| TECHNICAL ACCOUNT |
Notes |
2003
£m |
|
2002
£m |
|
|
| Gross premiums written |
1 |
937.4 |
|
717.1 |
|
| Outward reinsurance premiums |
|
(149.8 |
) |
(144.1 |
) |
|
| Net premiums written |
|
787.6 |
|
573.0 |
|
| Change in the provision for unearned premiums: |
|
|
|
|
|
| – gross amount |
|
(100.0 |
) |
(99.9 |
) |
| – reinsurers’ share |
|
(2.9 |
) |
21.0 |
|
|
| Earned premiums, net of reinsurance |
|
684.7 |
|
494.1 |
|
|
| Allocated investment return transferred from the non-technical account |
2 |
36.1 |
|
31.1 |
|
|
| Claims paid: |
|
|
|
|
|
| – gross amount |
|
(327.2 |
) |
(348.6 |
) |
| – reinsurers’ share |
|
114.3 |
|
101.7 |
|
|
| Claims paid, net of reinsurance |
|
(212.9 |
) |
(246.9 |
) |
| Change in the provision for claims: |
|
|
|
|
|
| – gross amount |
|
(86.2 |
) |
7.8 |
|
| – reinsurers’ share |
|
(54.0 |
) |
(69.4 |
) |
|
| Claims incurred, net of reinsurance |
|
(353.1 |
) |
(308.5 |
) |
|
| Net operating expenses |
4 |
(212.2 |
) |
(158.6 |
) |
|
| Balance on the technical account for general business |
|
155.5 |
|
58.1 |
|
|
|
|
|
|
|
|
| NON-TECHNICAL ACCOUNT |
|
|
|
|
|
|
| Balance on the technical account for general business |
|
155.5 |
|
58.1 |
|
| Investment income |
2 |
36.6 |
|
40.5 |
|
| Unrealised (losses) gains on investments |
2 |
(3.1 |
) |
3.2 |
|
| Investment expenses and charges |
2 |
(1.5 |
) |
(1.2 |
) |
| Allocated investment return transferred to the technical account |
2 |
(36.1 |
) |
(31.1 |
) |
|
|
|
151.4 |
|
69.5 |
|
| Other income |
5 |
4.1 |
|
2.0 |
|
| Other charges |
6 |
(35.2 |
) |
(16.1 |
) |
|
| Operating profit |
|
120.3 |
|
55.4 |
|
|
| Comprising: |
|
|
|
|
|
| Operating profit based on longer term investment return |
|
124.4 |
|
45.6 |
|
| Short term fluctuations in investment return |
|
(4.1 |
) |
9.8 |
|
|
| Profit on ordinary activities before taxation |
10 |
120.3 |
|
55.4 |
|
| Tax on profit on ordinary activities |
11 |
(37.0 |
) |
(11.2 |
) |
|
| Profit on ordinary activities after taxation |
|
83.3 |
|
44.2 |
|
| Equity dividends |
12 |
(9.7 |
) |
(7.6 |
) |
|
| Retained profit for the financial year |
21 |
73.6 |
|
36.6 |
|
|
| Earnings per ordinary share |
13 |
|
|
|
|
| Basic |
|
21.6p |
|
14.1p |
|
| Diluted |
|
21.4p |
|
14.1p |
|
|
All of the operations of the Group are continuing.
|
| Statement of total recognised gains and losses |
|
|
|
|
|
|
| There were no recognised gains or losses in the current or preceding year other than those included in the profit and loss account and
therefore no statement of total recognised gains and losses has been presented. |
|
