TIDMHUW
RNS Number : 3804N
Hampden Underwriting Plc
28 September 2012
28 September 2012
Hampden Underwriting plc
("Hampden Underwriting" or the "Company")
Interim results for the six months ended 30 June 2012
Appointment of CEO
Hampden Underwriting plc, which provides investors with a
limited liability direct investment into the Lloyd's insurance
market, announces its unaudited interim results for the six months
ended 30 June 2012 and the appointment of a Chief Executive
Officer.
Highlights
-- Premium written during the period totalled GBP5.0m (an
increase of 10% over the same period last year)
-- Net profit of GBP247,000 (compared to a loss of GBP536,000
over the same period last year)
-- Earnings per share of 3.33p (compared to (7.23)p over the same period last year)
-- Net assets increased to GBP7.7m
-- Nigel Hanbury appointed as CEO and his NameCo 917 to be
acquired by the Company for shares
Commenting upon these results, Sir Michael Oliver, Chairman,
said:
"It gives me great pleasure to be able to report a profit of
GBP247,000 at the half year as opposed to a loss of GBP536,000 over
the same period last year. This is of course largely due to the
lack of catastrophe losses in the first six months of 2012 and it
remains our intention to pay an interim dividend later in the year.
I am also delighted to be able to say that we have appointed Nigel
Hanbury as Chief Executive Officer. Many of our shareholders will
know Nigel well from his time as CEO and then Chairman of Hampden
Agencies and I am sure that his drive and enthusiasm will be
brought to his new role."
For further information please contact:
Hampden Underwriting Jeremy Evans 020 7863 6567
Smith & Williamson Corporate
Finance David Jones 020 7131 4000
Additional information
Nigel John Hanbury (aged 55) currently owns (directly and
indirectly) 147,685 ordinary shares in the Company; on completion
of the proposed acquisition by the Company of Nameco (No. 917)
Limited ("NameCo 917"), it is expected that he will own
(indirectly) a further 1,113,572 ordinary shares. Under the terms
of his service agreement with the Company, he will be entitled to
an annual salary of GBP75,000 and a bonus of 15% of the amount by
which the audited annual net profit of the Company exceeds
GBP500,000. He is currently a director/partner of the following
companies/partnerships: Nomina No.084 LLP; ALM Ltd; NJ Hanbury Ltd;
Upperton Holdings Ltd; Hanbury Trading Ltd; Pooks Ltd; Nameco (No.
917) Ltd; Headwinds Investments plc; PF Hanbury & Son; Capital
Holdings Ltd; Hampden Insurance Protected Cell Company (Guernsey)
Ltd, and has been a director of the following companies in the last
five years: Hampden Agencies Ltd; Hampden Capital plc; Red Squirrel
Survival Trust Ltd; Syndicate 138 Ltd.
NameCo 917 is a corporate member of Lloyd's which the Company
has agreed (subject to regulatory approval) to acquire from
Upperton Holdings Limited (which itself is wholly-owned by Nigel
Hanbury) for a consideration of 1,113,572 new ordinary shares in
the Company. The 2012 underwriting capacity of Nameco 917 is GBP1.7
million; this compares with Hampden Underwriting's 2012 capacity of
GBP9.3 million. Nameco 917 is advised by Hampden Agencies and
participates in a spread of Lloyd's syndicates similar to Hampden
Underwriting's own participation. In the year ended 31 December
2011, Nameco 917 made a profit before tax of GBP0.1 million on
gross premiums written of GBP1.2 million and had net assets of
GBP1.8 million at that date (this is before a post year-end
dividend of GBP0.7 million). Hampden Underwriting will contribute
an estimated further GBP0.5 million in cash to its funds at Lloyd's
to support the Company's enlarged underwriting activities.
Chairman's Statement
It gives me great pleasure to be able to report a profit of
GBP247,000 at the half year as opposed to a loss of GBP536,000 over
the same period last year. This is of course largely due to the
lack of catastrophe losses in the first six months of 2012 and it
remains our intention to pay an interim dividend later in the
year.
