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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 104 of 2023.

Reporting Standard HRS 114.0

Asset Risk Charge

General instructions

Reporting tables

Tables 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.

Any specific combination of values in a table must not appear on more than one row in that table when reported.

Look-through treatment

For asset and liability items that have been treated on a look-through basis for the purpose of Prudential Standard HPS 114 Capital Adequacy: Asset Risk Charge (HPS 114), report the effective underlying exposures after adjustments for look-through as well as their resultant impacts on capital base respectively.

Derivative treatment

All items should be reported gross of impacts from derivatives. Report the fair value of open derivative positions under derivatives (liabilities) and derivatives (assets).

Assets subject to stress

Exclude from the calculation of Asset Risk Charge all components of assets that are either:

deducted from total assets for the purpose of determining the capital base; or

subject to the Asset Concentration Risk Charge.

Include investment income receivable with the asset that generated the income.

Asset stress scenario

Private health insurers are not required to report the components of impact on the fund’s capital base for asset stress scenarios where it is determined that those scenarios would improve the capital base (i.e. result in a zero-risk charge component) as at the end of the relevant reporting period.

Private health insurers must report all asset stress scenarios that would give rise to a positive risk charge component.

Definitions

Terms highlighted in bold italics indicate that the definition is provided in these instructions.

Adjusted pre-stress amount	This is the value of relevant items of the health benefits fund or general fund. Report amounts before the application of any designated asset stresses, net of the effect of any look-through adjustments and applying the fair value requirement outlined in Prudential Standard HPS 112 Capital Adequacy: Measurement of Capital (HPS 112) and HPS 114.

Cash and cash equivalents(Items subject to Asset Risk Charge type)	This is the value, as at the relevant date, of notes and coins; deposits withdrawable or redeemable within 24 hours; and securities purchased under agreements to resell.
Claims payable(Items subject to Asset Risk Charge type)	This is the value of claims payable, which reflects claims due but not paid.For inwards reinsurance business, where there is a legal right of set-off within the underlying reinsurance contract, report under this item if the amount after set-off results in a net payable position to the cedant. If there is not a legal right of set-off, report the amount payable without set-off. Also refer to the definition of premiums receivable.Claims payable is netted against insurance contract assets or added to insurance contract liabilities under AASB 17.This must exclude any amount already allowed in insurance liabilities determined under HPS 340 to avoid double counting.This amount must be consistent with claims payable reported in HRS 112.0.
Counterparty grade	This is the classification applied to an investment or exposure as per the requirements of HPS 001. Assets guaranteed by an Australian state or territory government must be reported in the counterparty grade that applies after rating up one grade in accordance with HPS 114.
Credit spread fair value amount	This is the fair value of assets that are subject to credit spreads stress.
Credit spread stressed amount	This is the stressed value of assets that are subject to credit spreads stress.
Credit spreads stress(Stress scenario type)	This is the impact on the health benefits fund’s or general fund's capital base of an increase in credit spreads and the risk of default and is calculated in accordance with HPS 114.This stress applies to interest bearing assets, including cash deposits and floating rate assets. Credit derivatives and zero-coupon instruments such as bank bills must also be included.
Currency downwards stress(Stress scenario type)	This is the impact on the fund’s capital base of downward changes in foreign currency exchange rates and is calculated in accordance with HPS 114.
Currency upwards stress(Stress scenario type)	This is the impact on the health benefits fund’s or general fund's capital base of upward changes in foreign currency exchange rates and is calculated in accordance with HPS 114.
Current tax assets(Items subject to Asset Risk Charge type)	This is the value of current tax assets determined in accordance with Australian Accounting Standards.

Cash and cash equivalents(Items subject to Asset Risk Charge type)

This is the value, as at the relevant date, of notes and coins; deposits withdrawable or redeemable within 24 hours; and securities purchased under agreements to resell.

Claims payable(Items subject to Asset Risk Charge type)

This is the value of claims payable, which reflects claims due but not paid.For inwards reinsurance business, where there is a legal right of set-off within the underlying reinsurance contract, report under this item if the amount after set-off results in a net payable position to the cedant. If there is not a legal right of set-off, report the amount payable without set-off. Also refer to the definition of premiums receivable.Claims payable is netted against insurance contract assets or added to insurance contract liabilities under AASB 17.This must exclude any amount already allowed in insurance liabilities determined under HPS 340 to avoid double counting.This amount must be consistent with claims payable reported in HRS 112.0.

