International Financial Reporting Standards (IFRS) 17 Insurance Contracts Example Disclaimer

From time to time, the Society of A

examples available through its web
This Excel model demonstrates how IFRS 17 is applied to a Renewable Term 10 product and projects cashflows and net The SOA takes reasonable steps to
present values on an annual policy year basis. actuarial principles and practices. H
An actual valuation would likely be performed more frequently (e.g. quarterly) on a calendar basis. as fit for use in any respect, and no
individual.
The output from this model are projected cashflows, liability and net income.
Instructions on how the model works is in this Word document: Actuaries, insurers, regulators and
risk. The SOA disclaims all responsi
for any work product generated th
illustrations.

U:\My Documents\
ciasoa\SOA Exams\
IFRS 17
Example.docx

Refer to study note LFM-141-18 for more details on IFRS 17 standards.

, the Society of Actuaries (SOA) makes tools and illustrative
e through its website, educational curriculum, or other means .
sonable steps to develop such tools consistent with accepted
s and practices. However, the SOA does not warranty these tools
y respect, and no warranty should be assumed or implied by any

s, regulators and other parties use the SOA's tools at their own
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LFVC - IFRS 17 Model

Learning Objective

The candidate will understand at a high level how IFRS 17 standards are applied to a simplified 10 year renewable term produ
Model Method.

Learning Outcomes

The candidate will be able to:

1. Project insurance cashflows based on a given set of assumptions and product characteristics
2. Apply interest rates to discount cashflows to calculate IFRS 17 liabilities
3. Calculate the initial contractual service margin (CSM) and its subsequent measurement over the projection period using cov
4. Describe the role of the CSM as the unearned profit for insurance contracts
5. Understand the impact of directly attributable acquisition and maintenance expenses in the calculation of the CSM and the
statement
6. Understand the impact of non-attributable expenses in the calculation of the IFRS 17 income statement
7. Describe the main components of the contract liabilities under IFRS 17
8. Describe the main components of the income statement under IFRS 17
9. Calculate the impact of lapse experience variance on cashflow projections, liabilities and income statement
10. Calculate the impact of variance from expected expense assumptions and the implementation of an expense assumption c

Sample possible questions

1. Calculate revised liabilities and income statement assuming actual mortality is double expected in policy year 10
2. Calculate the impact of lower attributable and non-attributable expenses on cashflows, liabilities and income statement
3. Calculate the impact of different assumptions on the CSM at issue (note that the model is not set up to project negative CSM
IFSR17 Renewable Term 10 Example Assumptions

1 2 3 4 5 6 7 8 9 10 11
Sum Insured $ 200,000
Policies Issued 1,000 0 0 0 0 0 0 0 0 0 0
Premium Rate per 1000 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 3.0
Policy Fee $65 $65 $65 $65 $65 $65 $65 $65 $65 $65 $65
Commission 80% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5%
Acquisition Expense Attributable $40
Acquisition Expense Non-Attributable $60
Maintenance Expense Attributable $30 $30 $30 $30 $30 $30 $30 $30 $30 $30 $30
Maintenance Expense Non-Attributable $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 $20
Premium Tax 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Chargeback 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Investment Income Tax 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Discount Rate at Issue 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4%
Asset Earned Rate 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5%
Locked-in CSM Rate 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4%
Lapse 5% 5% 5% 5% 5% 5% 5% 5% 5% 75% 5%
Mortality 0.04% 0.04% 0.05% 0.05% 0.06% 0.07% 0.07% 0.08% 0.09% 0.10% 0.19%
Mortality Deterioration 75%
Mortality Risk Adjustment 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10%

Business issued at start of period. Premiums, Commissions, and First Year Expenses incurred at start of period. Claims and Renewal Expenses incurred at end of period
Decrements occur at end of period
Acquisition Expenses include FYC and Attributable Expense, accreted with CSM interest rate and amortized with CSM coverage units
Risk Adjustment is 10% of expected claims
CSM coverage units are based on coverages inforce at the start of the period, undiscounted

Shock Maintenance Expense Attributable $30 $30 $35 $35 $35 $35 $35 $35 $35 $35 $35
Shock Lapse 5% 5% 5% 5% 5% 5% 5% 5% 10% 75% 5%
 12 13 14 15 16 17 18 19 20

0 0 0 0 0 0 0 0 0
3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0
$65 $65 $65 $65 $65 $65 $65 $65 $65
5% 5% 5% 5% 5% 5% 5% 5% 5%

$30 $30 $30 $30 $30 $30 $30 $30 $30

$20 $20 $20 $20 $20 $20 $20 $20 $20
0% 0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0% 0%
4% 4% 4% 4% 4% 4% 4% 4% 4%
4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5%
4% 4% 4% 4% 4% 4% 4% 4% 4%
5% 5% 5% 5% 5% 5% 5% 5% 100%
0.23% 0.25% 0.26% 0.30% 0.32% 0.33% 0.37% 0.40% 0.40%
75% 75% 75% 75% 75% 75% 75% 75% 75%
10% 10% 10% 10% 10% 10% 10% 10% 10%

$35 $35 $35 $35 $35 $35 $35 $35 $35

5% 5% 5% 5% 5% 5% 5% 5% 100%
IFSR17 Renewable Term 10 Example
Actuals match Expected

0 1 2

Expected Cashflows (Initial Recognition)

BOY Premiums 205,000 194,668
BOY Acquisition Commission (164,000) 0
BOY Renewal Commission 0 (9,733)
BOY Acquisition Expenses Attributable (40,000) 0
EOY Maintenance Expense Attributable (30,000) (28,488)
BOY Acquisition Expenses Non-Attributable (60,000) 0
EOY Maintenance Expense Non-Attributable (20,000) (18,992)
EOY Claims (80,000) (75,968)
Total Net CFs (189,000) 61,487

Actual Cashflows
BOY Premiums 205,000 194,668
BOY Acquisition Commission (164,000) 0
BOY Renewal Commission 0 (9,733)
BOY Acquisition Expenses Attributable (40,000) 0
EOY Maintenance Expense Attributable (30,000) (28,488)
BOY Acquisition Expenses Non-Attributable (60,000) 0
EOY Maintenance Expense Non-Attributable (20,000) (18,992)
EOY Claims (80,000) (75,968)
Total Net CFs (189,000) 61,487

Expected Risk Adjustment CFs (Initial Recognition)

EOY Claims (8,000) (7,597)

Actual Risk Adjustment CFs

EOY Claims (8,000) (7,597)

Coverage Units Reconciliation

Opening 1,000 950
Deaths 0.4 0.4
Lapses 50 47
Closing 950 902

Liability on Initial Recognition

PV Premiums 1,885,366
PV Renewal Commission (84,018)
PV Maintenance Expense Attributable (218,816)
PV Claims (1,188,820)
 PV Attributable Acquistion CFs (204,000)
PV Risk Adjustment CFs (118,882)
Total 70,830
CSM at Initial Recognition 70,830
Liability on Initial Recognition 0

Reconciliation of Best Estimate Liabilities (BEL)

