Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Asbestos (Tables)

v3.24.1.1.u2
Asbestos (Tables)
 12 Months Ended
Mar. 31, 2024
Asbestos [Abstract]  
Asbestos Adjustments
The Asbestos adjustments loss included in the consolidated statements of operations and comprehensive income comprise the following:
 
Years Ended 31 March
(Millions of US dollars) 2024 2023 2022
Change in estimates:
Change in actuarial estimate - asbestos liability $ 148.1  $ 56.0  $ 145.6 
Change in actuarial estimate - insurance receivable (3.1) (0.1) (5.3)
Change in estimate - AICF claims-handling costs 8.5  1.2  0.6 
Subtotal - Change in estimates 153.5  57.1  140.9 
Effect of foreign exchange on Asbestos net liabilities (9.7) (45.9) (13.2)
Loss on foreign currency forward contracts 7.8  24.5  5.3 
Other 0.1  1.3  (1.3)
Asbestos adjustments loss $ 151.7  $ 37.0  $ 131.7 
Central Estimates, Net of Insurance Recoveries
The following table sets forth the central estimates, net of insurance recoveries, calculated by KPMG as of 31 March 2024:
As of 31 March 2024
(Millions of US and Australian dollars, respectively) US$  A$
Central Estimate – Discounted and Inflated 949.0  1,457.8 
Central Estimate – Undiscounted but Inflated 1,254.7  1,927.4 
Central Estimate – Undiscounted and Uninflated 907.6  1,394.3 
The following table summarizes the results of the analysis:
As of 31 March 2024
(Millions of US and Australian dollars, respectively) US$ A$
Discounted (but inflated) - Low
 758.8  1,165.6 
Discounted (but inflated) - High
 1,416.1  2,175.4 
Undiscounted (but inflated) - Low
 987.4  1,516.8 
Undiscounted (but inflated) - High
 1,960.5  3,011.7 
Numbers of Open Claims, New Claims and Closed Claims and Average Settlement Per Settled Claim and Case Closed
The following table shows the activity related to the numbers of open claims, new claims and closed claims during each of the past five years and the average settlement per settled claim and case closed:
 
For the Years Ended 31 March
   2024 2023 2022 2021 2020
Number of open claims at beginning of period 359  365  360  393  332 
Number of new claims
Direct claims 410  403  411  392  449 
Cross claims 154  152  144  153  208 
Number of closed claims 544  561  550  578  596 
Number of open claims at end of period 379  359  365  360  393 
Average settlement amount per settled claim A$289,000 A$303,000 A$314,000 A$248,000 A$277,000
Average settlement amount per case closed 1
A$262,000 A$271,000 A$282,000 A$225,000 A$245,000
Average settlement amount per settled claim US$190,000 US$208,000 US$232,000 US$178,000 US$189,000
Average settlement amount per case closed 1
US$172,000 US$186,000 US$208,000 US$162,000 US$167,000
 1 The average settlement amount per case closed includes nil settlements.
Schedule of Net Unfunded AFFA Liability, Net of Tax
The following is a detailed rollforward of the Net Unfunded AFFA liability, net of tax, for the fiscal year ended 31 March 2024:
(Millions of US dollars)   Asbestos
Liability		 Insurance
Receivables		 Restricted
Cash and
Investments		 Other
Assets
and
Liabilities		 Net
Unfunded
AFFA
Liability		 Deferred
Tax
Assets		 Income
Tax
Payable		 Net
Unfunded
AFFA
Liability,
net of tax
Opening Balance - 31 March 2023
 $ (977.1) $ 35.0  $ 244.7  $ (0.6) $ (698.0) $ 298.6  $ 40.7  $ (358.7)
Asbestos claims paid 114.8  —  (114.8) —  —  —  —  — 
Payment received in accordance with AFFA —  —  91.8  —  91.8  —  —  91.8 
AICF claims-handling costs incurred (paid) 1.2  —  (1.2) —  —  —  —  — 
AICF operating costs paid - non claims-handling —  —  (1.6) —  (1.6) —  —  (1.6)
Change in actuarial estimate (148.1) 3.1  —  —  (145.0) —  —  (145.0)
Change in claims handling cost estimate (8.5) —  —  —  (8.5) —  —  (8.5)
Impact on deferred income tax due to change in actuarial estimate —  —  —  —  —  46.0  —  46.0 
Insurance recoveries —  (5.6) 5.6  —  —  —  —  — 
Movement in income tax payable —  —  —  —  —  (39.5) (0.8) (40.3)
Other movements —  —  9.1  0.7  9.8  (2.6) 0.4  7.6 
Effect of foreign exchange 28.0  (1.0) (9.4) 1.4  19.0  (8.5) (0.8) 9.7 
Closing Balance - 31 March 2024
 $ (989.7) $ 31.5  $ 224.2  $ 1.5  $ (732.5) $ 294.0  $ 39.5  $ (399.0)
Schedule of Remaining Time Deposits The following table represents the investments outstanding as of 31 March 2024:
Date Invested Maturity Date Interest Rate A$ Millions
January 2024 24 January 2025 5.20% 60.0
October 2023 16 October 2024 5.13% 70.0
July 2023 24 July 2024 5.34% 60.0
April 2023 15 April 2024 4.35% 30.0
April 2022 5 April 2024 2.75% 54.0