Interim results for 6 months ended 30 June 2006
General insurance business only: geographical analysis
(a) General insurance
| Operating profit | Longer-term investment return |
Underwriting result | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 6 months 2006 £m |
6 months 2005 £m |
Full year 2005 £m |
6 months 2006 £m |
6 months 2005 £m |
Full year 2005 £m |
6 months 2006 £m |
6 months 2005 £m |
Full year 2005 £m |
|||
| France | 23 | 14 | 26 | 22 | 22 | 44 | 1 | (8) | (18) | ||
| Ireland | 88 | 83 | 171 | 25 | 30 | 55 | 63 | 53 | 116 | ||
| Netherlands | 74 | 39 | 97 | 23 | 21 | 42 | 51 | 18 | 55 | ||
| Canada | 85 | 67 | 147 | 61 | 53 | 112 | 24 | 14 | 35 | ||
| Other | 31 | 41 | 85 | 30 | 32 | 68 | 1 | 9 | 17 | ||
| International | 301 | 244 | 526 | 161 | 158 | 321 | 140 | 86 | 205 | ||
| United Kingdom | 561 | 431 | 970 | 328 | 325 | 668 | 233 | 106 | 302 | ||
| Total | 862 | 675 | 1,496 | 489 | 483 | 989 | 373 | 192 | 507 | ||
(b) Combined operating ratio analysis – geographical basis – general insurance business only
| Claims ratio | Expense ratio | Combined operating ratio | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 6 months 2006 % |
6 months 2005 % |
Full year 2005 % |
6 months 2006 % |
6 months 2005 % |
Full year 2005 % |
6 months 2006 % |
6 months 2005 % |
Full year 2005 % |
|||
| France | 72.6% | 72.3% | 73.7% | 9.5% | 10.3% | 12.0% | 98% | 100% | 101% | ||
| Ireland | 52.6% | 59.2% | 56.8% | 11.6% | 11.1% | 11.6% | 74% | 80% | 78% | ||
| Netherlands | 50.2% | 60.0% | 60.0% | 11.1% | 12.9% | 12.0% | 82% | 94% | 93% | ||
| Canada | 65.0% | 66.4% | 66.0% | 12.6% | 12.5% | 11.9% | 96% | 98% | 97% | ||
| International | 62.6% | 64.8% | 64.3% | 11.1% | 11.8% | 12.2% | 91% | 94% | 94% | ||
| United Kingdom | 58.5% | 64.3% | 61.8% | 11.9% | 10.8% | 10.9% | 92% | 96% | 96% | ||
| Total | 60.1% | 64.5% | 62.7% | 11.6% | 11.2% | 11.4% | 92% | 95% | 95% | ||
Ratios are measured in local currency.
The total Group ratios are based on average exchange rates applying to the respective periods.
Definitions:
Claims ratio – Incurred claims expressed as a percentage of net earned premiums.
Expense ratio – Written expenses excluding commissions expressed as a percentage of net written premiums.
Commission ratio – Written commissions expressed as a percentage of net written premiums.
Combined operating ratio – Aggregate of claims ratio, expense ratio and commission ratio.
(c) General insurance business only: class of business analyses
(i) United Kingdom
| Net written premiums | Underwriting result | Combined operating ratio | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 6 months 2006 £m |
6 months 2005 £m |
Full year 2005 £m |
6 months 2006 £m |
6 months 2005 £m |
Full year 2005 £m |
6 months 2006 % |
6 months 2005 % |
Full year 2005 % |
|||
| Personal | |||||||||||
| Motor | 889 | 774 | 1,641 | (33) | (14) | (40) | 105% | 102% | 102% | ||
| Homeowner | 629 | 572 | 1,300 | 88 | 25 | 69 | 87% | 97% | 97% | ||
| Other | 348 | 309 | 772 | 9 | 7 | 8 | 98% | 96% | 100% | ||
| 1,866 | 1,655 | 3,713 | 64 | 18 | 37 | 97% | 99% | 100% | |||
| Commercial | |||||||||||
| Motor | 341 | 364 | 679 | 19 | 17 | 55 | 94% | 95% | 94% | ||
| Property | 434 | 451 | 877 | 113 | 56 | 164 | 76% | 85% | 84% | ||
| Other | 257 | 266 | 563 | 37 | 15 | 46 | 86% | 94% | 93% | ||
| 1,032 | 1,081 | 2,119 | 169 | 88 | 265 | 84% | 91% | 88% | |||
| 2,898 | 2,736 | 5,832 | 233 | 106 | 302 | 92% | 96% | 96% | |||
During the six months to 30 June 2006, annualised rating increases were as follows; personal motor: 2% to 5%; homeowners: 6% (including indexation); commercial motor: 2% decrease; commercial property: 3% decrease; and commercial liability: 4% decrease.
(ii) France
| Net written premiums | Underwriting result | Combined operating ratio | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 6 months 2006 €m |
6 months 2005 €m |
Full year 2005 €m |
6 months 2006 €m |
6 months 2005 €m |
Full year 2005 €m |
6 months 2006 % |
6 months 2005 % |
Full year 2005 % |
|||
| Motor | 211 | 221 | 378 | (15) | (6) | (10) | 104% | 100% | 102% | ||
| Property and other | 286 | 264 | 446 | 17 | (6) | (16) | 93% | 99% | 101% | ||
| €m | 497 | 485 | 824 | 2 | (12) | (26) | 98% | 100% | 101% | ||
| £m | 341 | 335 | 564 | 1 | (8) | (18) | 98% | 100% | 101% | ||
(iii) Netherlands
| Net written premiums | Underwriting result | Combined operating ratio | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 6 months 2006 €m |
6 months 2005 €m |
Full year 2005 €m |
6 months 2006 €m |
6 months 2005 €m |
Full year 2005 €m |
6 months 2006 % |
6 months 2005 % |
Full year 2005 % |
|||
| Property | 204 | 207 | 351 | 31 | 23 | 44 | 79% | 92% | 88% | ||
| Motor | 149 | 178 | 370 | 25 | 12 | (1) | 82% | 93% | 100% | ||
| Liability | 84 | 48 | 83 | - | - | 15 | 98% | 102% | 84% | ||
| Other | 163 | 189 | 242 | 19 | (9) | 23 | 77% | 105% | 91% | ||
| €m | 600 | 622 | 1,046 | 75 | 26 | 81 | 82% | 94% | 93% | ||
| £m | 411 | 429 | 716 | 51 | 18 | 55 | 82% | 94% | 93% | ||
(iv) Canada
| Net written premiums | Underwriting result | Combined operating ratio | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 6 months 2006 C$m |
6 months 2005 C$m |
Full year 2005 C$m |
6 months 2006 C$m |
6 months 2005 C$m |
Full year 2005 C$m |
6 months 2006 % |
6 months 2005 % |
Full year 2005 % |
|||
| Automobile | 910 | 863 | 1,756 | 12 | 11 | 70 | 98% | 99% | 96% | ||
| Property | 399 | 418 | 831 | 22 | 25 | (2) | 96% | 93% | 100% | ||
| Liability | 139 | 151 | 281 | 2 | (7) | (9) | 98% | 105% | 102% | ||
| Other | 22 | 22 | 43 | 12 | 4 | 18 | 63% | 80% | 73% | ||
| C$m | 1,470 | 1,454 | 2,911 | 48 | 33 | 77 | 96% | 98% | 97% | ||
| £m | 724 | 627 | 1,324 | 24 | 14 | 35 | 96% | 98% | 97% | ||
