Financial Sector (Collection of Data) (reporting standard) determination No. 83 of 2023
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Statement of profit or loss and other comprehensive income by region
General instructions
These instructions assist completion of Reporting Standard GRS 310.0.G Statement of profit or loss and other comprehensive income by region, which collects information relating to the Level 2 (Insurance group) profit or loss and other comprehensive income by region.
Reporting tables
Tables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.
General accounting basis
Unless otherwise specifically stated, reporting insurers are to report in accordance with the relevant Australian Accounting Standards.
References to Australian Accounting Standards
Each item reported under this Reporting Standard aligns with the Accounting Standards made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item. AASB reference provides a written description of the accounting meaning of an IFRS Taxonomy element.
IFRS taxonomy element reference
Each IFRS taxonomy element contains at least one cross-reference to an AASB Standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board) and has a reference type that can be used to identify the source of that element. The IFRS Taxonomy uses the following element reference types:
(a) disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;
(b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and
(c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements that are not specifically mentioned in IFRS/AASB Standards or their accompanying materials, but are consistent with IFRS/AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.
Definitions
Terms that are highlighted in bold italics are defined in these instructions.
Specific instructions
Reporting basis
Information in this Reporting Standard is to be completed by general insurers for each reporting period on a Level 2 insurance group basis.
Please disclose non-distinct investment components in Reporting Standard GRS 320.0.G Liability Roll Forwards at:
Part A: Liability Roll Forward 1, item 12: Investment components and premium refunds, item 18: Claims and other expenses paid, including investment components; and
Part B: Liability Roll Forward 1, item 9: Investment components and premium refunds
as applicable (refer to AASB 17.103 (c) and AASB 17.105 (a) (iii)).
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.
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.
Report losses and expenses as negative values.
Region reporting
Inter-region elimination is the value of inter-region transactions, which are eliminated on consolidation, and need to be reported as negative values under Inter-region elimination.
Australian and international business
Australian business is as defined in Prudential Standard GPS 001 Definitions (GPS 001).
International business is as defined in GPS 001.
For entities that are not insurers within the Level 2 insurance group, items should be reported as:
Australian business where they relate to an entity incorporated in Australia; and
International business where they relate to an entity incorporated outside of Australia. The entity should be included in the international region that most appropriately reflects the incorporation of the entity. The region can be selected to align to the region(s) chosen by the Level 2 insurance group for reporting insurance business carried on by an entity within the group that is not authorised under the Insurance Act 1973.
Columns for Level 2 insurance group
Column 1
Column 1 total business, is a derived column (excluding items 34 to 37 inclusive; items 39 to 44 inclusive; and items 47 to 48) and is calculated as the sum of column 2 to column 10.Items 34 to 37 inclusive; items 39 to 44 inclusive; and items 47 to 48: Report the amount for 'total business' (not a derived amount).
Column 2
Report the amount for Inter-region elimination.Items 34 to 37 inclusive; items 39 to 44 inclusive; and items 47 to 48: If information is available without undue cost or effort to the reporting insurer, report the amount for ‘Inter-region elimination’, otherwise report nil amounts.
Column 3
Report the amount for Australian business.Items 34 to 37 inclusive; items 39 to 44 inclusive; and items 47 to 48: If information is available without undue cost or effort to the reporting insurer, report the amount for ‘Australian business’, otherwise report nil amounts.
Column 4
Report the amount for International business - New Zealand.Items 34 to 37 inclusive; items 39 to 44 inclusive; and items 47 to 48: If information is available without undue cost or effort to the reporting insurer, report the amount for ‘International business - New Zealand’, otherwise report nil amounts.
Column 5
Report the amount for International business - South East Asia.Items 34 to 37 inclusive; items 39 to 44 inclusive; and items 47 to 48: If information is available without undue cost or effort to the reporting insurer, report the amount for ‘International business - South East Asia’, otherwise report nil amounts.
Column 6
Report the amount for International business - Asia Pacific.Items 34 to 37 inclusive; items 39 to 44 inclusive; and items 47 to 48: If information is available without undue cost or effort to the reporting insurer, report the amount for ‘International business - Asia Pacific’, otherwise report nil amounts.
Column 7
Report the amount for International business - USA.Items 34 to 37 inclusive; items 39 to 44 inclusive; and items 47 to 48: If information is available without undue cost or effort to the reporting insurer, report the amount for ‘International business - USA’, otherwise report nil amounts.
