Financial Sector (Collection of Data) (reporting standard) determination No. 109 of 2023
In ForceCTH
Jurisdiction
Commonwealth
Collection
legislative instrument
Plain English Summary
8/10 complexity
This Reporting Standard requires every private health insurer to submit detailed profit or loss and other comprehensive income data to APRA for quarterly and annual reporting periods (paras 3–6, 4). APRA uses the data for prudential supervision and to assess capital compliance (para 2). Insurers must file electronically, keep internal review controls and provide externally audited annual returns (paras 5, 10–14). APRA can change frequency or content for a particular insurer by written notice (paras 7, 16).
Reporting Standard HRS 310.0 prescribes the data private health insurers must supply to the Australian Prudential Regulation Authority (APRA) about their profit or loss and other comprehensive income. The instrument is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (Authority) and explicitly states that the information is used by APRA for prudential supervision, including assessing compliance with capital standards (paras 1-2). The Standard applies to all private health insurers for reporting periods ending on or after 1 July 2023 (para 3).
Mechanically, the Standard requires: (a) submission of specified data for each reporting period (para 4); (b) electronic submission via an APRA method published on APRA’s website, or another method notified by APRA (para 5); and (c) submission for each calendar quarter and for each year ending 30 June, subject to APRA’s written power to change reporting frequency for a particular insurer (paras 6-7). Quarterly data are due within 28 calendar days after the period end; annual data are due by 30 September (para 8). APRA may grant written extensions (para 9).
The Standard sets governance and assurance requirements. All submitted information must be subject to the insurer’s internal review and authorisation systems and controls; responsibility for appropriate policies and procedures is placed on the board and senior management (para 10). Annual submissions must be externally audited for consistency with statutory financial accounts and to confirm faithful application of capital adequacy standards; audit certification and opinion must be supplied by 30 September each year (paras 11-12). The auditor’s report must identify the audit programme and be signed by the accountable auditor; where there was a prior-year qualified report, the current report must state whether the auditor has examined and is satisfied that prior issues have been addressed (paras 13-14). A person submitting data must be suitably authorised by an officer of the insurer (para 15). APRA may vary reporting requirements in writing for a particular insurer (para 16).
Current sections
Direct links to the current provisions in Financial Sector (Collection of Data) (reporting standard) determination No. 109 of 2023.
Statement of profit or loss and other comprehensive income
Objective of this Reporting Standard
This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a private health insurer’s profit or loss and other comprehensive income. It includes associated specific instructions.
Authority
This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.
Purpose
2. The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision including assessing compliance with capital standards.
Application and commencement
3. This Reporting Standard applies to all private health insurers. This Reporting Standard applies for reporting periods ending on or after 1 July 2023.
Information required
4. A private health insurer must provide APRA with the information required by this Reporting Standard for each reporting period.
Method of submission
5. The information required by this Reporting Standard must be given to APRA:
(a) in electronic format using an electronic method available on APRA’s website; or
(b) by a method notified by APRA prior to submission.
Reporting periods and due dates
6. Subject to paragraph 7, a private health insurer must provide the information required by this Reporting Standard:
(a) in respect of each calendar quarter (i.e. the periods ending 30 September, 31 December, 31 March and 30 June); and
(b) in respect of each year ending 30 June.
7. If, having regard to the particular circumstances of a private health 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 private health insurer.
8. The information required by this Reporting Standard must be provided to APRA:
(a) in the case of quarterly information, within 28 calendar days after the end of the reporting period to which the information relates;
(b) in the case of annual information, by 30 September each year; or
(c) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.
9. APRA may, in writing, grant a private health insurer an extension of a due date, in which case the new due date will be the date on the notice of extension.
Note: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, a private health insurer is nonetheless required to submit the information required no later than the due date.
Quality control
10. All information provided by a private health insurer under this Reporting Standard must be subject to systems, processes and controls developed by the private health insurer for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the private health insurer to ensure that an appropriate set of policies and procedures for the authorisation of information submitted to APRA is in place.
Annual audit requirements
11. The information submitted for the purposes of paragraph 8(b) is to be subject to external audit to ensure consistency with the private health insurer’s statutory financial accounts and faithful application of the capital adequacy standards.
12. Audit certification and opinion must be provided to APRA by 30 September each year.
13. If a private health insurer received a qualified auditor’s report for a health benefits fund, the general fund, or the private health insurer for the year previous to the year for which the report is provided, the report for the year for which the report is provided must state whether the auditor has examined the issues identified and is satisfied that the private health insurer has taken the appropriate steps to rectify the matters raised in the previous report.
14. The auditor’s report must:
(a) state details of the program adopted to carry out the audit; and
(b) include the name of, and be signed by, the auditor who takes responsibility for the accuracy of the report.
Authorisation
15. A person who submits the information required under this Reporting Standard must be suitably authorised by an officer of the private health insurer.
Variations
16. APRA may, in writing, vary the reporting requirements of this Reporting Standard in relation to a private health insurer.
Interpretation
17. In this Reporting Standard:
(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard HPS 001 Definitions (HPS 001); and
(b) the following definitions are applicable:
AASB references relate to the Australian Accounting Standards made by the Australian Accounting Standards Board;
APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;
capital standards means the prudential standards which relate to capital adequacy, as defined in HPS 001;
general fund has the same meaning as in HPS 001;
health benefits fund has the same meaning as in HPS 001;
officer has the same meaning as in the Private Health Insurance (Prudential Supervision) Act 2015;
private health insurer has the same meaning as in the Private Health Insurance (Prudential Supervision) Act 2015; and
reporting period means a period mentioned in paragraph 6 or, if applicable, paragraph 7.
18. 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.
Statement of profit or loss and other co
Statement of profit or loss and other comprehensive income
Statement of profit or loss and other comprehensive income
Objective of this Reporting Standard
This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a private health insurer’s profit or loss and other comprehensive income. It includes associated specific instructions.
Authority
This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.
Purpose
2. The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision including assessing compliance with capital standards.
Application and commencement
3. This Reporting Standard applies to all private health insurers. This Reporting Standard applies for reporting periods ending on or after 1 July 2023.
Information required
4. A private health insurer must provide APRA with the information required by this Reporting Standard for each reporting period.
Method of submission
5. The information required by this Reporting Standard must be given to APRA:
(a) in electronic format using an electronic method available on APRA’s website; or
(b) by a method notified by APRA prior to submission.
Reporting periods and due dates
6. Subject to paragraph 7, a private health insurer must provide the information required by this Reporting Standard:
(a) in respect of each calendar quarter (i.e. the periods ending 30 September, 31 December, 31 March and 30 June); and
(b) in respect of each year ending 30 June.
7. If, having regard to the particular circumstances of a private health 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 private health insurer.
8. The information required by this Reporting Standard must be provided to APRA:
(a) in the case of quarterly information, within 28 calendar days after the end of the reporting period to which the information relates;
(b) in the case of annual information, by 30 September each year; or
(c) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.
9. APRA may, in writing, grant a private health insurer an extension of a due date, in which case the new due date will be the date on the notice of extension.
Note: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, a private health insurer is nonetheless required to submit the information required no later than the due date.
Quality control
10. All information provided by a private health insurer under this Reporting Standard must be subject to systems, processes and controls developed by the private health insurer for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the private health insurer to ensure that an appropriate set of policies and procedures for the authorisation of information submitted to APRA is in place.
Annual audit requirements
11. The information submitted for the purposes of paragraph 8(b) is to be subject to external audit to ensure consistency with the private health insurer’s statutory financial accounts and faithful application of the capital adequacy standards.
12. Audit certification and opinion must be provided to APRA by 30 September each year.
13. If a private health insurer received a qualified auditor’s report for a health benefits fund, the general fund, or the private health insurer for the year previous to the year for which the report is provided, the report for the year for which the report is provided must state whether the auditor has examined the issues identified and is satisfied that the private health insurer has taken the appropriate steps to rectify the matters raised in the previous report.
14. The auditor’s report must:
(a) state details of the program adopted to carry out the audit; and
(b) include the name of, and be signed by, the auditor who takes responsibility for the accuracy of the report.
Authorisation
15. A person who submits the information required under this Reporting Standard must be suitably authorised by an officer of the private health insurer.
Variations
16. APRA may, in writing, vary the reporting requirements of this Reporting Standard in relation to a private health insurer.
Interpretation
17. In this Reporting Standard:
(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard HPS 001 Definitions (HPS 001); and
(b) the following definitions are applicable:
AASB references relate to the Australian Accounting Standards made by the Australian Accounting Standards Board;
APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;
capital standards means the prudential standards which relate to capital adequacy, as defined in HPS 001;
general fund has the same meaning as in HPS 001;
health benefits fund has the same meaning as in HPS 001;
officer has the same meaning as in the Private Health Insurance (Prudential Supervision) Act 2015;
private health insurer has the same meaning as in the Private Health Insurance (Prudential Supervision) Act 2015; and
reporting period means a period mentioned in paragraph 6 or, if applicable, paragraph 7.
18. 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.
Objective of this Reporting Standard
Objective of this Reporting Standard
Objective of this Reporting Standard
This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a private health insurer’s profit or loss and other comprehensive income. It includes associated specific instructions.
Authority
Authority
Authority
This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.
Purpose
Purpose
Purpose
2. The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision including assessing compliance with capital standards.
Application and commencement
Application and commencement
Application and commencement
3. This Reporting Standard applies to all private health insurers. This Reporting Standard applies for reporting periods ending on or after 1 July 2023.
Information required
Information required
Information required
4. A private health insurer must provide APRA with the information required by this Reporting Standard for each reporting period.
Method of submission
Method of submission
Method of submission
5. The information required by this Reporting Standard must be given to APRA:
(a) in electronic format using an electronic method available on APRA’s website; or
(b) by a method notified by APRA prior to submission.
Reporting periods and due dates
Reporting periods and due dates
Reporting periods and due dates
6. Subject to paragraph 7, a private health insurer must provide the information required by this Reporting Standard:
(a) in respect of each calendar quarter (i.e. the periods ending 30 September, 31 December, 31 March and 30 June); and
(b) in respect of each year ending 30 June.
7. If, having regard to the particular circumstances of a private health 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 private health insurer.
8. The information required by this Reporting Standard must be provided to APRA:
(a) in the case of quarterly information, within 28 calendar days after the end of the reporting period to which the information relates;
(b) in the case of annual information, by 30 September each year; or
(c) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.
9. APRA may, in writing, grant a private health insurer an extension of a due date, in which case the new due date will be the date on the notice of extension.
Note: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, a private health insurer is nonetheless required to submit the information required no later than the due date.
Quality control
Quality control
Quality control
10. All information provided by a private health insurer under this Reporting Standard must be subject to systems, processes and controls developed by the private health insurer for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the private health insurer to ensure that an appropriate set of policies and procedures for the authorisation of information submitted to APRA is in place.
Annual audit requirements
Annual audit requirements
Annual audit requirements
11. The information submitted for the purposes of paragraph 8(b) is to be subject to external audit to ensure consistency with the private health insurer’s statutory financial accounts and faithful application of the capital adequacy standards.
12. Audit certification and opinion must be provided to APRA by 30 September each year.
13. If a private health insurer received a qualified auditor’s report for a health benefits fund, the general fund, or the private health insurer for the year previous to the year for which the report is provided, the report for the year for which the report is provided must state whether the auditor has examined the issues identified and is satisfied that the private health insurer has taken the appropriate steps to rectify the matters raised in the previous report.
14. The auditor’s report must:
(a) state details of the program adopted to carry out the audit; and
(b) include the name of, and be signed by, the auditor who takes responsibility for the accuracy of the report.
Authorisation
Authorisation
Authorisation
15. A person who submits the information required under this Reporting Standard must be suitably authorised by an officer of the private health insurer.
