Continuity in an uncertain world

ADDITIONAL INFORMATION

Shareholders & Syndicate participations
at 31 December 2003


The tables below analyse the Group’s share register by type of investor and by size of investment.

2003 2002
By type of investor Number of
holdings
% Number of
shares
% Number of
holdings
% Number of
shares
%

Current directors* 15 0.73 3,942,694 1.01 15 0.88 4,254,860 1.10
Other individuals 1,108 53.71 22,909,288 5.86 1,044 60.87 26,686,432 6.87
Corporate and institutional+ 940 45.56 364,019,934 93.13 656 38.25 357,381,959 92.03

2,063 100.00 390,871,916 100.00 1,715 100.00 388,323,251 100.00


* Shareholdings of directors, their dependent family members and trusts (beneficial and non-beneficial)
+ Includes the Group’s Employee Share Ownership Trust

By size of investment Number of
holdings
% Number of
shares
% Number of
holdings
% Number of
shares
%

Up to 50,000 1,710 82.89 14,432,097 3.69 1,370 79.88 12,655,934 3.26
50,001 to 100,000 97 4.70 6,894,476 1.76 94 5.48 6,819,978 1.76
100,001 to 500,000 148 7.17 31,955,615 8.18 142 8.28 29,497,539 7.60
500,001 to 1,000,000 41 1.99 28,393,603 7.26 45 2.62 32,221,368 8.30
1,000,001 to 5,000,000 50 2.43 93,087,311 23.82 50 2.92 110,410,023 28.42
5,000,001 to 10,000,000 12 0.58 80,785,665 20.67 9 0.52 61,027,619 15.72
Over 10,000,000 5 0.24 135,323,149 34.62 5 0.30 135,690,790 34.94

2,063 100.00 390,871,916 100.00 1,715 100.00 388,323,251 100.00


The Group’s aligned and non-aligned participations in Lloyd’s syndicates are set out below.

Aligned syndicate participations

* Syndicate capacity
Year of account 2004
£m
2003
£m
2002
£m
2001
£m

Syndicate 2001 1,000.0 861.6 578.3 400.1

Total managed capacity 1,000.0 999.6 799.7 574.5
Percentage owned 100.0 % 86.2 % 72.3 % 69.6 %



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Non-aligned syndicate participations

Syndicate capacity
Year of account Syndicate 1999
£m
1998
£m
1997
£m

Non-marine
Jago Managing Agency Ltd 205 2.25 - -
D P Mann Ltd 435 7.80 - -
A E Grant (Underwriting Agencies) Ltd 991 2.93 2.35 -
Duncanson & Holt Syndicate Management Ltd 1101 - 2.50 2.50

Total non-marine 12.98 4.85 2.50

Motor
Ockham Personal Insurance Agency Ltd 37 4.64 - -

Aviation
Kingsmead Underwriting Agency Ltd 271 1.50 2.45 -
St Paul Syndicate Management Ltd 340 - - 2.25
Duncanson & Holt Syndicate Management Ltd 957 - 3.00 3.00

Total aviation 1.50 5.45 5.25

Total capacity 19.12 10.30 7.75

Capacity remaining open at 31 December 2003 9.82 7.85 5.50


During 1999 the Group sold the final part of its directly owned non-aligned capacity. The managers of Syndicates 271, 340 and 435 have stated their intention to close the years of account above with effect from 31 December 2003.





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