RegAlertConsultation · SECP · 15 Oct 2025
SRO 1917(I)/2025 Draft Notification – Amendment to Insurance Rules 2017
The Securities and Exchange Commission of Pakistan published draft amendments to Annexure II of the Insurance Rules, 2017, open for objections or suggestions within thirty days of publication in the Official Gazette. The amendments replace the published financial statement requirements for life insurers with statements of financial position, comprehensive income, changes in equity, cash flows, and IFRS 17 Disclosures 100 and 101, separately for each class of business under section 4(1) of the Insurance Ordinance, 2000. They also replace the existing forms of life insurers' published financial statements and notes 1 to 51 with new forms. The amendments come into force when IFRS 17 becomes effective for life and non-life insurers.
Statutory Notification (S.R.O)
GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Islamabad, the 6 th October, 2025
NOTIFICATION
S.R.O.1917(I)/2025.- In exercise of the powers conferred by section 167 of the Insurance Ordinance, 2000 (XXXIX of 2000) read with S.R.O. 708(I)/2009 dated 27th July 2009, the Securities and Exchange Commission of Pakistan is pleased to publish the following amendments to the Insurance Rules, 2017 for information of all persons likely to be affected thereby and notice is hereby given that objections or suggestions, if any, received within thirty days from the date of its publication in the Official Gazette shall be taken into consideration by the Commission, namely:-
DRAFT AMENDMENTS
These amendments will come into force on the date when IFRS 17 becomes effective for life and non-life insurers.
In the aforesaid Rules, -
(1) In the Annexure II of the Insurance Rules, 2017, for clause A, para (2) the following shall be substituted, -
Published Financial Statement. – The Published Financial Statements of life insurers shall consist of the following statements which shall be submitted according to the annexed Forms
-
Statement of Financial Position
-
Statement of Comprehensive Income
-
Statement of Changes in Equity
-
Statement of Cash Flows
-
Disclosure 100, IFRS 17 – Insurance Contracts as per format given hereunder separately for each class of business given under the Section 4(1) of the Ordinance
-
Disclosure 101, IFRS 17 – Insurance Contracts as per format given hereunder separately for each class of business given under the Section 4(1) of the Ordinance
-
Notes forming part of the financial statements will be prepared in accordance with the provisions of the IFRSs and applicable standards including segmental information as per format given below
(2) In Annexure II, after the form LJ of life insurers and before Form GA of non-life insurers, the forms of financial published statements of life insurers and notes from 1 to 51 listed underneath will be replaced with the following forms.
Financial Statements of Life Insurers
| Statement of Financial Position/ Balance Sheet as at December 31 ____ | ||
|---|---|---|
| Particulars (PKR 000s) | Total as at 20xx | Total as at 20xx-1 |
| Assets | ||
| Property and equipment | ||
| Intangible assets | ||
| Investment property | ||
| Investments in subsidiaries and associates | ||
| Investments | ||
| Equity securities | ||
| Government securities | ||
| Debt securities | ||
| Term deposits | ||
| Mutual funds | ||
| Others (please specify) | ||
| Insurance Contract Assets | ||
| Reinsurance Contract Assets | ||
| Other loans and receivables | ||
| Deferred tax asset | ||
| Taxation - payments less provision | ||
| Prepayments | ||
| Cash & Bank | ||
| Total Assets | ||
| Equity | ||
| Issued and paid up share capital | ||
| Share premium | ||
| Ledger account C & D | ||
| IFRS-17 Finance Expense OCI Reserve | ||
| Reserves | ||
| Unappropriated profit/(Accumulated loss) | ||
| Total Equity | ||
| Liabilities | ||
| Insurance Contract Liabilities | ||
| Reinsurance Contract Liabilities | ||
| Liabilities under Investment Contracts | ||
| Retirement benefit obligations | ||
| Deferred taxation | ||
| Borrowings | ||
| Other creditors and accruals | ||
| Taxation - provision less payments | ||
| Total Liabilities | ||
| Total Equity and Liabilities |
| Statement of Comprehensive Income for the period ending December 31_____ | ||
|---|---|---|
| Particulars (PKR 000s) | Total as at 20xx | Total as at 20xx-1 |
| Insurance Revenue | ||
| Insurance Service Expenses | ||
| Expenses from reinsurance contracts held | ||
| Income from reinsurance contracts held | ||
| Net premium revenue | ||
| Fee income | ||
| Investment income | ||
| Net realised fair value gains on financial assets | ||
| Net fair value gains on financial assets at fair value through profit/ loss | ||
| Net rental Income | ||
| Net realised gains / losses on investment property | ||
| Net unrealised gains / losses on investment property | ||
| Other income / loss | ||
| Net income | ||
| Finance expenses from insurance contracts issued | ||
| Finance income from reinsurance contracts held | ||
| Net insurance finance expenses | ||
| Other Income | ||
| Other Finance Costs | ||
| Other Operating Expenses | ||
| Total Other Income & Expenses | ||
| Finance costs | ||
| Results of operating activities | ||
| Share of (loss)/profit of associates | ||
| Profit before tax | ||
| Income tax expense | ||
| Profit for the year | ||
| Other comprehensive income: | ||
| Change in unrealised gains/(losses) on available-for-sale financial assets | ||
| Currency translation differences (related to net investment in foreign currency) | ||
| Actuarial gains/(losses) on retirement benefit schemes | ||
| Finance expenses from insurance contracts issued (OCI) | ||
| Finance income from reinsurance contracts held (OCI) | ||
| Other comprehensive income for the year, net of tax | ||
| Total comprehensive income for the year |
| Statement of Changes in Equity for the period ending December 31 ____ | ||||||||
|---|---|---|---|---|---|---|---|---|
| Particulars (PKR 000s) | Issued and paid up share capital | Share premium | Ledger account C & D | IFRS-17 Finance Expense OCI Reserve | Reserves | Unappropriated profit/ (Accumulated loss) | Total | |
| Balance as at YY-1 | ||||||||
| IFRS-17 and IFRS-9 Transition Impact | ||||||||
| Restated Balance as at YY-1 | ||||||||
| Total Profit & Loss for the year | ||||||||
| Total Other Comprehensive Income for the Year | ||||||||
| Issuance of Share Capital | ||||||||
| Transfer Between Accounts | ||||||||
| Dividend | ||||||||
| Balance as at YY |
| Cashflow Statement for the Period ending December 31 _____ | ||
|---|---|---|
| Particulars (PKR 000s) | Total as at 20xx | Total as at 20xx-1 |
| Underwriting Activiities | ||
| Insurance premium received | ||
| Reinsurance premium paid | ||
| Claims paid | ||
| Reinsurance and other recoveries received | ||
| Commission paid | ||
| Commission received | ||
| Marketing and administrative expenses paid | ||
| Others if any (please specify) | ||
| Net cash flow from underwriting activities | ||
| Other operating activities | ||
| Income tax paid | ||
| Other operating payments | ||
| Other operating receipts | ||
| Loans advanced | ||
| Loan repayments received | ||
| Net cash flow from other operating activities | ||
| Total cash flow from all operating activities | ||
| Investment activities | ||
| Profit/ return received | ||
| Dividend received | ||
| Rental received | ||
| Payment for investments / investment properties | ||
| Proceeds from investments / investment properties | ||
| Fixed capital expenditure | ||
| Proceeds from sale of property, plant and equipment | ||
| Total cash flow from investing activities | ||
| Financing activities | ||
| Share capital received | ||
| Loans received | ||
| Loans repaid | ||
| Capital payments received by statutory funds | ||
| Capital payments repaid by statutory funds | ||
| Surplus appropriated to shareholders fund | ||
| Dividends paid | ||
| Financial charges paid | ||
| Payments on finance leases | ||
| Total cash flow from financing activities | ||
| Net cash flow from all activities | ||
| Cash and cash equivalents at beginning of year | ||
| Cash and cash equivalents at end of year | ||
| Reconciliation to Profit and Loss Account Operating cash flows | ||
| Depreciation expense | ||
| Financial charges expense | ||
| Profit/(loss) on disposal of property, plant and equipment | ||
| Profit/(loss) on disposal of investments / investment properties | ||
| Rental income | ||
| Dividend income | ||
| Other Investment income | ||
| Share of profit from associates | ||
| Increase/(decrease) in assets other than cash | ||
| (Increase)/decrease in liabilities other than borrowings | ||
| Revaluation adjustment | ||
| Other adjustments (please specify) | ||
| Profit or loss after taxation |
Formats of Disclosure 100 and 101 – For Life and Non-Life Insurers
| GMM Template - Disclosure 100 - Gross (Year 20xx) | ||||||
|---|---|---|---|---|---|---|
| Insurance contracts issued | LFRC | |||||
| Excluding loss component | Loss component | BEL-LIC | LIC-Risk Adjustment | Total | ||
| Opening insurance contract assets | ||||||
| Opening insurance contract liabilities | ||||||
| Net Balance as at 1 - 1 - 20xx | ||||||
| Insurance service revenue | ||||||
| Expected Claims | ||||||
| Expected Expenses | ||||||
| Risk Adjustment for the risk expired | ||||||
| Contractual Service Margin for the service provided | ||||||
| Recovery of Insurance Acquisition Cash Flows | ||||||
| Premium Experience Adjustment | ||||||
| Insurance revenue | ||||||
| Insurance service expenses | ||||||
| Incurred claims and other directly attributable expenses | ||||||
| Changes that relate to past service - adjustments to the LIC | ||||||
| Losses on onerous contracts and reversal of those losses | ||||||
| Insurance acquisition cash flows amortisation | ||||||
| Total insurance service expenses | ||||||
| Insurance service result | ||||||
| Finance income/(expenses) from insurance contracts issued | ||||||
| Total amounts recognised in consolidated statement of profit or loss | ||||||
| Investment Component | ||||||