Opening 0 (306,260)
Changes Related to Future Services: New Business (189,712) 0
Change Related to Future Services: Assumptions 0 0
Expected Cash Inflows 205,000 194,668
Expected Cash Outflows (314,000) (114,189)
Insurance Finance Expense (7,548) (4,853)
Changes Related to Current Services: Experience 0 0
Changes Related to Current Services: Release 0 0
Closing (306,260) (230,635)

Reconciliation of Risk Adjustment (RA)

Opening 0 115,637
Changes Related to Future Services: New Business 118,882 0
Change Related to Future Services: Assumptions 0 0
Expected Cash Inflows 0 0
Expected Cash Outflows 0 0
Insurance Finance Expense 4,755 4,625
Changes Related to Current Services: Experience 0 0
Changes Related to Current Services: Release (8,000) (7,597)
Closing 115,637 112,666

Reconciliation of Contractual Service Margin (CSM)

Opening 0 65,696
Changes Related to Future Services: New Business 70,830 0
Change Related to Future Services: Assumptions 0 0
Expected Cash Inflows 0 0
Expected Cash Outflows 0 0
Insurance Finance Expense 2,833 2,628
Changes Related to Current Services: Experience 0 0
Changes Related to Current Services: Release (7,967) (7,868)
Closing 65,696 60,456

Reconciliation of Total Contract Liability

Opening 0 (124,927)
Changes Related to Future Services: New Business 0 0
Change Related to Future Services: Assumptions 0 0
Expected Cash Inflows 205,000 194,668
Expected Cash Outflows (314,000) (114,189)
 Insurance Finance Expense 40 2,400
Changes Related to Current Services: Experience 0 0
Changes Related to Current Services: Release (15,967) (15,465)
Closing (124,927) (57,513)

Reconciliation of Acquisition Expense Amortization

Opening 0 189,213
New Acquistion Expense 204,000 0
Accretion of Interest 8,160 7,569
Amortized Expense (22,947) (22,662)
Closing 189,213 174,120

Statement of Profit or Loss

Release of CSM 7,967 7,868
Release of Risk Adjustment 8,000 7,597
Expected Claims 80,000 75,968
Expected Expenses 30,000 38,221
Recovery of Acquisition Cash Flows 22,947 22,662
Insurance Service Revenue 148,914 152,316

Claims Incurred (80,000) (75,968)

Expenses Incurred (30,000) (38,221)
Amortization of Acquisition Cash Flows (22,947) (22,662)
Insurance Service Expense (132,947) (136,851)

Other Expense (80,000) (18,992)

Investment Income 45 2,700

Insurance Financial Expense (40) (2,400)
Financial Gain/Loss 5 300

Profit or Loss (64,028) (3,227)

When experience = expected, profits = CSM and RA

release plus investment income variance less unallocated
expenses (64,028) (3,227)

150,000

100,000

50,000

0
1 2 3 4 5
(50,000)

(100,000)

(150,000)
 50,000

0
1 2 3 4 5
(50,000)

(100,000)

(150,000)

(200,000)

(250,000)

(300,000)

(350,000)
 3 4 5 6 7 8 9 10 11 12

184,857 175,521 166,658 158,225 150,203 142,587 135,344 128,455 103,757 98,370
0 0 0 0 0 0 0 0 0 0
(9,243) (8,776) (8,333) (7,911) (7,510) (7,129) (6,767) (6,423) (5,188) (4,918)
0 0 0 0 0 0 0 0 0 0
(27,052) (25,686) (24,389) (23,155) (21,981) (20,866) (19,806) (18,798) (4,681) (4,438)
0 0 0 0 0 0 0 0 0 0
(18,035) (17,124) (16,259) (15,437) (14,654) (13,911) (13,204) (12,532) (3,121) (2,958)
(90,174) (85,620) (97,556) (108,056) (102,577) (111,288) (118,839) (125,322) (60,070) (67,306)
40,353 38,315 20,121 3,666 3,480 (10,607) (23,273) (34,620) 30,698 18,749

184,857 175,521 166,658 158,225 150,203 142,587 135,344 128,455 103,757 98,370
0 0 0 0 0 0 0 0 0 0
(9,243) (8,776) (8,333) (7,911) (7,510) (7,129) (6,767) (6,423) (5,188) (4,918)
0 0 0 0 0 0 0 0 0 0
(27,052) (25,686) (24,389) (23,155) (21,981) (20,866) (19,806) (18,798) (4,681) (4,438)
0 0 0 0 0 0 0 0 0 0
(18,035) (17,124) (16,259) (15,437) (14,654) (13,911) (13,204) (12,532) (3,121) (2,958)
(90,174) (85,620) (97,556) (108,056) (102,577) (111,288) (118,839) (125,322) (60,070) (67,306)
40,353 38,315 20,121 3,666 3,480 (10,607) (23,273) (34,620) 30,698 18,749

(9,017) (8,562) (9,756) (10,806) (10,258) (11,129) (11,884) (12,532) (6,007) (6,731)

(9,017) (8,562) (9,756) (10,806) (10,258) (11,129) (11,884) (12,532) (6,007) (6,731)

902 856 813 772 733 696 660 627 156 148
0.5 0.4 0.5 0.5 0.5 0.6 0.6 0.6 0.3 0.3
45 43 41 39 37 35 33 470 8 7
856 813 772 733 696 660 627 156 148 140
(230,635) (174,448) (119,317) (81,377) (59,516) (38,055) (30,855) (37,015) (55,702) (20,169)
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
184,857 175,521 166,658 158,225 150,203 142,587 135,344 128,455 103,757 98,370
(126,469) (120,082) (130,277) (139,122) (132,069) (139,284) (145,412) (150,543) (69,939) (76,662)
(2,201) (308) 1,560 2,757 3,327 3,896 3,909 3,401 1,715 2,931
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
(174,448) (119,317) (81,377) (59,516) (38,055) (30,855) (37,015) (55,702) (20,169) 4,471

112,666 108,155 103,919 98,321 91,448 84,848 77,113 68,314 58,514 54,848
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
4,507 4,326 4,157 3,933 3,658 3,394 3,085 2,733 2,341 2,194
0 0 0 0 0 0 0 0 0 0
(9,017) (8,562) (9,756) (10,806) (10,258) (11,129) (11,884) (12,532) (6,007) (6,731)
108,155 103,919 98,321 91,448 84,848 77,113 68,314 58,514 54,848 50,311

60,456 55,103 49,634 44,042 38,322 32,469 26,475 20,336 14,043 12,765
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
2,418 2,204 1,985 1,762 1,533 1,299 1,059 813 562 511
0 0 0 0 0 0 0 0 0 0
(7,771) (7,673) (7,577) (7,482) (7,386) (7,292) (7,199) (7,106) (1,840) (1,814)
55,103 49,634 44,042 38,322 32,469 26,475 20,336 14,043 12,765 11,461

(57,513) (11,190) 34,236 60,986 70,254 79,262 72,733 51,635 16,856 47,444
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
184,857 175,521 166,658 158,225 150,203 142,587 135,344 128,455 103,757 98,370
(126,469) (120,082) (130,277) (139,122) (132,069) (139,284) (145,412) (150,543) (69,939) (76,662)
 4,724 6,222 7,702 8,452 8,518 8,589 8,052 6,947 4,617 5,636
0 0 0 0 0 0 0 0 0 0
(16,788) (16,235) (17,333) (18,287) (17,644) (18,421) (19,083) (19,638) (7,847) (8,545)
(11,190) 34,236 60,986 70,254 79,262 72,733 51,635 16,856 47,444 66,243

