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Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts
 6 Months Ended
Dec. 31, 2016
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract]  
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts

8. Reinsurance assets and policy holder liabilities under insurance and investment contracts

     Reinsurance assets and policy holder liabilities under insurance contracts

     Summarized below is the movement in reinsurance assets and policy holder liabilities under insurance contracts during the six months ended December 31, 2016:

    Reinsurance     Insurance  
    assets(1)     contracts(2)  
Balance as of June 30, 2016 $ 171   $ (1,078 )
Increase in policy holder benefits under insurance contracts   365     (1,811 )
Claims and policyholders' benefits under insurance contracts   (353 )   1,375  
Foreign currency adjustment(3)   13     (82 )
Balance as of December 31, 2016 $ 196   $ (1,596 )
 
     (1) Included in other long-term assets.
 
          
     (2) Included in other long-term liabilities.            
     (3) Represents the effects of the fluctuations between 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 Company determines its reserves for future policy benefits under its life insurance products using a model which estimates claims incurred that have not been reported at the balance sheet date. This model includes best estimate assumptions of experience plus prescribed margins, as required in the markets in which these products are offered, namely South Africa. The best estimate assumptions include those assumptions related to mortality, morbidity and claim reporting delays, and the main assumptions used to calculate the reserve for future policy benefits include (i) mortality and morbidity assumptions reflecting the company's most recent experience and (ii) claim reporting delays reflecting Company specific and industry experience.

     Assets and policy holder liabilities under investment contracts

     Summarized below is the movement in assets and policy holder liabilities under investment contracts during the six months ended December 31, 2016:

          Investment  
    Assets(1)     contracts(2)  
Balance as of June 30, 2016 $ 528   $ (528 )
Increase in policy holder benefits under investment contracts .   18     (18 )
Maturity of claims under investment contracts   (13 )   13  
Foreign currency adjustment(3)   41     (41 )
Balance as of December 31, 2016 $ 574   $ (574 )

 

     (1) Included in other long-term assets.

            
     (2) Included in other long-term liabilities.            
     (3) Represents the effects of the fluctuations between the ZAR against the U.S. dollar.
 
     The Company does not offer any investment products with guarantees related to capital or returns.