ALEA Alea

+----------------------------------------+----------+------------------+--------------+ 
|                                        |          | 31 December 2008 |  31 December | 
|                                        |          |                  |         2007 | 
+----------------------------------------+----------+------------------+--------------+ 
|                                        |          |           $'000  |       $'000  | 
+----------------------------------------+----------+------------------+--------------+ 
|                                        |          |                  |              | 
+----------------------------------------+----------+------------------+--------------+ 
| Gross claims outstanding               |          |                  |              | 
+----------------------------------------+----------+------------------+--------------+ 
| Provision for claims outstanding,      |          |       1,240,270  |   1,605,617  | 
| reported and not reported              |          |                  |              | 
+----------------------------------------+----------+------------------+--------------+ 
| Discount                               |          |         (48,725) |     (67,541) | 
+----------------------------------------+----------+------------------+--------------+ 
|                                        |          |       1,191,545  |    1,538,076 | 
+----------------------------------------+----------+------------------+--------------+ 
| Claims handling provisions             |          |           9,641  |      11,815  | 
+----------------------------------------+----------+------------------+--------------+ 
| Total insurance contracts              |          |       1,201,186  |   1,549,891  | 
+----------------------------------------+----------+------------------+--------------+ 
|                                        |          |                  |              | 
+----------------------------------------+----------+------------------+--------------+ 
| Aggregate excess reinsurance           |          |                  |              | 
+----------------------------------------+----------+------------------+--------------+ 
| Provision for claims outstanding,      |          |               -  |      41,162  | 
| reported and not reported              |          |                  |              | 
+----------------------------------------+----------+------------------+--------------+ 
| Discount                               |          |                - |            - | 
+----------------------------------------+----------+------------------+--------------+ 
| Net aggregate excess reinsurance       |          |               -  |      41,162  | 
+----------------------------------------+----------+------------------+--------------+ 
|                                        |          |                  |              | 
+----------------------------------------+----------+------------------+--------------+ 
| Other reinsurance                      |          |                  |              | 
+----------------------------------------+----------+------------------+--------------+ 
| Provision for claims outstanding,      |          |         425,502  |     508,651  | 
| reported and not reported              |          |                  |              | 
+----------------------------------------+----------+------------------+--------------+ 
| Discount                               |          |          (2,177) |      (3,012) | 
+----------------------------------------+----------+------------------+--------------+ 
| Net other reinsurance                  |          |         423,325  |     505,639  | 
+----------------------------------------+----------+------------------+--------------+ 
|                                        |          |                  |              | 
+----------------------------------------+----------+------------------+--------------+ 
| Total reinsurers' share of claims      |          |                  |              | 
| outstanding                            |          |                  |              | 
+----------------------------------------+----------+------------------+--------------+ 
| Provision for claims outstanding,      |          |         425,502  |      549,813 | 
| reported and not reported              |          |                  |              | 
+----------------------------------------+----------+------------------+--------------+ 
| Discount                               |          |          (2,177) |      (3,012) | 
+----------------------------------------+----------+------------------+--------------+ 
| Total reinsurance contracts            |          |         423,325  |      546,801 | 
+----------------------------------------+----------+------------------+--------------+ 
|                                        |          |                  |              | 
+----------------------------------------+----------+------------------+--------------+ 
| Undiscounted claims outstanding, net   |          |         824,409  |   1,067,619  | 
| of reinsurance                         |          |                  |              | 
+----------------------------------------+----------+------------------+--------------+ 
| Discount                               |          |         (46,548) |     (64,529) | 
+----------------------------------------+----------+------------------+--------------+ 
| Claims outstanding net of reinsurance  |          |         777,861  |   1,003,090  | 
+----------------------------------------+----------+------------------+--------------+ 
|                                        |          |                  |              | 
+----------------------------------------+----------+------------------+--------------+ 
|                                        |          |            As at |        As at | 
+----------------------------------------+----------+------------------+--------------+ 
|                                        |          | 31 December 2008 |  31 December | 
|                                        |          |                  |         2007 | 
+----------------------------------------+----------+------------------+--------------+ 
| Security held for aggregate excess     |          |           $'000  |       $'000  | 
| reinsurance                            |          |                  |              | 
+----------------------------------------+----------+------------------+--------------+ 
|                                        |          |                  |              | 
+----------------------------------------+----------+------------------+--------------+ 
| Deposits received from reinsurers      |          |               -  |      41,162  | 
+----------------------------------------+----------+------------------+--------------+ 
| Trust fund and LOC collateral available against       |  |        -  |           -  | 
| aggregate excess contracts                            |  |           |              | 
+-------------------------------------------------------+--+-----------+--------------+ 
| Total collateral available against aggregate excess   |  |        -  |      41,162  | 
| reinsurance recoverable                               |  |           |              | 
+----------------------------------------+----------+---+--+-----------+--------------+ 
 
+----------------------------------------+----------+---------------+--------------+ 
|                                        |          |         As at |        As at | 
+----------------------------------------+----------+---------------+--------------+ 
|                                        |          |   31 December |  31 December | 
|                                        |          |          2008 |         2007 | 
+----------------------------------------+----------+---------------+--------------+ 
|                                        |          |        $'000  |       $'000  | 
+----------------------------------------+----------+---------------+--------------+ 
| Current assets                         |          |       37,334  |      72,669  | 
+----------------------------------------+----------+---------------+--------------+ 
| Non-current assets                     |          |      385,991  |     474,132  | 
+----------------------------------------+----------+---------------+--------------+ 
| Total reinsurance contracts            |          |       423,325 |      546,801 | 
+----------------------------------------+----------+---------------+--------------+ 
+----------------------------------------+----------+---------------+--------------+ 
|                                        |          |               |              | 
+----------------------------------------+----------+---------------+--------------+ 
| Current liabilities                    |          |       228,600 |     424,653  | 
+----------------------------------------+----------+---------------+--------------+ 
| Non-current liabilities                |          |       972,586 |   1,125,238  | 
+----------------------------------------+----------+---------------+--------------+ 
| Total insurance contracts              |          |     1,201,186 |   1,549,891  | 
+----------------------------------------+----------+---------------+--------------+ 
Basis for establishing provision for claims outstanding 
Loss reserves for reinsurance business are established based on claims data 
reported to the Group by ceding companies supplemented with relevant industry 
benchmark loss development patterns used to project the ultimate incurred loss. 
Ultimate incurred loss indications are calculated by the Group's actuaries using 
several standard actuarial methodologies including paid and incurred loss 
development and the Bornhuetter-Ferguson incurred and paid loss methods. 
The Group\'s actuaries utilise several assumptions in applying each methodology, 
including loss development factors, expected loss ratios based on pricing 
analysis, and actual reported claim frequency and severity. These reviews and 

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