Variations
Variations
Variations
16. APRA may, in writing, vary the reporting requirements of this Reporting Standard in relation to a private health insurer.
Interpretation
Interpretation
Interpretation
17. In this Reporting Standard:
(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard HPS 001 Definitions (HPS 001); and
(b) the following definitions are applicable:
AASB references relate to the Australian Accounting Standards made by the Australian Accounting Standards Board;
APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;
capital standards means the prudential standards which relate to capital adequacy, as defined in HPS 001;
general fund has the same meaning as in HPS 001;
health benefits fund has the same meaning as in HPS 001;
officer has the same meaning as in the Private Health Insurance (Prudential Supervision) Act 2015;
private health insurer has the same meaning as in the Private Health Insurance (Prudential Supervision) Act 2015; and
reporting period means a period mentioned in paragraph 6 or, if applicable, paragraph 7.
18. 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.
General instructions
General instructions
General instructions
These instructions assist completion of Reporting Standard HRS 310.0 Statement of Profit or Loss and Other Comprehensive Income, which collects information relating to the licensed insurer’s profit or loss and other comprehensive income.
Reporting tables
Reporting tables
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.
General accounting basis
General accounting basis
General accounting basis
Unless otherwise specifically stated, reporting insurers are to report in accordance with the relevant Australian Accounting Standards.
References to Australian Accounting Stan
References to Australian Accounting Standards
References to Australian Accounting Standards
Each 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.
IFRS taxonomy element reference
IFRS taxonomy element reference
IFRS taxonomy element reference
Each 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) 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:
(a) disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;
(b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and
(c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements. They are 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.
Definitions
Definitions
Definitions
Terms highlighted in bold italics indicate that the definition is provided in these instructions.
Specific instructions
Specific instructions
Reporting Standard HRS 310.0
Statement of profit or loss and other comprehensive income
General instructions
These instructions assist completion of Reporting Standard HRS 310.0 Statement of Profit or Loss and Other Comprehensive Income, which collects information relating to the licensed insurer’s profit or loss and other comprehensive income.
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.
General accounting basis
Unless otherwise specifically stated, reporting insurers are to report in accordance with the relevant Australian Accounting Standards.
References to Australian Accounting Standards
Each 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.
IFRS taxonomy element reference
Each 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) 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:
(a) disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;
(b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and
(c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements. They are 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.
Definitions
Terms highlighted in bold italics indicate that the definition is provided in these instructions.
Specific instructions
Reporting basis
Information in this Reporting Standard is to be completed by private health insurers for each reporting period on a private health insurer basis.
Units of measurement
Report values in this Reporting Standard in whole Australian dollars (AUD).
Please disclose non-distinct investment components in Reporting Standard HRS 320.0 Liability Roll Forwards at:
Part A: Liability Roll Forward 1, item 12: ‘Investment components and premium refunds’, item 18: ‘Claims and other expenses paid, including investment components’; and
Part B: Liability Roll Forward 1, item 9: ‘Investment components and premium refunds’
as applicable (refer to AASB 17 paragraphs 103(c)) and 105(a)(iii)).
Convert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.
APRA product groups
The APRA product groups health insurance business (HIB) and health-related business (HRB) that apply for the reporting purpose are defined in HPS 001. Health benefits fund (HBF) and general fund are also defined in HPS 001.
Direct business is any insurance business written / insurance contracts issued by the reporting insurer.
Inwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.
Each item reported under this Reporting Standard aligns with AASB Standards. The applicable AASB references are specified with each item.
Columns for private health insurers
Column 1
Report the amount for the HBF by HIB.This column does not apply to items 8 – 44 inclusive.
Column 2
Report the amount for the HBF by HRB.This column does not apply to items 8 – 44 inclusive.
Column 3
Items 1 to 7 inclusive:Column 3 is a derived column for Items 1 to 7 inclusive, and is calculated as the sum of column 1 and column 2.Items 8 to 44 inclusive:Report the amount for the HBF for items 8 to 44 inclusive (excluding the derived items).
Column 4
Report the amount for the general fund (GF).Report nil amounts if the private health insurer (PHI) does not have a GF.
Column 5
Column 5, PHI, is a derived column and is calculated as the sum of column 3 and column 4.
Insurance revenue
Item 1
Item 1, total 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.
Item 1.1
Item 1.1, insurance revenue from direct business, is a derived item and is calculated as the sum of items 1.1.1 to 1.1.3 inclusive.
Item 1.1.1
Column 1, Column 2 and Column 4:Report insurance revenue from direct business for contracts that existed at the transition date to which the entity has applied the modified retrospective approach.Column 3:Item 1.1.1 is a derived item and is calculated as the sum of column 1 and column 2.
Item 1.1.2
Column 1, Column 2 and Column 4:Report insurance revenue from direct business for contracts that existed at the transition date to which the entity has applied the fair value approach.Column 3:Item 1.1.2 is a derived item and is calculated as the sum of column 1 and column 2.
Item 1.1.3
Column 1, Column 2 and Column 4:Report insurance revenue from direct business for all other contracts.Column 3:Item 1.1.3 is a derived item and is calculated as the sum of column 1 and column 2.
Item 1.2
Item 1.2 insurance revenue from inwards reinsurance business is a derived item and is calculated as the sum of items 1.2.1 to 1.2.3 inclusive.
Item 1.2.1
Column 1, Column 2 and Column 4:Report insurance revenue from inwards reinsurance business for contracts that existed at the transition date to which the entity has applied the modified retrospective approach.Column 3:Item 1.2.1 is a derived item and is calculated as the sum of column 1 and column 2.
Item 1.2.2
Column 1, Column 2 and Column 4:Report insurance revenue from inwards reinsurance business for contracts that existed at the transition date to which the entity has applied the fair value approach.Column 3:Item 1.2.2 is a derived item and is calculated as the sum of column 1 and column 2.
Item 1.2.3
Column 1, Column 2 and Column 4:Report insurance revenue from inwards reinsurance business for all other contracts.Column 3:Item 1.2.3 is a derived item and is calculated as the sum of column 1 and column 2.
Insurance service expense
Item 2
Item 2, total 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.
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.
Item 2.1.1
Column 1, Column 2 and Column 4:Report incurred claims from direct business. The amount reported at this item is net of Risk Equalisation Special Account (RESA) recoveries/payments.Column 3:Item 2.1.1 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.1.2
Column 1, Column 2 and Column 4: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.Column 3:Item 2.1.2 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.1.3
Column 1, Column 2 and Column 4:Report amortisation of insurance acquisition cash flows from direct business.Column 3:Item 2.1.3 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.1.4
Column 1, Column 2 and Column 4:Report losses and reversal of losses on onerous contracts from direct business.Report this item in accordance with AASB 17.47-52.Column 3:Item 2.1.4 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.1.5
Column 1, Column 2 and Column 4: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.Column 3:Item 2.1.5 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.1.6
Column 1, Column 2 and Column 4: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.Column 3:Item 2.1.6 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.2
Item 2.2, insurance service expenses from inwards reinsurance, is a derived item and is calculated as the sum of items 2.2.1 to 2.2.6 inclusive.
Item 2.2.1
Column 1, Column 2 and Column 4:Report incurred claims from inwards reinsurance.Column 3:Item 2.2.1 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.2.2
Column 1, Column 2 and Column 4: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.Column 3:Item 2.2.2 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.2.3
Column 1, Column 2 and Column 4:Report amortisation of insurance acquisition cash flows from inwards reinsurance.Column 3:Item 2.2.3 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.2.4
Column 1, Column 2 and Column 4:Report losses and reversal of losses on onerous contracts from inwards reinsurance.Report this item in accordance with AASB 17.47-52.Column 3:Item 2.2.4 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.2.5
Column 1, Column 2 and Column 4: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.Column 3:Item 2.2.5 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.2.6
Column 1, Column 2 and Column 4: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.Column 3:Item 2.2.6 is a derived item and is calculated as the sum of column 1 and column 2.
Insurance service result before reinsurance contracts held
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.
Allocation of reinsurance premiums
Item 4
Column 1, Column 2 and Column 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.Column 3:Item 4 is a derived item and is calculated as the sum of column 1 and column 2.
Amounts recoverable from reinsurers
Item 5
Column 1, Column 2 and Column 4: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 HRS 320.0 Liability Roll Forwards, at Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (HRS 320.0, Part B RF1).Column 3:Item 5 is a derived item and is calculated as the sum of column 1 and column 2.
Net expense from reinsurance contracts held
Item 6
Item 6, net expense from reinsurance contracts held, 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.
Insurance service result
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).
Interest revenue calculated using the effective interest method
Item 8
Report interest revenue calculated using the effective interest method.Report this item in accordance with AASB 101.82 (a) (i) and AASB 9 Appendix A.This item only needs to be reported in Column 3 and Column 4.
Other interest and similar income
Item 9
Report other interest and similar income. Include income that is not reported at item 8 and items 10 to 16.This item only needs to be reported in Column 3 and Column 4.
Net gains/losses on financial assets at fair value through profit or loss
Item 10
Report net gains/losses on financial assets at fair value through profit or loss.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (i).This item only needs to be reported in Column 3 and Column 4.
Net gains/losses on derecognition of financial assets measured at fair value through other comprehensive income
Item 11
Report net gains or losses on derecognition of financial assets measured at fair value through other comprehensive income.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (viii).This item only needs to be reported in Column 3 and Column 4.
Net gains/(losses) on derecognition of financial assets measured at amortised cost
Item 12
Report net gains/(losses) on derecognition of financial assets measured at amortised cost.Report this item in accordance with AASB 132.11 and AASB 101.82 (aa).This item only needs to be reported in Column 3 and Column 4.
Impairment loss on financial assets
Item 13
Report impairment loss on financial assets.Report this item in accordance with AASB 9 Appendix A, AASB 132.11 and AASB 101.82 (ba).This item only needs to be reported in Column 3 and Column 4.
Net gains from fair value adjustments to investment properties
Item 14
Report net gains from fair value adjustments to investment properties.Report this item in accordance with AASB 140.5 and AASB 140.76 (d).This item only needs to be reported in Column 3 and Column 4.
Net foreign exchange income / expense
Item 15
Report net foreign exchange income or expense.Report this item in accordance with AASB 121.52 (a) Common practice.This item only needs to be reported in Column 3 and Column 4.
Total investment result
Item 16
Item 16, total investment result, is a derived item and is calculated as the sum of items 8 to 15 inclusive.
Insurance finance expenses for insurance contracts issued
Item 17
Report insurance finance expenses for insurance contracts issued. This item can be a net income or net expense.Report this item in accordance with AASB 17.87 and AASB 17 Appendix A.This item only needs to be reported in Column 3 and Column 4.
Reinsurance finance income for reinsurance contracts held
Item 18
Report reinsurance finance income for reinsurance contracts held. This item can be a net income or net expense.Report this item in accordance with AASB 17.82 and AASB 17 Appendix A.Insurers shall disclose the Effect of changes in non-performance risk of reinsurers as reported in HRS 320.0 Part B RF1, item 14 at this line item.This item only needs to be reported in Column 3 and Column 4.
Net insurance financial result through profit or loss
Item 19
Item 19 is a derived item and is calculated as the sum of item 17 and item 18. This item can be a net income or net expense.
Asset management services revenue
Item 20
Report asset management services revenue. This includes revenue from investment management services accounted for in accordance with AASB 15.Report this item in accordance with AASB 15.113 (a) Disclosure and AASB 15.114 Disclosure.This item only needs to be reported in Column 3 and Column 4.
Share of profit/loss of associates and joint ventures accounted for using the equity method
Item 21
Report the share of profit or loss of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82 (c) and AASB 128.3.This item only needs to be reported in Column 3 and Column 4.
Profit/loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations
Item 22
Report the profit or loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations.This item only needs to be reported in Column 3 and Column 4.