174,120 158,705 142,953 126,848 110,373 93,515 76,252 58,569 40,447 36,765
0 0 0 0 0 0 0 0 0 0
6,965 6,348 5,718 5,074 4,415 3,741 3,050 2,343 1,618 1,471
(22,380) (22,100) (21,823) (21,548) (21,274) (21,003) (20,733) (20,465) (5,300) (5,225)
158,705 142,953 126,848 110,373 93,515 76,252 58,569 40,447 36,765 33,010

7,771 7,673 7,577 7,482 7,386 7,292 7,199 7,106 1,840 1,814
9,017 8,562 9,756 10,806 10,258 11,129 11,884 12,532 6,007 6,731
90,174 85,620 97,556 108,056 102,577 111,288 118,839 125,322 60,070 67,306
36,295 34,462 32,722 31,066 29,491 27,996 26,574 25,221 9,869 9,356
22,380 22,100 21,823 21,548 21,274 21,003 20,733 20,465 5,300 5,225
165,637 158,418 169,434 178,957 170,986 178,708 185,228 190,646 83,085 90,432

(90,174) (85,620) (97,556) (108,056) (102,577) (111,288) (118,839) (125,322) (60,070) (67,306)
(36,295) (34,462) (32,722) (31,066) (29,491) (27,996) (26,574) (25,221) (9,869) (9,356)
(22,380) (22,100) (21,823) (21,548) (21,274) (21,003) (20,733) (20,465) (5,300) (5,225)
(148,849) (142,182) (152,101) (160,670) (153,342) (160,287) (166,146) (171,008) (75,238) (81,887)

(18,035) (17,124) (16,259) (15,437) (14,654) (13,911) (13,204) (12,532) (3,121) (2,958)

5,315 7,000 8,665 9,508 9,583 9,662 9,059 7,815 5,194 6,340
(4,724) (6,222) (7,702) (8,452) (8,518) (8,589) (8,052) (6,947) (4,617) (5,636)
591 778 963 1,056 1,065 1,074 1,007 868 577 704

(656) (111) 2,036 3,907 4,055 5,584 6,885 7,974 5,304 6,291

(656) (111) 2,036 3,907 4,055 5,584 6,885 7,974 5,304 6,291

Components of Liabilities
0,000 20,000

0,000
0
0,000 1 2 3 4 5

0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 (20,000)
0,000)

0,000) (40,000)

0,000)
 0
0,000 1 2 3 4 5

0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 (20,000)
0,000)

0,000) (40,000)

0,000)
(60,000)
0,000)

0,000)
(80,000)
0,000)

0,000) (100,000)

BEL RA CSM Total CSM

 13 14 15 16 17 18 19 20

93,227 88,338 83,689 79,255 75,043 71,041 67,228 63,596

0 0 0 0 0 0 0 0
(4,661) (4,417) (4,184) (3,963) (3,752) (3,552) (3,361) (3,180)
0 0 0 0 0 0 0 0
(4,206) (3,985) (3,775) (3,575) (3,385) (3,205) (3,033) (2,869)
0 0 0 0 0 0 0 0
(2,804) (2,657) (2,517) (2,384) (2,257) (2,137) (2,022) (1,913)
(68,694) (69,740) (74,879) (75,084) (75,043) (78,519) (81,381) (76,985)
12,863 7,539 (1,667) (5,750) (9,394) (16,372) (22,569) (21,350)

93,227 88,338 83,689 79,255 75,043 71,041 67,228 63,596

0 0 0 0 0 0 0 0
(4,661) (4,417) (4,184) (3,963) (3,752) (3,552) (3,361) (3,180)
0 0 0 0 0 0 0 0
(4,206) (3,985) (3,775) (3,575) (3,385) (3,205) (3,033) (2,869)
0 0 0 0 0 0 0 0
(2,804) (2,657) (2,517) (2,384) (2,257) (2,137) (2,022) (1,913)
(68,694) (69,740) (74,879) (75,084) (75,043) (78,519) (81,381) (76,985)
12,863 7,539 (1,667) (5,750) (9,394) (16,372) (22,569) (21,350)

(6,869) (6,974) (7,488) (7,508) (7,504) (7,852) (8,138) (7,698)

(6,869) (6,974) (7,488) (7,508) (7,504) (7,852) (8,138) (7,698)

140 133 126 119 113 107 101 96

0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4
7 7 6 6 6 5 5 96
133 126 119 113 107 101 96 (0)
 4,471 23,858 38,365 43,929 45,331 42,859 33,038 16,366
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
93,227 88,338 83,689 79,255 75,043 71,041 67,228 63,596
(77,561) (78,142) (82,839) (82,622) (82,181) (85,276) (87,776) (83,034)
3,721 4,311 4,715 4,769 4,665 4,414 3,876 3,071
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
23,858 38,365 43,929 45,331 42,859 33,038 16,366 (0)

50,311 45,454 40,298 34,422 28,291 21,918 14,943 7,402

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
2,012 1,818 1,612 1,377 1,132 877 598 296
0 0 0 0 0 0 0 0
(6,869) (6,974) (7,488) (7,508) (7,504) (7,852) (8,138) (7,698)
45,454 40,298 34,422 28,291 21,918 14,943 7,402 (0)

11,461 10,132 8,775 7,389 5,975 4,530 3,053 1,544

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
458 405 351 296 239 181 122 62
0 0 0 0 0 0 0 0
(1,788) (1,762) (1,736) (1,710) (1,684) (1,658) (1,632) (1,605)
10,132 8,775 7,389 5,975 4,530 3,053 1,544 (0)

66,243 79,444 87,438 85,741 79,597 69,306 51,033 25,312

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
93,227 88,338 83,689 79,255 75,043 71,041 67,228 63,596
(77,561) (78,142) (82,839) (82,622) (82,181) (85,276) (87,776) (83,034)
 6,192 6,535 6,678 6,441 6,036 5,472 4,596 3,429
0 0 0 0 0 0 0 0
(8,658) (8,736) (9,224) (9,218) (9,188) (9,510) (9,770) (9,304)
79,444 87,438 85,741 79,597 69,306 51,033 25,312 (0)

33,010 29,180 25,272 21,282 17,208 13,046 8,793 4,446

0 0 0 0 0 0 0 0
1,320 1,167 1,011 851 688 522 352 178
(5,150) (5,075) (5,001) (4,925) (4,850) (4,775) (4,699) (4,623)
29,180 25,272 21,282 17,208 13,046 8,793 4,446 0

1,788 1,762 1,736 1,710 1,684 1,658 1,632 1,605

6,869 6,974 7,488 7,508 7,504 7,852 8,138 7,698
68,694 69,740 74,879 75,084 75,043 78,519 81,381 76,985
8,867 8,402 7,960 7,538 7,138 6,757 6,394 6,049
5,150 5,075 5,001 4,925 4,850 4,775 4,699 4,623
91,369 91,954 97,064 96,766 96,219 99,561 102,245 96,961

(68,694) (69,740) (74,879) (75,084) (75,043) (78,519) (81,381) (76,985)

