Consolidated income statement
For the year ended 12 January 2008 (unaudited)
All amounts are stated in £m unless otherwise indicated
| 2007 | Notes | General insurance |
Banking | Other shareholder | Total shareholder return before significant items | Significant items | Total shareholder | Long-term business (1) |
|---|---|---|---|---|---|---|---|---|
| Gross earned insurance premiums | 1 | 436.6 | - | - | 436.6 | - | 436.6 | 534.2 |
| Premiums ceded to reinsurers | 1 | (17.1) | - | - | (17.1) | - | (17.1) | (1,819.1) |
| Interest and investment income | 64.2 | 800.0 | 36.1 | 900.3 | - | 900.3 | 750.3 | |
| Commissions and fees receivable | 0.4 | 216.5 | (0.3) | 216.6 | - | 216.6 | 48.0 | |
| Gains less losses from traded investments | (1.4) | 5.5 | 13.8 | 17.9 | - | 17.9 | (391.2) | |
| Other | 0.1 | - | - | 0.1 | - | 0.1 | 6.4 | |
| Interest paid | (6.2) | (465.2) | 1.9 | (469.5) | - | (469.5) | - | |
| Commission and fees payable | - | (33.3) | - | (33.3) | - | (33.3) | - | |
| Net revenue | 476.6 | 523.5 | 51.5 | 1,051.6 | - | 1,051.6 | (871.4) | |
| Net claims incurred | 2 | (269.7) | - | - | (269.7) | - | (269.7) | (1,459.8) |
| Technical charges | - | - | - | - | - | - | 2,451.2 | |
| Impairment losses on structured investments | - | (31.8) | (10.0) | (41.8) | - | (41.8) | - | |
| Impairment losses on loans and advances | - | (102.0) | - | (102.0) | - | (102.0) | - | |
| 206.9 | 389.7 | 41.5 | 638.1 | - | 638.1 | 120.0 | ||
| Change in unallocated divisible surplus | - | - | - | - | - | - | 107.0 | |
| Tax attributable to policyholders | - | - | - | - | - | - | (14.0) | |
| Operating expenses | 3 | (139.8) | (339.3) | (7.5) | (486.6) | (67.5) | (554.1) | (213.0) |
| Operating result | 67.1 | 50.4 | 34.0 | 151.5 | (67.5) | 84.0 | - | |
| Membership dividend | (0.7) | (1.3) | - | (2.0) | - | (2.0) | - | |
| Profit before tax | 66.4 | 49.1 | 34.0 | 149.5 | (67.5) | 82.0 | - | |
| Taxation | (19.5) | (16.6) | 8.0 | (28.1) | 20.2 | (7.9) | - | |
| Minority interests | - | (2.7) | - | (2.7) | - | (2.7) | - | |
| Net profit for the year | 46.9 | 29.8 | 42.0 | 118.7 | (47.3) | 71.4 | - |
(1) Long-term business operating expenses include £37.6m of significant items. This relates to non-recurring restructuring costs.
The financial statements of the parent company and individual subsidiary companies are available from New Century House, Manchester, M60 4ES.
| 2006 | Notes | General insurance |
Banking | Other shareholder | Total shareholder return before significant items | Significant items | Total shareholder | Long-term business (1) |
|---|---|---|---|---|---|---|---|---|
| Gross earned insurance premiums | 1 | 520.7 | - | - | 520.7 | - | 520.7 | 548.4 |
| Premiums ceded to reinsurers | 1 | (32.9) | - | - | (32.9) | - | (32.9) | (29.9) |
| Interest and investment income | 68.7 | 708.8 | 41.7 | 819.2 | - | 819.2 | 791.2 | |
| Commissions and fees receivable | 2.0 | 232.1 | - | 234.1 | - | 234.1 | 45.3 | |
| Gains less losses from traded investments | 3.9 | 2.8 | (15.2) | (8.5) | - | (8.5) | 152.7 | |
| Other | 3.0 | 0.1 | - | 3.1 | - | 3.1 | 7.4 | |
| Interest paid | (4.3) | (388.5) | 7.6 | (385.2) | - | (385.2) | - | |
| Commission and fees payable | - | (33.8) | - | (33.8) | - | (33.8) | - | |
| Net revenue | 561.1 | 521.5 | 34.1 | 1,116.7 | - | 1,116.7 | 1,515.1 | |
| Net claims incurred | 2 | (359.0) | - | - | (359.0) | - | (359.0) | (1,448.9) |
| Technical charges | - | - | - | - | - | - | 500.6 | |
| Impairment losses on loans and advances | - | (105.3) | - | (105.3) | - | (105.3) | - | |
| 202.1 | 416.2 | 34.1 | 652.4 | - | 652.4 | 566.8 | ||
| Change in unallocated divisible surplus | - | - | - | - | - | - | (340.4) | |
| Tax attributable to policyholders | - | - | - | - | - | - | (8.5) | |
| Operating expenses | 3 | (165.1) | (339.9) | (12.7) | (517.7) | 99.7 | (418.0) | (217.9) |
| Operating result | 37.0 | 76.3 | 21.4 | 134.7 | 99.7 | 234.4 | - | |
| Membership dividend | (0.8) | (1.2) | - | (2.0) | - | (2.0) | - | |
| Profit before tax | 36.2 | 75.1 | 21.4 | 132.7 | 99.7 | 232.4 | - | |
| Taxation | (14.1) | (24.6) | 12.2 | (26.5) | (29.0) | (55.5) | - | |
| Minority interests | - | (2.2) | - | (2.2) | (1.3) | (3.5) | - | |
| Net profit for the year | 22.1 | 48.3 | 33.6 | 104.0 | 69.4 | 173.4 | - |
(1) Long-term business operating expenses include £8.3m of significant items. This includes £11.9m of non-recurring restructuring costs and £3.6m gain on implementation of the PACE pension scheme.
The financial statements of the parent company and individual subsidiary companies are available from New Century House, Manchester, M60 4ES.
Copyright © 2008 Cooperative Financial Services
