Full Year Results -2
March 19 2009 - 3:01AM
UK Regulatory
Emphasis of matter - significant uncertainty with respect to the Group's ability
to continue to hold non-agency US mortgage-backed securities accounted for as
loans and receivables at amortised cost.
Without qualifying our opinion, we draw attention to note 39 which explains the
significant uncertainty with respect to the Group's ability to hold non-agency
US mortgage-backed securities accounted for as loans and receivables at
amortised cost.
While the Group has the current intention and the ability to continue to hold
its portfolio of mortgage-backed securities, a substantial portion of these
securities are pledged as collateral and are subject to minimum rating and
valuation requirements.
Valuations of such securities have been very volatile and if sales of
non-agency US mortgage-backed securities are required to obtain other assets,
the Group would reduce net assets in the amount of the shortfall between the
sale price and the book value on an amortised cost basis. As of 28 February 2009
the book value of non-agency mortgage backed securities was $165.2 million
higher than the market value provided by the Group's pricing service.
Deloitte LLPChartered Accountants and Registered Auditors London18 March 2009.
THE FINANCIAL STATEMENTS
Contents
23 Consolidated income statement
24 Consolidated balance sheet
25 Consolidated cash flow statement
26 Consolidated statement of recognised income and expense
27Notes to the financial statements
Consolidated income statement
+---------------+--------+--------+------------+-------------+
| | | | Year | Year |
| | | | ended | ended |
+---------------+--------+--------+------------+-------------+
| | | | 31 | 31 |
| | | | December | December |
| | | | 2008 | 2007 |
+---------------+--------+--------+------------+-------------+
| | Notes | | $'000 | $'000 |
| | | | | |
+---------------+--------+--------+------------+-------------+
| | | | | |
+---------------+--------+--------+------------+-------------+
| Gross | | | 12,320 | 12,683 |
| premiums | | | | |
| written | | | | |
+---------------+--------+--------+------------+-------------+
| | | | | |
+---------------+--------+--------+------------+-------------+
| Revenue | | | | |
+---------------+--------+--------+------------+-------------+
| Premium | | | | 17,666 |
| revenue | | | 12,127 | |
+---------------+--------+--------+------------+-------------+
| Premium | | | 2,489 | 4,693 |
| received | | | | |
| from | | | | |
| reinsurers | | | | |
+---------------+--------+--------+------------+-------------+
| Net | | | 14,616 | 22,359 |
| insurance | | | | |
| premium | | | | |
| revenue | | | | |
+---------------+--------+--------+------------+-------------+
| | | | | |
+---------------+--------+--------+------------+-------------+
| Fee | | | 539 | 1,949 |
| income | | | | |
+---------------+--------+--------+------------+-------------+
| Investment | 8 | | 76,884 | 73,089 |
| income | | | | |
+---------------+--------+--------+------------+-------------+
| Net | 9 | | (1,376) | (1,310) |
| realised | | | | |
| losses | | | | |
| on | | | | |
| financial | | | | |
| assets | | | | |
+---------------+--------+--------+------------+-------------+
| Impairment | | | (2,563) | - |
| of | | | | |
| financial | | | | |
| assets | | | | |
+---------------+--------+--------+------------+-------------+
| Net | 5 | | - | (1,723) |
| realised | | | | |
| losses | | | | |
| on sale | | | | |
| of | | | | |
| renewal | | | | |
| rights | | | | |
+---------------+--------+--------+------------+-------------+
| Total | | | 88,100 | 94,364 |
| revenue | | | | |
+---------------+--------+--------+------------+-------------+
| | | | | |
+---------------+--------+--------+------------+-------------+
| Expenses | | | | |
+---------------+--------+--------+------------+-------------+
| Insurance | | | 6,425 | 44,740 |
| claims | | | | |
| and loss | | | | |
| adjustment | | | | |
| expenses | | | | |
+---------------+--------+--------+------------+-------------+
| Insurance | | | 11,637 | 34,416 |
| claims | | | | |
| and loss | | | | |
| adjustment | | | | |
| expenses | | | | |
| paid to | | | | |
| reinsurers | | | | |
+---------------+--------+--------+------------+-------------+
| Net | 10 | | 18,062 | 79,156 |
| insurance | | | | |
| claims | | | | |
+---------------+--------+--------+------------+-------------+
| Acquisition | | | 7,304 | 10,279 |
| costs | | | | |
+---------------+--------+--------+------------+-------------+
| Other | 11,12 | | 41,518 | 59,742 |
| operating | | | | |
| expenses | | | | |
+---------------+--------+--------+------------+-------------+
| Restructuring | 6 | | 1,716 | 1,571 |
| costs | | | | |
+---------------+--------+--------+------------+-------------+
| Total | | | 68,600 | 150,748 |
| expenses | | | | |
+---------------+--------+--------+------------+-------------+
| | | | | |
+---------------+--------+--------+------------+-------------+
| Results | | | | (56,384) |
| of | | | 19,500 | |
| operating | | | | |
| activities | | | | |
+---------------+--------+--------+------------+-------------+
| | | | | |
+---------------+--------+--------+------------+-------------+
| Finance | 13 | | (13,322) | (21,696) |
| costs | | | | |
+---------------+--------+--------+------------+-------------+
| | | | | |
+---------------+--------+--------+------------+-------------+
| Profit/(loss) | | | 6,178 | (78,080) |
| before income | | | | |
| tax | | | | |
+---------------+--------+--------+------------+-------------+
| | | | | |
+---------------+--------+--------+------------+-------------+
| Income | 15 | | (2,239) | (100) |
| tax | | | | |
| expense | | | | |
+---------------+--------+--------+------------+-------------+
| | | | | |
+---------------+--------+--------+------------+-------------+
| Profit/(loss) | | | 3,939 | (78,180) |
| for the year | | | | |
+---------------+--------+--------+------------+-------------+
| | | | | |
+---------------+--------+--------+------------+-------------+
| Earnings per share for profits/(losses) |
| attributable to the equity shareholders of |
| the Company during the period: |
+------------------------------------------------------------+
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