| Insurance acquisition cash flows asset and other pre-recognition cash flows derecognised and other changes | ||||||
| Cash flows | ||||||
| Premiums received | ||||||
| Claims and other directly attributable expenses paid | ||||||
| Insurance acquisition cash flows paid | ||||||
| Total cash flows | ||||||
| Net Balance as at 31-12-20xx | ||||||
| Closing insurance contract assets | ||||||
| Closing insurance contract liabilities |
| GMM Template - Disclosure 100 - Gross (Year 20xx-1) | ||||||
|---|---|---|---|---|---|---|
| Insurance contracts issued | LFRC | |||||
| Excluding loss component | Loss component | BEL-LIC | LIC-Risk Adjustment | Total | ||
| Opening insurance contract assets | ||||||
| Opening insurance contract liabilities | ||||||
| Net Balance as at 1 - 1 - 20xx-1 | ||||||
| Insurance service revenue | ||||||
| Expected Claims | ||||||
| Expected Expenses | ||||||
| Risk Adjustment for the risk expired | ||||||
| Contractual Service Margin for the service provided | ||||||
| Recovery of Insurance Acquisition Cash Flows | ||||||
| Premium Experience Adjustment | ||||||
| Insurance revenue | ||||||
| Insurance service expenses | ||||||
| Incurred claims and other directly attributable expenses | ||||||
| Changes that relate to past service - adjustments to the LIC | ||||||
| Losses on onerous contracts and reversal of those losses | ||||||
| Insurance acquisition cash flows amortisation | ||||||
| Total insurance service expenses | ||||||
| Insurance service result | ||||||
| Finance income/(expenses) from insurance contracts issued | ||||||
| Total amounts recognised in consolidated statement of profit or loss | ||||||
| Investment Component | ||||||
| Insurance acquisition cash flows asset and other pre-recognition cash flows derecognised and other changes | ||||||
| Cash flows | ||||||
| Premiums received | ||||||
| Claims and other directly attributable expenses paid | ||||||
| Insurance acquisition cash flows paid | ||||||
| Total cash flows | ||||||
| Net Balance as at 31-12-20xx-1 | ||||||
| Closing insurance contract assets | ||||||
| Closing insurance contract liabilities |
| Insurance contracts issued | |||||
|---|---|---|---|---|---|
| LFRC | |||||
| Excluding Loss Recovery component | Loss Recovery component | BEL-LIC | LIC-Risk Adjustment | Total | |
| Opening reinsurance contract assets | |||||
| Opening reinsurance contract liabilities | |||||
| Net balance as at 1-1-20xx | |||||
| Net income/(expenses) from reinsurance contracts held | |||||
| Incurred claims recovery | |||||
| Reinsurance Expenses | |||||
| Other incurred directly attributable expenses | |||||
| Changes that relate to past service – changes in the FCF relating to incurred claims recovery | |||||
| Income on initial recognition of onerous underlying contracts | |||||
| Reversals of a loss recovery component other than changes in the FCF of reinsurance contracts held | |||||
| Reinsurance contracts held under the GMM: Changes in the FCF of reinsurance contracts held from onerous underlying contracts | |||||
| Effect of Changes in the risk of reinsurers' non-performance | |||||
| Net income/(expenses) from reinsurance contracts held | |||||
| Finance income/(expenses) from reinsurance contracts issued | |||||
| Total amounts recognised in consolidated statement of profit or loss | |||||
| Investment Component | |||||
| Other pre-recognition cash flows derecognised and other changes | |||||
| Cash flows | |||||
| Premiums paid net of ceding commissions and other directly attributable expenses paid | |||||
| Recoveries from reinsurance | |||||
| Total cash flows | |||||
| Net balance as at 31-12-20xx | |||||
| Closing reinsurance contract assets | |||||
| Closing reinsurance contract liabilities |
GMM Template - Disclosure 100 - Reinsurance (Year 20xx)
| Insurance contracts issued | |||||
|---|---|---|---|---|---|
| LFRC | |||||
| Excluding Loss Recovery component | Loss Recovery component | BEL-LIC | LIC-Risk Adjustment | Total | |
| Opening reinsurance contract assets | |||||
| Opening reinsurance contract liabilities | |||||
| Net balance as at 1-1-20xx-1 | |||||
| Net income/(expenses) from reinsurance contracts held | |||||
| Incurred claims recovery | |||||
| Reinsurance Expenses | |||||
| Other incurred directly attributable expenses | |||||
| Changes that relate to past service – changes in the FCF relating to incurred claims recovery | |||||
| Income on initial recognition of onerous underlying contracts | |||||
| Reversals of a loss recovery component other than changes in the FCF of reinsurance contracts held | |||||
| Reinsurance contracts held under the GMM: Changes in the FCF of reinsurance contracts held from onerous underlying contracts | |||||
| Effect of Changes in the risk of reinsurers' non-performance | |||||
| Net income/(expenses) from reinsurance contracts held | |||||
| Finance income/(expenses) from reinsurance contracts issued | |||||
| Total amounts recognised in consolidated statement of profit or loss | |||||
| Investment Component | |||||
| Other pre-recognition cash flows derecognised and other changes | |||||
| Cash flows | |||||
| Premiums paid net of ceding commissions and other directly attributable expenses paid | |||||
| Recoveries from reinsurance | |||||
| Total cash flows | |||||
| Net balance as at 31-12-20xx-1 | |||||
| Closing reinsurance contract assets | |||||
| Closing reinsurance contract liabilities |
GMM Template - Disclosure 100 - Reinsurance (Year 20xx-1)
| GMM Template - Disclosure 101 - Gross (Year 20xx) | |||||
|---|---|---|---|---|---|
| Insurance contracts issued | Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total | |
| Opening insurance contract assets | |||||
| Opening insurance contract liabilities | |||||
| Net balance as at 1-1-20xx | |||||
| CSM recognised in profit or loss for the services provided | |||||
| Change in the risk adjustment for nonfinancial risk for the risk expired | |||||
| Experience adjustments – relating to insurance service expenses | |||||
| Changes that relate to current service | |||||
| Changes in estimates that adjust the CSM | |||||
| Changes in estimates that result in onerous contract losses or reversal of losses | |||||
| Experience adjustments – arising from premiums received in the period that relate to future service | |||||
| Contracts initially recognised in the period | |||||
| Changes that relate to future services | |||||
| Changes that relate to past service – changes in the FCF relating to the LIC | |||||
| Experience adjustments – arising from premiums received in the period that relate to past service | |||||
| Changes that relate to past service | |||||
| Insurance service result | |||||
| Finance income/(expenses) from insurance contracts issued | |||||
| Total amounts recognised in consolidated statement of profit or loss | |||||
| Cash flows | |||||
| Premiums received | |||||
| Claims and other directly attributable expenses paid | |||||
| Insurance acquisition cash flows paid | |||||
| Total cash flows | |||||
| Net balance as at 31-12-20xx | |||||
| Closing insurance contract assets | |||||
| Closing insurance contract liabilities |
| GMM Template - Disclosure 101 - Gross (Year 20xx-1) | |||||
|---|---|---|---|---|---|
| Insurance contracts issued | Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total | |
| Opening insurance contract assets | |||||
| Opening insurance contract liabilities | |||||
| Net balance as at 1-1-20xx-1 | |||||
| CSM recognised in profit or loss for the services provided | |||||
| Change in the risk adjustment for nonfinancial risk for the risk expired | |||||
| Experience adjustments – relating to insurance service expenses | |||||
| Changes that relate to current service | |||||
| Changes in estimates that adjust the CSM | |||||
| Changes in estimates that result in onerous contract losses or reversal of losses | |||||
| Experience adjustments – arising from premiums received in the period that relate to future service | |||||
| Contracts initially recognised in the period | |||||
| Changes that relate to future services | |||||
| Changes that relate to past service – changes in the FCF relating to the LIC | |||||
| Experience adjustments – arising from premiums received in the period that relate to past service | |||||
| Changes that relate to past service | |||||
| Insurance service result | |||||
| Finance income/(expenses) from insurance contracts issued | |||||
| Total amounts recognised in consolidated statement of profit or loss | |||||
| Cash flows | |||||
| Premiums received | |||||
| Claims and other directly attributable expenses paid | |||||
| Insurance acquisition cash flows paid | |||||
| Total cash flows | |||||
| Net balance as at 31-12-20xx-1 | |||||
| Closing insurance contract assets | |||||
| Closing insurance contract liabilities |
| Insurance contracts issued | Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total |
|---|---|---|---|---|
| Opening reinsurance contract assets | ||||
| Opening reinsurance contract liabilities Net balance as at 1-1-20xx | ||||
| CSM recognised in profit or loss for the services provided | ||||
| Change in the risk adjustment for nonfinancial risk for the risk expired | ||||
| Experience adjustments – relating to insurance service expenses | ||||
| Changes that relate to current service | ||||
| Changes in estimates that adjust the CSM | ||||
| Contracts initially recognised in the period | ||||
| CSM adjustment for income on initial recognition of onerous underlying contracts | ||||
| Reversals of a loss-recovery component other than changes in the FCF of reinsurance contracts held | ||||
| Changes in the FCF of reinsurance contracts held from onerous underlying contracts | ||||
| Experience adjustments – arising from ceded premiums paid in the period that relate to future service | ||||
| Changes that relate to future services | ||||
| Changes that relate to past service – changes in the FCF relating to the LIC | ||||
| Experience adjustments – arising from premiums received in the period that relate to past service | ||||
