purchases. This could Accordingly, in case also concern changes annuities are derecognised of perimeter due to from Non-Life to Life, both liabilities evolving to columns need to be filled annuities stemming in. from Non-Life contracts (triggering some changes from Non-Life to Life). Foreign exchange In this case the foreign Allows the comparison Allows the comparison of variation exchange variation is of opening and closing opening and closing best (R0040/R0180) actually meant to be best estimate as if no estimate as if no foreign applied to contracts foreign exchange exchange variation have which are taken out in variation have occurred occurred currencies different from the balance sheet currency. For the calculation, the cash-flows of these contracts contained in the opening Best Estimate are simply converted due to the exchange variation. Best Estimate on Expected future cash Expected future cash Premium and BE risks accepted flows (gross of flows (gross of increase due to risks during the period reinsurance) included reinsurance) related to accepted during the period (only for in Best Estimate and risks accepted during underwriting year) related to risks the period R0050 accepted during the period Variation of Best Refers to changes in Expected not to be Part of premiums Estimate on risk (part of) Premiums applicable. provisions at Year end covered after the Provisions (i.e. in related to a coverage period (only for relation to all period starting after the accident year) recognised obligations closing Year end N R0190 within the boundary of the contract at the valuation date where the claim has not yet occurred) see Annex –
purchases. This could also concern changes of perimeter due to liabilities evolving to annuities stemming from Non-Life contracts (triggering some changes from Non-Life to Life). Accordingly, in case annuities are derecognised from Non-Life to Life, both columns need to be filled in. Foreign exchange variation (R0040/R0180) In this case the foreign exchange variation is actually meant to be applied to contracts which are taken out in currencies different from the balance sheet currency. For the calculation, the cash-flows of these contracts contained in the opening Best Estimate are simply converted due to the exchange variation. Allows the comparison of opening and closing best estimate as if no foreign exchange variation have occurred Allows the comparison of opening and closing best estimate as if no foreign exchange variation have occurred Best Estimate on risks accepted during the period (only for underwriting year) R0050 Expected future cash flows (gross of reinsurance) included in Best Estimate and related to risks accepted during the period Expected future cash flows (gross of reinsurance) related to risks accepted during the period Premium and BE increase due to risks accepted during the period Variation of Best Estimate on risk covered after the period (only for accident year) R0190 Refers to changes in (part of) Premiums Provisions (i.e. in relation to all recognised obligations within the boundary of the contract at the valuation date where the claim has not yet occurred) – see Annex Expected not to be applicable. Part of premiums provisions at Year end related to a coverage period starting after the closing Year end N
Variation%20Analysis%20-%20explanation_29062017_cl.docx