Glossary of Terms
Acquisition expense ratio – general insurance
Acquisition expenses expressed as a percentage of net earned premium
Acquisition expense ratio – life insurance
Acquisition expenses, including upfront commissions, as a percentage of new business
ADI
Authorised Deposit-taking Institution
Annuities market adjustments
The value of annuity obligations are determined by discounting future obligations into today’s dollars using risk-free rates. The value of such obligations fluctuates as market referenced discount rates change. The value of assets backing annuity obligations also fluctuates with investment markets. The net impact of both of these market-driven valuation changes are removed from the Life Insurance underlying profit and recorded as annuity market adjustments
Australian Life Insurance and Participating Wealth Business
Refers to the entity Suncorp Life and Superannuation Limited, which was sold to TAL Dai-ichi Life Australia Pty Ltd on 28 February 2019