Page 265 - 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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34 NET BENEFITS, CLAIMS AND EXPENSE RESERVES
Group
2020 2019 achieving a leading repute
RM’000 RM’000

Gross benefits and claims paid (1,043,145) (1,198,032)
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claims ceded to retakaful 201,100 226,870
Gross change to contract liabilities (215,571) (69,754)
change to contract liabilities ceded to retakaful 168,788 52,964

(888,828) (987,952) Paving the Way for a Sustainable future
expense reserves (5,275) (59,588)

net benefits, claims and expense reserves (894,103) (1,047,540)

Gross benefits/claims paid (1,043,145) (1,198,032)
retakaful recoveries 201,100 226,870
259
net benefits/claims paid (842,045) (971,162)

Gross change in contract liabilities:
at 31 december (919,091) (703,598)
less:
at 1 January (703,598) (633,725) adhering to the best Governance Practices
effect of movement in exchange rates (78) 119

(215,571) (69,754)

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change in contract liabilities ceded to retakaful companies:
at 31 december 518,298 349,548
less:
at 1 January 349,548 296,534
effect of movement in exchange rates 38 (50) Laying the Foundation for Financial Growth

168,788 52,964

(888,828) (987,952)
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additional information & disclosure Summary

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24 th aGm information