(8,867) (8,402) (7,960) (7,538) (7,138) (6,757) (6,394) (6,049)
(5,150) (5,075) (5,001) (4,925) (4,850) (4,775) (4,699) (4,623)
(82,711) (83,218) (87,840) (87,547) (87,030) (90,051) (92,475) (87,657)

(2,804) (2,657) (2,517) (2,384) (2,257) (2,137) (2,022) (1,913)

6,966 7,351 7,512 7,246 6,790 6,156 5,171 3,858

(6,192) (6,535) (6,678) (6,441) (6,036) (5,472) (4,596) (3,429)
774 817 835 805 754 684 575 429

6,628 6,896 7,542 7,640 7,686 8,057 8,322 7,820

6,628 6,896 7,542 7,640 7,686 8,057 8,322 7,820

Sources of Profits
000

0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

00)

00)
 0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

00)

00)

00)

00)

00)

CSM RA Expenses Investments Total

 PV profits
1,885,366
(164,000)
(84,018)
(40,000)
(218,816)
(60,000)
(145,877)
(1,188,820)
(16,165)
PV profits
70,830
118,882
1,188,820
299,603
204,000
1,882,134

(1,188,820)
(299,603)
(204,000)
(1,692,422)

(205,877)

88,414
(78,590)
9,824
inv inc compare
(6,341) 9,824 (16,165)
IFSR17 Renewable Term 10 Example
Actual maintenance expense $5 higher starting in year 3. Assumption change in year 5

0 1 2

Expected Cashflows (Initial Recognition)

BOY Premiums 205,000 194,668
BOY Acquisition Commission (164,000) 0
BOY Renewal Commission 0 (9,733)
BOY Acquisition Expenses Attributable (40,000) 0
EOY Maintenance Expense Attributable (30,000) (28,488)
BOY Acquisition Expenses Non-Attributable (60,000) 0
EOY Maintenance Expense Non-Attributable (20,000) (18,992)
EOY Claims (80,000) (75,968)
Total Net CFs (189,000) 61,487

Actual Cashflows (become Expected in year 6)

BOY Premiums 205,000 194,668
BOY Acquisition Commission (164,000) 0
BOY Renewal Commission 0 (9,733)
BOY Acquisition Expenses Attributable (40,000) 0
EOY Maintenance Expense Attributable (30,000) (28,488)
BOY Acquisition Expenses Non-Attributable (60,000) 0
EOY Maintenance Expense Non-Attributable (20,000) (18,992)
EOY Claims (80,000) (75,968)
Total Net CFs (189,000) 61,487

Expected Risk Adjustment CFs (Initial Recognition)

EOY Claims (8,000) (7,597)

Actual Risk Adjustment CFs

EOY Claims (8,000) (7,597)

Coverage Units Reconciliation

Opening 1,000 950
Deaths 0.4 0.4
Lapses 50 47
Closing 950 902

Liability on Initial Recognition

PV Premiums 1,885,366
PV Renewal Commission (84,018)
PV Maintenance Expense Attributable (218,816)
PV Claims (1,188,820)
 PV Attributable Acquistion CFs (204,000)
PV Risk Adjustment CFs (118,882)
Total 70,830
CSM at Initial Recognition 70,830
Liability on Initial Recognition 0

Reconciliation of Best Estimate Liabilities (BEL)

Opening 0 (306,260)
Changes Related to Future Services: New Business (189,712) 0
Change Related to Future Services: Assumptions 0 0
Expected Cash Inflows 205,000 194,668
Expected Cash Outflows (314,000) (114,189)
Insurance Finance Expense (7,548) (4,853)
Changes Related to Current Services: Experience 0 0
Changes Related to Current Services: Release 0 0
Closing (306,260) (230,635)

Reconciliation of Risk Adjustment (RA)

Opening 0 115,637
Changes Related to Future Services: New Business 118,882 0
Change Related to Future Services: Assumptions 0 0
Expected Cash Inflows 0 0
Expected Cash Outflows 0 0
Insurance Finance Expense 4,755 4,625
Changes Related to Current Services: Experience 0 0
Changes Related to Current Services: Release (8,000) (7,597)
Closing 115,637 112,666

Reconciliation of Contractual Service Margin (CSM)

Opening 0 65,696
Changes Related to Future Services: New Business 70,830 0
Change Related to Future Services: Assumptions 0 0
Expected Cash Inflows 0 0
Expected Cash Outflows 0 0
Insurance Finance Expense 2,833 2,628
Changes Related to Current Services: Experience 0 0
Changes Related to Current Services: Release (7,967) (7,868)
Closing 65,696 60,456

Reconciliation of Total Contract Liability

Opening 0 (124,927)
Changes Related to Future Services: New Business 0 0
Change Related to Future Services: Assumptions 0 0
Expected Cash Inflows 205,000 194,668
Expected Cash Outflows (314,000) (114,189)
 Insurance Finance Expense 40 2,400
Changes Related to Current Services: Experience 0 0
Changes Related to Current Services: Release (15,967) (15,465)
Closing (124,927) (57,513)

Reconciliation of Acquisition Expense Amortization

Opening 0 189,213
New Acquistion Expense 204,000 0
Accretion of Interest 8,160 7,569
Amortized Expense (22,947) (22,662)
Closing 189,213 174,120

Statement of Profit or Loss

Release of CSM 7,967 7,868
Release of Risk Adjustment 8,000 7,597
Expected Claims 80,000 75,968
Expected Expenses 30,000 38,221
Recovery of Acquisition Cash Flows 22,947 22,662
Insurance Service Revenue 148,914 152,316

Claims Incurred (80,000) (75,968)

Expenses Incurred (30,000) (38,221)
Amortization of Acquisition Cash Flows (22,947) (22,662)
Insurance Service Expense (132,947) (136,851)

Other Expense (80,000) (18,992)

Investment Income 45 2,700

Insurance Financial Expense (40) (2,400)
Financial Gain/Loss 5 300

Profit or Loss (64,028) (3,227)

Base Profit (64,028) (3,227)

Variance 0 0
 3 4 5 6 7 8 9 10 11

184,857 175,521 166,658 158,225 150,203 142,587 135,344 128,455 103,757

0 0 0 0 0 0 0 0 0
(9,243) (8,776) (8,333) (7,911) (7,510) (7,129) (6,767) (6,423) (5,188)
0 0 0 0 0 0 0 0 0
(27,052) (25,686) (24,389) (23,155) (21,981) (20,866) (19,806) (18,798) (4,681)
0 0 0 0 0 0 0 0 0
(18,035) (17,124) (16,259) (15,437) (14,654) (13,911) (13,204) (12,532) (3,121)
(90,174) (85,620) (97,556) (108,056) (102,577) (111,288) (118,839) (125,322) (60,070)
40,353 38,315 20,121 3,666 3,480 (10,607) (23,273) (34,620) 30,698

