Page 149 - Exim iar24_Ebook

EXIM BANK MALAYSIA ANNUAL REPORT 2024

7 FINANCIAL STATEMENTS 147
NOTES TO THE FINANCIAL STATEMENTS

10. INSURANCE CONTRACT/TAKAFUL CERTIFICATE LIABILITIES AND REINSURANCE CONTRACT ASSETS

Group and Bank
2024 2023
RM’000 RM’000
Insurance contract/takaful certificates liabilities (25,718) (36,837)
Reinsurance contract assets 3,936 9,872
(21,782) (26,965)

Insurance contract/takaful certificates liabilities not under PAA

Liabilities Liabilities
for remaining for remaining
coverage - coverage - Liabilities
Excluding loss loss for incurred
component component claims Total

Balance as at 1.1.2023 (6,228) (7,866) (23,319) (37,413)
Insurance/Takaful revenue 4,999 - - 4,999
Insurance/Takaful service expense - (450) 4,942 4,492
Insurance/Takaful finance expense (936) - - (936)
Premium/contribution received (1,210) - - (1,210)
Balance as at 31.12.2023/1.1.2024 (3,375) (8,316) (18,377) (30,068)
Insurance/Takaful revenue 7,605 - - 7,605
Insurance/Takaful service expense - 2,554 3,954 6,508
Insurance/Takaful finance expense (260) (99) - (359)
Premium/contribution received (2,756) - - (2,756)
Balance as at 31.12.2024 1,214 (5,861) (14,423) (19,070)

Insurance contract/takaful certificates liabilities under PAA
Liabilities Liabilities
for remaining for incurred
coverage claims Total
Balance as at 1.1.2023 (2,340) (15,259) (17,599)
Insurance/Takaful revenue 2,630 - 2,630
Insurance/Takaful service expense - 8,935 8,935
Premium/contribution received (735) - (735)
Balance as at 31.12.2023/1.1.2024 (445) (6,324) (6,769)
Insurance/Takaful revenue 1,048 - 1,048
Insurance/Takaful service expense - (217) (217)
Premium/contribution received (710) - (710)
Balance as at 31.12.2024 (107) (6,541) (6,648)