Financial Sector (Collection of Data) (reporting standard) determination No. 24 of 2007 LRS 310.0 Statement of Financial Performance (Cth)
Financial Sector (Collection of Data) (reporting standard) determination No.24 of 2007
Reporting standard LRS 310.0 Statement of Financial Performance
Financial Sector (Collection of Data) Act 2001
I, John Roy Trowbridge, Member of APRA, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) DETERMINE Reporting Standard LRS 310.0 Statement of Financial Performance in the form set out in the Schedule, which applies to the financial sector entities referred to in paragraph 2 of the reporting standard.
Under section 15 of the Act, I DECLARE that the reporting standard shall begin to apply to those financial sector entities on 1 January 2008.
Dated 6 December 2007
[Signed]
John Trowbridge
Member
Interpretation
In this determination:
APRA means the Australian Prudential Regulation Authority.
Schedule
Reporting Standard LRS 310.0 Statement of Financial Performance comprises the 22 pages commencing on the following page.
Reporting Standard LRS 310.0
Statement of Financial Performance
Objective of this reporting standard
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It requires all registered life insurance companies to report to APRA, in general, on a quarterly and an annual basis in relation to their financial performance.
This reporting standard outlines the overall requirements for the provision of relevant information to APRA. It should be read in conjunction with:
Form LRF 310.1 Statement of Financial Performance (SF and SF Eliminations); and
Form LRF 310.2 Statement of Financial Performance (SF Total, SHF, SH Elim, Entity);
and the associated instructions (all of which are attached and form part of this reporting standard).
Purpose
Information collected in Forms LRF 310.1 Statement of Financial Performance (SF and SF Eliminations) (LRF 310.1) and LRF 310.2 Statement of Financial Performance (SF Total, SHF, SH Elim, Entity) (LRF 310.2) is used by APRA for the purpose of prudential supervision, including assessing compliance with prudential standards and actuarial standards where appropriate. It may also be used by the Reserve Bank of Australia, the Australian Bureau of Statistics and the Australian Securities and Investments Commission.
Application
This reporting standard applies to all life insurance companies including friendly societies (together referred to as life companies) registered under the Life Insurance Act 1995 (Life Insurance Act).
Information required
A life company must provide APRA with the information required by Form LRF 310.1 and LRF 310.2 for each reporting period.
Note: the instructions for Forms LRF 310.1 and LRF 310.2 explain in more detail the information that is required.
The quarterly information required to be provided to APRA under this reporting standard is not intended to form part of the financial statements, within the meaning of section 124 of the Life Insurance Act, given by the life company to APRA. The annual information required to be provided to APRA under this reporting standard is intended to form part of the annual return, within the meaning of section 124 of the Life Insurance Act, given by the life company to APRA.
Method of submission
The information required by this reporting standard must be given to APRA either:
(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(b) by completing Forms LRF 310.1 and 310.2 on paper and mailing the completed forms to APRA
Note: the ‘Direct to APRA’ application software and paper forms may be obtained from APRA.
Reporting periods and due dates
Subject to paragraph 7, a life company must provide the information required by this reporting standard:
(a) in unaudited form - in respect of each quarter based on the financial year
of the life company; and
(b) in audited form - in respect of each financial year of the life company.
Note 1: this means that these forms will be submitted five times for a full financial year.
Note 2: the annual audited form must be submitted in conjunction with the annual auditor’s report, as required under Prudential Standard LPS 310 Audit and Actuarial Requirements Paragraph 8.
APRA may, by notice in writing, change the reporting periods, or specified reporting periods, for a particular life company, to require it to provide the information required by this reporting standard more frequently, or less frequently, having regard to:
(a)the particular circumstances of the life company;
(b)the extent to which the information is required for the purposes of the prudential supervision of the life company; and
(c)the requirements of the Reserve Bank of Australia or the Australian Bureau of Statistics or the Australian Securities and Investments Commission.
The quarterly information required by this reporting standard in unaudited form must be provided to APRA within 20 business days after the end of the reporting period to which the information relates. The annual information required by this reporting standard in audited form must be provided to APRA within four months after the end of the reporting period to which the information relates.
APRA may grant a life company an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.
Quality control
The information provided by a life company under this reporting standard must be the product of processes and controls that have been reviewed and tested by the auditor of the life company.
