Consolidated Income Statement
FOR THE YEAR ENDED 30 JUNE 2007
| CONSOLIDATED | |||
| Notes | 2007 $m |
2006 $m |
|
|---|---|---|---|
| Premium revenue | 2 | 7,207 | 6,537 |
| Outwards reinsurance premium expense | (464) | (405) | |
| Net premium revenue(i) | 6,743 | 6,132 | |
| Claims expense | (5,345) | (4,466) | |
| Reinsurance and other recoveries revenue | 2 | 871 | 566 |
| Net claims expense(ii) | (4,474) | (3,900) | |
| Acquisition costs | (1,223) | (1,081) | |
| Other underwriting expenses | (421) | (395) | |
| Fire services levy | (218) | (223) | |
| Underwriting expenses(iii) | (1,862) | (1,699) | |
| Underwriting profit(i) + (ii) + (iii) | 407 | 533 | |
| Investment income on assets backing insurance liabilities | 2 | 381 | 329 |
| Investment expenses on assets backing insurance liabilities | (21) | (19) | |
| Insurance profit | 767 | 843 | |
| Investment income on equity holders’ funds | 2 | 343 | 576 |
| Fee income and other income | 2 | 463 | 218 |
| Share of net profit of associate | 2 | 5 | 2 |
| Finance costs | (119) | (86) | |
| Corporate, administration and other expenses | (532) | (298) | |
| Net income attributable to minority interests in unitholders’ funds | (19) | (20) | |
| Profit/(loss) before income tax | 908 | 1,235 | |
| Income tax (expense)/credit | (279) | (373) | |
| Profit/(loss) for the year | 629 | 862 | |
| Profit/(loss) for the year attributable to: | |||
| Equity holders of the Parent | 552 | 759 | |
| Minority interests | 77 | 103 | |
| Profit/(loss) for the year | 629 | 862 | |
| CONSOLIDATED | |||
| Notes | 2007 cents |
2006 cents |
|
| Basic earnings per ordinary share | 4 | 32.79 | 47.66 |
| Diluted earnings per ordinary share | 4 | 32.59 | 47.38 |
The above consolidated income statement should be read in conjunction with the notes to the concise financial statements.