In my statement to you in the 2011 annual report and accounts, I
said that we had made a good start and that now was the time for
expansion. Since the Company floated on AIM in 2007, it has
weathered the Lloyd's cycle with the worst year on record in 2011
and some profitable years in 2008 and 2009. The Company has
fulfilled its stated prospectus objective by underwriting though
Hampden MAPAs and also making some very successful acquisitions of
existing NameCos.
The Board is currently comprised of non-executive directors and
we consider that there is a need for a full-time executive to take
the Company to the next steps in its development. I am therefore
very pleased to be able to say that Nigel Hanbury has been
appointed Chief Executive Officer with immediate effect. Nigel has
also agreed to sell his NameCo 917 to the Company in exchange for
shares. The price of this acquisition, which will increase our
underwriting capacity by GBP1.7 million, is based on net asset
value and so there should be no NAV dilution for existing
shareholders. The new shares will rank pari passu in all respects
with existing shares and, when they are issued, Nigel's
shareholding (direct and indirect) in the Company will increase to
approximately 15%.
Many of you will know Nigel from his time as CEO and then
Chairman of Hampden Agencies and I am delighted to welcome him to
the Board as CEO. I am sure that his drive and enthusiasm will be
brought to his new role.
Sir Michael Oliver
Non-executive Chairman
27 September 2012
Condensed Consolidated Statement of Comprehensive Income
Six months ended 30 June 2012
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2012 2011 2011
Note GBP'000 GBP'000 GBP'000
------------------------------------------- ----- --------- --------- -------------
Gross premium written 5,043 4,571 7,715
Reinsurance premium ceded (1,201) (1,056) (1,445)
------------------------------------------- ----- --------- --------- -------------
Net premiums written 3,842 3,515 6,270
Change in unearned gross premium
provision (1,337) (840) 238
Change in unearned reinsurance premium
provision 565 423 (17)
------------------------------------------- ----- --------- --------- -------------
(772) (417) 221
Net earned premium 2 3,070 3,098 6,491
------------------------------------------- ----- --------- --------- -------------
Net investment income 4 204 148 247
Other underwriting income - - -
Other income 2 - 17 22
------------------------------------------- ----- --------- --------- -------------
204 165 269
------------------------------------------- ----- --------- --------- -------------
Revenue 3,274 3,263 6,760
------------------------------------------- ----- --------- --------- -------------
Gross claims paid (2,133) (1,940) (4,726)
Reinsurance share of gross claims
paid 416 270 842
------------------------------------------- ----- --------- --------- -------------
Claims paid, net of reinsurance (1,717) (1,670) (3,884)
Change in provision for gross claims 193 (1,671) (1,115)
Reinsurance share of change in provision
for gross claims (179) 543 486
------------------------------------------- ----- --------- --------- -------------
Net change in provision for claims 14 (1,128) (629)
Net insurance claims and loss adjustment
expenses 2 (1,703) (2,798) (4,513)
------------------------------------------- ----- --------- --------- -------------
Expenses incurred in insurance activities 2 (916) (889) (2,277)
Other operating expenses 2 (321) (310) (574)
------------------------------------------- ----- --------- --------- -------------
Operating expenses (1,237) (1,199) (2,851)
Operating profit/(loss) before tax 2 334 (734) (604)
------------------------------------------- ----- --------- --------- -------------
Income tax (expense)/credit 5 (87) 198 217
Profit/(loss) attributable to equity
shareholders 9 247 (536) (387)
------------------------------------------- ----- --------- --------- -------------
Earnings per share attributable to
equity shareholders
Basic and diluted 6 3.33p (7.23)p (5.22)p
------------------------------------------- ----- --------- --------- -------------
The profit/(loss) and earnings per share set out above are in
respect of continuing operations.
The accounting policies and notes are an integral part of these
Interim Financial Statements.