Impairment loss for goodwill
Item 23
Report impairment loss for goodwill.Report this item in accordance with AASB 138.8, AASB 3 Appendix A and AASB 3.B67 (d).This item only needs to be reported in Column 3 and Column 4.
Other income
Item 24
Report other income that is not reported elsewhere in the Reporting Standard; including income from contracts outside the scope of AASB 17 (including AASB 15 Revenue from Contracts with Customers) under this item. Revenue from investment management services is to be reported at item 21.This item only needs to be reported in Column 3 and Column 4.
Other finance costs
Item 25
Report other finance costs.Report this item in accordance with AASB 101.82 (b) and includes the interest expense on lease liabilities (based on AASB 16.49 and AASB 16.53 (b)).This item only needs to be reported in Column 3 and Column 4.
Other expenses
Item 26
Report other expenses. Additionally, include expenses from contracts outside the scope of AASB 17 under this item.This item only needs to be reported in Column 3 and Column 4.
Profit/loss from continuing operations before tax
Item 27
Item 27 is a derived item and is calculated as the sum of items 7, 16, and items 19 to 26 inclusive.Report this item in accordance with AASB 101.81A (a) Disclosure.
Income tax expense from continuing operations
Item 28
Report income tax expense from continuing operations.Report this item in accordance with AASB 101.82 (d) and AASB 112.77.This item only needs to be reported in Column 3 and Column 4.
Profit/loss for the year from continuing operations after income tax
Item 29
Item 29 profit/loss for the year from continuing operations after income tax is a derived item and is calculated as the sum of item 27 and item 28.Report this item in accordance with AASB 101.81A.
Profit/loss from discontinued operations after income tax
Item 30
Report profit or loss from discontinued operations after income tax.Report this item in accordance with AASB 101.82 (ea).This item only needs to be reported in Column 3 and Column 4.
Profit (loss) after income tax attributable to members of the company
Item 31
Item 31 profit (loss) after income tax attributable to members of the company is a derived item and is calculated as the sum of item 29 and item 30.Report this item in accordance with AASB 101.81B (a) (ii).
Other comprehensive income
Items that may be reclassified to profit or loss in subsequent periods
Report this item in accordance with AASB 101.82A (a) (ii).
Change in fair value of financial assets at fair value through other comprehensive income
Item 32
Report change in fair value of financial assets at fair value through other comprehensive income.This item only needs to be reported in Column 3 and Column 4.Report this item in accordance with AASB 13 Appendix A, AASB 132.11 and AASB 7.20 (a) (viii).
Amount reclassified to profit or loss
Item 33
Report amount reclassified to profit or loss.Report this item in accordance with AASB 7.20 (a) (viii).This item only needs to be reported in Column 3 and Column 4.
Insurance finance expenses for insurance contracts issued
Item 34
Report insurance finance expenses for insurance contracts issued. This item can be a net income or net expense.Report this item in accordance with AASB 17.90 and AASB 17 Appendix A.This item only needs to be reported in Column 3 and Column 4.
Reinsurance finance income for reinsurance contracts held
Item 35
Report reinsurance finance income for reinsurance contracts held. This item can be a net income or net expense.Report this item in accordance with AASB 17.82, AASB 17.90 and AASB 17 Appendix A.This item only needs to be reported in Column 3 and Column 4.
Net insurance financial result through other comprehensive income
Item 36
Item 36 is a derived item and is calculated as the sum of item 34 and item 35. This item can be a net income or net expense.
Share of other comprehensive income of associates and joint ventures accounted for using the equity method
Item 37
Report the share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (ii).This item only needs to be reported in Column 3 and Column 4.
Income tax relating to items that will be reclassified
Item 38
Report income tax relating to items that will be reclassified.Report this item in accordance with AASB 101.91.This item only needs to be reported in Column 3 and Column 4.
Items that will not be reclassified to profit or loss
Report this item in accordance with AASB 101.82A (a) (i).
Revaluation of land and buildings
Item 39
Report revaluation of land and buildings.Report this item in accordance with AASB 116.39.This item only needs to be reported in Column 3 and Column 4.
Share of other comprehensive income of associates and joint ventures accounted for using the equity method
Item 40
Report share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (i) and AASB 128.3.This item only needs to be reported in Column 3 and Column 4.
Remeasurements of post-employment benefit obligations, before tax
Item 41
Report remeasurements of post-employment benefit obligations, before tax.Report this item in accordance with AASB 119.120 (c).This item only needs to be reported in Column 3 and Column 4.
Income tax relating to items that will not be reclassified
Item 42
Report income tax relating to items that will not be reclassified.Report this item in accordance with AASB 101.91.This item only needs to be reported in Column 3 and Column 4.
Total other comprehensive income
Item 43
Item 43 total other comprehensive income is a derived item and is calculated as the sum of item 32, 33, and items 36 to 42 inclusive.Report this item in accordance with AASB 101.81A (b).
Total comprehensive income
Item 44
Item 44 total comprehensive income is a derived item and is calculated as the sum of item 31 and item 43.Report this item in accordance with AASB 101.81A (c).
Reporting basis
Reporting basis
Reporting basis
Information in this Reporting Standard is to be completed by private health insurers for each reporting period on a private health insurer basis.
Units of measurement
Units of measurement
Units of measurement
Report values in this Reporting Standard in whole Australian dollars (AUD).
Please disclose non-distinct investment components in Reporting Standard HRS 320.0 Liability Roll Forwards at:
Part A: Liability Roll Forward 1, item 12: ‘Investment components and premium refunds’, item 18: ‘Claims and other expenses paid, including investment components’; and
Part B: Liability Roll Forward 1, item 9: ‘Investment components and premium refunds’
as applicable (refer to AASB 17 paragraphs 103(c)) and 105(a)(iii)).
Convert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.
APRA product groups
APRA product groups
APRA product groups
The APRA product groups health insurance business (HIB) and health-related business (HRB) that apply for the reporting purpose are defined in HPS 001. Health benefits fund (HBF) and general fund are also defined in HPS 001.
Direct business is any insurance business written / insurance contracts issued by the reporting insurer.
Inwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.
Each item reported under this Reporting Standard aligns with AASB Standards. The applicable AASB references are specified with each item.
Columns for private health insurers
Columns for private health insurers
Columns for private health insurers
Column 1
Report the amount for the HBF by HIB.This column does not apply to items 8 – 44 inclusive.
Column 2
Report the amount for the HBF by HRB.This column does not apply to items 8 – 44 inclusive.
Column 3
Items 1 to 7 inclusive:Column 3 is a derived column for Items 1 to 7 inclusive, and is calculated as the sum of column 1 and column 2.Items 8 to 44 inclusive:Report the amount for the HBF for items 8 to 44 inclusive (excluding the derived items).
Column 4
Report the amount for the general fund (GF).Report nil amounts if the private health insurer (PHI) does not have a GF.
Column 5
Column 5, PHI, is a derived column and is calculated as the sum of column 3 and column 4.
Insurance revenue
Item 1
Item 1, total 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.
Item 1.1
Item 1.1, insurance revenue from direct business, is a derived item and is calculated as the sum of items 1.1.1 to 1.1.3 inclusive.
Item 1.1.1
Column 1, Column 2 and Column 4:Report insurance revenue from direct business for contracts that existed at the transition date to which the entity has applied the modified retrospective approach.Column 3:Item 1.1.1 is a derived item and is calculated as the sum of column 1 and column 2.
Item 1.1.2
Column 1, Column 2 and Column 4:Report insurance revenue from direct business for contracts that existed at the transition date to which the entity has applied the fair value approach.Column 3:Item 1.1.2 is a derived item and is calculated as the sum of column 1 and column 2.
Item 1.1.3
Column 1, Column 2 and Column 4:Report insurance revenue from direct business for all other contracts.Column 3:Item 1.1.3 is a derived item and is calculated as the sum of column 1 and column 2.
Item 1.2
Item 1.2 insurance revenue from inwards reinsurance business is a derived item and is calculated as the sum of items 1.2.1 to 1.2.3 inclusive.
Item 1.2.1
Column 1, Column 2 and Column 4:Report insurance revenue from inwards reinsurance business for contracts that existed at the transition date to which the entity has applied the modified retrospective approach.Column 3:Item 1.2.1 is a derived item and is calculated as the sum of column 1 and column 2.
Item 1.2.2
Column 1, Column 2 and Column 4:Report insurance revenue from inwards reinsurance business for contracts that existed at the transition date to which the entity has applied the fair value approach.Column 3:Item 1.2.2 is a derived item and is calculated as the sum of column 1 and column 2.
Item 1.2.3
Column 1, Column 2 and Column 4:Report insurance revenue from inwards reinsurance business for all other contracts.Column 3:Item 1.2.3 is a derived item and is calculated as the sum of column 1 and column 2.
Insurance service expense
Item 2
Item 2, total 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.
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.
Item 2.1.1
Column 1, Column 2 and Column 4:Report incurred claims from direct business. The amount reported at this item is net of Risk Equalisation Special Account (RESA) recoveries/payments.Column 3:Item 2.1.1 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.1.2
Column 1, Column 2 and Column 4: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.Column 3:Item 2.1.2 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.1.3
Column 1, Column 2 and Column 4:Report amortisation of insurance acquisition cash flows from direct business.Column 3:Item 2.1.3 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.1.4
Column 1, Column 2 and Column 4:Report losses and reversal of losses on onerous contracts from direct business.Report this item in accordance with AASB 17.47-52.Column 3:Item 2.1.4 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.1.5
Column 1, Column 2 and Column 4: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.Column 3:Item 2.1.5 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.1.6
Column 1, Column 2 and Column 4: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.Column 3:Item 2.1.6 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.2
Item 2.2, insurance service expenses from inwards reinsurance, is a derived item and is calculated as the sum of items 2.2.1 to 2.2.6 inclusive.
Item 2.2.1
Column 1, Column 2 and Column 4:Report incurred claims from inwards reinsurance.Column 3:Item 2.2.1 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.2.2
Column 1, Column 2 and Column 4: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.Column 3:Item 2.2.2 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.2.3
Column 1, Column 2 and Column 4:Report amortisation of insurance acquisition cash flows from inwards reinsurance.Column 3:Item 2.2.3 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.2.4
Column 1, Column 2 and Column 4:Report losses and reversal of losses on onerous contracts from inwards reinsurance.Report this item in accordance with AASB 17.47-52.Column 3:Item 2.2.4 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.2.5
Column 1, Column 2 and Column 4: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.Column 3:Item 2.2.5 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.2.6
Column 1, Column 2 and Column 4: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.Column 3:Item 2.2.6 is a derived item and is calculated as the sum of column 1 and column 2.
Insurance service result before reinsurance contracts held
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.
Allocation of reinsurance premiums
Item 4
Column 1, Column 2 and Column 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.Column 3:Item 4 is a derived item and is calculated as the sum of column 1 and column 2.
Amounts recoverable from reinsurers
Item 5
Column 1, Column 2 and Column 4: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 HRS 320.0 Liability Roll Forwards, at Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (HRS 320.0, Part B RF1).Column 3:Item 5 is a derived item and is calculated as the sum of column 1 and column 2.
Net expense from reinsurance contracts held
Item 6
Item 6, net expense from reinsurance contracts held, 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.
Insurance service result
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).
Interest revenue calculated using the effective interest method
Item 8
Report interest revenue calculated using the effective interest method.Report this item in accordance with AASB 101.82 (a) (i) and AASB 9 Appendix A.This item only needs to be reported in Column 3 and Column 4.
Other interest and similar income
Item 9
Report other interest and similar income. Include income that is not reported at item 8 and items 10 to 16.This item only needs to be reported in Column 3 and Column 4.
