RBS 2007 Annual Report Download - page 170
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RBS Group • Annual Report and Accounts 2007
168
Notes on the accounts continued
Financial statements
23 Insurance liabilities
Group
2007 2006
£m £m
Life assurance business:
Unit linked insurance contracts 364 379
Other linked insurance contracts 4,034 1,334
Other insurance contracts 298 496
4,696 2,209
General insurance business 5,466 5,247
10,162 7,456
General insurance business
(i) Claims and loss adjustment expenses
Group
Gross Reinsurance Net
£m £m £m
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 1 January 2007 5,247 (291) 4,956
Cash paid for claims settled in the year (3,876) 94 (3,782)
Increase/(decrease) in liabilities
– arising from current year claims 4,643 (49) 4,594
– arising from prior year claims (573) (20) (593)
Net exchange differences 25 3 28
At 31 December 2007 5,466 (263) 5,203
Notified claims 3,894 (264) 3,630
Incurred but not reported 1,572 1 1,573
At 31 December 2007 5,466 (263) 5,203
(ii) Provisions for unearned premiums and unexpired short-term insurance risks
Group
Gross Reinsurance Net
Unearned premium provision £m £m £m
At 1 January 2006 2,883 (27) 2,856
Increase in the year — (16) (16)
Release in the year (33) — (33)
At 1 January 2007 2,850 (43) 2,807
Release in the year (98) 2 (96)
At 31 December 2007 2,752 (41) 2,711