Consolidated Income Statement for the Year Ended 31st December 2010
|
Note |
2010 US$'000 |
2009 US$'000 |
| Income |
|
|
|
| Gross premuims written |
2 |
356,108 |
265,811 |
| Premiums ceded to reinsurers |
|
(87,701) |
(66,519) |
Net premiums written
|
|
268,407 |
199,292 |
| Change in gross provision for unearned premiums |
|
(19,907) |
(8,837) |
| Reinsurers’ share of change in provision for unearned premiums |
|
(1,094) |
5,004 |
Net earned premiums
|
|
247,406 |
195,459 |
| Investment return |
3 |
12,374 |
16,323 |
| Income from management of Lloyd's Syndicate |
4 |
1,334 |
15,885 |
| Other income |
|
298 |
506 |
| Net revenue |
|
261,412 |
228,173 |
Expenses |
|
|
|
| Insurance claims |
|
(229,481) |
(110,429) |
| Insurance claims recoverable from reinsurers |
|
20,631 |
14,118 |
Net insurance claims
|
13 |
(208,850) |
(96,311) |
Net acquisition costs
|
5 |
(63,179) |
(55,837) |
| Other underwriting and corporate expenses: |
|
|
|
| - Other underwriting operating expenses |
6 |
(11,124) |
(6,849) |
| - Other corporate expenses |
6 |
(23,254) |
(21,893) |
Total other underwriting and corporate expenses
|
|
(34,378) |
(28,742) |
| Foreign exchange gains/(losses) |
9 |
2,112 |
(171) |
| Finance costs |
|
(53) |
(58) |
| Total expenses |
|
(304,348) |
(181,119) |
(Loss)/Profit before tax |
|
(42,936) |
47,054 |
| Income tax |
10 |
127 |
(3,440) |
| (Loss)/Profit for the year |
|
(42,809) |
43,614 |
Earnings per share - basic |
11 |
(17.6) cents |
18.6 cents |
| Earnings per share - diluted |
11 |
(17.6) cents |
17.8 cents |
Consolidated Statement of Comprehensive Income for the Year Ended 31st December 2010
|
2010 US$'000 |
2009 US$'000 |
| (Loss)/Profit for the year |
(42,809) |
43,614 |
| Exchange differences on translating foreign operations |
(884) |
1,192 |
| Total comprehensive income for the year, net of tax |
(43,693) |
44,806 |