Net gains/losses on financial assets at fair value through profit or loss
Item 10
Report net gains/losses on financial assets at fair value through profit or loss.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (i).This item only needs to be reported in Column 3 and Column 4.
Net gains/losses on derecognition of financial assets measured at fair value through other comprehensive income
Item 11
Report net gains or losses on derecognition of financial assets measured at fair value through other comprehensive income.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (viii).This item only needs to be reported in Column 3 and Column 4.
Net gains/(losses) on derecognition of financial assets measured at amortised cost
Item 12
Report net gains/(losses) on derecognition of financial assets measured at amortised cost.Report this item in accordance with AASB 132.11 and AASB 101.82 (aa).This item only needs to be reported in Column 3 and Column 4.
Impairment loss on financial assets
Item 13
Report impairment loss on financial assets.Report this item in accordance with AASB 9 Appendix A, AASB 132.11 and AASB 101.82 (ba).This item only needs to be reported in Column 3 and Column 4.
Net gains from fair value adjustments to investment properties
Item 14
Report net gains from fair value adjustments to investment properties.Report this item in accordance with AASB 140.5 and AASB 140.76 (d).This item only needs to be reported in Column 3 and Column 4.
Net foreign exchange income / expense
Item 15
Report net foreign exchange income or expense.Report this item in accordance with AASB 121.52 (a) Common practice.This item only needs to be reported in Column 3 and Column 4.
Total investment result
Item 16
Item 16, total investment result, is a derived item and is calculated as the sum of items 8 to 15 inclusive.
Insurance finance expenses for insurance contracts issued
Item 17
Report insurance finance expenses for insurance contracts issued. This item can be a net income or net expense.Report this item in accordance with AASB 17.87 and AASB 17 Appendix A.This item only needs to be reported in Column 3 and Column 4.
Reinsurance finance income for reinsurance contracts held
Item 18
Report reinsurance finance income for reinsurance contracts held. This item can be a net income or net expense.Report this item in accordance with AASB 17.82 and AASB 17 Appendix A.Insurers shall disclose the Effect of changes in non-performance risk of reinsurers as reported in HRS 320.0 Part B RF1, item 14 at this line item.This item only needs to be reported in Column 3 and Column 4.
Net insurance financial result through profit or loss
Item 19
Item 19 is a derived item and is calculated as the sum of item 17 and item 18. This item can be a net income or net expense.
Asset management services revenue
Item 20
Report asset management services revenue. This includes revenue from investment management services accounted for in accordance with AASB 15.Report this item in accordance with AASB 15.113 (a) Disclosure and AASB 15.114 Disclosure.This item only needs to be reported in Column 3 and Column 4.
Share of profit/loss of associates and joint ventures accounted for using the equity method
Item 21
Report the share of profit or loss of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82 (c) and AASB 128.3.This item only needs to be reported in Column 3 and Column 4.
Profit/loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations
Item 22
Report the profit or loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations.This item only needs to be reported in Column 3 and Column 4.
Impairment loss for goodwill
Item 23
Report impairment loss for goodwill.Report this item in accordance with AASB 138.8, AASB 3 Appendix A and AASB 3.B67 (d).This item only needs to be reported in Column 3 and Column 4.
Other income
Item 24
Report other income that is not reported elsewhere in the Reporting Standard; including income from contracts outside the scope of AASB 17 (including AASB 15 Revenue from Contracts with Customers) under this item. Revenue from investment management services is to be reported at item 21.This item only needs to be reported in Column 3 and Column 4.
Other finance costs
Item 25
Report other finance costs.Report this item in accordance with AASB 101.82 (b) and includes the interest expense on lease liabilities (based on AASB 16.49 and AASB 16.53 (b)).This item only needs to be reported in Column 3 and Column 4.
Other expenses
Item 26
Report other expenses. Additionally, include expenses from contracts outside the scope of AASB 17 under this item.This item only needs to be reported in Column 3 and Column 4.
Profit/loss from continuing operations before tax
Item 27
Item 27 is a derived item and is calculated as the sum of items 7, 16, and items 19 to 26 inclusive.Report this item in accordance with AASB 101.81A (a) Disclosure.
Income tax expense from continuing operations
Item 28
Report income tax expense from continuing operations.Report this item in accordance with AASB 101.82 (d) and AASB 112.77.This item only needs to be reported in Column 3 and Column 4.
Profit/loss for the year from continuing operations after income tax
Item 29
Item 29 profit/loss for the year from continuing operations after income tax is a derived item and is calculated as the sum of item 27 and item 28.Report this item in accordance with AASB 101.81A.
Profit/loss from discontinued operations after income tax
Item 30
Report profit or loss from discontinued operations after income tax.Report this item in accordance with AASB 101.82 (ea).This item only needs to be reported in Column 3 and Column 4.
Profit (loss) after income tax attributable to members of the company
Item 31
Item 31 profit (loss) after income tax attributable to members of the company is a derived item and is calculated as the sum of item 29 and item 30.Report this item in accordance with AASB 101.81B (a) (ii).
Other comprehensive income
Other comprehensive income
Reporting Standard HRS 310.0
Statement of profit or loss and other comprehensive income
General instructions
These instructions assist completion of Reporting Standard HRS 310.0 Statement of Profit or Loss and Other Comprehensive Income, which collects information relating to the licensed insurer’s profit or loss and other comprehensive income.
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.
General accounting basis
Unless otherwise specifically stated, reporting insurers are to report in accordance with the relevant Australian Accounting Standards.
References to Australian Accounting Standards
Each 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.
IFRS taxonomy element reference
Each 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) 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:
(a) disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;
(b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and
(c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements. They are 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.
Definitions
Terms highlighted in bold italics indicate that the definition is provided in these instructions.
Specific instructions
Reporting basis
Information in this Reporting Standard is to be completed by private health insurers for each reporting period on a private health insurer basis.
Units of measurement
Report values in this Reporting Standard in whole Australian dollars (AUD).
Please disclose non-distinct investment components in Reporting Standard HRS 320.0 Liability Roll Forwards at:
Part A: Liability Roll Forward 1, item 12: ‘Investment components and premium refunds’, item 18: ‘Claims and other expenses paid, including investment components’; and
Part B: Liability Roll Forward 1, item 9: ‘Investment components and premium refunds’
as applicable (refer to AASB 17 paragraphs 103(c)) and 105(a)(iii)).
Convert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.
APRA product groups
The APRA product groups health insurance business (HIB) and health-related business (HRB) that apply for the reporting purpose are defined in HPS 001. Health benefits fund (HBF) and general fund are also defined in HPS 001.
Direct business is any insurance business written / insurance contracts issued by the reporting insurer.
Inwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.
Each item reported under this Reporting Standard aligns with AASB Standards. The applicable AASB references are specified with each item.
Columns for private health insurers
Column 1
Report the amount for the HBF by HIB.This column does not apply to items 8 – 44 inclusive.
Column 2
Report the amount for the HBF by HRB.This column does not apply to items 8 – 44 inclusive.
Column 3
Items 1 to 7 inclusive:Column 3 is a derived column for Items 1 to 7 inclusive, and is calculated as the sum of column 1 and column 2.Items 8 to 44 inclusive:Report the amount for the HBF for items 8 to 44 inclusive (excluding the derived items).
Column 4
Report the amount for the general fund (GF).Report nil amounts if the private health insurer (PHI) does not have a GF.
Column 5
Column 5, PHI, is a derived column and is calculated as the sum of column 3 and column 4.
Insurance revenue
Item 1
Item 1, total 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.
Item 1.1
Item 1.1, insurance revenue from direct business, is a derived item and is calculated as the sum of items 1.1.1 to 1.1.3 inclusive.
Item 1.1.1
Column 1, Column 2 and Column 4:Report insurance revenue from direct business for contracts that existed at the transition date to which the entity has applied the modified retrospective approach.Column 3:Item 1.1.1 is a derived item and is calculated as the sum of column 1 and column 2.
Item 1.1.2
Column 1, Column 2 and Column 4:Report insurance revenue from direct business for contracts that existed at the transition date to which the entity has applied the fair value approach.Column 3:Item 1.1.2 is a derived item and is calculated as the sum of column 1 and column 2.
Item 1.1.3
Column 1, Column 2 and Column 4:Report insurance revenue from direct business for all other contracts.Column 3:Item 1.1.3 is a derived item and is calculated as the sum of column 1 and column 2.
Item 1.2
Item 1.2 insurance revenue from inwards reinsurance business is a derived item and is calculated as the sum of items 1.2.1 to 1.2.3 inclusive.
Item 1.2.1
Column 1, Column 2 and Column 4:Report insurance revenue from inwards reinsurance business for contracts that existed at the transition date to which the entity has applied the modified retrospective approach.Column 3:Item 1.2.1 is a derived item and is calculated as the sum of column 1 and column 2.
Item 1.2.2
Column 1, Column 2 and Column 4:Report insurance revenue from inwards reinsurance business for contracts that existed at the transition date to which the entity has applied the fair value approach.Column 3:Item 1.2.2 is a derived item and is calculated as the sum of column 1 and column 2.
Item 1.2.3
Column 1, Column 2 and Column 4:Report insurance revenue from inwards reinsurance business for all other contracts.Column 3:Item 1.2.3 is a derived item and is calculated as the sum of column 1 and column 2.
Insurance service expense
Item 2
Item 2, total 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.
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.
Item 2.1.1
Column 1, Column 2 and Column 4:Report incurred claims from direct business. The amount reported at this item is net of Risk Equalisation Special Account (RESA) recoveries/payments.Column 3:Item 2.1.1 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.1.2
Column 1, Column 2 and Column 4: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.Column 3:Item 2.1.2 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.1.3
Column 1, Column 2 and Column 4:Report amortisation of insurance acquisition cash flows from direct business.Column 3:Item 2.1.3 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.1.4
Column 1, Column 2 and Column 4:Report losses and reversal of losses on onerous contracts from direct business.Report this item in accordance with AASB 17.47-52.Column 3:Item 2.1.4 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.1.5
Column 1, Column 2 and Column 4: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.Column 3:Item 2.1.5 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.1.6
Column 1, Column 2 and Column 4: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.Column 3:Item 2.1.6 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.2
Item 2.2, insurance service expenses from inwards reinsurance, is a derived item and is calculated as the sum of items 2.2.1 to 2.2.6 inclusive.
Item 2.2.1
Column 1, Column 2 and Column 4:Report incurred claims from inwards reinsurance.Column 3:Item 2.2.1 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.2.2
Column 1, Column 2 and Column 4: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.Column 3:Item 2.2.2 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.2.3
Column 1, Column 2 and Column 4:Report amortisation of insurance acquisition cash flows from inwards reinsurance.Column 3:Item 2.2.3 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.2.4
Column 1, Column 2 and Column 4:Report losses and reversal of losses on onerous contracts from inwards reinsurance.Report this item in accordance with AASB 17.47-52.Column 3:Item 2.2.4 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.2.5
Column 1, Column 2 and Column 4: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.Column 3:Item 2.2.5 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.2.6
Column 1, Column 2 and Column 4: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.Column 3:Item 2.2.6 is a derived item and is calculated as the sum of column 1 and column 2.
Insurance service result before reinsurance contracts held
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.
Allocation of reinsurance premiums
Item 4
Column 1, Column 2 and Column 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.Column 3:Item 4 is a derived item and is calculated as the sum of column 1 and column 2.
Amounts recoverable from reinsurers
Item 5
Column 1, Column 2 and Column 4: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 HRS 320.0 Liability Roll Forwards, at Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (HRS 320.0, Part B RF1).Column 3:Item 5 is a derived item and is calculated as the sum of column 1 and column 2.
Net expense from reinsurance contracts held
Item 6
Item 6, net expense from reinsurance contracts held, 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.
Insurance service result
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).
