Document ID: chunk:federal_register_of_legislation:F2023L00704:body:0:p6
Version: federal_register_of_legislation:F2023L00704
Segment Type: other
Provision Reference: 
Character Range: 13854–16885

refer to the territories where the life insurance business is carried on.

The expressions 'Ordinary Business' and 'Superannuation Business' are defined in the Life Act.

This section is also to be completed for each participating and non-participating business. The expressions 'participating business and 'non-participating business' are defined in the Life Act.

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.

Non-life insurance business is insurance business carried on by a life company in accordance with APRA's declaration made under section 12A or section 12B of the Life Act.

APRA product groups

The APRA product groups that apply to reporting are defined in LPS 001:

       * L1 - Conventional
       * L2 - Annuity with longevity risk;
       * L3_1 - Individual lump sum risk - stepped premium;
       * L6 - Individual disability income insurance - stepped premium;
       * L7_1 - Individual lump sum risk - other;
       * L10 - Individual disability income insurance - other;
       * L11_1 - Group lump sum risk;
       * L14 - Group disability income insurance;
       * L15 - Investment linked;
       * L16 - Investment with discretionary additions;
       * L17 - Other investment policy;
       * L18 - Annuity without longevity risk; and
       * L19 - Other.

Reporting direction for life insurers

For APRA reporting, life insurers must also meet the relevant policy liability valuation requirements outlined in Prudential Standard LPS 340 Valuation of Policy Liabilities (LPS 340).

Subject to meeting the requirements in LPS 340, where it is not possible to readily assign AASB 17 numbers to specific APRA product groups, life insurers must apply the allocation principles to allocate AASB 17 numbers to APRA product groups.

Allocation principles are defined in LRS 001.

Investment and insurance finance income and expense items

Life insurers must report investment, and insurance finance income and expense items for the products that have a substantial investment component (i.e. L1, L2, L15, L16, L17 and L18). Life insurers must report unallocated investment and insurance finance income and expense amounts in the unallocated column.

The aggregate of unallocated and allocated investment and insurance finance income and expense amounts must reconcile with the amounts reported under the Reporting Standard LRS 310.0 Statement of Profit or Loss and Other Comprehensive Income.

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.

Columns for the Statutory Fund
Columns 1 to 13          Report the amount by APRA product group for Australia -