184 | Just Group PLC | Annual Report and Accounts 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
22. INSURANCE CONTRACTS AND RELATED REINSURANCE continued (ii) Insurance contracts analysed by measurement component
Estimate of present value of future cash flows £m
Risk adjustment for non-financial risk £m
CSM £m
Total £m
Year ended 31 December 2024
Note
Opening insurance contract liabilities balance
20,758
924
2,449 24,131
Changes in the statement of comprehensive income Changes that relate to current service CSM recognised for service provided Change in risk adjustment for non-financial risk for risk expired
3(a) 3(a)
– – –
–
(177)
(177)
(11)
– –
(11)
Experience adjustments
3
–
–
Changes that relate to future service Contracts initially recognised in the year Changes in estimates that adjust the CSM
(728)
290
438
– –
72
20
(92)
Insurance service result
(656) (422)
299
169 113
(188) (480)
3
Net finance income from insurance contracts
4(b)
(171)
Exchange rate movement
(4)
–
–
(4)
Total changes in the statement of comprehensive income
(1,082)
128
282
(672)
Cash flows Premiums received
2
6,413
–
–
6,413
Claims and other insurance service expenses paid, including investment components
(1,904)
– – –
– – –
(1,904)
Insurance acquisition cash flows
3(b)
(215)
(215)
Total cash flows
4,294
4,294
Closing insurance contract liabilities balance
23,970
1,052
2,731 27,753
Estimate of present value of future cash flows £m
Risk adjustment for non-financial risk £m
CSM £m
Total £m
Year ended 31 December 2023
Note
Opening insurance contract liabilities balance
17,030
674
1,943 19,647
Changes in the statement of comprehensive income Changes that relate to current service CSM recognised for service provided Change in risk adjustment for non-financial risk for risk expired
3(a) 3(a)
– – 8
–
(156)
(156)
(11)
– –
(11)
Experience adjustments
3
–
8
Changes that relate to future service Contracts initially recognised in the year Changes in estimates that adjust the CSM
(542) (292) (826)
162
380 203 427
– –
89
Insurance service result
240
(159)
3
Net finance expenses from insurance contracts
4(b)
1,917
10
79
2,006
Exchange rate movement
(26)
–
–
(26)
Total changes in the statement of comprehensive income
1,065
250
506
1,821
Cash flows Premiums received
2
4,494
–
–
4,494
Claims and other insurance service expenses paid, including investment components
(1,648)
– – –
– – –
(1,648)
Insurance acquisition cash flows
3(b)
(183)
(183)
Total cash flows
2,663
2,663
Closing insurance contract liabilities balance
20,758
924
2,449 24,131
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