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Notes to the consolidated fnancial statements (continued)

for the year ended 30 June 2011

8. Life – Specifc disclosures (continued)

8.6 Life liabilities

CONSOLIDATED

2011 2010 Note $m $m

Gross policy liabilities

Investment contract policy liabilities 3,663 3,672 Insurance contract policy liabilities 8.7.3 1,958 1,911 8.6.1 5,621 5,583 Unvested policyowner benefts 8.6.2 383 404 Outstanding claims liabilities 167 142 Unearned premium liabilities 12 10 Total Life liabilities 6,183 6,139

Current 521 493 Non-current 5,662 5,646 Total Life liabilities 6,183 6,139

8.6.1 Gross Life policy liabilities

INVESTMENT INSURANCE TOTAL POLICY CONTRACTS CONTRACTS LIABILITIES

2011 2010 2011 2010 2011 2010 $m $m $m $m $m $m

Consolidated

Policy liabilities

Policy liabilities at beginning of fnancial year 3,672 3,423 1,911 2,124 5,583 5,547 Movement in policy liabilities refected in

proft or loss 270 368 92 15 362 383 Contributions recognised in policy liabilities 358 1,699 143 573 501 2,272 Withdrawals recognised in policy liabilities (596) (1,770) – – (596) (1,770) Fee expense recognised as a change in

policy liabilities (31) (48) – – (31) (48) Claims expense recognised in policy liabilities – – (186) (801) (186) (801) Foreign currency exchange movement (10) – (2) – (12) – Policy liabilities at end of fnancial year 3,663 3,672 1,958 1,911 5,621 5,583

Liabilities ceded under reinsurance Liabilities ceded under reinsurance at

beginning of fnancial year 327 311 Movement in reinsurance assets refected in proft or loss 13 18 Foreign currency exchange movement (1) (2) Liabilities ceded under reinsurance at end of fnancial year 339 327

Liabilities ceded under insurance contracts are included in insurance contract policy liabilities with the corresponding asset disclosed in note 8.5.

8.6.2 Unvested policyowner benefts

CONSOLIDATED

2011 2010 $m $m

Unvested policyowner benefts at beginning of fnancial year 404 397 (Decrease) increase in unvested policyowner benefts (21) 6 Foreign currency exchange movement – 1 Unvested policyowner benefts at end of fnancial year 383 404