Financial Position 3 Assets Exposures Cash Amount This is the value, of counterparty exposures to cash, after adjusting for derivatives. An exposure to a counterparty or a group of related counterparties is the aggregate of all claims, commitments arising from on-balance sheet transactions with the counterparty or group of related counterparties. On-balance sheet refers to those assets, or exposure items, which are recognised or recorded on the statement of financial position of the reporting entity, as determined in accordance with relevant Accounting Standards. Assets Exposures Cash And Liquid Assets Amount This is the value, as at the relevant date, of counterparty exposures to notes and coins; deposits withdrawable or redeemable within 24 hours; and securities purchased under agreements to resell. An exposure to a counterparty or a group of related counterparties is the aggregate of claims and commitments arising from on-balance sheet transactions with all counterparties. On-balance sheet refers to those assets, or exposure items, which are recognised or recorded on the statement of financial position of the reporting entity, as determined in accordance with relevant Accounting Standards. Assets Exposures Counterparty Amount This is the value, as at the relevant date, of counterparty exposures to assets as determined in accordance with relevant accounting standards. An exposure to a counterparty or a group of related counterparties is the aggregate of claims, commitments arising from on-balance sheet transactions with the all counterparties. On-balance sheet refers to those assets, or exposure items, which are recognised or recorded on the statement of financial position of the reporting entity, as determined in accordance with relevant Accounting Standards. Assets Exposures Debt Securities Amount This is the value, as at the relevant date, of counterparty exposures to debt securities at the reporting date. An exposure to a counterparty or a group of related counterparties is the aggregate of all claims, commitments arising from on-balance sheet transactions with the counterparty or group of related counterparties. Debt securities are transferable instruments evidencing a relationship of indebtedness. They are characterised by having a definable return that is not based on the economic performance of the issuing entity. On-balance sheet refers to those assets, or exposure items, which are recognised or recorded on the statement of financial position of the reporting entity, as determined in accordance with relevant Accounting Standards. Assets Exposures Derivative Instruments Amount This is the value, as at the relevant date, of counterparty exposures to derivative assets. This is forward-type contracts held by the reporting entity that are favourable (i.e. where it represents net gain to the reporting entity) or option type derivatives that are brought. Credit derivatives take the form of either forward-type and option-type contracts so include under assets either when the revaluation is favourable or when the credit protection is brought. This item is to be determined in accordance with accounting standards. A derivative is a financial instrument that is derived from some other asset, index, value or other variable (known as the underlying). An exposure to a counterparty or a group of related counterparties is the aggregate of all claims, commitments arising from on-balance sheet transactions with the counterparty or group of related counterparties. On-balance sheet refers to those assets, or exposure items, which are recognised or recorded on the statement of financial position of the reporting entity, as determined in accordance with relevant Accounting Standards. Assets Exposures Equity Securities Amount This is the value, as at the relevant date of counterparty exposures to equity securities. An exposure to a counterparty or a group of related counterparties is the aggregate of all claims, commitments arising from on-balance sheet transactions with the counterparty or group of related counterparties. Equity securities are, as defined by the Australian Accounting Standards, contracts that evidence a residual interest in the assets of an entity after deducting all its liabilities. This includes equity securities lent or sold by the entity under repurchase agreements, where the transaction does not result in the transfer of the rights of ownership of the securities away from the entity to another party. On-balance sheet refers to those assets, or exposure items, which are recognised or recorded on the statement of financial position of the reporting entity, as determined in accordance with relevant Accounting Standards. Assets Exposures Indexed Interest Bearing Securities Adjusted For Derivatives Amount This is the value, as at the relevant date, of counterparty exposures to indexed interest bearing securities, after adjusting for derivatives. Indexed securities pay an income stream that is dependent upon any external factor. Interest bearing securities are debt securities paying an income stream based upon an interest rate consistent with the classification and measurement basis used for investment securities in accordance with the accounting standards. An exposure to a counterparty or a group of related counterparties is the aggregate of all claims, commitments arising from on-balance sheet transactions with the counterparty or group of related counterparties. On-balance sheet refers to those assets, or exposure items, which are recognised or recorded on the statement of financial position of the reporting entity, as determined in accordance with relevant Accounting Standards. Assets Exposures Investment Vehicle Amount This is the value, as at the relevant date, of counterparty exposures to investment vehicles, which represent the net assets of unit trusts or managed investment schemes invested in by the reporting party, or mandates individually managed on behalf of the reporting entity. Assets Exposures Loans Amount This is the value, as at the relevant date, of counterparty exposures to loans and advances (including any accrued interest). Loans and advances are those financial assets categorised as "Loans and receivables" in the accounting standards other than "Trade receivables" and "Cash". An exposure to a counterparty or a group of related counterparties is the aggregate of all claims, commitments arising from on-balance sheet transactions with the counterparty or group of related counterparties. On-balance sheet refers to those assets, or exposure items, which are recognised or recorded on the statement of financial position of the reporting entity, as determined in accordance with relevant Accounting Standards. Assets Exposures Loans Adjusted For Derivatives Amount This is the value, as