184,857 175,521 166,658 158,225 150,203 142,587 135,344 128,455 103,757

0 0 0 0 0 0 0 0 0
(9,243) (8,776) (8,333) (7,911) (7,510) (7,129) (6,767) (6,423) (5,188)
0 0 0 0 0 0 0 0 0
(31,561) (29,967) (28,454) (27,014) (25,644) (24,344) (23,108) (21,931) (5,461)
0 0 0 0 0 0 0 0 0
(18,035) (17,124) (16,259) (15,437) (14,654) (13,911) (13,204) (12,532) (3,121)
(90,174) (85,620) (97,556) (108,056) (102,577) (111,288) (118,839) (125,322) (60,070)
35,844 34,034 16,056 (193) (183) (14,085) (26,574) (37,753) 29,918

(9,017) (8,562) (9,756) (10,806) (10,258) (11,129) (11,884) (12,532) (6,007)

(9,017) (8,562) (9,756) (10,806) (10,258) (11,129) (11,884) (12,532) (6,007)

902 856 813 772 733 696 660 627 156

0.5 0.4 0.5 0.5 0.5 0.6 0.6 0.6 0.3
45 43 41 39 37 35 33 470 8
856 813 772 733 696 660 627 156 148
(230,635) (174,448) (119,317) (61,590) (42,797) (24,331) (20,060) (29,088) (50,592)
0 0 0 0 0 0 0 0 0
0 0 19,787 0 0 0 0 0 0
184,857 175,521 166,658 158,225 150,203 142,587 135,344 128,455 103,757
(126,469) (120,082) (130,277) (142,981) (135,732) (142,761) (148,713) (153,676) (70,719)
(2,201) (308) 1,560 3,549 3,996 4,445 4,341 3,718 1,919
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
(174,448) (119,317) (61,590) (42,797) (24,331) (20,060) (29,088) (50,592) (15,634)

112,666 108,155 103,919 98,321 91,448 84,848 77,113 68,314 58,514

0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
4,507 4,326 4,157 3,933 3,658 3,394 3,085 2,733 2,341
0 0 0 0 0 0 0 0 0
(9,017) (8,562) (9,756) (10,806) (10,258) (11,129) (11,884) (12,532) (6,007)
108,155 103,919 98,321 91,448 84,848 77,113 68,314 58,514 54,848

60,456 55,103 49,634 27,160 23,633 20,023 16,327 12,541 8,660

0 0 0 0 0 0 0 0 0
0 0 (19,787) 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
2,418 2,204 1,985 1,086 945 801 653 502 346
0 0 0 0 0 0 0 0 0
(7,771) (7,673) (4,673) (4,614) (4,555) (4,497) (4,439) (4,382) (1,135)
55,103 49,634 27,160 23,633 20,023 16,327 12,541 8,660 7,872

(57,513) (11,190) 34,236 63,891 72,283 80,540 73,380 51,766 16,583

0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
184,857 175,521 166,658 158,225 150,203 142,587 135,344 128,455 103,757
(126,469) (120,082) (130,277) (142,981) (135,732) (142,761) (148,713) (153,676) (70,719)
 4,724 6,222 7,702 8,568 8,599 8,640 8,078 6,952 4,606
0 0 0 0 0 0 0 0 0
(16,788) (16,235) (14,428) (15,419) (14,813) (15,626) (16,323) (16,914) (7,142)
(11,190) 34,236 63,891 72,283 80,540 73,380 51,766 16,583 47,086

174,120 158,705 142,953 126,848 110,373 93,515 76,252 58,569 40,447

0 0 0 0 0 0 0 0 0
6,965 6,348 5,718 5,074 4,415 3,741 3,050 2,343 1,618
(22,380) (22,100) (21,823) (21,548) (21,274) (21,003) (20,733) (20,465) (5,300)
158,705 142,953 126,848 110,373 93,515 76,252 58,569 40,447 36,765

7,771 7,673 4,673 4,614 4,555 4,497 4,439 4,382 1,135

9,017 8,562 9,756 10,806 10,258 11,129 11,884 12,532 6,007
90,174 85,620 97,556 108,056 102,577 111,288 118,839 125,322 60,070
36,295 34,462 32,722 34,925 33,155 31,474 29,875 28,354 10,649
22,380 22,100 21,823 21,548 21,274 21,003 20,733 20,465 5,300
165,637 158,418 166,529 179,948 171,818 179,390 185,770 191,055 83,160

(90,174) (85,620) (97,556) (108,056) (102,577) (111,288) (118,839) (125,322) (60,070)

(40,804) (38,743) (36,787) (34,925) (33,155) (31,474) (29,875) (28,354) (10,649)
(22,380) (22,100) (21,823) (21,548) (21,274) (21,003) (20,733) (20,465) (5,300)
(153,358) (146,464) (156,166) (164,529) (157,006) (163,764) (169,447) (174,141) (76,018)

(18,035) (17,124) (16,259) (15,437) (14,654) (13,911) (13,204) (12,532) (3,121)

5,315 7,000 8,665 9,639 9,674 9,720 9,088 7,821 5,182

(4,724) (6,222) (7,702) (8,568) (8,599) (8,640) (8,078) (6,952) (4,606)
591 778 963 1,071 1,075 1,080 1,010 869 576

(5,165) (4,392) (4,933) 1,054 1,234 2,795 4,129 5,251 4,597

(656) (111) 2,036 3,907 4,055 5,584 6,885 7,974 5,304

(4,509) (4,281) (6,969) (2,853) (2,821) (2,789) (2,756) (2,723) (707)
 12 13 14 15 16 17 18 19 20

98,370 93,227 88,338 83,689 79,255 75,043 71,041 67,228 63,596

0 0 0 0 0 0 0 0 0
(4,918) (4,661) (4,417) (4,184) (3,963) (3,752) (3,552) (3,361) (3,180)
0 0 0 0 0 0 0 0 0
(4,438) (4,206) (3,985) (3,775) (3,575) (3,385) (3,205) (3,033) (2,869)
0 0 0 0 0 0 0 0 0
(2,958) (2,804) (2,657) (2,517) (2,384) (2,257) (2,137) (2,022) (1,913)
(67,306) (68,694) (69,740) (74,879) (75,084) (75,043) (78,519) (81,381) (76,985)
18,749 12,863 7,539 (1,667) (5,750) (9,394) (16,372) (22,569) (21,350)

98,370 93,227 88,338 83,689 79,255 75,043 71,041 67,228 63,596

0 0 0 0 0 0 0 0 0
(4,918) (4,661) (4,417) (4,184) (3,963) (3,752) (3,552) (3,361) (3,180)
0 0 0 0 0 0 0 0 0
(5,177) (4,907) (4,649) (4,405) (4,171) (3,950) (3,739) (3,538) (3,347)
0 0 0 0 0 0 0 0 0
(2,958) (2,804) (2,657) (2,517) (2,384) (2,257) (2,137) (2,022) (1,913)
(67,306) (68,694) (69,740) (74,879) (75,084) (75,043) (78,519) (81,381) (76,985)
18,010 12,162 6,874 (2,297) (6,346) (9,959) (16,906) (23,075) (21,828)

(6,731) (6,869) (6,974) (7,488) (7,508) (7,504) (7,852) (8,138) (7,698)

(6,731) (6,869) (6,974) (7,488) (7,508) (7,504) (7,852) (8,138) (7,698)

