Life Insurance (Prudential Rules) Determination No. 2 of 2006

Life Insurance (Prudential Rules) Determination No. 2 of 2006 Prudential Rules No 47 – Friendly Society Financial Statements Life Insurance Act 1995 I, John Francis Laker, Chair of APRA, a delegate of APRA, under subsection 252(1) of the Life Insurance Act 1995 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901:  REVOKE as from 31 May 2006 the Prudential Rules No. 47 (made on 22 February 2005 under subsection 252(1) of the Act for the purposes of subsection 82(5) of the Act,); and MAKE the Prudential Rules No. 47 set out in the Schedule for the purposes of subsection 82(5) of the Act.  This Determination shall take effect upon registration on the Federal Register of Legislative Instruments. Dated 19 April 2006 [Signed] J F Laker Chair 1 Interpretation In this Determination a APRA means the Australian Prudential Regulation Authority. b Friendly society means a company registered under the Act which is a friendly society Schedule Prudential Rules No. 47 comprise the 29 pages commencing on the following page. 2 Prudential Rules No. 47 Friendly Societies Financial Statements Life Insurance Act 1995 (s 82(5)) These Prudential Rules are made under subsection 252(1) of the Act for the purposes of subsection 82(5) of the Act and apply to friendly societies. Part 1 – Basic requirement Financial statements must comply with these rules 1. The financial statements mentioned in subsections 82(1) and (2) of the Act must comply with these rules. Part 2 – Commencement, application and interpretation Commencement and application 2. These rules: (a) (b) take effect on 31 May 2006; and apply in relation to a financial year of a friendly society ending on or after 31 May 2006. Interpretation 3. In these rules: (a) “AASB”, accompanied by a number, means the Accounting Standard made by the Australian Accounting Standards Board, which is designated by that number, as in force from time to time; 1 (b) “accounting standards” means the Accounting Standards made by the Australian Accounting Standards Board, as in force from time to time; and those Australian Accounting Standards issued by the Australian Accounting Research Foundation for which there is no corresponding applicable Accounting Standard made by the Australian Accounting Standards Board, as in force on 31 December 2005; “actuarial standards” means the actuarial standards made by the Life Insurance Actuarial Standards Board under the Act, as in force from time to time; “Corporations Act” means the Corporations Act 2001 as amended from time to time; “economic entity” has the same meaning as in accounting standards and the Corporations Act; “entity” has the same meaning as in accounting standards and the Corporations Act; “fair value” means the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction; “general purpose financial statements” means the financial statements as required under the Corporations Act; “regulatory financial statements” means the financial statements as required under subsections 82(1) and 82(2) of the Act and in the form submitted to APRA in accordance with the Schedules to these rules; “parent company” has the same meaning as in accounting standards and the Corporations Act; “policy conversion” means: (i) a policy ceasing to be referable to one benefit fund of a friendly society and becoming referable to another benefit fund of the friendly society; or a policy referable to one or more benefit funds of a friendly society becoming referable to a further benefit fund or funds of the friendly society, (c) (d) (e) (f) (g) (h) (i) (j) (k) (ii) as a consequence of a change in the terms and conditions of the policy. (l) “surplus”, for the purposes of the Act, means the same as net assets. 