Which statements are correct regarding the accounting treatment prescribed by IFRS 17 Insurance Contracts?

1. An insurance contract is recognised as a liability by the insurer

. 2. If the present value of fulfilment cash flows arising in an insurance contract is negative, a loss is recognised over the period to which the contract relates.

3. A finance expense is recognised in relation to insurance contracts

1 only

1 and 2

2 and 3

1 and 3 only