Overview
Highlights
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| 2005 | 2004 | |
|---|---|---|
| Revenue | ||
| Net written premiums1 | £5,400m | £5,082m |
| Results* | ||
| Operating result2 | £698m | £258m |
| Profit before tax3 | £865m | £38m |
| Profit/(loss) after tax | £605m | (£80m) |
| Balance sheet at 31 December | ||
| Total capital4 | £4,205m | £3,740m |
| Shareholders’ funds5 | £2,743m | £2,321m |
| Net asset value per share (pre IAS 19)6 | 103p | 95p |
| Net asset value per share (post IAS 19)7 | 90p | 76p |
| Dividend | ||
| Total dividend for the year per ordinary share | 4.74p | 4.61p |
| Combined operating ratio (COR)8 | ||
| Ongoing business | 93.8% | 93.8% |
| Core Group | 94.1% | 96.1% |
| *For an explanation of 'results', please see the Financial review. **2003 results on a UK GAAP basis, 2004 and 2005 on an IFRS basis. Guide to terms 1. Net written premiums The amounts receivable from policyholders, less the amounts payable to our own reinsurers, in respect of policies that have commenced in the year. 2. Operating result The Group’s underwriting result plus investment return and other activities. 3. Profit before tax Profit before tax is shown on a management basis. Profit before tax on a statutory basis is shown in the Consolidated Income Statement. 4. Total capital The assets invested in the business by (1) shareholders, (2) minority shareholders in part owned subsidiaries and (3) subscribers to loan capital issued. 5. Shareholders’ funds The assets invested in the business by shareholders of ordinary and preference shares. 6. Net asset value per share (pre IAS 19) Net assets attributable to holders of ordinary shares; stated as the assets before the pension fund deficit per ordinary share in issue. 7. Net asset value per share (post IAS 19) Net assets attributable to holders of ordinary shares; stated as the assets after the pension fund deficit per ordinary share in issue. 8. Combined operating ratio (COR) The ratio of premiums to claim costs and expenses (including commission). |
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