Detailed reconciliation
for the year ended
31 December 2004
from UK GAAP to IFRS
UK GAAP
£m
Foreign
exchange
on non-
monetary
assets
(IAS21)
£m
(note a)
RITC
adjustment
£m
(note b)
Syndicate
capacity
£m
(note d)
Employee
benefits
(IAS19
£m
(note e&f)
Investment
valuation
(IAS39)
£m
(note h)
Share
based
payments
(IFRS2)
£m
(note i)
Consolidation
of service
companies
(IAS18)
£m
(note k)
IFRS
£m
Gross premiums earned
855.9
27.8
-
-
-
-
-
-
883.7
Insurance premium revenue from the
receipt of reinsurance to close
-
-
15.3
-
-
-
-
-
15.3
Reinsurance premium ceded
(159.6)
(1.7)
-
-
-
-
-
-
(161.3)
Net insurance premium revenue
696.3
26.1
15.3
-
-
-
-
-
737.7
Investment return
52.5
-
-
-
-
(0.7)
-
0.3
52.1
Other operating income
5.9
-
-
-
0.3
-
-
1.2
7.4
Net income
754.7
26.1
15.3
-
0.3
(0.7)
-
1.5
797.2
Insurance claims and loss
adjustment expenses
(542.2)
-
-
-
-
-
-
-
(542.2)
Insurance claims and loss adjustment
expenses relating to the receipt of
reinsurance to close
-
-
(15.3)
-
-
-
-
-
(15.3)
Insurance claims and loss adjustment
expenses recoverable from reinsurers
163.0
-
-
-
-
-
-
-
163.0
Net insurance claims
(379.2)
-
(15.3)
-
-
-
-
-
(394.5)
Expenses for the acquisition
of insurance contracts
(158.4)
(5.8)
-
-
-
-
-
2.5
(161.7)
Expenses for asset management fees
(1.3)
-
-
-
-
-
-
-
(1.3)
Other operating expenses
(89.4)
(13.9)
-
3.1
(0.5)
-
(0.4)
(4.9)
(106.0)
Expenses
(249.1)
(19.7)
-
3.1
(0.5)
-
(0.4)
(2.4)
(269.0)
 
Results of operating activities
126.4
6.4
-
3.1
(0.2)
(0.7)
(0.4)
(0.9)
133.7
Finance costs
(4.8)
-
-
-
-
-
-
(4.8)
Profit before tax
121.6
6.4
-
3.1
(0.2)
(0.7)
(0.4)
(0.9)
128.9
Tax
(35.6)
(1.8)
-
(0.9)
0.2
-
0.1
0.1
(37.9)
Profit for the financial year
attributable to equity shareholders
86.0
4.6
-
2.2
-
(0.7)
(0.3)
(0.8)
91.0