Document ID: chunk:federal_register_of_legislation:F2023L00629:body:0:p7
Version: federal_register_of_legislation:F2023L00629
Segment Type: other
Provision Reference: 
Character Range: 16627–19464

Insurance service expense

Item 2    Item 2, insurance service expense, is a derived item and is 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.

          This item aligns with item 2 of GRS 310.0.
Item 2.1  Report insurance service expense from direct business.

          This item aligns with item 2.1 of GRS 310.0.
Item 2.2  Report insurance service expense from inwards reinsurance.

          This item aligns with item 2.2 of GRS 310.0.

3.     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.

        This item aligns with item 3 of GRS 310.0.

4.     Allocation of reinsurance premiums

Item 4  Report the allocation of reinsurance premiums.

        It is requested that the entity present this item separately from amounts recoverable from reinsurers for incurred claims reported at item 5.

        This item is based on AASB 17.86.

        This item aligns with item 4 of GRS 310.0.

5.     Amounts recoverable from reinsurers

Item 5  Report the 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.

        This item aligns with item 5 of GRS 310.0.

6.     Net expense from reinsurance contracts held

Item 6  Item 6, net expense from reinsurance contracts held, is a derived item and is calculated as the sum of items 4 and 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.

        This item aligns with item 6 of GRS 310.0.

7.     Insurance service result

Item 7  Item 7, insurance service result, is a derived item and is calculated as the sum of items 3 and 6.

        Report this item in accordance with AASB 17.80 (a).

        This item aligns with item 7 of GRS 310.0.

8.     Total investment result

Item 8  Report total investment result.

        Refer to item 16 of GRS 310.0.

The following items relate to GRS 300.0.

9.     Insurance contract assets

Item 9    Item 9, insurance contract assets, is a derived item calculated as the sum of item 9.1 and 9.2.

          Report this item in accordance with AASB 17 Appendix A, AASB 17.78 (a), AASB 17.100 Disclosure and AASB 101.54 (da).

          This item aligns with item 7 of GRS 300.0.

Item 9.1  Report assets for incurred claims (being the asset equivalent of the liabilities for incurred