Financial Performance 3 Expense Prospective Claims Expense Due To Valuation Assumptions Changes Or Model Not Included In Underwriting Result Gross Amount This is the value, during the relevant period, for that component of gross claims expense which is due to changes in modelling assumptions applied to outstanding claims provision. Expense Prospective Incurred Claims Gross Total Amount This is the value, during the relevant period, for the total of demands made against insurance policies. Expense Prospective Incurred Claims Net Amount This is the value, during the relevant period, for the net claims being gross claims less recoveries revenue. Expense Prospective Underwriting Acquisition Costs Amount This is the value, during the relevant period, for all acquisition costs as recognised under Australian Accounting Standards. Acquisition costs are incurred in obtaining and recording new business contracts. They include commission or brokerage paid to agents or brokers for obtaining business for the reporting party, selling and underwriting costs such as advertising and risk assessment, the administrative costs of accepting, issuing and initially recording the new business. Expense Prospective Underwriting Total Amount This is the value, during the relevant period, for a subtotal item within the list in which it is being used. Income Prospective Commission Amount This is the value, during the relevant period, for recognised upfront fees and commission revenue related to the insurance business. This does not include 'premium rebates' received from reinsurers. For regulatory reporting purposes it is fully recognised from the date of acceptance of the risk. Do not defer and amortise in accordance with Accounting Standards. Income Prospective Premium Revenue Gross Total Amount This is the value, during the relevant period, for total gross premium revenue. Income Prospective Premium Revenue Net Amount This is the value, during the relevant period, for the premium revenue less outwards reinsurance expense. Income Prospective Recoveries Other Amount This is the value, during the relevant period, for the balancing item within the list in which it is being used. Income Prospective Recoveries Reinsurance Total Amount This is the value, during the relevant period, for the sum of revenue from reinsurance recoveries on direct business and inwards reinsurance business. In relation to future years, this will reflect any movement in the value of expected reinsurance recoveries that are associated with insurance liabilities recognised in the measurement of Premium Liabilities. The amount of recoveries received or receivable associated with claims for current and prior years are also included. Income Prospective Recoveries Total Amount This is the value, during the relevant period, for the revenue from all recoveries in respect of claims. Where appropriate, other recoveries revenue is to be reported net of the reinsurer's share of other recoveries revenue. It includes any movement in the value of expected reinsurance recoveries in relation to future years. It also includes the amount of recoveries received or receivable associated with claims for current and prior years. Insurance Expense Premium Members Death Disability Gross Amount This is the value, as at the relevant date, for the member's total death and or disability insurance premiums paid or payable during the reporting period. Insurance Proceeds Death Amount This is the value, during the relevant period, for the proceeds received/receivable from the insurer for the reporting period in relation to the death of a member. Insurance Proceeds Disability Amount This is the value, during the relevant period, for proceeds received/receivable from the insurer and/or accrued in relation to disability of members, including amounts for total and permanent disability and temporary disability/income protection. Insurance Rebate Premium Members Death Disabilty Amount This is the value, during the relevant period, for any rebates received/receivable from insurers in relation to members' total death and/or disability insurance premiums paid or payable. Profit Or Loss Prospective Continuing Operations After Tax Amount This is the value, during the relevant period, for the net profit or loss of an entity after income tax, for the purposes of prudential reporting using prospective accounting basis. Profit Or Loss Prospective Continuing Operations Before Tax Amount This is the value, during the relevant period, for the profit or loss of an entity before income tax, for the purposes of prudential reporting using prospective accounting basis. Profit Or Loss Prospective Underwriting Result Amount This is the value, during the relevant period, for the underwriting results is the net premium revenue less claims and direct underwriting expenses. Profit Or Loss Unrealised Deposits Placements Loans Securities Amount This is the value, during the relevant period, for unrealised gains/losses associated with the entity's holdings of deposits, placements, loans and debt securities. Exclude: - Gains and losses associated with the investment in cash management trusts; and - Gains/losses on interest rate related derivative financial instruments. Unrealised gains/losses: The change in the net market value is the increase or decrease in the market value of each asset compared to the value of that asset at the beginning of the reporting period. These assets are still owned by the entity at the end of the period, they have not been disposed of, and as a result, the gains or losses on the assets are unrealised. If the assets are disposed of during the period, then the gains or losses are realised. Only include the movement in the net market value of the asset. Do not include the movement in the value of the currency relative to the Australian dollar (AUD) if the asset is denominated in a currency other than the AUD. Profit Or Loss Unrealised Derivatives Amount This is the value, during the relevant period, for unrealised gains/losses attributable to the movement in net market value of the entity's derivative exposures. Exclude: Unrealised or realised gains/losses