at the relevant date, of counterparty exposures to loans (including any accrued interest), after adjusting for derivatives. An exposure to a counterparty or a group of related counterparties is the aggregate of all claims, commitments arising from on-balance sheet transactions with the counterparty or group of related counterparties. On-balance sheet refers to those assets, or exposure items, which are recognised or recorded on the statement of financial position of the reporting entity, as determined in accordance with relevant Accounting Standards. Assets Exposures Non Indexed Interest Bearing Securities Adjusted For Derivatives Amount This is the value, as at the relevant date, of counterparty exposures to non indexed interest bearing securities, after adjusting for derivatives. Non-indexed securities pay an income stream that is not dependent upon any external factor. Interest bearing securities are debt securities paying an income stream based upon an interest rate consistent with the classification and measurement basis used for investment securities in accordance with the accounting standards. An exposure to a counterparty or a group of related counterparties is the aggregate of claims, commitments arising from on-balance sheet transactions with the all counterparties. On-balance sheet refers to those assets, or exposure items, which are recognised or recorded on the statement of financial position of the reporting entity, as determined in accordance with relevant Accounting Standards. Assets Exposures Other Amount This is a balancing item in the list in which it is being used. It is the value, as at the relevant date, of counterparty exposures to other assets. An exposure to a counterparty or a group of related counterparties is the aggregate of all claims, commitments arising from on-balance sheet transactions with the counterparty or group of related counterparties. On-balance sheet refers to those assets, or exposure items, which are recognised or recorded on the statement of financial position of the reporting entity, as determined in accordance with relevant Accounting Standards. Assets Exposures Other Adjusted For Derivatives Amount This is a balancing item in the list in which it is being used. It is the value, as at the relevant date, of counterparty exposures to other assets, after adjusting for derivatives. An exposure to a counterparty or a group of related counterparties is the aggregate of claims, commitments arising from on-balance sheet transactions with the all counterparties. On-balance sheet refers to those assets, or exposure items, which are recognised or recorded on the statement of financial position of the reporting entity, as determined in accordance with relevant Accounting Standards. Assets Exposures Property Amount This is the value, as at the relevant date of counterparty exposures to property. Property is defined in accordance with the classification and measurement basis under the relevant accounting standards. An exposure to a counterparty or a group of related counterparties is the aggregate of all claims, commitments arising from on-balance sheet transactions with the counterparty or group of related counterparties. On-balance sheet refers to those assets, or exposure items, which are recognised or recorded on the statement of financial position of the reporting entity, as determined in accordance with relevant Accounting Standards. Assets Exposures Receivables Amount This is the value, as at the relevant date, of counterparty exposures to receivables. An exposure to a counterparty or a group of related counterparties is the aggregate of all claims, commitments arising from on-balance sheet transactions with the counterparty or group of related counterparties. On-balance sheet refers to those assets, or exposure items, which are recognised or recorded on the statement of financial position of the reporting entity, as determined in accordance with relevant Accounting Standards. Assets Exposures Receivables Adjusted For Derivatives Amount This is the value, as at the relevant date, of counterparty exposures to receivables, after adjusting for derivatives. An exposure to a counterparty or a group of related counterparties is the aggregate of all claims, commitments arising from on-balance sheet transactions with the counterparty or group of related counterparties. On-balance sheet refers to those assets, or exposure items, which are recognised or recorded on the statement of financial position of the reporting entity, as determined in accordance with relevant Accounting Standards. Assets Insurance Contractual Regular Contributions Amount This is the value, as at the relevant date, for the total of all contractual regular contributions. These are the total gross premiums that are accepted through direct debit, have a specific contractual requirement for future on-going premiums, have an expectation of renewal each year (e.g. Yearly Renewable term products) or generally cause a policy to discontinue on cessation of future payment. Assets Insurance Deferred Reinsurance Expense Excluding Contracts That Do Not Meet Documentation Test Or Government Law Amount This is the value, as at the relevant date, of deferred reinsurance expense (DRE), as determined in accordance with the relevant Accounting Standards. For the purposes of this item, exclude amounts under reinsurance contracts that do not meet the reinsurance documentation test or governing law requirements under relevant prudential standards. Assets Insurance Deferred Reinsurance Expense Not Meet Doc Test Net Amount This is the value, as at the relevant date, of deferred reinsurance expense (determined in accordance with accounting standards) where the reinsurer has not complied with the threshold levels of reinsurance documentation set out in the relevant prudential standards. Assets Insurance Deferred Reinsurance Expense Not Meet Governing Law Test Amount This is the value, as at the relevant date, of deferred reinsurance expense where the reinsurer has not complied with the governing law requirements in the relevant prudential standard. Assets Insurance Deferred Reinsurance Expense Policies Future Accounting Amount This is the value, as at the relevant date, of deferred reinsurance expense that relates to future business not yet written, determined in accordance with prudential standards. Assets Insurance Deferred Reinsurance Expense Prudential Amount This is the value, as at the relevant date, of deferred reinsurance expense (DRE), determined in accordance with prudential standards.DRE represents the deferral of reinsurance expense in accordance with the pattern of reinsurance service received. Reinsurance expense will be recognised from the attachment date over the period of indemnity of the reinsurance