Document ID: chunk:federal_register_of_legislation:F2023L00615:body:0:p7
Version: federal_register_of_legislation:F2023L00615
Segment Type: other
Provision Reference: 
Character Range: 16241–19378

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

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.

 1.               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.

2.                  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