1   | Item 1 insurance revenue is a derived item and is calculated as the sum of item 1.1 and item 1.2.Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80 (a) and AASB 17.83. |\n| -------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 1.1 | Report insurance revenue from direct business.                                                                                                                                                       |\n| Item 1.2 | Report insurance revenue from inwards reinsurance.                                                                                                                                                   |\n\n2. Insurance service expense\n\n| Item 2     | Item 2 insurance service expense, is a derived item calculated as the sum of item 2.1 and item 2.2.Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84.                                                                                     |\n| ---------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 2.1   | Item 2.1 insurance service expense from direct business is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive.                                                                                                                                              |\n| Item 2.1.1 | Report incurred claims from direct business.                                                                                                                                                                                                                                           |\n| Item 2.1.2 | Report other insurance service expenses from direct business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59 (a) at this item.                                                                                            |\n| Item 2.1.3 | Report amortisation of insurance acquisition cash flows from direct business.                                                                                                                                                                                                          |\n| Item 2.1.4 | Report losses and reversal of losses on onerous contracts from direct business Report this item in accordance with AASB 17.47-52.                                                                                                                                                      |\n| Item 2.1.5 | Report changes that relate to past service: changes to liabilities for incurred claims from direct business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                      |\n| Item 2.1.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from direct business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.     |\n| Item 2.2   | Item 2.2 insurance service expenses from inwards reinsurance is a derived item calculated as the sum of items 2.2.1 to 2.2.6 inclusive.                                                                                                                                                |\n| Item 2.2.1 | Report incurred claims from inwards reinsurance.                                                                                                                                                                                                                                       |\n| Item 2.2.2 | Report other insurance service expenses from inwards reinsurance.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.                                                                                         |\n| Item 2.2.3 | Report amortisation of insurance acquisition cash flows from inwards reinsurance.                                                                                                                                                                                                      |\n| Item 2.2.4 | Report losses and reversal of losses on onerous contracts from inwards reinsurance.Report this item in accordance with AASB 17.47-52                                                                                                                                                   |\n| Item 2.2.5 | Report changes that relate to past service: changes to liabilities for incurred claims from inwards reinsurance.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                  |\n| Item 2.2.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from inwards reinsurance.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense. |\n\n3. Insurance service result before reinsurance contracts held\n\n| Item 3 | Item 3 insurance service result before reinsurance contracts held is a derived item and is calculated as the sum of item 1 and item 2.Report this item in accordance with AASB 17 Appendix A. |\n| ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n4. Allocation of reinsurance premiums\n\n| Item 4 | Report allocation of reinsurance premiums.It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at item 5.Report this item in accordance with AASB 17.86. |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n5. Amounts recoverable from reinsurers\n\n| Item 5 | Report amounts recoverable from reinsurers. Include at this item reversals of recoveries of losses from the reinsurance contracts determined in accordance with AASB 17.66B for reinsurance contracts held.Report this item in accordance with AASB 17.86.The amount reported at this item should reconcile to item 8. ‘Amounts recoverable from reinsurers’ reported in Reporting Standard GRS 320.0 Liability Roll Forwards Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (GRS 320.0 Part B RF1). |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n6. Net expense from reinsurance contracts held\n\n| Item 6 | Item 6 is a derived item and is calculated as the sum of item 4 and item 5. This item can be a net income or net expense.Report this item in accordance with AASB 17 Appendix A, AASB 101.82 (ac), AASB 17.82 and AASB 17.86. