Interim Results -6-
September 23 2011 - 2:00AM
UK Regulatory
services - 2.3 22.9 4.0 (9.1) 20.1
Investment
return 6.4 - - 0.1 - 6.5
Interest income 2.3 - - - - 2.3
Other income 2.1 - 1.0 0.1 - 3.2
----------------
Segment income 10.8 2.3 23.9 4.2 (9.1) 32.1
---------------- ---------- ------------ ---------- ----------- ------------ -------
Insurance
claims and
loss
adjustment
expenses (4.0) - - 2.4 - (1.6)
Insurance
claims and
loss
adjustment
expenses
recovered from
reinsurers 2.4 - 0.1 (0.5) - 2.0
---------------- ---------- ------------ ---------- ----------- ------------ -------
Net insurance
claims (1.6) - 0.1 1.9 - 0.4
---------------- ---------- ------------ ---------- ----------- ------------ -------
Cost of run-off
services - - (20.4) (4.2) 7.9 (16.7)
Administrative
expenses (5.1) (0.5) 0.1 (0.6) 1.2 (4.9)
----------------
Segment
expenses (5.1) (0.5) (20.3) (4.8) 9.1 (21.6)
---------------- ---------- ------------ ---------- ----------- ------------ -------
Segment results
of operating
activities
before
recognising
negative
goodwill 3.8 1.8 3.7 1.3 - 10.6
---------------- ---------- ------------ ---------- ----------- ------------ -------
Negative
goodwill
recognised - - - - - -
Segment results
of operating
activities 3.8 1.8 3.7 1.3 - 10.6
---------------- ---------- ------------ ---------- ----------- ------------ -------
Share of
results of
associate - - - (0.9) - (0.9)
Finance costs - - - (2.0) - (2.0)
Taxation - - (1.3) 1.3 - -
Loss for the
period from
discontinued
operations - - - (6.3) - (6.3)
----------------
Segment
profit/(loss)
for the
period 3.8 1.8 2.4 (6.6) - 1.4
---------------- ---------- ------------ ---------- ----------- ------------ -------
5 Segmental information continued
Segment assets, liabilities and other information
The following is an analysis of the Group's net assets, capital
expenditure, impairment losses, depreciation and amortisation by
reportable segment.
Under -
writing
run-off Insurance Other
and Run-off services corporate
insurance manage-ment (Pro) activities Total
As at 30 June
2011 $m $m $m $m $m
-------------- ----------- ------------ ------------ ----------- --------
Segment
assets 413.0 10.9 18.9 73.5 516.3
Segment
liabilities (226.2) (1.5) (12.9) (41.1) (281.7)
Segment net
assets 186.8 9.4 6.0 32.4 234.6
-------------- ----------- ------------ ------------ ----------- --------
Depreciation - - (0.3) - (0.3)
Amortisation
of
intangible
assets - - - (0.4) (0.4)
Amortisation
of risk
premium - - - 1.3 1.3
-------------- ----------- ------------ ------------ ----------- --------
Under -
writing
run-off Insurance Other
and Run-off services corporate
insurance manage-ment (Pro) activities Total
As at 30 June
2010 $m $m $m $m $m
-------------- ----------- ------------ ------------ ----------- --------
Segment
assets 313.1 7.4 17.2 117.6 455.3
Segment
liabilities (179.2) (2.6) (11.3) (38.3) (231.4)
Segment net
assets 133.9 4.8 5.9 79.3 223.9
-------------- ----------- ------------ ------------ ----------- --------
Capital
expenditure - - (0.8) - (0.8)
Depreciation - - (0.2) - (0.2)
Amortisation
of risk
premium - - - 1.9 1.9
-------------- ----------- ------------ ------------ ----------- --------
For the purposes of monitoring segment performance and
allocating resources between segments, the Group Chief Executive
monitors the tangible, intangible and financial assets and
liabilities of each segment. All assets and liabilities are
allocated to reportable segments.
Geographical information
The Group's revenue and information about its segment net assets
by geographical location are as follows:
United Kingdom United States of America Total
As at 30 June 2011 $m $m $m
-------------------- --------------- ------------------------- ------
Segment revenue 20.2 62.0 82.2
Segment net assets 111.3 123.3 234.6
-------------------- --------------- ------------------------- ------
As at 30 June 2010 $m $m $m
-------------------- --------------- ------------------------- ------
Segment revenue 29.9 1.9 31.8
Segment net assets 152.8 71.1 223.9
-------------------- --------------- ------------------------- ------
Information about major customers
The Group does not derive revenue from an individual
policyholder or intermediary that represents 10% or more of the
Group's total revenue.
6 Total expenses
Due to the reallocation of costs in the year, total expenses of
$23.5m should be compared to $21.6m for the equivalent period in
2010. The increase relates primarily to operating costs associated
with acquired companies and the impact of foreign exchange.
7 Discontinued operation
On 21 March 2006, the Company sold a significant proportion
(87.35%) of its "A" shareholding in CX Re to a consortium in which
the Company participates. The majority of the consideration
receivable is in the form of deferred consideration, any
adjustments to the deferred consideration are accounted for as a
profit/(loss) on sale of investment in the period in which the
adjustments to the deferred consideration arise. The results of the
discontinued operation which have been included in the consolidated
income statement are as follows:
30 Jun 2011 30 Jun 2010 31 Dec 2010
$m $m $m
---------------------------- ------------ ------------ ------------
Loss on sale of investment (5.3) (6.3) (6.8)
---------------------------- ------------ ------------ ------------
8 Earnings per share
30 Jun 2011 30 Jun 2010 31 Dec 2010
Earnings $m $m $m
------------------------------------ ------------ ------------ ------------
Earnings for the purposes of basic
earnings per share from continuing
and discontinued operations being
net profit attributable to equity
holders of the Group 11.0 1.4 1.8
Earnings for the purposes of basic
earnings per share from continuing
operations being net loss
attributable to equity holders of
the Group 16.3 7.7 8.6
Number of shares 30 Jun 2011 30 Jun 2010 31 Dec 2010
------------------------------------ ------------ ------------ ------------
Weighted average number of Ordinary
Shares for the purposes of basic
earnings per share 111,681,171 112,987,164 112,987,164
Effect of dilutive potential
Ordinary Shares: Share options 7,725,941 6,378,232 6,658,103
Weighted average number of Ordinary
Shares for the purposes of diluted
earnings per share 119,407,112 119,365,396 119,645,267
------------------------------------ ------------ ------------ ------------
30 Jun 2011 30 Jun 2010 31 Dec 2010
Basic earnings per share $ $ $
------------------------------------ ------------ ------------ ------------
From continuing and discontinued
operations
Basic: Ordinary Shares ($ per
share) 0.0985 0.0124 0.0159
------------------------------------ ------------ ------------
Diluted: Ordinary Shares ($ per
share) 0.0921 0.0117 0.0150
------------------------------------ ------------ ------------ ------------
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