HSBC 2015 Annual Report Download - page 362

Notes on the Financial Statements (continued)
4 – Net insurance claims / 5 – Operating profit / 6 – Employee compensation and benefits
HSBC HOLDINGS PLC
360
Net insurance premium income (continued)
Non-linked
insurance1
Linked life
insurance
Investment
contracts
with DPF2 Total
$m $m $m $m
Gross insurance premium income 7,705 2,195 2,470 12,370
Reinsurers’ share of gross insurance premium income (441) (8) − (449)
Year ended 31 December 2014 7,264 2,187 2,470 11,921
Gross insurance premium income 7,002 3,012 2,384 12,398
Reinsurers’ share of gross insurance premium income (450) (8)
–
(458)
Year ended 31 December 2013 6,552 3,004 2,384 11,940
1 Includes non-life insurance.
2 Discretionary participation features.
4 Net insurance claims and benefits paid and movement in liabilities to policyholders
Accounting policy
Gross insurance claims for life insurance contracts reflect the total cost of claims arising during the year, including claim handling costs and
any policyholder bonuses allocated in anticipation of a bonus declaration.
Maturity claims are recognised when due for payment. Surrenders are recognised when paid or at an earlier date on which, following
notification, the policy ceases to be included within the calculation of the related insurance liabilities. Death claims are recognised when
notified.
Reinsurance recoveries are accounted for in the same period as the related claim.
Net insurance claims and benefits paid and movement in liabilities to policyholders
Non-linked
insurance1
Linked life
insurance
Investment
contracts
with DPF2 Total
$m $m $m $m
Gross claims and benefits paid and movement in liabilities 7,746 1,398 2,728 11,872
–
claims, benefits and surrenders paid 3,200 1,869 2,101 7,170
–
movement in liabilities 4,546 (471) 627 4,702
Reinsurers’ share of claims and benefits paid and movement in liabilities (575) (5)
–
(580)
–
claims, benefits and surrenders paid (153) (64)
–
(217)
–
movement in liabilities (422) 59
–
(363)
Year ended 31 December 2015 7,171 1,393 2,728 11,292
Gross claims and benefits paid and movement in liabilities 7,770 2,765 3,188 13,723
–
claims, benefits and surrenders paid 3,575 1,499 2,215 7,289
–
movement in liabilities 4,195 1,266 973 6,434
Reinsurers’ share of claims and benefits paid and movement in liabilities (411) 33
–
(378)
–
claims, benefits and surrenders paid (176) (88)
–
(264)
–
movement in liabilities (235) 121
–
(114)
Year ended 31 December 2014 7,359 2,798 3,188 13,345
Gross claims and benefits paid and movement in liabilities 6,892 3,379 3,677 13,948
–
claims, benefits and surrenders paid 3,014 1,976 2,308 7,298
–
movement in liabilities 3,878 1,403 1,369 6,650
Reinsurers’ share of claims and benefits paid and movement in liabilities (367) 111
–
(256)
–
claims, benefits and surrenders paid (164) (426)
–
(590)
–
movement in liabilities (203) 537
–
334
Year ended 31 December 2013 6,525 3,490 3,677 13,692
1 Includes non-life insurance.
2 Discretionary participation features.