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Notes to the consolidated
financial statements
continued
4 Operating segments continued
(c) Segmental analysis of assets and liabilities continued
74 Notes to the consolidated financial statements Hiscox Ltd Report and Accounts 2009
31 December 2008
Restated
London UK and Corporate Intragroup items
Market Europe International Centre and eliminations Total
£000 £000 £000 £000 £000 £000
Intangible assets 30,507 2,850 8,645 6,555 – 48,557
Deferred acquisition costs 52,609 41,102 37,901 – (482) 131,130
Financial assets 1,175,492 320,776 471,676 121,028 – 2,088,972
Reinsurance assets 469,971 120,662 113,799 – (200,638) 503,794
Other assets 482,204 231,224 536,702 742,713 (1,005,953) 986,890
Total assets 2,210,783 716,614 1,168,723 870,296 (1,207,073) 3,759,343
Insurance liabilities 1,541,644 436,949 498,964 – (200,141) 2,277,416
Other liabilities 573,752 219,436 109,566 196,041 (567,894) 530,901
Total liabilities 2,115,396 656,385 608,530 196,041 (768,035) 2,808,317
Capital expenditure 8,622 337 934 220 10,113
Segment assets and liabilities primarily consist of operating assets and liabilities, which represent the majority of the balance sheet.
Intragroup assets and liabilities that cross segments are presented under the separate category heading ‘Intragroup items and eliminations’.
Capital expenditure comprises expenditure on intangible assets (note 15) other than goodwill, and additions to property, plant and
equipment (note 16), but excluding assets acquired on business combinations.
(d) Geographical information
The Group’s operational segments underwrite business domestically in Bermuda and from locations in the UK and Ireland, the US,
Guernsey, France, Germany, Belgium, the Netherlands, Spain, Portugal, Sweden and Austria.
The following table provides an analysis of the Group’s gross premium revenues earned by material geographical location from external parties:
Gross premium revenues
Year to 31 December 2008
Year to 31 December 2009 Restated
London UK and Corporate London UK and Corporate
earned from external parties
Market
£000
Europe
£000
International
£000
Centre
£000
Total
£000
Market
£000
Europe
£000
International
£000
Centre
£000
Total
£000
UK and Ireland 33,028 257,873 24,298 – 315,199 22,279 220,213 23,803 – 266,295
Europe 47,271 111,552 30,513 – 189,336 51,127 86,371 18,914 – 156,412
United States 324,757 4,440 190,738 – 519,935 285,796 4,567 147,472 – 437,835
Rest of World 224,878 23,337 91,013 – 339,228 232,044 23,535 55,390 – 310,969
629,934 397,202 336,562 – 1,363,698 591,246 334,686 245,579 – 1,171,511
The Group’s largest external policyholder contributed less than 2% of total gross Group premium revenues earned and the details
thereof are not disclosed on the grounds of materiality.
The Group has not reported geographical segmental details of non-current assets excluding financial instruments and including loans
and receivables, rights and obligations under insurance and reinsurance contracts, investments in associates and subsidiaries on the
grounds of the relevance of these items to the Group’s operations and the usefulness of such information to users.