Summary Financials

2009
$m		 2008
$m
gross premiums written 627.8 638.1
outwards reinsurance premiums (50.7) (63.4)
net premiums written 577.1 574.7
change in unearned premiums 22.0 42.2
change in unearned premiums on premium ceded (4.4) (9.6)
net premiums earned 594.7 607.3
net investment income 56.0 59.5
net other investment income (losses) 0.3 (0.7)
net realised gains (losses) and impairments 23.8 (11.0)
net foreign exchange gains (losses) 3.4 (8.5)
total net revenue 678.2 646.6
     
insurance losses and loss adjustment expenses 104.4 418.8
insurance losses and loss adjustment expenses recoverable (5.7) (43.3)
net insurance losses 98.7 375.3
insurance acquisition expenses 112.6 106.9
insurance acquisition expenses ceded (6.6) (7.3)
other operating expenses 76.9 59.9
total expenses 281.6 535.0
     
results of operating activities 396.6 111.6
financing costs 8.1 14.0
profit before tax 388.5 97.6
tax 3.1 0.1
profit for the year attributable to equity shareholders 385.4 97.5

earnings per share
basic $2.23 $0.55
diluted $2.05 $0.53
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