contract in accordance with the expected pattern of the incident of risk. This may vary according to the type of reinsurance contract as outlined below. For reinsurance written on risks attaching or, equivalently, an underwriting period basis, current reinsurance contracts are fully matched to the underlying insurance portfolios. Reinsurance coverage for the underlying portfolio is recognised as the underlying policies are written. For reinsurance written on a losses occurring basis, current reinsurance contracts provide coverage for any risks exposed during the reinsurance period irrespective of when the underlying business was written. Such reinsurance covers both the unexpired portion of policies in force at the contract commencement date and that portion of new business and renewals written during the year that is earned up to the contract expiry date. This latter portion relates to business which has not yet been written at the contract commencement date. It is expected that initially the full minimum and deposit premium would be recognised as an expense, with any necessary adjustments due to experience at subsequent relevant dates. Where payments under a reinsurance contract extend beyond the current year of cover, reinsurance expense is to be discounted using similar discount rates as required in measuring insurance liabilities in accordance with relevant accounting standard. Assets Insurance Management Fees Expected Amount This is the value, as at the relevant date, of management fees expected to be received. This item is to be determined in accordance with relevant prudential standards and is net of any reduction in management fees assumed under asset and/or insurance stresses. Assets Insurance Management Fees Stress Adjustment Amount This is the value, as at the relevant date, of any reduction in management fees assumed under asset and/or insurance stresses, and is to be determined in accordance with relevant prudential standards. Assets Insurance Receivables Premium Amount This is the value, as at the relevant date, of insurance premiums due but not yet received. Assets Insurance Reinsurance Do Not Meet Documentation Amount This is the value, as at the relevant date, of any asset recognised by the reporting entity that relates to reinsurance where the reporting entity has not complied with the threshold levels of reinsurance documentation set out in the relevant prudential standards. A reinsurance arrangement meets the reinsurance documentation test if it satisfies the requirements specified in the relevant prudential standard. Assets Insurance Reinsurance Do Not Meet Documentation Test Net Amount This is the value, as at the relevant date, of any asset (net of provisions for doubtful debts) recognised by the reporting entity that relates to reinsurance where the reporting entity has not complied with the threshold levels of reinsurance documentation set out in the relevant prudential standards. Assets Insurance Reinsurance Do Not Meet Governing Law Requirement Amount This is the value, as at the relevant date, of reinsurance assets receivable under each reinsurance contract entered into by the insurer incepting on or after 31 December 2008 that do not meet the governing law requirements specified in the relevant prudential standard. Assets Insurance Reinsurance Other Meet DocumentationTest Amount This is a balancing item in the list in which it is being used. This is the value, as at the relevant date, of any asset recognised by the reporting party that relates to reinsurance, where the reinsurer has complied with the threshold levels of reinsurance documentation set out in the relevant prudential standards, other than those relating to: - Reinsurance recoverables, being any amounts due to the reporting party under a reinsurance arrangement that arise from the recognition of Outstanding Claims Liabilities in accordance with capital and prudential standards; - Expected Reinsurance and Non Reinsurance Recoveries, being any amounts due to the reporting party, whether under a reinsurance arrangement or not, that arise from the recognition of Premiums Liabilities in accordance with capital and prudential standards; or - Deferred Reinsurance Expense, as determined in accordance with accounting standards. Assets Insurance Reinsurance Other Not Meet Documentation Test Amount This is a balancing item in the list in which it is being used. This is the value, as at the relevant date, of any asset recognised by the reporting party that relates to reinsurance, where the reinsurer has not complied with the threshold levels of reinsurance documentation set out in the relevant prudential standards, other than those relating to: - Reinsurance recoverables, being any amounts due to the reporting party under a reinsurance arrangement that arise from the recognition of Outstanding Claims Liabilities in accordance with capital and prudential standards; - Expected Reinsurance and Non Reinsurance Recoveries, being any amounts due to the reporting party, whether under a reinsurance arrangement or not, that arise from the recognition of Premiums Liabilities in accordance with capital and prudential standards; or - Deferred Reinsurance Expense, as determined in accordance with accounting standards. Assets Insurance Reinsurance Other Not Meet Gov Law Amount This is a balancing item in the list in which it is being used. This is the value, as at the relevant date, of any asset recognised by the reporting party that relates to reinsurance, where the reinsurer has not complied with the governing law requirements set out in the relevant prudential standards, other than those relating to: Reinsurance recoverables, being any amounts due to the reporting party under a reinsurance arrangement that arise from the recognition of Outstanding Claims Liabilities in accordance with capital and prudential standards; - Expected Reinsurance and Non Reinsurance Recoveries, being any amounts due to the reporting party, whether under a reinsurance arrangement or not, that arise from the recognition of Premiums Liabilities in accordance with capital and prudential standards; or - Deferred Reinsurance Expense, as determined in accordance with accounting standards. Assets Insurance Reinsurance Recoverables Amount This is the value, as at the relevant date, of reinsurance recoverable. Reinsurance recoverables are any amounts due to the reporting entity from a reinsurer determined in accordance with relevant prudential standards. Assets Insurance Reinsurance Recoverables Paid Outstanding Claims Ex Contracts That Do Not Meet Doc Test Or Gov Law Amount This is the value, as at the relevant date, of reinsurance recoverables in relation to reinsurance contracts for both paid and outstanding claims against the reporting entity. For the purposes of