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This isn't really *A specific so I expect this thread will be moved.

While the points that have already accrued are a liability (obligation on the frequent flyer program, FFP, to provide future benefits), many FFPs are seen as profit centres by airlines - ie the income they bring in outweighs the costs they incur. This could be by selling points to partners (eg to affiliated credit cards) and/or by incremental effect that the FFP has on loyalty - people stick with the airline and pay more than they would otherwise to get the benefits, at least that is the theory.

This profit has a value which in most cases is hidden as part of the airlines market capitalisation. However, Air Canada realised some of that value by spinning off their FFP Aeroplan. Qantas is looking to do likewise although the events of the past year (failed takeover bid and falling markets) have delayed action.

The recent Qantas half year results presentation included some information on this, in easy to understand language. Link to my blog entry about it.