Financial Sector (Collection of Data) (reporting standard) determination No. 124 of 2023
In ForceCTH
Jurisdiction
Commonwealth
Collection
legislative instrument
Plain English Summary
8/10 complexity
What this instrument does (in plain English)
Requires every life insurer and friendly society registered under the Life Insurance Act 1995 ("life companies") to submit detailed reconciliations ("roll‑forwards") of their AASB 17 insurance contract liabilities and related items to APRA for each reporting period (paras 3–5, Objective). These reconciliations cover: liabilities for remaining coverage, liabilities for incurred claims, contractual service margin (CSM), risk adjustments, insurance acquisition cash‑flow assets, cash flows and a set of derived totals (Parts A & B and the roll‑forward tables).
Requires electronic submission in the format APRA prescribes and signed with a digital certificate by an authorised officer (paras 6, 14–15). Half‑year submissions are unaudited; annual submissions must be audited and provided with the auditor’s report (para 7 and Note 2).
Sets reporting timing and due dates: half‑yearly within 20 business days after period end; annual within 3 months after period end (paras 7, 9). APRA can change the frequency or timing for a given life company by written notice (para 8) and can vary requirements by notice (para 16). APRA may also grant extensions (para 10).
Imposes data quality and control requirements: reported data must come from systems, processes and controls that the life company’s Auditor has reviewed and tested (at least a limited assurance engagement) and the Board / senior management must maintain internal policies and authorisation procedures for data submitted to APRA (paras 11–13).
This Reporting Standard sets out requirements for the provision of information to APRA relating to a life insurer’s reconciliations of insurance contract liabilities required by AASB 17 Insurance Contracts.
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
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). 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.
Method of submission
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) in respect of the first half-year based on the financial year of the life company on an unaudited basis; and
(b) 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 two times 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) in the case of half-yearly information, within 20 business days after the end of the reporting period to which the information relates;
(b) 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 half-year based on the financial year).
Authorisation
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.
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.
Variations
16. APRA may, by written notice to the life company, vary the reporting requirements of this Reporting Standard in relation to that life company.
Interpretation
17. In this Reporting Standard:
(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard LPS 001 Definitions (LPS 001); and
(b) the following definitions are applicable:
Auditor means an auditor appointed under paragraph 83 of the Life Act.
capital adequacy standards means the prudential standards which relate to capital adequacy as defined in LPS 001.
Chief Financial Officer means the chief financial officer of the life company, by whatever name called.
financial year has the meaning in the Corporations Act 2001.
general instruction guide refers to the general instruction guide set out in Attachment A of LRS 001.
Life Act means the Life Insurance Act 1995.
Principal Executive Officer means the principal executive officer of the life company, by whatever name called, and whether or not he or she is a member of the governing board of the entity.
reporting period means a reporting period under subparagraph 7(a) or 7(b) or, if applicable, paragraph 8.
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.
This Reporting Standard sets out requirements for the provision of information to APRA relating to a life insurer’s reconciliations of insurance contract liabilities required by AASB 17 Insurance Contracts.
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
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). 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.
Method of submission
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) in respect of the first half-year based on the financial year of the life company on an unaudited basis; and
(b) 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 two times 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) in the case of half-yearly information, within 20 business days after the end of the reporting period to which the information relates;
(b) 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 half-year based on the financial year).
Authorisation
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.
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.
Variations
16. APRA may, by written notice to the life company, vary the reporting requirements of this Reporting Standard in relation to that life company.
Interpretation
17. In this Reporting Standard:
(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard LPS 001 Definitions (LPS 001); and
(b) the following definitions are applicable:
Auditor means an auditor appointed under paragraph 83 of the Life Act.
capital adequacy standards means the prudential standards which relate to capital adequacy as defined in LPS 001.
Chief Financial Officer means the chief financial officer of the life company, by whatever name called.
financial year has the meaning in the Corporations Act 2001.
general instruction guide refers to the general instruction guide set out in Attachment A of LRS 001.
Life Act means the Life Insurance Act 1995.
Principal Executive Officer means the principal executive officer of the life company, by whatever name called, and whether or not he or she is a member of the governing board of the entity.
reporting period means a reporting period under subparagraph 7(a) or 7(b) or, if applicable, paragraph 8.
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 requirements for the provision of information to APRA relating to a life insurer’s reconciliations of insurance contract liabilities required by AASB 17 Insurance Contracts.
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
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 adequacy standards.
Application and commencement
Application and commencement
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). This Reporting Standard applies for reporting periods ending on or after 1 July 2023.
Information required
Information required
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.
Method of submission
Method of submission
Method of submission
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
7. Subject to paragraph 8, a life company must provide the information required by this Reporting Standard:
(a) in respect of the first half-year based on the financial year of the life company on an unaudited basis; and
(b) 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 two times 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) in the case of half-yearly information, within 20 business days after the end of the reporting period to which the information relates;
(b) 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
Quality control
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 half-year based on the financial year).
Authorisation
Authorisation
Authorisation
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.
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.
Variations
Variations
Variations
16. APRA may, by written notice to the life company, vary the reporting requirements of this Reporting Standard in relation to that life company.
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 LPS 001 Definitions (LPS 001); and
(b) the following definitions are applicable:
Auditor means an auditor appointed under paragraph 83 of the Life Act.
capital adequacy standards means the prudential standards which relate to capital adequacy as defined in LPS 001.
Chief Financial Officer means the chief financial officer of the life company, by whatever name called.
financial year has the meaning in the Corporations Act 2001.
general instruction guide refers to the general instruction guide set out in Attachment A of LRS 001.
Life Act means the Life Insurance Act 1995.
Principal Executive Officer means the principal executive officer of the life company, by whatever name called, and whether or not he or she is a member of the governing board of the entity.
reporting period means a reporting period under subparagraph 7(a) or 7(b) or, if applicable, paragraph 8.
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 the Reporting Standard LRS 320.0 Liability Roll Forwards. The report collects information relating to reconciliations of insurance contract liabilities required by AASB 17 Insurance Contracts (AASB 17). These instructions also apply to roll forwards of assets for insurance acquisition cash flows and reinsurance contracts held.
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
In completing the reporting standards, unless otherwise stated specifically, reporting life companies are to follow the basis consistent with the relevant Australian Accounting Standards. In particular, appropriate consideration must be given to the interpretation, the basis for measurement, and the netting between revenues/expenses items and financial assets/liabilities.
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. The 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 (IASB)) 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 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.
Reporting direction for life insurers
Reporting direction for life insurers
Reporting direction for life insurers
For APRA reporting, life insurers must also meet the relevant policy liability valuation requirements outlined in the Prudential Standard LPS 340 Valuation of Policy Liabilities (LPS 340).
Specific instructions
Reporting basis
Reporting basis
Reporting basis
Information in this Reporting Standard is to be completed by life insurers including friendly societies for each reporting period on licensed insurer and statutory fund (approved benefit fund for a friendly society) bases.
Units of measurement
Units of measurement
Units of measurement
Report values in this Reporting Standard in whole Australian dollars (AUD) with no decimal place.
Convert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.
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.
Part A: Insurance contracts issued (dire
Part A: Insurance contracts issued (direct business/inwards reinsurance)
Reporting Standard LRS 320.0
Liability Roll Forwards
General instructions
These instructions assist completion of the Reporting Standard LRS 320.0 Liability Roll Forwards. The report collects information relating to reconciliations of insurance contract liabilities required by AASB 17 Insurance Contracts (AASB 17). These instructions also apply to roll forwards of assets for insurance acquisition cash flows and reinsurance contracts held.
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
In completing the reporting standards, unless otherwise stated specifically, reporting life companies are to follow the basis consistent with the relevant Australian Accounting Standards. In particular, appropriate consideration must be given to the interpretation, the basis for measurement, and the netting between revenues/expenses items and financial assets/liabilities.
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. The 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 (IASB)) 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 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.
Reporting direction for life insurers
For APRA reporting, life insurers must also meet the relevant policy liability valuation requirements outlined in the Prudential Standard LPS 340 Valuation of Policy Liabilities (LPS 340).
Specific instructions
Reporting basis
Information in this Reporting Standard is to be completed by life insurers including friendly societies for each reporting period on licensed insurer and statutory fund (approved benefit fund for a friendly society) bases.
Units of measurement
Report values in this Reporting Standard in whole Australian dollars (AUD) with no decimal place.
Convert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.
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.
Part A: Insurance contracts issued (direct business/inwards reinsurance)
Liability Roll Forward 1 – Reconciliation of the liability for remaining coverage and the liability for incurred claims
Report the items in the table based on AASB 17.100 requirements to provide reconciliation from the opening to the closing balances of the liabilities for remaining coverage (LRC) and liabilities for incurred claims (LIC). Report the reconciliation from the opening to the closing balance of assets for insurance acquisition cash flows based on the insurer’s interpretation of AASB 17.105A and AASB 17.105B requirements.
Report zero values for line items if they are not applicable.