this item, exclude amounts under reinsurance contracts that do not meet the reinsurance documentation test or governing law requirements under relevant prudential standards. Reinsurance recoverables are any amounts due to the reporting entity from a reinsurer that arise from the recognition of Outstanding Claims Liabilities in accordance with capital and prudential standards. Assets Insurance Reinsurance Recoverables Paid Outstanding Claims Meet Documentation Test Amount This is the value, as at the relevant date, of reinsurance recoverables in relation to reinsurance contracts for both paid and outstanding claims against the reporting entity where the reporting entity has complied with the threshold levels of reinsurance documentation set out in the relevant prudential standards. Reinsurance recoverables are any amounts due to the reporting entity under a reinsurance arrangement that arise from paid claims and the recognition of Outstanding Claims Liabilities are in accordance with the relevant prudential standards. Assets Insurance Reinsurance Recoverables Paid Outstanding Claims Not Meet Doc Test Net Amount This is the value as at the relevant date, of reinsurance recoverables in relation to reinsurance contracts net of provisions for doubtful debts, for both paid and outstanding claims against the reporting party where the reinsurer providing the reinsurance contract has not complied with the threshold levels of reinsurance documentation set out in the relevant prudential standard. Reinsurance recoverables are any amounts due to the reporting party under a reinsurance arrangement that arise from the recognition of Outstanding Claims Liabilities in accordance with capital and prudential standards. Assets Insurance Reinsurance Recoverables Paid Outstanding Claims Not Meet Gov Law Net Amount This is the value as at the relevant date, of reinsurance recoverables in relation to reinsurance contracts net of provisions for doubtful debts, for both paid and outstanding claims against the reporting entity where the reinsurer providing the reinsurance contract has not complied with the governing law requirements set out in the relevant prudential standard. Reinsurance recoverables are any amounts due to the reporting entity under a reinsurance arrangement that arise from the recognition of Outstanding Claims Liabilities in accordance with capital and prudential standards. Liabilities Insurance Claims Expenses Provisions Amount This is the value, as at the relevant date, of claim payments and expenses in respect of claims in course of payments, that are associated with premiums received. Liabilities Insurance Future Policy Benefits Amount This is the value, as at the relevant date, for future benefit policies. Where projection techniques are used, report the net present value. For participating benefits, this includes past declared bonuses only. Current reporting period bonuses are excluded as per prudential standards. For non-participating benefits with an entitlement to discretionary additions, the cost of the current year discretionary additions should be included. Where projection techniques are not used, report the policy liability before deducting the value of deferred acquisition expenses. Liabilities Insurance Future Policy Expenses Amount This is the value, as at the relevant date, for future policy expenses where projection techniques are used, report the net present value, where projection techniques are not used, report nil. Liabilities Insurance Future Policy Premiums Amount This is the value, as at the relevant date, for future premiums where projection techniques are used, report the component of the best estimate liability relating to the net present value of future policy premiums. Where projection techniques are not used, report nil. Liabilities Insurance Gross Policy Liabilities Direct Including Unearned Fee Revenue And Deferred Acquisition Costs Amount This is the value, as at the relevant date, of gross policy liabilities, valued in accordance with relevant prudential standards, Valuation of Policy Liabilities. This amount does not include any offset for reinsurance. This amount includes liabilities for deferred fee revenue and deferred acquisition costs. For participating benefits, include bonuses in respect of the relevant period. This method of disclosure differs from the Australian Accounting Standards. Fees are defined as amounts of money paid for a particular piece of work or for a particular right or service (i.e. policy management fees). Liabilities Insurance Insurance Policy Liabilities Amount This is the value as at the relevant date of policy liabilities, as determined in accordance with relevant prudential standards. Liabilities Insurance Investment Contract Deposit Component Amount This is the value, as at the relevant date, for the fair value of the contractual obligation in relation to the deposit (investment) component of insurance policies in force as at the reporting date. Liabilities Insurance Net Premium Other Description This is the balancing item in the list in which it is used, and includes items of revenue and expense that are not included elsewhere. This is comprised of, deferred revenue items not included elsewhere, which are any unearned revenues that represent income used to meet the costs of future claims that will arise under current general insurance contracts that have been deferred in accordance with the relevant accounting standards. This includes deferred reinsurance exchange commission and unearned commission revenue; deferred levies and charges as determined in accordance with the relevant accounting standards; and deferred expenses not included elsewhere, which are any capitalised costs relating to the unearned portion of premium revenue (net of any write-downs resulting from the liability adequacy test), or relating to the deferred portion of existing outwards reinsurance arrangements (for deferred outwards reinsurance expenses), that have been deferred and recognised in accordance with the relevant accounting standards. Liabilities Insurance Outstanding Claims Amount This is the amount, as at the relevant date, by which the outstanding claims liability (OCL), determined in accordance with accounting standards exceeds (or is in deficit of) the equivalent figure determined in accordance with prudential standards. OCL relates to all claims incurred in the relevant accident or underwriting year prior to the valuation date, whether or not they have been reported to the insurer. The value of the OCL must include an amount in respect of the expenses that the insurer expects to incur in settling these claims. The value of OCL must not include any Government charges imposed such as levies, duties and taxes. Liabilities Insurance Outstanding Claims And Premiums