Page 247 - Full Book_24.4.2021

NOTES TO THE
FINANCIAL STATEMENTS in retrospect

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for the financial year ended 31 december 2020 (continUed)
the Will to Suceed

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22 TAkAFUL CONTRACT LIABILITIES (CONTINUED)
(a) provision for outstanding claims (continued)
2019 achieving a leading repute
Note Gross Retakaful Net
RM’000 RM’000 RM’000
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Family Takaful
Provision for claims reported by participants 39,182 (8,493) 30,689
Provision for ibnr* 133,692 (45,417) 88,275
Provision for outstanding claims 172,874 (53,910) 118,964 Paving the Way for a Sustainable future

General Takaful
Provision for claims reported by participants 302,067 (190,182) 111,885
Provision for ibnr* 228,657 (105,456) 123,201

Provision for outstanding claims 530,724 (295,638) 235,086 241

note 50(b) note 50(b)

Group
Provision for claims reported by participants 49.5(b) 341,249 (198,675) 142,574
Provision for ibnr* 362,349 (150,873) 211,476
Provision for outstanding claims 703,598 (349,548) 354,050 adhering to the best Governance Practices

note 10
* incurred-but-not-reported (“ibnr”)
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movement of provision for outstanding claims:
Group
Gross Retakaful Net
RM’000 RM’000 RM’000 Laying the Foundation for Financial Growth
At 1 January 2019 633,725 (296,534) 337,191
claims incurred during the year 1,270,364 (282,781) 987,583
adjustment to claims incurred in prior accident years (25,540) 27,126 1,586
claims paid during the year (1,198,289) 226,870 (971,419) |
movement in ibnr 23,219 (24,179) (960)
effect of movement in exchange rates 119 (50) 69
At 31 December 2019/1 January 2020 703,598 (349,548) 354,050
claims incurred during the year 1,194,668 (335,530) 859,138 additional information & disclosure Summary
adjustment to claims incurred in prior accident years (11,733) 9,941 (1,792)
claims paid during the year (1,043,282) 201,100 (842,182)
movement in ibnr 75,918 (44,299) 31,619
effect of movement in exchange rates (78) 38 (40)
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24 th aGm information
At 31 December 2020 919,091 (518,298) 400,793
note 10