4. In these rules, whether one entity controls another is to be determined in accordance with the accounting standards and the Corporations Act. 2 5. In its application to a company other than a company limited only by shares, a provision of these rules that includes the expression “shareholders” is to be read as if “members having an interest in the management fund of the friendly society” were substituted for “shareholders”. Where these rules are applied to regulatory financial statements, a reference in these rules to a financial year includes a reference to a period other than a financial year. A reference in these rules to a thing being in accordance with, or required by, the accounting standards or the Corporations Act is a reference to that thing being in accordance with, or required by, the accounting standards or the Corporations Act as they are applied to regulatory financial statements by rule 9 of these rules. Where the context permits, a reference in these rules to an income statement or balance sheet includes a reference to a consolidated income statement or consolidated balance sheet, respectively. 6. 7. 8. Part 3 – Application of accounting standards, actuarial standards and Corporations Act Regulatory financial statements must comply with accounting standards and the Corporations Act 9. Regulatory financial statements must comply with the following, to the extent that they are not inconsistent with these rules: (a) (b) the accounting standards; and the provisions of the Corporations Act which specify requirements relating to the form and content of a financial report (within the meaning of the Corporations Act). [NOTE: Accounting standards AASB 1038 – Life Insurance Contracts, AASB 139 – Financial Instruments: Recognition and Measurement, AASB 118 – Revenue, AASB 138 – Intangible Assets and AASB 136 – Impairment of Assets apply in relation to financial periods ending on or after 31 December 2005.] Actuarial valuations and calculations must be in accordance with actuarial standards 10. Actuarial valuations and calculations included in regulatory financial statements must be in accordance with the actuarial standards, except where specifically allowed under transitional arrangements agreed in writing between APRA and the friendly society. How are assets to be valued? 3 11. Notwithstanding the requirements of the relevant accounting standards, all assets of a benefit fund must be measured at fair value, with movement in fair value recognised in the income statement. How are policies to be classified? 12. All policies are to be categorised as either life insurance contracts or life investment contracts in accordance with accounting standards, but subject to the further constraints imposed by Prudential Rules No. 49 – Contract Classification (PR 49), and treated accordingly for the purposes of the actuarial standards and the regulatory financial statements prepared in accordance with these rules. In relation to the reporting of revenue, expense and liabilities of a benefit fund, the regulatory financial statements mentioned in Part 4 and the notes mentioned in Part 5 must deal separately with: (a) (b) (c) life insurance business that consists of life insurance contracts; life insurance business that consists of investment-linked contracts; and life insurance business that consists of other life investment contracts. 13. Part 4 – What regulatory financial statements must comprise 14. Regulatory financial statements of a friendly society must comprise a financial report that contains: (a) an income statement in the form specified in Forms B1, B2, C1, C2 and C3 in the Schedule to these rules that truly represents the profit or loss of the management fund and each benefit fund of the friendly society determined in accordance with the requirements of the Act and these rules, for the financial year; and a balance sheet in the form specified in Forms B5, B6, C6 and C9 in the Schedule to these rules that truly represents the financial position of the management fund and each benefit fund of the friendly society consistent with the requirements of the Act and these rules, as at the end of the financial year; and the additional information mentioned in Part 5; and statements and reports (including the directors’ report, appointed actuary’s statement and auditor’s