Liabilities Net Surplus Deficit Tax Effect Adjustment Amount This is the amount, as at the relevant date, of the tax effect relating to the outstanding claims liabilities (OCL) surplus/deficit and premiums liabilities surplus/deficit (i.e. the corporate tax rate multiplied by the net amount). An OCL surplus/deficit results if the OCL net of any recoveries, determined in accordance with accounting standards exceeds (or is in deficit of) the equivalent figure determined in accordance with prudential standards. A premium liabilities surplus/deficit results if the premium liability proxy calculated from figures determined in accordance with accounting standards exceeds (or is in deficit of) the equivalent figure determined in accordance with prudential standards. Liabilities Insurance Outstanding Claims Liability Accounting Amount This is the value, as at the relevant date, of the outstanding claims liability (OCL) as determined in accordance with relevant Accounting Standards. Liabilities Insurance Outstanding Claims Liability Central Estimate Amount This is the value, as at the relevant date, of the central estimate component of outstanding claims liability (OCL), determined in accordance with relevant prudential standards. OCL relates to all claims incurred prior to the valuation date, whether or not they have been reported to the insurer. The value of the OCL must include an amount in respect of the expenses that the insurer expects to incur in settling these claims. The value of OCL must not include any Government charges directly imposed on the insurer such as levies, duties and taxes, but must be gross of input tax credit recoveries. The central estimate will be measured as the present value of the future expected payments, i.e. discounted for future investment income, determined in accordance with relevant prudential standards. The central estimate is intended to reflect the mean value in the range of possible values for the outcome (that is, the mean of the distribution of probabilistic outcomes), and so does not include any risk margin. Liabilities Insurance Outstanding Claims Liability Central Estimate Group Adjustments Amount This is a balancing in the list in which it is being used. This is the value, as at the relevant date of the central estimate component of Outstanding Claims Liability Group Adjustments calculated as A - (B+C), where: A = central estimate component of outstanding claims liability (OCL) - Total consolidated Level 2 B = central estimate component of outstanding claims liability (OCL) - Total direct business partially consolidated C = central estimate component of outstanding claims liability (OCL) - Total reinsurance business partially consolidated For the purposes of this item the OCL central estimate component is determined in accordance with relevant prudential standards. OCL relates to all claims incurred prior to the valuation date, whether or not they have been reported to the insurer. The value of the OCL must include an amount in respect of the expenses that the insurer expects to incur in settling these claims. The value of OCL must not include any Government charges directly imposed on the insurer such as levies, duties and taxes, but must be gross of input tax credit recoveries. The central estimate will be measured as the present value of the future expected payments, i.e. discounted for future investment income, determined in accordance with relevant prudential standards. The central estimate is intended to reflect the mean value in the range of possible values for the outcome (that is, the mean of the distribution of probabilistic outcomes), and so does not include any risk margin. Liabilities Insurance Outstanding Claims Liability Excluding Government Charges Amount This is the value, as at the relevant date, of the outstanding claims liability (OCL), determined in accordance with relevant prudential standards. OCL relates to all claims incurred prior to the valuation date, whether or not they have been reported to the insurer. The value of the OCL must include an amount in respect of the expenses that the insurer expects to incur in settling these claims. The value of OCL must not include any Government charges directly imposed on the insurer such as levies, duties and taxes, but must be gross of input tax credit recoveries. Liabilities Insurance Outstanding Claims Liability Group Adjustments Amount This is a balancing item calculated as A - (B+C), where: A = outstanding claims liability (OCL) - Total consolidated Level 2 B = outstanding claims liability (OCL) - Total direct business partially consolidated C = outstanding claims liability (OCL) - Total reinsurance business partially consolidated For the purposes of this item OCL is reported as at the relevant date as determined in accordance with relevant prudential standards. OCL relates to all claims incurred prior to the valuation date, whether or not they have been reported to the insurer. The value of the OCL must include an amount in respect of the expenses that the insurer expects to incur in settling these claims. The value of OCL must not include any Government charges directly imposed on the insurer such as levies, duties and taxes, but must be gross of input tax credit recoveries. The OCL will be measured as the present value of the future expected payments, i.e. discounted for future investment income, plus a risk margin determined in accordance with relevant prudential standards. Liabilities Insurance Outstanding Claims Liability Not Discounted Amount This is the value, as at the relevant date, of the outstanding, outstanding claims liability (OCL) determined in accordance with relevant accounting standards, but not discounted as required by those accounting standards. OCL relates to all claims incurred in the relevant accident or underwriting year prior to the valuation date, whether or not they have been reported to the insurer. The value of the OCL must include an amount in respect of the expenses that the insurer expects to incur in settling these claims. The value of OCL must not include any Government charges imposed such as levies, duties and taxes. Liabilities Insurance Outstanding Claims Liability Risk Margin Amount This is the value, as at the relevant date, of the risk margin component of outstanding claims liability (OCL), determined in accordance with relevant prudential standards. OCL relates to all claims incurred prior to the valuation date, whether or not they have been reported to the insurer. The value of the OCL must include an amount in respect of the expenses that the insurer expects to incur in settling these claims. The value of OCL must not include any Government charges directly imposed on the insurer such as levies, duties and taxes, but must be gross of input tax