Column 1
Report liabilities for remaining coverage excluding loss component for the current reporting period.Where a group of contracts meets the requirements under AASB 17.20, report these contracts in this column.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (a) Disclosure.
Column 2
Report the loss component of liabilities for remaining coverage for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (b) Disclosure.
Column 3
Report liabilities for incurred claims from contracts not measured under the Premium Allocation Approach (PAA) for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (c) Disclosure.
Column 4
For liabilities for incurred claims from contracts measured under the PAA, report estimates of the present value of the future cash flows for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (c) (i) Disclosure.
Column 5
For liabilities for incurred claims from contracts measured under PAA, report the risk adjustment for non-financial risk for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (c) (ii) Disclosure.
Column 6
Report assets for insurance acquisition cash flows recognised applying AASB 17 paragraph 28B for the current reporting period.Report this item in accordance with AASB 17 Appendix A, AASB 17.105A Disclosure and AASB 17.105B Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Column 7
Column 7 total current reporting period is a derived column and is calculated as the sum of columns 1 to 6.
Item 1: Opening insurance contract liabilities
Item 1
Report opening insurance contract liabilities.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 2: Opening insurance contract assets
Item 2
Report opening insurance contract assets.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 3: Net balance as at beginning of reporting period
Item 3
Item 3 net balance as at beginning of reporting period is a derived item and is calculated as the sum of item 1 and item 2.
Changes in the statement of profit or loss and OCI
Item 4: Insurance revenue
Item 4
Report insurance revenue.Report this item in accordance with AASB 17.103 (a) Disclosure.
Items 5-11: Insurance service expenses
Item 5
Report incurred claims and other expenses.Report this item in accordance with AASB 17.103 (b) (i) Disclosure.
Item 6
Report insurance acquisition cash flows amortisation.Report this item in accordance with AASB 17.103 (b) (ii) Disclosure.
Item 7
Report changes that relate to future service: losses on onerous contracts and reversals of those losses.Report this item in accordance with AASB 17.103 (b) (iv) Disclosure.
Item 8
Report changes that relate to past service: changes to liabilities for incurred claims.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.
Item 9
Report impairment of assets for insurance acquisition cash flows.Report this item in accordance with AASB 17 Appendix A, AASB 17.105A and AASB 17.105B Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Item 10
Report reversal of impairment of assets for insurance acquisition cash flowsReport this item in accordance with AASB 17 Appendix A, AASB 17.105A and AASB 17.105B Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Item 11
Item 11 insurance service expenses is a derived item and is calculated as the sum of items 5 to 10 inclusive.
Item 12: Investment components and premium refunds
Item 12
Report investment components and premium refundsReport this item in accordance with AASB 17 Appendix A and AASB 17.103 (c) Disclosure.Premium refunds may also be netted against the premiums received as disclosed under AASB 17.105 (a) (i).
Item 13: Insurance service result
Item 13
Item 13 insurance service result is a derived item and is calculated as the sum of item 4, item 11 and item 12.
Item 14: Finance expenses from insurance contracts issued
Item 14
Report finance expenses from insurance contracts issued.Report this item in accordance with AASB 17 Appendix A and AASB 17.105 (c) Disclosure.
Item 15: Effect of movements in exchange rates
Item 15
Report effect of movements in exchange rates.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 16: Total amounts recognised in the statement of profit or loss and OCI
Item 16
Item 16 total amounts recognised in the statement of profit or loss and OCI is a derived item and is calculated as the sum of items 13 to 15 inclusive.
Cash flows
Report items 17-20 based on AASB 17.98 and 17.105 (a) requirements.
Items 17-20: Cash flows
Item 17
Report premiums received.Report this item in accordance with AASB 17.105 (a) (i) Disclosure.
Item 18
Report claims and other expenses paid, including investment components.Report this item in accordance with AASB 17 Appendix A and AASB 17.105 (a) (iii) Disclosure.
Item 19
Report insurance acquisition cash flowsReport this item in accordance with AASB 17 Appendix A, AASB 17.105 (a) (ii) Disclosure and AASB 17.105A Disclosure.
Item 20
Item 20 cash flows is a derived item and is calculated as the sum of items 17 to 19 inclusive.
Items 21-24: Other movements in the net balance
Item 21
Report allocation from assets for insurance acquisition cash flows to groups of insurance contracts.Report this item in accordance with AASB 17 Appendix A and AASB 17.105A Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Item 22
Report other movements in the net balance that are related to acquisitions/disposals/portfolio transfers.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 23
Report other movements in the net balance not reported at items 21 and 22.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 24
Item 24 other movements in the net balance is a derived item and is calculated as the sum of items 21 to 23 inclusive.
Item 25: Net balance as at end of reporting period
Item 25
Item 25 net balance as at end of reporting period is a derived item and is calculated as the sum of item 3, item 16, item 20 and item 24.
Item 26: Closing insurance contract liabilities
Item 26
Report closing insurance contract liabilities.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 27: Closing insurance contract assets
Item 27
Report closing insurance contract assets.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 28: Net balance as at end of reporting period
Item 28
Item 28 net balance as at end of reporting period is a derived item and is calculated as the sum of item 26 and item 27.
Liability Roll Forward 2 – Reconciliation of the measurement components of insurance contract balances
For contracts not measured under the PAA, report the items in the table based on AASB 17.101 requirements.
Report zero values for line items if they are not applicable.
Column 1
Report estimates of the present value of the future cash flows for the current reporting period.Report this item in accordance with AASB 17.101 (a) Disclosure.
Column 2
Report the risk adjustment for non-financial risk for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.101 (b) Disclosure.
Column 3
Report the contractual service margin (CSM) for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.101 (c) Disclosure.
Column 4
Column 4 total current reporting period is a derived column and is calculated as the sum of columns 1-3.
Item 1: Opening insurance contract liabilities
Item 1
Report opening insurance contract liabilities.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 2: Opening insurance contract assets
Item 2
Report opening insurance contract assets.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 3: Net balance as at beginning of reporting period
Item 3
Item 3 net balance as at beginning of reporting period is a derived item and is calculated as the sum of item 1 and item 2.
Changes in the statement of profit or loss and OCI
Items 4-7: Changes that relate to current services
Item 4
Report CSM recognised for services provided.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (b) (i) Disclosure.
Item 5
Report change in risk adjustment for non-financial risk for risk expired.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (b) (ii) Disclosure.
Item 6
Report experience adjustments.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (b) (iii) Disclosure.
Item 7
Item 7 total changes that relate to current services is a derived item and is calculated as the sum of items 4 to 6 inclusive.
Items 8-11: Changes that relate to future services
Item 8
Report changes in estimates that adjust the CSM.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (a) (i) Disclosure.
Item 9
Report changes in estimates that do not adjust the CSM, i.e. losses on groups of onerous contracts and reversals of such losses.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (a) (ii) Disclosure.
Item 10
Report contracts initially recognised in the period.Report this item in accordance with AASB 17.104 (a) (iii) Disclosure.
Item 11
Item 11 total changes that relate to future services is a derived item and is calculated as the sum of items 8 to 10 inclusive.
Item 12: Changes that relate to past services - Changes to liabilities for incurred claims
Item 12
Report changes that relate to past services – changes to liabilities for incurred claims.Report this item in accordance with AASB 17.104 (c) Disclosure.
Item 13: Insurance service result
Item 13
Item 13 insurance service result is a derived item and is calculated as the sum of item 7, item 11 and item 12.
Item 14: Finance expenses or income from insurance contracts issued
Item 14
Report finance expenses or income from insurance contracts issued.Report this item in accordance with AASB 17 Appendix A and AASB 17.105 (c) Disclosure.
Item 15: Effect of movements in exchange rates
Item 15
Report effect of movements in exchange rates.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 16: Total amounts recognised in the statement of profit or loss and OCI
Item 16
Item 16 total amounts recognised in the statement of profit or loss and OCI is a derived item and is calculated as the sum of items 13 to 15 inclusive.
Cash flows
Report items 17-20 based on AASB 17.98 and 17.105 (a) requirements.
Item 17: Premiums received
Item 17
Report premiums received for insurance contracts issued.Report this item in accordance with AASB 17 Appendix A and AASB 17.105 (a) (i) Disclosure.
Item 18: Claims and other expenses paid
Item 18
Report claims and other expenses paid.Report this item in accordance with AASB 17.105 (a) (iii) Disclosure.
Item 19: Insurance acquisition cash flows paid
Item 19
Report insurance acquisition cash flows paid.Report this item in accordance with AASB 17 Appendix A and AASB 17.105 (a) (ii) Disclosure.
Item 20: Total cash flows
Item 20
Item 20 total cash flows is a derived item and is calculated as the sum of items 17 to 19 inclusive.
Items 21-24: Other movements in the net balance
Item 21
Report allocation from assets for insurance acquisition cash flows to groups of insurance contracts.Report this item in accordance with AASB 17 Appendix A and AASB 17.105A Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Item 22
Report other movements in the net balance that are related to acquisitions/disposals/portfolio transfers.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 23
Report other movements in the net balance not reported at items 21 and 22.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 24
Item 24 other movements in the net balance is a derived item and is calculated as the sum of items 21 to 23 inclusive.