| Changes that relate to past service | ||||
| Effect of changes in the risk of reinsurers non-performance Net income (expenses) from reinsurance contracts held | ||||
| Finance income/(expenses) from reinsurance contracts issued | ||||
| Total amounts recognised in consolidated statement of profit or loss | ||||
| Cash flows | ||||
| Premiums paid net of ceding commissions and other directly attributable expenses paid | ||||
| Recoveries from reinsurance | ||||
| Total cash flows | ||||
| Net balance as at 31-12-20xx | ||||
| Closing reinsurance contract assets | ||||
| Closing reinsurance contract liabilities |
| Insurance contracts issued | Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total |
|---|---|---|---|---|
| Opening reinsurance contract assets Opening reinsurance contract liabilities Net balance as at 1-1-20xx-1 | ||||
| CSM recognised in profit or loss for the services provided | ||||
| Change in the risk adjustment for nonfinancial risk for the risk expired | ||||
| Experience adjustments – relating to insurance service expenses | ||||
| Changes that relate to current service | ||||
| Changes in estimates that adjust the CSM | ||||
| Contracts initially recognised in the period | ||||
| CSM adjustment for income on initial recognition of onerous underlying contracts | ||||
| Reversals of a loss-recovery component other than changes in the FCF of reinsurance contracts held | ||||
| Changes in the FCF of reinsurance contracts held from onerous underlying contracts | ||||
| Experience adjustments – arising from ceded premiums paid in the period that relate to future service | ||||
| Changes that relate to future services | ||||
| Changes that relate to past service – changes in the FCF relating to the LIC | ||||
| Experience adjustments – arising from premiums received in the period that relate to past service | ||||
| Changes that relate to past service | ||||
| Effect of changes in the risk of reinsurers non-performance Net income (expenses) from reinsurance contracts held | ||||
| Finance income/(expenses) from reinsurance contracts issued | ||||
| Total amounts recognised in consolidated statement of profit or loss | ||||
| Cash flows | ||||
| Premiums paid net of ceding commissions and other directly attributable expenses paid | ||||
| Recoveries from reinsurance | ||||
| Total cash flows Net balance as at 31-12-20xx-1 | ||||
| Closing reinsurance contract assets | ||||
| Closing reinsurance contract liabilities |
GMM Template - Disclosure 101 - Reinsurance (Year 20xx-1)
| PAA Template - Disclosure 100 - Gross (Year 20xx) | ||||||
|---|---|---|---|---|---|---|
| Insurance contracts issued | LFRC | |||||
| Excluding loss component | Loss component | BEL-LIC | LIC-Risk Adjustment | Total | ||
| Opening insurance contract assets | ||||||
| Opening insurance contract liabilities | ||||||
| Net balance as at 1-1-20xx | ||||||
| Insurance service revenue | ||||||
| Insurance service expenses | ||||||
| Incurred claims and other directly attributable expenses | ||||||
| Other pre recognition cash flows assets derecognised at the date of initial recognition | ||||||
| Changes that relate to past service – changes in the FCF relating to the LIC | ||||||
| Losses on onerous contracts and reversals of those losses | ||||||
| Insurance acquisition cash flows amortisation | ||||||
| Total insurance service expenses | ||||||
| Insurance service result | ||||||
| Finance income/(expenses) from insurance contracts issued | ||||||
| Total amounts recognised in consolidated statement of profit or loss | ||||||
| Investment Component | ||||||
| Insurance acquisition cash flows asset and other pre-recognition cash flows derecognised and other changes | ||||||
| Cash flows | ||||||
| Premiums received | ||||||
| Claims and other directly attributable expenses paid | ||||||
| Insurance acquisition cash flows paid | ||||||
| Total cash flows | ||||||
| Net Balance as at 31-12-20xx | ||||||
| Closing insurance contract assets | ||||||
| Closing insurance contract liabilities |
| PAA Template - Disclosure 100 - Gross (Year 20xx-1) | ||||||
|---|---|---|---|---|---|---|
| Insurance contracts issued | LFRC | |||||
| Excluding loss component | Loss component | BEL-LIC | LIC-Risk Adjustment | Total | ||
| Opening insurance contract assets | ||||||
| Opening insurance contract liabilities | ||||||
| Net balance as at 1-1-20xx-1 | ||||||
| Insurance service revenue | ||||||
| Insurance service expenses | ||||||
| Incurred claims and other directly attributable expenses | ||||||
| Other pre recognition cash flows assets derecognised at the date of initial recognition | ||||||
| Changes that relate to past service – changes in the FCF relating to the LIC | ||||||
| Losses on onerous contracts and reversals of those losses | ||||||
| Insurance acquisition cash flows amortisation | ||||||
| Total insurance service expenses | ||||||
| Insurance service result | ||||||
| Finance income/(expenses) from insurance contracts issued | ||||||
| Total amounts recognised in consolidated statement of profit or loss | ||||||
| Investment Component | ||||||
| Insurance acquisition cash flows asset and other pre-recognition cash flows derecognised and other changes | ||||||
| Cash flows | ||||||
| Premiums received | ||||||
| Claims and other directly attributable expenses paid | ||||||
| Insurance acquisition cash flows paid | ||||||
| Total cash flows | ||||||
| Net Balance as at 31-12-20xx-1 | ||||||
| Closing insurance contract assets | ||||||
| Closing insurance contract liabilities |
| PAA Template - Disclosure 100 - Reinsurance (Year 20xx) | |||||
|---|---|---|---|---|---|
| Insurance contracts issued | LFRC | BEL-LIC | LIC-Risk Adjustment | Total | |
| Excluding Loss Recovery Component | Loss Recovery component | ||||
| Opening reinsurance contract assets | |||||
| Opening reinsurance contract liabilities | |||||
| Net Balance as at 1-1-20xx | |||||
| Net income (expenses) from reinsurance contracts held | |||||
| Reinsurance expenses | |||||
| Other incurred directly attributable expenses | |||||
| Incurred claims recovery | |||||
| Changes that relate to past service – changes in the FCF relating to incurred claims recovery | |||||
| Income on initial recognition of onerous underlying contracts | |||||
| Effect of changes in the risk of reinsurers’ non-performance | |||||
| Net income (expenses) from reinsurance contracts held | |||||
| Finance income from reinsurance contracts held | |||||
| Total amounts recognised in comprehensive income | |||||
| Investment Component | |||||
| Other pre-recognition cash flows derecognised and other changes | |||||
| Cash flows | |||||
| Premiums paid net of ceding commissions and other directly attributable expenses paid | |||||
| Recoveries from reinsurance | |||||
| Total cash flows | |||||
| Net Balance as at 31-12-20xx | |||||
| Closing reinsurance contract assets | |||||
| Closing reinsurance contract liabilities |
| PAA Template - Disclosure 100 - Reinsurance (Year 20xx-1) | |||||
|---|---|---|---|---|---|
| Insurance contracts issued | LFRC | BEL-LIC | LIC-Risk Adjustment | Total | |
| Excluding Loss Recovery Component | Loss Recovery component | ||||
| Opening reinsurance contract assets | |||||
| Opening reinsurance contract liabilities | |||||
| Net Balance as at 1-1-20xx-1 | |||||
| Net income (expenses) from reinsurance contracts held | |||||
| Reinsurance expenses | |||||
| Other incurred directly attributable expenses | |||||
| Incurred claims recovery | |||||
| Changes that relate to past service – changes in the FCF relating to incurred claims recovery | |||||
| Income on initial recognition of onerous underlying contracts | |||||
| Effect of changes in the risk of reinsurers’ non-performance | |||||
| Net income (expenses) from reinsurance contracts held | |||||
| Finance income from reinsurance contracts held | |||||
| Total amounts recognised in comprehensive income | |||||
| Investment Component | |||||
| Other pre-recognition cash flows derecognised and other changes | |||||
| Cash flows | |||||
| Premiums paid net of ceding commissions and other directly attributable expenses paid | |||||
| Recoveries from reinsurance | |||||
| Total cash flows | |||||
| Net Balance as at 31-12-20xx-1 | |||||
| Closing reinsurance contract assets | |||||
| Closing reinsurance contract liabilities |
| VFA Template - Disclosure 100 - Gross (Year 20xx) | |||||
|---|---|---|---|---|---|
| Insurance contracts issued | Excluding loss component | Loss component | LFRC BEL-LIC | LIC-Risk Adjustment | Total |
| Opening insurance contract assets | |||||
| Opening insurance contract liabilities | |||||
| Net balance as at 1-1-20xx | |||||
| Insurance service revenue | |||||
| Expected Claims | |||||
| Expected Expenses | |||||
| Risk Adjustment for the risk expired | |||||
| Contractual Service Margin for the service provided | |||||
| Recovery of Insurance Acquisition Cash Flows | |||||
| Premium Experience Adjustment | |||||
| Insurance revenue | |||||
| Insurance service expenses | |||||
| Incurred claims and other directly attributable expenses | |||||
| Changes that relate to past service - adjustments to the LIC | |||||
| Losses on onerous contracts and reversal of those losses | |||||
| Insurance acquisition cash flows amortisation | |||||
| Total insurance service expenses | |||||
| Insurance service result | |||||
| Finance expenses from insurance contracts issued recognised in PL | |||||
| Finance expenses from insurance contracts issued recognised in OCI | |||||
| Total amounts recognised in consolidated statement of profit or loss | |||||
| Investment Component | |||||
| Insurance acquisition cash flows asset and other pre-recognition cash flows | |||||
| derecognised and other changes | |||||
| Cash flows | |||||
| Premiums received | |||||
| Claims and other directly attributable expenses paid | |||||
| Insurance acquisition cash flows paid | |||||
| Total cash flows | |||||
| Net balance as at 31-12-20xx | |||||
| Closing insurance contract assets | |||||
| Closing insurance contract liabilities |
| VFA Template - Disclosure 100 - Gross (Year 20xx-1) | |||||
