|
 |
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEET
at 31 December 2003
| ASSETS |
Notes |
2003
£m |
|
Restated
2002
£m |
|
|
| Intangible assets |
14 |
57.0 |
|
60.1 |
|
|
| Investments |
|
|
|
|
|
| Other financial investments |
15 |
1,048.4 |
|
773.9 |
|
|
| Reinsurers’ share of technical provisions |
|
|
|
|
|
| Provision for unearned premiums |
23 |
29.3 |
|
34.0 |
|
| Claims outstanding |
23 |
265.4 |
|
337.4 |
|
|
|
|
294.7 |
|
371.4 |
|
|
| Debtors |
|
|
|
|
|
| Debtors arising out of direct insurance operations |
17 |
134.1 |
|
235.2 |
|
| Debtors arising out of reinsurance operations |
|
223.9 |
|
113.5 |
|
| Other debtors |
|
52.6 |
|
71.3 |
|
| Deferred tax asset |
24 |
- |
|
18.4 |
|
|
|
|
410.6 |
|
438.4 |
|
|
| Other assets |
|
|
|
|
|
| Tangible assets |
18 |
6.4 |
|
9.0 |
|
| Cash at bank and in hand |
|
26.5 |
|
31.6 |
|
|
|
|
32.9 |
|
40.6 |
|
|
| Prepayments and accrued income |
|
|
|
|
|
| Deferred acquisition costs |
|
88.8 |
|
69.6 |
|
| Other prepayments and accrued income |
|
19.0 |
|
12.7 |
|
|
|
|
107.8 |
|
82.3 |
|
|
| Total assets |
|
1,951.4 |
|
1,766.7 |
|
|
| LIABILITIES |
Notes |
2003
£m |
|
Restated
2002
£m |
|
|
| Capital and reserves |
|
|
|
|
|
| Called up share capital |
19 |
97.7 |
|
97.1 |
|
| Share premium account |
21 |
150.2 |
|
148.2 |
|
| Own shares |
21 |
(2.4 |
) |
(2.8 |
) |
| Merger reserve |
21 |
41.9 |
|
41.9 |
|
| Capital redemption reserve |
21 |
2.7 |
|
2.7 |
|
| Profit and loss account |
21 |
93.2 |
|
19.7 |
|
|
| Equity shareholders’ funds |
22 |
383.3 |
|
306.8 |
|
|
| Technical provisions |
|
|
|
|
|
| Provision for unearned premiums |
23 |
429.6 |
|
354.8 |
|
| Claims outstanding |
23 |
999.5 |
|
957.4 |
|
|
|
|
1,429.1 |
|
1,312.2 |
|
|
| Provisions for other risks and charges |
24 |
19.9 |
|
2.9 |
|
|
| Creditors |
|
|
|
|
|
| Creditors arising out of direct insurance operations |
|
15.5 |
|
5.6 |
|
| Creditors arising out of reinsurance operations |
|
39.8 |
|
109.4 |
|
| Other creditors including taxation and social security |
25 |
32.1 |
|
20.4 |
|
|
|
|
87.4 |
|
135.4 |
|
|
| Creditors: amounts falling due after more than one year |
26 |
19.8 |
|
3.8 |
|
|
| Accruals and deferred income |
|
11.9 |
|
5.6 |
|
|
| Total liabilities |
|
1,951.4 |
|
1,766.7 |
|
|
|
|
|
|
|
|
| Net assets per ordinary share |
13 |
99.3p |
|
80.3p |
|
| Net tangible assets per ordinary share |
13 |
84.6p |
|
64.5p |
|
|
The financial statements were approved by the Board of Directors on 9 March 2004 and were signed on its behalf by:
|
| Roger Taylor Chairman |
Richard Hextall Finance Director |
|
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|