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n7. Insurance service result\n\n| Item 7 | Item 7 insurance service result is a derived item and is calculated as the sum of item 3 and item 6.Report this item in accordance with AASB 17.80 (a). |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n8. Balance sheet memo items\n\n##### APRA intends to collect General Measurement Model (GMM) and Premium Allocation Approach (PAA) liability for remaining coverage and liability for incurred claims, GMM contractual service margin and risk adjustment component by APRA product groups. APRA will use these items and the data items collected:\n\n-   to form a view on profitability by APRA product groups;\n-   to compare the accounting risk adjustment to the GPS 340 risk margin by APRA product groups; and\n-   to understand drivers behind accounting liability movements by APRA product groups.\n\nAPRA appreciates this information required by APRA product groups may require allocation of the AASB 17 balance sheet items which may not be perfect. APRA requests that insurers to use the allocation principles to allocate the AASB 17 items into APRA product groups. The intent is that simple “allocation drivers” (deemed appropriate by the insurer) are used to allocate the AASB 17 items into product groups.\n\n##### For clarity, the following items are defined based on AASB 17:\n\n#####  AASB 17 liability for remaining coverage as defined in AASB 17 Appendix A\n\n#####  AASB 17 liability for incurred claims as defined in AASB 17 Appendix A\n\n#####  AASB 17 contractual service margin as defined in AASB 17 Appendix A\n\n#####  AASB 17 risk adjustment for non-financial risk as defined in AASB 17 Appendix A\n\nNote, GMM items in the table below can be zero.\n\nColumns for Licensed insurer\n\n| Columns 1 to 25   | Report the amount by APRA product group. |\n| ----------------- | ---------------------------------------- |\n| Column 26 (Total) | Report the total amount of columns 1-25. |\n\n| Item 8.1  | Insurance contract - AASB 17 GMM liabilities / assets for remaining coverageReport the amount of the liabilities / assets for remaining coverage for insurance contracts issued measured under AASB 17 GMM by APRA product groups.                                                                                                |\n| --------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 8.2  | Insurance contract - AASB 17 PAA liabilities / assets for remaining coverageReport the amount of the liabilities / assets for remaining coverage for insurance contracts issued measured under AASB 17 PAA by APRA product groups.                                                                                                |\n| Item 8.3  | Insurance contract - AASB 17 GMM contractual service marginReport the amount of contractual service margin from insurance contracts issued measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                                                              |\n| Item 8.4  | Reinsurance contract held - AASB 17 GMM assets / liabilities for remaining coverageReport the amount of the assets/liabilities for remaining coverage for reinsurance contracts held measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                    |\n| Item 8.5  | Reinsurance contract held - AASB 17 PAA assets / liabilities for remaining coverageReport the amount of the assets/liabilities for remaining coverage for reinsurance contracts held measured under AASB 17 PAA by APRA product groups.                                                                                           |\n| Item 8.6  | Reinsurance contract held - AASB 17 GMM contractual service marginReport the amount of contractual service margin for reinsurance contracts held measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                                                        |\n| Item 8.7  | Insurance contract - AASB 17 GMM liabilities / assets for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for insurance contracts measured under AASB 17 GMM by APRA product groups.                                                                                       |\n| Item 8.8  | Insurance contract - AASB 17 GMM liabilities / assets for incurred claims – LIC / AIC excluding risk adjustment component.Report the amount of the liability / asset for incurred claims excluding risk adjustment for non-financial risk for insurance contracts measured under AASB 17 GMM by APRA product groups.              |\n| Item 8.9  | Insurance contract - AASB 17 PAA liabilities / assets for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for insurance contracts measured under AASB 17 PAA by APRA product groups.                                                                                       |\n| Item 8.10 | Insurance contract - AASB 17 PAA liabilities / assets for incurred claims – LIC / AIC excluding risk adjustment component.Report the amount of the liability / asset for incurred claims excluding risk adjustment for non-financial risk for insurance contracts measured under AASB 17 PAA by APRA product groups.              |\n| Item 8.11 | Reinsurance contract held – AASB 17 GMM assets / liabilities for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 GMM by APRA product groups.                                                                         |\n| Item 8.12 | Reinsurance contract held – AASB 17 GMM assets / liabilities for incurred claims – AIC / LIC excluding risk adjustment componentReport the amount of the asset / liability for incurred claims excluding risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 GMM by APRA product groups. |\n| Item 8.13 | Reinsurance contract held – AASB 17 PAA assets / liabilities for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 PAA by APRA product groups.                                                                         |\n| Item 8.14 | Reinsurance contract held – AASB 17 PAA assets / liabilities for incurred claims – AIC / LIC excluding risk adjustment componentReport the amount of the asset / liability for incurred claims excluding risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 PAA by APRA product groups. |","sortOrder":31},{"sectionNumber":" AASB 17 contractual service margin as ","sectionType":"section","heading":" AASB 17 contractual service margin as defined in AASB 17 Appendix A","content":"# Reporting Standard GRS 311.0\n\n# Statement of Profit or Loss and Other Comprehensive Income by Product Group\n\n## General instructions\n\n### These instructions assist completion of Reporting Standard GRS 311.0 Statement of Profit or Loss and Other Comprehensive Income by Product Group. This Reporting Standard collects income statement data by APRA product groups (classes of business).\n\n### Reporting tables\n\nTables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\n### General accounting basis\n\n### Unless otherwise specifically stated, reporting insurers are to report in accordance with the relevant Australian Accounting Standards.\n\n### References to Australian Accounting Standards\n\nEach item reported under this Reporting Standard aligns with the Accounting Standards made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item. AASB reference provides a written description of the accounting meaning of an IFRS Taxonomy element.\n\n### IFRS taxonomy element reference\n\nEach IFRS taxonomy element contains at least one cross-reference to an AASB Standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board (IASB)) and has a reference type that can be used to identify the source of that element. The IFRS Taxonomy uses the following element reference types:\n\n    (a) disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;\n    (b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and\n    (c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements they not specifically mentioned in IFRS/AASB Standards or their accompanying materials, but are consistent with IFRS/AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.\n\n### Definitions\n\nTerms that are highlighted in bold italics are defined in these instructions.\n\n  \n\n## Specific instructions\n\n### Reporting basis\n\nInformation in this form is to be completed by general insurers for each reporting period on a Level 1 (licensed insurer) basis.\n\n### APRA product groups\n\nThe APRA product groups (classes of business) that apply for the reporting purpose are defined in GPS 001:\n\nInsurance business\n\n-   C1: Householders\n-   C2: Commercial Motor\n-   C3: Domestic Motor\n-   C4: Travel\n-   C5: Fire and ISR\n-   C6: Marine\n-   C7: Aviation\n-   C8: Consumer Credit\n-   C9: Other Accident\n-   C10: Mortgage\n-   C11: CTP\n-   C12: Public and Product Liability\n-   C13: Professional Indemnity\n-   C14: Employers Liability\n-   C15: Cyber\n-   C16: Directors and Officers\n-   C17: Other Direct – Category A\n-   C18: Other Direct – Category B\n-   C19: Other Direct – Category C\n\nReinsurance business\n\n-   RB1: Proportional – Category A\n-   RB2: Proportional – Category B\n-   RB3: Proportional – Category C\n-   RB4: Non-proportional – Category A\n-   RB5: Non-proportional – Category B\n-   RB6: Non-proportional – Category C\n\nDirect business is any insurance business written / insurance contracts issued by the reporting insurer.\n\nInwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.\n\nCategory A consists of householders, commercial motor, and domestic motor. Category B consists of travel, fire and ISR, marine and aviation, consumer credit, and other accident. Category C consists of mortgage, CTP, public and product liability, professional liability, employers’ liability, cyber, and directors’ & officers’ liability.\n\n### Allocation principles\n\nGeneral insurers are to apply the allocation principles defined in GRS 001 to allocate AASB 17 numbers to APRA classes of business where it is not possible to clearly identify AASB 17 numbers and assign it to specific APRA classes of business.\n\n### Units of measurement\n\nReport values in this form in whole Australian dollars (AUD) with no decimal place.\n\nConvert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.\n\nReport losses and expenses as negative values.\n\n  \n\nColumns for Licensed insurer\n\n| Columns 1 to 25   | Report the amount by APRA product groups. |\n| ----------------- | ----------------------------------------- |\n| Column 26 (Total) | Report the total amount of columns 1-25.  |\n\n1.  Insurance revenue\n\n| Item 1   | Item 1 insurance revenue is a derived item and is calculated as the sum of item 1.1 and item 1.2.Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80 (a) and AASB 17.83. |\n| -------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 1.1 | Report insurance revenue from direct business.                                                                                                                                                       |\n| Item 1.2 | Report insurance revenue from inwards reinsurance.                                                                                                                                                   |\n\n2. Insurance service expense\n\n| Item 2     | Item 2 insurance service expense, is a derived item calculated as the sum of item 2.1 and item 2.2.Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84.                                                                                     |\n| ---------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 2.1   | Item 2.1 insurance service expense from direct business is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive.                                                                                                                                              |\n| Item 2.1.1 | Report incurred claims from direct business.                                                                                                                                                                                                                                           |\n| Item 2.1.2 | Report other insurance service expenses from direct business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59 (a) at this item.                                                                                            |\n| Item 2.1.3 | Report amortisation of insurance acquisition cash flows from direct business.                                                                                                                                                                                                          |\n| Item 2.1.4 | Report losses and reversal of losses on onerous contracts from direct business Report this item in accordance with AASB 17.47-52.                                                                                                                                                      |\n| Item 2.1.5 | Report changes that relate to past service: changes to liabilities for incurred claims from direct business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                      |\n| Item 2.1.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from direct business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.     |\n| Item 2.2   | Item 2.2 insurance service expenses from inwards reinsurance is a derived item calculated as the sum of items 2.2.1 to 2.2.6 inclusive.                                                                                                                                                |\n| Item 2.2.1 | Report incurred claims from inwards reinsurance.                                                                                                                                                                                                                                       |\n| Item 2.2.2 | Report other insurance service expenses from inwards reinsurance.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.                                                                                         |\n| Item 2.2.3 | Report amortisation of insurance acquisition cash flows from inwards reinsurance.                                                                                                                                                                                                      |\n| Item 2.2.4 | Report losses and reversal of losses on onerous contracts from inwards reinsurance.Report this item in accordance with AASB 17.47-52                                                                                                                                                   |\n| Item 2.2.5 | Report changes that relate to past service: changes to liabilities for incurred claims from inwards reinsurance.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.                                                                                                  |\n| Item 2.2.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from inwards reinsurance.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense. |\n\n3. Insurance service result before reinsurance contracts held\n\n| Item 3 | Item 3 insurance service result before reinsurance contracts held is a derived item and is calculated as the sum of item 1 and item 2.Report this item in accordance with AASB 17 Appendix A. |\n| ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n4. Allocation of reinsurance premiums\n\n| Item 4 | Report allocation of reinsurance premiums.It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at item 5.Report this item in accordance with AASB 17.86. |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n5. Amounts recoverable from reinsurers\n\n| Item 5 | Report amounts recoverable from reinsurers. Include at this item reversals of recoveries of losses from the reinsurance contracts determined in accordance with AASB 17.66B for reinsurance contracts held.Report this item in accordance with AASB 17.86.The amount reported at this item should reconcile to item 8. ‘Amounts recoverable from reinsurers’ reported in Reporting Standard GRS 320.0 Liability Roll Forwards Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (GRS 320.0 Part B RF1). |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n6. Net expense from reinsurance contracts held\n\n| Item 6 | Item 6 is a derived item and is calculated as the sum of item 4 and item 5. This item can be a net income or net expense.Report this item in accordance with AASB 17 Appendix A, AASB 101.82 (ac), AASB 17.82 and AASB 17.86. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n7. Insurance service result\n\n| Item 7 | Item 7 insurance service result is a derived item and is calculated as the sum of item 3 and item 6.Report this item in accordance with AASB 17.80 (a). |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n8. Balance sheet memo items\n\n##### APRA intends to collect General Measurement Model (GMM) and Premium Allocation Approach (PAA) liability for remaining coverage and liability for incurred claims, GMM contractual service margin and risk adjustment component by APRA product groups. APRA will use these items and the data items collected:\n\n-   to form a view on profitability by APRA product groups;\n-   to compare the accounting risk adjustment to the GPS 340 risk margin by APRA product groups; and\n-   to understand drivers behind accounting liability movements by APRA product groups.