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Notes to the consolidated fnancial statements (continued)

for the year ended 30 June 2011

6. General Insurance – Specifc disclosures (continued)

6.5 General Insurance assets

CONSOLIDATED

2011 2010 $m $m

Financial assets designated at fair value through proft or loss

Premiums outstanding 1,864 1,762 Reinsurance and other recoveries

Expected undiscounted outstanding reinsurance and other recoveries 5,050 1,715 Discount to present value (390) (164)

Reinsurance and other recoveries 4,660 1,551 Other receivables 358 201

Financial assets at amortised cost

Outstanding proceeds from sale of investments in joint ventures – 280 Other investment receivables 34 29

Deferred insurance assets

Deferred acquisition costs 452 473 Deferred reinsurance assets 562 133 Other deferred assets 124 121 Total General Insurance assets 8,054 4,550 Current 5,385 3,730 Non-current 2,669 820 Total General Insurance assets 8,054 4,550

6.6 General Insurance liabilities

CONSOLIDATED

2011 2010 Note $m $m

Unearned premium liabilities 6.6.1 3,854 3,670 Outstanding claims liabilities 6.6.2 10,977 7,886 Total General Insurance liabilities 14,831 11,556

Current 8,062 6,541 Non-current 6,769 5,015 Total General Insurance liabilities 14,831 11,556

6.6.1 Unearned premium liabilities

(a) Reconciliation of movement

CONSOLIDATED

2011 2010 $m $m

Balance at the beginning of the fnancial year 3,670 3,528 Premiums written during the year 7,272 7,029 Premiums earned during the year (7,083) (6,889) Foreign currency exchange movement (5) 2 Balance at the end of the fnancial year 3,854 3,670