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## (b) Liabilities relating to insurance business 

Policy liabilities have been determined in accordance with applicable accounting standards. Policy liabilities for life insurance contracts are valued in accordance with AASB 1038, whereas life investment contracts are valued in accordance with AASB 139 and AASB 118. There are differences between the valuation requirements of the accounting standards and those of the Life Insurance Act 1995. 

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## (c) Reconciliation of movements in Policy liabilities 

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## (d) Contribution to profit or loss of life insurance business 

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