| ASSETS |
Notes |
2004
£m |
|
2003
£m |
|
|
| Intangible assets |
14 |
56.7 |
|
57.0 |
|
|
| Investments |
|
|
|
|
|
| Other financial investments |
15 |
1,301.4 |
|
1,048.4 |
|
|
| Reinsurers’ share of technical provisions |
|
|
|
|
|
| Provision for unearned premiums |
23 |
24.1 |
|
29.3 |
|
| Claims outstanding |
23 |
318.6 |
|
265.4 |
|
|
|
|
342.7 |
|
294.7 |
|
|
| Debtors |
|
|
|
|
|
| Debtors arising out of direct insurance operations |
17 |
110.1 |
|
134.1 |
|
| Debtors arising out of reinsurance operations |
|
261.2 |
|
223.9 |
|
| Other debtors |
|
125.4 |
|
52.6 |
|
|
|
|
496.7 |
|
410.6 |
|
|
| Other assets |
|
|
|
|
|
| Tangible fixed assets |
18 |
6.2 |
|
6.4 |
|
| Cash at bank and in hand |
|
42.8 |
|
26.5 |
|
|
|
|
49.0 |
|
32.9 |
|
|
| Prepayments and accrued income |
|
|
|
|
|
| Deferred acquisition costs |
|
104.0 |
|
88.8 |
|
| Other prepayments and accrued income |
|
21.6 |
|
19.0 |
|
|
|
|
125.6 |
|
107.8 |
|
|
| Total assets |
|
2,372.1 |
|
1,951.4 |
|
|
| LIABILITIES |
Notes |
2004
£m |
|
2003
£m |
|
|
| Capital and reserves |
|
|
|
|
|
| Called up share capital |
19 |
98.8 |
|
97.7 |
|
| Share premium account |
21 |
154.2 |
|
150.2 |
|
| Own shares |
21 |
(1.6 |
) |
(2.4 |
) |
| Merger reserve |
21 |
41.9 |
|
41.9 |
|
| Capital redemption reserve |
21 |
2.7 |
|
2.7 |
|
| Profit and loss account |
21 |
147.9 |
|
93.2 |
|
|
| Equity shareholders’ funds |
22 |
443.9 |
|
383.3 |
|
|
| Technical provisions |
|
|
|
|
|
| Provision for unearned premiums |
23 |
500.8 |
|
429.6 |
|
| Claims outstanding |
23 |
1,175.3 |
|
999.5 |
|
|
|
|
1,676.1 |
|
1,429.1 |
|
|
| Provisions for other risks and charges |
24 |
57.0 |
|
19.9 |
|
|
| Creditors: amounts falling due within one year |
|
|
|
|
|
| Creditors arising out of direct insurance operations |
|
20.3 |
|
15.5 |
|
| Creditors arising out of reinsurance operations |
|
25.6 |
|
39.8 |
|
| Other creditors including taxation and social security |
25 |
72.7 |
|
32.1 |
|
|
|
|
118.6 |
|
87.4 |
|
| Creditors: amounts falling due after more than one year |
26 |
46.7 |
|
19.8 |
|
|
| Accruals and deferred income |
|
29.8 |
|
11.9 |
|
|
| Total liabilities |
|
2,372.1 |
|
1,951.4 |
|
|
|
|
|
|
|
|
| Net assets per ordinary share |
13 |
113.6p |
|
99.3p |
|
| Net tangible assets per ordinary share |
13 |
99.1p |
|
84.6p |
|
|
The financial statements were approved by the Board of Directors on 7 March 2005 and were signed on its behalf by:
|
| Roger Taylor Chairman |
Richard Hextall Finance Director |
|
