186 | Just Group PLC | Annual Report and Accounts 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
22. INSURANCE CONTRACTS AND RELATED REINSURANCE continued (d) Movements analysis – reinsurance contracts (i) Reinsurance contracts analysis of remaining coverage
Remaining coverage £m
Incurred claims £m
Total £m
Year ended 31 December 2024
Note
Opening reinsurance contract asset Opening reinsurance contract liability
1,136
7
1,143
(34)
(91) (84)
(125)
Net opening balance
1,102
1,018
Changes in the statement of comprehensive income Reinsurance expenses
(1,035)
–
(1,035)
Claims recovered
–
996 996
996
Net expenses from reinsurance contracts
(1,035)
(39)
3(c)
Investment component
(2)
2 –
–
Net finance expenses from reinsurance contracts
4(c)
(52)
(52) (91)
Total changes in the statement of comprehensive income
(1,089)
998
Cash flows Premiums paid Claims received Total cash flows
1,976
–
1,976
–
(930) (930)
(930)
1,976
1,046
Closing reinsurance contract asset Closing reinsurance contract liability
2,059
8
2,067
(70)
(24) (16)
(94)
Net closing balance
1,989
1,973
Remaining coverage £m
Incurred claims £m
Total £m 776
Year ended 31 December 2023
Note
Opening reinsurance contract asset Opening reinsurance contract liability
769
7
(114)
(7)
(121)
Net opening balance
655
–
655
Changes in the statement of comprehensive income Reinsurance expenses
(857)
–
(857)
Claims recovered
–
816 816
816
Net expenses from reinsurance contracts Net finance income from reinsurance contracts
(857)
(41)
3(c) 4(c)
108
–
108
Total changes in the statement of comprehensive income
(749)
816
67
Cash flows Premiums paid Claims received Total cash flows
1,196
–
1,196
–
(900) (900)
(900)
1,196
296
Closing reinsurance contract asset Closing reinsurance contract liability
1,136
7
1,143
(34)
(91) (84)
(125)
Net closing balance
1,102
1,018
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