|---|---|---|---|---|---|
| Insurance contracts issued | Excluding loss component | Loss component | LFRC BEL-LIC | LIC-Risk Adjustment | Total |
| Opening insurance contract assets | |||||
| Opening insurance contract liabilities | |||||
| Net balance as at 1-1-20xx-1 | |||||
| Insurance service revenue | |||||
| Expected Claims | |||||
| Expected Expenses | |||||
| Risk Adjustment for the risk expired | |||||
| Contractual Service Margin for the service provided | |||||
| Recovery of Insurance Acquisition Cash Flows | |||||
| Premium Experience Adjustment | |||||
| Insurance revenue | |||||
| Insurance service expenses | |||||
| Incurred claims and other directly attributable expenses | |||||
| Changes that relate to past service - adjustments to the LIC | |||||
| Losses on onerous contracts and reversal of those losses | |||||
| Insurance acquisition cash flows amortisation | |||||
| Total insurance service expenses | |||||
| Insurance service result | |||||
| Finance expenses from insurance contracts issued recognised in PL | |||||
| Finance expenses from insurance contracts issued recognised in OCI | |||||
| Total amounts recognised in consolidated statement of profit or loss | |||||
| Investment Component | |||||
| Insurance acquisition cash flows asset and other pre-recognition cash flows | |||||
| derecognised and other changes | |||||
| Cash flows | |||||
| Premiums received | |||||
| Claims and other directly attributable expenses paid | |||||
| Insurance acquisition cash flows paid | |||||
| Total cash flows | |||||
| Net balance as at 31-12-20xx-1 | |||||
| Closing insurance contract assets | |||||
| Closing insurance contract liabilities |
| VFA Template - Disclosure 101 - Gross (Year 20xx) | |||||
|---|---|---|---|---|---|
| Insurance contracts issued | Present value of future cash flows | Risk adjustment for non-financial risk CSM | Total | ||
| Opening insurance contract assets | |||||
| Opening insurance contract liabilities | |||||
| Net balance as at 1-1-20xx | |||||
| CSM recognised in profit or loss for the services provided | |||||
| Change in the risk adjustment for nonfinancial risk for the risk expired | |||||
| Experience adjustments – relating to insurance service expenses | |||||
| Changes that relate to current service | |||||
| Changes in estimates that adjust the CSM | |||||
| Changes in estimates that result in onerous contract losses or reversal of losses | |||||
| Experience adjustments – arising from premiums received in the period that relate to future service | |||||
| Contracts initially recognised in the period | |||||
| Changes that relate to future services | |||||
| Changes that relate to past service – changes in the FCF relating to the LIC | |||||
| Experience adjustments – arising from premiums received in the period that relate to past service | |||||
| Changes that relate to past service | |||||
| Insurance service result | |||||
| Finance expenses from insurance contracts issued in PL | |||||
| Finance expenses from insurance contracts issued recognised in OCI | |||||
| Total amounts recognised in consolidated statement of profit or loss | |||||
| Cash flows | |||||
| Premiums received | |||||
| Claims and other directly attributable expenses paid | |||||
| Insurance acquisition cash flows paid | |||||
| Total cash flows | |||||
| Net balance as at 31-12-20xx | |||||
| Closing insurance contract assets | |||||
| Closing insurance contract liabilities |
| VFA Template - Disclosure 101 - Gross (Year 20xx-1) | |||||
|---|---|---|---|---|---|
| Insurance contracts issued | Present value of future cash flows | Risk adjustment for non-financial risk CSM | Total | ||
| Opening insurance contract assets | |||||
| Opening insurance contract liabilities | |||||
| Net balance as at 1-1-20xx-1 | |||||
| CSM recognised in profit or loss for the services provided | |||||
| Change in the risk adjustment for nonfinancial risk for the risk expired | |||||
| Experience adjustments – relating to insurance service expenses | |||||
| Changes that relate to current service | |||||
| Changes in estimates that adjust the CSM | |||||
| Changes in estimates that result in onerous contract losses or reversal of losses | |||||
| Experience adjustments – arising from premiums received in the period that relate to future service | |||||
| Contracts initially recognised in the period | |||||
| Changes that relate to future services | |||||
| Changes that relate to past service – changes in the FCF relating to the LIC | |||||
| Experience adjustments – arising from premiums received in the period that relate to past service | |||||
| Changes that relate to past service | |||||
| Insurance service result | |||||
| Finance expenses from insurance contracts issued in PL | |||||
| Finance expenses from insurance contracts issued recognised in OCI | |||||
| Total amounts recognised in consolidated statement of profit or loss | |||||
| Cash flows | |||||
| Premiums received | |||||
| Claims and other directly attributable expenses paid | |||||
| Insurance acquisition cash flows paid | |||||
| Total cash flows | |||||
| Net balance as at 31-12-20xx-1 | |||||
| Closing insurance contract assets | |||||
| Closing insurance contract liabilities |
| Segmental Information for the period ending December 31, 20xx | |||||
|---|---|---|---|---|---|
| Particulars (PKR 000s) | Statutory Fund 1 | Statutory Fund 2 | Statutory Fund 3 | Statutory Fund “n” | Total as at 20xx |
| Insurance Revenue | |||||
| Insurance Service Expenses | |||||
| Expenses from reinsurance contracts held | |||||
| Income from reinsurance contracts held | |||||
| Net premium revenue | |||||
| Fee income | |||||
| Investment income | |||||
| Net realised fair value gains on financial assets | |||||
| Net fair value gains on financial assets at fair value through profit/ loss | |||||
| Net rental Income | |||||
| Net realised gains / losses on investment property | |||||
| Net unrealised gains / losses on investment property | |||||
| Other income / loss | |||||
| Net income | |||||
| Finance expenses from insurance contracts issued | |||||
| Finance income from reinsurance contracts held | |||||
| Net insurance finance expenses | |||||
| Other Income | |||||
| Other Finance Costs | |||||
| Other Operating Expenses | |||||
| Total Other Income & Expenses | |||||
| Finance costs | |||||
| Results of operating activities | |||||
| Share of (loss)/profit of associates | |||||
| Profit before tax | |||||
| Income tax expense | |||||
| Profit for the year | |||||
| Other comprehensive income: | |||||
| Change in unrealised gains/(losses) on available-for-sale financial assets | |||||
| Currency translation differences (related to net investment in foreign currency) | |||||
| Actuarial gains/(losses) on retirement benefit schemes | |||||
| Finance expenses from insurance contracts issued (OCI) | |||||
| Finance income from reinsurance contracts held (OCI) | |||||
| Other comprehensive income for the year, net of tax | |||||
| Total comprehensive income for the year |
| Segmental Information for the period ending December 31, 20xx-1 | |||||
|---|---|---|---|---|---|
| Particulars (PKR 000s) | Statutory Fund 1 | Statutory Fund 2 | Statutory Fund 3 | Statutory Fund “n” | Total as at 20xx-1 |
| Insurance Revenue | |||||
| Insurance Service Expenses | |||||
| Expenses from reinsurance contracts held | |||||
| Income from reinsurance contracts held | |||||
| Net premium revenue | |||||
| Fee income | |||||
| Investment income | |||||
| Net realised fair value gains on financial assets | |||||
| Net fair value gains on financial assets at fair value through profit/ loss | |||||
| Net rental Income | |||||
| Net realised gains / losses on investment property | |||||
| Net unrealised gains / losses on investment property | |||||
| Other income / loss | |||||
| Net income | |||||
| Finance expenses from insurance contracts issued | |||||
| Finance income from reinsurance contracts held | |||||
| Net insurance finance expenses | |||||
| Other Income | |||||
| Other Finance Costs | |||||
| Other Operating Expenses | |||||
| Total Other Income & Expenses | |||||
| Finance costs | |||||
| Results of operating activities | |||||
| Share of (loss)/profit of associates | |||||
| Profit before tax | |||||
| Income tax expense | |||||
| Profit for the year | |||||
| Other comprehensive income: | |||||
| Change in unrealised gains/(losses) on available-for-sale financial assets | |||||
| Currency translation differences (related to net investment in foreign currency) | |||||
| Actuarial gains/(losses) on retirement benefit schemes | |||||
| Finance expenses from insurance contracts issued (OCI) | |||||
| Finance income from reinsurance contracts held (OCI) | |||||
| Other comprehensive income for the year, net of tax | |||||
| Total comprehensive income for the year |
(3) In Annexure II of the Insurance Rules, 2017, for clause B, para (2) the following shall be substituted, -
Published Financial Statements. – The Published Financial Statements of non-life insurers shall consist of the following statements which shall be submitted according to the annexed Forms
-
Statement of Financial Position
-
Statement of Comprehensive Income
-
Statement of Changes in Equity
-
Statement of Cash Flows
-
Disclosure 100, IFRS 17 – Insurance Contracts as per format given hereunder separately for each major class of business as given under Regulation 22 of Insurance Accounting Regulations, 2017
-
Disclosure 101, IFRS 17 – Insurance Contracts as per format given hereunder separately for each major class of business as given under Regulation 22 of Insurance Accounting Regulations, 2017
-
Notes forming part of the financial statements will be prepared in accordance with the provisions of the IFRSs and applicable standards including segmental information as per format given below
(4) In Annexure II, after the form GK of non-life insurers, and before the Annexure III, the forms of published financial statements of non-life insurers and notes from 1 to 44 listed underneath will be replaced with the following forms.