report mentioned in Part 6) attached to, or intended to be read with, that income statement or balance sheet. (b) (c) (d) 15. Subject to rule 18, where the friendly society is a parent company in an economic entity: 4 (a) the income statement for the management fund, as specified in Forms C1, C2 and C3, must include a consolidated income statement that truly represents the profit or loss determined in accordance with the requirements of the Act and these rules, for the financial year to which the regulatory financial statements relate, of the economic entity constituted by the friendly society and the entities that it controlled from time to time during the financial year; and the balance sheet for the management fund, as specified in Forms C6 and C9, must include a consolidated balance sheet that truly represents the financial position consistent with the requirements of the Act and these rules, as at the end of the financial year, of the economic entity constituted by the friendly society and the entities that it controlled at the end of the financial year; and the other information mentioned in Part 5 relating to the management fund must include consolidated figures in respect of the economic entity constituted by the friendly society and the entities that it controlled from time to time during the financial year where required; and statements and reports attached to, or intended to be read with, the financial report must encompass the consolidated statements in rules 15 (a), (b) and (c). (b) (c) (d) Regulatory financial statements must be in English and in Australian currency 16. Regulatory financial statements must be in English with all amounts in Australian currency. Amounts may be rounded off 17. Amounts in regulatory financial statements may be rounded off in accordance with the Corporations Act. Benefit Funds must not be consolidated into the Management Fund 18. Despite any requirements of the accounting standards, the information provided in Forms C1 to C6, C9, C10 and C12 must not include consolidated benefit fund information. Part 5 – Notes to be included in regulatory financial statements 19. 20. Regulatory financial statements must contain the additional information specified in forms B3, B4, B7, B13, B14, C4, C5, C10 and C12 of these rules. The notes mentioned in rule 19 must: (a) deal separately with: 5 (i) (ii) (b) 21. the management fund; and each benefit fund; and provide consolidated information in accordance with these rules. When a friendly society submits to APRA its regulatory financial statements prepared in accordance with Prudential Rules No. 47 for the first reporting period commencing on or after 31 May 2006, the friendly society must also submit to APRA the information contained in the Table concerning the derivation of any adjustments to surplus on first time adoption of IFRS. The regulatory financial statements must be submitted to APRA in electronic form in addition to the paper copies of the regulatory financial statements which are required to be submitted under Section 118 of the Act. 22. Part 6 – Declaration, statement and report to be attached to regulatory financial statements Directors’ declaration must be attached to regulatory financial statements 23. A single directors’ declaration must be prepared covering each and every fund. There must be attached to the regulatory financial statements of a friendly society a declaration by its directors stating whether or not, in their opinion: (a) (b) the regulatory financial statements are properly drawn up in accordance with the requirements of the Act and these rules; and the income statement truly represents the profit or loss determined in accordance with the requirements of the Act and these rules, for the financial year to which the regulatory financial statements relate, of: (i) (ii) (c) the friendly society; or the economic entity constituted by the friendly society and the entities that it controlled from time to time during the financial year; and the balance sheet truly represents the financial