Page 170 - Exim iar24_Ebook

EXIM BANK MALAYSIA
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NOTES TO THE FINANCIAL STATEMENTS

28. INSURANCE/TAKAFUL SERVICE RESULTS

Group and Bank
2024 2023
RM’000 RM’000
Insurance revenue
Contracts not measured under PAA
Expected claims and insurance/takaful service expense incurred in the period 3,456 2,899
Change in the risk adjustment for non-financial risk 4,149 1,927
Others - 173
Contracts measured under PAA 1,048 2,630
8,653 7,629

Insurance service expenses
Incurred claims and other service expense 3,743 (1,088)
Changes to liabilities for incurred claims (6) 14,965
Losses/reversal of losses on onerous contracts 2,554 (450)
6,291 13,427
Net expenses from reinsurance contracts held
Amounts relating to changes in the assets for remaining coverage (8,053) (5,459)
Amounts recoverable for claims and expenses incurred in the period - 167
Changes that relates to past service (28) (980)
(8,081) (6,272)

Insurance/takaful service results 6,863 14,784

Insurance/Takaful finance expense
Insurance/Takaful finance expenses from contracts issued (359) (936)
Reinsurance finance income from contracts held 53 223
(306) (713)
Net income from insurance/takaful business 6,557 14,071