Document ID: chunk:federal_register_of_legislation:F2023L00717:body:0:p6
Version: federal_register_of_legislation:F2023L00717
Segment Type: other
Provision Reference: 
Character Range: 13730–16506

in the Life Act (Life Act policy liability) by APRA class of business and by investment account benefit (as defined in the Life Act) and benefits other than investment account benefits (other benefits).

Columns 7 to 12   Report the value for each of the items listed below which relates to Australian policy owners' retained profits as defined in the Life Act and overseas policy owners' retained profits as defined in the Life Act (together referred to as Life Act PRP) by APRA class of business and by investment account benefits and other benefits.

Columns 13 to 14  Report the value for each of the items listed below which relates to shareholders' retained profits (Australian participating) as defined in the Life Act (Life Act SRPP) and overseas portion of shareholders' retained profits (overseas and non-participating) as defined in the Life Act (Life Act SRP (overseas par)).

Columns 15 to 20  Report the value for each of the items listed below which relates to estimates of present value of the future cash flows as defined in AASB 17 associated with components other than policy owners' retained profits (EFCF (non-PRP portion)) by APRA class of business and by investment account benefits and other benefits.

Columns 21 to 26  Report the value for each of the items listed below which relates to estimates of present value of the future cash flows as defined in AASB 17 associated with policy owners' retained profits (EFCF (PRP portion)) by APRA class of business and by investment account benefits and other benefits.

                  Under the VSA led method, insurers can reference Life Act PRP to determine EFCF (PRP portion).

Columns 27 to 32  Report the value for each of the items listed below which relates to risk adjustment for non-financial risk as defined in AASB 17 (RA) by APRA class of business and by investment account benefits and other benefits.

Columns 33 to 38  Report the value for each of the items listed below which relates to contractual service margin as defined in AASB 17 (CSM) by APRA class of business and by investment account benefits and other benefits.

Columns 39 to 40  Report the value for each of the items listed below which relates to shareholders' retained profits associated with Australian participating business under AASB 17 (AASB 17 SRPP) and shareholders' retained profits associated with overseas participating business under AASB 17 (AASB 17 SRP (overseas par)).

                  AASB 17 SRPP and AASB 17 SRP (overseas par) would form part of the overall shareholder retained earnings reported in Reporting Standard LRS 300.0 Statement of Financial Position. These may be equal or different to the Life Act SRPP and Life Act SRP (overseas par) respectively determined for Life Act reporting purposes