Counterparty grade

This is the classification applied to an investment or exposure as per the requirements of HPS 001. Assets guaranteed by an Australian state or territory government must be reported in the counterparty grade that applies after rating up one grade in accordance with HPS 114.

Credit spread fair value amount

This is the fair value of assets that are subject to credit spreads stress.

Credit spread stressed amount

This is the stressed value of assets that are subject to credit spreads stress.

Credit spreads stress(Stress scenario type)

This is the impact on the health benefits fund’s or general fund's capital base of an increase in credit spreads and the risk of default and is calculated in accordance with HPS 114.This stress applies to interest bearing assets, including cash deposits and floating rate assets. Credit derivatives and zero-coupon instruments such as bank bills must also be included.

Currency downwards stress(Stress scenario type)

This is the impact on the fund’s capital base of downward changes in foreign currency exchange rates and is calculated in accordance with HPS 114.

Currency upwards stress(Stress scenario type)

This is the impact on the health benefits fund’s or general fund's capital base of upward changes in foreign currency exchange rates and is calculated in accordance with HPS 114.

Current tax assets(Items subject to Asset Risk Charge type)

This is the value of current tax assets determined in accordance with Australian Accounting Standards.

Default stress(Stress scenario type)	This is the impact on the health benefits fund’s or general fund's capital base of the risk of counterparty default and is calculated in accordance with HPS 114. It applies to reinsurance assets, over the counter derivatives, unpaid premiums and all other credit or counterparty exposures that have not been affected by the credit spreads stress. In accordance with HPS 114, only the central estimates of reinsurance assets are to be subject to default stress.
Deferred tax assets(Items subject to Asset Risk Charge type)	This is the value of tax benefits that may be recognised in future financial periods, as consistent with the asset risk scenario under consideration.
Deferred tax liabilities(Items subject to Asset Risk Charge type)	This is the value of taxes payable in future periods in respect of taxable temporary differences. The definition is interpreted consistently with Australian Accounting Standard AASB 112 - Income Taxes (AASB 112).
Derivatives (assets)(Items subject to Asset Risk Charge type)	This is the value of all open derivative positions reported as assets.
Derivatives (liabilities)(Items subject to Asset Risk Charge type)	This is the value of all open derivatives positions reported as liabilities.
Dividend yield used in determination of equity stress(Yields used in stress scenarios type)	This is the dividend yield of the ASX 200 index used in determining the reduction in equity asset values under the equity stress scenario.

Earnings yield used in determination of property stress(Yields used in stress scenarios type)	This is the average earnings yield before taxes used in determining the reduction in infrastructure asset values under the property stress scenario.
Equities (direct)(Items subject to Asset Risk Charge type)	This is the value, as at the relevant date, of equity securities and of subordinated debt securities. Equity securities are, as defined by the Australian Accounting Standards, contracts that evidence a residual interest in the assets of an entity after deducting all its liabilities. This includes equity securities lent or sold by the entity under repurchase agreements, where the transaction does not result in the transfer of the rights of ownership of the securities away from the entity to another party. Subordinated debt is a debt security where the claim to repayment ranks lower in priority to other claims.
Equity stress(Stress scenario type)	This is the impact on the health benefits fund’s or general fund's capital base of a fall in equity and other asset values and is calculated in accordance with HPS 114.This stress applies to both listed and unlisted equity assets and to any other assets that are not considered in any of the other asset risk stresses. This stress also includes an increase to equity volatility.
Expected inflation downwards stress(Stress scenario type)	Expected inflation stress measures the impact on the health benefits fund’s or general fund's capital base of changes to expected Consumer Price Index inflation rates. It also affects nominal interest rates.This item reports the impact on the capital base of the health benefits fund or general fund arising from the application of the downward expected inflation stress and is calculated in accordance with HPS 114.
Expected inflation upwards stress(Stress scenario type)	Expected inflation stress measures the impact on the health benefits fund’s or general fund's capital base of changes to expected Consumer Price Index inflation rates. It also affects nominal interest rates.This item reports the impact on the capital base of the health benefits fund or general fund arising from the application of the upward expected inflation stress and is calculated in accordance with HPS 114.
Expected reinsurance recoveries(Items subject to Asset Risk Charge type)	This is the amount due to the health benefits fund or general fund from a reinsurer that arises from the recognition of premiums liabilities referred to in the PHI Prudential Standards (including HPS 340). This is distinguished from reinsurance recoverables.

