Assets	Notes	2005 £m	2004 £m
Cash and cash equivalents	14	65.6	47.6
Financial investments at fair value through income	15
- equity securities		116.2	90.1
- debt securities and other fixed income assets		1,962.0	1,212.4
Reinsurance assets	17
- reinsurers' share of outstanding claims		604.6	318.6
- reinsurers' share of unearned premiums		24.2	24.9
- debtors arising from reinsurance operations		387.3	261.3
Loans and receivables, including insurance receivables
- insurance receivables	18	214.3	214.1
- loans and receivables	18	132.9	67.7
Current income tax assets		3.7	4.8
Deferred tax assets	12	21.1	22.5
Property and equipment	19	6.0	6.2
Intangible assets	20	66.0	66.0
Total assets		3,603.9	2,336.2
Equity
Share capital	21	132.5	98.8
Share premium account	23	344.0	154.2
Other reserves	23	51.3	45.1
Treasury shares	23	(0.3)	(1.6)
Retained earnings	23	265.1	163.3
Total shareholders' equity		792.6	459.8
Liabilities
Insurance contracts	17
- outstanding claims		1,704.3	1,103.3
- unearned premiums		523.8	517.3
- creditors arising from insurance operations		114.8	46.0
Trade and other payables	24	67.1	71.6
Current income tax liabilities		19.6	5.5
Financial liabilities - borrowings	25	298.2	58.7
Retirement benefit obligations	26	1.3	1.5)
Deferred tax liabilities	12	82.2	72.5
Total liabilities		2,811.3	1,876.4
Total liabilities and shareholders' equity		3,603.9	2,336.2

The financial statements were approved by the Board of Directors and authorised for issue on 9 March 2006. They were signed on its behalf by: