QBE European Operations plc

QBE European Operations plc Annual report 2011
49
Balance sheets continued
As at 31 December 2011
Group
Company
2011 2010 2011 2010
Equity and liabilities Notes £000 £000 £000 £000
Capital and reserves
Called up share capital 19,20 2,308,573 2,454,133 2,308,573 2,454,133
Share premium account 20 – 361,550 – 361,550
Revaluation reserve 20 299 412 – –
Other reserves 20 167,049 148,863 – –
Profit and loss account 20 (784,818) (767,980) 600,192 334,073
Total shareholders’ funds 1,691,103 2,196,978 2,908,765 3,149,756
Equity minority interests 8,624 8,559 – –
Total equity 1,699,727 2,205,537 2,908,765 3,149,756
Technical provisions
Provision for unearned premiums 1,408,459 1,304,970 – –
Claims outstanding 6,514,462 6,137,377 – –
7,922,921 7,442,347 – –
Provisions for other risks and charges
Provisions for liabilities and charges 27 1,428 1,534 – –
Deferred taxation 22 185,630 57,236 – –
187,058 58,770 – –
Deposits received from reinsurers 46,529 49,961 – –
Creditors
Creditors arising out of direct insurance operations 126,636 160,509 – –
Creditors arising out of reinsurance operations 1,295,568 1,197,152 – –
Amounts owed to credit institutions 23 564,735 546,602 – –
Other creditors including tax and social security 24 1,944,869 1,032,556 2,012,048 912,286
3,931,808 2,936,819 2,012,048 912,286
Accruals and deferred income 42,495 40,059 – 430
Total equity and liabilities excluding pension liabilities 13,830,538 12,733,493 4,920,813 4,062,472
Pension liabilities 7(a) 6,326 12,568 – –
Total equity and liabilities including pension liabilities 13,836,864 12,746,061 4,920,813 4,062,472
These financial statements on pages 44 to 81 were approved by the board of directors on 4 May 2012 and signed on its behalf by:
D J Winkett
Director
The notes set out on pages 50 to 81 form an integral part of these financial statements.
Financial statements