188 | Just Group PLC | Annual Report and Accounts 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
22. INSURANCE CONTRACTS AND RELATED REINSURANCE continued
Estimate of present value of future cash flows £m
Risk adjustment for non-financial risk £m
CSM £m 107 225 332
Total £m 776
Year ended 31 December 2023
Note
Opening reinsurance contract asset Opening reinsurance contract liability
589
80
(665)
319 399
(121)
Net opening balance
(76)
655
Changes in the statement of comprehensive income Changes that relate to current service CSM recognised for service received Change in risk adjustment for non-financial risk for risk expired
3(c) 3(c) 3(c)
– –
–
(27)
(27)
(4)
– –
(4)
Experience adjustments
(10)
–
(10)
Changes that relate to future service Contracts initially recognised in the year Change in estimates that adjust the CSM Net expenses from reinsurance contracts Net finance income from reinsurance contracts
(168) (200) (378)
131
37
– –
64
136 146
191
(41)
3(c) 4(c)
94
2
12
108
Total changes in the statement of comprehensive income
(284)
193
158
67
Cash flows Premiums paid Claims received Total cash flows
1,196
– – –
– – –
1,196
(900)
(900)
296
296
Closing reinsurance contract asset Closing reinsurance contract liability
937
106 486 592
100 390 490
1,143
(1,001)
(125)
Net closing balance
(64)
1,018
(iii) Disclosure of movement in CSM by IFRS 17 Transitional approach Below is the CSM movement split by Fair Value Approach (“FVA”) on transition to IFRS 17 and other contracts.
Year ended 31 December 2024
Year ended 31 December 2023
Contracts under FVA £m
Other contracts £m
Contracts under FVA £m
Other contracts £m
Total CSM £m
Total CSM £m
Opening reinsurance contract asset Opening reinsurance contract liability
68
32
100 390 490
75
32 88
107 225 332
203 271
187 219
137 212
Net opening balance
120
Changes in the statement of comprehensive income Changes that relate to current service CSM recognised for service received
(18)
(5)
(23)
(20)
(7)
(27)
Changes that relate to future service Contracts initially recognised in the period Change in estimates that adjust the CSM
–
(24) (67) (96)
(24) (70)
–
37 63 93
37
(3)
73 53
136 146
Net (expenses)/income from reinsurance contracts Net finance income from reinsurance contracts Total changes in the statement of comprehensive income
(21)
(117)
17
13
30
6
6
12
(4)
(83)
(87)
59
99
158
Closing reinsurance contract asset Closing reinsurance contract liability
86
51 85
137 266 403
68
32
100 390 490
181 267
203 271
187 219
Net closing balance
136
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