Item 25: Net balance as at end of reporting period
Item 25
Item 25 net balance as at end of reporting period is a derived item and is calculated as the sum of item 3, item 16, item 20 and item 24.
Items 26-28: Closing balances
Item 26
Report closing insurance contract liabilities.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 27
Report closing insurance contract assets.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 28
Item 28 net balance as at end of reporting period is a derived item and is calculated as the sum of item 26 and item 27.
Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent)
Liability Roll Forward 1 – Reconciliation of the asset for remaining coverage and the asset for incurred claims
Report the items in the table based on AASB 17.98, AASB 17.100, AASB 17.105A and 17.105B requirements to provide separate reconciliations for insurance contracts issued and reinsurance contracts held.
Report zero values for line items if they are not applicable.
Column 1
Report assets for remaining coverage excluding loss-recovery component for the current reporting period.Report this item in accordance with AASB 17.100 (a) Disclosure.
Column 2
Report the loss-recovery component of assets for remaining coverage for the current reporting period.Report this item in accordance with AASB 17.66B and AASB 17.100 (b) Disclosure.
Column 3
For contracts not measured under the Premium Allocation Approach (PAA), report assets for incurred claims for the current reporting period.Report this item in accordance with AASB 17.100 (c) Disclosure.
Column 4
For contracts measured under PAA, report estimates of the present value of the future cash flows of assets for incurred claims for the current reporting period.Report this item in accordance with AASB 17.100 (c) (i) Disclosure.
Column 5
For contracts measured under PAA, report the risk adjustment for non-financial risk of assets for incurred claims for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (c) (ii) Disclosure.
Column 6
Report assets for insurance acquisition cash flows recognised applying AASB 17 paragraph 28B for the current reporting period.Report this item in accordance with AASB 17 Appendix A Defined terms, AASB 17.105A Disclosure and AASB 17.105B Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Column 7
Column 7 total current reporting period is a derived column and is calculated as the sum of columns 1 to 6.
Item 1: Opening reinsurance contract assets
Item 1
Report opening reinsurance contract assets.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 2: Opening reinsurance contract liabilities
Item 2
Report opening reinsurance contract liabilities.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 3: Net balance as at beginning of reporting period
Item 3
Item 3 net balance as at beginning of reporting period is a derived item and is calculated as the sum of item 1 and item 2.
Net income (expenses) from reinsurance contracts held
Item 4: Reinsurance expenses: Allocation of premiums paid to the reinsurer
Item 4
Report reinsurance expenses: allocation of premiums paid to the reinsurer.It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at items 5 to 7 inclusive.Report this item in accordance with AASB 17.86 and AASB 17.103 (a) Disclosure.
Item 5: Recoveries of incurred claims and other insurance service expenses
Item 5
Report recoveries of incurred claims and other insurance service expenses.Report this item in accordance with AASB 17.103 (b) (i) Disclosure and AASB 17.103 (b) (ii) Disclosure. Report recoveries of amortisation of insurance acquisition cash flows if applicable.
Item 6: Recoveries and reversals of recoveries of losses on onerous underlying contracts
Item 6
Report recoveries and reversals of recoveries of losses on onerous underlying contractsReport this item in accordance with AASB 17.103 (b) (iv) Disclosure.
Item 7: Changes that relate to past service: Changes to assets for incurred claims
Item 7
Report changes that relate to past service: Changes to assets for incurred claims.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.
Item 8: Amounts recoverable from reinsurers
Item 8
Item 8 amounts recoverable from reinsurers is a derived item and is calculated as the sum of items 5 to 7 inclusive.Report this item in accordance with AASB 17.86 Disclosure and AASB 17.103 (b) Disclosure.
Item 9: Investment components and premium refunds
Item 9
Report investment components and premium refunds.Report this item in accordance with AASB 17 Appendix A and AASB 17.103 (c) Disclosure.Premium refunds may also be netted against the premiums received as disclosed under AASB 17.105 (a) (i).
Item 10: Cost of retroactive cover on reinsurance contracts held
Item 10
Report cost of retroactive cover on reinsurance contracts held.Report this item in accordance with AASB 17 Appendix A and AASB 17.65A Disclosure.Insurers can either report cost of retroactive cover on reinsurance contracts held. at this item; or include it as part of Item 4 Reinsurance expenses: Allocation of premiums paid to the reinsurer.
Item 11: Impairment of assets for insurance acquisition cash flows
Item 11
Report impairment of assets for insurance acquisition cash flows in accordance with AASB 17 Appendix A, AASB 17.105A and AASB 17.105B Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Item 12: Reversal of impairment of assets for insurance acquisition cash flows
Item 12
Report reversal of impairment of assets for insurance acquisition cash flowsReport this item in accordance with AASB 17 Appendix A, AASB 17.105A and AASB 17.105B Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Item 13: Net income (expenses) from reinsurance contracts held
Item 13
Item 13 net income (expenses) from reinsurance contracts held is derived and is calculated as the sum of item 4, and items 8 to 12 inclusive.
Item 14: Effect of changes in non-performance risk of reinsurers
Item 14
Report effect of changes in non-performance risk of reinsurers.Report this item in accordance with AASB 17.105 (b) Disclosure.
Item 15: Finance income from reinsurance contracts held
Item 15
Report finance income from reinsurance contracts held.Report this item in accordance with AASB 17 Appendix A and AASB 17.105 (c) Disclosure.
Item 16: Effect of movements in exchange rates
Item 16
Report effect of movements in exchange rates.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 17: Total amounts recognised in the statement of profit or loss and OCI
Item 17
Item 17 total amounts recognised in the statement of profit or loss and OCI is a derived item and is calculated as the sum of items 13 to 16 inclusive.
Cash flows
Report items 18-21 based on AASB 17.98 and 17.105 (a) requirements.
Item 18: Premiums paid
Item 18
Report premiums paid.Report this item in accordance with AASB 17.105 (a) (i) Disclosure.
Item 19: Amounts received
Item 19
Report amounts received.Report this item in accordance with AASB 17.105 (a) (iii) Disclosure.
Item 20: Insurance acquisition cash flows
Item 20
Report insurance acquisition cash flows in accordance with AASB 17 Appendix A, AASB 17.105 (a) (ii) Disclosure and AASB 17.105A Disclosure.
Item 21: Total cash flows
Item 21
Item 21 total cash flows is a derived item and is calculated as the sum of items 18 to 20 inclusive.
Items 22-24: Other movements in the net balance
Item 22
Report allocation from assets for insurance acquisition cash flows to groups of reinsurance contracts held.Report this item in accordance with AASB 17 Appendix A and AASB 17.105A Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Item 23
Report other movements in the net balance that are related to acquisitions, disposals, or portfolio transfers.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 24
Report other movements in the net balance not reported at items 22 and 23.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 25
Item 25 other movements in the net balance is a derived item and is calculated as the sum of items 22 to 24 inclusive.
Item 26: Net balance as at end of reporting period
Item 26
Item 26 net balance as at end of reporting period is a derived item and is calculated as the sum of item 3, item 17, item 21 and item 25.
Item 27: Closing reinsurance contract assets
Item 27
Report closing reinsurance contract assets.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 28: Closing reinsurance contract liabilities
Item 28
Report closing reinsurance contract liabilities.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 29: Net balance as at end of reporting period
Item 29
Item 29 net balance as at end of reporting period is a derived item and is calculated as the sum of item 27 and item 28.
Liability Roll Forward 2 – Reconciliation of the measurement components of reinsurance contract balances
For contracts not measured under the PAA, report the items in the table based on AASB 17.98 and AASB 17.101 requirements to provide separate reconciliations for insurance contracts issued and reinsurance contracts held.
Report zero values for line items if they are not applicable.
Column 1
Report estimates of the present value of the future cash flows for the current reporting period.Report this item in accordance with AASB 17.101 (a) Disclosure.
Column 2
Report the risk adjustment for non-financial risk for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.101 (b) Disclosure.
Column 3
Report the contractual service margin (CSM) for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.101 (c) Disclosure.
Column 4
Column 4 total current reporting period is a derived column and is calculated as the sum of columns 1-3.
Item 1: Opening reinsurance contract assets
Item 1
Report opening reinsurance contract assets.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 2: Opening reinsurance contract liabilities
Item 2
Report opening reinsurance contract liabilities.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 3: Net balance as at beginning of reporting period
Item 3
Item 3 net balance as at beginning of reporting period is a derived item and is calculated as the sum of item 1 and item 2.
Changes in the statement of profit or loss and OCI
Items 4-7: Changes that relate to current services
Item 4
Report CSM recognised for services received.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (b) (i) Disclosure.
Item 5
Report change in risk adjustment for non-financial risk for risk expired.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (b) (ii) Disclosure.
Item 6
Report experience adjustments.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (b) (iii) Disclosure.
