Page 142 - EXIM_AR2021

140 FINANCIAL EXIM BANK MALAYSIA
STATEMENTS

Notes to the fiNaNcial statemeNts

8. insUrance (Payables)/receivables

Group and Bank
2021 2020
RM’000 RM’000

Amount due from agents, brokers and co-insurers 851 1,386
Less: Allowance for expected credit losses (806) (640)
45 746

Amount due to agents, brokers and co-insurers (295) (158)
(250) 588

Movements in the allowance for expected credit losses for insurance receivables are as follows:
Group and Bank
2021 2020
RM’000 RM’000

Expected credit losses
At 1 January 640 518
Allowance made during the year 816 469
Amount written back (650) (347)

At 31 December 806 640

9. Derivative financial instrUments
The notional amounts, recorded at gross, is the amount of derivatives’ underlying asset, reference rate or index and is the
basis upon which changes in the value of derivatives are measured. The notional amounts indicate the volume of transactions
outstanding at the year end and are not indicative of the market risk nor the credit risk.
The following table shows the fair value of derivative financial instruments recorded as assets or liabilities together with their
notional amounts. Derivative assets and derivative liabilities are disclosed on a gross basis as it is the Bank’s practice to settle
those derivative on a gross basis.

As at 31 December 2021, the Bank has entered into the following derivative financial instruments:
Group and Bank
2021 2020
Fair Value Notional Fair Value Notional
Assets Liabilities Amount Assets Liabilities Amount
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Derivatives used in fair value hedges
Interest/profit rate swaps 52,378 999 2,136,645 106,016 - 2,813,105

Cross currency interest/profit rate swap 28,085 - 478,653 35,733 - 464,342

Total 80,463 999 2,615,298 141,749 - 3,277,447