Page 141 - Exim iar24_Ebook

EXIM BANK MALAYSIA ANNUAL REPORT 2024

7 FINANCIAL STATEMENTS 139
NOTES TO THE FINANCIAL STATEMENTS

3. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENT (cont’d)

(c) Uncertainty in accounting estimates for liabilities of insurance business (Note 43) (cont’d)
The estimates of insurance/takaful contract liabilities are therefore sensitive to various factors and uncertainties.
The establishment of technical provisions in an inherently uncertain process and, as a consequence of this uncertainty,
the eventual collection of premium/contribution and payment of claims may vary from the initial estimates.
There may be significant reporting lags between the occurrence of an insured event and the time it is actually reported.
Following the identification and notification of an insured loss, there may still be uncertainty as to the magnitude of
the claim. There are many factors that will determine the level of uncertainty such as inflation, inconsistent judicial
interpretations, legislative changes and claims handling procedures.

4. CASH AND BANK BALANCES
Group and Bank
2024 2023
RM’000 RM’000
Cash and bank balances 26,699 15,744

5. DEPOSITS AND PLACEMENTS WITH BANKS AND OTHER FINANCIAL INSTITUTIONS
Group and Bank
2024 2023
RM’000 RM’000
Deposits and placements with:
Licensed banks 1,003,929 1,022,513
Other financial institutions 274,411 950,463
1,278,340 1,972,976

Included in the above deposits are restricted deposits amounting to RM128,956,000 (2023: RM132,431,000).

6. FINANCIAL INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (“FVTPL”)
Group and Bank
2024 2023
RM’000 RM’000
At fair value
Quoted securities:
Shares 5,011 6,377
Total financial investments at FVTPL 5,011 6,377