1 Summary of significant accounting policies
The basis of preparation, basis of consolidation and significant accounting policies adopted in the preparation of Amlin plc’s (the Group’s) financial statements are set out below.
Basis of preparation
These consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted for use in the European Union (EU). The consolidated financial statements comply with Article 4 of the EU IAS regulation.
The consolidated financial statements have been prepared on the historical cost basis except for cash and cash equivalents, financial investments, loans and receivables, share options and pension assets and liabilities which are measured at their fair value.
Except where otherwise stated, all figures included in the consolidated financial statements are presented in millions of British pounds sterling (sterling) shown as £m rounded to the nearest £100,000.
The accounting policies adopted in preparing these financial statements are consistent with those followed in the preparation of the Group’s annual financial statements for the year ended 31 December 2007.
In accordance with IFRS 4, the Group has applied existing accounting practices for insurance contracts, modified as appropriate, to comply with the IFRS framework and applicable standards.
Basis of consolidation
The financial statements consolidate the accounts of the Company and subsidiary undertakings, including the Group’s underwriting through participation on Lloyd’s syndicates. Subsidiaries are those entities in which the Group, directly or indirectly, has the power to govern the operating and financial policies in order to gain economic benefits and includes the Group’s Employee Benefit Trusts. The financial statements of subsidiaries are prepared for the same reporting year as the parent company except for the Financière Europe Assurances SAS group which was acquired during the year and has a reporting year ending 31 January. Consolidation adjustments are made to convert subsidiary accounts prepared under different accounting standards into IFRS so as to remove the effects of any different accounting policies that may exist. Subsidiaries are consolidated from the date that control is transferred to the Group and cease to be consolidated from the date that control is transferred out. All intercompany balances, profits and transactions are eliminated.
Details of material subsidiaries included within the consolidated financial statements can be found in note 34.
Adoption of new and revised Standards
Two Interpretations issued by the International Financial Reporting Interpretations Committee ‘IFRIC’ have become effective for the current year. These are: IFRIC 11 IFRS 2 – Group and Treasury Share Transactions and IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction. The adoption of these Interpretations has not led to any changes in the Group’s accounting policies or disclosures.
At the date of authorisation of these financial statements, the following Standards and Interpretations which have not been applied in these financial statements were in issue but not yet effective (and in some cases had not yet been adopted by the EU):
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IFRS 1 (amended) / IAS 27 (amended) |
Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate |
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IFRS 2 (amended) |
Share-based Payment – Vesting Conditions and Cancellations |
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IFRS 3 (revised 2008) |
Business Combinations |
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IFRS 8 |
Operating Segments |
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IAS 1(revised 2007) |
Presentation of Financial Statements |
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IAS 23 (revised 2007) |
Borrowing Costs |
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IAS 27 (revised 2008) |
Consolidated and Separate Financial Statements |
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IAS 32 (amended) / IAS 1 (amended) |
Puttable Financial Instruments and Obligations Arising on Liquidation |
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IFRIC 12 |
Service Concession Arrangements |
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IFRIC 16 |
Hedges of a Net Investment in a Foreign Operation |
The directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the financial statements of the Group except for:
- additional segment disclosures when IFRS 8 comes into effect for periods commencing on or after 1 January 2009;
- treatment of acquisition of subsidiaries when IFRS 3 comes into effect for business combinations for which the acquisition date is on or after the beginning of the first annual period beginning on or after 1 July 2009;
Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities. Although these estimates are based on management’s best knowledge of current events and actions, actual results may ultimately differ from those estimates.
Insurance contract liabilities
The most significant estimate made in the financial statements relates to the insurance of unpaid claim reserves and related loss adjustment expenses of the Group.
The estimated provision for ultimate incurred losses changes as more information becomes known about the actual losses for which the initial provisions were set up. The change in claims costs for prior period insurance claims represents the claims development of earlier reported years incurred in the current accounting period. In 2008 there has been a net positive development of £114.7 million (2007: £109.0 million) for the Group, reflecting favourable experience in the 2007 and prior reported years. Note 3 provides further details of the method the Group applies in estimating insurance contract liabilities.
Financial investments
The methods and assumptions used by the Group in estimating the fair value of financial assets are described in note 3.
Intangible assets
An intangible asset is recognised on the purchase of insurance underwriting through the acquisition of a subsidiary or the specific rights to renew a particular underwriting binder.
The value of this intangible is largely based on the expected cash flows of the underwriting acquired and contractual rights on that business. Certain key assumptions are used to assess the value of the intangible such as past underwriting performance and past renewal values of underwriting business.
