Page 145 - Suncorp_Review

Suncorp Group Limited Annual Report 2010/11 143

GENERAL INSURANCE

Past due but not impaired

Neither past due

nor impaired 0–3 mths 3–6 mths 6–12 mths > 12 mths Impaired Total $m $m $m $m $m $m $m

2011

Premiums outstanding 1,786 26 32 8 7 5 1,864 Other receivables designated at

fair value through proft or loss 327 25 3 1 – 2 358 2,113 51 35 9 7 7 2,222

2010

Premiums outstanding 1,679 64 10 4 5 – 1,762 Other receivables designated at

fair value through proft or loss 163 27 7 2 2 – 201 1,842 91 17 6 7 – 1,963

All other receivables are neither past due nor impaired. General Insurance does not expect any counterparties to fail to meet their obligations given their credit ratings and therefore does not require collateral or other security to support credit risk exposures.

34.3.2 Liquidity risk

To ensure payments are made when they fall due, General Insurance has the following key facilities and arrangements in place to mitigate liquidity risks:

–– investment portfolio mandates provide suffcient cash deposits to meet day-to-day obligations

–– investment funds set aside within the portfolio that can be realised to meet signifcant claims payment obligations –– in the event of a major catastrophe, immediate cash access is available under the terms of reinsurance arrangements; and –– mandated liquidity limits imposed to each General Insurance legal entity.

The following table summarises the maturity profle of General Insurance fnancial liabilities based on the remaining undiscounted contractual obligations. It also includes the maturity profle for outstanding general insurance claims liabilities based on the discounted estimated timing of net cash outfows.

GENERAL INSURANCE

Carrying 1 year 1 to 5 Over Total cash amount or less years 5 years fows General Insurance $m $m $m $m $m

2011

Payables and other liabilities 1,029 1,004 31 3 1,038 Unearned premium liabilities 3,854 3,846 8 – 3,854 Net discounted outstanding claims liabilities 6,317 2,028 3,163 1,126 6,317 Subordinated notes 678 42 520 294 856 Managed funds units on issue 16 16 – – 16 11,894 6,936 3,722 1,423 12,081

Gross settled derivatives

Amounts receivable – (12) (45) (11) (68) Amounts payable 88 17 75 20 112 88 5 30 9 44