Interest revenue calculated using the effective interest method
Item 8
Report interest revenue calculated using the effective interest method.Report this item in accordance with AASB 101.82 (a) (i) and AASB 9 Appendix A.This item only needs to be reported in Column 3 and Column 4.
Other interest and similar income
Item 9
Report other interest and similar income. Include income that is not reported at item 8 and items 10 to 16.This item only needs to be reported in Column 3 and Column 4.
Net gains/losses on financial assets at fair value through profit or loss
Item 10
Report net gains/losses on financial assets at fair value through profit or loss.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (i).This item only needs to be reported in Column 3 and Column 4.
Net gains/losses on derecognition of financial assets measured at fair value through other comprehensive income
Item 11
Report net gains or losses on derecognition of financial assets measured at fair value through other comprehensive income.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (viii).This item only needs to be reported in Column 3 and Column 4.
Net gains/(losses) on derecognition of financial assets measured at amortised cost
Item 12
Report net gains/(losses) on derecognition of financial assets measured at amortised cost.Report this item in accordance with AASB 132.11 and AASB 101.82 (aa).This item only needs to be reported in Column 3 and Column 4.
Impairment loss on financial assets
Item 13
Report impairment loss on financial assets.Report this item in accordance with AASB 9 Appendix A, AASB 132.11 and AASB 101.82 (ba).This item only needs to be reported in Column 3 and Column 4.
Net gains from fair value adjustments to investment properties
Item 14
Report net gains from fair value adjustments to investment properties.Report this item in accordance with AASB 140.5 and AASB 140.76 (d).This item only needs to be reported in Column 3 and Column 4.
Net foreign exchange income / expense
Item 15
Report net foreign exchange income or expense.Report this item in accordance with AASB 121.52 (a) Common practice.This item only needs to be reported in Column 3 and Column 4.
Total investment result
Item 16
Item 16, total investment result, is a derived item and is calculated as the sum of items 8 to 15 inclusive.
Insurance finance expenses for insurance contracts issued
Item 17
Report insurance finance expenses for insurance contracts issued. This item can be a net income or net expense.Report this item in accordance with AASB 17.87 and AASB 17 Appendix A.This item only needs to be reported in Column 3 and Column 4.
Reinsurance finance income for reinsurance contracts held
Item 18
Report reinsurance finance income for reinsurance contracts held. This item can be a net income or net expense.Report this item in accordance with AASB 17.82 and AASB 17 Appendix A.Insurers shall disclose the Effect of changes in non-performance risk of reinsurers as reported in HRS 320.0 Part B RF1, item 14 at this line item.This item only needs to be reported in Column 3 and Column 4.
Net insurance financial result through profit or loss
Item 19
Item 19 is a derived item and is calculated as the sum of item 17 and item 18. This item can be a net income or net expense.
Asset management services revenue
Item 20
Report asset management services revenue. This includes revenue from investment management services accounted for in accordance with AASB 15.Report this item in accordance with AASB 15.113 (a) Disclosure and AASB 15.114 Disclosure.This item only needs to be reported in Column 3 and Column 4.
Share of profit/loss of associates and joint ventures accounted for using the equity method
Item 21
Report the share of profit or loss of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82 (c) and AASB 128.3.This item only needs to be reported in Column 3 and Column 4.
Profit/loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations
Item 22
Report the profit or loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations.This item only needs to be reported in Column 3 and Column 4.
Impairment loss for goodwill
Item 23
Report impairment loss for goodwill.Report this item in accordance with AASB 138.8, AASB 3 Appendix A and AASB 3.B67 (d).This item only needs to be reported in Column 3 and Column 4.
Other income
Item 24
Report other income that is not reported elsewhere in the Reporting Standard; including income from contracts outside the scope of AASB 17 (including AASB 15 Revenue from Contracts with Customers) under this item. Revenue from investment management services is to be reported at item 21.This item only needs to be reported in Column 3 and Column 4.
Other finance costs
Item 25
Report other finance costs.Report this item in accordance with AASB 101.82 (b) and includes the interest expense on lease liabilities (based on AASB 16.49 and AASB 16.53 (b)).This item only needs to be reported in Column 3 and Column 4.
Other expenses
Item 26
Report other expenses. Additionally, include expenses from contracts outside the scope of AASB 17 under this item.This item only needs to be reported in Column 3 and Column 4.
Profit/loss from continuing operations before tax
Item 27
Item 27 is a derived item and is calculated as the sum of items 7, 16, and items 19 to 26 inclusive.Report this item in accordance with AASB 101.81A (a) Disclosure.
Income tax expense from continuing operations
Item 28
Report income tax expense from continuing operations.Report this item in accordance with AASB 101.82 (d) and AASB 112.77.This item only needs to be reported in Column 3 and Column 4.
Profit/loss for the year from continuing operations after income tax
Item 29
Item 29 profit/loss for the year from continuing operations after income tax is a derived item and is calculated as the sum of item 27 and item 28.Report this item in accordance with AASB 101.81A.
Profit/loss from discontinued operations after income tax
Item 30
Report profit or loss from discontinued operations after income tax.Report this item in accordance with AASB 101.82 (ea).This item only needs to be reported in Column 3 and Column 4.
Profit (loss) after income tax attributable to members of the company
Item 31
Item 31 profit (loss) after income tax attributable to members of the company is a derived item and is calculated as the sum of item 29 and item 30.Report this item in accordance with AASB 101.81B (a) (ii).
Other comprehensive income
Items that may be reclassified to profit or loss in subsequent periods
Report this item in accordance with AASB 101.82A (a) (ii).
Change in fair value of financial assets at fair value through other comprehensive income
Item 32
Report change in fair value of financial assets at fair value through other comprehensive income.This item only needs to be reported in Column 3 and Column 4.Report this item in accordance with AASB 13 Appendix A, AASB 132.11 and AASB 7.20 (a) (viii).
Amount reclassified to profit or loss
Item 33
Report amount reclassified to profit or loss.Report this item in accordance with AASB 7.20 (a) (viii).This item only needs to be reported in Column 3 and Column 4.
Insurance finance expenses for insurance contracts issued
Item 34
Report insurance finance expenses for insurance contracts issued. This item can be a net income or net expense.Report this item in accordance with AASB 17.90 and AASB 17 Appendix A.This item only needs to be reported in Column 3 and Column 4.
Reinsurance finance income for reinsurance contracts held
Item 35
Report reinsurance finance income for reinsurance contracts held. This item can be a net income or net expense.Report this item in accordance with AASB 17.82, AASB 17.90 and AASB 17 Appendix A.This item only needs to be reported in Column 3 and Column 4.
Net insurance financial result through other comprehensive income
Item 36
Item 36 is a derived item and is calculated as the sum of item 34 and item 35. This item can be a net income or net expense.
Share of other comprehensive income of associates and joint ventures accounted for using the equity method
Item 37
Report the share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (ii).This item only needs to be reported in Column 3 and Column 4.
Income tax relating to items that will be reclassified
Item 38
Report income tax relating to items that will be reclassified.Report this item in accordance with AASB 101.91.This item only needs to be reported in Column 3 and Column 4.
Items that will not be reclassified to profit or loss
Report this item in accordance with AASB 101.82A (a) (i).
Revaluation of land and buildings
Item 39
Report revaluation of land and buildings.Report this item in accordance with AASB 116.39.This item only needs to be reported in Column 3 and Column 4.
Share of other comprehensive income of associates and joint ventures accounted for using the equity method
Item 40
Report share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (i) and AASB 128.3.This item only needs to be reported in Column 3 and Column 4.
Remeasurements of post-employment benefit obligations, before tax
Item 41
Report remeasurements of post-employment benefit obligations, before tax.Report this item in accordance with AASB 119.120 (c).This item only needs to be reported in Column 3 and Column 4.
Income tax relating to items that will not be reclassified
Item 42
Report income tax relating to items that will not be reclassified.Report this item in accordance with AASB 101.91.This item only needs to be reported in Column 3 and Column 4.
Total other comprehensive income
Item 43
Item 43 total other comprehensive income is a derived item and is calculated as the sum of item 32, 33, and items 36 to 42 inclusive.Report this item in accordance with AASB 101.81A (b).
Total comprehensive income
Item 44
Item 44 total comprehensive income is a derived item and is calculated as the sum of item 31 and item 43.Report this item in accordance with AASB 101.81A (c).
Items that may be reclassified to profit
Items that may be reclassified to profit or loss in subsequent periods
Items that may be reclassified to profit or loss in subsequent periods
Report this item in accordance with AASB 101.82A (a) (ii).
Change in fair value of financial assets at fair value through other comprehensive income
Item 32
Report change in fair value of financial assets at fair value through other comprehensive income.This item only needs to be reported in Column 3 and Column 4.Report this item in accordance with AASB 13 Appendix A, AASB 132.11 and AASB 7.20 (a) (viii).
Amount reclassified to profit or loss
Item 33
Report amount reclassified to profit or loss.Report this item in accordance with AASB 7.20 (a) (viii).This item only needs to be reported in Column 3 and Column 4.
Insurance finance expenses for insurance contracts issued
Item 34
Report insurance finance expenses for insurance contracts issued. This item can be a net income or net expense.Report this item in accordance with AASB 17.90 and AASB 17 Appendix A.This item only needs to be reported in Column 3 and Column 4.
Reinsurance finance income for reinsurance contracts held
Item 35
Report reinsurance finance income for reinsurance contracts held. This item can be a net income or net expense.Report this item in accordance with AASB 17.82, AASB 17.90 and AASB 17 Appendix A.This item only needs to be reported in Column 3 and Column 4.
Net insurance financial result through other comprehensive income
Item 36
Item 36 is a derived item and is calculated as the sum of item 34 and item 35. This item can be a net income or net expense.
Share of other comprehensive income of associates and joint ventures accounted for using the equity method
Item 37
Report the share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (ii).This item only needs to be reported in Column 3 and Column 4.
Income tax relating to items that will be reclassified
Item 38
Report income tax relating to items that will be reclassified.Report this item in accordance with AASB 101.91.This item only needs to be reported in Column 3 and Column 4.
Items that will not be reclassified to p
Items that will not be reclassified to profit or loss
Items that will not be reclassified to profit or loss
Report this item in accordance with AASB 101.82A (a) (i).
Revaluation of land and buildings
Item 39
Report revaluation of land and buildings.Report this item in accordance with AASB 116.39.This item only needs to be reported in Column 3 and Column 4.
Share of other comprehensive income of associates and joint ventures accounted for using the equity method
Item 40
Report share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (i) and AASB 128.3.This item only needs to be reported in Column 3 and Column 4.
Remeasurements of post-employment benefit obligations, before tax
Item 41
Report remeasurements of post-employment benefit obligations, before tax.Report this item in accordance with AASB 119.120 (c).This item only needs to be reported in Column 3 and Column 4.
Income tax relating to items that will not be reclassified
Item 42
Report income tax relating to items that will not be reclassified.Report this item in accordance with AASB 101.91.This item only needs to be reported in Column 3 and Column 4.
Total other comprehensive income
Item 43
Item 43 total other comprehensive income is a derived item and is calculated as the sum of item 32, 33, and items 36 to 42 inclusive.Report this item in accordance with AASB 101.81A (b).
Total comprehensive income
Item 44
Item 44 total comprehensive income is a derived item and is calculated as the sum of item 31 and item 43.Report this item in accordance with AASB 101.81A (c).
Source text: opening excerpt
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
Reporting Standard HRS 310.0 Reporting Standard HRS 310.0
Reporting Standard HRS 310.0
Statement of profit or loss and other comprehensive income
Objective of this Reporting Standard
This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a private health insurer’s profit or loss and other comprehensive income. It includes associated specific instructions.
Authority
This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.
Purpose
2. The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision including assessing compliance with capital standards.
Application and commencement
3. This Reporting Standard applies to all private health insurers. This Reporting Standard applies for reporting periods ending on or after 1 July 2023.
