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Statement of Comprehensive Income

Defence Service Homes Insurance Scheme
Statement of Comprehensive Income

for the period ended 30 June 2017

    2017 2016 Original
Budget
2017
  Notes $'000 $'000 $'000
NET COST OF SERVICES        
Claims expense        
    Claims expense   33,999 24,920 28,000
        Less: Reinsurance and other recoveries 3.1A (1,767) (209) -
Net claims expense   32,232 24,711 28,000
         
Premium revenue        
    Insurance premium revenue   43,272 42,997 43,000
        Less: Reinsurance expense   (6,945) (7,427) (7,000)
Net premium revenue   36,327 35,570 36,000
         
Operating expense        
    Employee benefits equivalent 1.1A 3,632 3,225 4,150
    Fire brigade and emergency services contributions   1,764 1,451 1,500
    Suppliers 1.1B 3,517 3,036 3,275
    Amortisation   75 75 75
    Acquisition costs   366 425  
Total operating expense   9,354 8,212 9,000
         
Underwriting result   (5,259) 2,647 (1,000)
         
Own-Source Income        
Own-source revenue        
    Commissions received 1.2A 2,810 2,846 3,000
    Revaluation of investments at fair value through profit or loss 1.2B - 140 -
    Interest 1.2C 1,493 1,218 1,700
    Resources received free of charge 1.2D 56 58 55
Total own-source revenue   4,359 4,262 4,755
Total own-source income   4,359 4,262 4,755
         
Net contribution by/ (cost of) services   (900) 6,909 3,755
         
Revenue from Government 1.2E 120 120 120
         
Surplus/ (Deficit) attributable to the Australian Government   (780) 7,029 3,875
         
Other comprehensive income   - - -
         
Total comprehensive income/ (loss) attributable to the Australian Government   (780) 7,029 3,875

The above statement should be read in conjunction with the accompanying notes.

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