QBE Syndicate 2999 Annual Report and Accounts 2009
QBE Syndicate 2999 Annual Report and Accounts 2009
QBE Syndicate 2999 Annual Report and Accounts 2009
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Statement of cash flows<br />
For the year ended 31 December <strong>2009</strong><br />
<strong>2009</strong> 2008<br />
Notes £000 £000<br />
Net cash inflow from operating activities 173,855 129,861<br />
Transfer to members in respect of underwriting participations<br />
Distribution of profits (169,207) (19,950)<br />
Open year profit release (6,491) (79,624)<br />
Financing<br />
Cash calls received 26 40<br />
(1,817) 30,327<br />
Cash flows were invested as follows:<br />
Increase/(decrease) in cash holdings 15 12,094 (5,382)<br />
Increase/(decrease) in overseas deposits 15 18,433 (5,909)<br />
Net portfolio (disinvestment)/investment 15 (32,344)<br />
Net (disinvestment)/investment of cash flows (1,817) 30,327<br />
<strong>2009</strong> 2008<br />
£000 £000<br />
Reconciliation of operating profit/(loss) to net cash flow from operating activities<br />
Operating profit on ordinary activities 133,738 166,354<br />
Realised <strong>and</strong> unrealised investment losses/(gains) 95,952 (306,672)<br />
(Decrease)/increase in net technical provisions (38,127) 289,235<br />
(Increase) in debtors (14,877) (146,318)<br />
(Decrease)/increase in creditors (2,721) 127,190<br />
Other (110) 72<br />
Net cash inflow from operating activities 173,855 129,861<br />
The notes set out on pages 28 to 41 form an integral part of these financial statements.<br />
27<br />
<strong>QBE</strong> <strong>Syndicate</strong> <strong>2999</strong><br />
<strong>Annual</strong> report <strong>2009</strong>
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