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- Financial notes
- 39. Accounting policies
- 39.4. Change in assets and liabilities in respect of insurance activities broken down by liabilities for remaining coverage (LRC) and liabilities for incurred claims (LIC)
39.4. Change in assets and liabilities in respect of insurance activities broken down by liabilities for remaining coverage (LRC) and liabilities for incurred claims (LIC)
| CHANGE IN LIABILITIES IN RESPECT OF INSURANCE ACTIVITIES (NET OF REINSURANCE) DURING THE 12 MONTHS ENDED 31 DECEMBER 2023 | Liability for remaining coverage (LRC) | Liabilities for incurred claims (LIC) | Total | |
| excluding the loss component | loss component | |||
| Opening balance, net – 1 January 2023 | 2,690 | 19 | 169 | 2,878 |
| Insurance revenue | (1,241) | – | – | (1,241) |
| Costs of insurance activities | 31 | (1) | 359 | 389 |
| incurred claims and other incurred insurance service expenses | – | (16) | 381 | 365 |
| amortisation of insurance acquisition cash flows | 31 | – | – | 31 |
| losses on onerous groups of contracts and reversals of such losses | – | 15 | – | 15 |
| changes in fulfilment cash flows relating to the liability for incurred claims | – | – | (22) | (22) |
| Investment components excluded from insurance revenue and insurance service expenses | 44 | 1 | 142 | 187 |
| Net income from insurance business (Income statement) | (1,166) | – | 501 | (665) |
| Insurance finance income or expenses recognised in other comprehensive income (gross) | 33 | – | – | 33 |
| Changes in the period recognised in the income statement and in other comprehensive income | (1,133) | – | 501 | (632) |
| premiums received for insurance contracts issued | 1,185 | – | – | 1 185 |
| incurred claims paid and other insurance service expenses paid for insurance contracts issued | – | – | (480) | (480) |
| insurance acquisition cash flows | (36) | – | – | (36) |
| Total cash flows | 1,149 | – | (480) | 669 |
| Closing balance, net – 31 December 2023 | 2,706 | 19 | 190 | 2,915 |
| Property – protection insurance | 1,169 | – | 91 | 1,260 |
| Life – protection insurance | 972 | 19 | 44 | 1,035 |
| Other | 565 | – | 55 | 620 |
|
CHANGE IN ASSETS IN RESPECT OF INSURANCE ACTIVITIES (REINSURANCE) DURING THE 12 MONTHS ENDED 31 DECEMBER 2023
|
Assets on account of reinsurance (for remaining coverage, LRC)
|
Assets for losses incurred (LIC)
|
Total | |
|
excluding the loss component
|
loss component | |||
| Opening balance, net – 1 January 2023 | 86 | – | 29 | 115 |
| Allocation of reinsurance premiums paid | (102) | – | – | (102) |
| Amounts recoverable from reinsurers1 | – | – | 52 | 52 |
| Investment components excluded from insurance revenue and insurance service expenses | 3 | – | – | 3 |
| Net income from insurance business (Income statement) | (99) | – | 52 | (47) |
| Insurance finance income or expenses recognised in other comprehensive income (gross) | 2 | – | – | 2 |
| Changes in the period recognised in the income statement and in other comprehensive income | (97) | – | 52 | (45) |
| premiums received for reinsurance contracts held | 70 | – | – | 70 |
| amounts received | – | – | (50) | (50) |
| Total cash flows | 70 | – | (50) | 20 |
| Closing balance, net – 31 December 2023 | 59 | – | 31 | 90 |
| Property – protection insurance | 56 | – | 27 | 83 |
| Life – protection insurance | 3 | – | 4 | 7 |
1 This item includes the recovery of claims incurred and other insurance service costs
| CHANGE IN LIABILITIES IN RESPECT OF INSURANCE ACTIVITIES (NET OF REINSURANCE) DURING THE 12 MONTHS ENDED 31 DECEMBER 2022 | Liability for remaining coverage (LRC) | Liabilities for incurred claims (LIC) | Total | |
| excluding the loss component | loss component | |||
| Opening balance, net – 1 January 2022 | 3,131 | 11 | 175 | 3,317 |
| Insurance revenue | (1,172) | – | – | (1,172) |
| Costs of insurance activities | 27 | 9 | 289 | 325 |
| incurred claims and other incurred insurance service expenses | – | (15) | 298 | 283 |
| amortisation of insurance acquisition cash flows | 27 | – | – | 27 |
| losses on onerous groups of contracts and reversals of such losses | – | 24 | – | 24 |
| changes in fulfilment cash flows relating to the liability for incurred claims | – | – | (9) | (9) |
| Investment components excluded from insurance revenue and insurance service expenses | (264) | 1 | 216 | (47) |
| Net income from insurance business (Income statement) | (1,409) | 10 | 505 | (894) |
| Insurance finance income or expenses recognised in other comprehensive income (gross) | (7) | (2) | – | (9) |
| Changes in the period recognised in the income statement and in other comprehensive income | (1,416) | 8 | 505 | (903) |
| premiums received for insurance contracts issued | 1,002 | – | – | 1,002 |
| incurred claims paid and other insurance service expenses paid for insurance contracts issued | – | – | (511) | (511) |
| insurance acquisition cash flows | (27) | – | – | (27) |
| Total cash flows | 975 | – | (511) | 464 |
| Closing balance, net – 31 December 2022 | 2,690 | 19 | 169 | 2,878 |
| Property – protection insurance | 1,243 | – | 59 | 1,302 |
| Life – protection insurance | 849 | 19 | 47 | 915 |
| Other | 598 | – | 63 | 661 |
| CHANGE IN ASSETS IN RESPECT OF INSURANCE ACTIVITIES (REINSURANCE) DURING THE 12 MONTHS ENDED 31 DECEMBER 2022 | Assets on account of reinsurance (for remaining coverage, LRC) | Assets for losses incurred (LIC) | Total | |
| excluding the loss component | component | |||
| Opening balance, net – 1 January 2022 | 107 | – | 21 | 128 |
| Allocation of reinsurance premiums paid | (84) | – | – | (84) |
| Amounts recoverable from reinsurers1 | – | – | 52 | 52 |
| Investment components excluded from insurance revenue and insurance service expenses | 3 | – | – | 3 |
| Net income from insurance business (Income statement) | (81) | – | 52 | (29) |
| Changes in the period recognised in the income statement and in other comprehensive income | (81) | – | 52 | (29) |
| premiums received for reinsurance contracts held | 61 | – | – | 61 |
| amounts received | – | – | (44) | (44) |
| Total cash flows | 60 | – | (44) | 10 |
| Closing balance, net – 31 December 2022 | 86 | – | 29 | 115 |
| Property – protection insurance | 83 | – | 25 | 108 |
| Life – protection insurance | 3 | – | 4 | 7 |
1 This item includes the recovery of claims incurred and other insurance service costs