for the period ended 30 June 2013
2013 | 2012 | ||
---|---|---|---|
Notes | $’000 | $’000 | |
Claims expense | |||
Claims expense | 8A | 26,634 | 22,051 |
Less: Reinsurance and other recoveries | 8B | (1,619) | (1,178) |
Net claims expense | 25,015 | 20,873 | |
Premium revenue | |||
Insurance premium revenue | 8C | 35,474 | 31,796 |
Less: Reinsurance expense | 8D | (6,526) | (6,455) |
Net premium revenue | 28,948 | 25,341 | |
Movement in unexpired risk liability | 8E | - | (1,816) |
Operating expense | |||
Employee benefits equivalent | 3A | 3,303 | 3,481 |
Fire brigade and emergency services contributions | 3B | 3,159 | 2,069 |
Suppliers | 3C | 2,248 | 2,339 |
Amortisation | 3D | 75 | 75 |
Acquisition costs | 3E | 493 | 490 |
Total operating expense | 9,278 | 8,454 | |
Underwriting result | (5,345) | (2,170) | |
Own-source revenue | |||
Commissions received | 4A | 2,620 | 2,217 |
Total own-source revenue | 2,620 | 2,217 | |
Gains | |||
Revaluation of investments at fair value through profit or loss | 4B | 1,484 | 1,929 |
Resources received free of charge | 4C | 55 | 52 |
Total gains | 1,539 | 1,981 | |
Total own-source income | 4,159 | 4,198 | |
Net contribution by (cost of) services | (1,186) | 2,028 | |
Revenue from Government | 4D | 120 | 120 |
Surplus/(Deficit) attributable to the Australian Government | (1,066) | 2,148 | |
Other comprehensive income | - | - | |
Total comprehensive income (loss) attributable to the Australian Government | (1,066) | 2,148 |
The above statement should be read in conjunction with the accompanying notes.