All information provided by a life company under this reporting standard must be subject to processes and controls developed by the life company for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the life company to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
Information provided to APRA in audited form must be audited by the auditor of the life company.
Actuarial valuations and calculations included in, or used in the preparation of, the information provided to APRA must be in accordance with the actuarial standards and prudential standards in force for the reporting period. However, life companies may use reasonable estimates when preparing information that will not be audited (i.e. for the first four submissions of information for a full financial year). The instructions to Forms LRF 310.1 and LRF 310.2 include general principles on the use of estimates.
Authorisation
If the officer of a life company provides the information required by this reporting standard:
(a)using Direct to APRA (D2A), the officer must digitally authorise, submit the data to APRA and receive a D2A receipt number for the information to be considered given to APRA. APRA will issue ‘digital certificates’ to officers of the life company who have authority to transmit the data to APRA; or
(b)on paper, the relevant completed forms must be signed on the front page by the principal executive officer or chief financial officer of the life company.
Note: information in draft returns saved at APRA using D2A will not be considered to be provided to APRA for the purposes of the life company's obligations under this reporting standard.
Minor alterations to forms and instructions
APRA may make minor variations to:
(a)a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or
(b)the instructions to a form, to clarify their application to the form
without changing any substantive requirement in the form or instructions.
If APRA makes such a variation it must notify in writing each life company that is required to report under this reporting standard.
Transitional
A life company must report in accordance with this reporting standard for any reporting period ending on or after 1 January 2008. However, a life company must also report to APRA in accordance with the Prudential Rules which applied before the commencement of this reporting standard in respect of any reporting period ending before 1 January 2008.
Note: as an additional transitional measure, a life company must also report to APRA in accordance with Reporting Standard LRS 901 Transitional Arrangements 2008.
Interpretation
In this reporting standard:
business days means ordinary business days, exclusive of Saturdays, Sundays or public holidays;
principal executive officer means the principal executive officer of the life company for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the entity;
reporting period means a reporting period under paragraph 6 or, if applicable, paragraph 7.
Reporting Forms LRF 310.1 and LRF 310.2
Statement of Financial Performance
Instruction Guide
Introduction
Forms LRF 310.1 Statement of Financial Performance (SF and SF Eliminations) (LRF 310.1) and LRF 310.2 Statement of Financial Performance (SF Total, SHF, SH Elim, Entity) (LRF 310.2) provides APRA with the necessary information on revenue, expenses and tax to undertake an assessment of a life insurance company’s financial performance, and to assist APRA in its supervision of compliance with the requirements of the Life Insurance Act 1995.
This Instruction Guide is designed to assist reporting entities in the completion of LRF 310.1 and LRF 310.2. The Instruction Guide provides:
·general directions and notes regarding preparation and lodgement; and
·instructions relating to specific items.
General directions and notes
Reporting levels
LRF 310.1 and LRF 310.2 must be completed by all life insurance companies, including friendly societies.
Report each statutory fund (approved benefit fund) return separately, and (if applicable) complete ‘Statutory Fund Eliminations’ under LRF 310.1.
Report shareholders’ fund (management fund) return and (if applicable) complete ‘Shareholder Eliminations’ under LRF 310.2. ‘Total Statutory Funds’ (allowing for eliminations) and ‘Total Entity’ results will then be calculated automatically by derivations contained within LRF 310.2.
Unit of measurement
LRF 310.1 and LRF 310.2 are to be prepared in thousands of Australian dollars (AUD). Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.
Definitions
Definitions for data reporting items required by these forms have been provided where appropriate in the instructions under the section headed ‘Instructions for specific items’.
Definitions, unless specified, apply to all life insurance companies, including friendly societies as if each reference to a statutory fund, or shareholders’ fund, were a reference to an approved benefit fund, or management fund, respectively. Likewise, reference to shareholders should be taken to embrace ‘members’ of a mutual association and/or a society. The term ‘life companies’ or ‘life insurance companies’ includes friendly societies unless stated otherwise. This is in line with the usage of terms in the Life Insurance Act 1995.
Reporting period
Life companies are required to report the information in the reporting forms on a quarterly and annual basis.
·The quarterly information is to be completed in respect of the year to date period up to the end of each quarter based on the financial year of the life company, not the calendar year.
·The annual information is to be completed in respect of the financial year of the life company.