\n\nAPRA appreciates this information required by APRA product groups may require allocation of the AASB 17 balance sheet items which may not be perfect. APRA requests that insurers to use the allocation principles to allocate the AASB 17 items into APRA product groups. The intent is that simple “allocation drivers” (deemed appropriate by the insurer) are used to allocate the AASB 17 items into product groups.\n\n##### For clarity, the following items are defined based on AASB 17:\n\n#####  AASB 17 liability for remaining coverage as defined in AASB 17 Appendix A\n\n#####  AASB 17 liability for incurred claims as defined in AASB 17 Appendix A\n\n#####  AASB 17 contractual service margin as defined in AASB 17 Appendix A\n\n#####  AASB 17 risk adjustment for non-financial risk as defined in AASB 17 Appendix A\n\nNote, GMM items in the table below can be zero.\n\nColumns for Licensed insurer\n\n| Columns 1 to 25   | Report the amount by APRA product group. |\n| ----------------- | ---------------------------------------- |\n| Column 26 (Total) | Report the total amount of columns 1-25. |\n\n| Item 8.1  | Insurance contract - AASB 17 GMM liabilities / assets for remaining coverageReport the amount of the liabilities / assets for remaining coverage for insurance contracts issued measured under AASB 17 GMM by APRA product groups.                                                                                                |\n| --------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 8.2  | Insurance contract - AASB 17 PAA liabilities / assets for remaining coverageReport the amount of the liabilities / assets for remaining coverage for insurance contracts issued measured under AASB 17 PAA by APRA product groups.                                                                                                |\n| Item 8.3  | Insurance contract - AASB 17 GMM contractual service marginReport the amount of contractual service margin from insurance contracts issued measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                                                              |\n| Item 8.4  | Reinsurance contract held - AASB 17 GMM assets / liabilities for remaining coverageReport the amount of the assets/liabilities for remaining coverage for reinsurance contracts held measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                    |\n| Item 8.5  | Reinsurance contract held - AASB 17 PAA assets / liabilities for remaining coverageReport the amount of the assets/liabilities for remaining coverage for reinsurance contracts held measured under AASB 17 PAA by APRA product groups.                                                                                           |\n| Item 8.6  | Reinsurance contract held - AASB 17 GMM contractual service marginReport the amount of contractual service margin for reinsurance contracts held measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                                                        |\n| Item 8.7  | Insurance contract - AASB 17 GMM liabilities / assets for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for insurance contracts measured under AASB 17 GMM by APRA product groups.                                                                                       |\n| Item 8.8  | Insurance contract - AASB 17 GMM liabilities / assets for incurred claims – LIC / AIC excluding risk adjustment component.Report the amount of the liability / asset for incurred claims excluding risk adjustment for non-financial risk for insurance contracts measured under AASB 17 GMM by APRA product groups.              |\n| Item 8.9  | Insurance contract - AASB 17 PAA liabilities / assets for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for insurance contracts measured under AASB 17 PAA by APRA product groups.                                                                                       |\n| Item 8.10 | Insurance contract - AASB 17 PAA liabilities / assets for incurred claims – LIC / AIC excluding risk adjustment component.Report the amount of the liability / asset for incurred claims excluding risk adjustment for non-financial risk for insurance contracts measured under AASB 17 PAA by APRA product groups.              |\n| Item 8.11 | Reinsurance contract held – AASB 17 GMM assets / liabilities for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 GMM by APRA product groups.                                                                         |\n| Item 8.12 | Reinsurance contract held – AASB 17 GMM assets / liabilities for incurred claims – AIC / LIC excluding risk adjustment componentReport the amount of the asset / liability for incurred claims excluding risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 GMM by APRA product groups. |\n| Item 8.13 | Reinsurance contract held – AASB 17 PAA assets / liabilities for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 PAA by APRA product groups.                                                                         |\n| Item 8.14 | Reinsurance contract held – AASB 17 PAA assets / liabilities for incurred claims – AIC / LIC excluding risk adjustment componentReport the amount of the asset / liability for incurred claims excluding risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 PAA by APRA product groups. |","sortOrder":32},{"sectionNumber":" AASB 17 risk adjustment for non-financ","sectionType":"section","heading":" AASB 17 risk adjustment for non-financial risk as defined in AASB 17 Appendix A","content":"#####  AASB 17 risk adjustment for non-financial risk as defined in AASB 17 Appendix A\n\nNote, GMM items in the table below can be zero.