Norwich Union PLC - Interim Results, etc.- Part D
August 03 1999 - 3:36AM
UK Regulatory
RNS No 4014V
NORWICH UNION PLC
3 August 1999
PART D
Page 32
Statistical Supplement
Reconciliation of Group operating earnings* and profit after tax
- 6 months to 30 June 1998
6 months to 30 June 1998
Non- Non-
technical Longer- technical
a/c term a/c as
Analysed rate of General restated
on return business in
1998 adjust- re- statutory
basis ment analysis format
-----------------
see notes page 33
-----------------
#m #m #m #m
Long-term business technical account (gross)
United Kingdom
Conventional with-profit 62 62
Non-profit, unitised with-profit and 193 193
unit-linked
255 - - 255
Europe (excluding UK)
France 5 5
Ireland 17 (8) 9
Spain 2 2
Other European Union 2 (3) (1)
26 (11) - 15
International
Australia 10 10
Other - -
10 - - 10
Total long-term business technical 291 (11) - 280
account (gross)
Net investment return on shareholders' - -
assets - long-term business
Total long-term business 291 (11) - 280
General business technical result
United Kingdom
Motor 20 20
Household (1) (1)
Property and packages 10 10
Creditor - 3 3
Other 2 (9) (7)
Quota share (6) 6 -
25 - - 25
Europe (excluding UK)
Ireland 1 1
Spain 1 1
Other European Union (3) (3)
(1) - - (1)
International
New Zealand 6 6
Other 5 5
11 - - 11
Discontinued operations (UK) 3 3
General business technical result 38 - - 38
Net investment return on shareholders'
assets - general business
- Continuing operations - -
- Discontinued operations (UK) - -
Total general business 38 - - 38
Shareholders' investment income** 162 162
Investment expenses and charges (42) (42)
Allocated investment return transferred to (84) (84)
the general business technical account
Profit from non-insurance operations 3 3
Holding companies - -
Corporate costs (20) (20)
Operating earnings before tax* 348 (11) - 337
Allocated investment return transferred - 11 11
from the long-term business technical account
Amortisation of goodwill - -
Exceptional costs of integrating - -
acquired undertakings
Change in the equalisation provision - -
Exceptional profit on sale of 32 32
subsidiary undertakings
Realised gains on investments** 33 33
Unrealised gains on investments 47 47
Short-term fluctuation in investment - -
return - long-term business
Short-term fluctuation in investment - -
return - general business and other
Profit on ordinary activities before tax 460 - - 460
Tax on operating earnings (103) (103)
Tax on gains/short-term fluctuation (11) (11)
Tax on change in the equalisation provision - -
Profit on ordinary activities after tax 346 - - 346
Equity minority interests (2) (2)
Profit for the financial period 344 - - 344
Dividend (83) (83)
Retained profit for the period 261 - - 261
* Operating earnings are reported on the basis of a longer-term rate of
investment return, exclude the change in the equalisation provision and are
stated before integration costs, amortisation of acquired additional value of
in-force long-term business and amortisation of goodwill.
** For the purposes of this analysis realised gains are shown separately from
shareholders' investment income. In the statutory accounts they are combined
in one line as #195 million.