·The financial information required in these forms is to be reported for the year to date period up to the close of business on the last day of the reporting period.
Basis of preparation
In completing these forms, unless specifically stated otherwise, institutions are to follow the basis that is used for the preparation of the annual financial statements in accordance with the Australian accounting standards, specifically in regard to the:
·interpretation/definition of specific revenue and expense items;
·appropriate measurement basis of items of revenue and expense; and
·netting of items of revenue and expense (profit and loss).
Actuarial valuations and calculations included in, or used in the preparation of, the form must be in accordance with prudential standards. APRA recognises that for some periods life insurance companies may not carry out full accounting, actuarial valuation and audit procedures or do so in sufficient time to report on the return (for quarterly returns). Where this applies, some estimation could be applied reasonably at the current quarter to determine an approximation to the results that would be obtained if full detailed valuations had been carried out.
APRA expects that all life companies will utilise their best endeavours to ensure that any estimations are a good and reasonable basis of approximation. The estimation process needs to be sufficiently rigorous in order to be acceptable and at a minimum should be of a standard that would be considered appropriate for use in reporting to management and the Board.
If additional clarification is required for specific revenue or expense items in these forms, reference should be made to the section “Instructions for specific items”, which is provided as a guide.
For the purposes of reporting under these forms, contracts are to be classified in accordance with Prudential Standard LPS 350 Contract Classification for the Purpose of Regulatory Reporting to APRA (LPS 350).
Instructions for specific items
While these instructions apply to all life insurance companies, including friendly societies, not all items may be applicable to both: some items may not be applicable to friendly societies while others may not be applicable to life insurers.
Column headings – Australian/Overseas business:
This refers to the territory where the life insurance business is carried on, as defined in the Life Insurance Act 1995. All ‘Total Business’ values are derived items.
Revenue
All assets of a statutory fund are to be measured at Fair Value, with movements in Fair Values recognised in Profit or Loss and reported as revenue or expense in these forms.
Insurance Policy Revenue:
Only premiums received from life insurance policies are accounted for as Insurance Policy Revenue. Premiums for life investment business are recognised as Deposits, and adjusted for as changes in policy liabilities.
The revenue components of amounts contractually received or receivable for insurance policies should be shown gross of reinsurance, with outwards reinsurance components to be shown separately.
Direct insurance premiums, policy conversions (inwards) and inwards life reinsurance premiums should be shown separately.
1.1Life Insurance Direct Premiums
Report regular and single premiums received or receivable for life insurance business written directly. Show amounts gross of outwards reinsurance, but exclude amounts for inwards reinsurance (see item 1.3, below).
Include only revenue components of life insurance contracts, and exclude any deposit components. Include premiums in respect of deferred and immediate annuities that are life insurance business.
1.2Policy Conversions – inwards
Report the premium elements of Conversions between statutory funds. The inward (premium) side of the conversion is shown here, while the outward (claim) side is shown at item 6.5 (Policy Conversions – outwards); any deposit components are to be taken into account in items 9.2 and/or 10.5.
Premium and Claim elements of policy conversions are not expected to apply for Life Investment Contracts, due to section 5 of AASB 1038 Life Insurance Contracts (AASB 1038). In those cases, only deposit components are expected to apply.
1.3Inwards Life Reinsurance Premium Revenue
Report premiums for life insurance business written as inwards reinsurance. Show amounts gross of outwards (retrocession) reinsurance.
Include only revenue components, and exclude any deposit components. Include premiums in respect of deferred and immediate annuities that are life insurance business written as inwards reinsurance.
1.4Total Premiums from Non-Life Insurance Business
Is generally only expected to apply, if permitted to write general insurance business under section 234 of the Life Insurance Act 1995.
1.5Outward Reinsurance Premiums Expense
Outwards Reinsurance Premiums Expense is to be entered as expense amounts (i.e. as negative amounts).
Include only revenue components, and exclude any deposit components. Include premiums in respect of deferred and immediate annuities that are life insurance business.
1.6Total insurance policy revenue, net of reinsurance [derived item]
This item represents total insurance premium revenue net of outwards reinsurance, and is the sum of the reporting items 1.1 to 1.5.
Fees for Management Services Rendered:
Fees for Management Services Rendered include Premium Related Fees received for Life Investment Contracts, Non-Premium Related Fees (e.g. those related to funds under management), and Net Movement in liability for deferred fee revenue.
