RBS 2008 Annual Report Download - page 229
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RBS Group Annual Report and Accounts 2008228
Notes on the accounts continued
24 Insurance business
Group
2008 2007 2006
£m £m £m
Insurance premium income 6,626 6,376 6,243
Reinsurer’s share (300) (289) (270)
Net premium income 6,326 6,087 5,973
Insurance claims 4,603 4,742 4,550
Reinsurer’s share (173) (118) (92)
Net claims 4,430 4,624 4,458
Group
2008 2007
Insurance liabilities £m £m
Life assurance business:
Unit linked insurance contracts 260 364
Other linked insurance contracts 3,929 4,034
Other insurance contracts 309 298
4,498 4,696
General insurance business 5,478 5,466
9,976 10,162
General insurance business
(i) Claims and loss adjustment expenses
Group
Gross Reinsurance Net
£m £m £m
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 1 January 2008 5,466 (263) 5,203
Cash paid for claims settled in the year (3,969) 97 (3,872)
Increase/(decrease) in liabilities
– arising from current year claims 4,079 (45) 4,034
– arising from prior year claims (241) (66) (307)
Net exchange differences 143 (10) 133
At 31 December 2008 5,478 (287) 5,191
Notified claims 4,052 (260) 3,792
Incurred but not reported 1,426 (27) 1,399
At 31 December 2008 5,478 (287) 5,191