Column 8
Report the amount for International business - Americas.Items 34 to 37 inclusive; items 39 to 44 inclusive; and items 47 to 48: If information is available without undue cost or effort to the reporting insurer, report the amount for ‘International business – Americas’, otherwise report nil amounts.
Column 9
Report the amount for International business - UK/Europe.Items 34 to 37 inclusive; items 39 to 44 inclusive; and items 47 to 48: If information is available without undue cost or effort to the reporting insurer, report the amount for ‘International business - UK/Europe’, otherwise report nil amounts.
Column 10
Report the amount for International business - Other.Items 34 to 37 inclusive; items 39 to 44 inclusive; and items 47 to 48: If information is available without undue cost or effort to the reporting insurer, report the amount for ‘International business – Other’, otherwise report nil amounts.
Insurance revenue
Item 1
Item 1 total insurance revenue is a derived item and is calculated as the sum of item 1.1 and item 1.2.Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80 (a) and AASB 17.83.
Item 1.1
Column 1:Item 1.1 insurance revenue direct business is a derived item and is calculated as the sum of column 2 to column 10.Columns 2-10:Report insurance revenue direct business.
Item 1.1.1
Report insurance revenue from direct business for contracts that existed at the transition date to which the entity has applied the modified retrospective approach.This item only needs to be reported in Column 1.
Item 1.1.2
Report insurance revenue from direct business for contracts that existed at the transition date to which the entity has applied the fair value approach.This item only needs to be reported in Column 1.
Item 1.1.3
Report insurance revenue from direct business for all other contracts.This item only needs to be reported in Column 1.
Item 1.2
Column 1:Item 1.2 insurance revenue from inwards reinsurance business is a derived item and is calculated as the sum of column 2 to column 10Columns 2-10:Report insurance revenue from inwards reinsurance business.
Item 1.2.1
Report insurance revenue from inwards reinsurance business for contracts that existed at the transition date to which the entity has applied the modified retrospective approach.This item only needs to be reported in Column 1.
Item 1.2.2
Report insurance revenue from inwards reinsurance business for contracts that existed at the transition date to which the entity has applied the fair value approach.This item only needs to be reported in Column 1.
Item 1.2.3
Report insurance revenue from inwards reinsurance business for all other contracts.This item only needs to be reported in Column 1.
Insurance service expense
Item 2
Item 2 total insurance service expense is a derived item calculated as the sum of items 2.1 and 2.2.Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84.
Item 2.1
Item 2.1 insurance service expense from direct business is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive.
Item 2.1.1
Report incurred claims from direct business.
Item 2.1.2
Report other insurance service expenses from direct business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59 (a) at this item.
Item 2.1.3
Report amortisation of insurance acquisition cash flows from direct business.
Item 2.1.4
Report losses and reversal of losses on onerous contracts from direct business.Report this item in accordance with AASB 17.47-52.
Item 2.1.5
Report changes that relate to past service: changes to liabilities for incurred claims from direct business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.
Item 2.1.6
Report impairment losses/reversals on assets for insurance acquisition cash flows from direct business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.
Item 2.2
Item 2.2 insurance service expenses from inwards reinsurance is a derived item and is calculated as the sum of items 2.2.1 to 2.2.6 inclusive.
Item 2.2.1
Report incurred claims from inwards reinsurance.
Item 2.2.2
Report other insurance service expenses from inwards reinsurance.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.
Item 2.2.3
Report amortisation of insurance acquisition cash flows from inwards reinsurance.
Item 2.2.4
Report losses and reversal of losses on onerous contracts from inwards reinsurance.Report this item in accordance with AASB 17.47-52.
Item 2.2.5
Report changes that relate to past service: changes to liabilities for incurred claims from inwards reinsurance.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.
Item 2.2.6
Report impairment losses/reversals on assets for insurance acquisition cash flows from inwards reinsurance.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.
Insurance service result before reinsurance contracts held
Item 3
Item 3, insurance service result before reinsurance contracts held, is a derived item and is calculated as the sum of item 1 and item 2.Report this item in accordance with AASB 17 Appendix A.
Allocation of reinsurance premiums
Item 4
Report allocation of reinsurance premiums.It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at item 5.Report this item in accordance with AASB 17.86.
