Territory Stories

Annual Report 2015 Motor Accidents (Compensation) Commission (MACC)

Details:

Title

Annual Report 2015 Motor Accidents (Compensation) Commission (MACC)

Other title

Tabled paper 1556

Collection

Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT

Date

2015-11-19

Description

Deemed

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C01622

Parent handle

https://hdl.handle.net/10070/273151

Citation address

https://hdl.handle.net/10070/799706

Page content

Northern Territory Motor Accidents (Compensation) Commission Annual Report 2015 Notes to the Financial Statements - 30 June 2015 Page 48 Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 35 8. Underwriting result 2015 2014 MACC TIO Insurance & Banking Discontinued Operations (see Note 36) MAC Fund TIO TIO Insurance & Banking Discontinued Operations (see Note 36) MAC Fund $000 $000 $000 $000 $000 $000 Premium revenue 142,892 64,554 78,338 203,778 127,298 76,480 Outwards reinsurance premium expense (33,503) (22,671) (10,832) (54,975) (49,711) (5,264) Net premium revenue (note 9) 109,389 41,883 67,506 148,803 77,587 71,216 Claims expense (160,323) (45,864) (114,459) (170,221) (61,287) (108,934) Reinsurance and other recoveries revenue 42,930 8,684 34,246 13,046 13,191 (145) Net claims incurred (note 21) (117,393) (37,180) (80,213) (157,175) (48,095) (109,080) Acquisition costs (note 18) (3,698) (4,039) 341 (6,753) (6,448) (305) Deficiency adjustment (note 20) 706 - 706 (800) - (800) Underwriting profit/(loss) (10,996) 664 (11,660) (15,925) 23,044 (38,969) 9. Net premium revenue 2015 2014 MACC TIO Insurance & Banking Discontinued Operations (see Note36) MAC Fund TIO TIO Insurance & Banking Discontinued Operations (see Note 36) MAC Fund $000 $000 $000 $000 $000 $000 Gross written premiums 136,048 56,036 80,012 204,975 128,688 76,287 Movement in unearned premiums 6,844 8,518 (1,674) (1,197) (1,390) 193 Premium revenue 142,892 64,554 78,338 203,778 127,298 76,480 Outwards reinsurance premiums (33,503) (22,671) (10,832) (54,975) (49,711) (5,264) Net premium revenue 109,389 41,883 67,506 148,803 77,587 71,216 Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 34 6. Other specific net (losses)/gains and expenses included in the statement of profit or loss and other comprehensive income 2015 2014 MACC TIO Insurance & Banking Discontinued Operations (see Note 36) MAC Fund TIO TIO Insurance & Banking Discontinued Operations (see Note 36) MAC Fund $000 $000 $000 $000 $000 $000 Profit (Loss) on sale of property, plant and equipment 33 33 - (22) (22) - Depreciation property, plant and equipment (442) (442) - (1,211) (660) (551) Amortisation - intangible assets (391) (391) - (747) (747) - Impairment loss Loans and receivables (172) (172) - (5) (5) - Interest expense Banking (13,497) (13,497) - (21,239) (21,239) - Interest Expense - Total (13,497) (13,497) (21,239) (21,239) - Operating expenses on-charged by related party - - (5,659) - - (11,643) Rental expense relating to operating leases minimum lease payments (382) (1,415) - (736) (2,254) - 7. Interest revenue and interest expense Discontinued Operations (see Note 36) The following table shows the amount of interest revenue or expense for each of the major categories of Bankings interest-bearing assets and liabilities. TIO BANKING 2015 2014 $000 $000 Interest revenue From assets carried at amortised cost: Commercial loans 508 1,166 Home loans 14,868 28,153 Personal loans 105 265 From assets at fair value through profit and loss: - - Investment securities & Cash at bank 1,148 2,323 Interest rate swaps 3,245 2,378 19,874 34,285 Interest expense From liabilities carried at amortised cost: - - Customer deposits 9,156 17,178 Securitisation 568 1,561 From Liabilities at fair value through profit and loss: - - Interest rate swaps 3,773 2,500 13,497 21,239 Net interest income 6,377 13,046


Aboriginal and Torres Strait Islander people are advised that this website may contain the names, voices and images of people who have died, as well as other culturally sensitive content. Please be aware that some collection items may use outdated phrases or words which reflect the attitude of the creator at the time, and are now considered offensive.

We use temporary cookies on this site to provide functionality.
By continuing to use this site without changing your settings, you consent to our use of cookies.