ANNUAL REPORT AND ACCOUNTS 2012 - RSA, Annual Report ...

More documents

Recommendations

Info

NOTES TO THE FINANCIAL STATEMENTS CONTINUED 4. PROFIT BEFORE TAX CONTINUED The average number of employees during the year was as follows: 2012 Number 2011 Number Scandinavia 3,687 3,696 Canada 4,073 3,694 UK & Western Europe 9,846 9,874 Emerging Markets 6,218 5,976 23,824 23,240 UK & Western Europe includes staff employed in Group Corporate Centre. 5. INCOME TAX EXPENSE The tax amounts charged in the income statement are as follows: Current tax 139 155 Deferred tax (11) 31 Taxation attributable to the Group 128 186 2012 £m 2011 £m UK corporation tax is calculated at 24.5% (2011: 26.5%) of the estimated assessable profit for the year. Since the Group operates around the world, it is subject to income taxes in many different jurisdictions. Taxation for jurisdictions other than the UK is calculated at the rates prevailing in those jurisdictions. Of the above taxation attributable to the Group £8m (2011: £(8)m) relates to UK corporation tax and £120m (2011: £194m) to overseas taxation. Profit before tax 479 613 2012 £m 2011 £m Tax at the UK rate of 24.5% (2011: 26.5%) 117 163 Tax effect of: Income/gains not taxable (17) (24) Expenses not deductible for tax purposes 17 45 Tax losses not recognised 4 12 Release of tax provided in respect of prior periods (21) (36) Different tax rates of subsidiaries operating in other jurisdictions – (1) Effect of change in tax rates 7 10 Other 21 17 Income tax expense 128 186 6. EARNINGS PER SHARE ATTRIBUTABLE TO THE ORDINARY SHAREHOLDERS OF THE PARENT COMPANY The earnings per ordinary share are calculated by reference to the profit attributable to the ordinary shareholders and the weighted average of shares in issue during the year. Basic Basic earnings per share are calculated by dividing the profit attributable to the ordinary shareholders of the Parent Company by the weighted average number of ordinary shares in issue during the period, excluding ordinary shares purchased by various share trusts and held as own shares. 108 | RSA | Annual Report and Accounts 2012
FINANCIAL STATEMENTS Profit attributable to the shareholders of the Parent Company 344 426 Less: cumulative preference dividends (9) (9) Profit for the calculation of earnings per share 335 417 Weighted average number of ordinary shares in issue (thousands) 3,534,577 3,511,180 Basic earnings per share (p) 9.5 11.9 2012 £m 2011 £m Diluted Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The Parent Company has share options and contingently issuable shares as categories of dilutive potential ordinary shares. The calculation is performed for the dilutive potential ordinary shares to determine the number of shares that could have been issued at fair value (determined as the average annual market share price of the Parent Company’s shares) based on the monetary value of the subscription rights attached to outstanding dilutive potential ordinary shares. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the dilutive potential ordinary shares. Profit for the calculation of earnings per share 335 417 Weighted average number of ordinary shares in issue (thousands) 3,534,577 3,511,180 Adjustments for share options and contingently issuable shares (thousands) 41,954 29,824 Weighted average number of ordinary shares for diluted earnings per share (thousands) 3,576,531 3,541,004 Diluted earnings per share (p) 9.4 11.8 2012 £m 2011 £m 7. DIVIDENDS Ordinary dividend: Final paid in respect of prior year 5.82 5.70 206 198 Interim paid in respect of current year 3.41 3.34 121 118 2012 p 2011 p 2012 £m 2011 £m 327 316 Preference dividend 9 9 336 325 At the Annual General Meeting (AGM) on 15 May 2013, a final dividend in respect of the year ended 31 December 2012 of 3.90p per share amounting to a total dividend of £140m is to be proposed. The proposed dividend will be paid and accounted for in shareholders’ equity as an appropriation of retained earnings in the year ending 31 December 2013. The Group subsidiaries may be subject to restrictions on the amount of dividends they can pay to shareholders as a result of local regulatory requirements. However, based on the information currently available, the Group does not believe that such restrictions materially impact the ability to meet obligations or pay dividends. The trustees of the Royal & SunAlliance ESOP Trust and the Royal & SunAlliance ESOP Trust No 2 waived their entitlement to dividends (except for a nominal amount) which reduced the total dividend paid by less than £1m (2011: less than £1m). Annual Report and Accounts 2012 | RSA | 109
