PDF - Royal and Sun Alliance

CONDENSED CONSOLIDATED INCOME STATEMENT
STATUTORY BASIS
Continuing operations
12 Months 12 Months
2008 2007
(audited)
(audited)
£m £m
Income
Gross written premiums 7,273 6,596
Less: reinsurance premiums (811) (759)
Net written premiums 6,462 5,837
Change in the gross provision for unearned premiums (112) (235)
Less: change in provision for unearned premiums, reinsurers' share 8 5
Change in provision for unearned premiums (104) (230)
Net earned premiums 6,358 5,607
Net investment return 681 709
Other operating income 104 113
Total income 7,143 6,429
Expenses
Gross claims incurred (4,205) (4,044)
Less: claims recoveries from reinsurers 63 387
Net claims and benefits (4,142) (3,657)
Underwriting and policy acquisition costs (1,925) (1,776)
Unwind of discount including ADC (92) (81)
Other operating expenses (117) (119)
Total expenses (6,276) (5,633)
Results of operating activities 867 796
Finance costs (108) (104)
Profit/(loss) on disposals 18 (22)
Net share of loss after tax of associates (18) -
Profit before tax 759 670
Income tax expense (173) (29)
Profit after tax from continuing operations 586 641
Discontinued operations
Loss after tax from discontinued operations - (13)
Profit after tax 586 628
Attributable to:
Equity holders of the Company 574 596
Minority interests 12 32
Profit after tax 586 628
Earnings per share for profit from continuing operations attributable to the ordinary shareholders of the Company:
Basic 17.3 19.3
Diluted 17.0 19.0
Earnings per share on profit attributable to the ordinary shareholders of the Company:
Basic 17.3 18.9
Diluted 17.0 18.6
The attached notes are an integral part of these condensed consolidated financial statements. For dividend information
refer to note 8.
22 Ι RSA Ι 2008 Year End Results Ι 26 February 2009