Item 7
Item 7 changes that relate to current services is a derived item and is calculated as the sum of items 4 to 6 inclusive.
Items 8-12: Changes that relate to future services
Item 8
Report contracts initially recognised in the period.Report this item in accordance with AASB 17.104 (a) (iii) Disclosure.
Item 9
Report changes in recoveries of losses on onerous underlying contracts that adjust the CSM.Report this item in accordance with AASB 17 Appendix A, AASB 17.105 (d) and AASB 17.66 (ba)–(bb) Disclosure.
Item 10
Report changes in estimates that adjust the CSM.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (a) (i) Disclosure.
Item 11
Report changes in estimates that relate to losses and reversals of losses on onerous underlying contracts that do not adjust the CSM.Report this item in accordance with AASB 17.104 (a) (ii).
Item 12
Item 12 changes that relate to future services is a derived item and is calculated as the sum of items 8 to 11 inclusive.
Item 13: Changes that relate to past services - changes to assets for incurred claims
Item 13
Report changes that relate to past services – changes to assets for incurred claims.Report this item in accordance with AASB 17.104 (c) Disclosure.
Item 14: Net income (expenses) from reinsurance contracts held
Item 14
Item 14 net income (expenses) from reinsurance contracts held is derived and is calculated as the sum of item 7, items 12 and item 13 inclusive.
Item 15: Effect of changes in non-performance risk of reinsurers
Item 15
Report effect of changes in non-performance risk of reinsurers.Report this item in accordance with AASB 17.105 (b) Disclosure.
Item 16: Finance income (expenses) from reinsurance contracts held
Item 16
Report finance income (expenses) from reinsurance contracts held.Report this item in accordance with AASB 17 Appendix A and AASB 17.105 (c) Disclosure.
Item 17: Effect of movements in exchange rates
Item 17
Report the effect of movements in exchange rates.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 18: Total amounts recognised in the statement of profit or loss and OCI
Item 18
Item 18, total amounts recognised in the statement of profit or loss and OCI, is a derived item and is calculated as the sum of items 14 to 17 inclusive.
Cash flows
Report items 19-21 based on AASB 17.98 and 17.105 (a) requirements.
Item 19: Premiums paid
Item 19
Report premiums paid.Report this item in accordance with AASB 17.105 (a) (i) Disclosure.
Item 20: Amounts received
Item 20
Report amounts received.Report this item in accordance with AASB 17.105 (a) (iii) Disclosure.
Item 21: Total cash flows
Item 21
Item 21 total cash flows is a derived item and is calculated as the sum of item 19 and item 20.
Items 22-24: Other movements in the net balance
Item 22
Report other movements in the net balance that are related to acquisitions, disposals, or portfolio transfers.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 23
Report other movements in the net balance not reported at item 22.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 24
Item 24 other movements in the net balance is a derived item and is calculated as the sum of item 22 and item 23.
Item 25: Net balance as at end of reporting period
Item 25
Item 25 net balance as at end of reporting period is a derived item and is calculated as the sum of item 3, item 18, item 21 and item 24.
Item 26: Closing reinsurance contract assets
Item 26
Report closing reinsurance contract assets.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 27: Closing reinsurance contract liabilities
Item 27
Report closing reinsurance contract liabilities.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 28: Net balance as at end of reporting period
Item 28
Item 28 net balance as at end of reporting period is a derived item and is calculated as the sum of item 26 and item 27.
Liability Roll Forward 1 — Reconciliatio
Liability Roll Forward 1 — Reconciliation of the liability for remaining coverage and the liability for incurred claims
Liability Roll Forward 1 – Reconciliation of the liability for remaining coverage and the liability for incurred claims
Report the items in the table based on AASB 17.100 requirements to provide reconciliation from the opening to the closing balances of the liabilities for remaining coverage (LRC) and liabilities for incurred claims (LIC). Report the reconciliation from the opening to the closing balance of assets for insurance acquisition cash flows based on the insurer’s interpretation of AASB 17.105A and AASB 17.105B requirements.
Report zero values for line items if they are not applicable.
Column 1
Report liabilities for remaining coverage excluding loss component for the current reporting period.Where a group of contracts meets the requirements under AASB 17.20, report these contracts in this column.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (a) Disclosure.
Column 2
Report the loss component of liabilities for remaining coverage for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (b) Disclosure.
Column 3
Report liabilities for incurred claims from contracts not measured under the Premium Allocation Approach (PAA) for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (c) Disclosure.
Column 4
For liabilities for incurred claims from contracts measured under the PAA, report estimates of the present value of the future cash flows for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (c) (i) Disclosure.
Column 5
For liabilities for incurred claims from contracts measured under PAA, report the risk adjustment for non-financial risk for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (c) (ii) Disclosure.
Column 6
Report assets for insurance acquisition cash flows recognised applying AASB 17 paragraph 28B for the current reporting period.Report this item in accordance with AASB 17 Appendix A, AASB 17.105A Disclosure and AASB 17.105B Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Column 7
Column 7 total current reporting period is a derived column and is calculated as the sum of columns 1 to 6.
Item 1: Opening insurance contract liabi
Item 1: Opening insurance contract liabilities
Item 1: Opening insurance contract liabilities
Item 1
Report opening insurance contract liabilities.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 2: Opening insurance contract asset
Item 2: Opening insurance contract assets
Item 2: Opening insurance contract assets
Item 2
Report opening insurance contract assets.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 3: Net balance as at beginning of r
Item 3: Net balance as at beginning of reporting period
Item 3: Net balance as at beginning of reporting period
Item 3
Item 3 net balance as at beginning of reporting period is a derived item and is calculated as the sum of item 1 and item 2.
Changes in the statement of profit or lo
Changes in the statement of profit or loss and OCI
Reporting Standard LRS 320.0
Liability Roll Forwards
General instructions
These instructions assist completion of the Reporting Standard LRS 320.0 Liability Roll Forwards. The report collects information relating to reconciliations of insurance contract liabilities required by AASB 17 Insurance Contracts (AASB 17). These instructions also apply to roll forwards of assets for insurance acquisition cash flows and reinsurance contracts held.
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
In completing the reporting standards, unless otherwise stated specifically, reporting life companies are to follow the basis consistent with the relevant Australian Accounting Standards. In particular, appropriate consideration must be given to the interpretation, the basis for measurement, and the netting between revenues/expenses items and financial assets/liabilities.
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. The 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 (IASB)) 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 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.
Reporting direction for life insurers
For APRA reporting, life insurers must also meet the relevant policy liability valuation requirements outlined in the Prudential Standard LPS 340 Valuation of Policy Liabilities (LPS 340).
Specific instructions
Reporting basis
Information in this Reporting Standard is to be completed by life insurers including friendly societies for each reporting period on licensed insurer and statutory fund (approved benefit fund for a friendly society) bases.
Units of measurement
Report values in this Reporting Standard in whole Australian dollars (AUD) with no decimal place.
Convert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.
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.
Part A: Insurance contracts issued (direct business/inwards reinsurance)
Liability Roll Forward 1 – Reconciliation of the liability for remaining coverage and the liability for incurred claims
Report the items in the table based on AASB 17.100 requirements to provide reconciliation from the opening to the closing balances of the liabilities for remaining coverage (LRC) and liabilities for incurred claims (LIC). Report the reconciliation from the opening to the closing balance of assets for insurance acquisition cash flows based on the insurer’s interpretation of AASB 17.105A and AASB 17.105B requirements.
Report zero values for line items if they are not applicable.
Column 1
Report liabilities for remaining coverage excluding loss component for the current reporting period.Where a group of contracts meets the requirements under AASB 17.20, report these contracts in this column.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (a) Disclosure.
Column 2
Report the loss component of liabilities for remaining coverage for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (b) Disclosure.
Column 3
Report liabilities for incurred claims from contracts not measured under the Premium Allocation Approach (PAA) for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (c) Disclosure.
Column 4
For liabilities for incurred claims from contracts measured under the PAA, report estimates of the present value of the future cash flows for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (c) (i) Disclosure.
Column 5
For liabilities for incurred claims from contracts measured under PAA, report the risk adjustment for non-financial risk for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (c) (ii) Disclosure.
Column 6
Report assets for insurance acquisition cash flows recognised applying AASB 17 paragraph 28B for the current reporting period.Report this item in accordance with AASB 17 Appendix A, AASB 17.105A Disclosure and AASB 17.105B Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Column 7
Column 7 total current reporting period is a derived column and is calculated as the sum of columns 1 to 6.
Item 1: Opening insurance contract liabilities
Item 1
Report opening insurance contract liabilities.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 2: Opening insurance contract assets
Item 2
Report opening insurance contract assets.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 3: Net balance as at beginning of reporting period
Item 3
Item 3 net balance as at beginning of reporting period is a derived item and is calculated as the sum of item 1 and item 2.
Changes in the statement of profit or loss and OCI
Item 4: Insurance revenue
Item 4
Report insurance revenue.Report this item in accordance with AASB 17.103 (a) Disclosure.