Amounts recoverable from reinsurers
Item 5
Report amounts recoverable from reinsurers. Include at this item reversals of recoveries of losses from the reinsurance contracts determined in accordance with AASB 17.66B for reinsurance contracts held.Report this item in accordance with AASB 17.86.The amount reported at this item should reconcile to item 8. ‘Amounts recoverable from reinsurers’ reported in Reporting Standard GRS 320.0.G Liability Roll Forwards Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (GRS 320.0.G Part B RF1).
Net expense from reinsurance contracts held
Item 6
Item 6 is a derived item and is calculated as the sum of item 4 and item 5. This item can be a net income or net expense.Report this item in accordance with AASB 17 Appendix A, AASB 101.82 (ac), AASB 17.82 and AASB 17.86.
Insurance service result
Item 7
Item 7, insurance service result, is a derived item and is calculated as the sum of item 3 and item 6.Report this item in accordance with AASB 17.80 (a).
Interest revenue calculated using the effective interest method
Item 8
Report interest revenue calculated using the effective interest method.Report this item in accordance with AASB 101.82 (a) (i) and AASB 9 Appendix A.
Other interest and similar income
Item 9
Report other interest and similar income include income that is not reported at item 8 and items 10 to 16.
Net gains/losses on financial assets at fair value through profit or loss
Item 10
Report net gains/losses on financial assets at fair value through profit or loss.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (i).
Net gains/losses on derecognition of financial assets measured at fair value through other comprehensive income
Item 11
Report net gains or losses on derecognition of financial assets measured at fair value through other comprehensive income.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (viii).
Net gains/(losses) on derecognition of financial assets measured at amortised cost
Item 12
Report net gains/(losses) on derecognition of financial assets measured at amortised cost.Report this item in accordance with AASB 132.11 and AASB 101.82 (aa).
Impairment loss on financial assets
Item 13
Report impairment loss on financial assets.Report this item in accordance with AASB 9 Appendix A, AASB 132.11 and AASB 101.82 (ba).
Net gains from fair value adjustments to investment properties
Item 14
Report net gains from fair value adjustments to investment properties.Report this item in accordance with AASB 140.5 and AASB 140.76 (d).
Net foreign exchange income / expense
Item 15
Report net foreign exchange income or expense.Report this item in accordance with AASB 121.52 (a) Common practice.
Total investment result
Item 16
Item 16, total investment result, is a derived item and is calculated as the sum of items 8 to 15 inclusive.
Insurance finance expenses for insurance contracts issued
Item 17
Report insurance finance expenses for insurance contracts issued. This item can be a net income or net expense.Report this item in accordance with AASB 17.87 and AASB 17 Appendix A.
Reinsurance finance income for reinsurance contracts held
Item 18
Report reinsurance finance income for reinsurance contracts held. This item can be a net income or net expense.Report this item in accordance with AASB 17.82 and AASB 17 Appendix A.Report the “Effect of changes in non-performance risk of reinsurers" as reported in GRS 320.0.G Part B RF1 item 14 at this item.
Net insurance financial result through profit or loss
Item 19
Item 19 is a derived item and is calculated as the sum of item 17 and item 18. This item can be a net income or net expense.
Asset management services revenue
Item 20
Report asset management services revenue. This includes revenue from investment management services accounted for in accordance with AASB 15.Report this item in accordance with AASB 15.113 (a) Disclosure and AASB 15.114 Disclosure.
Share of profit/loss of associates and joint ventures accounted for using the equity method
Item 21
Report the share of profit or loss of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82 (c) and AASB 128.3.
Profit/loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations
Item 22
Report the profit or loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations.
Impairment loss for goodwill
Item 23
Report impairment loss for goodwill.Report this item in accordance with AASB 138.8, AASB 3 Appendix A and AASB 3.B67 (d).
Other income
Item 24
Report other income that is not reported elsewhere in the Reporting Standard; including income from contracts outside the scope of AASB 17 (including AASB 15 Revenue from Contracts with Customers) under this item. Revenue from investment management services is to be reported at item 21.
Other finance costs
Item 25
Report other finance costs.Report this item in accordance with AASB 101.82 (b) and includes the interest expense on lease liabilities (based on AASB 16.49 and AASB 16.53 (b)).
Other expenses
Item 26
Report other expenses. Additionally, include expenses from contracts outside the scope of AASB 17 under this item.
