• current estimate of expected future cash inflows and outflows
• discounted at current discount rates
• plus risk adjustment

Fulfilment cash flows (FCF) are not the CSM.

They are the current estimate of:

expected future cash inflows and outflows,

discounted using current discount rates,curren

plus a risk adjustment.

The CSM is the unearned profit set at inception.

Relationship:

FCF = best estimate + risk adjustment

CSM sits on top to eliminate day-1 profit.

Changes in FCF from non-financial assumptions usually adjust the CSM, not release it.

CSM is released systematically over coverage, not via FCF.

Broadly yes, conceptually — but not identical.

Similarities:

Both are best estimate cash flows + risk margin/adjustment

Both are market-consistent and discounted

Key differences:

Discount rates:

SII uses risk-free + VA/MA

IFRS 17 uses entity-specific current rates

Risk component:

SII Risk Margin (cost of capital)

IFRS 17 Risk Adjustment (confidence-based)

Purpose:

SII = prudential capital

IFRS 17 = financial reporting

So: equivalent idea, different mechanics and objectives.