\n\nColumns for Licensed insurer\n\n| Columns 1 to 25   | Report the amount by APRA product group. |\n| ----------------- | ---------------------------------------- |\n| Column 26 (Total) | Report the total amount of columns 1-25. |\n\n| Item 8.1  | Insurance contract - AASB 17 GMM liabilities / assets for remaining coverageReport the amount of the liabilities / assets for remaining coverage for insurance contracts issued measured under AASB 17 GMM by APRA product groups.                                                                                                |\n| --------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 8.2  | Insurance contract - AASB 17 PAA liabilities / assets for remaining coverageReport the amount of the liabilities / assets for remaining coverage for insurance contracts issued measured under AASB 17 PAA by APRA product groups.                                                                                                |\n| Item 8.3  | Insurance contract - AASB 17 GMM contractual service marginReport the amount of contractual service margin from insurance contracts issued measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                                                              |\n| Item 8.4  | Reinsurance contract held - AASB 17 GMM assets / liabilities for remaining coverageReport the amount of the assets/liabilities for remaining coverage for reinsurance contracts held measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                    |\n| Item 8.5  | Reinsurance contract held - AASB 17 PAA assets / liabilities for remaining coverageReport the amount of the assets/liabilities for remaining coverage for reinsurance contracts held measured under AASB 17 PAA by APRA product groups.                                                                                           |\n| Item 8.6  | Reinsurance contract held - AASB 17 GMM contractual service marginReport the amount of contractual service margin for reinsurance contracts held measured under AASB 17 GMM (or core requirements) by APRA product groups.                                                                                                        |\n| Item 8.7  | Insurance contract - AASB 17 GMM liabilities / assets for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for insurance contracts measured under AASB 17 GMM by APRA product groups.                                                                                       |\n| Item 8.8  | Insurance contract - AASB 17 GMM liabilities / assets for incurred claims – LIC / AIC excluding risk adjustment component.Report the amount of the liability / asset for incurred claims excluding risk adjustment for non-financial risk for insurance contracts measured under AASB 17 GMM by APRA product groups.              |\n| Item 8.9  | Insurance contract - AASB 17 PAA liabilities / assets for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for insurance contracts measured under AASB 17 PAA by APRA product groups.                                                                                       |\n| Item 8.10 | Insurance contract - AASB 17 PAA liabilities / assets for incurred claims – LIC / AIC excluding risk adjustment component.Report the amount of the liability / asset for incurred claims excluding risk adjustment for non-financial risk for insurance contracts measured under AASB 17 PAA by APRA product groups.              |\n| Item 8.11 | Reinsurance contract held – AASB 17 GMM assets / liabilities for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 GMM by APRA product groups.                                                                         |\n| Item 8.12 | Reinsurance contract held – AASB 17 GMM assets / liabilities for incurred claims – AIC / LIC excluding risk adjustment componentReport the amount of the asset / liability for incurred claims excluding risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 GMM by APRA product groups. |\n| Item 8.13 | Reinsurance contract held – AASB 17 PAA assets / liabilities for incurred claims – risk adjustment componentReport the amount of risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 PAA by APRA product groups.                                                                         |\n| Item 8.14 | Reinsurance contract held – AASB 17 PAA assets / liabilities for incurred claims – AIC / LIC excluding risk adjustment componentReport the amount of the asset / liability for incurred claims excluding risk adjustment for non-financial risk for reinsurance contracts held measured under AASB 17 PAA by APRA product groups. |","sortOrder":33}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"kimi_summary":{"_metrics":{"completionTokens":683},"content_quality":"ok","complexity_score":8,"scope_assessment":{"changed":false,"description":"The scope remains tightly focused on its original purpose: collecting profit and loss data by product group from general insurers for prudential supervision. The standard implements AASB 17 reporting requirements that were anticipated when the legislation was drafted."