RBS 2006 Annual Report Download - page 166
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165
RBS Group • Annual Report and Accounts 2006
Financial statements
27 Insurance liabilities
Group
2006 2005
£m £m
Life assurance business:
Unit linked insurance contracts 379 325
Other linked insurance contracts 1,334 1,315
Other insurance contracts 496 659
General insurance business 5,247 4,913
7,456 7,212
General insurance business
(i) Claims and loss adjustment expenses
Group
Gross Reinsurance Net
£m £m £m
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/(decrease) 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 1 January 2006 4,913 (348) 4,565
Cash paid for claims settled in the year (3,687) 106 (3,581)
Increase/(decrease) in liabilities
– arising from current year claims 4,267 (53) 4,214
– arising from prior year claims (242) 4 (238)
Net exchange differences (4) — (4)
At 31 December 2006 5,247 (291) 4,956
Notified claims 3,735 (205) 3,530
Incurred but not reported 1,512 (86) 1,426
At 31 December 2006 5,247 (291) 4,956
(ii) Provisions for unearned premiums and unexpired short-term insurance risks
Group
Gross Reinsurance Net
Unearned premium provision £m £m £m
At 1 January 2005 2,895 (98) 2,797
Release in the year (12) 71 59
At 1 January 2006 2,883 (27) 2,856
Increase in the year — (16) (16)
Release in the year (33) — (33)
At 31 December 2006 2,850 (43) 2,807