Page 1 and 2:
ANNUAL REPORT AND ACCOUNTS 2012
Page 3 and 4:
INTRODUCTION This Annual Report and
Page 5 and 6:
INTRODUCTION CANADA 19% of 2012 Gro
Page 7 and 8:
INTRODUCTION PAY CLAIMS INVEST PRUD
Page 9 and 10:
BUSINESS REVIEW 8 Chairman’s Stat
Page 11 and 12:
BUSINESS REVIEW This striving for e
Page 13 and 14:
BUSINESS REVIEW OUR STRATEGY I am c
Page 15 and 16:
BUSINESS REVIEW • Can we differen
Page 17 and 18:
BUSINESS REVIEW FINANCIAL HIGHLIGHT
Page 19 and 20:
BUSINESS REVIEW INVESTMENT RESULT 2
Page 21 and 22:
BUSINESS REVIEW CUSTOMER We are com
Page 23 and 24:
BUSINESS REVIEW MARKET CONDITIONS C
Page 25 and 26:
BUSINESS REVIEW European Specialty
Page 27 and 28:
BUSINESS REVIEW MARKET CONDITIONS I
Page 29 and 30:
BUSINESS REVIEW PRINCIPLES Simple o
Page 31 and 32:
BUSINESS REVIEW PRINCIPAL UNCERTAIN
Page 33 and 34:
BUSINESS REVIEW analysis by Forum f
Page 35 and 36:
BUSINESS REVIEW Our Impacts We unde
Page 37 and 38:
CORPORATE GOVERNANCE 36 Board of Di
Page 39 and 40:
CORPORATE GOVERNANCE NOEL HARWERTH
Page 41 and 42:
CORPORATE GOVERNANCE MIKE HOLLIDAY-
Page 43 and 44:
CORPORATE GOVERNANCE The attendance
Page 45 and 46:
CORPORATE GOVERNANCE operational pe
Page 47 and 48:
CORPORATE GOVERNANCE European Econo
Page 49 and 50:
CORPORATE GOVERNANCE Substantial Sh
Page 51 and 52:
CORPORATE GOVERNANCE The Group is c
Page 53 and 54:
CORPORATE GOVERNANCE The Directors
Page 55 and 56:
CORPORATE GOVERNANCE delegated to a
Page 57 and 58:
CORPORATE GOVERNANCE DIRECTORS’ R
Page 59 and 60: CORPORATE GOVERNANCE SECTION 1 - GR
Page 61 and 62: CORPORATE GOVERNANCE SECTION 2 - RE
Page 63 and 64: CORPORATE GOVERNANCE Opportunity an
Page 65 and 66: CORPORATE GOVERNANCE Director Adria
Page 67 and 68: CORPORATE GOVERNANCE 4. Other mater
Page 69 and 70: CORPORATE GOVERNANCE SECTION 7 - AU
Page 71 and 72: CORPORATE GOVERNANCE Options 1999 E
Page 73 and 74: CORPORATE GOVERNANCE Sharebuild The
Page 75 and 76: FINANCIAL STATEMENTS 74 Directors
Page 77 and 78: FINANCIAL STATEMENTS INDEPENDENT AU
Page 79 and 80: FINANCIAL STATEMENTS CONSOLIDATED S
Page 81 and 82: FINANCIAL STATEMENTS CONSOLIDATED S
Page 83 and 84: FINANCIAL STATEMENTS Associates Ass
Page 85 and 86: FINANCIAL STATEMENTS and the revers
Page 87 and 88: FINANCIAL STATEMENTS financial liab
Page 89 and 90: FINANCIAL STATEMENTS Unless otherwi
Page 91 and 92: FINANCIAL STATEMENTS Uncertainties
Page 93 and 94: FINANCIAL STATEMENTS Foreign exchan
Page 95 and 96: FINANCIAL STATEMENTS Reserves - an
Page 97 and 98: FINANCIAL STATEMENTS The following
Page 99 and 100: FINANCIAL STATEMENTS At 31 December
Page 101 and 102: FINANCIAL STATEMENTS At 31 December
Page 103 and 104: FINANCIAL STATEMENTS The duration a
Page 105 and 106: FINANCIAL STATEMENTS NOTES TO THE F
Page 107 and 108: FINANCIAL STATEMENTS Net written pr
Page 109: FINANCIAL STATEMENTS Other lease pa
Page 113 and 114: FINANCIAL STATEMENTS Amortisation e
Page 115 and 116: FINANCIAL STATEMENTS Accumulated im
Page 117 and 118: FINANCIAL STATEMENTS Available for
Page 119 and 120: FINANCIAL STATEMENTS The following
Page 121 and 122: FINANCIAL STATEMENTS Rights attachi
Page 123 and 124: FINANCIAL STATEMENTS Claims develop
Page 125 and 126: FINANCIAL STATEMENTS 21. INSURANCE
Page 127 and 128: FINANCIAL STATEMENTS At the end of
Page 129 and 130: FINANCIAL STATEMENTS During 2010 ch
Page 131 and 132: FINANCIAL STATEMENTS Including the
Page 133 and 134: FINANCIAL STATEMENTS Mortality rate
Page 135 and 136: FINANCIAL STATEMENTS 29. SUBSIDIARI
Page 137 and 138: FINANCIAL STATEMENTS Commercial lin
Page 139 and 140: FINANCIAL STATEMENTS INDEPENDENT AU
Page 141 and 142: FINANCIAL STATEMENTS PARENT COMPANY
Page 143 and 144: FINANCIAL STATEMENTS NOTES TO THE S
Page 145 and 146: FINANCIAL STATEMENTS Deferred tax a
Page 147 and 148: FINANCIAL STATEMENTS 10. SHARE BASE
Page 149 and 150: OTHER INFORMATION 148 Shareholder i
Page 151 and 152: OTHER INFORMATION Distribution of s
Page 153 and 154: OTHER INFORMATION JARGON BUSTER Bel
Page 155 and 156: Important disclaimer This document
show all

ANNUAL REPORT AND ACCOUNTS 2012 - RSA, Annual Report ...

Create successful ePaper yourself

Delete template?

Save as template?