Division Australian and international business - Financial Sector (Collection of Data) (reporting standard) determination No. 85 of 2023 - Australian and international business

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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

Columns 1 to 25	Report the amount for Australian business by APRA product group.
Column 26	Report the amount for International business - New Zealand.
Column 27	Report the amount for International business - South East Asia
Column 28	Report the amount for International business - Asia Pacific
Column 29	Report the amount for International business - USA
Column 30	Report the amount for International business - Americas
Column 31	Report the amount for International business - UK/Europe
Column 32	Report the amount for International business - Other
Column 33	Report the amount for Inter-region elimination.
Column 34 (Total business)	Report the total amount of columns 1-33.

Insurance revenue

Item 1	Item 1 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	Report insurance revenue from direct business.
Item 1.2	Report insurance revenue from inwards reinsurance.

Item 2	Item 2 insurance service expense, is a derived item calculated as the sum of item 2.1 and item 2.2.Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84
Item 2.1	Item 2.1 insurance service expense from direct business is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive.
Item 2.1.1	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 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.

Item 2

Item 2 insurance service expense, is a derived item calculated as the sum of item 2.1 and item 2.2.Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84

Item 2.1

Item 2.1 insurance service expense from direct business is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive.

Item 2.1.1

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 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.