position consistent with the requirements of the Act and these rules, as at the end of the financial year, of: (i) (ii) the friendly society; or the economic entity constituted by friendly society and the entities that it controlled at the end of the financial year; and (d) the distribution of the surplus of the benefit funds of the friendly society has been made in accordance with Divisions 5 and 6 of Part 4 of the Act and the approved benefit fund rules of each benefit fund; and 6 (e) (f) any assets of the benefit funds of the friendly society have been applied or invested in contravention of the Act; and there are reasonable grounds to believe that, as at the time the statement is made, the management fund of the friendly society and each of the benefit funds of the friendly society will be able to pay all debts or claims that are referable to it. 24. The directors’ declaration must: (a) (b) (c) be made in accordance with a resolution of the directors; and specify the day on which it was made; and be signed by at least 2 directors. Appointed actuary’s statement must be attached to regulatory financial statements 25. There must be attached to the regulatory financial statements of a friendly society a statement by its appointed actuary stating whether or not, in his or her opinion: (a) the value of the policy liabilities of the friendly society and the solvency of the friendly society have been determined using methods and assumptions consistent with the actuarial standards; and the distribution of the surplus of the benefit funds of the friendly society has been made in accordance with Divisions 5 and 6 of Part 4 of the Act and the approved benefit fund rules of each benefit fund; and proper records have been kept by the friendly society from which its policy liabilities and solvency have been properly determined. (b) (c) 26. If, in the appointed actuary’s opinion, the regulatory financial statements contain information based on actuarial valuations or calculations which do not comply with the actuarial standards, the actuary’s statement must: (a) (b) (c) (d) be appropriately qualified; and state the fund or funds to which the qualification applies; and give particulars of the non-compliance; and to the extent practicable, quantify the financial effects of the non-compliance. Auditor’s report must be attached to regulatory financial statements 27. There must be attached to the regulatory financial statements of a friendly society a report by its auditor in a form which complies with: (a) the Australian Auditing Standards issued by the Audit and Assurance Standards Board (AUASB), as in force at the time the audit was carried out; and 7 (b) (c) (d) the Corporations Act, including section 308; and the Act, including subsection 83(3); and rule 28 of these rules, to the extent that they apply for the purposes of these rules. 28. The auditor’s report must include a statement by the auditor of the friendly society as to whether or not, in his or her opinion, any part of the assets of the benefit fund has been applied directly or indirectly in contravention of Division 1 of Part 4 and Division 4 of Part 2A of the Act. [NOTE: An auditor’s report complying with rules 27 and 28 will satisfy the requirements of subsection 83(3) of the Act.] 29. 30. Rules 27 and 28 must be read as requiring the auditor to form a separate opinion in relation to each fund but to provide those opinions in a single document. Any qualification or emphasis of matter must specify the fund or funds to which it relates and, to the extent practicable, quantify the effect of the non-compliance separately for each fund. If it is not practical to quantify the effect on each fund fully, the report must say why. Part 7 – General Purpose Financial Statements to be submitted to APRA 31. When a friendly society submits to APRA its regulatory financial statements prepared in accordance with these rules, the friendly society must also submit to APRA a copy of its general purpose financial statements in respect of the same financial