credit recoveries. The risk margin is the component of the value of OCL that relates to the inherent uncertainty that outcomes will differ from the central estimate. The risk margin relates to the central estimate measured as the present value of the future expected payments i.e. discounted for future investment income, determined in accordance with relevant prudential standards. The central estimate is intended to reflect the mean value in the range of possible values for the outcome (that is, the mean of the distribution of probabilistic outcomes), and the risk margin, when added to the central estimate, is intended to increase the likelihood that the OCL will be sufficient to the level required in relevant prudential standards. Liabilities Insurance Outstanding Claims Liability Risk Margin Group Adjustments Amount This is a balancing item calculated as A - (B+C), where: A = risk margin component of outstanding claims liability (OCL) - Total consolidated Level 2 B = risk margin component of outstanding claims liability (OCL) - Total direct business partially consolidated C = risk margin component of outstanding claims liability (OCL) - Total reinsurance business partially consolidated For the purposes of this item the OCL risk margin component is reported as at the relevant date as determined in accordance with relevant prudential standards. The risk margin must be assessed at the level specified by APRA for capital purposes; this may not be the same risk margin used for other purposes such as statutory accounts. OCL relates to all claims incurred prior to the valuation date, whether or not they have been reported to the insurer. The value of the OCL must include an amount in respect of the expenses that the insurer expects to incur in settling these claims. The value of OCL must not include any Government charges directly imposed on the insurer such as levies, duties and taxes, but must be gross of input tax credit recoveries. The risk margin is the component of the value of OCL that relates to the inherent uncertainty that outcomes will differ from the central estimate. The risk margin relates to the central estimate measured as the present value of the future expected payments gross of any recoveries, i.e. discounted for future investment income, determined in accordance with relevant prudential standards. The central estimate is intended to reflect the mean value in the range of possible values for the outcome (that is, the mean of the distribution of probabilistic outcomes), and the risk margin, when added to the central estimate, is intended to increase the likelihood that the OCL will be sufficient to the level required in relevant prudential standards. Liabilities Insurance Outstanding Claims Liability Surplus Deficit Amount This is the amount, as at the relevant date, by which the outstanding claims liability (OCL), as determined in accordance with accounting standards, exceeds (or is in deficit of) the equivalent figure determined in accordance with prudential standards.OCL relates to all claims incurred prior to the valuation date, whether or not they have been reported to the insurer. The value of the OCL must include an amount in respect of the expenses that the insurer expects to incur in settling these claims. The value of OCL must not include any Government charges directly imposed on the insurer such as levies, duties and taxes. Liabilities Insurance Outstanding Claims Provision Net Risk Margin Amount This is the value, as at the relevant date, of the risk margin component of outstanding claims liabilities (OCL), net of any recoveries, determined in accordance with relevant prudential standards. This includes the APRA risk margin (75% probability of sufficiency including diversification benefits) included in the net OCL. OCL relates to all claims incurred prior to the valuation date, whether or not they have been reported to the insurer. The value of the OCL must include an amount in respect of the expenses that the insurer expects to incur in settling these claims. The value of OCL must not include any Government charges directly imposed on the insurer such as levies, duties and taxes. The risk margin is the component of the value of OCL that relates to the inherent uncertainty that outcomes will differ from the central estimate. The risk margin relates to the central estimate measured as the present value of the future expected payments net of any recoveries, i.e. discounted for future investment income, determined in accordance with relevant prudential standards. The central estimate is intended to reflect the mean value in the range of possible values for the outcome (that is, the mean of the distribution of probabilistic outcomes), and the risk margin, when added to the central estimate, is intended to increase the likelihood that the OCL will be sufficient to the level required in relevant prudential standards. Liabilities Insurance Outstanding Claims Surplus Deficit Excluding Government Charges Amount This is the amount, as at the relevant date, by which the outstanding claims liabilities (OCL), determined in accordance with accounting standards exceeds (or is in deficit of) the equivalent figure determined in accordance with prudential standards. OCL relates to all claims incurred prior to the valuation date, whether or not they have been reported to the insurer. The value of the OCL must include an amount in respect of the expenses that the insurer expects to incur in settling these claims. The value of OCL must not include any Government charges directly imposed on the insurer such as levies, duties and taxes. Liabilities Insurance Participating Business Future Profits Amount This is the value, as at the relevant date, for future profits from policy owner bonuses report the net present value of the policy in relation to future profits for participating business. Current year bonuses are excluded. Liabilities Insurance Participating Policy Liabilities Amount This is the value, as at the relevant date, of value of the impact of the insurance stresses on participating policy liabilities, as determined in accordance with relevant prudential standards. Liabilities Insurance Policy Liabilities Adjust Tax Effect Amount This is the amount, as at the relevant date, of the tax effect relating to adjustments to policy liabilities as determined in accordance with relevant Prudential Standards. Liabilities Insurance Policy Liabilities And Policy Owner Retained Profits Amount This is the value, as at the relevant date, of policy liabilities net of all policy liabilities ceded under reinsurance, together with policy owner retained profits, determined in accordance with the methodologies stated in relevant prudential standards. Liabilities Insurance Policy Liabilities Unallocated Distributable