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Notes to the consolidated fnancial statements (continued)

for the year ended 30 June 2011

6. General Insurance – Specifc disclosures

6.1 Contribution to proft from General Insurance activities

GENERAL INSURANCE

2011 2010 $m $m

Net earned premium

Direct premium income 7,083 6,889 Outwards reinsurance premium expense (806) (579) 6,277 6,310

Net incurred claims

Claims expense (9,331) (5,966) Reinsurance and other recoveries revenue 4,581 1,329 (4,750) (4,637)

Underwriting expenses

Acquisition costs (923) (1,009) Liability adequacy test defciency (35) – Other underwriting expenses (711) (705) (1,669) (1,714) Reinsurance commission revenue 46 44 Underwriting result (96) 3 Investment revenue – insurance funds

Investment income on insurance funds 508 605 Investment expense on insurance funds – (3) 508 602 Insurance trading result 412 605 Investment income on shareholder funds 232 221 Investment expense on shareholder funds (26) (24) Fee for service and other income 175 183 Share of profts (losses) of associates and joint venture entities 4 29 Non-banking interest expense (89) (86) Other expenses (145) (154) 151 169 Contribution to proft before acquisition amortisation

and tax from General Insurance activities 563 774