Condensed Consolidated Statement of Financial Position
At 30 June 2012
30 June 30 June 31 December
2012 2011 2011
Note GBP'000 GBP'000 GBP'000
-------------------------------------------- ----- -------- -------- ------------
Assets
Intangible assets 909 1,123 1,052
Deferred income tax assets - 12 -
Reinsurance share of insurance liabilities
- Reinsurers' share of outstanding
claims 3 2,702 2,974 3,044
- Reinsurers' share of unearned
premiums 3 992 884 409
Other receivables, including insurance
receivables 6,598 7,095 6,628
Prepayments and accrued income 1,045 1,026 842
Financial assets at fair value 14,091 13,162 13,675
Cash and cash equivalents 3,526 4,566 3,020
Total assets 29,863 30,842 28,670
-------------------------------------------- ----- -------- -------- ------------
Liabilities
Insurance liabilities
- Claims outstanding 3 12,853 14,068 14,234
- Unearned premiums 3 4,603 4,411 3,137
Deferred income tax liabilities 417 457 415
Other payables, including insurance
payables 3,814 3,843 2,911
Accruals and deferred income 444 727 488
Total liabilities 22,131 23,506 21,185
-------------------------------------------- ----- -------- -------- ------------
Shareholders' equity
Share capital 8 741 741 741
Share premium 8 6,261 6,261 6,261
Retained earnings 9 730 334 483
-------------------------------------------- ----- -------- -------- ------------
Total shareholders' equity 7,732 7,336 7,485
-------------------------------------------- ----- -------- -------- ------------
Total liabilities and shareholders'
equity 29,863 30,842 28,670
-------------------------------------------- ----- -------- -------- ------------
Condensed Consolidated Statement of Cash Flows
Six months ended 30 June 2012
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
Cash flow from operating activities 2012 2011 2011
GBP'000 GBP'000 GBP'000
--------------------------------------------- --------- --------- -------------
Results of operating activities 334 (734) (604)
Interest received (15) (8) (4)
Investment income (177) (118) (275)
Profit on sale of intangible assets - - 11
Amortisation of intangible assets 143 141 270
Change in fair value of investments 2 30 (5)
Changes in working capital:
Increase in other receivables (173) (1,181) (530)
Increase in other payables 772 1,145 3
Net increase in technical provisions (156) 1,157 454
Income tax paid - - (16)
Net cash inflow/(outflow) from operating
activities 730 432 (696)
--------------------------------------------- --------- --------- -------------
Cash flows from investing activities
Interest received 15 8 4
Investment income 177 118 275
Purchase of intangible assets - 9 (49)
Purchase of financial assets at fair value (416) 679 166
Acquisition of subsidiary, net of cash - - -
acquired
Proceeds from disposal of intangible assets - - -
Net cash used in investing activities (224) 814 396
--------------------------------------------- --------- --------- -------------
Cash flows from financing activities
Net proceeds from issue of ordinary share - - -
capital
Net cash used in financing activities - - -
--------------------------------------------- --------- --------- -------------
Net increase/(decrease) in cash and cash
equivalents 506 1,246 (300)
Cash and cash equivalents at beginning
of period 3,020 3,320 3,320
Cash, cash equivalents and bank overdrafts
at end of period 3,526 4,566 3,020
--------------------------------------------- --------- --------- -------------
Condensed Statement of Changes in Shareholders' Equity
Six months ended 30 June 2012
Ordinary Share Retained
share capital Premium Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------ --------------- --------- ---------- --------
At 1 January 2011 741 6,261 870 7,872
Loss for the year attributable
to equity shareholders - - (387) (387)
------------------------------------ --------------- --------- ---------- --------
At 31 December 2011 741 6,261 483 7,485
------------------------------------ --------------- --------- ---------- --------
At 1 January 2012 741 6,261 483 7,485
Profit for the period attributable
to equity shareholders - - 247 247
At 30 June 2012 741 6,261 730 7,732
------------------------------------ --------------- --------- ---------- --------
Notes to the Interim Financial Statements
Six months ended 30 June 2012
1. Accounting policies
Basis of preparation
The Interim Financial Statements have been prepared using
accounting policies consistent with International Financial
Reporting Standards (IFRSs) and in accordance with International
Accounting Standard (IAS) 34 Interim Financial Reporting.
