Objective of this Reporting StandardObjective 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 the supplementary information used to calculate a life company’s capital adequacy.

It includes associated specific instructions and must be read in conjunction with Reporting Standard LRS 001 Reporting Requirements (LRS 001), including the general instruction guide.

Authority

1. 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 adequacy standards.

Application and commencement

3. This Reporting Standard applies to all life insurance companies including friendly societies (together referred to as ‘life companies’) registered under the Life Insurance Act 1995 (Life Act). For friendly societies, this Reporting Standard only applies to approved benefit funds, which write defined benefit risk products (i.e. APRA product group F4). This Reporting Standard applies for reporting periods ending on or after 1 July 2023.

Information required

4. A life company must provide APRA with the information required by this Reporting Standard for each reporting period.

5. The information reported to APRA under this Reporting Standard is not required to be given to policy owners pursuant to section 124 of the Life Act. It does not constitute a reporting document for the purposes of section 124.

<table cellspacing="0" cellpadding="0" style="width:100%; border:0.75pt solid #000000; border-collapse:collapse"><thead><tr style="height:15.4pt"><td rowspan="3" style="width:8.92%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; background-color:#d8d8d8"><p style="text-align:center"><span style="font-weight:bold">Table</span></p></td><td rowspan="3" style="width:35.02%; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; background-color:#d8d8d8"><p style="text-align:center"><span style="font-weight:bold">Description</span></p></td><td colspan="3" style="border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; background-color:#d8d8d8"><p style="text-align:center"><span style="font-weight:bold">Type of Entity and Reporting Period</span></p></td></tr><tr style="height:10.55pt"><td colspan="2" style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; background-color:#d8d8d8"><p style="text-align:center"><span style="font-weight:bold">Life insurers</span></p></td><td style="width:19.86%; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; background-color:#d8d8d8"><p style="text-align:center"><span style="font-weight:bold">Friendly societies (only benefit funds which write APRA product group F4)</span></p></td></tr><tr style="height:25.15pt"><td style="width:18.88%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; background-color:#d8d8d8"><p style="text-align:center"><span style="font-weight:bold">Annual</span></p></td><td style="width:17.3%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; background-color:#d8d8d8"><p style="text-align:center"><span style="font-weight:bold">Quarterly</span></p></td><td style="width:19.86%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; background-color:#d8d8d8"><p style="text-align:center"><span style="font-weight:bold">Annual</span></p></td></tr></thead><tbody><tr style="height:84.25pt"><td style="width:8.92%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>1</span></p></td><td style="width:35.02%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Unstressed RFBEL</span></p><ul style="margin:0pt; padding-left:0pt"><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">Non-participating benefits without entitlement to discretionary additions and friendly society benefits</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">In-force business</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">As at reporting date</span></li></ul></td><td style="width:18.88%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span>Y</span></p></td><td style="width:17.3%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span></span></p></td><td style="width:19.86%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt"><p style="text-align:center"><span>Y</span></p></td></tr><tr style="height:85.75pt"><td style="width:8.92%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>2</span></p></td><td style="width:35.02%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Unstressed RFBEL</span></p><ul style="margin:0pt; padding-left:0pt"><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">Non-participating benefits without entitlement to discretionary additions and friendly society benefits</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">In-force business</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">As at 12 months after reporting date (discounted back to reporting date)</span></li></ul></td><td style="width:18.88%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span>Y</span></p></td><td style="width:17.3%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span></span></p></td><td style="width:19.86%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt"><p style="text-align:center"><span>Y</span></p></td></tr><tr style="height:61.65pt"><td style="width:8.92%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>3</span></p></td><td style="width:35.02%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Unstressed RFBEL</span></p><ul style="margin:0pt; padding-left:0pt"><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">Non-participating benefits without entitlement to discretionary additions and friendly society benefits</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">New business</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">As at reporting date and as at 12 months after reporting date (discounted back to reporting date)</span></li></ul></td><td style="width:18.88%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span>Y</span></p></td><td style="width:17.3%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span></span></p></td><td style="width:19.86%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt"><p style="text-align:center"><span>Y</span></p></td></tr><tr style="height:61.65pt"><td style="width:8.92%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>4</span></p></td><td style="width:35.02%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Unstressed RFBEL</span></p><ul style="margin:0pt; padding-left:0pt"><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">Non-participating benefits without entitlement to discretionary additions</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">All business</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">As at reporting date and as at 12 months after reporting date (discounted back to reporting date)</span></li></ul></td><td style="width:18.88%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span></span></p></td><td style="width:17.3%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span>Y</span></p></td><td style="width:19.86%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt"><p style="text-align:center"><span></span></p></td></tr><tr style="height:30.8pt"><td style="width:8.92%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>5</span></p></td><td style="width:35.02%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Stressed RFBEL</span></p><ul style="margin:0pt; padding-left:0pt"><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">All benefits</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">All business</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">As at reporting date and as at 12 months after reporting date (discounted back to reporting date)</span></li></ul></td><td style="width:18.88%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span>Y</span></p></td><td style="width:17.3%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span>Y</span></p></td><td