Good General Insurance 
        (International) Limited
        Selected illustrative disclosures 
        for IFRS 17 Insurance Contracts 
        (Premium allocation approach), 
        IFRS 9 Financial Instruments and IFRS 7 
        Financial Instruments: Disclosures 
                            ®
        International GAAP
        Illustrative consolidated financial statements 
       
      Contents 
      Abbreviations and key ............................................................................................................................................... 2 
      Introduction .............................................................................................................................................................. 3 
      Statement of profit or loss and other comprehensive income ..................................................................................... 5 
      Statement of financial position ................................................................................................................................. 7 
      Statement of changes in equity ................................................................................................................................. 8 
      Statement of Cash flows ........................................................................................................................................... 9 
      Scope of the publication .......................................................................................................................................... 10 
      Notes to the financial statements ........................................................................................................................... 10 
      Appendix 1- Scope of the Publication ...................................................................................................................... 81 
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
      1                           Good General Insurance (International) Limited – Premium allocation approach 
            
           Abbreviations and key  
           The following styles of abbreviation are used in these International GAAP® Illustrative disclosures: 
            12mECL               12 month expected credit loss 
            AFS                  Available for sale 
            Commentary           The commentary explains how the requirements of IFRS have been implemented in arriving at the 
                                 illustrative disclosure 
            CSM                  Contractual service margin 
            EAD                  Exposure at default 
            ECL                  Expected credit loss 
            EIR                  Effective interest rate 
            FVOCI                Fair value through other comprehensive income  
            FVPL                 Fair value through profit or loss 
            GAAP                 Generally Accepted Accounting Principles/Practice 
            GM                   General model 
            Good Insurance       Good Insurance (International) Limited and subsidiaries for the year ended 31 December 2017 
            HTM                  Held to maturity 
            IAS 1.41             International Accounting Standard No. 1, paragraph 41 
            IAS 1.BC13           International Accounting Standard No. 1, Basis for Conclusions, paragraph 13 
            IASB                 International Accounting Standards Board 
            IGAAP                EY’s International GAAP®  
            IFIE                 Insurance finance income or expenses 
            IFRS 9.5.4.1         International Financial Reporting Standard No. 9, chapter 5.4, paragraph 1 
            IFRS 17 Appendix A   International Financial Reporting Standard No. 17, Appendix A 
            IFRS 17.44           International Financial Reporting Standard No. 17, paragraph 44 
            IFRS 17.B5           International Financial Reporting Standard No. 17, Appendix B (application guidance), paragraph 5 
            L&R                  Loans and receivables 
            LFRC                 Liability for remaining coverage 
            LFIC                 Liability for incurred claims 
            LGD                  Loss given default 
            LTECL                Lifetime expected credit loss 
            Note X               Reference to a section of Notes that are not included in this publication, but would otherwise be 
                                 required in a complete set of financial statements prepared in accordance with IFRS 
            OCI                  Other comprehensive income 
            PAA                  Premium allocation approach 
            PD                   Probability of default 
            SPPI                 Solely payments of principal and interest 
            VFA                  Variable fee approach 
            
           Good General Insurance (International) Limited – Premium allocation approach                                     2 
        
       Introduction 
       The purpose of this publication is to provide illustrative disclosures to meet the requirements of IFRS 17 Insurance Contracts 
       and IFRS 9 Financial Instruments related to groups of insurance contracts accounted for under the premium allocation 
       approach (PAA) described in IFRS 17. The disclosures are presented as a series of extracts from a set of full financial 
       statements for Good General Insurance (International) Limited (Good General, or the Company) for the year ended  
       31 December 2023. Good General is a limited liability insurance subsidiary of Good Insurance (International) Limited (Good 
       Insurance). Good General is a fictitious entity, incorporated in the fictitious country of Euroland. The functional currency of 
       the Company is the euro. 
       This publication is not a full set of illustrative financial statements in accordance with International Financial Reporting 
       Standards (IFRS). It focuses on the new presentation and disclosure requirements arising from IFRS 17 and IFRS 9 that 
       impact on a non-life insurance entity applying the premium allocation approach (the PAA), and it does not include all IFRS 7 
       disclosures not altered by IFRS 9. Furthermore, it does not consider any disclosures that may be required by other standards 
       such as IFRS 15 Revenue from Contracts with Customers or IFRS 16 Leases. The Company adopted both IFRS 17 and IFRS 9 
       for the first time in the annual reporting period commencing 1 January 2023. 
       Good General disaggregates information presented about insurance contracts in the notes to the financial statements by 
       major product line. Good General has four major product lines that it manages and operates independently. As it does not 
       have debt or equity instruments that are traded in a public market and is not in the process of issuing instruments in a public 
       market, Good General is not required to make disclosures under IFRS 8 Operating Segments. The four product lines are: 
         •  Personal accident insurance, issuing contracts that provide compensation following an accident 
         •  Marine insurance, issuing contracts to compensate for loss or damage to ships and cargo  
         •  Property insurance, issuing contracts to compensate for loss or damage to structures and contents, arising from fire, 
           theft, flood and weather damage 
         •  Liability reinsurance assumed, issuing contracts to provide insurers with payments in the event of claims made by 
           their policyholders for losses arising from injuries and damage to people and/or property. Reinsurance is provided on a 
           quota share basis and includes both treaty and facultative arrangements. 
       The illustrative presentation and disclosures in this publication are relevant for insurance and reinsurance products issued, 
       and reinsurance held, accounted for using the PAA in IFRS 17. Other publications illustrate disclosures for products 
       accounted for using the default measurement model (the general model) in Good Life Insurance (International) Limited and 
       variable fee approach (VFA) in IFRS 17. 
       We draw attention to the disclosures in Note 11 on insurance and reinsurance contracts that reflect the roll-forward of the 
       net asset or liability for insurance and reinsurance contracts. These disclosures require significantly more information than 
       is currently presented in IFRS financial statements, and it is expected that these will be one of the areas requiring most 
       effort from preparers as part of their implementation of IFRS 17. 
       IFRS references are shown on the margin of each page in the document indicating the specific IFRS paragraph that outlines 
       the accounting treatment or disclosure for the particular line item or block of narrative.  
       We use ‘Note X’ when referring to a section of the Notes that is not included in this publication, but would otherwise be 
       required in a complete set of financial statements prepared in accordance with IFRS. 
       Some disclosures are made in these financial statements merely for illustrative purposes, even though they may relate to 
       items or transactions that are not material for the Company.  
       Commentaries are provided to explain the basis for the disclosure, or to address alternative disclosures not included in the 
       illustrative financial statements. A more comprehensive list of disclosure requirements can be found in EY’s Online 
       International GAAP® Disclosure Checklist, and further commentary on IFRS 17 is available in EY’s Applying IFRS 17 – A 
       closer look at the new Insurance Contracts standard’. For questions that may arise as to the IFRS requirements, it is essential 
       to refer to the relevant source material and, where necessary, to seek appropriate professional advice. 
       The standards applied in these illustrative disclosures are those that are relevant for this publication, were in issue as at 30 
       June 2020, including final amendments to IFRS 17 issued 25 June 2020, and effective for annual periods beginning on or 
       after 1 January 2023. 
        
                           
       3                            Good General Insurance (International) Limited – Premium allocation approach