},"complexity_factors":["Extensive cross-referencing to external standards: AASB 17 (IFRS 17), AASB 101, AASB 121, GPS 001, GPS 310, GRS 001, GRS 320.0, and the Insurance Act 1973","25 distinct APRA product groups (C1-C19 and RB1-RB6) requiring separate reporting columns","Nested derived items: Item 1 sums 1.1+1.2; Item 2.1 sums 2.1.1 through 2.1.6; Item 2 sums 2.1+2.2; multiple levels of calculation dependencies","Dual measurement models: General Measurement Model (GMM) and Premium Allocation Approach (PAA) with different reporting requirements","14 separate balance sheet memo items (Items 8.1-8.14) requiring allocation of accounting figures to product groups where direct assignment isn't possible","Reconciliation requirements with other reporting standards (GRS 320.0 Part B RF1)","Multiple defined terms with references to other prudential standards (GPS 001, GPS 310)","Foreign currency conversion requirements under AASB 121","Specific formatting: whole AUD dollars, no decimals, losses/expenses as negative values","Quality control requirements including limited assurance engagements and board-level authorisation policies"],"plain_english_summary":"This reporting standard requires APRA-authorised general insurers to submit detailed, electronically signed financial reports (quarterly and audited annual filings) from reporting periods ending on or after 1 July 2023. It breaks down profit-and-loss and balance-sheet memo items by product group, captures insurance revenue, claims, expenses and reinsurance, and mandates AASB 17 accounting and auditor-reviewed systems.\n\nIt gives APRA granular visibility into product-level profitability and risk, strengthening surveillance of insurers’ ability to meet claims."},"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":true,"description":"Compared with a simple profit & loss reporting requirement, this version expands the scope to require AASB 17‑aligned detail and balance‑sheet memo items allocated to APRA product groups (GMM/PAA liabilities, contractual service margin, risk adjustment, incurred claims split), explicit reconciliation to other APRA returns (GRS 320.0), and formal auditor assurance over reporting systems (Balance sheet memo items; Item 5 note; paras 10–11). The addition of AASB 17 allocation by product group and mandatory auditor testing materially increases the reporting and governance burden beyond a basic income statement return and therefore broadens the original data collection purpose into a more detailed supervisory analytics tool."},"complexity_factors":["Multiple cross‑references to other instruments: AASB 17, AASB 121, AASB 101, GPS 001, GRS 001, GRS 320.0 and GPS 340 (throughout; see specific items and notes).","Large number of reporting cells: income statement items plus 14 balance‑sheet memo items, each to be reported across 25 APRA product group columns plus a total column (implied matrix of many fields).","APRA product group list is extensive: 19 direct business classes (C1–C19) and 6 reinsurance categories (RB1–RB6) to report against (Specific instructions).","Derived items and nested subitems: several items are 'derived' and calculated from multiple subitems (Items 1–3, 2.1, 2.2, 6–7).","Allocation requirement: insurers must allocate AASB 17 balance sheet components to product groups using GRS 001 allocation principles (requires actuarial and systems judgement).","Audit and assurance obligations: Appointed Auditor must review systems/processes and perform at least a limited assurance engagement consistent with professional standards (paras 10–11).","Regulatory discretion and conditional logic: APRA may vary frequency, due dates or content for particular insurers and grant extensions (paras 7, 9, 15).","Reconciliation requirement: certain reported amounts must reconcile with other APRA returns (e.g. Item 5 must reconcile to GRS 320.0), increasing inter‑form dependency.","Data quality rules and submission mechanics: electronic submission, digital certificate signing, authorised submitters and agent copy/retention obligations (paras 5, 12–14).","Interpretation layer: defined terms and reliance on external standards means reading the standard requires consulting GPS 001 and applicable AASB definitions (paras 16–17)."],"plain_english_summary":"**What this instrument does**\n\n- This is a reporting standard that requires every APRA‑authorised general insurer to send APRA (the prudential regulator) a product‑level statement of profit or loss and related memo balance sheet items for each reporting period (paras 3–4, 6–8).  It applies for reporting periods ending on or after 1 July 2023 (para 3).\n\n- The standard prescribes: what fields must be reported (insurance revenue, insurance service expense and subcomponents, reinsurance items, derived results and a set of balance‑sheet memo items tied to AASB 17 accounting categories), the reporting basis (Level 1 / licensed insurer), units (AUD whole dollars), and that numbers should follow Australian Accounting Standards (AASB), in particular AASB 17 (general instructions and specific items in the tables).  It collects the data by APRA product groups (a fixed list of business classes) and by reinsurance categories (General instructions, \"APRA product groups\").\n\n- It specifies how and when to submit (electronic submission via APRA method, within 20 business days for quarterlies and within three months for annuals, with APRA able to extend or change timings by written notice) and requires digital signing of submissions (paras 5, 8–9, 12).\n\n- It requires audited / auditor‑tested systems and controls over the data: the insurer’s Appointed Auditor must review and test the reporting systems and controls at least annually (and perform at least a limited assurance engagement as described) and the Board and senior management must have internal authorisation policies (paras 10–11, note on audit in para 6).\n\n- APRA may vary the requirements for an individual insurer or change reporting frequency/periods by written notice (paras 7, 15).\n\n\n**Who this affects**\n\n- Primary duty‑holders: all general insurers authorised under the Insurance Act 1973 (\"insurers\") — including branches of foreign insurers when operating in Australia (para 3; interpretation).  The Appointed Auditor, the insurer’s Principal Executive Officer or Chief Financial Officer (who must authorise submissions), and any agents submitting on the insurer’s behalf are also implicated (paras 12–14, interpretation).