Surplus Amount This is the value as at the relevant date of the proportion of policy liabilities that equates to the maximum amount of unallocated surplus shown as unallocated surplus that could be immediately distributed to benefit fund members without causing a breach of the capital adequacy standards. This number is to be determined in accordance with relevant prudential standards. Liabilities Insurance Policy Liabilities Unallocated Surplus Amount This is the value as at the relevant date of policy liabilities, of which are unallocated surpluses (Unallocated surplus classified as liabilities included in this item relates to all other unallocated surpluses that have not been included as unallocated benefit fund reserves). It equates to the unallocated surplus remaining after distributions to benefit fund members. This number is to be determined in accordance with relevant prudential standards. Liabilities Insurance Premiums Liabilities Amount This is the value, as at the relevant date, of premiums liabilities as determined in accordance with relevant prudential standards. Prudential Premiums Liabilities relate to all future claim payments arising from future events post the valuation date that will be insured under the reporting party's existing policies that have not yet expired. The value of Prudential Premium Liabilities must include an amount in respect of the expenses that the reporting entity expects to incur in administering and settling the relevant claims and allow for expected premium refunds. The value of prudential premiums liabilities must not include any Government charges directly imposed on the reporting entity such as levies, duties and taxes. Also a deferred acquisition cost asset must not be reported as part of Prudential Premium Liabilities. Liabilities Insurance Premiums Liabilities Adjusted Amount This is the value, as at the relevant date, of the sum of net premiums liabilities as determined in accordance with relevant accounting standards plus the value of the deficiency recognised in premium liability valuations due to the application of Liability Adequacy Test (LAT) as determined in accordance with relevant prudential standards. Net premiums liabilities is calculated as UPL - DAC - DRE + URL + other items, where: UPL = Unearned Premium Liability as determined in accordance with the relevant accounting standards. DAC = Deferred Acquisition Cost as determined in accordance with the relevant accounting standards. This represents the portion of acquisition costs that relate to the unearned portion of premium revenue and which are capitalised as a result. DRE = Deferred Reinsurance Expense as determined in accordance with the relevant accounting standards. This represents the portion of reinsurance expenses that relate to the unearned portion of premium revenue and which are capitalised as a result. URL = Unexpired Risk Liability as determined in accordance with the relevant accounting standards. Other items include anything else required under the relevant accounting standards to be included in the calculation of Net Premium Liabilities. Liabilities Insurance Premiums Liabilities Central Estimate Amount This is the value, as at the relevant date, of the central estimate component of premiums liabilities, determined in accordance with relevant prudential standards. Premiums liabilities relate to all future claim payments arising from future events post the valuation date that will be insured under the reporting entity's existing policies that have not yet expired. The value of the premiums liabilities must include an amount in respect of the expenses that the reporting entity expects to incur in administering and settling the relevant claims and allow for expected premium refunds. The value of premiums liabilities must not include any Government charges directly imposed on the reporting entity such as levies, duties and taxes, and must be gross of input tax credit recoveries. Also a deferred acquisition cost asset must not be reported. The central estimate will be measured as the present value of the future expected payments, i.e. discounted for future investment income, determined in accordance with relevant prudential standards. The central estimate is intended to reflect the mean value in the range of possible values for the outcome (that is, the mean of the distribution of probabilistic outcomes), and so does not include any risk margin. Liabilities Insurance Premiums Liabilities Net Accounting Amount This is the value, as at the relevant date, of Net Premiums Liabilities calculated in accordance with relevant prudential standards as UPL - DAC - DRE + URL + other items, where: UPL = Unearned Premium Liability as determined in accordance with the relevant accounting standards. DAC = Deferred Acquisition Cost as determined in accordance with the relevant accounting standards. This represents the portion of acquisition costs that relate to the unearned portion of premium revenue and which are capitalised as a result. DRE = Deferred Reinsurance Expense as determined in accordance with the relevant accounting standards. This represents the portion of reinsurance expenses that relate to the unearned portion of premium revenue and which are capitalised as a result. URL = Unexpired Risk Liability as determined in accordance with the relevant accounting standards. Other items include anything else required under the relevant accounting standards to be included in the calculation of Net Premium Liabilities. Liabilities Insurance Premiums Liabilities Net Surplus Deficit Amount This is the amount, as at the relevant date, by which the premiums liabilities determined in accordance with accounting standards exceeds (or is in deficit of) the equivalent figure determined in accordance with prudential standards. Premiums liabilities relate to all future claim payments arising from future events post the valuation date that will be insured under the reporting entity's existing policies that have not yet expired. The value of the premiums liabilities must include an amount in respect of the expenses that the reporting entity expects to incur in administering and settling the relevant claims and allow for expected premium refunds. The value of premiums liabilities must not include any Government charges directly imposed on the insurer such as levies, duties and taxes. Also a deferred acquisition cost asset must not be reported. Liabilities Insurance Premiums Liabilities Prudential Or Accounting Amount This is the value, as at the relevant date, of premiums liabilities which can be determined in accordance with relevant prudential standards or in accordance with relevant accounting standards. Prudential Premiums Liabilities relate to all future claim payments arising from future events