148 140 133 126 119 113 107 101 96

0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4
7 7 7 6 6 6 5 5 96
140 133 126 119 113 107 101 96 (0)
(15,634) 8,447 27,293 41,273 46,324 47,226 44,265 33,966 16,826
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
98,370 93,227 88,338 83,689 79,255 75,043 71,041 67,228 63,596
(77,401) (78,262) (78,806) (83,469) (83,218) (82,745) (85,810) (88,281) (83,512)
3,113 3,881 4,449 4,831 4,865 4,741 4,470 3,913 3,090
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
8,447 27,293 41,273 46,324 47,226 44,265 33,966 16,826 (0)

54,848 50,311 45,454 40,298 34,422 28,291 21,918 14,943 7,402

0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
2,194 2,012 1,818 1,612 1,377 1,132 877 598 296
0 0 0 0 0 0 0 0 0
(6,731) (6,869) (6,974) (7,488) (7,508) (7,504) (7,852) (8,138) (7,698)
50,311 45,454 40,298 34,422 28,291 21,918 14,943 7,402 (0)

7,872 7,068 6,248 5,411 4,557 3,685 2,793 1,883 952

0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
315 283 250 216 182 147 112 75 38
0 0 0 0 0 0 0 0 0
(1,119) (1,103) (1,087) (1,071) (1,055) (1,038) (1,022) (1,006) (990)
7,068 6,248 5,411 4,557 3,685 2,793 1,883 952 (0)

47,086 65,826 78,995 86,982 85,303 79,201 68,976 50,791 25,180

0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
98,370 93,227 88,338 83,689 79,255 75,043 71,041 67,228 63,596
(77,401) (78,262) (78,806) (83,469) (83,218) (82,745) (85,810) (88,281) (83,512)
 5,621 6,176 6,517 6,659 6,424 6,020 5,459 4,586 3,424
0 0 0 0 0 0 0 0 0
(7,849) (7,972) (8,061) (8,559) (8,563) (8,543) (8,874) (9,144) (8,688)
65,826 78,995 86,982 85,303 79,201 68,976 50,791 25,180 (0)

36,765 33,010 29,180 25,272 21,282 17,208 13,046 8,793 4,446

0 0 0 0 0 0 0 0 0
1,471 1,320 1,167 1,011 851 688 522 352 178
(5,225) (5,150) (5,075) (5,001) (4,925) (4,850) (4,775) (4,699) (4,623)
33,010 29,180 25,272 21,282 17,208 13,046 8,793 4,446 0

1,119 1,103 1,087 1,071 1,055 1,038 1,022 1,006 990

6,731 6,869 6,974 7,488 7,508 7,504 7,852 8,138 7,698
67,306 68,694 69,740 74,879 75,084 75,043 78,519 81,381 76,985
10,096 9,568 9,066 8,589 8,134 7,702 7,291 6,900 6,527
5,225 5,150 5,075 5,001 4,925 4,850 4,775 4,699 4,623
90,476 91,384 91,943 97,028 96,706 96,137 99,460 102,125 96,824

(67,306) (68,694) (69,740) (74,879) (75,084) (75,043) (78,519) (81,381) (76,985)

(10,096) (9,568) (9,066) (8,589) (8,134) (7,702) (7,291) (6,900) (6,527)
(5,225) (5,150) (5,075) (5,001) (4,925) (4,850) (4,775) (4,699) (4,623)
(82,627) (83,412) (83,882) (88,469) (88,143) (87,595) (90,585) (92,981) (88,135)

(2,958) (2,804) (2,657) (2,517) (2,384) (2,257) (2,137) (2,022) (1,913)

6,324 6,948 7,331 7,492 7,227 6,772 6,141 5,160 3,852

(5,621) (6,176) (6,517) (6,659) (6,424) (6,020) (5,459) (4,586) (3,424)
703 772 815 832 803 752 682 573 428

5,594 5,940 6,219 6,874 6,982 7,038 7,420 7,696 7,204

6,291 6,628 6,896 7,542 7,640 7,686 8,057 8,322 7,820

(697) (688) (678) (668) (658) (647) (637) (627) (616)
 PV profits
1,885,366
(164,000)
(84,018)
(40,000)
(246,088)
(60,000)
(145,877)
(1,188,820)
(43,437)
PV profits
54,567
118,882
1,188,820
315,866
204,000
1,882,134

(1,188,820)
(326,874)
(204,000)
(1,719,694)

(205,877)

88,566
(78,725)
9,841
inv inc compare
(33,596) 9,841 (43,437)
IFSR17 Renewable Term 10 Example
One time lapse shock in year 9 - no assumption change

0 1 2

Expected Cashflows (Initial Recognition)

BOY Premiums 205,000 194,668
BOY Acquisition Commission (164,000) 0
BOY Renewal Commission 0 (9,733)
BOY Acquisition Expenses Attributable (40,000) 0
EOY Maintenance Expense Attributable (30,000) (28,488)
BOY Acquisition Expenses Non-Attributable (60,000) 0
EOY Maintenance Expense Non-Attributable (20,000) (18,992)
EOY Claims (80,000) (75,968)
Total Net CFs (189,000) 61,487

Actual Cashflows (become Expected in year 10)

BOY Premiums 205,000 194,668
BOY Acquisition Commission (164,000) 0
BOY Renewal Commission 0 (9,733)
BOY Acquisition Expenses Attributable (40,000) 0
EOY Maintenance Expense Attributable (30,000) (28,488)
BOY Acquisition Expenses Non-Attributable (60,000) 0
EOY Maintenance Expense Non-Attributable (20,000) (18,992)
EOY Claims (80,000) (75,968)
Total Net CFs (189,000) 61,487

Expected Risk Adjustment CFs (Initial Recognition)

EOY Claims (8,000) (7,597)

Actual Risk Adjustment CFs (become Expected in year 10)

EOY Claims (8,000) (7,597)

Coverage Units Reconciliation

Opening 1,000 950
Deaths 0.4 0.4
Lapses 50 47
Closing 950 902

Liability on Initial Recognition

PV Premiums 1,885,366
PV Renewal Commission (84,018)
PV Maintenance Expense Attributable (218,816)
PV Claims (1,188,820)
 PV Attributable Acquistion CFs (204,000)
PV Risk Adjustment CFs (118,882)
Total 70,830
CSM at Initial Recognition 70,830
Liability on Initial Recognition 0

Reconciliation of Best Estimate Liabilities (BEL)

Opening 0 (306,260)
Changes Related to Future Services: New Business (189,712) 0
Change Related to Future Services: Assumptions 0 0
Expected Cash Inflows 205,000 194,668
Expected Cash Outflows (314,000) (114,189)
Insurance Finance Expense (7,548) (4,853)
Changes Related to Current Services: Experience 0 0
Changes Related to Current Services: Release 0 0
Closing (306,260) (230,635)

Reconciliation of Risk Adjustment (RA)

Opening 0 115,637
Changes Related to Future Services: New Business 118,882 0
Change Related to Future Services: Assumptions 0 0
Expected Cash Inflows 0 0
Expected Cash Outflows 0 0
Insurance Finance Expense 4,755 4,625
Changes Related to Current Services: Experience 0 0
Changes Related to Current Services: Release (8,000) (7,597)
Closing 115,637 112,666

Reconciliation of Contractual Service Margin (CSM)

