GROUP ACCOUNTING POLICIES (continued) 2. Changes in accounting policies and disclosures (continued) 2.1 New and amended standards and interpretations (continued) On transition, the Group has applied the full retrospective approach to its groups of insurance contracts unless impracticable as described in IFRS 17. The following approaches are followed for measuring opening balances of insurance contracts on transition: Life Contracts Contracts with Discretionary Participation Features (DPF) (participating portfolio) Contracts without Discretionary Participation Features (nonparticipating portfolio) Reinsurance contracts held Reinsurance contract issued – Namibia treaty Present value of Expected Future Cash Flows Full retrospective Fair value for contracts incepted prior to 31 December 2014 (point of impracticability) Full retrospective contracts inception from 1 January 2015 onwards Full retrospective Risk adjustment Contractual Service Margin Asset for Remaining Coverage Fair value for contracts incepted prior to 31 December 2014 (point of impracticability) Full retrospective from 1 January 2015 onwards Asset for Incurred Claims Full retrospective Not applicable 108 Group Accounting Policies
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