Strategic Report | Governance | Financial Statements | 201
26. INSURANCE CONTRACTS AND RELATED REINSURANCE continued (f) Contractual service margin run-off The following represents the current view of the run-off of the CSM.
CSM release before the impact of accretion
After accretion
Insurance contract liability £m
Net after accretion £m
Net reinsurance £m
Net £m
31 December 2023 Within 1 year
172 170 168 167 164 777
(31) (30) (30) (30) (30)
141 140 138 137 134 628 981 550 323
61 67 68 72 74
1–2 years 2–3 years 3–4 years 4–5 years
(149) (266) (174) (114) (854)
363 614 376 264
5–10 years 10–20 years 20–30 years Over 30 years
1,247
724 437
Total
4,026
3,172
1,959
CSM release before the impact of accretion
After accretion
Insurance contract liability £m
Net reinsurance £m
Net £m
Net after accretion £m
31 December 2022 (restated)
Within 1 year
133 131 129 127 125 584 928 515 274
(21) (21) (20) (20) (20) (95)
112 110 109 107 105 489 762 410 212
55 58 59 61 64
1–2 years 2–3 years 3–4 years 4–5 years
5–10 years 10–20 years 20–30 years Over 30 years
308 523 304 179
(166) (105)
(62)
Total
2,946
(530)
2,416
1,611
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