Earnings yield used in determination of property stress(Yields used in stress scenarios type)

This is the average earnings yield before taxes used in determining the reduction in infrastructure asset values under the property stress scenario.

Equities (direct)(Items subject to Asset Risk Charge type)

This is the value, as at the relevant date, of equity securities and of subordinated debt securities. Equity securities are, as defined by the Australian Accounting Standards, contracts that evidence a residual interest in the assets of an entity after deducting all its liabilities. This includes equity securities lent or sold by the entity under repurchase agreements, where the transaction does not result in the transfer of the rights of ownership of the securities away from the entity to another party. Subordinated debt is a debt security where the claim to repayment ranks lower in priority to other claims.

Equity stress(Stress scenario type)

This is the impact on the health benefits fund’s or general fund's capital base of a fall in equity and other asset values and is calculated in accordance with HPS 114.This stress applies to both listed and unlisted equity assets and to any other assets that are not considered in any of the other asset risk stresses. This stress also includes an increase to equity volatility.

Expected inflation downwards stress(Stress scenario type)

Expected inflation stress measures the impact on the health benefits fund’s or general fund's capital base of changes to expected Consumer Price Index inflation rates. It also affects nominal interest rates.This item reports the impact on the capital base of the health benefits fund or general fund arising from the application of the downward expected inflation stress and is calculated in accordance with HPS 114.

Expected inflation upwards stress(Stress scenario type)

Expected inflation stress measures the impact on the health benefits fund’s or general fund's capital base of changes to expected Consumer Price Index inflation rates. It also affects nominal interest rates.This item reports the impact on the capital base of the health benefits fund or general fund arising from the application of the upward expected inflation stress and is calculated in accordance with HPS 114.

Expected reinsurance recoveries(Items subject to Asset Risk Charge type)

This is the amount due to the health benefits fund or general fund from a reinsurer that arises from the recognition of premiums liabilities referred to in the PHI Prudential Standards (including HPS 340). This is distinguished from reinsurance recoverables.

Health benefits fund(Private health insurer fund type)	Health benefits fund has the same meaning as in the Act.
HPS 340 deferred claims liability(Items subject to Asset Risk Charge type)	This is the value of the deferred claims liability determined in accordance with HPS 340.
HPS 340 other insurance liabilities(Items subject to Asset Risk Charge type)	This is the value of the other insurance liabilities determined in accordance with HPS 340.
HPS 340 outstanding claims liabilities(Items subject to Asset Risk Charge type)	This is the value of the outstanding claims liabilities determined in accordance with HPS 340.
HPS 340 premium liabilities(Items subject to Asset Risk Charge type)	This is the value of the premium liabilities determined in accordance with HPS 340.
HPS 340 risk equalisation transfers(Items subject to Asset Risk Charge type)	This is the value of the risk equalisation transfers determined in accordance with HPS 340.

Impact of diversification	This is calculated as the sum of the risk charge components used in calculating the aggregated risk charge component, less the aggregated risk charge component as set out in HPS 114.
Impact on the fund’s capital base	This shows the impact on the capital base of each asset risk stress scenario as set out in HPS 114.This item is calculated for each stress scenario type as the sum of:cash and cash equivalents;current tax assets;interest rate investments (direct);equities (direct);property (direct);loans (direct);indirect investments;deferred tax assets;derivatives (assets);investments in related entities (associates, joint ventures, subsidiaries);other assets subject to Asset Risk Charge;deferred tax liabilities;derivatives (liabilities);other liabilities subject to Asset Risk Charge;reinsurance recoverables on outstanding claims;expected reinsurance recoveries;amounts receivable on reinsurance contracts held;other reinsurance assets;HPS 340 outstanding claims liabilities;HPS 340 premium liabilities;HPS 340 risk equalisation transfers;HPS 340 other insurance liabilities;HPS 340 deferred claims liability;premiums receivable;non-reinsurance recoveries receivable;other accounts receivable on insurance contracts issued;claims payable;amounts payable on reinsurance contracts held;other accounts payable on insurance contracts issued; andoff-balance sheet exposures.
Indirect investments(Items subject to Asset Risk Charge type)	This is the value of the net assets of unit trusts or managed investment schemes invested in by the health benefits fund or general fund, or mandates individually managed on behalf of the health benefits fund or general fund.
Interest rate investments (direct)(Items subject to Asset Risk Charge type)	This is the value of debt securities held by the health benefits fund or general fund as at the relevant date, plus the value of deposits and placements that have been classified by the private health insurer as assets backing insurance liabilities for statutory reporting purposes. A debt security is a transferable instrument evidencing a relationship of indebtedness. It is characterised by having a definable return that is not based on the economic performance of the issuing entity.
Investments in related entities (associates, joint ventures, subsidiaries)(Items subject to Asset Risk Charge type)	This is the value of strategic investments or acquisitions of the health benefits fund or general fund.This includes investments in associates, joint ventures and subsidiaries from the AASB 17 Insurance Contracts (AASB 17) balance sheet.This does not include investments that constitute assets backing private health insurance liabilities.

