78An entity shall present separately in the statement of financial position the carrying amount of portfolios groups of:

78 An entity shall present separately in the statement of financial position the carrying amount of portfolios groups of:
(a) insurance contracts issued that are assets;
(b) insurance contracts issued that are liabilities;
(c) reinsurance contracts held that are assets; and
(d) reinsurance contracts held that are liabilities.
79 An entity shall include any assets or liabilities for insurance acquisition cash flows recognised applying paragraph 28B 27 in the carrying amount of the related portfolios groups of insurance contracts issued, and any assets or liabilities for cash flows related to portfolios groups of reinsurance contracts held (see paragraph 65(b) 65(a)) in the carrying amount of the portfolios groups of reinsurance contracts held.

Recognition and presentation in the statement(s) of financial performance (paragraphs B120–B136)

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Insurance service result

83 An entity shall present in profit or loss insurance revenue arising from the groups of insurance contracts issued. Insurance revenue shall depict the provision of coverage and other services arising from the group of insurance contracts at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those services. Paragraphs B120–B127 specify how an entity measures insurance revenue.
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86 An entity may present the income or expenses from a group of reinsurance contracts held (see paragraphs 60–70A 70), other than insurance finance income or expenses, as a single amount; or the entity may present separately the amounts recovered from the reinsurer and an allocation of the premiums paid that together give a net amount equal to that single amount. If an entity presents separately the amounts recovered from the reinsurer and an allocation of the premiums paid, it shall:
(b) treat amounts from the reinsurer that it expects to receive that are not contingent on claims of the underlying contracts (for example, some types of ceding commissions) as a reduction in the premiums to be paid to the reinsurer; and
(ba) treat amounts recognised relating to recovery of losses applying paragraphs 66(c)(i)‒(ii) and 66A‒66B as amounts recovered from the reinsurer; and
(c) not present the allocation of premiums paid as a reduction in revenue.

Insurance finance income or expenses (see paragraphs B128–B136)

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