The Interim Financial Statements are prepared for the six months
ended 30 June 2012.
The Interim Financial Statements incorporate the results of
Hampden Underwriting plc, Hampden Corporate Member Limited, Nameco
(No. 365) Limited, Nameco (No. 605) Limited and Nameco (No. 321)
Limited.
The Interim Financial Statements are unaudited, but have been
subject to review by the Group's auditors. The Interim Financial
Statements have been prepared in accordance with the accounting
policies adopted for the year ended 31 December 2011.
The comparative figures are based upon the Group Financial
Statements for the year ended 31 December 2011, and have been
reported on by the Group's auditors and were delivered to the
Registrar of Companies on 22 June 2012.
The underwriting data on which these Interim Financial
Statements are based upon has been supplied by the managing agents
of those syndicates which the Group supports. The data supplied is
the 100% figures for each syndicate. The Group has applied its
share of the syndicate participations to the gross figures to
derive its share of the syndicates transactions, assets and
liabilities.
Significant accounting policies
The Interim Financial Statements have been prepared under the
historical cost convention. The same accounting policies,
presentation and methods of computation are followed in these
Interim Financial Statements as were applied in the preparation of
the Group Financial Statements for the year ended 31 December
2011.
2. Segmental information
Primary segment information
The Group has three primary segments which represent the primary
way in which the Group is managed:
-- Syndicate participation;
-- Investment management;
-- Other corporate activities.
6 months ended 30 June Syndicate Investment Other corporate
2012 participation management activities Total
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- --------------- ------------ ---------------- --------
Net earned premium 3,070 - - 3,070
Net investment income 141 63 - 204
Net insurance claims and
loss adjustment expenses (1,703) - - (1,703)
Expenses incurred in insurance
activities (916) - - (916)
Amortisation of syndicate
capacity - - (87) (87)
Other operating expenses - - (234) (234)
--------------------------------- --------------- ------------ ---------------- --------
Results of operating activities 592 63 (321) 334
--------------------------------- --------------- ------------ ---------------- --------
6 months ended 30 June Syndicate Investment Other corporate
2011 participation management activities Total
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------- --------------- ------------ ---------------- --------
Net earned premium 3,098 - - 3,098
Net investment income 116 32 - 148
Other income - - 17 17
Net insurance claims
and loss adjustment expenses (2,798) - - (2,798)
Expenses incurred in
insurance activities (889) - - (889)
Amortisation of syndicate
capacity - - (213) (213)
Other operating expenses - - (97) (97)
------------------------------- --------------- ------------ ---------------- --------
Results of operating
activities (473) 32 (293) (734)
------------------------------- --------------- ------------ ---------------- --------
12 months ended 31 December Syndicate Investment Other corporate
2011 participation management activities Total
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- --------------- ------------ ---------------- --------
Net earned premium 6,491 - - 6,491
Net investment income 245 2 - 247
Other income 22 - - 22
Net insurance claims and
loss adjustment expenses (4,513) - - (4,513)
Expenses incurred in insurance
activities (2,277) - - (2,277)
Amortisation of syndicate
capacity - - (158) (158)
Other operating expenses (192) - (224) (416)
--------------------------------- --------------- ------------ ---------------- --------
Results of operating activities (224) 2 (382) (604)
--------------------------------- --------------- ------------ ---------------- --------
Secondary segment information
The Group does not have any secondary segments as it considers
all of its activities to arise from trading within the UK.