style="width:19.86%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt"><p style="text-align:center"><span>Y</span></p></td></tr><tr style="height:31.3pt"><td style="width:8.92%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>6</span></p></td><td style="width:35.02%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Components of termination value</span></p><ul style="margin:0pt; padding-left:0pt"><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">Non-participating benefits without entitlement to discretionary additions and friendly society benefits</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">All business</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">As at reporting date</span></li></ul></td><td style="width:18.88%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span>Y</span></p></td><td style="width:17.3%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span>Y</span></p></td><td style="width:19.86%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt"><p style="text-align:center"><span>Y</span></p></td></tr><tr style="height:77.1pt"><td style="width:8.92%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>7</span></p></td><td style="width:35.02%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Unstressed RFBEL</span></p><ul style="margin:0pt; padding-left:0pt"><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">Non-participating benefits with entitlement to discretionary additions and participating benefits</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">All business</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">As at reporting date</span></li></ul></td><td style="width:18.88%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span>Y</span></p></td><td style="width:17.3%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span></span></p></td><td style="width:19.86%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt"><p style="text-align:center"><span></span></p></td></tr><tr style="height:77.1pt"><td style="width:8.92%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>8</span></p></td><td style="width:35.02%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Unstressed other APL components</span></p><ul style="margin:0pt; padding-left:0pt"><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">Non-participating benefits with entitlement to discretionary additions and participating benefits</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">All business</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">As at reporting date</span></li></ul></td><td style="width:18.88%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span>Y</span></p></td><td style="width:17.3%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span></span></p></td><td style="width:19.86%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt"><p style="text-align:center"><span></span></p></td></tr><tr style="height:30.8pt"><td style="width:8.92%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>9</span></p></td><td style="width:35.02%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Termination values</span></p><ul style="margin:0pt; padding-left:0pt"><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">All benefits</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">All business</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">As at reporting date</span></li></ul></td><td style="width:18.88%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span>Y</span></p></td><td style="width:17.3%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span>Y</span></p></td><td style="width:19.86%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt"><p style="text-align:center"><span>Y</span></p></td></tr><tr style="height:30.8pt"><td style="width:8.92%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>10</span></p></td><td style="width:35.02%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Impact of stress margin</span></p><ul style="margin:0pt; padding-left:0pt"><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">All benefits</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">All business</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">As at reporting date</span></li></ul></td><td style="width:18.88%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span>Y</span></p></td><td style="width:17.3%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span>Y</span></p></td><td style="width:19.86%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt"><p style="text-align:center"><span>Y</span></p></td></tr><tr style="height:15.4pt"><td style="width:8.92%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>11</span></p></td><td style="width:35.02%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Variable annuity capital charge calculation</span></p></td><td style="width:18.88%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span>Y</span></p></td><td style="width:17.3%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span>Y</span></p></td><td style="width:19.86%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt"><p style="text-align:center"><span></span></p></td></tr><tr style="height:30.8pt"><td style="width:8.92%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>12</span></p></td><td style="width:35.02%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Actual annual loss ratio components</span></p><ul style="margin:0pt; padding-left:0pt"><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">All benefits</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">All business</span></li></ul></td><td style="width:18.88%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span>Y</span></p></td><td style="width:17.3%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span></span></p></td><td style="width:19.86%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt"><p style="text-align:center"><span>Y</span></p></td></tr><tr style="height:30.8pt"><td style="width:8.92%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>13</span></p></td><td style="width:35.02%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Expected annual loss ratio components</span></p><ul style="margin:0pt; padding-left:0pt"><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">All benefits</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">In-force business</span></li></ul></td><td style="width:18.88%; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span>Y</span></p></td><td style="width:17.3%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span></span></p></td><td style="width:19.86%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt"><p style="text-align:center"><span>Y</span></p></td></tr><tr style="height:30.8pt"><td style="width:8.92%; border-right:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center"><span>14</span></p></td><td style="width:35.02%; border-right:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Actual quarterly loss ratio components</span></p><ul style="margin:0pt; padding-left:0pt"><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">All benefits</span></li><li class="ListParagraph" style="margin-left:15.47pt; padding-left:7.48pt; font-family:serif; font-size:12pt"><span style="font-family:'Times New Roman', serif">All business</span></li></ul></td><td style="width:18.88%; border-right:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p><span></span></p></td><td style="width:17.3%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt"><p style="text-align:center"><span>Y</span></p></td><td style="width:19.86%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt"><p style="text-align:center"><span></span></p></td></tr></tbody></table>