\n\n- Secondary impacts: actuarial, finance and IT teams inside insurers because they must map AASB 17 accounting amounts to APRA product groups and populate the detailed fields and reconciliations (General & Specific instructions, balance sheet memo items).\n\n\n**Why it matters (mechanics and uses)**\n\n- APRA will use the submitted product‑level income statement and related AASB 17 memo items for prudential supervision, including assessing capital adequacy and profitability by product (Purpose para 2; Balance sheet memo items section).  The standard therefore provides APRA with more granular, AASB 17‑aligned information by class of business.\n\n\n**Concrete obligations and behavioural effects**\n\n- Insurers must: calculate and provide a sequence of specified items (insurance revenue, service expense subitems, reinsurance allocations and recoverables, derived totals and a set of AASB 17 memo items) by each APRA product group and a column total (Reporting tables and Items 1–8).\n\n- Insurers must allocate AASB 17 numbers to APRA product groups where the accounting records do not already map to those groups. APRA expects insurers to apply allocation principles in GRS 001 and to use \"simple allocation drivers\" where perfect allocation isn’t possible (Allocation principles; Balance sheet memo items).\n\n- Insurers will incur compliance costs: building or adapting data extraction and allocation processes, maintaining systems and controls subject to auditor review and limited assurance, implementing electronic/digital signature submission processes, and preparing reconciliations with other APRA returns (e.g. GRS 320.0) (paras 10–11, Item 5 note).\n\n- APRA has discretion to change an insurer’s reporting frequency, vary the requirements for a particular insurer, or grant extensions — creating regulatory flexibility but also potential unpredictability for specific firms (paras 7, 15, 9).\n\n\n**Incentives, trade‑offs and implementation risks**\n\n- Incentives and costs: The standard concentrates reporting benefits to APRA (detailed supervisory insight) while imposing concentrated one‑off and ongoing costs on insurers (systems, allocation exercises, auditor time). Those costs will be borne by insurers and ultimately may influence pricing, product design or resource allocation within firms.\n\n- Allocation trade‑off: APRA permits imperfect allocations and requests \"simple allocation drivers\" (Balance sheet memo items). That reduces implementation complexity but increases measurement error risk; APRA’s supervisory use of the data will depend on insurers’ allocation choices and reconciliation (Item 5 reconciling requirement to GRS 320.0).\n\n- Audit and control burden: The Appointed Auditor must review systems and perform limited assurance work at least annually. This creates recurring audit fees and governance workload; it also raises the bar for data quality and may change internal sign‑off processes (paras 10–11).\n\n- Regulatory discretion and compliance risk: APRA’s ability to vary reporting or require more frequent reporting for particular insurers (paras 7, 15) means some firms could face higher reporting intensity than peers, creating potential compliance cost asymmetries.\n\n- Operational risk: mapping AASB 17 constructs (GMM / PAA, contractual service margin, risk adjustment, liabilities for remaining coverage and incurred claims) to APRA product groups requires actuarial and systems work; errors or inconsistent mappings across firms reduce comparability and may trigger supervisory follow‑up (Balance sheet memo items and General instructions).\n\n\n**Who pays, who decides, and what changes**\n\n- Who pays: reporting and audit costs are borne by the insurer (paras 10–11 and submission responsibilities). Indirect economic costs could flow to policyholders or shareholders via insurer pricing or capital allocation decisions.\n\n- Who decides: APRA decides the content, format and timing of the returns, and can vary requirements or timing for individual insurers by written notice (paras 5, 7, 15). Insurer senior management (PEO or CFO) must authorise submissions and the Appointed Auditor must validate systems (paras 12–14, 10).\n\n- Behavioural change required: insurers must (a) collect and map AASB 17 financial statement line items to APRA product groups, (b) maintain and test systems and internal controls subject to auditor review, (c) submit electronically with a digital signature and maintain authorised records, and (d) reconcile amounts to related APRA returns (e.g. GRS 320.0) (Allocation principles; paras 10–14; Item 5 note).\n\n\n**Practical red flags for insurers**\n\n- Expect non‑trivial one‑off project work to implement AASB 17 → APRA product group allocations and to automate extraction into APRA's submission format.\n- Prepare for recurring audit / limited assurance engagements focused on the reporting systems and allocation methodology.\n- Maintain clear documentation of allocation drivers and reconciliations so APRA can assess data quality and the insurer can manage supervisory queries.\n\n\n(References in parentheses indicate where the requirement appears in the Reporting Standard: Application/commencement paras 3–4; Reporting periods paras 6–9; Quality control paras 10–11; Authorisation paras 12–14; Variations para 15; Interpretation para 16–17; Allocation and balance sheet memo items in the \"Specific instructions\" and \"Balance sheet memo items\" sections.)"}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-84-of-2023","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-84-of-2023/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-84-of-2023/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-84-of-2023/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-84-of-2023/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-84-of-2023/documents"}}