Items 5-11: Insurance service expenses
Item 5
Report incurred claims and other expenses.Report this item in accordance with AASB 17.103 (b) (i) Disclosure.
Item 6
Report insurance acquisition cash flows amortisation.Report this item in accordance with AASB 17.103 (b) (ii) Disclosure.
Item 7
Report changes that relate to future service: losses on onerous contracts and reversals of those losses.Report this item in accordance with AASB 17.103 (b) (iv) Disclosure.
Item 8
Report changes that relate to past service: changes to liabilities for incurred claims.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.
Item 9
Report impairment of assets for insurance acquisition cash flows.Report this item in accordance with AASB 17 Appendix A, AASB 17.105A and AASB 17.105B Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Item 10
Report reversal of impairment of assets for insurance acquisition cash flowsReport this item in accordance with AASB 17 Appendix A, AASB 17.105A and AASB 17.105B Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Item 11
Item 11 insurance service expenses is a derived item and is calculated as the sum of items 5 to 10 inclusive.
Item 12: Investment components and premium refunds
Item 12
Report investment components and premium refundsReport this item in accordance with AASB 17 Appendix A and AASB 17.103 (c) Disclosure.Premium refunds may also be netted against the premiums received as disclosed under AASB 17.105 (a) (i).
Item 13: Insurance service result
Item 13
Item 13 insurance service result is a derived item and is calculated as the sum of item 4, item 11 and item 12.
Item 14: Finance expenses from insurance contracts issued
Item 14
Report finance expenses from insurance contracts issued.Report this item in accordance with AASB 17 Appendix A and AASB 17.105 (c) Disclosure.
Item 15: Effect of movements in exchange rates
Item 15
Report effect of movements in exchange rates.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 16: Total amounts recognised in the statement of profit or loss and OCI
Item 16
Item 16 total amounts recognised in the statement of profit or loss and OCI is a derived item and is calculated as the sum of items 13 to 15 inclusive.
Cash flows
Report items 17-20 based on AASB 17.98 and 17.105 (a) requirements.
Items 17-20: Cash flows
Item 17
Report premiums received.Report this item in accordance with AASB 17.105 (a) (i) Disclosure.
Item 18
Report claims and other expenses paid, including investment components.Report this item in accordance with AASB 17 Appendix A and AASB 17.105 (a) (iii) Disclosure.
Item 19
Report insurance acquisition cash flowsReport this item in accordance with AASB 17 Appendix A, AASB 17.105 (a) (ii) Disclosure and AASB 17.105A Disclosure.
Item 20
Item 20 cash flows is a derived item and is calculated as the sum of items 17 to 19 inclusive.
Items 21-24: Other movements in the net balance
Item 21
Report allocation from assets for insurance acquisition cash flows to groups of insurance contracts.Report this item in accordance with AASB 17 Appendix A and AASB 17.105A Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Item 22
Report other movements in the net balance that are related to acquisitions/disposals/portfolio transfers.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 23
Report other movements in the net balance not reported at items 21 and 22.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 24
Item 24 other movements in the net balance is a derived item and is calculated as the sum of items 21 to 23 inclusive.
Item 25: Net balance as at end of reporting period
Item 25
Item 25 net balance as at end of reporting period is a derived item and is calculated as the sum of item 3, item 16, item 20 and item 24.
Item 26: Closing insurance contract liabilities
Item 26
Report closing insurance contract liabilities.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 27: Closing insurance contract assets
Item 27
Report closing insurance contract assets.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 28: Net balance as at end of reporting period
Item 28
Item 28 net balance as at end of reporting period is a derived item and is calculated as the sum of item 26 and item 27.
Liability Roll Forward 2 – Reconciliation of the measurement components of insurance contract balances
For contracts not measured under the PAA, report the items in the table based on AASB 17.101 requirements.
Report zero values for line items if they are not applicable.
Column 1
Report estimates of the present value of the future cash flows for the current reporting period.Report this item in accordance with AASB 17.101 (a) Disclosure.
Column 2
Report the risk adjustment for non-financial risk for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.101 (b) Disclosure.
Column 3
Report the contractual service margin (CSM) for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.101 (c) Disclosure.
Column 4
Column 4 total current reporting period is a derived column and is calculated as the sum of columns 1-3.
Item 1: Opening insurance contract liabilities
Item 1
Report opening insurance contract liabilities.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 2: Opening insurance contract assets
Item 2
Report opening insurance contract assets.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 3: Net balance as at beginning of reporting period
Item 3
Item 3 net balance as at beginning of reporting period is a derived item and is calculated as the sum of item 1 and item 2.
Changes in the statement of profit or loss and OCI
Items 4-7: Changes that relate to current services
Item 4
Report CSM recognised for services provided.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (b) (i) Disclosure.
Item 5
Report change in risk adjustment for non-financial risk for risk expired.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (b) (ii) Disclosure.
Item 6
Report experience adjustments.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (b) (iii) Disclosure.
Item 7
Item 7 total changes that relate to current services is a derived item and is calculated as the sum of items 4 to 6 inclusive.
Items 8-11: Changes that relate to future services
Item 8
Report changes in estimates that adjust the CSM.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (a) (i) Disclosure.
Item 9
Report changes in estimates that do not adjust the CSM, i.e. losses on groups of onerous contracts and reversals of such losses.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (a) (ii) Disclosure.
Item 10
Report contracts initially recognised in the period.Report this item in accordance with AASB 17.104 (a) (iii) Disclosure.
Item 11
Item 11 total changes that relate to future services is a derived item and is calculated as the sum of items 8 to 10 inclusive.
Item 12: Changes that relate to past services - Changes to liabilities for incurred claims
Item 12
Report changes that relate to past services – changes to liabilities for incurred claims.Report this item in accordance with AASB 17.104 (c) Disclosure.
Item 13: Insurance service result
Item 13
Item 13 insurance service result is a derived item and is calculated as the sum of item 7, item 11 and item 12.
Item 14: Finance expenses or income from insurance contracts issued
Item 14
Report finance expenses or income from insurance contracts issued.Report this item in accordance with AASB 17 Appendix A and AASB 17.105 (c) Disclosure.
Item 15: Effect of movements in exchange rates
Item 15
Report effect of movements in exchange rates.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 16: Total amounts recognised in the statement of profit or loss and OCI
Item 16
Item 16 total amounts recognised in the statement of profit or loss and OCI is a derived item and is calculated as the sum of items 13 to 15 inclusive.
Cash flows
Report items 17-20 based on AASB 17.98 and 17.105 (a) requirements.
Item 17: Premiums received
Item 17
Report premiums received for insurance contracts issued.Report this item in accordance with AASB 17 Appendix A and AASB 17.105 (a) (i) Disclosure.
Item 18: Claims and other expenses paid
Item 18
Report claims and other expenses paid.Report this item in accordance with AASB 17.105 (a) (iii) Disclosure.
Item 19: Insurance acquisition cash flows paid
Item 19
Report insurance acquisition cash flows paid.Report this item in accordance with AASB 17 Appendix A and AASB 17.105 (a) (ii) Disclosure.
Item 20: Total cash flows
Item 20
Item 20 total cash flows is a derived item and is calculated as the sum of items 17 to 19 inclusive.
Items 21-24: Other movements in the net balance
Item 21
Report allocation from assets for insurance acquisition cash flows to groups of insurance contracts.Report this item in accordance with AASB 17 Appendix A and AASB 17.105A Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Item 22
Report other movements in the net balance that are related to acquisitions/disposals/portfolio transfers.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 23
Report other movements in the net balance not reported at items 21 and 22.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 24
Item 24 other movements in the net balance is a derived item and is calculated as the sum of items 21 to 23 inclusive.
Item 25: Net balance as at end of reporting period
Item 25
Item 25 net balance as at end of reporting period is a derived item and is calculated as the sum of item 3, item 16, item 20 and item 24.
Items 26-28: Closing balances
Item 26
Report closing insurance contract liabilities.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 27
Report closing insurance contract assets.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 28
Item 28 net balance as at end of reporting period is a derived item and is calculated as the sum of item 26 and item 27.
Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent)
Liability Roll Forward 1 – Reconciliation of the asset for remaining coverage and the asset for incurred claims
Report the items in the table based on AASB 17.98, AASB 17.100, AASB 17.105A and 17.105B requirements to provide separate reconciliations for insurance contracts issued and reinsurance contracts held.
Report zero values for line items if they are not applicable.
Column 1
Report assets for remaining coverage excluding loss-recovery component for the current reporting period.Report this item in accordance with AASB 17.100 (a) Disclosure.
Column 2
Report the loss-recovery component of assets for remaining coverage for the current reporting period.Report this item in accordance with AASB 17.66B and AASB 17.100 (b) Disclosure.
Column 3
For contracts not measured under the Premium Allocation Approach (PAA), report assets for incurred claims for the current reporting period.Report this item in accordance with AASB 17.100 (c) Disclosure.
Column 4
For contracts measured under PAA, report estimates of the present value of the future cash flows of assets for incurred claims for the current reporting period.Report this item in accordance with AASB 17.100 (c) (i) Disclosure.
