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47.1 |
Policyholder liability
under long-term insurance contract |
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|
| |
|
The policyholder liability
arises from group life business written
by a long-term insurance |
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| |
|
subsidiary company of
the group. |
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The net liability position
comprises: |
|
|
| |
|
Gross policyholder liability |
73 |
65 |
| |
|
Reinsurance assets relating
to the policyholder liability |
(63) |
(57) |
| |
|
|
10 |
8 |
| |
|
A reconciliation of the
movement in the net policyholder liability
for the year is set out below: |
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|
| |
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Opening balance |
8 |
6 |
| |
|
Movement during year:
|
|
|
| |
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Net premiums earned |
36 |
29 |
| |
|
Net claims incurred |
(6) |
(8) |
| |
|
Investment income |
1 |
2 |
| |
|
Expenses |
(15) |
(10) |
| |
|
Transfer from income
statement |
(14) |
(11) |
| |
|
Closing balance |
10 |
8 |