It should be entered gross of any reinsurance.
2.1 Premium-Related Fees Revenue
Include fees received or receivable that are directly related to premiums received or receivable.
2.2Non-Premium Related Fees
Include fees received or receivable that are unrelated to premiums received or receivable, such as policy fees and those related to funds under management.
2.3Fees reported as movement in Policy Liability (Net Movement in liability for Defd Fee Rev)
Include amortisation of liability for deferred fee revenue in respect of Life Investment Contracts, less additional deferral of fees during the reporting period.
Adjustments for Items 2.2 and 2.3 are automatically made by the form when calculating Item 11 Effective Movement in Net Policy Liabilities.
2.4 Total fees for management services rendered [derived item]
This item represents total fee revenue for life investment contracts, and is the sum of the reporting items above (i.e. Items 2.1 to 2.3).
Investment Revenue:
Include interest, dividends, net rents, net realised gains and net unrealised gains. Amounts should be gross of investment management expenses.
3.1.3Equity securities
Includes unit trust distributions.
3.1.4Debt securities
Debt securities comprise interest bearing securities (both indexed IBS and non-indexed IBS) and loans.
3.1.5Other investment assets
All other securities that are not cash, property, equity, or debt securities as categorised above.
3.1.6Total Investment Income (excluding capital gains or losses) [derived item]
This item is calculated automatically by the form, as sum of items 3.1.1 to 3.1.5.
3.2.3.Debt securities
See note under Item 3.1.4.
3.2.4.Other investment assets
See note under Item 3.1.5.
3.2.5.Total Realised and Unrealised Capital Gains (or losses) [derived item]
This item is calculated automatically by the form, as sum of items 3.2.1 to 3.2.4.
3.3.Total investment revenue [derived item]
This item represents total investment revenue, and is the sum of the reporting items 3.1.6 and 3.2.5).
Other Revenue
Include all other revenue items not specifically categorised above.
Total Revenue [derived item]
This item is the sum of reporting items 1.6, 2.4, 3.3 and 4.
Expenses
Insurance Policy Expense:
6.1.Death and Disability Claims
Report benefits paid or payable for death and/or disability claims on life insurance business, including current period bonus and any interim or terminal bonuses included in claims amounts.
6.5 Policy Conversions – outwards
Report the claim elements of Conversions between statutory funds. The outward (claim) side of the conversion is shown here, while the inward (premium) side is shown at item 1.2 (Policy Conversions – inwards); any deposit components are to be taken into account in items 9.2 and/or 10.5.
Premium and Claim elements of policy conversions are not expected to apply for Life Investment Contracts, due to section 5 of AASB 1038. In those cases, only deposit components are expected to apply.
6.6 Other Claims
Include all other claims expense items not specifically categorised above.
6.7Inwards Reinsurance Claims Expense (including current year bonus)
Inwards reinsurance claims expense should be gross of retrocession recoveries.
Include bonuses paid as a distribution of current year profit.
6.8 Total Non-Life Policy Expense
Is generally only expected to apply if permitted to write general insurance business under section 234 of the Life Insurance Act1995.
6.9 Outward Reinsurance Claims Revenue
Outward reinsurance claims revenue should be entered as revenue amounts, i.e. enter as negative amounts.
6.10Total insurance policy expense, net of reinsurance [derived item]
This item represents total insurance policy expenses net of outwards reinsurance, and is the sum of the reporting items above (i.e. Items 6.1 to 6.9).
Operating Expenses:
Abnormal operating expenses are not to be excluded or shown separately, but included in the relevant category. In total, all expenses are to be included.
Policy acquisition items are prior to any component deferred to either policy liabilities or a deferred acquisition cost asset.
7.1Policy Acquisition – Commission and Other Incremental Expenses
Include variable costs of acquiring new insurance business.
7.2 Policy Acquisition – Other Expenses
Include all other fixed and variable costs incurred when acquiring new business.
7.3Policy Maintenance – Commission and Other Incremental Expenses
Variable costs of:
·Administering policies subsequent to their sale; and
·Administering the general operations of the life company.
Include all normal operating costs and expenses other than acquisition and investment management expenses.
7.5Investment Management Expenses
These are the fixed and variable costs of managing the investment portfolio.
