Page 242 - Capricorn IAR 2020

GLOSSARY OF TERMS ANNUAL FINANCIAL GLOSSARY OF TERMS STATEMENTS
NOTES TO THE CONSOLIDATED AND SEPARATE ANNUAL FINANCIAL STATEMENTS (continued)
for the year ended 30 June 2020
28. OTHER LIABILITIES
Group
2020 2019 N$’000 N$’000
Company
2019 N$’000
17,994 26,168
485 – – – –
44,647
44,647 –
44,647
2020 N$’000
Accounts payable and other accruals 212,610 Employee liabilities 232,348
– Employee-related accruals 187,919 – Provision for share-based payment liability 8,378 – PAYE payable 10,367 – Medical aid payable 7,631 – Pension payable 6,580 – Other 11,473
Indirect taxes 19,249 Derivative financial instruments – interest rate swaps 10,863 Policyholder liability (see Note 28.1) 188,390 Clearing, settlement and internal accounts 306,218 Lease liabilities (see Note 28.2) 327,919
1,297,597
Current 978,405 Non-current 319,192
162,762 191,275
26,168 – – – – –
Interest rate swaps are commitments to exchange one set of cash flows for another and result in an economic exchange of a fixed rate for a floating rate or vice versa. No exchange of principal takes place.
The notional principal amount of the outstanding interest rate swap contracts, included above and in other assets (note 18) at 30 June 2020 was N$173.5 million (2019: N$420.0 million).
28.1 Policyholder liabilities
The policyholder liability at year-end comprises:
Claims IBNR liability 10,106 Unearned premium reserve 178,284
188,390
Reconciliation of the policyholder liability:
Opening balance 153,978 Allocation to the IBNR liability 1,610 Transfer to unearned premium reserve 32,802
188,390 153,978
– –
–
– – –
–
1,297,597
240
30,290
26,424
159,159 10,550 8,833 6,861 – 5,872
26,424
–
–
–
–
–
32,628 5,959 153,978 58,517 –
605,119
372
57,086
–
–
–
–
451,141 153,978
605,119
8,495 145,483
57,086
57,086
–
–
–
153,978
90,597 1,001 62,380
–
–
–
–
–