RBS 2005 Annual Report Download - page 173
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section
03
Financial
statements
171
Notes on the accounts
Annual Report and Accounts 2005
Company
Total*
£m
At 1 January 2004 and 1 January 2005 —
Implementation of IAS 32 and IAS 39 (5)
At 1 January 2005 restated (5)
Charge to equity directly 2
At 31 December 2005 (3)
*All relates to hedging.
27 Insurance liabilities
Group
2005 2004
£m £m
Life assurance business:
Unit linked insurance contracts 325 306
Other insurance contracts 1,974 1,735
Investment contracts — 2,102
General insurance business 4,913 4,504
7,212 8,647
General insurance business
(i) Claims and loss adjustment expenses
Group
Gross Reinsurance Net
£m £m £m
Notified claims 2,812 (481) 2,331
Incurred but not reported 1,087 (140) 947
At 1 January 2004 3,899 (621) 3,278
Cash paid for claims settled in the year (3,198) 462 (2,736)
Increase in liabilities
– arising from current year claims 3,943 (484) 3,459
– arising from prior year claims (139) 217 78
Net exchange differences (1) (1) (2)
At 31 December 2004 4,504 (427) 4,077
Notified claims 3,137 (296) 2,841
Incurred but not reported 1,367 (131) 1,236
At 1 January 2005 4,504 (427) 4,077
Cash paid for claims settled in the year (3,474) 147 (3,327)
Increase in liabilities
– arising from current year claims 4,220 (96) 4,124
– arising from prior year claims (344) 29 (315)
Net exchange differences 7 (1) 6
At 31 December 2005 4,913 (348) 4,565
Notified claims 3,465 (208) 3,257
Incurred but not reported 1,448 (140) 1,308
At 31 December 2005 4,913 (348) 4,565