3. Insurance liabilities and reinsurance balances
Movement in claims outstanding
Gross Reinsurance Net
GBP'000 GBP'000 GBP'000
----------------------------------------------------------------- -------- ------------ --------
At 1 January 2012 14,234 3,044 11,190
Movement of reserves (193) (179) (14)
Net exchange differences and changes in syndicate participation (1,188) (163) (1,025)
----------------------------------------------------------------- -------- ------------ --------
At 30 June 2012 12,853 2,702 10,151
----------------------------------------------------------------- -------- ------------ --------
Movement in unearned premium
Gross Reinsurance Net
GBP'000 GBP'000 GBP'000
---------------------------------------------------------------- -------- ------------ --------
At 1 January 2012 3,137 409 2,728
Movement in premiums earned in the year 1,337 565 772
Net exchange difference and changes in syndicate participation 129 18 111
---------------------------------------------------------------- -------- ------------ --------
At 30 June 2012 4,603 992 3,611
---------------------------------------------------------------- -------- ------------ --------
4. Net investment income
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2012 2011 2011
GBP'000 GBP'000 GBP'000
------------------------------------------- --------- --------- -------------
Investment income at fair value through
income statement 177 118 275
Realised gains on financial investments
at fair value through income statement - - 74
Unrealised gains/(losses) on financial
investments at fair value through income
statement 20 22 5
Investment management expenses (8) - (111)
Bank interest 15 8 4
------------------------------------------- --------- --------- -------------
Net investment income 204 148 247
------------------------------------------- --------- --------- -------------
5. Income tax expense
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2012 2011 2011
GBP'000 GBP'000 GBP'000
----------------------------- --------- --------- -------------
Income tax (expense)/credit (87) 198 217
----------------------------- --------- --------- -------------
The income tax credit/(expense) is recognised based on
management's best estimate of the weighted average annual income
tax rate expected for the full financial year. The estimated
average annual tax rate used is 26% (2011: 27%). Material
disallowed items have been adjusted for in the income tax
calculation.
6. Earnings per share
Basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period.
The Group has no dilutive potential ordinary shares.
Earnings per share have been calculated in accordance with IAS
33.
Reconciliation of the earnings and weighted average number of
shares used in the calculation is set out below.
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2012 2011 2011
GBP'000 GBP'000 GBP'000
-------------------------------------- ---------- ---------- -------------
Profit/(loss) for the period 247,000 (536,000) (387,000)
-------------------------------------- ---------- ---------- -------------
Weighted average number of shares in
issue 7,413,376 7,413,376 7,413,376
-------------------------------------- ---------- ---------- -------------
Basic and diluted earnings per share
(p) 3.33p (7.23)p (5.22)p
-------------------------------------- ---------- ---------- -------------
7. Dividends
No equity dividends were proposed, declared or paid in the
period (2011 - GBPNil).
8. Share capital and share premium
Ordinary
Share Share
Capital Premium Total
Allotted, called up and fully paid GBP'000 GBP'000 GBP'000
------------------------------------------------- --------- --------- ---------
7,413,376 ordinary shares of 10p each and share
premium at 1 January 2012 741 6,261 7,002
7,413,376 ordinary shares of 10p each and share
premium at 30 June 2012 741 6,261 7,002
------------------------------------------------- --------- --------- ---------
9. Retained earnings
30 June 30 June 31 December
2012 2011 2011
GBP'000 GBP'000 GBP'000
Group
At 1 January 2012 483 870 870
Profit/(loss) attributable to equity shareholders 247 (536) (387)
-------- -------- ------------
At 30 June 2012 730 334 483
-------- -------- ------------
10. Related party transactions
Hampden Underwriting plc has provided inter-company loans to
Hampden Corporate Member Limited, Nameco (No.365) Limited, Nameco
(No.605) Limited and Nameco (No. 321) Limited, all 100%
subsidiaries of the Company. Interest is charged on the loans at
base rate plus 0.125%. The loans are repayable on three months'
notice provided it does not jeopardise the ability of Hampden
Corporate Member Limited, Nameco (No.365) Limited, Nameco (No.605)
Limited and Nameco (No.321) Limited to meet their liabilities as
they fall due. The amounts outstanding as at 30 June are set out
below:
30 June 30 June 31 December
2012 2011 2011
Company GBP'000 GBP'000 GBP'000
-------------------------------------- -------- -------- ------------
Balances due from Group companies at
the period end:
Hampden Corporate Member Limited 3,111 3,715 2,637
Nameco (No. 365) Limited 346 134 345
Nameco (No. 605) Limited 1,100 1,024 1,097
Nameco (No. 321) Limited 319 12 318
-------------------------------------- -------- -------- ------------
Total 4,876 4,885 4,397
-------------------------------------- -------- -------- ------------
Hampden Corporate Member Limited, Nameco (No.365) Limited,
Nameco (No.605) Limited and Nameco (No.321) Limited ("Corporate
Members") are 100% subsidiaries of the Company and have entered
into a management agreement with Nomina plc. Jeremy Richard Holt
Evans, a Director of Hampden Underwriting plc and the Corporate
Members is also a Director of Nomina plc. Under the agreement,
Nomina plc provides management and administration, financial tax
and accounting services to the Group for an annual fee of GBP2,750
(2011: GBP2,750) per Corporate Member.