PUBLISHED FINANCIAL STATEMENTS FOR NON-LIFE INSURERS
| Statement of Financial Position/ Balance Sheet as at December 31____ | ||
|---|---|---|
| Particulars (PKR 000s) | Total as at 20xx | Total as at 20xx-1 |
| Assets | ||
| Property and equipment | ||
| Intangible assets | ||
| Investment property | ||
| Investments in subsidiaries and associates | ||
| Investments | ||
| Equity securities | ||
| Government securities | ||
| Debt securities | ||
| Term deposits | ||
| Mutual funds | ||
| Others (please specifiy) | ||
| Insurance Contract Assets | ||
| Reinsurance Contract Assets | ||
| Loans and other receivables | ||
| Deferred taxation | ||
| Taxation - payments less provision | ||
| Prepayments | ||
| Cash & Bank | ||
| Total Assets | ||
| Equity | ||
| Issued and paid up share capital | ||
| Share premium | ||
| Reserves | ||
| IFRS-17 Finance Expense OCI Reserve | ||
| Unappropriated profit/(Accumulated loss) | ||
| Total Equity | ||
| Liabilities | ||
| Insurance Contract Liabilities | ||
| Reinsurance Contract Liabilities | ||
| Retirement benefit obligations | ||
| Deferred taxation | ||
| Borrowings | ||
| Other creditors and accruals | ||
| Taxation - provision less payments | ||
| Total Liabilities | ||
| Total Equity and Liabilities |
| Statement of Comprehensive Income for the period ending December 31____ | ||
|---|---|---|
| Particulars (PKR 000s) | Total as at 20xx | Total as at 20xx-1 |
| Insurance Revenue | ||
| Insurance Service Expenses | ||
| Expenses from reinsurance contracts held | ||
| Income from reinsurance contracts held | ||
| Net Insurance Service Result | ||
| Investment Income | ||
| Finance expenses from insurance contracts issued | ||
| Finance income from reinsurance contracts held | ||
| Net insurance finance expenses | ||
| Other Income | ||
| Other Finance Costs | ||
| Other Operating Expenses | ||
| Total Other Income & Expenses | ||
| Results of operating activities | ||
| Finance costs | ||
| Share of (loss)/profit of associates | ||
| Profit before tax | ||
| Income tax expense | ||
| Profit for the year | ||
| Other comprehensive income: | ||
| Change in unrealised gains/(losses) on available-for-sale financial assets | ||
| Currency translation differences (related to net investment in foreign currency) | ||
| Actuarial gains/(losses) on retirement benefit schemes | ||
| Finance expenses from insurance contracts issued (OCI) | ||
| Finance income from reinsurance contracts held (OCI) | ||
| Other comprehensive income for the year, net of tax | ||
| Total comprehensive income for the year |
| Statement of Changes in Equity for the period ending December 31____ | ||||||
|---|---|---|---|---|---|---|
| Particulars (PKR 000s) | Issued and paid up share capital | Share premium | Reserves | IFRS-17 Finance Expense OCI Reserve | Unappropriated profit/ (Accumulated loss) | Total |
| Balance as at YY-1 | ||||||
| IFRS-17 and IFRS-9 Transition Impact | ||||||
| Restated Balance as at YY-1 | ||||||
| Total Profit & Loss for the year | ||||||
| Total Other Comprehensive Income for the Year | ||||||
| Issuance of Share Capital | ||||||
| Transfer Between Accounts | ||||||
| Dividend | ||||||
| Others (please specify) | ||||||
| Balance as at YY |
| Cashflow Statement for the period ending Dec 31____ | ||
|---|---|---|
| Particulars (PKR 000s) | Total as at 20xx | Total as at 20xx-1 |
| Underwriting Activities | ||
| Insurance premium received | ||
| Reinsurance premium paid | ||
| Claims paid | ||
| Reinsurance and other recoveries received | ||
| Commission paid | ||
| Commission received | ||
| Marketing and administrative expenses paid | ||
| Others if any (please specify) | ||
| Net cash flow from underwriting activities | ||
| Other operating activities | ||
| Income tax paid | ||
| General management expenses paid | ||
| Other operating payments | ||
| Other operating receipts | ||
| Loans advanced | ||
| Loan repayments received | ||
| Other payments on operating assets | ||
| Net cash flow from other operating activities | ||
| Total cash flow from all operating activities | ||
| Investment activities | ||
| Profit/ return received | ||
| Dividend received | ||
| Rental received | ||
| Payment for investments / investment properties | ||
| Proceeds from investments / investment properties | ||
| Fixed capital expenditure | ||
| Proceeds from sale of property, plant and equipment | ||
| Total cash flow from investing activities | ||
| Financing activities | ||
| Proceeds from issuance of shares | ||
| Interest paid | ||
| Loan received | ||
| Loan paid | ||
| Proceeds from issuance of convertible bond | ||
| Payments for redemption of convertible bond | ||
| Dividends paid | ||
| Total cash flow from financing activities | ||
| Net cash flow from all activities | ||
| Cash and cash equivalents at beginning of year | ||
| Cash and cash equivalents at end of year | ||
| Reconciliation to Profit and Loss Account Operating cash flows | ||
| Depreciation expense | ||
| Financial charges expense | ||
| Profit/(loss) on disposal of property, plant and equipment | ||
| Profit/(loss) on disposal of investments / investment properties | ||
| Rental income | ||
| Dividend income | ||
| Other Investment income | ||
| Share of profit from associates | ||
| Increase/(decrease) in assets other than cash | ||
| (Increase)/decrease in liabilities other than borrowings | ||
| Revaluation adjustment | ||
| Other adjustments (please specify) | ||
| Profit or loss after taxation |
Formats of Disclosure 100 and 101 – For Life and Non-Life Insurers
| GMM Template - Disclosure 100 - Gross (Year 20xx) | |||||
|---|---|---|---|---|---|
| Insurance contracts issued | |||||
| LFRC | |||||
| Excluding loss component | Loss component | BEL-LIC | LIC-Risk Adjustment | Total | |
| Opening insurance contract assets | |||||
| Opening insurance contract liabilities | |||||
| Net Balance as at 1 - 1 - 20xx | |||||
| Insurance service revenue | |||||
| Expected Claims | |||||
| Expected Expenses | |||||
| Risk Adjustment for the risk expired | |||||
| Contractual Service Margin for the service provided | |||||
| Recovery of Insurance Acquisition Cash Flows | |||||
| Premium Experience Adjustment | |||||
| Insurance revenue | |||||
| Insurance service expenses | |||||
| Incurred claims and other directly attributable expenses | |||||
| Changes that relate to past service - adjustments to the LIC | |||||
| Losses on onerous contracts and reversal of those losses | |||||
| Insurance acquisition cash flows amortisation | |||||
| Total insurance service expenses | |||||
| Insurance service result | |||||
| Finance income/(expenses) from insurance contracts issued | |||||
| Total amounts recognised in consolidated statement of profit or loss | |||||
| Investment Component | |||||
| Insurance acquisition cash flows asset and other pre-recognition cash flows derecognised and other changes | |||||
| Cash flows | |||||
| Premiums received | |||||
| Claims and other directly attributable expenses paid | |||||
| Insurance acquisition cash flows paid | |||||
| Total cash flows | |||||
| Net Balance as at 31-12-20xx | |||||
| Closing insurance contract assets | |||||
| Closing insurance contract liabilities |
| GMM Template - Disclosure 100 - Gross (Year 20xx-1) | |||||
|---|---|---|---|---|---|
| Insurance contracts issued | |||||
| LFRC | |||||
| Excluding loss component | Loss component | BEL-LIC | LIC-Risk Adjustment | Total | |
| Opening insurance contract assets | |||||
| Opening insurance contract liabilities | |||||
| Net Balance as at 1 - 1 - 20xx-1 | |||||
| Insurance service revenue | |||||
| Expected Claims | |||||
| Expected Expenses | |||||
| Risk Adjustment for the risk expired | |||||
| Contractual Service Margin for the service provided | |||||
| Recovery of Insurance Acquisition Cash Flows | |||||
| Premium Experience Adjustment | |||||
| Insurance revenue | |||||
| Insurance service expenses | |||||
| Incurred claims and other directly attributable expenses | |||||
| Changes that relate to past service - adjustments to the LIC | |||||
| Losses on onerous contracts and reversal of those losses | |||||
| Insurance acquisition cash flows amortisation | |||||
| Total insurance service expenses | |||||
| Insurance service result | |||||
| Finance income/(expenses) from insurance contracts issued | |||||
| Total amounts recognised in consolidated statement of profit or loss | |||||
| Investment Component | |||||
| Insurance acquisition cash flows asset and other pre-recognition cash flows derecognised and other changes | |||||
| Cash flows | |||||
| Premiums received | |||||
| Claims and other directly attributable expenses paid | |||||
| Insurance acquisition cash flows paid | |||||
| Total cash flows | |||||
| Net Balance as at 31-12-20xx-1 | |||||
| Closing insurance contract assets | |||||
| Closing insurance contract liabilities |
| GMM Template - Disclosure 100 - Reinsurance (Year 20xx) | |||||
