I don't understand the change in treatment of cancellations though, once a policy is cancelled there are no longer Insurance Services being provided on that policy. If you do the thought experiment, whereby every policy in the in-force book refinanced and was cancelled, what services will be provided by HLI for the subsequent 15 years and why would HLI need to wait up to 15 years to recognise the profit on those policies?
The whole concept of deferred expected profit as a liability does my head in to begin with and this new standard exacerbates it, there should be corresponding asset that negates the impact on Net Assets.
I don't understand the change in treatment of cancellations...
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