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LLOYD’S UPDATE - 2009 RESULTS & 2010 CAPACITY

Company

Currency

FY 2007

Amlin

GBPmn

109.0

Beazley

GBPmn

64.1

Brit

GBPmn

58.7

Catlin

USDmn

139.0

Chaucer

GBPmn

45.8

Hardy

GBPmn

9.8

Hiscox

GBPmn

59.9

Novae

GBPmn

5.8

Table 5 – Reserve Releases

Reporting

Source: Company

data, Aon Benfield Research

FY 2007

FY 2008

as % of

as % of

NPE

FY 2008

NPE

114.0

12.5%

72.8

10.7%

79.1

7.2%

118.3

4.6%

74.1

13.5%

6.4

5.3%

122.8

13.2%

6.7

2.6%

    • 11.2

      %

    • 10.4

      %

    • 5.3

      %

    • 5.6

      %

    • 10.3

      %

    • 9.1

      %

    • 6.2

      %

    • 2.6

      %

FY 2009 174.1 67.2 81.2 94.0 31.8 9.7 139.4 21.2

FY 2009 as % of NPE

13.2% 8.0%

    • 5.4

      %

    • 3.2

      %

    • 5.2

      %

    • 5.5

      %

    • 12.7

      %

7.0%

FY 2005

FY 2006

FY 2007

FY 2008

FY 2009

Change

187

343

445

122

509

317%

16

87

139

87

101

15%

62

186

191

89

116

30%

28

275

543

-13

603

4904%

12

86

89

-26

42

260%

7

17

18

23

20

-13%

70

201

237

105

321

205%

3

31

41

40

4

-90%

7

23

59

28

47

67%

Pre-Tax Profits

Pre-tax profit for the listed ILVs experienced a dramatic turnaround in 2009, with the total for the group increasing by 241%. However, the numbers were distorted in both 2008 and 2009 by exchange translation difference, largely caused by the weakness in sterling over the period. Overall, this resulted in a negative impact of GBP238mn on pre- tax profits in 2009 in the foreign exchange translation of net-non monetary liabilities5. This contrasts with a GBP255mn benefit to pre-tax profits for the 2008 full year. Declines in profits at Hardy and Novae primarily resulted from the lower investment return and increased combined ratio in each case.

2009/2008

Table 6 – Pre-tax Profit / Loss

Source: Company data, Aon Benfield Research

Company

Reporting Currency

Amlin Beazley Brit Catlin Chaucer Hardy Hiscox Novae Omega

GBPmn GBPmn GBPmn USDmn GBPmn GBPmn GBPmn GBPmn USDmn

5 The exchange difference on net non-monetary liabilities arises from translation of unearned premium reserves, deferred reinsurance expenditure and deferred acquisition costs at historical rates, whereas all other related balance sheet items are translated at the closing exchange rates.

14

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