Information required
4. A private health insurer must provide APRA with the information required by this Reporting Standard for each reporting period.
Method of submission
5. The information required by this Reporting Standard must be given to APRA:
(a) in electronic format using an electronic method available on APRA’s website; or
(b) by a method notified by APRA prior to submission.
Reporting periods and due dates
6. Subject to paragraph 7, a private health insurer must provide the information required by this Reporting Standard:
(a) in respect of each calendar quarter (i.e. the periods ending 30 September, 31 December, 31 March and 30 June); and
(b) in respect of each year ending 30 June.
7. If, having regard to the particular circumstances of a private health 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 private health insurer.
8. The information required by this Reporting Standard must be provided to APRA:
(a) in the case of quarterly information, within 28 calendar days after the end of the reporting period to which the information relates;
(b) in the case of annual information, by 30 September each year; or
(c) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.
9. APRA may, in writing, grant a private health insurer an extension of a due date, in which case the new due date will be the date on the notice of extension.
Substantively, HRS 310.0 defines the reporting basis (private health insurer basis), units of measurement (whole AUD) and alignment to Australian Accounting Standards, with extensive mapping to AASB standards and IFRS taxonomy elements. The Standard requires detailed line items (Items 1 to 44) covering insurance revenue, insurance service expense, investment results, insurance finance income/expense, other revenue and comprehensive income items, many of which are derived items (General and Specific instructions; reporting tables). It also cross-references other APRA reporting standards (in particular HRS 320.0 Liability Roll Forwards) and to Prudential Standard HPS 001 for defined terms such as health benefits fund, general fund and product groups (Interpretation paras 17-18; Specific instructions).
In short, HRS 310.0 creates a specified quarterly and annual reporting template for private health insurers, ties the data to AASB/IFRS reporting concepts (notably AASB 17 insurance contracts), imposes board-level control and external audit requirements, and gives APRA discretion to vary frequency and content for individual insurers (paras 5-16; Specific instructions).
Main concepts
The Standard rests on several persistent design concepts that determine what insurers must do and how APRA will use the data.
Prudential surveillance via structured, accounting-aligned reporting. The stated purpose is prudential supervision including assessing capital adequacy (para 2). The required items are mapped to Australian Accounting Standards (AASB 101, AASB 17, AASB 9, AASB 7, AASB 121, etc.), and the Standard specifies that reporting should follow those accounting bases unless otherwise stated (Specific instructions; General accounting basis). That aligns APRA’s prudential view with financial-accounting constructs.
Reconciliation and cross-reference across APRA datasets. Several lines explicitly require reconciliation to other reporting standards, notably that amounts recoverable from reinsurers reported at Item 5 should reconcile to HRS 320.0 Part B RF1 item 8 (Item 5). The Standard also asks for non-distinct investment components to be disclosed in HRS 320.0 Liability Roll Forwards (Specific instructions). This creates interdependence between HRS 310.0 and other APRA returns.
Derived items and column structure. Many headline items are “derived” , the Standard defines formulas (sum of sub-items or columns). Columns differentiate reporting by product group: Column 1 (HBF by HIB), Column 2 (HBF by HRB), Column 4 (general fund), Column 3 is often a derived sum of Columns 1 and 2 for items 1-7, and Column 5 is the insurer-level derived sum (Columns 3 + 4) (Columns for private health insurers). The column rules are specific, and some items do not apply across all columns (notably items 8-44 only require columns 3 and 4). This structure imposes precise aggregation and mapping requirements.
Use of AASB 17 and IFRS taxonomy. The Standard ties many reporting items directly to AASB 17 disclosure and measurement paragraphs (for example, insurance revenue AASB 17.80(a), insurance service expense AASB 17.84, onerous contracts AASB 17.47-52). It also references the IFRS taxonomy element reference types (disclosure, example, common practice) to explain the origin of data fields (IFRS taxonomy element reference). The consequence is that insurers must map APRA data fields to IFRS/AASB elements and to the taxonomy.
Governance and assurance as regulatory controls. The Standard places primary responsibility for internal review and authorisation on the insurer’s board and senior management (para 10), requires external audit for annual information (paras 11-14), and requires that submitters be authorised by an officer (para 15). APRA’s discretion to vary requirements or frequency (paras 7 and 16) creates a dynamic supervisory tool.
Flexibility and regulatory discretion. APRA may change reporting periods or specify different frequencies in writing if warranted by an insurer’s particular circumstances (para 7) and may vary reporting requirements for a particular insurer (para 16). APRA can grant extensions in writing (para 9). Those powers provide APRA with means to escalate or tailor information collection.
These concepts combine accounting-alignment, structured templates, inter-report reconciliation, governance controls, and regulator discretion. The Standard is procedural and prescriptive about formats, references and timing; it is not prescriptive about specific prudential thresholds (those lie in capital standards referenced) nor about penalties in the text of the Standard itself.
Who it affects
Primary affected entities
All private health insurers as defined in the Private Health Insurance (Prudential Supervision) Act 2015, because the Standard “applies to all private health insurers” for reporting periods ending on or after 1 July 2023 (para 3). The term private health insurer is defined by reference to that Act (Interpretation para 17(b)).
Internal roles within insurers
Board and senior management: responsibility for appropriate policies and procedures for internal review and authorisation of the information submitted to APRA (para 10). The Standard places ultimate accountability for systems, processes and controls on these governance levels.
Officers and authorised submitters: the person who submits must be suitably authorised by an officer of the private health insurer (para 15). Boards will need to determine which officers can authorise submissions.
Finance, actuarial and IT teams: the Standard requires mapping to AASB accounting bases (AASB 17, AASB 101, AASB 9 etc.) and to IFRS taxonomy elements (Specific instructions). Those teams will prepare the line item calculations and extract data from accounting and actuarial systems.
External agents and counterparties
External auditors: annual reporting must be externally audited to ensure consistency with statutory financial accounts and faithful application of capital adequacy standards (para 11). Auditors must supply certification and opinion by 30 September (para 12) and the auditor’s report must state details of the audit programme and be signed by a named accountable auditor (para 14). If there was a prior-year qualified report for the fund or insurer, the current audit report must state whether prior matters were examined and rectified (para 13).
Reinsurers: the reporting includes amounts recoverable from reinsurers (Item 5) and requires reconciliation to HRS 320.0 Part B RF1. Insurers may need cooperation from reinsurers to provide information about non-performance risk disclosures (Item 18 references effect of changes in non-performance risk of reinsurers as reported in HRS 320.0 Part B, item 14).
Regulatory actors
APRA: makes reporting method available (para 5), receives submissions, may vary reporting periods or requirements, may grant extensions and will use the data for prudential supervision and capital adequacy assessment (paras 2, 5-9, 16). APRA also interprets certain items (for example it has interpreted Item 2.1.6 to form part of insurance service expense).
Cross-affected data owners
Entities that must also report under related APRA reporting standards. The Standard explicitly links data to HRS 320.0 for liability roll forwards and to Prudential Standard HPS 001 for definitions of product groups and fund types (Interpretation para 17; Specific instructions). Any insurer subject to HRS 320.0 will need to ensure consistent reporting across both returns.
Who bears the direct cost
The private health insurers bear the direct compliance costs: system changes, staff time, external audit fees, mapping to AASB 17 and IFRS taxonomy, internal control and governance procedures, and responding to APRA variations or informational requests (paras 5, 10-14, Specific instructions). APRA bears the cost of receiving, storing and analysing the data, but those costs are not discussed in the Standard.
Who decides
APRA determines the reporting format and may change frequency or content in writing for a particular insurer (paras 5, 7, 16). Insurers’ boards and senior management decide the internal controls and who is authorised to submit (para 10 and para 15).
Key duties and rights
Mandatory duties
Submit required information for each reporting period: insurers “must provide APRA with the information required by this Reporting Standard for each reporting period” (para 4).
Method and format: data must be submitted in electronic format using APRA’s electronic method or by a method notified by APRA (para 5).
Reporting frequency and deadlines: normally quarterly (periods ending 30 Sep, 31 Dec, 31 Mar, 30 Jun) and annually (year ending 30 June) (para 6). Quarterly submissions within 28 calendar days of period end; annual submissions by 30 September (para 8). If APRA sets different reporting periods in writing under para 7, insurers must comply with that notice.
Internal quality control: all information must be subject to systems, processes and controls developed by the insurer for internal review and authorisation. Board and senior management are explicitly responsible for ensuring appropriate policies and procedures (para 10).
External audit for annual data: annual submissions (para 8(b)) must be externally audited to ensure consistency with statutory financial accounts and faithful application of capital adequacy standards (para 11). Audit certification and opinion must be provided to APRA by 30 September (para 12). The auditor’s report must describe the audit programme and be signed by the responsible auditor (para 14). Where a prior qualified auditor’s report exists, the current report must state whether the auditor has examined the identified issues and is satisfied with rectification steps (para 13).
Authorisation of submitter: the person submitting the information must be suitably authorised by an officer of the insurer (para 15).
Reporting on required basis and units: report on a private health insurer basis and in whole Australian dollars (Specific instructions; Units of measurement).
Permissive or regulator-granted rights (APRA)
APRA may vary reporting periods or specify different periods for a particular insurer in writing (para 7).
APRA may grant extensions in writing (para 9).
APRA may vary reporting requirements in writing for a particular insurer (para 16).
APRA determines the electronic submission method and can notify alternative methods (para 5).
Technical mapping duties
Insurers must map items to AASB/IFRS references. Each reporting line references AASB standards (Items 1-44 and Specific instructions). The Standard requires reconciliation of certain items to HRS 320.0 (Item 5).
Derived calculation duties
Several items are derived (explicitly labelled as derived) and calculated as sums of specified sub-items or columns (e.g., Item 1 total insurance revenue is the sum of 1.1 and 1.2; Item 3 is the sum of Item 1 and Item 2). Insurers must implement those formulae precisely as set out in the Standard (Items 1-7, 16, 19, 27, 31, 36, 43, 44).
Assurance and reporting obligations
Annual auditor’s report content and signatures (paras 11-14).
Internal policies and procedures: board and senior management accountability (para 10).
Currency conversion per AASB 121 where amounts denominated in foreign currency exist (Specific instructions).
What the Standard does not contain (rights/duties absent)
The Standard as provided does not set out explicit sanctions, fines or enforcement procedures within its own text. It does not list specific monetary penalties or criminal offences; it instead operates as a data-collection instrument made under the Financial Sector (Collection of Data) Act 2001 (Authority). Enforcement mechanisms and remedies are therefore to be inferred from the enabling Act and related prudential legislation, but are not specified in this Standard’s text (paras 1-18).
Practical implications of duties
The Standard imposes recurring operational duties: quarterly data extractions, internal reviews and controls, external audits for annual data, maintenance of mapping to AASB/IFRS taxonomy, and reconciliation across APRA returns. APRA’s discretion to vary requirements in writing introduces a standing obligation to monitor APRA communications and adapt processes when given notice (paras 5-9, 16).
Penalties and enforcement
The reporting standard text itself does not enumerate penalties, enforcement actions or specific compliance sanctions. The instrument is expressly made under section 13 of the Financial Sector (Collection of Data) Act 2001 (Authority para 1); the Standard specifies reporting obligations, governance responsibilities and audit requirements (paras 4, 10-15) but does not set out enforcement mechanisms or penalties within its own clauses.
Consequently, enforcement and penalties, where applicable, will depend on the powers and provisions contained in the enabling and related legislation (for example the Financial Sector (Collection of Data) Act 2001 and prudential supervision legislation). The Standard provides APRA with practical supervisory tools and discretions that are regulatory levers: APRA can vary reporting periods for a specific insurer, specify different reporting frequencies in writing, vary reporting requirements, and grant written extensions (paras 7, 9, 16). Those powers allow APRA to require more tailored reporting from particular insurers or to ease deadlines, but the Standard does not itself state what follows from non-compliance.