These are the subject of specific uncertainty and a reduction in underwriting profitability or renewal values of business acquired may result in the value of the intangible being impaired and written off in the current accounting period.
Staff incentive plans
The Group recognises a liability and expense for staff incentive plans based on a formula that takes into consideration the underwriting profit after certain adjustments. Underwriting profit is estimated based on current expectation of premiums and claims and will change as more information is known or future events occur. Where estimates change related staff incentive plan liabilities may also change.
Retirement benefit obligations
Following the departure of other key remaining employers in the scheme in the year the Group is now able to value reliably its proportionate share of the defined benefit obligation, plan assets and post-employment costs associated with its participation in The Lloyd’s Superannuation Fund defined benefit scheme. An expense of £5.9 million has been recognised in the Statement of Changes in Equity and a credit of £2.6 million has been recognised in the income statement. Note 27 provides further details on the Group’s retirement benefit obligations.
Foreign currency translation
The Group presents its accounts in sterling since it is subject to regulation in the United Kingdom and the net assets, liabilities and income of the Group are currently weighted towards sterling. US dollar revenue is significant but the sterling revenue stream is also currently material. All group entities are incorporated in the United Kingdom with the exception of Amlin Bermuda Holdings Ltd, Amlin Bermuda Ltd, Amlin Illinois, Inc., Financière Europe Assurance Group SAS and Amlin Singapore Pte Limited which are incorporated in Bermuda,the United States of America, France and Singapore respectively. All Group entities conduct business in a range of economic environments, primarily the United Kingdom, United States of America and Europe. Due to the regulatory environment and the fact that the Group trades through the Lloyd’s market, all Group companies incorporated in the United Kingdom have adopted sterling as their functional currency. The Group companies incorporated in Bermuda and the United States of America have adopted the US dollar as their functional currency. Amlin Singapore Pte Limited has adopted the Singapore dollar as its functional currency. The Group companies incorporated in France have adopted the Euro as their functional currency.
Transactions denominated in foreign currencies are translated using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities are translated at the rates of exchange at the balance sheet date. Non-monetary assets and liabilities are translated at the average rate prevailing in the period in which the asset or liability first arose.
The results and financial position of those Group entities whose functional currency is not Sterling are translated into Sterling as follows:
- Assets and liabilities for each balance sheet presented are translated at the closing exchange rate at the date of the balance sheet
- Income and expenses for each income statement are translated at average exchange rates during the period
- On consolidation all resulting exchange differences are recognised as a component of equity.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.
Where contracts to sell currency have been entered into prior to the year end, the contracted rates have been used. Differences arising on the translation of foreign currency amounts on such items are included in other operating expenses.
Insurance contracts premium
Gross premium written comprise premium on insurance contracts incepting during the financial year. The estimated premium income in respect of facility contracts is deemed to be written in full at the inception of the contract. Premium is disclosed before the deduction of brokerage and taxes or duties levied on them. Estimates are included for premium receivable after the period end but not yet notified, as well as adjustments made in the year to premium written in prior accounting periods.
The proportion of gross premium written, gross of commission payable, attributable to periods after the balance sheet date is deferred as a provision for unearned premium. The change in this provision is taken to the income statement in order that revenue is recognised over the period of the risk.
Premium is earned over the policy contract period. The earned element is calculated separately for each contract on a 365ths basis. For premium written under facilities, such as under binding authorities, the earned element is calculated based on the estimated risk profile of the individual contracts involved.
Acquisition costs
Acquisition costs comprise brokerage incurred on insurance contracts written during the financial year. They are incurred on the same basis as the earned proportions of the premium they relate to. Deferred acquisition costs are amortised over the period in which the related revenues are earned. Deferred acquisition costs are reviewed at the end of each reporting period and are written off where they are no longer considered to be recoverable.
Reinsurance premium ceded
Reinsurance premium ceded comprise the cost of reinsurance arrangements placed and are accounted for in the same accounting period as the related insurance contracts. The provision for reinsurers’ share of unearned premium represents that part of reinsurance premium written which is estimated to be earned in following financial years.
Insurance contracts liabilities: claims
Claims paid are defined as those claims transactions settled up to the balance sheet date including the internal and external claims settlement expenses allocated to those transactions. The reinsurers’ share represents recoveries received from reinsurance protection in the period plus recoveries receivable against claims paid that have not been received at the balance sheet date, net of any provision for bad debt.
