IFRS 17 for a Unit Linked Policy

Hello to everyone, I have the following question regarding the CSM under VFA.

Suppose you have a UL policy with the difference between inflows and outflows be negative (let’s say -100), i.e the policy is loss-making.

Moreover suppose that the Risk Adjustment, although it exists, is immaterial and held to 0, for simplicity.
Therefore the fulfilment cash flow (FCF) is -100+0=-100.
The CSM at initial recognition is max(-FCF,0)=100. Therefore, I recognize a positive unearned profit at inception although the policy is loss making.

What am I missing here? Is my thinking right?

Thank you all for your time

If the policy is onerous, there is no CSM.
Losses are recognized immediately.

Thank you for your reply.

Therefore i have to write a loss component of -100? Should I amortize it?

Yes. Loss component of -100. No, losses are recognized upfront, therefore no amortization.

Thank you !