Financial Summary

Consolidated income statement for the year ended 31 December 2007	Notes	2007 �m	2006 �m

Gross premiums written	3	780.5	745.1
Written premiums ceded to reinsurers		(128.3)	(170.8)
Net premiums written	3	652.2	574.3
Change in gross provision for unearned premiums		(24.7)	(84.9)
Reinsurer�s share of change in the provision for unearned premiums		(10.3)	20.2
Change in net provision for unearned premiums		(35.0)	(64.7)
Net earned premiums	3	617.2	509.6
Net investment income	4	64.9	48.3
Other income	5	10.1	7.1
		75.0	55.4
Revenue		692.2	565.0
Insurance claims		338.6	357.0
Insurance claims recovered from reinsurers		(31.2)	(86.3)
Net insurance claims	3	307.4	270.7

Expenses for the acquisition of insurance contracts	3	179.2	133.8
Administrative expenses	6	58.2	45.8
Foreign exchange (gain)/loss	6	(3.1)	22.3
Operating expenses		234.3	201.9
Expenses	3	541.7	472.6
Results of operating activities		150.5	92.4
Finance costs	8	(12.0)	(5.6)
Profit before tax		138.5	86.8

Comprises:
Profit before tax and foreign exchange adjustments on non-monetary items		130.3	96.2
Foreign exchange on non-monetary items	3	8.2	(9.4)
Income tax expense	9	(38.1)	(26.9)
Profit after tax		100.4	59.9
Earnings per share (pence per share):
Basic	10	28.1	16.7
Diluted	10	27.4	16.6

The notes form part of these financial statements.

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