21. 2023 R'm Participating Nonparticipating Reinsurance outwards Short-Term Insurance Short-Term Insurance Reinsurance outwards TOTAL INSURANCE REVENUE Contracts not measured under the PAA Amounts relating to changes in the LRC: Expected incurred claims and other directly attributable expenses 4 130 517 – – – 4 647 Change in risk adjustment for non-financial risk for the risk expired and notional interest accreted (208) (17) – – – (225) CSM recognised for the services provided – 467 – – – 467 Experience adjustments arising from premiums received in the period other than those that relate to future service 333 (372) – – – (39) Insurance acquisition cash flows recovery 43 1 – – – 44 Insurance revenue from contracts not measured under the PAA 4 298 596 – – – 4 894 Insurance revenue from contracts measured under the PAA – – – 331 – 331 Total insurance revenue 4 298 596 – 331 – 5 225 Insurance service expenses Incurred claims and other directly attributable expenses (4 553) (390) – (279) – (5 222) Experience adjustments arising from acquistion cash flows – (1) – – – (1) Changes that relate to past service - changes in the FCF relating to the LIC – – – 7 – 7 Insurance acquisition cash flows amortisation (43) (1) – – – (44) Total insurance service expenses (4 596) (392) – (272) – (5 260) Analysis of Revenue, Insurance Service Expenses and Net Expenses From Reinsurance Contracts Held NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023 179 Notes to the Consolidated Financial Statements
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