Summary Income Statement
Consolidated Income Statement for the Year Ended 31st December 2010
| US$’m |
2010 |
2009 |
| Gross premiums written |
356.1 |
265.8 |
| Net premiums written |
268.4 |
199.3 |
| Net premiums earned |
247.4 |
195.5 |
| Underwriting return |
(35.7) |
36.5 |
| Investment return |
12.4 |
16.3 |
| Income from management of Lloyds’ Syndicate |
1.3 |
15.9 |
| Group expenses (net of other income) |
(23.3) |
(21.9) |
| Other income, foreign exchange (losses)/gains and finance costs |
2.3 |
0.3 |
| Profit before tax |
(42.9) |
47.1 |
| Profit for the year |
(42.8) |
43.6 |
| Net assets |
421.6 |
496.0 |
| Net tangible assets |
374.8 |
453.0 |
| Per share amounts (in US cents) |
|
|
| Earnings |
(17.6) |
18.6 |
| Dividends |
6.0 |
12.5 |
| Net assets |
173.1 |
203.7 |
| Group operating ratios |
|
|
| Claims ratio |
84.4% |
49.3% |
| Commission ratio |
25.5% |
28.6% |
| Other underwriting expense ratio |
4.5% |
3.5% |
| Combined ratio |
114.4% |
81.4% |
| Investment return |
1.9% |
2.8% |
| Return on equity* |
(9.5)% |
9.8% |
* calculated on average equity for the period, including non-recurring items.