Unpaid claims reserves are made for known or anticipated liabilities under insurance contracts which have not been settled up to the balance sheet date. Included within the provision is an allowance for the future costs of settling those claims. This is estimated based on past experience and current expectations of future cost levels.
Unpaid claims reserves are estimated on an undiscounted basis. Provisions are subject to a detailed quarterly review where forecast future cash flows and existing amounts provided are reviewed and reassessed. Any changes to the amounts held are adjusted through the income statement. Provisions are established above an actuarial best estimate so that there is a reasonable chance of release of reserves from one underwriting year to the next.
The unpaid claims reserves also include, where necessary, a reserve for unexpired risks where, at the balance sheet date, the estimated costs of future claims and related deferred acquisition costs are expected to exceed the unearned premium provision. In determining the need for an unexpired risk provision the underwriting divisions within the Syndicate have been regarded as groups of business that are managed together.
Although the unpaid claims reserves are considered to be reasonable, having regard to previous claims experience (including the use of certain statistically based projections) and case by case reviews of notified claims, on the basis of information available at the date of determining the provision, the ultimate liabilities will vary as a result of subsequent information and events. This uncertainty is discussed further in the risk disclosures in note 3.
Net investment income
Dividends and any related tax credits are recognised as income on the date that the related listed investments are marked ex-dividend. Other investment income, interest receivable, expenses and interest payable are recognised on an accruals basis.
Business combinations
The acquisitions of subsidiaries are accounted for using the purchase method. The cost of acquisition is measured as the fair value of assets given, liabilities incurred or assumed, and equity instruments issued by the Group at the date of exchange, plus any costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed, meeting the conditions for recognition under IFRS 3, are recognised at their fair value at the acquisition date.
Interests in joint ventures
Investments in joint ventures are accounted for using the equity method.
Intangible assets
i. Syndicate capacity
The cost of Lloyd’s syndicate participations that have been purchased in the Lloyd’s capacity auctions is capitalised at cost. Syndicate capacity is considered to have an indefinite life and is not subject to an annual amortisation charge. The continuing value of the capacity is reviewed for impairment annually by reference to the expected future profit streams to be earned from Syndicate 2001, with any impairment in value being charged to the income statement.
ii. Goodwill
Goodwill arising on acquisitions prior to 1 January 1999 was written off to reserves. Goodwill recognised between 1 January 1999 and the date of transition to IFRS (1 January 2004) was capitalised and amortised on a straight line basis over its estimated useful life. Following the transition to IFRS this goodwill is stated at net book value at 1 January 2004. Goodwill that was recognised subsequent to 1 January 2004, representing the excess of the purchase consideration over fair value of net assets acquired, is capitalised. Goodwill is tested for impairment annually, or when events or changes in circumstance indicate that it might be impaired, by comparing the net present value of the future earnings stream from the acquired subsidiary, for the next five years against the carrying value of the goodwill and the carrying value of the related net assets.
iii. Other intangible assets
Other intangible assets comprise costs directly attributable to securing the intangible rights to customer contractual relationships. Costs are recognised as intangible assets where they can be identified separately and measured reliably and it is probable that they will be recovered by directly related future profits. Other intangible assets are carried at cost less accumulated amortisation and impairment losses. Amortisation is calculated on a straight-line basis based on the estimated useful economic life of the customer contractual relationship.
Property and equipment
Property and equipment are stated at historical cost less accumulated depreciation and provision for impairment where appropriate. Depreciation is calculated on the straight line method to write down the cost of such assets to their residual values over their estimated useful lives as follows:
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Leasehold land and buildings |
over period of lease |
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Freehold buildings |
5% per annum |
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Motor vehicles |
33% per annum |
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Computer equipment |
33% per annum |
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Furniture, fixtures and leasehold improvements |
20% per annum |
The carrying values of property and equipment are reviewed for impairment when events or changes in circumstance indicate that the carrying value may be impaired. If any such condition exists, the recoverable amount of the asset is estimated in order to determine the extent of impairment and the difference is charged to the income statement.
Gains and losses on disposal of property and equipment are determined by reference to their carrying amount and are taken to the income statement. Repairs and renewals are charged to the income statement when the expenditure is incurred.
Financial investments
The Group classifies its financial assets as fair value through income (FV) or available for sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.
The Group classifies its financial investments as FV to the extent that they are not reported as cash and cash equivalents. This classification requires all fair value changes to be recognised immediately within the investment return line in the income statement. Within the FV category, fixed maturity and equity securities are classified as ‘trading’ as the Group buys with the intention to resell. All other securities are classified as other than trading’ within the FV category.
