Page 150 - Exim iar24_Ebook

EXIM BANK MALAYSIA
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NOTES TO THE FINANCIAL STATEMENTS

10. INSURANCE CONTRACT/TAKAFUL CERTIFICATE LIABILITIES AND REINSURANCE CONTRACT ASSETS (cont’d)
Reinsurance contract assets
Amounts
Assets for recoverable
remaining on incurred
coverage claims Total
Balance as at 1.1.2023 12,078 1,126 13,204
Net income or expense from reinsurance contracts held (5,459) (813) (6,272)
Reinsurance finance expense 223 - 223
Premium/contribution paid 2,717 - 2,717
Balance as at 31.12.2023/1.1.2024 9,559 313 9,872
Net income or expense from reinsurance contracts held (8,053) (28) (8,081)
Reinsurance finance expense 53 - 53
Premium/contribution paid 2,092 - 2,092
Balance as at 31.12.2024 3,651 285 3,936

11. DERIVATIVE FINANCIAL INSTRUMENTS

The notional amounts, recorded at gross, is the amount of derivatives’ underlying asset, reference rate or index and is the
basis upon which changes in the value of derivatives are measured. The notional amounts indicate the volume of transactions
outstanding at the year end and are not indicative of the market risk nor the credit risk.
The following table shows the fair value of derivative financial instruments recorded as assets or liabilities together with their
notional amounts. Derivative assets and derivative liabilities are disclosed on a gross basis as it is the Bank’s practice to settle
those derivative on a gross basis.
As at 31 December 2024, the Bank has entered into the following derivative financial instruments:

Group and Bank
2024 2023
Fair Value Notional Fair Value Notional
Assets Liabilities Amount Assets Liabilities Amount
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Derivatives used in
fair value hedges
Interest/profit rate swaps - 110,854 2,013,975 - 141,633 2,065,500

Derivative held for trading
Forward foreign exchange
contract - - - 63 1,641 102,591
Total - 110,854 2,013,975 63 143,274 2,168,091