7.6Acquisition Expenses reported as movement in Policy Liability (Net Movement in DAC)
Include amortization and impairment of existing deferred acquisition costs (DAC) less additional deferrals of acquisition expenses during the reporting period.
Note that amounts are as per AASB 1038, and not offset by any initial fee revenue.
An adjustment for this amount is automatically made by the form when calculating Item 11 Effective Movement in Net Policy Liabilities.
7.7Other Administration Expenses
Including all other general administration expenses not specifically categorised above.
7.10Total Non-Life Operating Expenses
Is generally only expected to apply if permitted to write general insurance business under section 234 of the Life Insurance Act 1995.
7.11Total operating expenses [derived item]
This item represents total operating expenses, and is the sum of the reporting items above (i.e. Items 7.1 to 7.10).
Movement in Net Policy Liabilities:
8.1Increase/(Decrease) in Net Policy Liabilities
This item is to be reported as the numerical result: Net Policy Liabilities at end of reporting period, less Net Policy Liabilities at beginning of reporting period; thus if net policy liabilities increased the result is an expense, while if they decreased the result is a negative expense. It is to be reported inclusive of inwards reinsurance and net of outwards reinsurance at beginning and end of reporting period.
A number of adjustments to Movement in Net Policy Liabilities are required in order to obtain the relevant measure of profit or loss for the reporting period. The adjustments involve deposits/withdrawals, non-premium related fees for management services, and movements in the liabilities for deferred fee revenue and deferred acquisition cost. The end result of these adjustments is Effective Movement in Net Policy Liabilities (Item 11).
Items 9 and 10 are two of these adjustments and represent the deposit/withdrawal components of both life insurance and life investment contracts (which are recorded directly to policy liabilities).
Adjustment to Movement in Net Policy Liabilities – Policy Revenue: Policy Revenue recognised as a Deposit or as a change in Policy Liability
9.1Contractual Direct Premiums
Report the deposit components of regular and single premiums received or receivable for life investment and life insurance investment account business written directly – i.e. exclude any revenue components. Show amounts gross of outwards reinsurance, but exclude amounts for inwards reinsurance (see item 9.3, below). Include the deposit component of premiums in respect of deferred or immediate annuities that are life investment business.
9.2Policy Conversion – inwards
Report the deposit elements of Conversions between statutory funds. The inward side of the conversion is shown here, while the outward side is shown at item 10.5 (Policy Conversions – outwards); any revenue or expense components are to be taken into account in items 1.2 and/or 6.5.
As revenue and expense elements of policy conversions are not expected to apply for Life Investment Contracts due to section 5 of AASB 1038, the full conversion is expected to be treated as a deposit.
9.3Inwards Reinsurance Premium Revenue
Report deposit elements for life investment and life insurance investment account business written as inwards reinsurance – i.e. exclude any revenue components. Show amounts gross of outwards (retrocession) reinsurance. Include the deposit component of premiums in respect of deferred or immediate annuities that are life investment business written as inwards reinsurance.
9.4Total Non-Life Insurance Premiums
Report any deposit elements corresponding to Item 1.4.
9.5Outward Reinsurance Premiums Expense
Report any deposit elements corresponding to Item 1.5.
Adjustment to Movement in Net Policy Liabilities – Policy Expense: Policy Expense recognised as Withdrawal of Deposit or change in Policy Liability
10.1Death and Disability Claims
Report benefits paid or payable as withdrawal of any deposit elements for death and/or disability claims on life investment business.
10.2Maturities
Report benefits paid or payable as withdrawal of any deposit elements for maturity claims on life investment business.
10.3Annuities
Report benefits paid or payable as withdrawal of any deposit elements for annuity benefits on life investment business.
10.4Surrender and Terminations
Report benefits paid or payable as withdrawal of any deposit elements for surrender and/or termination benefits on life investment business.
10.5Policy Conversions – outwards
Report the withdrawal of deposit elements on Conversions between statutory funds. The outward side of the conversion is shown here, while the inward side is shown at item 9.2 (Policy Conversions – inwards); any revenue or expense components are to be taken into account in items 1.2 and/or 6.5.
As revenue and expense elements of policy conversions are not expected to apply for Life Investment Contracts due to section 5 of AASB 1038, the full conversion is expected to be treated as a withdrawal.
10.6Other Claims
Report benefits paid or payable as withdrawal of any deposit elements for other claims on life investment business.
