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Financial information
- 01 Consolidated profit & loss account
- 02 Pro forma reconciliation of Group operating profit to profit on ordinary activities before tax
- 03 Consolidated statement of total recognised gains & losses
- 04 Reconciliation of movements in consolidated shareholders' funds
- 05 Consolidated Group balance sheet
- 06 Consolidated cash flow statement
- 07 Company balance sheet
- 08 Notes to the accounts
- 09 Five year review
- 10 Introduction to International Financial Reporting Standards
- 11 Alternative method of reporting long-term business
Consolidated profit and loss account
Technical account – long-term business
For the year ended 31 December 2004
| 2004 €m |
2004 £m |
2003 £m |
|
|---|---|---|---|
| 30,196 | Gross premiums written (5a) | 20,533 | 19,373 |
| (933) | Outward reinsurance premiums (F) | (634) | (595) |
| 29,263 | Written and earned premiums, net of reinsurance (B & 5a) | 19,899 | 18,778 |
| 13,801 | Investment income (G & 6a) | 9,385 | 7,502 |
| 7,521 | Unrealised gains on investments (G & 6a) | 5,114 | 7,069 |
| Claims paid | |||
| (22,057) | Gross amount | (14,999) | (13,204) |
| 578 | Reinsurers’ share | 393 | 524 |
| (21,479) | (14,606) | (12,680) | |
| Change in the provision for claims | |||
| (274) | Gross amount | (186) | (46) |
| 7 | Reinsurers’ share | 5 | (2) |
| (267) | (181) | (48) | |
| (21,746) | Claims incurred, net of reinsurance (C) | (14,787) | (12,728) |
| Change in long-term business provision (Q) | |||
| (9,934) | Gross amount | (6,755) | (3,608) |
| 658 | Reinsurers’ share | 447 | 364 |
| (9,276) | (6,308) | (3,244) | |
| (12,231) | Change in technical provision for linked business, net of reinsurance (Q) | (8,317) | (8,866) |
| (21,507) | Changes in other technical provisions, net of reinsurance | (14,625) | (12,110) |
| (3,559) | Net operating expenses (8) | (2,420) | (2,107) |
| (452) | Investment expenses and charges (6a) | (307) | (299) |
| (100) | Other technical charges (23) | (68) | (74) |
| (891) | Tax attributable to long-term business (J & 13b) | (606) | (529) |
| (98) | Allocated investment return transferred to the non-technical account (G & 6b) | (67) | (129) |
| (1,149) | Transfers to the fund for future appropriations (T) | (781) | (4,672) |
| (6,249) | Other income/(charges) | (4,249) | (7,810) |
| 1,083 | Balance on the long-term business technical account (H) | 737 | 701 |
| 1,083 | Balance on the long-term business technical account | 737 | 701 |
| 454 | Tax credit attributable to balance on the long-term business technical account (J & 13a) | 308 | 273 |
| 1,537 | Profit from long-term business operations before tax | 1,045 | 974 |
The table below provides a reconciliation between the analysis used in the narrative sections of this Report and the profit from long-term business operations above.
| 2004 €m |
2004 £m |
2003 £m |
|
|---|---|---|---|
| 1,743 | Long-term business operating profit before amortisation of acquired additional value of in-force long-term business and amortisation of goodwill on associated undertakings (3a) | 1,185 | 1,122 |
| (185) | Amortisation of acquired additional value of in-force long-term business (included within other technical charges and investment income) | (126) | (135) |
| (21) | Amortisation of goodwill on associated undertakings (included within investment income) (6a & 20c) | (14) | (13) |
| 1,537 | Profit from long-term business operations before tax | 1,045 | 974 |
All profit is from continuing operations.
