PET - Plain English Taxonomy

Attribute: CS23263
Concept:
Label: Net premiums liabilities
Concept Guidance:
This is the value, as at the relevant date, of premiums liabilities as determined in accordance with relevant prudential standards.Prudential Premiums Liabilities relate to all future claim payments arising from future events post the valuation date that will be insured under the reporting party's existing policies that have not yet expired. The value of Prudential Premium Liabilities must include an amount in respect of the expenses that the reporting entity expects to incur in administering and settling the relevant claims and allow for expected premium refunds. The value of prudential premiums liabilities must not include any Government charges directly imposed on the reporting entity such as levies, duties and taxes. Also a deferred acquisition cost asset must not be reported as part of Prudential Premium Liabilities. 
Dimensions
Dimension Member Description
(INFUpwards)
This dimension categorises the reported information based on the impacts arising from the application of certain asset risk stresses. The reported information is contribution towards the change in capital base under the scenario considered.
The reported information measures the impact of upwards movement in Expected Inflation (INF) stress on the capital base of the reporting entity, due to changes to Consumer Price Index inflation rate.
(LookThrough)
This dimension categorises information reported based on the method which determines the details in which an investment is reported. I.e. Look-through or Non-look-through.
This information reported is on a look through basis. This basis requires the reporting party to report information on investments held through external individually managed mandates/portfolios or discretely managed portfolios as if they were managed by itself .
(ProbabilityOfSufficiency)
This dimension categorises the reported data according to the distribution of probabilistic outcomes.
The information relates to the probability of sufficiency.The probability of sufficiency is the probability that an estimated provision will prove to be sufficient for the purpose for which it was created. This includes the risk margin as determined in accordance with relevant prudential standards.
(Net)
This dimension identifies the valuation scenario, in relation to recoveries, under which the reported value was calculated.
The information reported is in relation to the value that has been calculated after allowing for any adjustment to the value of the asset or liability in accordance with treatment permitted under accounting standards or prudential standards.