What is certain from the Standard’s text
APRA may require different frequency or content by written notice (paras 7 and 16). That enables APRA to escalate information demands where it deems it “necessary or desirable” having regard to particular circumstances (para 7).
APRA’s written extension mechanism (para 9) is the explicit administrative flexibility found in the Standard.
Where to look for enforcement detail
To determine statutory penalties, sanctions or enforcement processes applicable to failures to provide data as required by HRS 310.0, the relevant enabling legislation and prudential Acts must be consulted. The Standard references its authority, but it does not reproduce the enforcement provisions of the Financial Sector (Collection of Data) Act 2001 or other supervisory Acts. This instrument should therefore be interpreted alongside the enabling Act to ascertain enforcement rights and penalties.
Practical consequence for insurers
Even without penalties specified in the Standard text, the practical enforcement risk is high because the Standard is a mandatory regulatory return used for prudential supervision (para 2). Non-compliance would be treated as non-compliance with regulator-issued reporting obligations, and APRA’s ability to vary frequency and content, together with its supervisory remit, provides implicit leverage. Insurers should therefore plan to meet all deadlines, maintain audit trails and robust sign-off procedures to avoid regulatory scrutiny.
How it interacts with other laws
Reference and reliance on other instruments
Enabling Act: The Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (Authority para 1). The Act provides APRA’s statutory data-collection powers; HRS 310.0 exercises those powers to require specific data elements from private health insurers.
Prudential definitions: The Standard imports definitions from Prudential Standard HPS 001 Definitions (HPS 001) by reference (Interpretation para 17(a)). Key concepts such as capital standards, health benefits fund, general fund, health insurance business (HIB) and health-related business (HRB) are defined in HPS 001 and used throughout the reporting tables (Specific instructions).
Private Health Insurance (Prudential Supervision) Act 2015: Terms such as “officer” and “private health insurer” are defined in that Act and are incorporated by reference in the Standard (Interpretation para 17). That links reporting duties to the prudential supervisory regime under the 2015 Act.
Australian Accounting Standards: The Standard expressly aligns report items to AASB standards (AASB 17, AASB 101, AASB 9, AASB 7, AASB 121, AASB 140, AASB 119, AASB 15, AASB 128, AASB 138, AASB 3) and requires reporting in accordance with those standards unless otherwise stated (Specific instructions; General accounting basis). It also refers to the IFRS taxonomy for element references (IFRS taxonomy element reference).
APRA reporting standards: The Standard cross-references and requires reconciliation with other APRA returns, notably HRS 320.0 Liability Roll Forwards (Item 5 and Specific instructions). That creates data integrity obligations across APRA’s suite of reporting instruments.
Auditing standards: The auditor’s report requirements (paras 11-14) are framed against external audit practice and implicitly against Australian Auditing Standards, though the Standard references Australian Accounting or Auditing Standards as those instruments are in force from time to time (Interpretation para 18).
Points of legal and practical interaction
Accounting/prudential intersection: By tying data fields to AASB 17 and to capital standards definitions in HPS 001, the Standard sits at the intersection of accounting recognition/measurement and prudential assessment. Insurers must ensure that accounting choices (e.g. transition approaches under AASB 17 , modified retrospective or fair value approach) are reflected in APRA reporting lines (see Items 1.1.1-1.1.3 and 1.2.1-1.2.3).
Reinsurance disclosures: Item 5 requires amounts recoverable from reinsurers and specifically requires reconciliation to HRS 320.0 Part B RF1 item 8, so arrangements and payments with reinsurers have to be accounted for consistently across returns.
Currency conversion: The Standard instructs conversion of foreign currency amounts in accordance with AASB 121 (Specific instructions). That creates interactions where statutory financials use particular currency translation approaches.
Audit and capital adequacy: Annual audit requirements are framed to ensure consistency with statutory financial accounts and “faithful application of the capital adequacy standards” (para 11). That links auditors’ assurance to prudential capital calculations governed by capital standards referenced in HPS 001.
Limits on interaction
The Standard does not itself amend or set capital standards; it functions as a data-collection instrument. Capital adequacy requirements remain in capital standards (as defined in HPS 001) and other prudential instruments. The Standard’s role is to collect the accounting and financial input data APRA uses in supervisory assessment (para 2).
Operational need to coordinate across legal frameworks
Insurers must design reporting processes that produce AASB-compliant numbers while ensuring those numbers reconcile to other APRA returns and to prudential capital calculations. That requires coordination between legal/compliance teams, finance/accounting, actuarial functions, auditors, and IT teams to ensure data and disclosures are consistent across the accounting, auditing and regulatory reporting frameworks referenced by the Standard.
Amendment history
What the document states
The Standard states its commencement and application date: it applies to reporting periods ending on or after 1 July 2023 (para 3). That is the only explicit commencement or effective date recorded in the text supplied.
What is not present in the text
The Standard text as provided does not include an amendment table, version history, prior incarnations or historical amendments. No superseded versions or date-stamped edits are included in the supplied instrument. There are repeated passages (duplication throughout the supplied text), but there is no record within the text of prior versions or progressive changes.
How to determine further amendment history (practical steps)
Because the Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001, any formal amendments, revocations or replacements would be recorded on APRA’s instruments registry, in the Federal Register of Legislation, or in APRA’s published standards and reporting standards pages. Practitioners needing the amendment trail should:
Check APRA’s website and the Federal Register of Legislation for HRS 310.0 instrument history and any amending instruments.
Review related prudential instruments (HPS 001 and HRS 320.0) for coordinated amendments that could affect definitions or cross-references.
Check the AASB issuance and amended paragraphs for AASB 17 and other AASB standards cited, because changes there could affect interpretation and mapping obligations in the Standard.
Implication of absence of amendment notes in the text
The lack of an amendment history in the version supplied means that readers should verify they have the latest instrument before acting on the Standard. The Standard itself references instruments “as in force from time to time” (Interpretation para 18), signalling that its references are intended to be dynamic. Practitioners must therefore monitor for subsequent APRA notices or written variations (paras 7 and 16), and for amending instruments filed under the enabling Act.
Litigation history
What the text contains
The Reporting Standard HRS 310.0 as supplied does not mention any court cases, tribunal decisions or litigation related to the Standard. There are no judicial citations or references to litigation precedents.
What can be inferred from the text
The instrument is a technical data-collection standard; it is common for such administrative instruments to generate limited direct case law because disputes typically concern enforcement or broader prudential measures rather than the content of a return. The Standard itself does not set penalties or enforcement mechanisms within its text (see Penalties and enforcement). Any litigation would likely arise in the context of APRA’s use of the data or its enforcement action under enabling legislation, rather than under HRS 310.0 itself.
Practical note for practitioners
If a firm needs to know whether HRS 310.0 has been the subject of litigation, the following practical steps are required:
Search tribunal and court databases (e.g. AustLII, Federal Court, Administrative Appeals Tribunal) for cases naming APRA and referring to HRS 310.0 or disputes over data collection under the Financial Sector (Collection of Data) Act 2001.
Check APRA publications and media statements for precedent enforcement actions or litigation histories that may reference reporting compliance.
Review legal databases and commentary for any administrative law challenges to APRA’s data-collection processes or to specific uses of data that reference this Standard.
In short, the Standard’s text contains no litigation history; practitioners should look to external legal databases and APRA’s public communications for any cases that may have involved this Standard or its enforcement.
Gotchas
Tight and inflexible deadlines, with narrow extension mechanism. Quarterly reports are due within 28 calendar days of period end; annual information is due by 30 September (para 8). APRA may grant extensions in writing (para 9) but extensions are discretionary and must be obtained in writing in advance. Note the explicit “Note” that a due date falling on a non-business day does not move the deadline (para 9 Note).
APRA discretion to change frequency or content. APRA may change reporting periods or specify different periods in writing for a particular insurer if it considers that “necessary or desirable having regard to the particular circumstances” (para 7). APRA may also vary reporting requirements for a particular insurer (para 16). That creates the risk of ad hoc or insurer-specific data requests which can disrupt stable reporting processes.
Derived items and column rules are prescriptive and non-intuitive in places. Several items are explicitly derived (for example Items 1, 2, 3, 6, 7, 16, 19, 27, 31, 36, 43, 44). Column usage changes by item: Columns 1 and 2 do not apply for Items 8-44; Columns 3 and 4 are used in different ways depending on the item (Columns for private health insurers). A mismatch between how internal systems produce line items and APRA’s prescribed derived formulas will trigger reconciliation issues.
Some items are reported only for certain columns. Items 8-44 “only need to be reported in Column 3 and Column 4” (per item notes). Practitioners must program extraction logic to suppress Column 1 and Column 2 for those items, and ensure Columns 3/4 use the correct bases.
Reconciliation requirement with HRS 320.0. Item 5 must reconcile to HRS 320.0 Part B RF1 item 8 (Item 5). Failure to reconcile across returns will generate APRA follow-up queries and possibly demand remedial reports.
Specific APRA interpretations. APRA has interpreted Item 2.1.6 (impairment losses/reversals on assets for insurance acquisition cash flows) to form part of insurance service expense, even though the citational basis is in AASB 17 Appendix A (Item 2.1.6). Where APRA’s interpretation differs from internal accounting treatment, insurers must document and justify their treatment or expect queries.
Audit requirements include prior qualified-report follow-up. Where a prior-year qualified auditor’s report existed for a health benefits fund, general fund or insurer, the current auditor’s report must state whether prior issues were examined and appropriately rectified (para 13). That requires audit evidence and documentation across years.
Required content of auditor’s report. The auditor must state details of the audit program and include the auditor’s name and signature (para 14). This is more prescriptive than a generic audit opinion and may require coordination with the auditor’s documentation and format.
Currency conversion requirement. Foreign currency amounts must be converted to AUD in accordance with AASB 121 (Specific instructions). This matters where entities have cross-border investments or insurance exposures; different methods of translation can produce materially different figures.
Units of measurement and rounding. Values must be reported in whole Australian dollars (Specific instructions). Practitioners must ensure rounding policies are applied consistently and documented within internal controls.
Non-distinct investment components instructions. The Standard instructs disclosure of non-distinct investment components in HRS 320.0 Liability Roll Forwards (Specific instructions). If insurers treat investment components in AASB 17 in a particular way, they must ensure the roll-forward captures non-distinct components consistent with AASB 17 paragraphs 103(c) and 105(a)(iii).
Submitter authorisation and board accountability. The person submitting must be “suitably authorised by an officer” (para 15). Boards are responsible for having appropriate policies and procedures in place (para 10). Failure to maintain documented authorisations or to evidence board oversight will raise governance questions in any APRA review.
Extensive mapping to AASB/IFRS taxonomy. Each item links to AASB references. Implementing automated feeds into APRA’s electronic method will require careful tagging and mapping to IFRS taxonomy elements; taxonomical mismatches may cause validation failures.
Duplication and repetitiveness in the text. The supplied instrument contains many repetitions of the same paragraphs and tables. While that does not change legal obligations, it creates risk of misreading which version of an instruction applies. Practitioners should use the official instrument published by APRA (not a secondary copy with duplication) to avoid confusion.
How to comply
Governance, controls and accountability
Board-level policies: Ensure the board documents and approves policies and procedures for the internal review and authorisation of information submitted to APRA, as the Standard places responsibility on the board and senior management (para 10). That policy should specify sign-off authorities, control owner roles, reconciliation procedures and a calendar for quarterly and annual submissions.
Authorised submitters: Establish an authorisation register identifying officers authorised to submit data to APRA and the delegation limits; ensure the submitter meets para 15’s “suitably authorised” requirement.
