HSBC 2009 Annual Report Download - page 450

HSBC HOLDINGS PLC
Notes on the Financial Statements (continued)
Note 30
448
The movement of liabilities under insurance contracts during the year was as follows:
Non-life insurance liabilities
Gross
Reinsurers’
share Net
US$m US$m US$m
2009
Unearned premium reserve (‘UPR’)
At 1 January ............................................................................................................. 1,136 (159) 977
Changes in UPR recognised as (income)/expense .................................................. (233) 10 (223)
Gross written premiums ...................................................................................... 1,339 (215) 1,124
Gross earned premiums ....................................................................................... (1,572) 225 (1,347)
Exchange differences and other movements ........................................................... (70) 14 (56)
At 31 December ....................................................................................................... 833 (135) 698
Notified and incurred but not reported claims
At 1 January ............................................................................................................. 1,276 (271) 1,005
Notified claims .................................................................................................... 908 (230) 678
Claims incurred but not reported ......................................................................... 368 (41) 327
Claims paid in current year ...................................................................................... (987) 156 (831)
Claims incurred in respect of current year .............................................................. 939 (156) 783
Claims incurred in respect of prior years ................................................................ 342 (2) 340
Exchange differences and other movements ........................................................... 147 (54) 93
At 31 December ....................................................................................................... 1,717 (327) 1,390
Notified claims .................................................................................................... 1,032 (245) 787
Claims incurred but not reported ......................................................................... 685 (82) 603
Other ........................................................................................................................ 178 (5) 173
Total non-life insurance liabilities ........................................................................... 2,728 (467) 2,261
2008
Unearned premium reserve (‘UPR’)
At 1 January ............................................................................................................. 1,279 (181) 1,098
Changes in UPR recognised as (income)/expense .................................................. (58) 3 (55)
Gross written premiums ...................................................................................... 1,776 (260) 1,516
Gross earned premiums ....................................................................................... (1,834) 263 (1,571)
Exchange differences and other movements ........................................................... (85) 19 (66)
At 31 December ....................................................................................................... 1,136 (159) 977
Notified and incurred but not reported claims
At 1 January ............................................................................................................. 1,483 (429) 1,054
Notified claims .................................................................................................... 1,063 (380) 683
Claims incurred but not reported ......................................................................... 420 (49) 371
Claims paid in current year ...................................................................................... (1,044) 158 (886)
Claims incurred in respect of current year .............................................................. 975 (68) 907
Claims incurred in respect of prior years ................................................................ 69 (15) 54
Exchange differences and other movements ........................................................... (207) 83 (124)
At 31 December ....................................................................................................... 1,276 (271) 1,005
Notified claims .................................................................................................... 908 (230) 678
Claims incurred but not reported ......................................................................... 368 (41) 327
Other ........................................................................................................................ 68 – 68
Total non-life insurance liabilities ........................................................................... 2,480 (430) 2,050