Full report - SGI Canada
Full report - SGI Canada
Full report - SGI Canada
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Consolidated sTatement of operations<br />
Consolidated statement of comprehensive income<br />
year end December 31 2010 2009<br />
(thousands of $)<br />
Gross premiums written $ 464,591 $ 421,090<br />
Net premiums written $ 430,560 $ 393,914<br />
Net premiums earned $ 407,493 $ 370,555<br />
Claims incurred 240,017 189,611<br />
Commissions 86,019 80,466<br />
Administrative expenses 49,902 48,610<br />
Premium taxes 19,279 17,571<br />
Facility Association participation (note 19) (786) 482<br />
Total claims and expenses 394,431 336,740<br />
Underwriting profit 13,062 33,815<br />
Investment earnings (note 11) 38,283 19,572<br />
Income before income taxes and<br />
non-controlling interest 51,345 53,387<br />
Income taxes (note 12)<br />
2,543 1,003<br />
Income after income taxes and before<br />
non-controlling interest 48,802 52,384<br />
year ended December 31 2010 2009<br />
(thousands of $)<br />
Net income $ 48,356 $ 52,367<br />
Other comprehensive income, net of<br />
income taxes:<br />
Net unrealized income on available for sale<br />
financial assets arising during the year 25,196 30,414<br />
Income tax expense (1,566) (2,288)<br />
23,630 28,126<br />
Reclassification of net realized gains<br />
on sale of investments included in net income (17,350) (2,272)<br />
Reclassification for investment write-downs<br />
included in net income 464 3,965<br />
Income tax expense 425 332<br />
(16,461) 2,025<br />
Other comprehensive income 7,169 30,151<br />
Comprehensive income $ 55,525 $ 82,518<br />
(see accompanying notes)<br />
Non-controlling interest 446 17<br />
Net income $ 48,356 $ 52,367<br />
(see accompanying notes)<br />
62 | 2010 CONSOLIDATED STATEMENT OF OPERATIONS CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 2010 | 63
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