Impact of diversification

This is calculated as the sum of the risk charge components used in calculating the aggregated risk charge component, less the aggregated risk charge component as set out in HPS 114.

Impact on the fund’s capital base

This shows the impact on the capital base of each asset risk stress scenario as set out in HPS 114.This item is calculated for each stress scenario type as the sum of:cash and cash equivalents;current tax assets;interest rate investments (direct);equities (direct);property (direct);loans (direct);indirect investments;deferred tax assets;derivatives (assets);investments in related entities (associates, joint ventures, subsidiaries);other assets subject to Asset Risk Charge;deferred tax liabilities;derivatives (liabilities);other liabilities subject to Asset Risk Charge;reinsurance recoverables on outstanding claims;expected reinsurance recoveries;amounts receivable on reinsurance contracts held;other reinsurance assets;HPS 340 outstanding claims liabilities;HPS 340 premium liabilities;HPS 340 risk equalisation transfers;HPS 340 other insurance liabilities;HPS 340 deferred claims liability;premiums receivable;non-reinsurance recoveries receivable;other accounts receivable on insurance contracts issued;claims payable;amounts payable on reinsurance contracts held;other accounts payable on insurance contracts issued; andoff-balance sheet exposures.

Indirect investments(Items subject to Asset Risk Charge type)

This is the value of the net assets of unit trusts or managed investment schemes invested in by the health benefits fund or general fund, or mandates individually managed on behalf of the health benefits fund or general fund.

Interest rate investments (direct)(Items subject to Asset Risk Charge type)

This is the value of debt securities held by the health benefits fund or general fund as at the relevant date, plus the value of deposits and placements that have been classified by the private health insurer as assets backing insurance liabilities for statutory reporting purposes. A debt security is a transferable instrument evidencing a relationship of indebtedness. It is characterised by having a definable return that is not based on the economic performance of the issuing entity.

Investments in related entities (associates, joint ventures, subsidiaries)(Items subject to Asset Risk Charge type)

This is the value of strategic investments or acquisitions of the health benefits fund or general fund.This includes investments in associates, joint ventures and subsidiaries from the AASB 17 Insurance Contracts (AASB 17) balance sheet.This does not include investments that constitute assets backing private health insurance liabilities.

