2009 GMHBA Annual Report - GMHBA Health Insurance

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GMHBA Limited ABN 98 004 417 092NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2009 (CONTINUED)20092008$’000$’0002. ProfitProfit for the year includes the following specificexpenses:Amounts paid or due and payable for audit services 100 90- the auditors received no other benefitsNet loss on disposal of non-current assets - 26Rental expenses on operating leases 406 3973. Cash and cash equivalentsCash on hand 96 88Cash at bank 7,376 3,4817,472 3,5694. Trade and other receivablesUnclosed premium earned 1,200 1,031Unclosed premium unearned 798 7201,998 1,751Accrued investment income 1,914 2,345Other debtors 198 125Federal government rebate 5,544 4,4259,654 8,6465. Financial assetsCurrentBank Term Deposits 122,594 74,003Debentures 3,021 4,995Bank Bonds 502 4,563Negotiable Certificate Deposit - 5,506Portfolio Credit Linked Note - 2,000Managed funds – equities - 25,899Managed funds – fixed interest & property - 5,716At fair value 126,117 122,682GMHBA Limited ABN 98 004 417 092NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2009 (CONTINUED)6. Other assets2009$’0002008$’000Prepayments 81 -81 -7. Property, plant and equipmentFreehold land at valuation 1,955 1,665Land at valuation 1,955 1,665Buildings at valuation 1,745 1,874Less accumulated depreciation - 201,745 1,854Furniture and fittings at cost 1,209 1,205Less accumulated depreciation 841 694368 511Office equipment at cost 3,371 2,960Less accumulated depreciation 2,223 2,1121,148 848Motor vehicles at cost 29 30Less accumulated depreciation 8 521 25Capital Work in Progress 121 -Less accumulated depreciation - -121 -Total 5,358 4,903Cost 126,117 122,564Non-currentTerm Deposits 4,011 -At fair value 4,011 -Cost 4,011 -38 3739 38
GMHBA Limited ABN 98 004 417 092NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2009 (CONTINUED)Reconciliation of the carrying amounts of each class of property, plant and equipment at the beginningand end of the financial year are set out below:Land Buildings Furniture Office Motor Capital Total&Fittings Equipment VehiclesWIP$’000 $’000 $’000 $’000 $’000 $’000 $’000Carrying amount at 1 July 2008 1,665 1,854 511 848 25 0 4,903Additions - - 4 627 - - 631Additions Hi Software Dev WIP - - - - - 121 121Disposals - - - - - - -Revaluations 290 (80 ) - - - - 210Depreciation - (29 ) (147) (317 ) (4) - (497)Write Offs - - - (10) - - (10)Carrying amount at 30 June 2009 1,955 1,745 368 1,148 21 121 5,358Land Buildings Furniture Office Motor Capital Total&Fittings Equipment VehiclesWIP$’000 $’000 $’000 $’000 $’000 $’000 $’000Carrying amount at 1 July 20071,335906 92 01,4656574,455Additions 200 539 3 294 56 - 1,092Disposals - - - - (108 ) - (108)Revaluations - - - - - - -Depreciation - (20 ) (149 ) (342 ) (15 ) - (526)Write Offs - - - (10) - - (10)Carrying amount at 30 June 2008 1,665 1,854 511 848 25 0 4,903GMHBA Limited ABN 98 004 417 092NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2009 (CONTINUED)9. ProvisionsCurrent2009$’0002008$’000Outstanding claims 12,755 10,592Risk margin 2,166 1,61014,921 12,202Connect Reward benefits 14,351 15,324Employee annual leave 534 533Employee long service leave 279 31730,085 28,376Non-currentEmployee long service leave 103 75103 75The reconciliation of the provisions of the 2009 financial year are asfollows:Outstanding claims including risk marginBalance at beginning of year 12,202 11,824Add claims incurred 161,125 133,407Less claims paid (158,406) (133,029)14,921 12,2022009$’0002008$’0008. Trade and other payablesHealth Benefits Risk Equalisation / Reinsurance Trust Fund 976 1,978Creditors and accruals 2,215 2,3093,191 4,287Claims IncurredGross Claims - undiscountedCurrent 159,213 139,669Prior 1,601 (1,622)Total 160,814 138,047Current year claims relate to claim events that occurred in the current financial year. Prior yearclaims relate to a reassessment of the claim events that occurred in all previous financial periods.A major component of the prior year movement is the release of risk margins in respect of claimspayments settled during the year. In order to maintain strong reserves, much of this release istransferred to current reserves for which the development of claims is less mature and there ismuch greater uncertainty attaching to the ultimate cost of claims.Insurance contracts.Insurance contracts are defined as those containing significant insurance risk at the inception ofthe contract or those where at the inception of the contract there is a scenario with commercialsubstance where the level of insurance risk may be significant over time. The significance ofinsurance risk is dependant on both the probability of an insurance event and the magnitude of itspotential effect.403941 40
Page 1 and 2: GMHBA Limited60-68 Moorabool Street
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2009 GMHBA Annual Report - GMHBA Health Insurance

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