Notes to the financial statements (cont’d) For the year ended 30 June 2012 (b) Liabilities relating to insurance business (c) Reconciliation of movements in Policy liabilities (d) Contribution to profit or loss of life insurance business page 118 Policy liabilities have been determined in accordance with applicable accounting standards. Policy liabilities for life insurance contracts  are valued in accordance with AASB 1038, whereas life investment contracts are valued in accordance with AASB 139 and AASB 118.  There are differences between the valuation requirements of the accounting standards and those of the Life Insurance Act 1995. Statutory 2012 2011 $’000 $’000 Payables 9,750  19,476  Contract policy liabilities - investment contracts with DPF 417,907  427,323  Investment contract liabilities 367,306  411,737  Non-controlling interests in controlled trusts 3,795  109,481  798,758  968,017  Statutory 2012 2011 $’000 $’000 Contract policy liabilities Insurance contract liabilities at beginning of the year 427,323  4 47,0 4 8  Net increase in life insurance contract policy liabilities 10,739  15,974  Life insurance contract contributions 20,193  13,563  Life insurance contract withdrawals (40,348) (49,262) Insurance contract liabilities at end of the year 417,9 07 427, 323 Statutory 2012 2011 $’000 $’000 Revenue Interest income 1,535  1,009  Dividends and distributions received 30,192  34,396  Net fair value gains/(losses) on other financial assets at fair value through profit or loss (29,582) 24,342  Net gains(losses) on foreign exchange 2,099  - Contributions received - investment contracts with DPF 20,193  13,563  DPF policy holder liability increase 9,416  19,725  Non - DPF policyholder liability decrease 14,588  (13,021) Other fee revenue 4,087  5,246  52,528  85,260 