This is the value, as at the relevant date, of the sum of the premiums liabilities net of any recoveries determined in accordance with relevant prudential standards (Prudential Net Premiums Liabilities) plus Net Premiums Liabilities determined in accordance with relevant accounting standards (Accounting Net Premiums Liabilities).                                                                                                                                                                                                                                             Prudential Net 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, net of any recoveries on those claims. The value of the Prudential Net 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 net premiums liabilities must not include any Government charges directly imposed on the reporting party such as levies, duties and taxes and must be gross of input tax credit recoveries. Also a deferred acquisition cost asset must not be reported as part of Prudential Net Premium Liabilities. The Prudential Net Premium Liabilities will be measured as the present value of the future expected payments net of any recoveries, i.e. discounted for future investment income, plus a risk margin determined in accordance with relevant prudential standards. The risk margin must be assessed at the level specified by APRA for capital purposes; this may not be the same risk margin used for other purposes.                                                                                                                                                                                                                  Accounting Net Premiums Liabilities are calculated as UPL - DAC - DRE + URL + other items, where:UPL = Unearned Premium Liability as determined in accordance with the relevant accounting standards.DAC = Deferred Acquisition Cost as determined in accordance with the relevant accounting standards.  This represents the portion of acquisition costs that relate to the unearned portion of premium revenue and which are capitalised as a result.DRE = Deferred Reinsurance Expense as determined in accordance with the relevant accounting standards.  This represents the portion of reinsurance expenses that relate to the unearned portion of premium revenue and which are capitalised as a result.URL = Unexpired Risk Liability as determined in accordance with the relevant accounting standards.Other items include anything else required under the relevant accounting standards to be included in the calculation of Net Premium Liabilities.