The Group has investments in certain unlisted insurance intermediaries which are treated as available-for-sale and are measured at fair value. The values of these investments are initially measured at cost, including transaction costs and tested for impairment annually, or when events or changes in circumstances indicate that it might be impaired. When securities classified as available for sale are sold or impaired, the accumulated fair value adjustments recognised in equity are included in the income statement as ‘gains and losses from investment securities’.
Purchases and sales of investments are recognised on the trade date, which is the date the Group commits to purchase or sell the assets. These are initially recognised at fair value, and are subsequently re-measured at fair value based on quoted bid prices. Changes in the fair value of investments are included in the income statement in the period in which they arise. The uncertainty around bond valuation is discussed further in Note 3.
In the Company’s accounts, other financial investments in Group undertakings are stated at cost and are reviewed for impairment annually or when events or changes in circumstances indicate the carrying value may be impaired.
Derivative financial instruments
Derivatives are initially recognised at fair value on the date on which a derivative contract is entered into. Fair values for over the counter derivatives are supplied by the relevant counterparty. Changes in the fair value of derivative instruments are recognised immediately in the income statement unless the derivative is designated as a hedging instrument. As defined by IFRS 39 Financial Instruments: Recognition and Measurement, the Group designates certain foreign currency derivatives as hedges of net investments in foreign operations. The Group documents at the inception of each hedging transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values of hedged items.
Any gain or loss on the hedging instrument related to the effective portion is recognised in shareholders’ equity and shown in note 24. The fair values of derivative instruments used for hedging purposes are disclosed in note 17. Gains and losses accumulated in equity are included in the income statement when the foreign operation is partially disposed of or sold.
Loans and receivables
Loans and receivables are measured at fair value. Appropriate allowances for estimated irrecoverable amounts are recognised in the income statement when there is evidence that the asset is impaired. These are reversed if the payment is received.
Borrowings
Borrowings are stated initially at the consideration received net of transaction costs incurred. Borrowings are subsequently stated at amortised cost using the effective interest method. Any difference between amortised cost and the redemption value is recognised in the income statement over the period of the borrowings. Transaction costs on borrowings are charged through the income statement over the period of the borrowings.
Borrowing costs
Borrowing costs comprise interest payable on loans and bank overdrafts and commissions charged for the utilisation of letters of credit. These costs are charged to the income statement as financing costs, as incurred. In addition fees paid for the arrangement of debt and letter of credit facilities are charged to borrowing costs over the life of the facility.
Cash and cash equivalents
Cash and cash equivalents are carried in the balance sheet at fair value. For the purposes of the cash flow statement, cash and cash equivalents comprise cash on hand, deposits held on call with banks and other short-term, highly liquid investments which are believed to be subject to insignificant risk of change in fair value.
Treasury shares
Treasury shares are deducted from equity. No gain or loss is recognised on the purchase, sale, issue or cancellation of the treasury shares. Any consideration paid or received is recognised directly in equity.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards to the Group. All other leases are classified as operating leases.
Assets held under finance leases and hire purchase transactions are capitalised in the balance sheet and depreciated over their useful lives. The initial capital value is the lower of the fair value of the leased asset and the present value of the minimum lease payments. Payments under finance leases are apportioned between finance charges and the reduction of the lease obligation so as to achieve a consistent rate of interest on the remaining balance of the lease liability.
Rentals payable under operating leases are charged to income in the period in which they become payable in accordance with the terms of the lease.
Employee benefits
i. Pension obligations
The Group participates in a number of pension schemes, including one defined benefit scheme and several defined contribution schemes and personal pension schemes.
The Lloyd’s Superannuation Fund scheme is a multi-employer defined benefit scheme. The Group recognises actuarial gains and losses arriving from the recognition and funding of the Group’s pension obligations in the Statement of Changes in Equity during the period in which they arrive.
The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the fair value of plan assets less the defined benefit obligation at the balance sheet date, together with adjustments for unrecognised past-service costs. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds, and that have terms to maturity approximating to the terms of the related pension liability.
Pension contributions to defined contribution plans are charged to the income statement when due.
ii. Equity compensation plans
The Group operates a number of executive and employee share schemes. Options issued after 7 November 2002 are accounted for using the fair value method where the cost for providing equity compensation is based on the fair value of the share option or award at the date of the grant. The fair value is calculated using an option pricing model and the corresponding expense is recognised in the income statement over the vesting period. The accrual for this charge is recognised in equity shareholders’ funds. When the options are exercised, the proceeds received net of any transaction costs are credited to share capital for the par value and the surplus to share premium.
iii. Other benefits
Other employee incentive schemes and long-term service awards, including sabbatical leave, are recognised when they accrue to employees. A provision is made for the estimated liability for long-service leave as a result of services rendered by employees up to the balance sheet date.
