Key financial data

Condensed consolidated statement of profit or loss

for the year ended 31 December 2019

    Year ended
31 December 2019
  Year ended
31 December 2018
  Note Underlying
trading

£m
Non-trading items1
£m
Total
£m

 

Underlying
trading
£m
Non-trading items1
£m
Total
£m

Gross written premiums

6

961.6

-

961.6

 

958.3

-

958.3

 

 

 

 

 

 

 

 

 

Gross earned premiums

6

965.0

-

965.0

 

949.9

-

949.9

Earned premiums ceded to reinsurers

6

(525.7)

-

(525.7)

 

(509.2)

-

(509.2)

Net earned premiums

6

439.3

-

439.3

 

440.7

-

440.7

 

 

 

 

 

 

 

 

 

Other revenue

7

291.6

-

291.6

 

308.7

-

308.7

Investment and interest income

8

10.4

-

10.4

 

7.0

-

7.0

Net revenue

 

741.3

-

741.3

 

756.4

-

756.4

 

 

 

 

 

 

 

 

 

Claims incurred

9

(875.1)

-

(875.1)

 

(774.6)

-

(774.6)

Reinsurers' share of claims incurred

9

512.4

-

512.4

 

444.0

-

444.0

Net claims incurred

9

(362.7)

-

(362.7)

 

(330.6)

-

(330.6)

 

 

 

 

 

 

 

 

 

Acquisition costs

 

(76.4)

-

(76.4)

 

(74.6)

-

(74.6)

Other expenses

10

(192.5)

-

(192.5)

 

(160.6)

-

(160.6)

 

 

 

 

 

 

 

 

 

Adjusted operating profit2

 

109.7

 

 

 

190.6

 

 

 

 

 

 

 

 

 

 

 

Amortisation and depreciation

10

(15.8)

(2.0)

(17.8)

 

(7.5)

(21.5)

(29.0)

Finance costs

14

(9.6)

(0.2)

(9.8)

 

(8.5)

(0.2)

(8.7)

 

 

 

 

 

 

 

 

 

Profit before tax

 

84.3

(2.2)

82.1

 

174.6

(21.7)

152.9

 

 

 

 

 

 

 

 

 

Taxation expense

15

(12.8)

0.4

(12.4)

 

(26.1)

3.8

(22.3)

 

 

 

 

 

 

 

 

 

Total profit attributable to the equity holders of the parent

71.5

(1.8)

69.7

 

148.5

(17.9)

130.6

 

 

 

 

 

 

 

 

 

Earnings per share attributable to the equity holders of the parent (expressed in pence per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

16

 

 

10.6p

 

 

 

19.9p

Diluted earnings per share

16

 

 

10.6p

 

 

 

19.8p

 

All results arose from continuing operations.

The accompanying Notes form an integral part of these Consolidated Financial Statements were provided in the 2019 Full Year results announcement.

1 Non-trading items are defined as expenses or earnings that are not representative of the underlying activities of the Group and include reorganisation, refinancing and transaction costs and the impact of accounting for business combinations.
2 Adjusted operating profit represents profit before taxation expense, finance costs, amortisation and depreciation and non-trading costs. This is a non-IFRS measure used by management to measure the underlying trading of the business and is provided for information.