10.7Inwards Reinsurance Claims Expense (including current year bonus)
Report benefits paid or payable as withdrawal of any deposit elements for inwards reinsurance claims, gross of any retrocession recoveries. (While field names for Items 10.1 to 10.9 correspond exactly to those for Items 6.1 to 6.9, it is not expected that reference to “current year bonus” would be applicable.)
10.8Total Non-Life Policy Expense
Report any withdrawal of deposit elements corresponding to Item 6.8.
10.9Outward Reinsurance Claims Revenue
Outward reinsurance claims revenue as withdrawal of any deposit elements should be entered as negative amounts.
Effective movement in Net Policy Liabilities [derived item]:
The effective movement in net policy liabilities is calculated as:
·increase/(decrease) in net policy liabilities (per Item 8.1);
·less deposits received (per Item 9.6);
·plus withdrawals of deposits (per Item 10.12);
·plus non-premium related fees for management services (which would otherwise be recognised as a reduction in policy liabilities, per Item 2.2);
·plus movements in the liability for deferred fee revenue (which are reported as part of Fees for Management Services Rendered but would otherwise result in a change in policy liabilities for Life Investment Contracts, per Item 2.3);
·less movements in the liability for deferred acquisition costs (which are reported as part of Operating Expenses but would otherwise result in a change in policy liabilities for Life Investment Contracts, per Item 7.6).
Change in Policy Owner Retained Profits:
12.1Increase/(Decrease) in Policy Owner Retained Profits
Policy Owner Retained Profits represent the value of statutory fund profits allocated to participating policy owners generally, but not yet vested as specific amounts to particular policies. This item is included under Expenses in these forms for the purpose of ultimately deriving the profit that is attributable to shareholders.
Other Expenses
Include all other expense items not specifically categorised above.
Total Expenses [derived item]
This item is the sum of reporting items 6.10, 7.11, 11, 12.1 and 13.
Profit/(Loss) before Income Tax [derived item]
Total Revenue (item 5) less Total Expenses (item 14).
Tax:
As a life insurance company is liable for tax partly on behalf of its policy owners and partly on behalf of its shareholders, this item has two components. -
16.1Income Tax Attributable to Profit/( Loss) – Shareholders
This component relates to that part of the total tax liability arising in the reporting period that is incurred on behalf of shareholders.
16.2Income Tax Attributable to Profit/(Loss) – Policy Owners
This component relates to that part of the total tax liability arising in the reporting period that is incurred on behalf of policy owners.
16.3Total Tax [derived item]
This item represents total tax liability arising in the reporting period, and is the sum of the reporting items above (i.e. Items 16.1 and 16.2).
Profit/(Loss) after Income Tax [derived item]
Profit/(Loss) (item 15) less Total Tax (item 16.3).
This item represents the profit (or loss) result, after tax. Where there is no further data applicable to enter on these forms (i.e. Item 18 does not apply), the result will represent the “profit (or loss) after tax” that is attributable to shareholders.
Increase/(Decrease) in Unallocated Benefit Fund reserves
Unallocated Benefit Fund reserves represent the value of benefit funds which has not been allocated to either the benefit fund members or to the management fund. This item is only expected to be applicable to friendly societies. This item is included in this section for the purpose of deriving the profit that is attributable to shareholders.
For life companies other than friendly societies, enter zero under this item.
Profit/(Loss) after Income Tax attributable to Shareholders [derived Item]
A derived item that equals Profit/(loss) after Income Tax (item 17) less Increase/(Decrease) in Unallocated Benefit Fund reserves (item 18).
Annual Return Reconciliations
Reconciliation to Operating Profit/(Loss) after Tax at the end of the period in the general purpose financial statements is only required to be completed as part of the annual returns.
Reconciliation adjustments
This is the adjustment necessary to reconcile the Profit/(Loss) after Income Tax attributable to Shareholders (item 19) to the Operating Profit/(Loss) after Tax, per general purpose accounts – Profit & Loss Account (item 21). APRA does not propose to routinely collect the components of the reconciliation. Additional information may, however, be sought from the life companies where this figure is significant.
Operating Profit/(Loss) after Tax, per general purpose accounts – Profit & Loss Account
This is the corresponding figure to the Profit/(Loss) after Income Tax attributable to Shareholders (item 19), except that it is taken from the general purpose accounts of the entity.
0
0
0