year. 8 Table - Allocation of Changes to Surplus on first time adoption of IFRS (Table to be completed for each benefit fund and for the management fund) $'000 Fund Name Surplus before adoption of IFRS Items where Fair Value of Investment Assets is different from Net Market Value of Investment Assets (please specify) Other items included in Investment Assets (please specify) Defined Benefit Superannuation Fund Surpluses Deferred Tax Asset Other Assets where Net Market Value is Different from Fair Value (please specify) Defined Benefit Superannuation Fund Deficits Deferred Tax Liability Change in Valuation Methodology for Gross Policy Liabilities Change in Valuation Methodology for Gross Reinsured Policy Change in Valuation Methodology for Gross Reinsured Policy Other Liabilities (please specify) surplus after adoption of IFRS 9 FRIENDLY SOCIETY QUARTERLY RETURN FIMS2 Name of friendly society : FI Number: Australian Business Number: For quarter ended: All figures are to be reported in whole dollars and a year to date basis. Primary Contact AC1 AC2 AC3 AC4 AC5 Name : Title: Telephone: Fax: E-mail BF Number (APRA) Line No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Registered Benefit Fund Name (Enter fund name here) Product Classification FIMS2_Forms_v24a.xls 10 Friendly Society Quarterly Return Part A: General and Changes to Benefit Fund Information Part B: Benefit Funds Income Statements Page A1 Part C: Management Fund Income Statement C1 C4 B1 Notes to Part C - Income Statement Notes to Part B - Income Statements B3 Balance Sheet C6 Balance Sheet Notes to Part B - Balance Sheet Members' Details Benefit Fund Solvency Requirement Benefit Fund Capital Adequacy Requirement Components of Life Insurance Act Shareholders Operating Profit Benefit Funds - Policy Liability Details B5 B7 B8 B9 B11 B13 B14 Notes to Part C - Balance Sheet Management Fund Capital Requirement Derivatives PartD: Health Fund Return Part E: Subsidiaries, Related Parties and Controlled Entities Part F: Declaration C10 C14 C17 D1 E1 F1 Derivatives B12 11 Part B Benefit Funds -Income Statements, Part i Benefit Fund Name: Operating Income BP1 Investment Income BP2 Less Direct Investment Expense BP3 Net Investment Income Revenue Component of Life Insurance Contract BP4 Contributions BP4A Fees for Management Services Rendered BP5 Other Income (Detail in Note 1 on form B3) BP6 Total Net Income Less: Operating Expenses BP7 Ongoing Management Fees BP8 Other Management Fees BP9 Claims Expense BP10 Change in Net Policy Liabilities BP11 Other Expenses (Detail in Note 2 on form B4) BP12 Total Expenses Operating Surplus/(Deficit) BP13 Operating Profit/(Loss) before tax BP14 Income Tax Expense BP15 Life Insurance Act Operating Profit/(Loss) after Tax $ $ $ $ $ $ B1 12 Part B Benefit Funds - Income Statements, Part i (continued) Benefit Fund Name: Movement in Net Assets BP15A Life Insurance Act Operating Profit/(Loss) after Tax BP16 BP17 BP18 BP19 BP20 BP21 Life Insurance Act Net Assets at the Beginning of the Year Transfers from/(to) Management Fund Total Available for Allocation Allocated to Members - Interim Bonus Allocated to Members - Final Bonus Life Insurance Act Net Assets at the End of the Period Part B Benefit Funds - Income Statements, Part ii (Part ii is only required for annual returns.) a - Reconciliation to operating profit / (loss) after tax in general purpose financial statements Operating Profit/(Loss) after tax in general purpose financial statements BP22 Adjustment for Assets not held at fair value BP22A Adjustment for Assets revalued direct to equity BP22B Adjustment for initial fee net revenue BP22C Unallocated Operating Profit BP22D BP22E Life Insurance Act Operating Profit after Tax b - Reconciliation to Net Assets at the end of the period in general purpose financial statements Net Assets of the Fund at the End of the Period in general purpose financial statements BP23 BP23A Accumulated adjustments for assets not held at fair value BP23B Accumulated adjustment for initial fee net revenue BP23C Unallocated