Page 69 - MC14326 all pages
P. 69
The South African Insurance Industry Survey 2016 | 65
As the year-end is 31 December 2021, the above income statements do not present the cumulative result for the portfolio from 1 April 2020 –
31 March 2021, but rather the January – March movements.
For the current method, the previously recognised additional prudency within the IBNR provision has now been released at the conclusion of
the contracts.
Statement of financial position 31 Mar - end of contract 30 April - claims all paid
Assets Current basis PAA BBA Current basis PAA BAA
Bank 54 900 51 400
DAC 54 900 54 900 54 900 51 400 51 400 51 400
Debtor
54 900 54 900 - 51 400 51 400 -
- -
-- --
-- --
Equity (49 200) (51 435) (51 435) (51 400) (51 400) (51 400)
Retained earnings (49 200) (51 435) (51 435) (51 400) (51 400) (51 400)
Liabilities (57 00) (3 465) (3 465) - - -
UPP - - - - - -
Liability for remaining coverage - - (2 755) - - -
Liability for incureed claims (5 700) (3 465) (710) - - -
OCR (2 750) (2 750) (710) - - -
IBNR (2 950) (550) - - - -
Risk adjustment - (165) - - - -
Payable ------