relating to the currency translation of foreign currency derivative contracts. Unrealised gains/losses: The change in the net market value is the increase or decrease in the market value of each asset compared to the value of that asset at the beginning of the reporting period. These assets are still owned by the entity at the end of the period, they have not been disposed of, and as a result, the gains or losses on the assets are unrealised. If the assets are disposed of during the period, then the gains or losses are realised. Only include the movement in the net market value of the asset. Do not include the movement in the value of the currency relative to the Australian dollar (AUD) if the asset is denominated in a currency other than the AUD. Profit Or Loss Unrealised Gains Or Losses On Investments Total Amount This is the value, during the relevant period, for total unrealised gains/losses associated with the entity's investments. Unrealised gains/losses: The change in the net market value is the increase or decrease in the market value of each asset compared to the value of that asset at the beginning of the reporting period. These assets are still owned by the entity at the end of the period, they have not been disposed of, and as a result, the gains or losses on the assets are unrealised. If the assets are disposed of during the period, then the gains or losses are realised. Only include the movement in the net market value of the asset. Do not include the movement in the value of the currency relative to the Australian dollar (AUD) if the asset is denominated in a currency other than the AUD. Profit Or Loss Unrealised Individually Managed Mandates Amount This is the value, during the relevant period, for unrealised gains/losses on funds placed with external investment managers in the form of individually managed mandates or discretely managed portfolios where the asset portfolio is tailored for or chosen by the entity. Unrealised gains/losses: The change in the net market value is the increase or decrease in the market value of each asset compared to the value of that asset at the beginning of the reporting period. These assets are still owned by the entity at the end of the period, they have not been disposed of, and as a result, the gains or losses on the assets are unrealised. If the assets are disposed of during the period, then the gains or losses are realised. Only include the movement in the net market value of the asset. Do not include the movement in the value of the currency relative to the Australian dollar (AUD) if the asset is denominated in a currency other than the AUD. Profit Or Loss Unrealised Insurance Policies Amount This is the value, during the relevant period, for unrealised gains/losses associated with the investments in insurance or life policies. Include: - The change in net market value of unit-linked insurance or investment policies; and - The change in net market value of policies in respect of death, total, permanent or temporary disablement. Important: If the superannuation entity invests in statutory funds of a life insurer and does not know the realised gains and losses, the superannuation entity should only account for the total change in net market value. An estimate can be provided to calculate realised and unrealised gains and losses on a pro rata basis. Unrealised gains/losses: The change in the net market value is the increase or decrease in the market value of each asset compared to the value of that asset at the beginning of the reporting period. These assets are still owned by the entity at the end of the period, they have not been disposed of, and as a result, the gains or losses on the assets are unrealised. If the assets are disposed of during the period, then the gains or losses are realised. Only include the movement in the net market value of the asset. Do not include the movement in the value of the currency relative to the Australian dollar (AUD) if the asset is denominated in a currency other than the AUD. Profit Or Loss Unrealised Overseas Investment Managers Amount This is the value, during the relevant period, for unrealised gains and losses in the value of investments placed by the entity with overseas investment managers. Exclude: - Amounts directly invested overseas by the entity in underlying assets such as equity securities, bonds and direct property; and - Amounts placed with Australian investment managers for investment overseas. Unrealised gains/losses: The change in the net market value is the increase or decrease in the market value of each asset compared to the value of that asset at the beginning of the reporting period. These assets are still owned by the entity at the end of the period, they have not been disposed of, and as a result, the gains or losses on the assets are unrealised. If the assets are disposed of during the period, then the gains or losses are realised. Only include the movement in the net market value of the asset. Do not include the movement in the value of the currency relative to the Australian dollar (AUD) if the asset is denominated in a currency other than the AUD. Profit Or Loss Unrealised Property Amount This is the value, during the relevant period, for unrealised gains/losses associated with the entity's investment in property assets. Do not include gains/losses on investments in: - Listed property trusts; - Unlisted private property unit trusts; and - Unlisted public offer/retail property trusts. Unrealised gains/losses: The change in the net market value is the increase or decrease in the market value of each asset compared to the value of that asset at the beginning of the reporting period. These assets are still owned by the entity at the end of the period, they have not been disposed of, and as a result, the gains or losses on the assets are unrealised. If the assets are disposed of during the period, then the gains or losses are realised. Only include the movement in the net market value of the asset. Do not include the movement in the value of the currency relative to the Australian dollar (AUD) if the asset is denominated in a currency other than the AUD.