Profit/loss from continuing operations before tax
Item 27
Item 27 is a derived item and is calculated as the sum of items 7, 16, and items 19 to 26 inclusive.Report this item in accordance with AASB 101.81A (a) Disclosure.
Income tax expense from continuing operations
Item 28
Report income tax expense from continuing operations.Report this item in accordance with AASB 101.82 (d) and AASB 112.77.
Profit/loss for the year from continuing operations after income tax
Item 29
Item 29, profit/loss for the year from continuing operations after income tax, is a derived item and is calculated as the sum of item 27 and item 28.Report this item in accordance with AASB 101.81A.
Profit/loss from discontinued operations after income tax
Item 30
Report profit or loss from discontinued operations after income tax.Report this item in accordance with AASB 101.82 (ea).
Profit (loss) from continuing and discontinued operations
Item 31
Item 31 profit or loss from continuing and discontinued operations is a derived item and is calculated as the sum of item 29 and item 30.Report this item in accordance with AASB 101.81A (a).
Profit (loss) from continuing and discontinued operations attributable to owners of the parent
Item 32
Report profit (loss) from continuing and discontinued operations attributable to owners of the parent.Report this item in accordance with AASB 101.81B (a) (ii).
Profit (loss) from continuing and discontinued operations attributable to non-controlling interests
Item 33
Report profit (loss) from continuing and discontinued operations attributable to non-controlling interests.Report this item in accordance with AASB 101.81B (a) (i).
Other comprehensive income
Items that may be reclassified to profit or loss in subsequent periods
Report this item in accordance with AASB 101.82A (a) (ii).
Change in fair value of financial assets at fair value through other comprehensive income
Item 34
Report change in fair value of financial assets at fair value through other comprehensive income.Report this item in accordance with AASB 13 Appendix A, AASB 132.11 and AASB 7.20 (a) (viii).
Amount reclassified to profit or loss
Item 35
Report amount reclassified to profit or loss.Report this item in accordance with AASB 7.20 (a) (viii).
Insurance finance expenses for insurance contracts issued
Item 36
Report insurance finance expenses for insurance contracts issued. This item can be a net income or net expense.Report this item in accordance with AASB 17.90 and AASB 17 Appendix A.
Reinsurance finance income for reinsurance contracts held
Item 37
Report reinsurance finance income for reinsurance contracts held. This item can be a net income or net expense.Report this item in accordance with AASB 17.82, AASB 17.90 and AASB 17 Appendix A.
Net insurance financial result through other comprehensive income
Item 38
Item 38 is a derived item and is calculated as the sum of item 36 and item 37. This item can be a net income or net expense.
Share of other comprehensive income of associates and joint ventures accounted for using the equity method
Item 39
Report the share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (ii).
Income tax relating to items that will be reclassified
Item 40
Report income tax relating to items that will be reclassified.Report this item in accordance with AASB 101.91.
Items that will not be reclassified to profit or loss
Report this item in accordance with AASB 101.82A (a) (i).
Revaluation of land and buildings
Item 41
Report revaluation of land and buildings.Report this item in accordance with AASB 116.39.
Share of other comprehensive income of associates and joint ventures accounted for using the equity method
Item 42
Report share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (i) and AASB 128.3.
Remeasurements of post-employment benefit obligations, before tax
Item 43
Report remeasurements of post-employment benefit obligations, before tax.Report this item in accordance with AASB 119.120 (c).
Income tax relating to items that will not be reclassified
Item 44
Report income tax relating to items that will not be reclassified.Report this item in accordance with AASB 101.91.
Total other comprehensive income
Item 45
Item 45 total other comprehensive income is a derived item and is calculated as the sum of item 34, 35, and items 38 to 44 inclusive.Report this item in accordance with AASB 101.81A (b).
Total comprehensive income
Item 46
Item 46 total comprehensive income is a derived item and is calculated as the sum of item 31 and item 45.Report this item in accordance with AASB 101.81A (c).
Total comprehensive income attributable to owners of the parent
Item 47
Report total comprehensive income attributable to owners of the parent.Report this item in accordance with AASB 101.81B (b) (ii).
Total comprehensive income attributable to non-controlling interests
Item 48
Report total comprehensive income attributable to non-controlling interests.Report this item in accordance with AASB 101.81B (b) (i).