Opening 0 65,696
Changes Related to Future Services: New Business 70,830 0
Change Related to Future Services: Assumptions 0 0
Expected Cash Inflows 0 0
Expected Cash Outflows 0 0
Insurance Finance Expense 2,833 2,628
Changes Related to Current Services: Experience 0 0
Changes Related to Current Services: Release (7,967) (7,868)
Closing 65,696 60,456

Reconciliation of Total Contract Liability

Opening 0 (124,927)
Changes Related to Future Services: New Business 0 0
Change Related to Future Services: Assumptions 0 0
Expected Cash Inflows 205,000 194,668
Expected Cash Outflows (314,000) (114,189)
 Insurance Finance Expense 40 2,400
Changes Related to Current Services: Experience 0 0
Changes Related to Current Services: Release (15,967) (15,465)
Closing (124,927) (57,513)

Reconciliation of Acquisition Expense Amortization

Opening 0 189,213
New Acquistion Expense 204,000 0
Accretion of Interest 8,160 7,569
Amortized Expense (22,947) (22,662)
Closing 189,213 174,120

Statement of Profit or Loss

Release of CSM 7,967 7,868
Release of Risk Adjustment 8,000 7,597
Expected Claims 80,000 75,968
Expected Expenses 30,000 38,221
Recovery of Acquisition Cash Flows 22,947 22,662
Insurance Service Revenue 148,914 152,316

Claims Incurred (80,000) (75,968)

Expenses Incurred (30,000) (38,221)
Amortization of Acquisition Cash Flows (22,947) (22,662)
Insurance Service Expense (132,947) (136,851)

Other Expense (80,000) (18,992)

Investment Income 45 2,700

Insurance Financial Expense (40) (2,400)
Financial Gain/Loss 5 300

Profit or Loss (64,028) (3,227)

Base Profit (64,028) (3,227)

Variance 0 0
 3 4 5 6 7 8 9 10 11 12

184,857 175,521 166,658 158,225 150,203 142,587 135,344 128,455 103,757 98,370
0 0 0 0 0 0 0 0 0 0
(9,243) (8,776) (8,333) (7,911) (7,510) (7,129) (6,767) (6,423) (5,188) (4,918)
0 0 0 0 0 0 0 0 0 0
(27,052) (25,686) (24,389) (23,155) (21,981) (20,866) (19,806) (18,798) (4,681) (4,438)
0 0 0 0 0 0 0 0 0 0
(18,035) (17,124) (16,259) (15,437) (14,654) (13,911) (13,204) (12,532) (3,121) (2,958)
(90,174) (85,620) (97,556) (108,056) (102,577) (111,288) (118,839) (125,322) (60,070) (67,306)
40,353 38,315 20,121 3,666 3,480 (10,607) (23,273) (34,620) 30,698 18,749

184,857 175,521 166,658 158,225 150,203 142,587 135,344 121,688 98,291 93,187
0 0 0 0 0 0 0 0 0 0
(9,243) (8,776) (8,333) (7,911) (7,510) (7,129) (6,767) (6,084) (4,915) (4,659)
0 0 0 0 0 0 0 0 0 0
(27,052) (25,686) (24,389) (23,155) (21,981) (20,866) (19,806) (17,808) (4,434) (4,204)
0 0 0 0 0 0 0 0 0 0
(18,035) (17,124) (16,259) (15,437) (14,654) (13,911) (13,204) (11,872) (2,956) (2,803)
(90,174) (85,620) (97,556) (108,056) (102,577) (111,288) (118,839) (118,720) (56,905) (63,760)
40,353 38,315 20,121 3,666 3,480 (10,607) (23,273) (32,796) 29,081 17,762

(9,017) (8,562) (9,756) (10,806) (10,258) (11,129) (11,884) (12,532) (6,007) (6,731)

(9,017) (8,562) (9,756) (10,806) (10,258) (11,129) (11,884) (11,872) (5,691) (6,376)

902 856 813 772 733 696 660 594 148 140
0.5 0.4 0.5 0.5 0.5 0.6 0.6 0.6 0.3 0.3
45 43 41 39 37 35 66 445 7 7
856 813 772 733 696 660 594 148 140 133
(230,635) (174,448) (119,317) (81,377) (59,516) (38,055) (30,855) (35,065) (52,767) (19,106)
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
184,857 175,521 166,658 158,225 150,203 142,587 135,344 121,688 98,291 93,187
(126,469) (120,082) (130,277) (139,122) (132,069) (139,284) (145,412) (142,612) (66,254) (72,623)
(2,201) (308) 1,560 2,757 3,327 3,896 3,909 3,222 1,624 2,777
0 0 0 0 0 0 1,950 0 0 0
0 0 0 0 0 0 0 0 0 0
(174,448) (119,317) (81,377) (59,516) (38,055) (30,855) (35,065) (52,767) (19,106) 4,235

112,666 108,155 103,919 98,321 91,448 84,848 77,113 64,715 55,431 51,958
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
4,507 4,326 4,157 3,933 3,658 3,394 3,085 2,589 2,217 2,078
0 0 0 0 0 0 (3,599) 0 0 0
(9,017) (8,562) (9,756) (10,806) (10,258) (11,129) (11,884) (11,872) (5,691) (6,376)
108,155 103,919 98,321 91,448 84,848 77,113 64,715 55,431 51,958 47,661

60,456 55,103 49,634 44,042 38,322 32,469 26,475 21,244 14,671 13,336
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
2,418 2,204 1,985 1,762 1,533 1,299 1,059 850 587 533
0 0 0 0 0 0 1,649 0 0 0
(7,771) (7,673) (7,577) (7,482) (7,386) (7,292) (7,939) (7,423) (1,922) (1,895)
55,103 49,634 44,042 38,322 32,469 26,475 21,244 14,671 13,336 11,974

(57,513) (11,190) 34,236 60,986 70,254 79,262 72,733 50,895 17,335 46,188
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
184,857 175,521 166,658 158,225 150,203 142,587 135,344 121,688 98,291 93,187
(126,469) (120,082) (130,277) (139,122) (132,069) (139,284) (145,412) (142,612) (66,254) (72,623)
 4,724 6,222 7,702 8,452 8,518 8,589 8,052 6,660 4,428 5,389
0 0 0 0 0 0 0 0 0 0
(16,788) (16,235) (17,333) (18,287) (17,644) (18,421) (19,823) (19,295) (7,613) (8,271)
(11,190) 34,236 60,986 70,254 79,262 72,733 50,895 17,335 46,188 63,869

174,120 158,705 142,953 126,848 110,373 93,515 76,252 57,730 39,867 36,238
0 0 0 0 0 0 0 0 0 0
6,965 6,348 5,718 5,074 4,415 3,741 3,050 2,309 1,595 1,450
(22,380) (22,100) (21,823) (21,548) (21,274) (21,003) (21,573) (20,172) (5,224) (5,151)
158,705 142,953 126,848 110,373 93,515 76,252 57,730 39,867 36,238 32,537

