198 | Just Group PLC | Annual Report and Accounts 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
26. INSURANCE CONTRACTS AND RELATED REINSURANCE continued (ii) Reinsurance contracts analysed by measurement component
Contractual service margin
Estimate of present value of future cash flows £m
Risk adjustment for non-financial risk £m
Contracts under FRA and GMM £m
Contracts under FVA £m
Total £m 776
Year ended 31 December 2023
Opening reinsurance contract asset (restated) Opening reinsurance contract liability (restated)
589
80
32 88
75
(665)
319 399
137 212
(121)
Net opening balance
(76)
120
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
– –
–
(7)
(20)
(27)
(4)
– –
– –
(4)
(10)
–
(10)
Experience adjustments
Changes that relate to future service Contracts initially recognised in the year Change in estimates that adjust the CSM
(168) (200) (378)
131
37 63 93
–
– –
64
73 53
Net (expenses)/income from reinsurance contracts Net finance income from reinsurance contracts Total changes in the statement of comprehensive income
191
(41)
94
2
6
6
108
(284)
193
99
59
67
Cash flows Premiums paid Claims received Total cash flows
1,196
– – –
– – –
– – –
1,196
(900)
(900)
296 937
296
106 486 592
32
68
1,143
Closing reinsurance contract asset Closing reinsurance contract liability
(1,001)
187 219
203 271
(125)
Net closing balance
(64)
1,018
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