Column 5
For contracts measured under PAA, report the risk adjustment for non-financial risk of assets for incurred claims for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (c) (ii) Disclosure.
Column 6
Report assets for insurance acquisition cash flows recognised applying AASB 17 paragraph 28B for the current reporting period.Report this item in accordance with AASB 17 Appendix A Defined terms, AASB 17.105A Disclosure and AASB 17.105B Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Column 7
Column 7 total current reporting period is a derived column and is calculated as the sum of columns 1 to 6.
Item 1: Opening reinsurance contract assets
Item 1
Report opening reinsurance contract assets.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 2: Opening reinsurance contract liabilities
Item 2
Report opening reinsurance contract liabilities.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 3: Net balance as at beginning of reporting period
Item 3
Item 3 net balance as at beginning of reporting period is a derived item and is calculated as the sum of item 1 and item 2.
Net income (expenses) from reinsurance contracts held
Item 4: Reinsurance expenses: Allocation of premiums paid to the reinsurer
Item 4
Report reinsurance expenses: allocation of premiums paid to the reinsurer.It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at items 5 to 7 inclusive.Report this item in accordance with AASB 17.86 and AASB 17.103 (a) Disclosure.
Item 5: Recoveries of incurred claims and other insurance service expenses
Item 5
Report recoveries of incurred claims and other insurance service expenses.Report this item in accordance with AASB 17.103 (b) (i) Disclosure and AASB 17.103 (b) (ii) Disclosure. Report recoveries of amortisation of insurance acquisition cash flows if applicable.
Item 6: Recoveries and reversals of recoveries of losses on onerous underlying contracts
Item 6
Report recoveries and reversals of recoveries of losses on onerous underlying contractsReport this item in accordance with AASB 17.103 (b) (iv) Disclosure.
Item 7: Changes that relate to past service: Changes to assets for incurred claims
Item 7
Report changes that relate to past service: Changes to assets for incurred claims.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.
Item 8: Amounts recoverable from reinsurers
Item 8
Item 8 amounts recoverable from reinsurers is a derived item and is calculated as the sum of items 5 to 7 inclusive.Report this item in accordance with AASB 17.86 Disclosure and AASB 17.103 (b) Disclosure.
Item 9: Investment components and premium refunds
Item 9
Report investment components and premium refunds.Report this item in accordance with AASB 17 Appendix A and AASB 17.103 (c) Disclosure.Premium refunds may also be netted against the premiums received as disclosed under AASB 17.105 (a) (i).
Item 10: Cost of retroactive cover on reinsurance contracts held
Item 10
Report cost of retroactive cover on reinsurance contracts held.Report this item in accordance with AASB 17 Appendix A and AASB 17.65A Disclosure.Insurers can either report cost of retroactive cover on reinsurance contracts held. at this item; or include it as part of Item 4 Reinsurance expenses: Allocation of premiums paid to the reinsurer.
Item 11: Impairment of assets for insurance acquisition cash flows
Item 11
Report impairment of assets for insurance acquisition cash flows in accordance with AASB 17 Appendix A, AASB 17.105A and AASB 17.105B Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Item 12: Reversal of impairment of assets for insurance acquisition cash flows
Item 12
Report reversal of impairment of assets for insurance acquisition cash flowsReport this item in accordance with AASB 17 Appendix A, AASB 17.105A and AASB 17.105B Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Item 13: Net income (expenses) from reinsurance contracts held
Item 13
Item 13 net income (expenses) from reinsurance contracts held is derived and is calculated as the sum of item 4, and items 8 to 12 inclusive.
Item 14: Effect of changes in non-performance risk of reinsurers
Item 14
Report effect of changes in non-performance risk of reinsurers.Report this item in accordance with AASB 17.105 (b) Disclosure.
Item 15: Finance income from reinsurance contracts held
Item 15
Report finance income from reinsurance contracts held.Report this item in accordance with AASB 17 Appendix A and AASB 17.105 (c) Disclosure.
Item 16: Effect of movements in exchange rates
Item 16
Report effect of movements in exchange rates.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 17: Total amounts recognised in the statement of profit or loss and OCI
Item 17
Item 17 total amounts recognised in the statement of profit or loss and OCI is a derived item and is calculated as the sum of items 13 to 16 inclusive.
Cash flows
Report items 18-21 based on AASB 17.98 and 17.105 (a) requirements.
Item 18: Premiums paid
Item 18
Report premiums paid.Report this item in accordance with AASB 17.105 (a) (i) Disclosure.
Item 19: Amounts received
Item 19
Report amounts received.Report this item in accordance with AASB 17.105 (a) (iii) Disclosure.
Item 20: Insurance acquisition cash flows
Item 20
Report insurance acquisition cash flows in accordance with AASB 17 Appendix A, AASB 17.105 (a) (ii) Disclosure and AASB 17.105A Disclosure.
Item 21: Total cash flows
Item 21
Item 21 total cash flows is a derived item and is calculated as the sum of items 18 to 20 inclusive.
Items 22-24: Other movements in the net balance
Item 22
Report allocation from assets for insurance acquisition cash flows to groups of reinsurance contracts held.Report this item in accordance with AASB 17 Appendix A and AASB 17.105A Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Item 23
Report other movements in the net balance that are related to acquisitions, disposals, or portfolio transfers.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 24
Report other movements in the net balance not reported at items 22 and 23.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 25
Item 25 other movements in the net balance is a derived item and is calculated as the sum of items 22 to 24 inclusive.
Item 26: Net balance as at end of reporting period
Item 26
Item 26 net balance as at end of reporting period is a derived item and is calculated as the sum of item 3, item 17, item 21 and item 25.
Item 27: Closing reinsurance contract assets
Item 27
Report closing reinsurance contract assets.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 28: Closing reinsurance contract liabilities
Item 28
Report closing reinsurance contract liabilities.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 29: Net balance as at end of reporting period
Item 29
Item 29 net balance as at end of reporting period is a derived item and is calculated as the sum of item 27 and item 28.
Liability Roll Forward 2 – Reconciliation of the measurement components of reinsurance contract balances
For contracts not measured under the PAA, report the items in the table based on AASB 17.98 and AASB 17.101 requirements to provide separate reconciliations for insurance contracts issued and reinsurance contracts held.
Report zero values for line items if they are not applicable.
Column 1
Report estimates of the present value of the future cash flows for the current reporting period.Report this item in accordance with AASB 17.101 (a) Disclosure.
Column 2
Report the risk adjustment for non-financial risk for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.101 (b) Disclosure.
Column 3
Report the contractual service margin (CSM) for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.101 (c) Disclosure.
Column 4
Column 4 total current reporting period is a derived column and is calculated as the sum of columns 1-3.
Item 1: Opening reinsurance contract assets
Item 1
Report opening reinsurance contract assets.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 2: Opening reinsurance contract liabilities
Item 2
Report opening reinsurance contract liabilities.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 3: Net balance as at beginning of reporting period
Item 3
Item 3 net balance as at beginning of reporting period is a derived item and is calculated as the sum of item 1 and item 2.
Changes in the statement of profit or loss and OCI
Items 4-7: Changes that relate to current services
Item 4
Report CSM recognised for services received.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (b) (i) Disclosure.
Item 5
Report change in risk adjustment for non-financial risk for risk expired.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (b) (ii) Disclosure.
Item 6
Report experience adjustments.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (b) (iii) Disclosure.
Item 7
Item 7 changes that relate to current services is a derived item and is calculated as the sum of items 4 to 6 inclusive.
Items 8-12: Changes that relate to future services
Item 8
Report contracts initially recognised in the period.Report this item in accordance with AASB 17.104 (a) (iii) Disclosure.
Item 9
Report changes in recoveries of losses on onerous underlying contracts that adjust the CSM.Report this item in accordance with AASB 17 Appendix A, AASB 17.105 (d) and AASB 17.66 (ba)–(bb) Disclosure.
Item 10
Report changes in estimates that adjust the CSM.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (a) (i) Disclosure.
Item 11
Report changes in estimates that relate to losses and reversals of losses on onerous underlying contracts that do not adjust the CSM.Report this item in accordance with AASB 17.104 (a) (ii).
Item 12
Item 12 changes that relate to future services is a derived item and is calculated as the sum of items 8 to 11 inclusive.
Item 13: Changes that relate to past services - changes to assets for incurred claims
Item 13
Report changes that relate to past services – changes to assets for incurred claims.Report this item in accordance with AASB 17.104 (c) Disclosure.
Item 14: Net income (expenses) from reinsurance contracts held
Item 14
Item 14 net income (expenses) from reinsurance contracts held is derived and is calculated as the sum of item 7, items 12 and item 13 inclusive.
Item 15: Effect of changes in non-performance risk of reinsurers
Item 15
Report effect of changes in non-performance risk of reinsurers.Report this item in accordance with AASB 17.105 (b) Disclosure.