Method of submission

6. 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

7. Subject to paragraph 8, a life company must provide the information required by this Reporting Standard:

(a) for life insurers: in respect of each quarter based on the financial year of the life insurer on an unaudited basis; and

(b) for life companies including friendly societies: in respect of each financial year of the life company on an audited basis.

Note 1: This means that information provided under this Reporting Standard will be submitted five times for a full financial year for a life insurer. For a friendly society, the information will be submitted once for a full financial year.

Note 2: The annual audited information provided under this Reporting Standard must be submitted in conjunction with the annual auditor’s report, as required under Prudential Standard LPS 310 Audit and Related Matters.

8. If, having regard to the particular circumstances of a life company, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 7(a) or 7(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular life company.

9. The information required by this Reporting Standard in respect of a life company must be provided to APRA:

(a) for life insurers: in the case of quarterly information, within 20 business days after the end of the reporting period to which the information relates;

(b) for life companies including friendly societies: in the case of annual information, within three months after the end of the reporting period to which the information relates; or

(c) in the case of information provided in accordance with paragraph 8, within the time specified by notice in writing.

10. APRA may, in writing, grant a life company 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 life company is nonetheless required to submit the information required no later than the due date.

Quality control

11. The information provided by a life company under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Auditor of the life company. This will require the Auditor to review and test the life company’s systems, processes and controls supporting the reporting of the information to enable the life company to provide reliable financial information to APRA. This review and testing must be done on:

(a) an annual basis or more frequently if necessary to enable the Auditor to form an opinion on the reliability and accuracy of data; and

(b) at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board as may be amended from time to time, to the extent that they are not inconsistent with the requirements of Prudential Standard LPS 310 Audit and Related Matters.

12. All information provided by a life company under this Reporting Standard must be subject to systems, processes and controls developed by the life company for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the life company to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.

13. Actuarial valuations and calculations included in or used in the preparation of the information provided to APRA must be in accordance with the prudential standards in force for the reporting period. However, life companies may use reasonable estimates when preparing information that will not be audited (i.e. for the first four submissions of information for a full financial year).

Authorisation

14. When an officer or agent of a life company provides the information required by this Reporting Standard using an electronic format, the officer or agent must digitally sign the relevant information using a digital certificate acceptable to APRA.

    15. An officer or agent of a life company who submits information under this Reporting Standard must be authorised by either:

(a) the Principal Executive Officer of the life company; or

(b) the Chief Financial Officer of the life company.