Benefit Funds Life Insurance Act Net Assets at the End of the Period BP23D B2 13 Part B Notes to Part B - Benefit Fund Income Statements Note 1 - Other Income Benefit Fund Name: Details 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Total $ $ $ $ $ $ $ $ $ B3 14 Part B Notes to Part B - Benefit Fund Income Statements Note 2 - Other Expenses Benefit Fund Name: Details 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Total $ $ $ $ $ $ $ $ $ B4 15 Part B Benefit Funds - Balance Sheets Benefit Fund Name: Assets BB1 BB1A BB1B BB2 BB3 BB3A BB3B BB4 BB4A BB4B BB5 BB5A BB5B BB6 BB6A BB6B BB7 BB8 BB9 BB10 BB10A BB10B BB10C BB10D BB10E BB11 BB11A BB11B BB12 BB13 BB13A BB14 BB15 $ Cash and Liquid Assets - Held Directly - Held Via Unit Trust - Held Otherwise - Held Directly - Held Via Unit Trust - Held Otherwise - Held Directly - Held Via Unit Trust - Held Otherwise - Held Directly - Held Via Unit Trust - Held Otherwise - Held Directly - Held Via Unit Trust - Held Otherwise $ $ $ $ $ Receivables Marketable Debt Securities Other Debt Securities Marketable Equity Securities Mortgage Loans Other Loans and Advances Equity in Subsidiaries Loans to Subsidiaries Other Investments Marketable Investment Property Other Investment Property - Held Directly - Held Via Unit Trust - Held Otherwise - Held Directly - Held Via Unit Trust - Held Otherwise - Held Directly - Held Via Unit Trust - Held Otherwise Property, Plant and Equipment Deferred Tax Asset Policy Liabilities Ceded under Reinsurance Other Assets (Detail in Note 3 on page B7) Life Insurance Act Total Assets B5 16 Part B Benefit Funds - Balance Sheets (continued) Benefit Fund Name: Liabilities BB16 BB16A BB17 BB18 BB21 BB21A BB19 BB20 $ Borrowings Seed Capital Provision for Current and Deferred Tax Creditors and Other Liabilities Policy Liabilities Policy Liabilities Assumed under Reinsurance Life Insurance Act Total Liabilities Life Insurance Act Net Assets $ $ $ $ $ Represented by: BB22 Unallocated Benefit Funds BB22A Retained Profits BB23 Total Life Insurance Act Net Assets Percentage of Liquid Funds to Total Assets BB24 Liquid Funds Ratio (%) BB25 Required Liquidity Ratio (%) Guarantees/Contingent Liabilities BB26 Amount ($) BB27 Details B6 17 Part B Notes to Part B - Benefit Fund Balance Sheet Note 3 - Other Assets Benefit Fund Name: Details 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Total $ $ $ $ $ $ $ B7 18 Part B Benefit Funds - Components of Life Insurance Act Shareholders Operating Profit (Form B13 is only required for annual returns.) Benefit Fund Name: $ Part 1 - Life Insurance Act Shareholders' Operating Profit in the Statutory Funds The allocated share of the Operating Profit after Income Tax of the Benefit Funds is Represented by : BP24 BP25 BP26 BP27 BP28 BP29 BP30 BP31 BP32 Investment earnings on assets in excess of policy liabilities Emergence of Planned Profit Experience Profit (Loss) (Capitalise Loss) Reversal of Capitalised Loss Financial Instrument Profit Management Services Profit Change in valuation methods and assumptions Life Insurance Act Allocated Operating Profit After Income Tax (BP24+…+BP30) Cumulative Losses Carried Forward at the end of the Year Part 2 - Life Insurance Act Unallocated Operating Profit in the Benefit Funds The unallocated share of the Operating Profit after Income Tax of the Benefit Funds is Represented by: BP33 BP34 BP35 BP36 BP37 BP38 BP39 Investment earnings on assets in excess of policy liabilities Emergence of Planned Profits Experience Profit (Loss) (Capitalise Loss) Reversal of Capitalised Loss Change in valuation methods and assumptions Life Insurance Act Unallocated Operating Profit After Income Tax (BP33+…+BP37) Cumulative Losses Carried Forward at the end of the Year B13 $ $ $ 19 Part B Benefit Funds - Policy Liability Details (Form B14 is only required for annual returns.) Components of Policy Liabilities Benefit Fund Name: Previous basis Current basis For Life Insurance Contracts Best Estimate Liability (2) - Value of Future Policy Benefits (3) - Value of Future Expenses - Value of Unrecouped Acquisition Expense - Value of (Balance of) Future Premiums Total Best Estimate Liability for Life Insurance Contracts Value of Future Profits (2) - Value of future Policy Owner Bonuses (4) - Value of future Profit Margins Total Value of Future Profits Total Value of Declared Bonuses (5) NET POLICY LIABILITIES for Life Insurance Contracts For Investment Linked Contracts BL11 BL12 BL13 - Financial Instrument Liability - Management Services Asset or Liability (6) NET POLICY LIABILITIES for Investment-Linked Contracts For Other Life Investment Contracts BL14 BL15 BL16 - Financial Instrument Liability - Management Services Asset or Liability (6) NET POLICY LIABILITIES for Other Life Investment Contracts 0 0 0 0 0 0 0 0 0 0 0 0 Previous basis Current basis Previous basis Current basis BL1 BL2 BL3 BL4 BL5 BL6 BL7 BL8 BL9 BL10 BL17 Total Value of NET POLICY LIABILITIES B14 20 Part C Management Fund - Income Statement, Part i Operating Revenue Benefit Funds - Initial Fees - Ongoing Fees - Health Insurance Revenue from Retirement Villages Investment Income Less: Direct Investment Expense Maintenance Fees Government Grants/Subsidies Deferred Management Fees Other Revenue (Detail in Note 1 on page C4) Total Operating Revenue Consolidated Retirement Villages, Hostels Total Management Management Fund ($) Management Fund ($) and Nursing Homes ($) Fund ($) (1) CP1 CP2 CP3 CP4 CP5 CP6 CP7 CP8 CP9 CP10 CP11 CP12 CP13 CP14 CP15 CP16 CP17 CP18 CP19 CP20 CP21 CP22 CP23 CP24 CP26 CP25 CP27 CP28 CP29 CP30 CP31 CP32 CP33 CP34 CP35 CP36 CP37 0 CP38 0 CP39 0 CP40 0 CP41 0 CP42 0 CP43 0 CP44 0 C1 21 Part C Management Fund - Income Statement, Part i (continued) Operating Expenses Commissions - Related Parties - Unrelated Parties Advertising and Direct Marketing Personnel Occupancy Interest and Financing Depreciation Bad and Doubtful Debts Service Contracts - Related Entities - Unrelated Entities Auditor's Remuneration for Audit Auditor's Remuneration for non-Audit services Appointed Actuary's Remuneration for Statutory Functions Appointed Actuary's Remuneration for other than Statutory Functions Amortisation of Deferred Acquisition Cost APRA Levy Other Expenses (Detail in Note 2 on page C5) Total Operating Expenses Management Fund ($) CP45 CP49 CP53 CP57 CP61 CP65 CP69 CP73 CP77 CP81 CP85 CP85A CP89 CP89A CP93 CP97 CP101 CP105 Retirement Villages, Hostels and Nursing Homes ($) CP46 CP50 CP54 CP58 CP62 CP66 CP70 CP74 CP78 CP82 CP86 CP86A CP90 CP90A Total Management Fund ($) CP47 CP51 CP55 CP59 CP63 CP67 CP71 CP75 CP79 CP83 CP87 CP87A CP91 CP91A CP95 CP99 0 CP103 0 CP107 Consolidated Management Fund ($) CP48 CP52 CP56 CP60 CP64 CP68 CP72 CP76 CP80 CP84 CP88 CP88A CP92 CP92A CP96 CP100 0 CP104 0 CP108 CP94 CP98 0 CP102 0 CP106 C2 0 0 22 Part C Management Fund - Income Statement, Part i (continued) Retirement Villages, Hostels and Total Management Consolidated Management Management Fund ($) Nursing Homes ($) Fund ($) Fund ($) CP109 0 CP110 0 CP111 0 CP112 0 CP113 CP114 CP115 CP116 0 CP118 CP130 0 CP134 0 CP119 CP131 0 CP135 0 CP120 CP132 0 CP136 0 0 Operating Profit/(Loss) before Income Tax Income Tax Expense Life Insurance Act Operating Profit/(Loss) after Income Tax CP117 Outside Equity Interests in Net Profit CP129 Net Profit Attributable to Members of Parent Entity CP133 Life Insurance Act Retained Profits at the Beginning of the Period Transfers from/(to) Benefit Funds Transfer from/(to) Reserves Transfer of Business Total Available for Appropriation Dividends Provided for or Paid Life Insurance Act Retained Profits at the End of the Period Part C CP137 CP141 CP145 CP145A CP149 CP153 CP157 CP138 CP142 CP146 CP146A 0 CP150 CP154 0 CP158 CP139 CP143 CP147 CP147A 0 CP151 CP155 0 CP159 CP140 CP144 CP148 CP148A 0 CP152 CP156 0 CP160 0 0 Management Fund - Income Statement, Part ii Part ii only required for annual returns CP163 CP163A CP163B 0 CP163C CP164 CP164A CP164B 0 CP164C 0 a - Reconciliation to operating profit / (loss) after tax in general purpose financial statements Operating