Off-balance sheet exposures(Items subject to Asset Risk Charge type)	This is the value of off-balance sheet exposures that are subject to the Asset Risk Charge.
Other accounts payable on insurance contracts issued(Items subject to Asset Risk Charge type)	Other accounts payable on insurance contracts issued reflects any other amounts due but not paid relating to insurance contracts. This may include (but is not limited to) levies, taxes, rebates, fees and commissions.Other accounts payable on insurance contracts issued is netted against insurance contract assets or added to insurance contract liabilities under AASB 17.This must exclude any amount already allowed in insurance liabilities determined under HPS 340 to avoid double counting.This amount must be consistent with other accounts payable on insurance contracts issued reported in HRS 112.0.
Other accounts receivable on insurance contracts issued(Items subject to Asset Risk Charge type)	Other accounts receivable on insurance contracts issued reflects any other amounts due but not received relating to insurance contracts. This may include (but is not limited to) levies, taxes, rebates, fees and commissions.Other accounts receivable on insurance contracts issued is netted against insurance contract liabilities or added to insurance contract assets under AASB 17.This must exclude any amount already allowed in insurance liabilities determined under HPS 340 to avoid double counting.This amount must be consistent with other accounts receivable on insurance contracts issued reported in HRS 112.0.
Other assets subject to Asset Risk Charge(Items subject to Asset Risk Charge type)	This is the value of the accounting assets that have not been reported elsewhere in:cash and cash equivalents;current tax assets;deferred tax assets;derivatives (assets);investments in related entities (associates, joint ventures, subsidiaries);interest rate investments (direct);equities (direct);property (direct);loans (direct); orindirect investments.This does not include assets in excess of the concentration limits set out in Prudential Standard HPS 117 Capital Adequacy: Asset Concentration Risk Charge or assets which are deducted from capital base of the health benefits fund or general fund such as surplus in defined benefit superannuation funds of which the private health insurer is an employer-sponsor.Additionally, this excludes the following items from the AASB 17 balance sheet:insurance contract assets; andreinsurance contract assets.
Other liabilities subject to Asset Risk Charge(Items subject to Asset Risk Charge type)	This consists of all other accounting liabilities of the health benefits fund or general fund not separately reported under deferred tax liabilities or derivatives (liabilities).Additionally, this excludes the following items from the AASB 17 balance sheet:insurance contract liabilities; andreinsurance contract liabilities
Other reinsurance assets(Items subject to Asset Risk Charge type)	This is the value of the central estimate of any asset recognised by the health benefits fund or general fund that relates to reinsurance other than:reinsurance recoverables on outstanding claims;amounts receivable on reinsurance contracts held; andexpected reinsurance recoveries.

Off-balance sheet exposures(Items subject to Asset Risk Charge type)

This is the value of off-balance sheet exposures that are subject to the Asset Risk Charge.

Other accounts payable on insurance contracts issued(Items subject to Asset Risk Charge type)

Other accounts payable on insurance contracts issued reflects any other amounts due but not paid relating to insurance contracts. This may include (but is not limited to) levies, taxes, rebates, fees and commissions.Other accounts payable on insurance contracts issued is netted against insurance contract assets or added to insurance contract liabilities under AASB 17.This must exclude any amount already allowed in insurance liabilities determined under HPS 340 to avoid double counting.This amount must be consistent with other accounts payable on insurance contracts issued reported in HRS 112.0.

Other accounts receivable on insurance contracts issued(Items subject to Asset Risk Charge type)

Other accounts receivable on insurance contracts issued reflects any other amounts due but not received relating to insurance contracts. This may include (but is not limited to) levies, taxes, rebates, fees and commissions.Other accounts receivable on insurance contracts issued is netted against insurance contract liabilities or added to insurance contract assets under AASB 17.This must exclude any amount already allowed in insurance liabilities determined under HPS 340 to avoid double counting.This amount must be consistent with other accounts receivable on insurance contracts issued reported in HRS 112.0.

Other assets subject to Asset Risk Charge(Items subject to Asset Risk Charge type)

This is the value of the accounting assets that have not been reported elsewhere in:cash and cash equivalents;current tax assets;deferred tax assets;derivatives (assets);investments in related entities (associates, joint ventures, subsidiaries);interest rate investments (direct);equities (direct);property (direct);loans (direct); orindirect investments.This does not include assets in excess of the concentration limits set out in Prudential Standard HPS 117 Capital Adequacy: Asset Concentration Risk Charge or assets which are deducted from capital base of the health benefits fund or general fund such as surplus in defined benefit superannuation funds of which the private health insurer is an employer-sponsor.Additionally, this excludes the following items from the AASB 17 balance sheet:insurance contract assets; andreinsurance contract assets.

Other liabilities subject to Asset Risk Charge(Items subject to Asset Risk Charge type)

This consists of all other accounting liabilities of the health benefits fund or general fund not separately reported under deferred tax liabilities or derivatives (liabilities).Additionally, this excludes the following items from the AASB 17 balance sheet:insurance contract liabilities; andreinsurance contract liabilities

Other reinsurance assets(Items subject to Asset Risk Charge type)

This is the value of the central estimate of any asset recognised by the health benefits fund or general fund that relates to reinsurance other than:reinsurance recoverables on outstanding claims;amounts receivable on reinsurance contracts held; andexpected reinsurance recoveries.