|---|---|---|---|---|---|
| Insurance contracts issued | LFRC | ||||
| Excluding Loss Recovery component | Loss Recovery component | BEL-LIC | LIC-Risk Adjustment | Total | |
| Opening reinsurance contract assets | |||||
| Opening reinsurance contract liabilities | |||||
| Net balance as at 1-1-20xx | |||||
| Net income/(expenses) from reinsurance contracts held | |||||
| Incurred claims recovery | |||||
| Reinsurance Expenses | |||||
| Other incurred directly attributable expenses | |||||
| Changes that relate to past service – changes in the FCF relating to | |||||
| incurred claims recovery | |||||
| Income on initial recognition of onerous underlying contracts | |||||
| Reversals of a loss recovery component other than changes in the | |||||
| FCF of reinsurance contracts held | |||||
| Reinsurance contracts held under the GMM: Changes in the FCF of | |||||
| reinsurance contracts held from onerous underlying contracts | |||||
| Effect of Changes in the risk of reinsurers' non-performance | |||||
| Net income/(expenses) from reinsurance contracts held | |||||
| Finance income/(expenses) from reinsurance contracts issued | |||||
| Total amounts recognised in consolidated statement of profit or | |||||
| loss | |||||
| Investment Component | |||||
| Other pre-recognition cash flows derecognised and other changes | |||||
| Cash flows | |||||
| Premiums paid net of ceding commissions and other directly | |||||
| attributable expenses paid | |||||
| Recoveries from reinsurance | |||||
| Total cash flows | |||||
| Net balance as at 31-12-20xx | |||||
| Closing reinsurance contract assets | |||||
| Closing reinsurance contract liabilities |
| GMM Template - Disclosure 100 - Reinsurance (Year 20xx-1) | |||||
|---|---|---|---|---|---|
| Insurance contracts issued | LFRC | ||||
| Excluding Loss Recovery component | Loss Recovery component | BEL-LIC | LIC-Risk Adjustment | Total | |
| Opening reinsurance contract assets | |||||
| Opening reinsurance contract liabilities | |||||
| Net balance as at 1-1-20xx-1 | |||||
| Net income/(expenses) from reinsurance contracts held | |||||
| Incurred claims recovery | |||||
| Reinsurance Expenses | |||||
| Other incurred directly attributable expenses | |||||
| Changes that relate to past service – changes in the FCF relating to | |||||
| incurred claims recovery | |||||
| Income on initial recognition of onerous underlying contracts | |||||
| Reversals of a loss recovery component other than changes in the | |||||
| FCF of reinsurance contracts held | |||||
| Reinsurance contracts held under the GMM: Changes in the FCF of | |||||
| reinsurance contracts held from onerous underlying contracts | |||||
| Effect of Changes in the risk of reinsurers' non-performance | |||||
| Net income/(expenses) from reinsurance contracts held | |||||
| Finance income/(expenses) from reinsurance contracts issued | |||||
| Total amounts recognised in consolidated statement of profit or | |||||
| loss | |||||
| Investment Component | |||||
| Other pre-recognition cash flows derecognised and other changes | |||||
| Cash flows | |||||
| Premiums paid net of ceding commissions and other directly | |||||
| attributable expenses paid | |||||
| Recoveries from reinsurance | |||||
| Total cash flows | |||||
| Net balance as at 31-12-20xx-1 | |||||
| Closing reinsurance contract assets | |||||
| Closing reinsurance contract liabilities |
| GMM Template - Disclosure 101 - Gross (Year 20xx) | ||||
|---|---|---|---|---|
| Insurance contracts issued | Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total |
| Opening insurance contract assets | ||||
| Opening insurance contract liabilities | ||||
| Net balance as at 1-1-20xx | ||||
| CSM recognised in profit or loss for the services provided | ||||
| Change in the risk adjustment for nonfinancial risk for the risk expired | ||||
| Experience adjustments – relating to insurance service expenses | ||||
| Changes that relate to current service | ||||
| Changes in estimates that adjust the CSM | ||||
| Changes in estimates that result in onerous contract losses or reversal of losses | ||||
| Experience adjustments – arising from premiums received in the period that relate to future service | ||||
| Contracts initially recognised in the period | ||||
| Changes that relate to future services | ||||
| Changes that relate to past service – changes in the FCF relating to the LIC | ||||
| Experience adjustments – arising from premiums received in the period that relate to past service | ||||
| Changes that relate to past service | ||||
| Insurance service result | ||||
| Finance income/(expenses) from insurance contracts issued | ||||
| Total amounts recognised in consolidated statement of profit or loss | ||||
| Cash flows | ||||
| Premiums received | ||||
| Claims and other directly attributable expenses paid | ||||
| Insurance acquisition cash flows paid | ||||
| Total cash flows | ||||
| Net balance as at 31-12-20xx | ||||
| Closing insurance contract assets | ||||
| Closing insurance contract liabilities |
| GMM Template - Disclosure 101 - Gross (Year 20xx-1) | ||||
|---|---|---|---|---|
| Insurance contracts issued | Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total |
| Opening insurance contract assets | ||||
| Opening insurance contract liabilities | ||||
| Net balance as at 1-1-20xx-1 | ||||
| CSM recognised in profit or loss for the services provided | ||||
| Change in the risk adjustment for nonfinancial risk for the risk expired | ||||
| Experience adjustments – relating to insurance service expenses | ||||
| Changes that relate to current service | ||||
| Changes in estimates that adjust the CSM | ||||
| Changes in estimates that result in onerous contract losses or reversal of losses | ||||
| Experience adjustments – arising from premiums received in the period that relate to future service | ||||
| Contracts initially recognised in the period | ||||
| Changes that relate to future services | ||||
| Changes that relate to past service – changes in the FCF relating to the LIC | ||||
| Experience adjustments – arising from premiums received in the period that relate to past service | ||||
| Changes that relate to past service | ||||
| Insurance service result | ||||
| Finance income/(expenses) from insurance contracts issued | ||||
| Total amounts recognised in consolidated statement of profit or loss | ||||
| Cash flows | ||||
| Premiums received | ||||
| Claims and other directly attributable expenses paid | ||||
| Insurance acquisition cash flows paid | ||||
| Total cash flows | ||||
| Net balance as at 31-12-20xx-1 | ||||
| Closing insurance contract assets | ||||
| Closing insurance contract liabilities |
| Insurance contracts issued | Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total |
|---|---|---|---|---|
| Opening reinsurance contract assets | ||||
| Opening reinsurance contract liabilities Net balance as at 1-1-20xx | ||||
| CSM recognised in profit or loss for the services provided | ||||
| Change in the risk adjustment for nonfinancial risk for the risk expired | ||||
| Experience adjustments – relating to insurance service expenses | ||||
| Changes that relate to current service | ||||
| Changes in estimates that adjust the CSM | ||||
| Contracts initially recognised in the period | ||||
| CSM adjustment for income on initial recognition of onerous underlying contracts | ||||
| Reversals of a loss-recovery component other than changes in the FCF of reinsurance contracts held | ||||
| Changes in the FCF of reinsurance contracts held from onerous underlying contracts | ||||
| Experience adjustments – arising from ceded premiums paid in the period that relate to future service | ||||
| Changes that relate to future services | ||||
| Changes that relate to past service – changes in the FCF relating to the LIC | ||||
| Experience adjustments – arising from premiums received in the period that relate to past service | ||||
| Changes that relate to past service | ||||
| Effect of changes in the risk of reinsurers non-performance Net income (expenses) from reinsurance contracts held | ||||
| Finance income/(expenses) from reinsurance contracts issued | ||||
| Total amounts recognised in consolidated statement of profit or loss | ||||
| Cash flows | ||||
| Premiums paid net of ceding commissions and other directly attributable expenses paid | ||||
| Recoveries from reinsurance | ||||
| Total cash flows | ||||
| Net balance as at 31-12-20xx | ||||
| Closing reinsurance contract assets | ||||
| Closing reinsurance contract liabilities |
| Insurance contracts issued | Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total |
|---|---|---|---|---|
| Opening reinsurance contract assets Opening reinsurance contract liabilities Net balance as at 1-1-20xx-1 | ||||
| CSM recognised in profit or loss for the services provided | ||||
| Change in the risk adjustment for nonfinancial risk for the risk expired | ||||
