HSBC 2006 Annual Report Download - page 376
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HSBC HOLDINGS PLC
Notes on the Financial Statements (continued)
Note 30
374
30 Liabilities under insurance contracts
2006
Gross
Reinsurers’
share Net
US$m US$m US$m
Non-life insurance liabilities
Unearned premium provision .......................................................................... 1,262 (176) 1,086
Notified claims ................................................................................................. 949 (355) 594
Claims incurred but not reported ..................................................................... 460 (58) 402
Other ................................................................................................................ 268 (76) 192
2,939 (665) 2,274
Life insurance policyholders’ liabilities
Life (non-linked) .............................................................................................. 11,026 (1,046) 9,980
Investment contracts with discretionary participation features1 ...................... 20 – 20
Life (linked) ..................................................................................................... 3,685 (58) 3,627
14,731 (1,104) 13,627
Total liabilities under insurance contracts ....................................................... 17,670 (1,769) 15,901
2005
Gross
Reinsurers’
share Net
US$m US$m US$m
Non-life insurance liabilities
Unearned premium provision .......................................................................... 1,346 (202) 1,144
Notified claims ................................................................................................. 872 (335) 537
Claims incurred but not reported ..................................................................... 424 (130) 294
Other ................................................................................................................ 229 (2) 227
2,871 (669) 2,202
Life insurance policyholders’ liabilities
Life (non-linked) .............................................................................................. 8,369 (807) 7,562
Investment contracts with discretionary participation features1 ...................... 9 – 9
Life (linked) ..................................................................................................... 2,895 (69) 2,826
11,273 (876) 10,397
Total liabilities under insurance contracts ....................................................... 14,144 (1,545) 12,599
1 Though investment contracts with discretionary participation features are financial instruments, HSBC continued to treat them as
insurance contracts as permitted by IFRS 4.