Full Year Results -3 -6-
19 Marzo 2009 - 1:01AM
UK Regulatory
+------------------+---------------+-------------+-------------+-------------+-------------+-------------+-------------+---------------+
| Six years later | 3,215,833 | 432,548 | 310,206 | 468,864 | | | | |
+------------------+---------------+-------------+-------------+-------------+-------------+-------------+-------------+---------------+
| Seven years | 3,224,119 | 431,860 | 311,155 | | | | | |
| later | | | | | | | | |
+------------------+---------------+-------------+-------------+-------------+-------------+-------------+-------------+---------------+
| Eight years | 3,221,659 | 431,261 | | | | | | |
| later | | | | | | | | |
+------------------+---------------+-------------+-------------+-------------+-------------+-------------+-------------+---------------+
| Nine years later | 3,211,953 | | | | | | | |
+------------------+---------------+-------------+-------------+-------------+-------------+-------------+-------------+---------------+
| | | | | | | | | |
+------------------+---------------+-------------+-------------+-------------+-------------+-------------+-------------+---------------+
| Estimate of net | 3,211,953 | 431,261 | 311,155 | 468,864 | 595,579 | 721,344 | 500,068 | 6,240,224 |
| cumulative | | | | | | | | |
| claims at 31 | | | | | | | | |
| December 2008 | | | | | | | | |
+------------------+---------------+-------------+-------------+-------------+-------------+-------------+-------------+---------------+
| Net cumulative | (3,079,044) | (382,144) | (261,387) | (407,153) | (487,119) | (564,194) | (333,215) | (5,514,256) |
| payments at 31 | | | | | | | | |
| December 2008 | | | | | | | | |
+------------------+---------------+-------------+-------------+-------------+-------------+-------------+-------------+---------------+
| | 132,909 | 49,117 | 49,768 | 61,711 | 108,460 | 157,150 | 166,853 | 725,968 |
+------------------+---------------+-------------+-------------+-------------+-------------+-------------+-------------+---------------+
| Unearned element | - | - | - | - | - | - | - | - |
| of reserves at | | | | | | | | |
| 31 December 2008 | | | | | | | | |
+------------------+---------------+-------------+-------------+-------------+-------------+-------------+-------------+---------------+
| Earned net | 132,909 | 49,117 | 49,768 | 61,711 | 108,460 | 157,150 | 166,853 | 725,968 |
| non-life | | | | | | | | |
| reserves before | | | | | | | | |
| effect of | | | | | | | | |
| discounting as | | | | | | | | |
| at 31 December | | | | | | | | |
| 2008 | | | | | | | | |
+------------------+---------------+-------------+-------------+-------------+-------------+-------------+-------------+---------------+
| Net life and | | | | | | | | 88,800 |
| finite reserves | | | | | | | | |
| as at 31 | | | | | | | | |
| December 2008 | | | | | | | | |
+------------------+---------------+-------------+-------------+-------------+-------------+-------------+-------------+---------------+
| Claims handling | | | | | | | | 9,641 |
| provisions as at | | | | | | | | |
| 31 December 2008 | | | | | | | | |
+------------------+---------------+-------------+-------------+-------------+-------------+-------------+-------------+---------------+
| Present value of | | | | | | | | 824,409 |
| net reserves | | | | | | | | |
| before discount | | | | | | | | |
| recognised in | | | | | | | | |
| the balance | | | | | | | | |
| sheet as at 31 | | | | | | | | |
| December 2008 | | | | | | | | |
+------------------+---------------+-------------+-------------+-------------+-------------+-------------+-------------+---------------+
(1) In June 2000 the Group added a UK insurance and reinsurance license through
the acquisition of The Imperial Fire And Marine Company Limited ('Imperial')
(now called Alea London Limited). In acquiring this entity, the Group assumed
insurance and reinsurance liabilities relating to 1999 and prior underwriting
years written by Imperial. This explains the significant increase in cumulative
claims in respect of 1999 and prior underwriting years that occurs in the table
above between 31 December 1999 and 31 December 2000. The increase in gross
cumulative claims in respect of 1999 and prior as a result of the acquisition
was $1,620.2 million and the increase in ceded cumulative claims was $897.7
million.
(2) The underwriting year development table above includes all cumulative claims
in respect of underwriting years 1987 to 2005. It also includes 1986 and prior
underwriting year claims paid in calendar years 1999 to 2006, and the reserves
in respect of 1986 and prior at each balance sheet date from 1999 to 2006.
(3) The insurance and reinsurance claims outstanding carried in the balance
sheet of the Group include gross and ceded amounts in respect of Canadian
structured settlement life business. The gross and ceded amounts match exactly,
to leave no net liability. As these balances relate to life business they are
excluded from the underwriting year development table. Consequently, in order to
achieve reconciliation to the balance sheet gross and ceded claims outstanding,
they are added back in the table above. The amount as at 31 December 2008 was
$260.2 million (2007: $277.1 million).
(4) In the year ended 31 December 2008, the estimate of gross cumulative claims
has been favourably impacted by $51.1 million in respect of foreign currency
gains and commutation savings and the estimate of net cumulative claims has been
favourably impacted by $41.6 million in respect of foreign currency gains and
commutation savings.
25 Borrowings
+------------------------------------------+----+--------------------+---------------+
| The borrowings are repayable as follows: | | As at | As at |
+------------------------------------------+----+--------------------+---------------+
| | | 31 December 2008 | 31 December |
| | | | 2007 |
+------------------------------------------+----+--------------------+---------------+
| | | $'000 | $'000 |
+------------------------------------------+----+--------------------+---------------+
| | | | |
+------------------------------------------+----+--------------------+---------------+
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