Profit/(Loss) after tax in general purpose financial statements Adjustment for Assets held at different values in the general purpose financial statements CP161 CP161A CP162 CP162A CP162B 0 CP162C CP161B Adjustment for Assets revalued direct to equity Life Insurance Act Operating Profit/(Loss) after Income CP161C Tax b - Reconciliation to Retained Profits at the end of the period in general purpose financial statements Retained Profits at the end of the period in general purpose financial statements CP165 Accumulated adjustment for assets held at different values CP165A in the general purpose financial statements Accumulated adjustment for assets revalued direct to Equity Life Insurance Act Retained Profits/(Accumulated Losses) at the End of the Period CP165B CP165C CP166 CP166A CP166B 0 CP166C C3 CP167 CP167A CP167B 0 CP167CC CP168 CP168A CP168B 0 CP168C 0 23 Part C Notes to Part C - Management Fund Income Statement Note 1 - Other Revenue Consolidated Management Fund ($) Details 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Totals Management Fund ($) Retirement Villages, Hostels and Nursing Homes ($) Total Management Fund ($) 0 C4 0 0 0 24 Part C Notes to Part C - Management Fund Income Statement Note 2 - Other Expenses Consolidated Management Fund ($) Details 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Totals Management Fund ($) Retirement Villages, Hostels and Nursing Homes ($) Total Management Fund ($) 0 C5 0 0 0 25 Part C Management Fund - Balance Sheet Assets Cash (non-investment purposes) Receivables - Loans and Advances - Loans to Subsidiaries - Seed Capital to Benefit Funds - Other Receivables Investments - Cash - Marketable Debt Securities - Other Debt Securities - Marketable Equity Securities - Equity in Subsidiaries - Other Investments Investment Property Property, Plant and Equipment Deferred Acquisition Cost Goodwill Deferred Tax Asset Other (Detail in Note 3 on page C10) Life Insurance Act Total Assets Management Fund ($) CB1 CB5 CB9 CB9A CB13 CB13A CB17 CB21 CB25 CB29 CB33 CB65 CB69 CB73 CB77 CB81 CB85 0 CB93 Retirement Villages, Hostels and Nursing Homes ($) CB2 CB6 CB10 CB10A CB14 CB14A CB18 CB22 CB26 CB30 CB34 CB66 CB70 CB74 CB78 CB82 CB86 0 Total Management Fund ($) CB3 CB7 CB11 CB11A CB15 CB15A CB19 CB23 CB27 CB31 CB35 CB67 CB71 CB75 CB79 CB83 CB87 0 Consolidated Management Fund ($) CB4 CB8 CB12 CB12A CB16 CB16A CB20 CB24 CB28 CB32 CB36 CB68 CB72 CB76 CB80 CB84 CB88 0 0 0 CB94 0 CB95 0 CB96 C6 26 Part C Management Fund - Balance Sheet (continued) Liabilities Retirement Villages, Hostels Total Management Liabilities Management Fund ($) and Nursing Homes ($) Fund ($) Creditors CB097 CB98 CB99 Borrowings - Loans from Benefit Funds CB129 CB130 CB131 - Loans from Related Parties CB133 CB134 CB135 - Other CB137 CB138 CB139 Deferred Tax Liability CB141 CB142 CB143 Other Provisions CB145 CB146 CB147 Other Liabilities (Detail in Note 5 on page C12) CB149 0 CB150 0 CB151 0 Life Insurance Act Total Liabilities CB157 0 CB158 0 CB159 0 Life Insurance Act Net Assets CB161 0 CB162 0 CB163 Consolidated Management Fund ($) CB100 CB132 CB136 CB140 CB144 CB148 CB152 0 CB160 0 0 0 CB164 Equity Capital CB165 Life Insurance Act Retained Profits/(Accumulated Losses) CB169 Reserves CB173 Total Equity Guarantees/Contingent Liabilities Amount ($) CB181 CB181 CB177 CB166 CB170 CB174 0 CB178 CB167 CB171 CB175 0 CB179 CB168 CB172 CB176 0 CB180 0 Details CB182 CB182 CB183 CB183 C9 Amount ($) CB184 CB184 Details 27 Part C Notes to Part C - Management Fund Balance Sheet Note 3 - Other Assets Consolidated Management Fund ($) Details 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Totals Management Fund ($) Retirement Villages, Hostels and Nursing Homes ($) Total Management Fund ($) 0 C10 0 0 0 28 Part C Notes to Part C - Management Fund Balance Sheet Note 5 - Other Liabilities Consolidated Management Fund ($) Details 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Totals Management Fund ($) Retirement Villages, Hostels and Nursing Homes ($) Total Management Fund ($) 0 C12 0 0 0 29