IntroductionIntroduction

Introduction

The purpose of GRF 310.1 Premium Revenue and Reinsurance Expense is to provide information on written and earned premium revenue gross and net of reinsurance expense by class of business, which supports the summarised underwriting result disclosed in GRF 310.0 Statement of Financial Performance.

The form reports total gross written, gross earned and net earned premium revenue by class of business, on accrual and cashflow bases, for both direct and inwards reinsurance business.

The following items should be reported:

1. total gross written premium;
2. gross written premium relating to unclosed business;
3. gross unearned premium liability at the beginning of the financial year on a AASB 1023 basis;
4. gross unearned premium liability at the end of the reporting period on a AASB 1023 basis;
5. gross earned premium on a AASB 1023 ‘General Insurance Contracts’ (AASB 1023) basis excluding fire service levy and other levies imposed by state and territory governments;
6. fire service levy and other levies imposed by state and territory governments;
7. gross earned premium on a AASB 1023 basis including fire service levy and other levies imposed by state and territory governments;
8. outwards reinsurance expense on a AASB 1023 basis;
9. deferred reinsurance expense asset at the beginning of the financial year based on deferred reinsurance expense reported in GRF 300.0 Statement of Financial Position;
10. deferred reinsurance expense asset at the end of the reporting period based on deferred reinsurance expense reported in GRF 300.0 Statement of Financial Position;
11. total reinsurance expense reported in GRF 300.0 Statement of Financial Position;
12. net earned premium revenue; and
13. total reinsurance expense as reported under AASB 1023.