Illiquidity premium

An adjustment to the risk-free discount rate to reflect the liquidity characteristics of an insurance contract. The illiquidity premium increases the discount rate to reflect that the insurance portfolio is less liquid in nature than the reference portfolio upon which the risk-free rate is calculated

Impairment losses to gross loans and advances

Impairment losses on loans and advances divided by gross loans and advances. The ratio is annualised for half years

Insurance funds

Insurance funds explicitly back insurance liabilities. They are designed to match the insurance liabilities and are managed separately from shareholders' funds

Insurance revenue

The amount charged for insurance coverage when it is earned. This is equivalent to gross earned premium under AASB1023 less bad debts (part of operating expense in AASB1023)

Insurance service expense

Includes incurred claims and benefits excluding investment components, other directly attributable insurance service expenses, amortisation of insurance acquisition cash flows, and changes that relate to past service and future service on insurance contracts

Insurance Services Ratio (ISR)

The insurance services result expressed as a percentage of net insurance revenue

Insurance Services Result

Comprises insurance revenue, insurance service expenses and reinsurance income and expenses

Insurance Trading Ratio (ITR)

The insurance trading result expressed as a percentage of net earned premium

Insurance Trading Result (AASB 1023)

Underwriting result plus investment income on assets backing technical reserves

Insurance Trading Result (AASB 17)

Insurance services result adjusted for movements in claims liabilities, non-directly attributable expenses and investment income on assets backing technical reserves