The Corporate Members are100% subsidiaries of the Company and
have entered into a member's agent agreement with Hampden Agencies
Limited. Jeremy Richard Holt Evans, a Director of Hampden
Underwriting plc and the Corporate Members and Sir James Michael
Yorrick Oliver, a Director of Hampden Underwriting plc, are also
Directors of Hampden Capital plc which controls Hampden Agencies
Limited. Under the agreement the Corporate Members will pay Hampden
Agencies Limited a fee based on a fixed amount, which will vary
depending upon the number of syndicates the Corporate Members
underwrites on a bespoke basis, and a variable amount depending on
the level of underwriting through the members' agent pooling
arrangements. In addition, the Corporate Members will pay profit
commission on a sliding scale from 1% of the net profit up to a
maximum of 10%. The total fees payable are set out below:
30 June 30 June 31 December
2012 2011 2011
Company GBP'000 GBP'000 GBP'000
---------------------------------- -------- -------- ------------
Hampden Corporate Member Limited 51 44 41
Nameco (No. 365) Limited 9 8 10
Nameco (No. 605) Limited 50 21 11
Nameco (No. 321) Limited 16 10 14
---------------------------------- -------- -------- ------------
Total 126 83 76
---------------------------------- -------- -------- ------------
Hampden Underwriting plc has entered into a company secretarial
agreement with Hampden Legal plc. Under the agreement, Hampden
Legal plc provides company secretarial services to the Group for an
annual fee of GBP42,000. During the period, company secretarial
fees of GBP17,500 (2011: GBP35,000) were charged to Hampden
Underwriting plc. Hampden Holdings Limited has a controlling
interest in both Hampden Legal plc and Hampden Capital plc.
11. Syndicate participations
The syndicates and members' agent pooling arrangements ("MAPA")
in which the Company's subsidiaries participate as corporate
members of Lloyd's as are follows:
Allocated capacity
Period of account
Syndicate
or Managing or Members'
MAPA Number Agent 2010 2011 2012
------------- ------------------------------- ---------- ---------- ----------
33 Hiscox Syndicates Limited 138,067 124,261 131,164
Equity Syndicates Management
218 Limited 220,092 220,092 198,084
386 QBE Underwriting Limited 26,968 26,968 30,515
510 RJ Kiln & Co. Limited 172,115 172,115 203,247
557 RJ Kiln & Co. Limited 205,000 102,868 102,868
Atrium Underwriters
570 Limited 56,931 56,931 -
Atrium Underwriters
609 Limited 57,431 57,431 114,362
623 Beazley Furlonge Limited 190,841 190,841 190,841
S.A. Meacock & Company
727 Limited 43,348 43,348 43,348
807 R.J. Kiln & Co Limited 39,225 39,225 -
Omega Underwriting Agency
958 Limited 118,428 118,428 118,428
Argo Managing Agency
1200 Limited 118,915 118,915 118,915
Argenta Syndicate Management
2121 Limited 100,000 114,286 114,286
Managing Agency Partners
2791 Limited 309,577 309,577 309,577
4040 HCC Underwriting Agency - - -
Limited
Managing Agency Partners
6103 Limited 235,000 100,000 100,000
6104 Hiscox Syndicates Limited 225,000 100,000 100,000
Ark Syndicate Management
6105 Limited - 87,549 87,549
6106 Amlin Underwriting Limited 175,000 125,000 125,000
6107 Beazley Furlonge Limited 15,000 15,000 15,000
Pembroke Managing Agency
6110 Limited - - 225,768
Catlin Underwriting
6111 Agencies Limited - - 180,616
Members' Agents Pooling
7200 Arrangement 245,501 237,453 244,223
Members' Agents Pooling
7201 Arrangement 1,278,668 1,240,909 1,260,967
Members' Agents Pooling
7202 Arrangement 458,211 435,303 443,745
Members' Agents Pooling
7203 Arrangement 44,288 42,859 43,509
Members' Agents Pooling
7208 Arrangement 5,086,898 4,627,855 4,751,602
7211 Members' Agents Pooling - - -
Arrangement
Members' Agents Pooling
7217 Arrangement 70,235 53,477 53,477
Total 9,630,739 8,760,691 9,307,091
------------- ------------------------------- ---------- ---------- ----------
12. Group owned net assets
The Group balance sheet includes the following assets and
liabilities held by the syndicates on which the Group participates.
