7.6.7Net finance income and expenses from (re)insurance contracts
See accounting policy V4.
The table below analyses the sources of finance income and expenses recognised in profit or loss and other comprehensive income in relation to the total net finance expenses from (re)insurance contracts.
Investment and (re)insurance finance result current period
| 31 December 2023 | Non-Life | Life GMM | Life VFA | Other | Total |
|---|---|---|---|---|---|
| Investment income | | | | | |
| Direct investment income | 392 | 3,583 | 10 | 647 | 4,633 |
| Net fair value gains and (losses) | 186 | 2,247 | 2,325 | -40 | 4,718 |
| Net impairment (loss)/reversal on financial assets | - | 1 | - | -21 | -20 |
| Amounts recognised in other comprehensive income | 56 | 162 | - | 10 | 227 |
| Total investment income | 634 | 5,993 | 2,335 | 596 | 9,558 |
| | | | | | |
| Net finance expenses from insurance contracts | | | | | |
| Changes in fair value of underlying items of direct participating contracts | - | - | -2,288 | - | -2,288 |
| Effects of risk mitigation option | - | - | -239 | - | -239 |
| Interest accreted | -225 | -1,348 | -19 | - | -1,592 |
| Effect of changes in interest rates and other financial assumptions | -33 | -1,232 | 10 | - | -1,255 |
| Effect of measuring changes in estimates at current rates and adjusting the CSM at rates on initial recognition | 5 | 164 | - | - | 169 |
| Total net finance expenses from insurance contracts | -253 | -2,416 | -2,536 | - | -5,205 |
| | | | | | |
| Net finance income from reinsurance contracts | | | | | |
| Interest accreted | 8 | -3 | - | - | 5 |
| Other | 2 | -14 | - | - | -11 |
| Total net finance income from reinsurance contracts | 10 | -16 | - | - | -6 |
| | | | | | |
| Total | 391 | 3,561 | -201 | 596 | 4,347 |
Investment and (re)insurance finance result prior period
| 31 December 2022 | Non-Life | Life GMM | Life VFA | Other | Total |
|---|---|---|---|---|---|
| Investment income | | | | | |
| Direct investment income | 193 | 1,498 | 10 | 6 | 1,708 |
| Net fair value gains and (losses) | -1,489 | -11,830 | -1,953 | -12 | -15,284 |
| Amounts recognised in other comprehensive income | -130 | -273 | - | 1 | -402 |
| Total investment income | -1,426 | -10,606 | -1,943 | -4 | -13,978 |
| | | | | | |
| Net finance expenses from insurance contracts | | | | | |
| Changes in fair value of underlying items of direct participating contracts | - | - | 1,966 | - | 1,966 |
| Interest accreted | 18 | 107 | 2 | - | 127 |
| Effect of changes in interest rates and other financial assumptions | 1,272 | 8,479 | 148 | - | 9,899 |
| Effect of measuring changes in estimates at current rates and adjusting the CSM at rates on initial recognition | -1 | -88 | - | - | -89 |
| Total net finance expenses from insurance contracts | 1,289 | 8,498 | 2,117 | - | 11,903 |
| | | | | | |
| Net finance income from reinsurance contracts | | | | | |
| Interest accreted | 1 | -1 | - | - | |
| Other | -27 | -40 | - | - | -67 |
| Total net finance income from reinsurance contracts | -26 | -41 | - | - | -67 |
| | | | | | |
| Total | -163 | -2,149 | 174 | -4 | -2,142 |
Direct investment income increased due to increasing interest rates.
See chapter 7.6.5 for more information regarding net fair value gains and (losses).
Amounts recognised in other comprehensive income relate to revaluation of equity and debt instruments held at FVOCI.