Reconciliation of Group operating earnings* and profit after tax
- 6 months to 30 June 1998 (continued)
6 months to 30 June 1998
Non- Re-
technical analysis Longer- Operating
a/c of term earnings
as re- share- rate Claims as
stated holders of equali- re-
- in income return sation stated/
statutory and adjust- provi- re-
format gains ment sion analysed
--------------------------
see notes page 33 (pages
10 & 14)
--------------------------
#m #m #m #m #m
Long-term business
technical account (gross)
United Kingdom
Conventional with-profit 62 62
Non-profit, unitised with-profit 193 193
and unit-linked
255 - - - 255
Europe (excluding UK)
France 5 5
Ireland 9 9
Spain 2 2
Other European Union (1) (1)
15 - - - 15
International
Australia 10 10
Other - -
10 - - - 10
Total long-term business 280 - - - 280
technical account (gross)
Net investment return on - 17 17
shareholders' assets - long-
term business
Total long-term business 280 17 - - 297
General business technical result
United Kingdom
Motor 20 20
Household (1) (1)
Property and packages 10 10
Creditor 3 3
Other (7) 6 (1)
Quota share - -
25 - - 6 31
Europe (excluding UK)
Ireland 1 1
Spain 1 1
Other European Union (3) (3)
(1) - - - (1)
International
New Zealand 6 6
Other 5 5
11 - - - 11
Discontinued operations (UK) 3 3
General business technical result 38 - - 6 44
Net investment return on
shareholders' assets -
general business
- Continuing operations - 14 18 32
- Discontinued operations (UK) - 1 1
Total general business 38 15 18 6 77
Shareholders' investment 162 (162) -
income**
Investment expenses and charges (42) 42 -
Allocated investment return (84) 84 -
transferred to the general
business technical account
Profit from non-insurance 3 3
operations
Holding companies - 4 4
Corporate costs (20) (20)
Operating earnings before tax* 337 - 18 6 361
Allocated investment return 11 (11) -
transferred from the long-term
business technical account
Amortisation of goodwill - -
Exceptional costs of - -
integrating acquired
undertakings
Change in the equalisation - (6) (6)
provision
Exceptional profit on sale 32 32
of subsidiary undertakings
Realised gains on 33 (33) -
investments**
Unrealised gains on investments 47 (47) -
Short-term fluctuation in - 10 11 21
investment return - long-
term business
Short-term fluctuation in - 70 (18) 52
investment return - general
business and other
Profit on ordinary activities 460 - - - 460
before tax
Tax on operating earnings (103) 6 (2) (99)
Tax on gains/short-term (11) (6) (17)
fluctuation
Tax on change in the - 2 2
equalisation provision
Profit on ordinary 346 - - - 346
activities after tax
Equity minority interests (2) (2)
Profit for the financial period 344 - - - 344
Dividend (83) (83)
Retained profit for the period 261 - - - 261
* Operating earnings are reported on the basis of a longer-term rate of
investment return, exclude the change in the equalisation provision and are
stated before integration costs, amortisation of acquired additional value of
in-force long-term business and amortisation of goodwill.
** For the purposes of this analysis realised gains are shown separately from
shareholders' investment income. In the statutory accounts they are combined
in one line as #195 million.
------------------------------------------------------------------------------
Page 33
Notes to the reconciliation of Group operating earnings for the 6 months to 30
June 1998
1 The re-analysis of shareholder income between major classes of business
provides additional information. The item described as 'holding companies'
represents net interest receivable by Group holding companies.
2 The longer-term rate of return adjustment results from the implementation
of the ABI SORP as described within the Group's 1998 Annual Report and
Accounts.
3 In line with industry practice, the Group has adopted the accounting
policy to exclude changes in the equalisation provision from operating
earnings.
4 The adjustments to the operating tax charge attributable to the longer-
term rate of return adjustment arise through two main factors:
(i) For non-life business the longer-term return includes elements of
investment return taxable at varying rates which differ from the effective
rate payable on the income previously recognised within operating earnings
before tax; and
(ii) In respect of the longer-term rate of return adjustment to the life
technical result, the tax effect is applied at the effective rate of
corporation tax.
5 The re-analysis of the general business technical result incorporates the
following:
(i) Creditor insurance has been analysed as a separate class of business; and
(ii) Quota share has been re-analysed within UK Other.
------------------------------------------------------------------------------
Page 34
Annual premium equivalent
Annual premium equivalent (APE) is an industry standard for calculating life,
pensions and investments new business levels. It is the total of new regular
premiums plus 10 per cent of single premiums.
6 months 6 months 6 months
to to to
30.6.99 30.6.98 30.6.98
#m #m #m
(at 1999
exchange
rates)
United Kingdom
Regular 69.0 56.0 56.0
Single 99.8 68.3 68.3
168.8 124.3 124.3
Europe (excluding UK)
Regular 37.0 33.0 32.0
Single 13.9 12.7 12.3
50.9 45.7 44.3
International
Regular 7.0 7.0 7.0
Single 12.0 7.7 7.7
19.0 14.7 14.7
Total life and pensions 238.7 184.7 183.3
Unit trusts, Oeics, PEPs and ISAs
United Kingdom 11.7 4.5 4.5
Europe 0.1 0.3 0.3
International 14.4 4.8 4.7
Total long-term savings 264.9 194.3 192.8
END OF PART D
END
IRCBIGBIGXGCCCD
Nufcor Uranium (LSE:NU.)
Historical Stock Chart
From Jun 2024 to Jul 2024
Nufcor Uranium (LSE:NU.)
Historical Stock Chart
From Jul 2023 to Jul 2024