Item 16: Finance income (expenses) from reinsurance contracts held
Item 16
Report finance income (expenses) from reinsurance contracts held.Report this item in accordance with AASB 17 Appendix A and AASB 17.105 (c) Disclosure.
Item 17: Effect of movements in exchange rates
Item 17
Report the effect of movements in exchange rates.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 18: Total amounts recognised in the statement of profit or loss and OCI
Item 18
Item 18, total amounts recognised in the statement of profit or loss and OCI, is a derived item and is calculated as the sum of items 14 to 17 inclusive.
Cash flows
Report items 19-21 based on AASB 17.98 and 17.105 (a) requirements.
Item 19: Premiums paid
Item 19
Report premiums paid.Report this item in accordance with AASB 17.105 (a) (i) Disclosure.
Item 20: Amounts received
Item 20
Report amounts received.Report this item in accordance with AASB 17.105 (a) (iii) Disclosure.
Item 21: Total cash flows
Item 21
Item 21 total cash flows is a derived item and is calculated as the sum of item 19 and item 20.
Items 22-24: Other movements in the net balance
Item 22
Report other movements in the net balance that are related to acquisitions, disposals, or portfolio transfers.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 23
Report other movements in the net balance not reported at item 22.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 24
Item 24 other movements in the net balance is a derived item and is calculated as the sum of item 22 and item 23.
Item 25: Net balance as at end of reporting period
Item 25
Item 25 net balance as at end of reporting period is a derived item and is calculated as the sum of item 3, item 18, item 21 and item 24.
Item 26: Closing reinsurance contract assets
Item 26
Report closing reinsurance contract assets.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 27: Closing reinsurance contract liabilities
Item 27
Report closing reinsurance contract liabilities.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 28: Net balance as at end of reporting period
Item 28
Item 28 net balance as at end of reporting period is a derived item and is calculated as the sum of item 26 and item 27.
Item 4: Insurance revenue
Item 4: Insurance revenue
Item 4: Insurance revenue
Item 4
Report insurance revenue.Report this item in accordance with AASB 17.103 (a) Disclosure.
Items 5-11: Insurance service expenses
Items 5-11: Insurance service expenses
Items 5-11: Insurance service expenses
Item 5
Report incurred claims and other expenses.Report this item in accordance with AASB 17.103 (b) (i) Disclosure.
Item 6
Report insurance acquisition cash flows amortisation.Report this item in accordance with AASB 17.103 (b) (ii) Disclosure.
Item 7
Report changes that relate to future service: losses on onerous contracts and reversals of those losses.Report this item in accordance with AASB 17.103 (b) (iv) Disclosure.
Item 8
Report changes that relate to past service: changes to liabilities for incurred claims.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.
Item 9
Report impairment of assets for insurance acquisition cash flows.Report this item in accordance with AASB 17 Appendix A, AASB 17.105A and AASB 17.105B Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Item 10
Report reversal of impairment of assets for insurance acquisition cash flowsReport this item in accordance with AASB 17 Appendix A, AASB 17.105A and AASB 17.105B Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Item 11
Item 11 insurance service expenses is a derived item and is calculated as the sum of items 5 to 10 inclusive.
Item 12: Investment components and premi
Item 12: Investment components and premium refunds
Item 12: Investment components and premium refunds
Item 12
Report investment components and premium refundsReport this item in accordance with AASB 17 Appendix A and AASB 17.103 (c) Disclosure.Premium refunds may also be netted against the premiums received as disclosed under AASB 17.105 (a) (i).
Item 13: Insurance service result
Item 13: Insurance service result
Item 13: Insurance service result
Item 13
Item 13 insurance service result is a derived item and is calculated as the sum of item 4, item 11 and item 12.
Item 14: Finance expenses from insurance
Item 14: Finance expenses from insurance contracts issued
Item 14: Finance expenses from insurance contracts issued
Item 14
Report finance expenses from insurance contracts issued.Report this item in accordance with AASB 17 Appendix A and AASB 17.105 (c) Disclosure.
Item 15: Effect of movements in exchange
Item 15: Effect of movements in exchange rates
Item 15: Effect of movements in exchange rates
Item 15
Report effect of movements in exchange rates.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 16: Total amounts recognised in the
Item 16: Total amounts recognised in the statement of profit or loss and OCI
Item 16: Total amounts recognised in the statement of profit or loss and OCI
Item 16
Item 16 total amounts recognised in the statement of profit or loss and OCI is a derived item and is calculated as the sum of items 13 to 15 inclusive.
Cash flows
Cash flows
Cash flows
Report items 17-20 based on AASB 17.98 and 17.105 (a) requirements.
Items 17-20: Cash flows
Items 17-20: Cash flows
Items 17-20: Cash flows
Item 17
Report premiums received.Report this item in accordance with AASB 17.105 (a) (i) Disclosure.
Item 18
Report claims and other expenses paid, including investment components.Report this item in accordance with AASB 17 Appendix A and AASB 17.105 (a) (iii) Disclosure.
Item 19
Report insurance acquisition cash flowsReport this item in accordance with AASB 17 Appendix A, AASB 17.105 (a) (ii) Disclosure and AASB 17.105A Disclosure.
Item 20
Item 20 cash flows is a derived item and is calculated as the sum of items 17 to 19 inclusive.
Items 21-24: Other movements in the net
Items 21-24: Other movements in the net balance
Items 21-24: Other movements in the net balance
Item 21
Report allocation from assets for insurance acquisition cash flows to groups of insurance contracts.Report this item in accordance with AASB 17 Appendix A and AASB 17.105A Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.
Item 22
Report other movements in the net balance that are related to acquisitions/disposals/portfolio transfers.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 23
Report other movements in the net balance not reported at items 21 and 22.Report this item in accordance with AASB 17.105 (d) Disclosure.
Item 24
Item 24 other movements in the net balance is a derived item and is calculated as the sum of items 21 to 23 inclusive.
Item 25: Net balance as at end of report
Item 25: Net balance as at end of reporting period
Item 25: Net balance as at end of reporting period
Item 25
Item 25 net balance as at end of reporting period is a derived item and is calculated as the sum of item 3, item 16, item 20 and item 24.
Item 26: Closing insurance contract liab
Item 26: Closing insurance contract liabilities
Item 26: Closing insurance contract liabilities
Item 26
Report closing insurance contract liabilities.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 27: Closing insurance contract asse
Item 27: Closing insurance contract assets
Item 27: Closing insurance contract assets
Item 27
Report closing insurance contract assets.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 28: Net balance as at end of report
Item 28: Net balance as at end of reporting period
Item 28: Net balance as at end of reporting period
Item 28
Item 28 net balance as at end of reporting period is a derived item and is calculated as the sum of item 26 and item 27.
Liability Roll Forward 2 — Reconciliatio
Liability Roll Forward 2 — Reconciliation of the measurement components of insurance contract balances
Liability Roll Forward 2 – Reconciliation of the measurement components of insurance contract balances
For contracts not measured under the PAA, report the items in the table based on AASB 17.101 requirements.
Report zero values for line items if they are not applicable.
Column 1
Report estimates of the present value of the future cash flows for the current reporting period.Report this item in accordance with AASB 17.101 (a) Disclosure.
Column 2
Report the risk adjustment for non-financial risk for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.101 (b) Disclosure.
Column 3
Report the contractual service margin (CSM) for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.101 (c) Disclosure.
Column 4
Column 4 total current reporting period is a derived column and is calculated as the sum of columns 1-3.
Items 4-7: Changes that relate to curren
Items 4-7: Changes that relate to current services
Items 4-7: Changes that relate to current services
Item 4
Report CSM recognised for services provided.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (b) (i) Disclosure.
Item 5
Report change in risk adjustment for non-financial risk for risk expired.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (b) (ii) Disclosure.
Item 6
Report experience adjustments.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (b) (iii) Disclosure.
Item 7
Item 7 total changes that relate to current services is a derived item and is calculated as the sum of items 4 to 6 inclusive.
Items 8-11: Changes that relate to futur
Items 8-11: Changes that relate to future services
Items 8-11: Changes that relate to future services
Item 8
Report changes in estimates that adjust the CSM.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (a) (i) Disclosure.
Item 9
Report changes in estimates that do not adjust the CSM, i.e. losses on groups of onerous contracts and reversals of such losses.Report this item in accordance with AASB 17 Appendix A and AASB 17.104 (a) (ii) Disclosure.
Item 10
Report contracts initially recognised in the period.Report this item in accordance with AASB 17.104 (a) (iii) Disclosure.
Item 11
Item 11 total changes that relate to future services is a derived item and is calculated as the sum of items 8 to 10 inclusive.
Item 12: Changes that relate to past ser
Item 12: Changes that relate to past services - Changes to liabilities for incurred claims
Item 12: Changes that relate to past services - Changes to liabilities for incurred claims
Item 12
Report changes that relate to past services – changes to liabilities for incurred claims.Report this item in accordance with AASB 17.104 (c) Disclosure.
