From the BH report - Investors need to be aware of FIG’s...

From the BH report - Investors need to be aware of FIG’s accounting for trail commissions and acquisition costs. FIG’s revenue includes the movement in the carrying value of its trail commission book. Whilst this can include changes in assumptions and experience, it also includes the uplift from new business which is essentially the present value of trail commissions to be received over the expected life of the policy. Likewise, FIG creates a clawback provision to allow for future lapses from new business written. Movements in the carrying value of trail commissions and clawback provisions are both processed through profit and loss but are both of a non-cash nature.

I guess this is where you are trusting management to get the provisioning right. New business i.e. revenue is
the present value of trail commissions to be received over the expected life of the policy. So when a policy lapses prior to the expected life it's booked against the "clawback" provision. The depth of experience of management is comforting. It's just feels a little uncomfortable booking revenue 5 years in advance ( average life of policy) that takes you that long to collect to cash assuming the policy doesn't lapse in those 5 years.