IntroductionIntroduction

Introduction

The purpose of this form is to provide information on premium revenue and reinsurance expense by class of business, which supports the summarised underwriting result disclosed in GRF 310.0 Statement of Financial Performance. This form also provides information on the earned premium by class of business. The unearned premium provision and deferred reinsurance expense are to be reported in this form in accordance with AASB 1023 ‘General Insurance Contracts’.

The form reports the following:

1. data by class of business (direct business and inwards reinsurance);
2. total gross written premium;
3. premiums received (cashflow basis);
4. gross written premium relating to unclosed business;
5. gross written premium relating to bound but not incepted business;
6. outwards reinsurance expense;
7. net written premium;
8. gross unearned premium provision at the beginning of the financial year;
9. gross unearned premium provision at the end of the reporting period;
10. gross earned premium;
11. reinsurance expense on a AASB 1023 basis
12. deferred reinsurance expense at the beginning of the financial year; and
13. deferred reinsurance expense at the end of the reporting period.