QBE Syndicate 2999 Annual Report and Accounts 2009
QBE Syndicate 2999 Annual Report and Accounts 2009 QBE Syndicate 2999 Annual Report and Accounts 2009
Profit and loss account: non-technical account For the year ended 31 December 2009 24 QBE Syndicate 2999 Annual report 2009 2009 2008 Notes £000 £000 £000 £000 Balance on technical account – general business 133,738 166,354 Investment income 8 30,827 50,400 Unrealised gains on investments 1,514 – Investment expenses and charges 8 (1,428) (1,317) Unrealised losses on investments – (2,445) Investment return 30,913 46,638 Investment return transferred to the general business technical account (30,913) (46,638) Continuing operations 95,666 119,523 Discontinued operations 38,072 46,831 Profit for the financial year 133,738 166,354 The results above are all derived from continuing operations. There are no recognised gains or losses for the current and preceding year other than those included in the profit and loss account above and therefore no statement of recognised gains and losses has been presented. The notes set out on pages 28 to 41 form an integral part of these financial statements.
Balance sheet As at 31 December 2009 2009 2008 Assets Notes £000 £000 Investments Other financial investments 9 1,288,089 1,414,383 Reinsurers’ share of technical provisions Provision for unearned premiums 56,365 37,226 Claims outstanding 641,811 743,313 698,176 780,539 Debtors Debtors arising out of direct insurance operations 11 357,553 367,450 Debtors arising out of reinsurance operations 11 269,424 242,249 Other debtors 1,377 875 628,354 610,574 Other assets Cash at bank 21,794 10,136 Overseas deposits 12 86,635 69,768 108,429 79,904 Prepayments and accrued income Accrued interest 3,626 15,287 Other prepayments and accrued income 80 89 Deferred acquisition costs 80,385 71,618 84,091 86,994 Total assets 2,807,139 2,972,394 The notes set out on pages 28 to 41 form an integral part of these financial statements. 25 QBE Syndicate 2999 Annual report 2009
- Page 1 and 2: QBE Syndicate 2999 Annual report 20
- Page 3 and 4: QBE Syndicate 2999 highlights QBE S
- Page 5 and 6: Major events in 2009 • Growth ach
- Page 7 and 8: 3. Empowers through a collaborative
- Page 9 and 10: Business of the syndicate QBE Syndi
- Page 11 and 12: QBE Marine and Energy Syndicate 103
- Page 13 and 14: QBE Property Syndicate 2000 Busines
- Page 15 and 16: Report of the directors of the mana
- Page 17 and 18: During 2009 we installed a new Head
- Page 19 and 20: Investment performance The total in
- Page 21 and 22: Statement of managing agent’s res
- Page 23 and 24: Risk management The syndicate’s a
- Page 25: Profit and loss account: technical
- Page 29 and 30: Statement of cash flows For the yea
- Page 31 and 32: 1 Accounting policies continued b)
- Page 33 and 34: 1 Accounting policies continued g)
- Page 35 and 36: 4 Claims outstanding During the yea
- Page 37 and 38: 9 Other financial investments conti
- Page 39 and 40: 10 Financial risk continued i) Mark
- Page 41 and 42: 12 Overseas deposits These are lodg
- Page 43 and 44: 17 Related parties The managing age
- Page 45 and 46: Net investment income Gross investm
- Page 47 and 48: Designed and produced by 85FOUR www
Profit <strong>and</strong> loss account:<br />
non-technical account<br />
For the year ended 31 December <strong>2009</strong><br />
24<br />
<strong>QBE</strong> <strong>Syndicate</strong> <strong>2999</strong><br />
<strong>Annual</strong> report <strong>2009</strong><br />
<strong>2009</strong> 2008<br />
Notes £000 £000 £000 £000<br />
Balance on technical account – general business 133,738 166,354<br />
Investment income 8 30,827 50,400<br />
Unrealised gains on investments 1,514 –<br />
Investment expenses <strong>and</strong> charges 8 (1,428) (1,317)<br />
Unrealised losses on investments – (2,445)<br />
Investment return 30,913 46,638<br />
Investment return transferred to the general business technical account (30,913) (46,638)<br />
Continuing operations 95,666 119,523<br />
Discontinued operations 38,072 46,831<br />
Profit for the financial year 133,738 166,354<br />
The results above are all derived from continuing operations.<br />
There are no recognised gains or losses for the current <strong>and</strong> preceding year other than those included in the profit <strong>and</strong> loss account above <strong>and</strong> therefore<br />
no statement of recognised gains <strong>and</strong> losses has been presented.<br />
The notes set out on pages 28 to 41 form an integral part of these financial statements.
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