NOTE 5. ANALYSIS OF EXPENSES
CONSOLIDATED
2015
2014
$m
$m
A. EXPENSES AS PRESENTED IN THE STATEMENT OF COMPREHENSIVE INCOME
Outwards reinsurance premium expense
1,196
1,077
Claims expense
9,363
7,058
Acquisition costs
1,750
1,386
Other underwriting expenses
924
752
Fire services levies
225
216
Investment expenses on assets backing insurance liabilities
23
20
Finance costs
107
98
Net loss attributable to non-controlling interests in unitholders' funds
6
14
Fee based, corporate and other expenses
465
256
Total expenses
14,059
10,877
B. ANALYSIS OF EXPENSES BY FUNCTION
General insurance business expenses
13,481
10,509
Fee based business expenses
113
113
Investment and other expenses
12
21
Corporate and administration expenses
453
234
Total expenses
14,059
10,877
C. OTHER ITEMS
Disclosure of the following items is considered relevant in explaining the results for the financial year:
I. Depreciation and amortisation
Acquired intangible assets
80
11
Capitalised software development expenditure
59
38
Property and equipment
67
62
206
111
II. Employee benefits
Defined contribution superannuation plans
116
99
Defined benefit superannuation plans
10
12
Share based remuneration
28
25
Salaries and other employee benefits expense
1,605
1,313
1,759
1,449
III. Other
Restructuring provision and integration costs
155
50
Impairment in investment in associate
60
-
215
50
IV. Finance costs
Subordinated term notes interest paid/payable
30
26
Convertible preference share distributions paid/payable
18
18
Reset exchangeable securities interest paid/payable
25
26
Subordinated bonds interest paid/payable
23
22
Other debts of an operational nature, interest paid/payable
7
1
Amortisation of capitalised transaction costs
4
5
107
98
63