Premiums receivable(Items subject to Asset Risk Charge type)	This is the value of unpaid premiums in relation to direct insurance business and inwards reinsurance business. Unpaid premiums include premiums that are due to be received, unpaid premiums available for collection, and premiums not yet available for collection. Insurers must include all unpaid instalment premiums.This amount includes unpaid premiums in relation to unclosed business. Unclosed business refers to business written close to the balance date where acceptance of risk is prior to the balance date but there is insufficient information to accurately identify the business. This includes insurance policies that have not been processed, but for which a reporting insurer is liable at the valuation date.Premiums should be gross of reinsurance and commissions, before profit share rebates, and inclusive of stamp duty, policy fees, loadings and discounts.For inwards reinsurance business, if there is a legal right of set-off within the underlying reinsurance contract, report the amount after set-off against other amounts payable to the cedant under that reinsurance contract. If the amount is a net payable position to the cedant, report the amount under claims payable. If there is not a legal right of set-off, report the amount receivable without set-off. Also refer to the definition of claims payable.Premiums receivable is netted against insurance contract liabilities or added to insurance contact assets under AASB 17.Premiums receivable must be reduced by the amount that is likely to become uncollectable in the future.This amount must be consistent with premiums receivable reported in HRS 112.0.
Private health insurer fund type	This refers to either the health benefits fund or the general fund.
Property (direct)(Items subject to Asset Risk Charge type)	This is the value of property held by the health benefits fund or general fund, in accordance with the classification and measurement basis under the relevant Australian Accounting Standards.
Property stress(Stress scenario type)	This is the impact on the health benefits fund’s or general fund's capital base of changes in property and infrastructure asset values and is calculated in accordance with HPS 114.

Premiums receivable(Items subject to Asset Risk Charge type)

This is the value of unpaid premiums in relation to direct insurance business and inwards reinsurance business. Unpaid premiums include premiums that are due to be received, unpaid premiums available for collection, and premiums not yet available for collection. Insurers must include all unpaid instalment premiums.This amount includes unpaid premiums in relation to unclosed business. Unclosed business refers to business written close to the balance date where acceptance of risk is prior to the balance date but there is insufficient information to accurately identify the business. This includes insurance policies that have not been processed, but for which a reporting insurer is liable at the valuation date.Premiums should be gross of reinsurance and commissions, before profit share rebates, and inclusive of stamp duty, policy fees, loadings and discounts.For inwards reinsurance business, if there is a legal right of set-off within the underlying reinsurance contract, report the amount after set-off against other amounts payable to the cedant under that reinsurance contract. If the amount is a net payable position to the cedant, report the amount under claims payable. If there is not a legal right of set-off, report the amount receivable without set-off. Also refer to the definition of claims payable.Premiums receivable is netted against insurance contract liabilities or added to insurance contact assets under AASB 17.Premiums receivable must be reduced by the amount that is likely to become uncollectable in the future.This amount must be consistent with premiums receivable reported in HRS 112.0.

Private health insurer fund type

This refers to either the health benefits fund or the general fund.

Property (direct)(Items subject to Asset Risk Charge type)

This is the value of property held by the health benefits fund or general fund, in accordance with the classification and measurement basis under the relevant Australian Accounting Standards.

Property stress(Stress scenario type)

This is the impact on the health benefits fund’s or general fund's capital base of changes in property and infrastructure asset values and is calculated in accordance with HPS 114.

Real interest rates downwards stress(Stress scenario type)	The real interest rates stress measures the impact on the fund’s capital base of downward changes in real interest rates. It also affects nominal interest rates.This item is calculated in accordance with HPS 114.
Real interest rates upwards stress(Stress scenario type)	The real interest rates stress measures the impact on the health benefits fund’s or general fund's capital base of upward changes in real interest rates. It also affects nominal interest rates.This item is calculated in accordance with HPS 114.
Reinsurance recoverables on outstanding claims(Items subject to Asset Risk Charge type)	This is the value of the central estimate of reinsurance recoverables in relation to reinsurance contracts for outstanding claims. This item does not include amounts that do not comprise an executed and legally binding reinsurance contract as per Prudential Standard HPS 112 Capital Adequacy: Measurement of Capital (HPS 112).
Rental yield used in determination of property stress(Yields used in stress scenarios type)	This is the average rental yield for the property assets, based on current leases, and net of expenses.
Risk charge component	This item is calculated for each stress scenario type as the greater of zero and the impact on the fund’s capital base amount.If the impact on the fund’s capital base is less than zero then the risk charge component is equal to the absolute value of the impact on the fund’s capital base.If the impact on the fund’s capital base is greater than zero then the risk charge component is zero.