Page 172 - EXIM-Bank_Annual-Report-2023
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EXIM BANk MALAySIA
170 A Vision to Serve Empowering Growth Management Discussion and Analysis
ANNUAL REPORT 2023
Notes to the fiNaNcial statemeNts
27. INTErEST EXPENSE
Group and Bank
2023 2022
rM’000 rM’000
Financial liabilities at amortised cost
Borrowings:
Term loans/Revolving credits 7,503 6,692
Medium Term Notes 58,038 90,325
Interest expense/(income) on derivatives 84,103 (8,742)
149,644 88,275
28. INSuRANCE/TAkAFuL SERVICE RESuLTS
Group and Bank
2023 2022
rM’000 rM’000
restated
Insurance revenue
Contracts not measured under PAA
Expected claims and insurance/takaful service expense incurred in the period 2,899 1,979
Change in the risk adjustment for non-financial risk 1,927 682
Others 173 -
Contracts measured under PAA 2,630 1,695
7,629 4,356
Insurance service expenses
Incurred claims and other service expense (1,088) (16,892)
Changes to liabilities for incurred claims 14,965 14,278
Losses/reversal of losses on onerous contracts (450) 6,261
13,427 3,647
Net expenses from reinsurance contracts held
Amounts relating to changes in the assets for remaining coverage (5,459) (5,712)
Amounts recoverable for claims and expenses incurred in the period 167 399
Changes that relates to past service (980) (19)
(6,272) (5,332)
Insurance/takaful service results 14,784 2,671
Insurance/Takaful finance expense
Insurance/Takaful finance income/(expenses) from contracts issued (936) (400)
Reinsurance finance income/(expenses) from contracts held 223 246
(713) (154)
Net income from insurance/takaful business 14,071 2,517