Other income
Fee income from providing information services is recognised on an earned basis.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years or that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered, or to the extent that it has been utilised.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
Deferred tax is provided for on the profits of overseas subsidiaries where it is reasonably foreseeable that distribution of the profit back to the UK will take place.
2 Capital
The capital structure of the Group consists of equity attributable to equity holders of the Company, comprising issued capital, reserves and retained earnings as disclosed in notes 22 and 24, and subordinated debt as disclosed in note 26. For business planning purposes, account is also taken of the Group’s undrawn debt facilities as disclosed in note 26.
The Amlin corporate members which support Syndicate 2001 are required to hold regulatory capital in compliance with the rules issued by the UK’s Financial Services Authority (FSA). In addition, being Lloyd’s operations they are also subject to Lloyd’s capital requirements. Under FSA rules, the corporate members must hold capital in excess of the higher of two amounts. The first is the Pillar 1 requirement, as prescribed by EU directives, calculated by applying fixed percentages to premiums and claims. The second, Pillar 2, is an Individual Capital Assessment (ICA) calculated internally by the firm. The ICA is defined as the level of capital that is required to contain the probability of insolvency, over a one year timeframe, to no greater than 0.5%. The ICA calculation basis is generally considered to be broadly equivalent to a BBB insurance financial strength rating. The ICA calculation considers all ultimate losses incurred over a one year business planning horizon, and any prior year reserve movements.
For the purposes of setting Lloyd’s capital requirements, Lloyd’s currently uplifts all ICAs by 35% to bring the capital to a level to support a higher financial strength rating. The final capital requirement is then subject to a minimum of 40% of the syndicate’s agreed regulatory premium capacity limit.
The Syndicate also benefits from mutualised capital within the Lloyd’s Central Fund, for which a variable annual levy, which is 0.5% of syndicate gross premium for 2008, is payable.
The ICA is reviewed annually by Lloyd’s and periodically by the FSA. The FSA expect management to apply their rules continuously. If a firm breaches its Pillar 1 capital it must cease trading; if Pillar 2 capital is breached steps must be urgently taken to restore capital to the required level. Due to the nature of the Lloyd’s capital setting process, Funds at Lloyd’s requirements are formally assessed and funded twice yearly at discrete periods and must be met for the Syndicate to continue underwriting.
At 31 December 2008 the level of capital held by the Amlin corporate members was more than £200 million (2007: £150 million) in excess of the Pillar 1 requirement and more than £45 million (2007: £75 million) in excess of the Pillar 2 requirement.
The Group does not seek to retain any assets in excess of the Lloyd’s capital requirement within the Lloyd’s framework and any surplus is paid to the corporate entities in the Amlin group.
For Amlin Bermuda, minimum capital requirements are dictated by the rules laid down by the Bermuda Monetary Authority (BMA). Amlin Bermuda is classified as a Class IV reinsurer and the minimum solvency margin is the greater of $100m, 50% of net premiums written in the current financial year (subject to a 25% cap on reinsurance expenditure), 15% of claims reserves or the Enhanced Capital Requirement (ECR). In the case of Amlin Bermuda at 31 December 2008, the premium test was the largest of the four criteria at $274.5 million (2007: $232.8 million). The ECR is calculated on an annual basis through either the Bermuda Solvency Capital Requirement (BSCR) model or an approved internal model. At 31 December 2008, the minimum solvency margin is equivalent to the minimum solvency calculation. In addition, as a Class IV reinsurer Amlin Bermuda is required to maintain a minimum liquidity ratio such that the value of “relevant assets” is not less than 75% of its “relevant liabilities”. Amlin Bermuda met this requirement at 31 December 2008. For wider commercial reasons we believe that it is necessary to hold at least $1 billion of capital for Amlin Bermuda, which is currently far in excess of the required minimum.
The method by which the Group actively manages its capital base is described in the Review section under Financial Management.
In addition to regulatory capital requirements we believe that we should retain a level of capital within the Group to allow it to grow its exposures materially in the aftermath of a major insurance disaster, but also to respond to other opportunities to enhance long term growth, for example through acquisition. The capital held by Syndicate 2001 and Amlin Bermuda, is driven by the business mix, nature and objectives of each entity and its context within the wider Amlin Group.
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