This Prudential Standard establishes a set of principles and practices for the consistent measurement and reporting of policy liabilities for life insurance contracts. The policy liabilities must provide for both a best estimate value of the liabilities and the timely release of profit over the life of the business.

This Reporting Standard sets out the requirements for the provision of information to APRA in relation to calculating a life insurer’s retained profits and policy liabilities for participating business. It includes associated specific instructions and must be read in conjunction with Reporting Standard LRS 001 Reporting Requirements (LRS 001), including the general instruction guide, and Prudential Standard LPS 340 Valuation of Policy Liabilities and Prudential Standard LPS 600 Statutory Funds.

This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a life company’s retained profits. It includes Form LRF 340.1 Retained Profits (SF & SF Eliminations) and Form LRF 340.2 Retained Profits (SF Total, GF, GF Elim, Entity), associated specific instructions and must be read in conjunction with the general instruction guide.