| Experience adjustments – relating to insurance service expenses | ||||
| Changes that relate to current service | ||||
| Changes in estimates that adjust the CSM | ||||
| Contracts initially recognised in the period | ||||
| CSM adjustment for income on initial recognition of onerous underlying contracts | ||||
| Reversals of a loss-recovery component other than changes in the FCF of reinsurance contracts held | ||||
| Changes in the FCF of reinsurance contracts held from onerous underlying contracts | ||||
| Experience adjustments – arising from ceded premiums paid in the period that relate to future service | ||||
| Changes that relate to future services | ||||
| Changes that relate to past service – changes in the FCF relating to the LIC | ||||
| Experience adjustments – arising from premiums received in the period that relate to past service | ||||
| Changes that relate to past service | ||||
| Effect of changes in the risk of reinsurers non-performance Net income (expenses) from reinsurance contracts held | ||||
| Finance income/(expenses) from reinsurance contracts issued | ||||
| Total amounts recognised in consolidated statement of profit or loss | ||||
| Cash flows | ||||
| Premiums paid net of ceding commissions and other directly attributable expenses paid | ||||
| Recoveries from reinsurance | ||||
| Total cash flows Net balance as at 31-12-20xx-1 | ||||
| Closing reinsurance contract assets | ||||
| Closing reinsurance contract liabilities |
GMM Template - Disclosure 101 - Reinsurance (Year 20xx)
GMM Template - Disclosure 101 - Reinsurance (Year 20xx-1)
| Insurance contracts issued | LFRC BEL-LIC | LIC-Risk Adjustment | Total | ||
|---|---|---|---|---|---|
| Excluding loss component | Loss component | ||||
| Opening insurance contract assets Opening insurance contract liabilities | |||||
| Net balance as at 1-1-20xx | |||||
| Insurance service revenue | |||||
| Insurance service expenses | |||||
| Incurred claims and other directly attributable expenses Other pre recognition cash flows assets derecognised at the date of initial recognition | |||||
| Changes that relate to past service – changes in the FCF relating to the LIC | |||||
| Losses on onerous contracts and reversals of those losses | |||||
| Insurance acquisition cash flows amortisation | |||||
| Total insurance service expenses | |||||
| Insurance service result | |||||
| Finance income/(expenses) from insurance contracts issued | |||||
| Total amounts recognised in consolidated statement of profit or loss | |||||
| Investment Component | |||||
| Insurance acquisition cash flows asset and other pre-recognition cash flows derecognised and other changes | |||||
| Cash flows | |||||
| Premiums received | |||||
| Claims and other directly attributable expenses paid | |||||
| Insurance acquisition cash flows paid | |||||
| Total cash flows | |||||
| Net Balance as at 31-12-20xx | |||||
| Closing insurance contract assets | |||||
| Closing insurance contract liabilities |
PAA Template - Disclosure 100 - Gross (Year 20xx)
| Insurance contracts issued | LFRC BEL-LIC | LIC-Risk Adjustment | Total | ||
|---|---|---|---|---|---|
| Excluding loss component | Loss component | ||||
| Opening insurance contract assets Opening insurance contract liabilities | |||||
| Net balance as at 1-1-20xx-1 | |||||
| Insurance service revenue | |||||
| Insurance service expenses | |||||
| Incurred claims and other directly attributable expenses Other pre recognition cash flows assets derecognised at the date of initial recognition | |||||
| Changes that relate to past service – changes in the FCF relating to the LIC | |||||
| Losses on onerous contracts and reversals of those losses | |||||
| Insurance acquisition cash flows amortisation | |||||
| Total insurance service expenses | |||||
| Insurance service result | |||||
| Finance income/(expenses) from insurance contracts issued | |||||
| Total amounts recognised in consolidated statement of profit or loss | |||||
| Investment Component | |||||
| Insurance acquisition cash flows asset and other pre-recognition cash flows derecognised and other changes | |||||
| Cash flows | |||||
| Premiums received | |||||
| Claims and other directly attributable expenses paid | |||||
| Insurance acquisition cash flows paid | |||||
| Total cash flows | |||||
| Net Balance as at 31-12-20xx-1 | |||||
| Closing insurance contract assets | |||||
| Closing insurance contract liabilities |
PAA Template - Disclosure 100 - Gross (Year 20xx-1)
| PAA Template - Disclosure 100 - Reinsurance (Year 20xx) | |||||
|---|---|---|---|---|---|
| Insurance contracts issued | LFRC | ||||
| Excluding Loss Recovery Component | Loss Recovery component | BEL-LIC | LIC-Risk Adjustment | Total | |
| Opening reinsurance contract assets | |||||
| Opening reinsurance contract liabilities | |||||
| Net Balance as at 1-1-20xx | |||||
| Net income (expenses) from reinsurance contracts held | |||||
| Reinsurance expenses | |||||
| Other incurred directly attributable expenses | |||||
| Incurred claims recovery | |||||
| Changes that relate to past service – changes in the FCF relating to incurred claims recovery | |||||
| Income on initial recognition of onerous underlying contracts | |||||
| Effect of changes in the risk of reinsurers’ non-performance | |||||
| Net income (expenses) from reinsurance contracts held | |||||
| Finance income from reinsurance contracts held | |||||
| Total amounts recognised in comprehensive income | |||||
| Investment Component | |||||
| Other pre-recognition cash flows derecognised and other changes | |||||
| Cash flows | |||||
| Premiums paid net of ceding commissions and other directly attributable expenses paid | |||||
| Recoveries from reinsurance | |||||
| Total cash flows | |||||
| Net Balance as at 31-12-20xx | |||||
| Closing reinsurance contract assets | |||||
| Closing reinsurance contract liabilities |
| PAA Template - Disclosure 100 - Reinsurance (Year 20xx-1) | |||||
|---|---|---|---|---|---|
| Insurance contracts issued | LFRC | ||||
| Excluding Loss Recovery Component | Loss Recovery component | BEL-LIC | LIC-Risk Adjustment | Total | |
| Opening reinsurance contract assets | |||||
| Opening reinsurance contract liabilities | |||||
| Net Balance as at 1-1-20xx-1 | |||||
| Net income (expenses) from reinsurance contracts held | |||||
| Reinsurance expenses | |||||
| Other incurred directly attributable expenses | |||||
| Incurred claims recovery | |||||
| Changes that relate to past service – changes in the FCF relating to incurred claims recovery | |||||
| Income on initial recognition of onerous underlying contracts | |||||
| Effect of changes in the risk of reinsurers’ non-performance | |||||
| Net income (expenses) from reinsurance contracts held | |||||
| Finance income from reinsurance contracts held | |||||
| Total amounts recognised in comprehensive income | |||||
| Investment Component | |||||
| Other pre-recognition cash flows derecognised and other changes | |||||
| Cash flows | |||||
| Premiums paid net of ceding commissions and other directly attributable expenses paid | |||||
| Recoveries from reinsurance | |||||
| Total cash flows | |||||
| Net Balance as at 31-12-20xx-1 | |||||
| Closing reinsurance contract assets | |||||
| Closing reinsurance contract liabilities |
| VFA Template - Disclosure 100 - Gross (Year 20xx) | |||||
|---|---|---|---|---|---|
| Insurance contracts issued | |||||
| LFRC | |||||
| Excluding loss component | Loss component | BEL-LIC | LIC-Risk Adjustment | Total | |
| Opening insurance contract assets | |||||
| Opening insurance contract liabilities | |||||
| Net balance as at 1-1-20xx | |||||
| Insurance service revenue | |||||
| Expected Claims | |||||
| Expected Expenses | |||||
| Risk Adjustment for the risk expired | |||||
| Contractual Service Margin for the service provided | |||||
| Recovery of Insurance Acquisition Cash Flows | |||||
| Premium Experience Adjustment | |||||
| Insurance revenue | |||||
| Insurance service expenses | |||||
| Incurred claims and other directly attributable expenses | |||||
| Changes that relate to past service - adjustments to the LIC | |||||
| Losses on onerous contracts and reversal of those losses | |||||
| Insurance acquisition cash flows amortisation | |||||
| Total insurance service expenses | |||||
| Insurance service result | |||||
| Finance expenses from insurance contracts issued recognised in PL | |||||
| Finance expenses from insurance contracts issued recognised in OCI | |||||
| Total amounts recognised in consolidated statement of profit or loss | |||||
| Investment Component | |||||
| Insurance acquisition cash flows asset and other pre-recognition cash flows | |||||
| derecognised and other changes | |||||
| Cash flows | |||||
| Premiums received | |||||
| Claims and other directly attributable expenses paid | |||||
| Insurance acquisition cash flows paid | |||||
| Total cash flows | |||||