Item 14: Finance expenses or income from
Item 14: Finance expenses or income from insurance contracts issued
Item 14: Finance expenses or income from insurance contracts issued
Item 14
Report finance expenses or income from insurance contracts issued.Report this item in accordance with AASB 17 Appendix A and AASB 17.105 (c) Disclosure.
Item 17: Premiums received
Item 17: Premiums received
Item 17: Premiums received
Item 17
Report premiums received for insurance contracts issued.Report this item in accordance with AASB 17 Appendix A and AASB 17.105 (a) (i) Disclosure.
Item 18: Claims and other expenses paid
Item 18: Claims and other expenses paid
Item 18: Claims and other expenses paid
Item 18
Report claims and other expenses paid.Report this item in accordance with AASB 17.105 (a) (iii) Disclosure.
Item 19: Insurance acquisition cash flow
Item 19: Insurance acquisition cash flows paid
Item 19: Insurance acquisition cash flows paid
Item 19
Report insurance acquisition cash flows paid.Report this item in accordance with AASB 17 Appendix A and AASB 17.105 (a) (ii) Disclosure.
Item 20: Total cash flows
Item 20: Total cash flows
Item 20: Total cash flows
Item 20
Item 20 total cash flows is a derived item and is calculated as the sum of items 17 to 19 inclusive.
Items 26-28: Closing balances
Items 26-28: Closing balances
Items 26-28: Closing balances
Item 26
Report closing insurance contract liabilities.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 27
Report closing insurance contract assets.Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.
Item 28
Item 28 net balance as at end of reporting period is a derived item and is calculated as the sum of item 26 and item 27.
More sections below
Source text: opening excerpt
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
Reporting Standard LRS 320.0 Reporting Standard LRS 320.0
Reporting Standard LRS 320.0
Liability Roll Forwards
Objective of this Reporting Standard
This Reporting Standard sets out requirements for the provision of information to APRA relating to a life insurer’s reconciliations of insurance contract liabilities required by AASB 17 Insurance Contracts.
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
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). 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.
Method of submission
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) in respect of the first half-year based on the financial year of the life company on an unaudited basis; and
(b) 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 two times for a full financial year.
Maps every reported line item to specific AASB 17 paragraphs and AASB/IFRS taxonomy elements. The reporting tables mirror AASB 17 disclosure and measurement categories so APRA receives data aligned to the accounting standard (General instructions and the table headers throughout).
Who this affects and who pays
Affected: all life insurance companies and friendly societies registered under the Life Insurance Act 1995 (para 3). Non‑life insurers are not in scope.
Who pays: life companies themselves bear the compliance costs — system changes, ongoing data collection, auditor time for annual assurance, staff authorisations and potential external consultants or vendors to prepare and submit the taxonomy‑mapped data (paras 11–13, 6, 7).
Why APRA requires this (stated purpose) and what it mechanically achieves
Stated purpose: APRA will use the information for prudential supervision, including assessing compliance with capital adequacy standards (para 2).
Mechanical effect: APRA obtains standardised, AASB 17‑aligned roll‑forwards and cash‑flow detail for every reporting entity on a regular cadence. That gives APRA granular, comparable data on measurement components (present value of future cash flows, risk adjustments, CSM), cash flows, and reinsurance positions (Parts A & B and Liability Roll Forward 1 & 2 tables).
Costs, incentives and trade‑offs (tested against the stated purpose)
Compliance costs and implementation burden: the Standard requires many detailed fields mapped to AASB 17 paragraphs and derived totals (multiple tables and 20–30 line items per roll‑forward). Insurers will need systems, controls and auditor time to deliver reliable data; smaller friendly societies are likely to face proportionally higher unit costs (paras 11–13; General instructions).
Auditor burden: annual audited submissions must be accompanied by auditor review and at least a limited assurance engagement over the reporting systems/processes (para 11). That increases audit scope compared with purely financial‑statement audits.
Incentives to standardise or outsource: life companies have incentives to invest in internal reporting systems or to outsource taxonomy mapping and submission software to reduce recurring cost and risk of errors. That can raise short‑term costs but lower long‑term reporting cost and error risk.
Benefit concentration vs diffuse costs: the primary benefit (better supervisory data for APRA) accrues to the regulator and, indirectly, to system stability (para 2). The compliance cost is concentrated on the reporting entities.
APRA discretion / implementation risk: APRA may change reporting frequency, vary requirements for specific entities or grant extensions by written notice (paras 8, 10, 16). That discretion helps APRA tailor collection but creates regulatory uncertainty for firms planning systems and budgets.
Interpretation risk: many items require judgement about how to apply AASB 17 (the Standard repeatedly notes some items "may not apply" depending on the insurer’s interpretation of AASB 17.105A). Divergent interpretations across firms could reduce comparability or force APRA to issue clarifying guidance (multiple notes in the reporting tables).
Effects on markets and competition
Large vs small firms: because the reporting is detailed and testing/auditor work is required, larger insurers with existing data infrastructure face lower incremental costs than small insurers or friendly societies. That creates a potential competitive effect (higher fixed reporting costs for small players).
No direct controls on product pricing, ownership or contractual freedom: the instrument is a data‑collection standard; it does not itself set prudential capital rules or limit product terms. However, APRA may use the collected data to enforce prudential standards (para 2), which can have second‑order effects on pricing and capital strategy.
Concrete levers of authority and control
APRA specifies the electronic submission method and acceptable digital certificates (para 6, 14).
APRA can vary reporting requirements or frequency per life company by written notice (paras 8, 16).
The life company Board and senior management remain responsible for policies and authorisation of the submitted data and for ensuring appropriate systems (para 12).
Practical immediate implications for a life company
Expect two submissions per financial year (half‑year unaudited and year‑end audited) unless APRA notifies otherwise (para 7).
Ensure the auditor’s scope includes review and limited assurance of the reporting systems (para 11).
Implement or confirm digital signing capability and assign authorised signatories (paras 14–15).
Map internal AASB 17 roll‑forwards to APRA’s table structure and check items that are conditional on interpretation (AASB 17.105A notes).
(See specific provisions: Purpose/para 2; Application/para 3; Submission/paras 6, 9–10; Quality control/paras 11–13; Authorisation/paras 14–15; Variations/para 16; Interpretation/paras 17–18; and the Part A/B roll‑forward tables and instructions.)
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) in the case of half-yearly information, within 20 business days after the end of the reporting period to which the information relates;
(b) 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 half-year based on the financial year).
Authorisation
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.
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.
Variations
16. APRA may, by written notice to the life company, vary the reporting requirements of this Reporting Standard in relation to that life company.
Interpretation
17. In this Reporting Standard:
(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard LPS 001 Definitions (LPS 001); and
(b) the following definitions are applicable:
Auditor means an auditor appointed under paragraph 83 of the Life Act.
capital adequacy standards means the prudential standards which relate to capital adequacy as defined in LPS 001.
Chief Financial Officer means the chief financial officer of the life company, by whatever name called.
financial year has the meaning in the Corporations Act 2001.
general instruction guide refers to the general instruction guide set out in Attachment A of LRS 001.
Life Act means the Life Insurance Act 1995.
Principal Executive Officer means the principal executive officer of the life company, by whatever name called, and whether or not he or she is a member of the governing board of the entity.
reporting period means a reporting period under subparagraph 7(a) or 7(b) or, if applicable, paragraph 8.
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.
Liability Roll Forwards Liability Roll Forwards
Reporting Standard LRS 320.0
Liability Roll Forwards
Objective of this Reporting Standard
This Reporting Standard sets out requirements for the provision of information to APRA relating to a life insurer’s reconciliations of insurance contract liabilities required by AASB 17 Insurance Contracts.
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
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). 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.
Method of submission
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) in respect of the first half-year based on the financial year of the life company on an unaudited basis; and
(b) 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 two times 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) in the case of half-yearly information, within 20 business days after the end of the reporting period to which the information relates;
(b) 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 half-year based on the financial year).
Authorisation
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.
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.
Variations
16. APRA may, by written notice to the life company, vary the reporting requirements of this Reporting Standard in relation to that life company.
Interpretation
17. In this Reporting Standard:
(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard LPS 001 Definitions (LPS 001); and
(b) the following definitions are applicable:
Auditor means an auditor appointed under paragraph 83 of the Life Act.
capital adequacy standards means the prudential standards which relate to capital adequacy as defined in LPS 001.
Chief Financial Officer means the chief financial officer of the life company, by whatever name called.
financial year has the meaning in the Corporations Act 2001.
general instruction guide refers to the general instruction guide set out in Attachment A of LRS 001.
Life Act means the Life Insurance Act 1995.
Principal Executive Officer means the principal executive officer of the life company, by whatever name called, and whether or not he or she is a member of the governing board of the entity.
reporting period means a reporting period under subparagraph 7(a) or 7(b) or, if applicable, paragraph 8.
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 requirements for the provision of information to APRA relating to a life insurer’s reconciliations of insurance contract liabilities required by AASB 17 Insurance Contracts.
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 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 adequacy standards.
Application and
This is an opening excerpt, not the complete document.