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