Notes to the condensed interim financial statements (continued)

For the period ended 30 June 2023

3 SignificantAccountingPolicies(continued)

3.1 IFRS17-InsuranceContracts(continued)

IFRS17Options Adoptionapproach

Disaggregation of risk adjustment

Presentation in the statement of income –Reinsurance

Adjustments of estimate would take place on an annual basis

An insurer is not required to include the entire change in the risk adjustment for non-financial risk in the insurance service result. Instead, it can choose to split the amount between the insurance service resultant insurance finance income or expenses.

An entity may present the income or expenses from a group of reinsurance contracts held, other than insurance finance income or expenses, as a single amount; or the entity may present separately the amounts recovered from the reinsurer and an allocation of the premiums paid that together give a net amount equal to that single amount

The entity shall apply its choice of accounting policy to all groups of insurance contracts it issues and groups of reinsurance contracts it holds.

3.2 Propertyandequipment

The entire risk adjustment will be presented in insurance service result by the Company.

Reinsurance cessions and recoveries will be presented separately in the statement of income by the Company.

Adjustments of estimate would take place on an annual basis.

Property and equipment are recorded at cost less accumulated depreciation and any impairment losses. Depreciation is charged on a straight-line basis over the estimated useful lives of the property and equipment.

The rates of depreciation used are based on the following estimated useful lives of the assets:

Material residual value estimates and estimates of useful life are updated as required, but at least annually.

Gains or losses arising on the disposal of property and equipment are determined as the difference between the disposal proceeds and the net carrying amount of the assets and are recognised in statement of profit or loss.

3.3 Financialinstruments

a) Recognitionandderecognition

FinancialassetsandfinancialliabilitiesarerecognisedwhentheCompanybecomesapartytothecontractual provisions of the financial instrument and are measured initially at fair value plus, for an item not at fair valuethrough profitorloss,transactionscoststhataredirectlyattributabletoitsacquisitionorissue.Regular way purchases and sales of financial assets are recognised on the date on which the Company commits to purchase or sell the asset i.e. the trade date.