Financial Summary
- Consolidated income statement |
- Balance sheet
- | Cash flow statement |
Statement of changes in equity
| Consolidated income statement for the year ended 31 December 2009 |
Notes | 2009 £m |
2008 £m |
|---|---|---|---|
| Gross premiums written | 3 | 1,115.5 | 875.7 |
| Written premiums ceded to reinsurers | (267.5) | (135.3) | |
| Net premiums written | 3 | 848.0 | 740.4 |
| Change in gross provision for unearned premiums | (62.1) | (53.4) | |
| Reinsurer's share of change in the provision for unearned premiums | 50.8 | (3.9) | |
| Change in net provision for unearned premiums | (11.3) | (57.3) | |
| Net earned premiums | 3 | 836.7 | 683.1 |
| Net investment income/(loss) | 4 | 56.1 | (25.8) |
| Other income | 5 | 12.5 | 10.1 |
| 68.6 | (15.7) | ||
| Revenue | 905.3 | 667.4 | |
| Insurance claims | 641.8 | 522.1 | |
| Insurance claims recoverable from reinsurers | (168.8) | (121.0) | |
| Net insurance claims | 3 | 473.0 | 401.1 |
| Expenses for the acquisition of insurance contracts | 3 | 218.2 | 182.6 |
| Administrative expenses | 82.7 | 54.7 | |
| Foreign exchange loss/(gain) | 21.9 | (70.8) | |
| Operating expenses | 322.8 | 166.5 | |
| Expenses | 3 | 795.8 | 567.6 |
| Results of operating activities | 109.5 | 99.8 | |
| Finance costs | 8 | (8.8) | (12.6) |
| Profit before income tax | 100.7 | 87.2 | |
| Comprises: | |||
| Underlying profit* | 3 | 147.3 | 41.0 |
| Notional adjustment on foreign exchange on non-monetary items | 3 | (46.6) | 46.2 |
| Income tax expense | 9 | (12.3) | (22.8) |
| Profit for the year attributable to equity shareholders | 88.4 | 64.4 | |
| Earnings per share (pence per share): | |||
| Basic | 10 | 18.4 | 18.8 |
| Diluted | 10 | 17.8 | 18.0 |
* underlying profit comprises profit before tax after the notional adjustment on foreign exchange on non-monetary items (see detailed explanation in note 3b to the financial statements).
(As at 3 February 2010)
The notes form part of these financial statements.
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