7,771 7,673 7,577 7,482 7,386 7,292 7,939 7,423 1,922 1,895
9,017 8,562 9,756 10,806 10,258 11,129 11,884 11,872 5,691 6,376
90,174 85,620 97,556 108,056 102,577 111,288 118,839 118,720 56,905 63,760
36,295 34,462 32,722 31,066 29,491 27,996 26,574 23,892 9,349 8,863
22,380 22,100 21,823 21,548 21,274 21,003 21,573 20,172 5,224 5,151
165,637 158,418 169,434 178,957 170,986 178,708 186,808 182,079 79,091 86,045

(90,174) (85,620) (97,556) (108,056) (102,577) (111,288) (118,839) (118,720) (56,905) (63,760)
(36,295) (34,462) (32,722) (31,066) (29,491) (27,996) (26,574) (23,892) (9,349) (8,863)
(22,380) (22,100) (21,823) (21,548) (21,274) (21,003) (21,573) (20,172) (5,224) (5,151)
(148,849) (142,182) (152,101) (160,670) (153,342) (160,287) (166,985) (162,784) (71,478) (77,774)

(18,035) (17,124) (16,259) (15,437) (14,654) (13,911) (13,204) (11,872) (2,956) (2,803)

5,315 7,000 8,665 9,508 9,583 9,662 9,059 7,782 5,216 6,284
(4,724) (6,222) (7,702) (8,452) (8,518) (8,589) (8,052) (6,660) (4,428) (5,389)
591 778 963 1,056 1,065 1,074 1,007 1,122 787 895

(656) (111) 2,036 3,907 4,055 5,584 7,625 8,545 5,444 6,364

(656) (111) 2,036 3,907 4,055 5,584 6,885 7,974 5,304 6,291
(0) 0 (0) (0) 0 0 740 571 140 73
 13 14 15 16 17 18 19 20

93,227 88,338 83,689 79,255 75,043 71,041 67,228 63,596

0 0 0 0 0 0 0 0
(4,661) (4,417) (4,184) (3,963) (3,752) (3,552) (3,361) (3,180)
0 0 0 0 0 0 0 0
(4,206) (3,985) (3,775) (3,575) (3,385) (3,205) (3,033) (2,869)
0 0 0 0 0 0 0 0
(2,804) (2,657) (2,517) (2,384) (2,257) (2,137) (2,022) (1,913)
(68,694) (69,740) (74,879) (75,084) (75,043) (78,519) (81,381) (76,985)
12,863 7,539 (1,667) (5,750) (9,394) (16,372) (22,569) (21,350)

88,316 83,684 79,280 75,080 71,090 67,299 63,686 60,246

0 0 0 0 0 0 0 0
(4,416) (4,184) (3,964) (3,754) (3,554) (3,365) (3,184) (3,012)
0 0 0 0 0 0 0 0
(3,984) (3,775) (3,577) (3,387) (3,207) (3,036) (2,873) (2,718)
0 0 0 0 0 0 0 0
(2,656) (2,517) (2,384) (2,258) (2,138) (2,024) (1,915) (1,812)
(65,075) (66,066) (70,935) (71,129) (71,090) (74,383) (77,094) (72,929)
12,185 7,141 (1,580) (5,448) (8,900) (15,509) (21,380) (20,225)

(6,869) (6,974) (7,488) (7,508) (7,504) (7,852) (8,138) (7,698)

(6,507) (6,607) (7,093) (7,113) (7,109) (7,438) (7,709) (7,293)

133 126 119 113 107 101 96 91

0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4
7 6 6 6 5 5 5 91
126 119 113 107 101 96 91 (0)
 4,235 22,602 36,344 41,615 42,943 40,601 31,297 15,504
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
88,316 83,684 79,280 75,080 71,090 67,299 63,686 60,246
(73,475) (74,026) (78,475) (78,270) (77,851) (80,784) (83,152) (78,659)
3,525 4,084 4,466 4,518 4,419 4,181 3,672 2,909
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
22,602 36,344 41,615 42,943 40,601 31,297 15,504 0

47,661 43,059 38,175 32,609 26,800 20,763 14,156 7,012

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
1,906 1,722 1,527 1,304 1,072 831 566 280
0 0 0 0 0 0 0 0
(6,507) (6,607) (7,093) (7,113) (7,109) (7,438) (7,709) (7,293)
43,059 38,175 32,609 26,800 20,763 14,156 7,012 (0)

11,974 10,584 9,167 7,720 6,242 4,732 3,190 1,613

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
479 423 367 309 250 189 128 65
0 0 0 0 0 0 0 0
(1,868) (1,841) (1,814) (1,786) (1,759) (1,732) (1,705) (1,677)
10,584 9,167 7,720 6,242 4,732 3,190 1,613 0

63,869 76,245 83,686 81,943 75,985 66,096 48,642 24,129

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
88,316 83,684 79,280 75,080 71,090 67,299 63,686 60,246
(73,475) (74,026) (78,475) (78,270) (77,851) (80,784) (83,152) (78,659)
 5,911 6,230 6,360 6,131 5,741 5,201 4,366 3,254
0 0 0 0 0 0 0 0
(8,376) (8,448) (8,907) (8,899) (8,868) (9,170) (9,414) (8,970)
76,245 83,686 81,943 75,985 66,096 48,642 24,129 0

32,537 28,762 24,910 20,977 16,961 12,859 8,667 4,382

0 0 0 0 0 0 0 0
1,301 1,150 996 839 678 514 347 175
(5,077) (5,003) (4,929) (4,855) (4,780) (4,707) (4,632) (4,557)
28,762 24,910 20,977 16,961 12,859 8,667 4,382 0

1,868 1,841 1,814 1,786 1,759 1,732 1,705 1,677

6,507 6,607 7,093 7,113 7,109 7,438 7,709 7,293
65,075 66,066 70,935 71,129 71,090 74,383 77,094 72,929
8,400 7,959 7,541 7,141 6,762 6,401 6,057 5,730
5,077 5,003 4,929 4,855 4,780 4,707 4,632 4,557
86,927 87,476 92,312 92,024 91,500 94,661 97,198 92,186

(65,075) (66,066) (70,935) (71,129) (71,090) (74,383) (77,094) (72,929)

(8,400) (7,959) (7,541) (7,141) (6,762) (6,401) (6,057) (5,730)
(5,077) (5,003) (4,929) (4,855) (4,780) (4,707) (4,632) (4,557)
(78,551) (79,028) (83,404) (83,124) (82,632) (85,490) (87,784) (83,216)

(2,656) (2,517) (2,384) (2,258) (2,138) (2,024) (1,915) (1,812)

6,860 7,207 7,344 7,076 6,627 6,011 5,063 3,805

(5,911) (6,230) (6,360) (6,131) (5,741) (5,201) (4,366) (3,254)
949 978 983 945 887 810 697 550

6,668 6,908 7,506 7,586 7,617 7,956 8,196 7,708

6,628 6,896 7,542 7,640 7,686 8,057 8,322 7,820

41 12 (35) (54) (69) (101) (127) (112)
 PV profits
1,855,455
(164,000)
(82,523)
(40,000)
(217,056)
(60,000)
(144,704)
(1,163,534)
(16,362)
PV profits
71,989
116,353
1,163,534
296,404
204,000
1,852,281

(1,163,534)
(296,404)
(204,000)
(1,663,939)

(204,704)

87,808
(76,959)
10,849
inv inc compare
(5,512) 10,849 (16,362)