| Technical account - general business (continuing operations) | |||||
| 2003 | 2002 | ||||
| note | £m | £m | £m | £m | |
| Earned premiums, net of reinsurance | 3 | ||||
Gross premiums written |
668.6 | 669.8 | |||
Outward reinsurance premiums |
(32.8) | (21.6) | |||
| 635.8 | 648.2 | ||||
Change in the gross provision for unearned premiums |
6.6 | (23.9) | |||
Change in the provision for unearned premiums, reinsurers' share |
1.8 | 1.9 | |||
| 8.4 | (22.0) | ||||
| 644.2 | 626.2 | ||||
| Allocated investment return transferred from the non-technical account | 6b | 109.0 | 123.4 | ||
| Other technical income | 7 | 40.8 | 32.8 | ||
| Total technical income | 794.0 | 782.4 | |||
| Claims incurred, net of reinsurance | 5 | ||||
Claims paid |
|||||
Gross amount |
491.9 | 469.9 | |||
Reinsurers' share |
(2.6) | (3.4) | |||
| 489.3 | 466.5 | ||||
Change in the provisions for claims |
22 | ||||
Gross amount |
61.2 | 90.5 | |||
Reinsurers' share |
1.1 | (1.3) | |||
| 62.3 | 89.2 | ||||
| 551.6 | 555.7 | ||||
| Changes in other technical provisions not shown under other headings | 22 | (1.1) | (1.0) | ||
| Rebates and discounts | 7 | 3.3 | 22.3 | ||
| Net operating expenses | 8 | 178.4 | 174.4 | ||
| Change in the equalisation provision | 22 | 0.1 | 3.5 | ||
| Total technical charges | 732.3 | 754.9 | |||
| Balance on the technical account - general business | 61.7 | 27.5 | |||
|
Consolidated technical account - long term business (continuing operations) |
|||||
| 2003 | 2002 | ||||
| note | £m | £m | £m | £m | |
| Earned premiums, net of reinsurance | 3 | ||||
Gross premiums written |
1,149.5 | 1,324.4 | |||
Outward reinsurance premiums |
(1.8) | (1.6) | |||
| 1,147.7 | 1,322.8 | ||||
| Investment income | 6a | 1,405.1 | 1,059.4 | ||
| Unrealised gains on investments | 6a | 396.8 | - | ||
| Total technical income | 2,949.6 | 2,382.2 | |||
| Claims incurred, net of reinsurance | |||||
Claims paid |
|||||
Gross amount |
1,357.7 | 1,418.5 | |||
Reinsurers' share |
(2.2) | (1.5) | |||
| 1,355.5 | 1,417.0 | ||||
Change in the provisions for claims |
22 | ||||
Gross amount |
2.8 | (3.0) | |||
Reinsurers' share |
- | - | |||
| 2.8 | (3.0) | ||||
| 1,358.3 | 1,414.0 | ||||
| Changes in other technical provisions, net of reinsurance | 22 | ||||
Long term business provision |
|||||
Gross amount |
916.8 | (901.0) | |||
Reinsurers' share |
(16.2) | (20.2) | |||
| 900.6 | (921.2) | ||||
Other technical provisions, net of reinsurance |
59.3 | (27.4) | |||
| 959.9 | (948.6) | ||||
| Net operating expenses | 8 | 188.7 | 210.6 | ||
| Investment expenses and charges | 6a | 105.6 | 94.0 | ||
| Unrealised losses on investments | 6a | - | 2,844.7 | ||
| Tax attributable to the long term business | 11 | 15.0 | 15.7 | ||
| Total technical charges | 2,627.5 | 3,630.4 | |||
| Transfer to/(from) the fund for future appropriations | 21 | 322.1 | (1,248.2) | ||
| Balance on the consolidated technical account - long term business | - | - | |||
|
Non-technical account (continuing operations) | |||||
| 2003 | 2002 | ||||
| note | £m | £m | £m | £m | |
| Balance on the general business technical account | 61.7 | 27.5 | |||
| Balance on the consolidated long term business technical account | - | - | |||
| 61.7 | 27.5 | ||||
| Investment income | 6a | 147.9 | 122.6 | ||
| Investment expenses and charges | (0.5) | (0.4) | |||
| Unrealised gains/(losses) on investments | 34.5 | (283.8) | |||
| 181.9 | (161.6) | ||||
| Allocated investment return transferred to the general business technical account | 6b | (109.0) | (123.4) | ||
| 72.9 | (285.0) | ||||
| Operating profit/(loss) on ordinary activities before taxation | 9 | 134.6 | (257.5) | ||
| Tax recoverable/(payable) on profit/(loss) on ordinary activities | 11 | 1.9 | (25.7) | ||
| Retained profit/(loss) for the year | 136.5 | (283.2) | |||
The inclusion of unrealised gains and losses in the profit and loss account is not deemed to be a departure from the historical cost basis of accounting and therefore a separate note of historical cost profits and losses has not been included.