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


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