Data mapping and systems
Source-to-report mapping: Map each APRA line item (Items 1-44) to the underlying accounting/actuarial ledger entries and to the AASB references cited in the Standard (Specific instructions). Document the calculation rules for all derived items (for example Items 1, 2, 3, etc.) and program them into reporting extracts.
Column logic: Implement extraction rules to populate Columns 1-5 correctly, noting that Columns 1-2 do not apply to Items 8-44 and that derived column calculations are specified in the Standard (Columns for private health insurers).
Cross-APRA reconciliations: Build reconciliations between HRS 310.0 outputs and HRS 320.0 Liability Roll Forwards, especially for amounts recoverable from reinsurers (Item 5). Maintain a reconciliations workbook that shows tickmarks and variance explanations.
Accounting and actuarial alignment
Apply AASB 17 and related AASB standards where specified; document transition approach selections (modified retrospective, fair value approach) and where contracts at transition are reported in Items 1.1.1-1.1.3 and 1.2.1-1.2.3.
Identify and disclose non-distinct investment components in HRS 320.0 per the Standard (Specific instructions referencing AASB 17 paragraphs 103(c) and 105(a)(iii)).
Audit and assurance
Annual audit plan: Engage external auditors early to confirm scope covers HRS 310.0 annual submission consistency with statutory financial accounts and capital adequacy standards (para 11). Ensure auditors understand the required auditor’s report content: programme details, auditor name and signature, and, where applicable, commentary on prior-year qualified reports (paras 12-14).
Audit-ready documentation: Maintain audit trails for each data field: ledgers, reconciliations, actuarial assumptions and models, governance sign-offs, IT extracts, and transformation logic. Where APRA has specific interpretations (e.g., Item 2.1.6), document the rationale if an alternative approach is used and seek auditor concurrence.
Operational timetable and workflow
Quarterly cycle: Set a 28-day calendar for each quarter end with milestones: preliminary extract, internal review, board/senior management sign-off, authorised submission (para 8). Incorporate margin for internal and auditor queries; consider applying for written extension from APRA in exceptional circumstances (para 9).
Annual cycle: Align financial statement finalisation with HRS 310.0 annual submissions due 30 September; coordinate audit completion timelines to deliver audit certification and opinion by that date (paras 11-12).
Validation and QA
Validation rules: Build automated validation checks reflecting derived-item calculations and inter-report reconciliations (e.g., items that must reconcile to HRS 320.0). Include sign-off of exceptions and variance explanations within the QA process.
Controls over inputs: Ensure the integrity of source data (policy admin systems, investment accounting systems, general ledger). Where manual adjustments are necessary, require dual control and audit trail.
Responding to APRA notices and variations
Monitoring: Assign a regulatory liaison role to monitor APRA notices in case of written requests to change reporting frequency or content under paras 7 and 16. Maintain templates and modular reporting logic so additional fields or higher-frequency extracts can be produced with minimal rework.
Ad hoc demands: Prepare an “escalation pack” that can be quickly produced for APRA queries , reconciliations, explanations of significant movements, and documentation of assumptions.
Documentation and retention
Retain documentation on calculation methodologies, policy wording, sign-off records, and auditor communications for the period required by your internal policy and by any statutory record-keeping obligations. Ensure the auditor’s report and programme details are stored and easily retrievable (para 14).
Practical checklist (start-to-finish for a reporting period)
Confirm reporting periods and any APRA notices that affect frequency for your insurer (paras 6-7, 16).
Pull source ledgers and actuarial outputs, convert foreign currency per AASB 121 (Specific instructions).
Populate APRA templates with columns per the Standard and compute all derived items per the specified sums (Columns for private health insurers; Items 1-7, etc.).
Reconcile Item 5 and related items to HRS 320.0 roll forwards (Item 5).
Run automated validation checks and prepare variance explanations.
Obtain internal review and board/senior management authorisation per your policy (para 10).
Ensure a suitably authorised officer signs off the submitter (para 15).
Submit via APRA’s electronic method or other APRA-notified method (para 5) within prescribed deadlines (para 8) or secure a written extension from APRA if required (para 9).
For annual returns, coordinate with external auditors to obtain certification and opinion by 30 September and ensure auditor report includes required programme details and signature (paras 11-14).
Archive submission artefacts, audit evidence and governance sign-offs.
Final note
HRS 310.0 is a detailed, accounting-aligned reporting instrument that imposes recurring operational and assurance obligations on private health insurers (paras 1-18; Specific instructions). Compliance is primarily about robust mapping from source systems to APRA templates, clear governance, timely external audit coordination, and maintaining the capacity to respond to APRA’s written variations and reconciliation requests.
Note: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, a private health insurer is nonetheless required to submit the information required no later than the due date.
Quality control
10. All information provided by a private health insurer under this Reporting Standard must be subject to systems, processes and controls developed by the private health insurer for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the private health insurer to ensure that an appropriate set of policies and procedures for the authorisation of information submitted to APRA is in place.
Annual audit requirements
11. The information submitted for the purposes of paragraph 8(b) is to be subject to external audit to ensure consistency with the private health insurer’s statutory financial accounts and faithful application of the capital adequacy standards.
12. Audit certification and opinion must be provided to APRA by 30 September each year.
13. If a private health insurer received a qualified auditor’s report for a health benefits fund, the general fund, or the private health insurer for the year previous to the year for which the report is provided, the report for the year for which the report is provided must state whether the auditor has examined the issues identified and is satisfied that the private health insurer has taken the appropriate steps to rectify the matters raised in the previous report.
14. The auditor’s report must:
(a) state details of the program adopted to carry out the audit; and
(b) include the name of, and be signed by, the auditor who takes responsibility for the accuracy of the report.
Authorisation
15. A person who submits the information required under this Reporting Standard must be suitably authorised by an officer of the private health insurer.
Variations
16. APRA may, in writing, vary the reporting requirements of this Reporting Standard in relation to a private health insurer.
Interpretation
17. In this Reporting Standard:
(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard HPS 001 Definitions (HPS 001); and
(b) the following definitions are applicable:
AASB references relate to the Australian Accounting Standards made by the Australian Accounting Standards Board;
APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;
capital standards means the prudential standards which relate to capital adequacy, as defined in HPS 001;
general fund has the same meaning as in HPS 001;
health benefits fund has the same meaning as in HPS 001;
officer has the same meaning as in the Private Health Insurance (Prudential Supervision) Act 2015;
private health insurer has the same meaning as in the Private Health Insurance (Prudential Supervision) Act 2015; and
reporting period means a period mentioned in paragraph 6 or, if applicable, paragraph 7.
18. 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.
Statement of profit or loss and other co Statement of profit or loss and other comprehensive income
Reporting Standard HRS 310.0
Statement of profit or loss and other comprehensive income
Objective of this Reporting Standard
This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a private health insurer’s profit or loss and other comprehensive income. It includes associated specific instructions.
Authority
This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.
Purpose
2. The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision including assessing compliance with capital standards.
Application and commencement
3. This Reporting Standard applies to all private health insurers. This Reporting Standard applies for reporting periods ending on or after 1 July 2023.
Information required
4. A private health insurer must provide APRA with the information required by this Reporting Standard for each reporting period.
Method of submission
5. The information required by this Reporting Standard must be given to APRA:
(a) in electronic format using an electronic method available on APRA’s website; or
(b) by a method notified by APRA prior to submission.
Reporting periods and due dates
6. Subject to paragraph 7, a private health insurer must provide the information required by this Reporting Standard:
(a) in respect of each calendar quarter (i.e. the periods ending 30 September, 31 December, 31 March and 30 June); and
(b) in respect of each year ending 30 June.
7. If, having regard to the particular circumstances of a private health 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 private health insurer.
8. The information required by this Reporting Standard must be provided to APRA:
(a) in the case of quarterly information, within 28 calendar days after the end of the reporting period to which the information relates;
(b) in the case of annual information, by 30 September each year; or
(c) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.
9. APRA may, in writing, grant a private health insurer an extension of a due date, in which case the new due date will be the date on the notice of extension.
Note: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, a private health insurer is nonetheless required to submit the information required no later than the due date.
Quality control
10. All information provided by a private health insurer under this Reporting Standard must be subject to systems, processes and controls developed by the private health insurer for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the private health insurer to ensure that an appropriate set of policies and procedures for the authorisation of information submitted to APRA is in place.
Annual audit requirements
11. The information submitted for the purposes of paragraph 8(b) is to be subject to external audit to ensure consistency with the private health insurer’s statutory financial accounts and faithful application of the capital adequacy standards.
12. Audit certification and opinion must be provided to APRA by 30 September each year.
13. If a private health insurer received a qualified auditor’s report for a health benefits fund, the general fund, or the private health insurer for the year previous to the year for which the report is provided, the report for the year for which the report is provided must state whether the auditor has examined the issues identified and is satisfied that the private health insurer has taken the appropriate steps to rectify the matters raised in the previous report.
14. The auditor’s report must:
(a) state details of the program adopted to carry out the audit; and
(b) include the name of, and be signed by, the auditor who takes responsibility for the accuracy of the report.
Authorisation
15. A person who submits the information required under this Reporting Standard must be suitably authorised by an officer of the private health insurer.
Variations
16. APRA may, in writing, vary the reporting requirements of this Reporting Standard in relation to a private health insurer.
Interpretation
17. In this Reporting Standard:
(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard HPS 001 Definitions (HPS 001); and
(b) the following definitions are applicable:
AASB references relate to the Australian Accounting Standards made by the Australian Accounting Standards Board;
APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;
capital standards means the prudential standards which relate to capital adequacy, as defined in HPS 001;
general fund has the same meaning as in HPS 001;
health benefits fund has the same meaning as in HPS 001;
officer has the same meaning as in the Private Health Insurance (Prudential Supervision) Act 2015;
private health insurer has the same meaning as in the Private Health Insurance (Prudential Supervision) Act 2015; and
reporting period means a period mentioned in paragraph 6 or, if applicable, paragraph 7.
18. 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.
Objective of this Reporting Standard Objective of this Reporting Standard
Objective of this Reporting Standard
This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a private health insurer’s profit or loss and other comprehensive income. It includes associated specific instructions.
Authority Authority
Authority
This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.
Purpose Purpose
Purpose
2. The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision including assessing compliance with capital standards.
Application and commencement Application and commencement
Application and commencement
3. This Reporting Standard applies to all private health insurers. This Reporting Standard applies for reporting periods ending on or after 1 July 2023.
Information required Information required
Information required
4. A private health insurer must provide APRA with the information required by this Reporting Standard for each reporting period.
Method of submission Method of submission
Method of submission
5. The information required by this Reporting Standard must be given to APRA:
(a) in electronic format using an electronic method available on APRA’s website; or
(b) by a method notified by APRA prior to submission.
Reporting periods and due dates Reporting periods and due dates
Reporting periods and due dates
6. Subject to paragraph 7, a private health insurer must provide the information required by this Reporting Standard:
(a) in respect of each calendar quarter (i.e. the periods ending 30 September, 31 December, 31 March and 30 June); and
(b) in respect of each year ending 30 June.
7. If, having regard to the particular circumstances of a private health 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 private health insurer.
8. The information required by this Reporting Standard must be provided to APRA:
(a) in the case of quarterly information, within 28 calendar days after the end of the reporting period to which the information relates;
(b) in the case of annual information, by 30 September each year; or
(c) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.
9. APRA may, in writing, grant a private health insurer an extension of a due date, in which case the new due date will be the date on the notice of extension.
Note: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, a private health insurer is nonetheless required to submit the information required no later than the due date.
Quality control Quality control
Quality control
10. All information provided by a private health insurer under this Reporting Standard must be subject to systems, processes and controls developed by the private health insurer for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the private health insurer to ensure that an appropriate set of policies and procedures for the authorisation of information submitted to APRA is in place.