These assets are subject to trust deeds for the benefit of the
relevant syndicates' insurance creditors. The table below shows the
split of the Group balance sheet between group and syndicate assets
and liabilities.
30 June 2012 30 June 2011 31 December 2011
Group Syndicate Total Group Syndicate Total Group Syndicate Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- -------- ---------- -------- -------- ---------- -------- -------- ---------- --------
Assets
Intangible assets 909 - 909 1,123 - 1,123 1,052 - 1,052
Deferred income tax
assets - - - 12 - 12 - - -
Reinsurance share
of insurance
liabilities
- Reinsurers' share
of outstanding
claims - 2,702 2,702 - 2,974 2,974 - 3,044 3,044
- Reinsurers' share
of unearned
premiums - 992 992 - 884 884 - 409 409
Other receivables,
including insurance
receivables 704 5,894 6,598 321 6,774 7,095 421 6,207 6,628
Prepayments and
accrued
income 27 1,018 1,045 31 995 1,026 41 801 842
Financial assets
at fair value 5,562 8,529 14,091 3,674 9,488 13,162 4,090 9,585 13,675
Cash and cash
equivalents 2,080 1,446 3,526 3,072 1,494 4,566 2,483 537 3,020
Total assets 9,281 20,582 29,863 8,233 22,609 30,842 8,087 20,583 28,670
---------------------- -------- ---------- -------- -------- ---------- -------- -------- ---------- --------
Liabilities
Insurance liabilities
- Claims outstanding - 12,853 12,853 - 14,068 14,068 - 14,234 14,234
- Unearned premiums - 4,603 4,603 - 4,411 4,411 - 3,137 3,137
Deferred income tax
liabilities 417 - 417 655 - 655 415 - 415
Other payables,
including
insurance payables 737 3,077 3,814 74 3,542 3,616 126 2,785 2,911
Accruals and deferred
income 346 98 444 633 94 727 862 (374) 488
Current income tax
liabilities - - - 29 - 29 - - -
Total liabilities 1,500 20,631 22,131 1,391 22,115 23,506 1,403 19,782 21,185
---------------------- -------- ---------- -------- -------- ---------- -------- -------- ---------- --------
Shareholders' equity
Share capital 741 - 741 741 - 741 741 - 741
Share premium 6,261 - 6,261 6,261 - 6,261 6,261 - 6,261
Retained earnings 779 (49) 730 (160) 494 334 (318) 801 483
---------------------- -------- ---------- -------- -------- ---------- -------- -------- ---------- --------
Total shareholders'
equity 7,781 (49) 7,732 6,842 494 7,336 6,684 801 7,485
---------------------- -------- ---------- -------- -------- ---------- -------- -------- ---------- --------
Total liabilities
and shareholders'
equity 9,828 20,581 29,863 8,233 22,609 30,842 8,087 20,583 28,670
---------------------- -------- ---------- -------- -------- ---------- -------- -------- ---------- --------
13. Announcement
A copy of this announcement will be available on the Company's
website, www.hampdenplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGUMGBUPPGQM
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