post the valuation date that will be insured under the reporting entity's existing policies that have not yet expired. The value of Prudential Premium Liabilities must include an amount in respect of the expenses that the reporting entity expects to incur in administering and settling the relevant claims and allow for expected premium refunds. The value of prudential premiums liabilities must not include any Government charges directly imposed on the reporting entity such as levies, duties and taxes. Also a deferred acquisition cost asset must not be reported as part of Prudential Premium Liabilities. The Prudential Premium Liabilities will be measured as the present value of the future expected payments, i.e. discounted for future investment income, plus a risk margin determined in accordance with relevant prudential standards. The risk margin must be assessed at the level specified by APRA for capital purposes; this may not be the same risk margin used for other purposes. Accounting Premiums Liabilities are calculated as UPL - DAC, where: UPL = Unearned Premium Liability as determined in accordance with the relevant accounting standards. DAC = Deferred Acquisition Costs as determined in accordance with the relevant accounting standards. Liabilities Insurance Premiums Liabilities Risk Margin Amount This is the value, as at the relevant date, of the risk margin component of premiums liabilities, as determined in accordance with relevant prudential standards. The risk margin must be assessed at the level specified by APRA for capital purposes; this may not be the same risk margin used for other purposes such as statutory accounts. Premiums liabilities relate to all future claim payments arising from future events post the valuation date that will be insured under the reporting entity's existing policies that have not yet expired. The value of the premiums liabilities must include an amount in respect of the expenses that the reporting entity expects to incur in administering and settling the relevant claims and allow for expected premium refunds. The value of premiums liabilities must not include any Government charges directly imposed on the insurer such as levies, duties and taxes. Also a deferred acquisition cost asset must not be reported. The risk margin is the component of the value of premiums liabilities that relates to the inherent uncertainty that outcomes will differ from the central estimate. The risk margin relates to the central estimate measured as the present value of the future expected payments, i.e. discounted for future investment income, determined in accordance with relevant prudential standards. The central estimate is intended to reflect the mean value in the range of possible values for the outcome (that is, the mean of the distribution of probabilistic outcomes), and the risk margin, when added to the central estimate, is intended to increase the likelihood that the premiums liabilities will be sufficient to the level required in relevant prudential standards. Liabilities Insurance Provisions Annuity Amount This is the value, as at the relevant date, of annuity payments and expenses arising from premiums received. Liabilities Insurance Provisions Claims Incurred Not Reported Amount This is the value, as at the relevant date, of claim payments and expenses in of respect of claims incurred but not reported, that are associated with premiums received. Liabilities Insurance Provisions Claims Reported Not Assessed Amount This is the value, as at the relevant date, of claim payments and expenses in of respect of claims reported but not assessed, that are associated with premiums received. Liabilities Insurance Provisions Claims Unearned Premium Amount This is the value, as at the relevant date, claim payments and expenses associated with unexpired proportion of premiums received (unearned premium reserve). Liabilities Insurance Provisions Expected Premiums Amount This is the value, as at the relevant date, of premiums expected to be received from policies remaining in force. Liabilities Insurance Provisions Expected Premiums Claims Amount This is the value, as at the relevant date, of claim payments arising from premiums expected to be received. Liabilities Insurance Provisions Expected Premiums Expenses Amount This is the value, as at the relevant date, of expenses from premiums expected to be received. Liabilities Insurance Provisions Expected Premiums Liabilities Tax Amount This is the value, as at the relevant date, of tax liabilities from profits emerging from premiums expected to be received. Liabilities Insurance Provisions Expected Premiums Net Profit After Tax Amount This is the value, as at the relevant date, of net profits after tax attributable to shareholders, emerging from premiums expected to be received. Liabilities Insurance Provisions Premium Liabilities Amount This is the value, as at the relevant date, of liabilities arising from premiums expected to be received. Liabilities Insurance Reduction In Policy Liability Due To Deferred Acquisition Cost Recovery Amount This is the value, as at the relevant date, of the reduction in policy liabilities in respect of unrecouped acquisition expenses. Where projection techniques are used, report nil. Where projection techniques are not used, report the component of the policy liability relating to the value of the unrecouped (deferred) acquisition expenses. Liabilities Insurance Refund Unearned Premium Excess Amount This is the value, as at the relevant date, of premium refund payable, in excess of the unearned premium reserve held. The refund is due to termination of the policy and is payable based on the policy document's contractual agreement. Liabilities Insurance Risk Free Best Estimate Amount This is the value, as at the relevant date, of value of the impact of the insurance stresses on the risk-free best estimate liabilities, as determined in accordance with relevant prudential standards. Liabilities Insurance Servicing Expenses Expected Amount This is the value, as at the relevant date, of servicing expenses expected to be determined in accordance with relevant prudential standards. Servicing expenses refers to the combination of maintenance expenses and investment management expenses. Liabilities Insurance Unearned Premium Income Amount This is the value, as at the relevant date, of premium income received in advance which is still unearned and is classified as a liability to the entity. Unearned premium income is that portion of the written premium applicable to the unused part of the period for which the premium has been paid. Premiums, as defined by the Australian Accounting Standards, are amounts charged in relation to accepting risk from the insured, but do not include amounts collected on behalf of third parties