Group income statement
for the year ended 31 December 2011 | Notes | 2011
$m | 2010
$m |
|---|
|
|
|
|
|---|
| Gross premiums written |
3 |
1,712.5 |
1,741.6 |
|---|
| Written premiums ceded to reinsurers |
|
(338.5) |
(339.5) |
|---|
| Net premiums written |
3 |
1,374.0 |
1,402.1 |
|---|
| Change in gross provision for unearned premiums |
|
20.6 |
38.4 |
|---|
| Reinsurer’s share of change in the provision for unearned premiums |
|
(9.6) |
(35.3) |
|---|
| Change in net provision for unearned premiums |
|
11.0 |
3.1 |
|---|
| Net earned premiums |
3 |
1,385.0 |
1,405.2 |
|---|
| Net investment income |
4 |
39.3 |
37.5 |
|---|
| Other income |
5 |
28.1 |
28.1 |
|---|
|
|
67.4 |
65.6 |
|---|
| Revenue |
|
1,452.4 |
1,470.8 |
|---|
| Insurance claims |
|
1,168.9 |
860.6 |
|---|
| Insurance claims recoverable from reinsurers |
|
(318.4) |
(122.4) |
|---|
| Net insurance claims |
3 |
850.5 |
738.2 |
|---|
|
|
|
|
|---|
| Expenses for the acquisition of insurance contracts |
3 |
390.7 |
381.4 |
|---|
| Administrative expenses |
|
126.6 |
119.2 |
|---|
| Foreign exchange loss/(gain) |
3 |
4.1 |
(34.6) |
|---|
| Operating expenses |
|
521.4 |
466.0 |
|---|
| Expenses |
3 |
1,371.9 |
1,204.2 |
|---|
| Share of loss in associate |
14 |
(1.0) |
(0.9) |
|---|
| Results of operating activities |
|
79.5 |
265.7 |
|---|
| Finance costs |
8 |
(16.8) |
(14.9) |
|---|
| Profit before income tax |
|
62.7 |
250.8 |
|---|
|
|
|
|
|---|
| Income tax credit/(expense) |
9 |
3.1 |
(33.8) |
|---|
| Profit for the year attributable to equity shareholders |
|
65.8 |
217.0 |
|---|
| Earnings per share (cents per share): |
|
|
|
|---|
| Basic |
10 |
13.0 |
42.1 |
|---|
| Diluted |
10 |
12.4 |
40.2 |
|---|
|
|
|
|
|---|
| Earnings per share (pence per share): |
|
|
|
|---|
| Basic |
10 |
8.1 |
27.4 |
|---|
| Diluted |
10 |
7.7 |
26.1 |
|---|
The notes form part of these financial statements.