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Assets And Policyholder Liabilities Under Insurance And Investment Contracts

12 Months Ended

Jun. 30, 2022

Assets And Policyholder Liabilities Under Insurance And Investment Contracts [Abstract]

Assets And Policyholder Liabilities Under Insurance And Investment Contracts

11.Assets and policyholder liabilities under insurance and investment contracts

Reinsurance assets and policyholder liabilities under insurance contracts

Summarized below is the movement in reinsurance assets and policyholder liabilities under insurance contracts during the years ended June 30, 2022 and 2021:

		Reinsurance Assets⁽¹⁾		Insurance contracts⁽²⁾
Balance as of July 1, 2020		$	1,006	$	(1,370)
	Increase in policy holder benefits under insurance contracts		711		8,032
	Claims and policyholders’ benefits under insurance contracts		(632)		(8,383)
	Foreign currency adjustment⁽³⁾		213		(290)
Balance as of June 30, 2021			1,298		(2,011)
	Increase in policy holder benefits under insurance contracts		2,087		(9,540)
	Claims and policyholders’ benefits under insurance contracts		(1,782)		9,336
	Foreign currency adjustment⁽³⁾		(179)		260
Balance as of June 30, 2022		$	1,424	$	(1,955)

(1) Included in other long-term assets (refer to Note 9);

(2) Included in other long-term liabilities;

(3) Represents the effects of the fluctuations of the ZAR against the U.S. dollar.

The Company has agreements with reinsurance companies in order to limit its losses from large insurance contracts, however, if the reinsurer is unable to meet its obligations, the Company retains the liability. The value of insurance contract liabilities is based on the best estimate assumptions of future experience plus prescribed margins, as required in the markets in which these products are offered, namely South Africa. The process of deriving the best estimates assumptions plus prescribed margins includes assumptions related to claim reporting delays (based on average industry experience).

11.Assets and policyholder liabilities under insurance and investment contracts (continued)

Assets and policyholder liabilities under investment contracts

Summarized below is the movement in assets and policyholder liabilities under investment contracts during the years ended June 30, 2022 and 2021:

			Assets⁽¹⁾		Investment contracts⁽²⁾
Balance as of July 1, 2020			$	490	$	(490)
	Increase in policy holder benefits under investment contracts			13		(13)
	Claims and decrease in policyholders’ benefits under investment contracts			(227)		227
	Foreign currency adjustment⁽³⁾			105		(105)
Balance as of June 30, 2021				381		(381)
	Increase in policy holder benefits under investment contracts			16		(16)
	Foreign currency adjustment⁽³⁾			(26)		48
		Balance as of June 30, 2022	$	371	$	(349)

(1) Included in other long-term assets (refer to Note 9);

(2) Included in other long-term liabilities;

(3) Represents the effects of the fluctuations of the ZAR against the U.S. dollar.

The Company does not offer any investment products with guarantees related to capital or returns.