Condensed consolidated statement of profit or loss
for the year ended 31 December 2019
| Year ended 31 December 2019 |
Year ended 31 December 2018 |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
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|
|
|
|
|
|
|
|
|
|
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|
Gross earned premiums |
6 |
965.0 |
- |
965.0 |
|
949.9 |
- |
949.9 |
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|
Earned premiums ceded to reinsurers |
6 |
(525.7) |
- |
(525.7) |
|
(509.2) |
- |
(509.2) |
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|
Net earned premiums |
6 |
439.3 |
- |
439.3 |
|
440.7 |
- |
440.7 |
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|
|
|
|
|
|
|
|
|
|
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|
Other revenue |
7 |
291.6 |
- |
291.6 |
|
308.7 |
- |
308.7 |
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|
Investment and interest income |
8 |
10.4 |
- |
10.4 |
|
7.0 |
- |
7.0 |
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|
Net revenue |
|
741.3 |
- |
741.3 |
|
756.4 |
- |
756.4 |
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|
|
|
|
|
|
|
|
|
|
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|
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) |
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|
|
|
|
|
|
|
|
|
|
||||
|
Acquisition costs |
|
(76.4) |
- |
(76.4) |
|
(74.6) |
- |
(74.6) |
||||
|
Other expenses |
10 |
(192.5) |
- |
(192.5) |
|
(160.6) |
- |
(160.6) |
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|
|
|
|
|
|
|
|
|
|
||||
|
Adjusted operating profit2 |
|
109.7 |
|
|
|
190.6 |
|
|
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|
|
|
|
|
|
|
|
|
|
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|
Amortisation and depreciation |
10 |
(15.8) |
(2.0) |
(17.8) |
|
(7.5) |
(21.5) |
(29.0) |
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|
Finance costs |
14 |
(9.6) |
(0.2) |
(9.8) |
|
(8.5) |
(0.2) |
(8.7) |
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|
|
|
|
|
|
|
|
|
|
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|
Profit before tax |
|
84.3 |
(2.2) |
82.1 |
|
174.6 |
(21.7) |
152.9 |
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|
|
|
|
|
|
|
|
|
|
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|
Taxation expense |
15 |
(12.8) |
0.4 |
(12.4) |
|
(26.1) |
3.8 |
(22.3) |
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|
|
|
|
|
|
|
|
|
|
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|
Total profit attributable to the equity holders of the parent |
71.5 |
(1.8) |
69.7 |
|
148.5 |
(17.9) |
130.6 |
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|
|
|
|
|
|
|
|
|
|
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|
Earnings per share attributable to the equity holders of the parent (expressed in pence per share) |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
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|
Basic earnings per share |
16 |
|
|
10.6p |
|
|
|
19.9p |
||||
|
Diluted earnings per share |
16 |
|
|
10.6p |
|
|
|
19.8p |
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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.