| Net balance as at 31-12-20xx | |||||
| Closing insurance contract assets | |||||
| Closing insurance contract liabilities |
| VFA Template - Disclosure 100 - Gross (Year 20xx-1) | |||||
|---|---|---|---|---|---|
| Insurance contracts issued | |||||
| LFRC | |||||
| Excluding loss component | Loss component | BEL-LIC | LIC-Risk Adjustment | Total | |
| Opening insurance contract assets | |||||
| Opening insurance contract liabilities | |||||
| Net balance as at 1-1-20xx-1 | |||||
| Insurance service revenue | |||||
| Expected Claims | |||||
| Expected Expenses | |||||
| Risk Adjustment for the risk expired | |||||
| Contractual Service Margin for the service provided | |||||
| Recovery of Insurance Acquisition Cash Flows | |||||
| Premium Experience Adjustment | |||||
| Insurance revenue | |||||
| Insurance service expenses | |||||
| Incurred claims and other directly attributable expenses | |||||
| Changes that relate to past service - adjustments to the LIC | |||||
| Losses on onerous contracts and reversal of those losses | |||||
| Insurance acquisition cash flows amortisation | |||||
| Total insurance service expenses | |||||
| Insurance service result | |||||
| Finance expenses from insurance contracts issued recognised in PL | |||||
| Finance expenses from insurance contracts issued recognised in OCI | |||||
| Total amounts recognised in consolidated statement of profit or loss | |||||
| Investment Component | |||||
| Insurance acquisition cash flows asset and other pre-recognition cash flows | |||||
| derecognised and other changes | |||||
| Cash flows | |||||
| Premiums received | |||||
| Claims and other directly attributable expenses paid | |||||
| Insurance acquisition cash flows paid | |||||
| Total cash flows | |||||
| Net balance as at 31-12-20xx-1 | |||||
| Closing insurance contract assets | |||||
| Closing insurance contract liabilities |
| VFA Template - Disclosure 101 - Gross (Year 20xx) | |||||
|---|---|---|---|---|---|
| Insurance contracts issued | Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total | |
| Opening insurance contract assets | |||||
| Opening insurance contract liabilities | |||||
| Net balance as at 1-1-20xx | |||||
| CSM recognised in profit or loss for the services provided | |||||
| Change in the risk adjustment for nonfinancial risk for the risk expired | |||||
| Experience adjustments – relating to insurance service expenses | |||||
| Changes that relate to current service | |||||
| Changes in estimates that adjust the CSM | |||||
| Changes in estimates that result in onerous contract losses or reversal of losses | |||||
| Experience adjustments – arising from premiums received in the period that relate to future service | |||||
| Contracts initially recognised in the period | |||||
| Changes that relate to future services | |||||
| Changes that relate to past service – changes in the FCF relating to the LIC | |||||
| Experience adjustments – arising from premiums received in the period that relate to past service | |||||
| Changes that relate to past service | |||||
| Insurance service result | |||||
| Finance expenses from insurance contracts issued in PL | |||||
| Finance expenses from insurance contracts issued recognised in OCI | |||||
| Total amounts recognised in consolidated statement of profit or loss | |||||
| Cash flows | |||||
| Premiums received | |||||
| Claims and other directly attributable expenses paid | |||||
| Insurance acquisition cash flows paid | |||||
| Total cash flows | |||||
| Net balance as at 31-12-20xx | |||||
| Closing insurance contract assets | |||||
| Closing insurance contract liabilities |
| VFA Template - Disclosure 101 - Gross (Year 20xx-1) | |||||
|---|---|---|---|---|---|
| Insurance contracts issued | Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total | |
| Opening insurance contract assets | |||||
| Opening insurance contract liabilities | |||||
| Net balance as at 1-1-20xx-1 | |||||
| CSM recognised in profit or loss for the services provided | |||||
| Change in the risk adjustment for nonfinancial risk for the risk expired | |||||
| Experience adjustments – relating to insurance service expenses | |||||
| Changes that relate to current service | |||||
| Changes in estimates that adjust the CSM | |||||
| Changes in estimates that result in onerous contract losses or reversal of losses | |||||
| Experience adjustments – arising from premiums received in the period that relate to future service | |||||
| Contracts initially recognised in the period | |||||
| Changes that relate to future services | |||||
| Changes that relate to past service – changes in the FCF relating to the LIC | |||||
| Experience adjustments – arising from premiums received in the period that relate to past service | |||||
| Changes that relate to past service | |||||
| Insurance service result | |||||
| Finance expenses from insurance contracts issued in PL | |||||
| Finance expenses from insurance contracts issued recognised in OCI | |||||
| Total amounts recognised in consolidated statement of profit or loss | |||||
| Cash flows | |||||
| Premiums received | |||||
| Claims and other directly attributable expenses paid | |||||
| Insurance acquisition cash flows paid | |||||
| Total cash flows | |||||
| Net balance as at 31-12-20xx-1 | |||||
| Closing insurance contract assets | |||||
| Closing insurance contract liabilities |
Segmental Information for the period ending December 31, 20xx
Particulars (PKR 000s) Major
COB 1
Major
COB 2
Major
COB 3
Major
COB "n"
Total as at 20xx
Insurance Revenue
Insurance Service Expenses
Expenses from reinsurance contracts held
Income from reinsurance contracts held
Net Insurance Service Result
Investment Income
Finance expenses from insurance contracts issued Finance income from reinsurance contracts held Net insurance finance expenses Other Income Other Finance Costs Other Operating Expenses Total Other Income & Expenses Results of operating activities Finance costs Share of (loss)/profit of associates Profit before tax Income tax expense Profit for the year Other comprehensive income:
Change in unrealised gains/(losses) on available-for-sale financial assets Currency translation differences (related to net investment in foreign currency) Actuarial gains/(losses) on retirement benefit schemes Finance expenses from insurance contracts issued (OCI) Finance income from reinsurance contracts held (OCI) Other comprehensive income for the year, net of tax Total comprehensive income for the year
[*] *classes of business as per Section 4(3) of the Ordinance may be merged in major classes of business as given in Regulation 22 of Insurance Accounting Regulations, 2017 if premium for a class of business is less than 10% of gross written premium of insurer
Segmental Information for the period ending December 31, 20xx-1_ Particulars (PKR 000s) Major COB 1 Major COB 2 Major COB 3 Major COB "n" Total as at 20xx-1 Insurance Revenue Insurance Service Expenses Expenses from reinsurance contracts held Income from reinsurance contracts held Net Insurance Service Result Investment Income Finance expenses from insurance contracts issued Finance income from reinsurance contracts held Net insurance finance expenses Other Income Other Finance Costs Other Operating Expenses Total Other Income & Expenses Results of operating activities Finance costs Share of (loss)/profit of associates Profit before tax Income tax expense Profit for the year Other comprehensive income:
Change in unrealised gains/(losses) on available-for-sale financial assets Currency translation differences (related to net investment in foreign currency) Actuarial gains/(losses) on retirement benefit schemes Finance expenses from insurance contracts issued (OCI) Finance income from reinsurance contracts held (OCI) Other comprehensive income for the year, net of tax Total comprehensive income for the year
[*] *classes of business as per Section 4(3) of the Ordinance may be merged in major classes of business as given in Regulation 22 of Insurance Accounting Regulations, 2017 if premium for a class of business is less than 10% of gross written premium of insurer
________________________________________________________________________ [No.SY/SECP/8/13]
( Bilal Rasool )
Secretary to the Commission
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Annotations and obligations
5 obligations · 2 permissions · 6 definitions · 1,398 reporting items
- Obligation 5
- Permission 2
- Definition / condition 6
- Reporting template 1,398
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The links and the sentences they come from (2)
- Issued under
- Insurance Ordinance, 2000 (XXXIX of 2000)Not in RegAlert
“In exercise of the powers conferred by section 167 of the Insurance Ordinance, 2000 (XXXIX of 2000)”
- Regulation No. 708(I)/2009 dated 2009-07-27Not in RegAlert
“read with S.R.O. 708(I)/2009 dated 27th July 2009”
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