IFRS 17 - Insurance Contracts 40-42: Subsequent measurement: liability for remaining coverage and liability for incurred claims

At each reporting date a group's carrying amount is the sum of the LRC (the fulfilment cash flows for service still to come plus the CSM) and the LIC (the fulfilment cash flows for service already given). Movements in the LRC go to insurance revenue for services given in the period (B120 to B124), to insurance service expenses for losses on onerous groups and their reversal, and to insurance finance income or expenses for financial risk and time value. Movements in the LIC are recognised as insurance service expenses for claims and expenses incurred (investment components excluded) and for later changes in those fulfilment cash flows, and as insurance finance income or expenses.