| |
FULL YEAR ENDED |
Help notes |
| |
June 11
$m |
June 10
$m |
|
General Insurance |
|
|
|
| Gross written premium |
7,280 |
7,027 |
Gross written premium increased 3.6%. |
| Net earned premium |
6,277 |
6,310 |
|
| Net incurred claims |
(4,750) |
(4,637) |
Claims increased due to the natural hazard events.
|
| Operating expenses |
(1,623) |
(1,670) |
|
| Investment income – insurance funds |
508 |
602 |
|
| Insurance trading result |
412 |
605 |
The insurance trading result (ITR) is a measure of profitability in insurance companies. While the ITR decreased, on an underlying basis the ITR ratio improved to 10.8% (2010: 9.0%).
|
| Managed schemes net income |
18 |
4 |
|
| Joint venture and other income |
16 |
53 |
|
| Investment income – shareholder funds |
206 |
194 |
|
| Profit before tax and capital funding |
652 |
856 |
|
| Capital funding |
(89) |
(82) |
|
| Profit before tax |
563 |
774 |
|
| Income tax |
(171) |
(217) |
|
| General Insurance profit after tax |
392 |
557 |
|
| |
|
|
|
Banking |
|
|
|
| Core Bank profit after tax |
259 |
268 |
Core Bank profit was down slightly, in part due to investment in the brand and opening of new branches.
|
| Non-core Bank profit (loss) after tax |
(175) |
(224) |
|
| Total Banking profit after tax |
84 |
44 |
|
| |
|
|
|
Life |
|
|
|
| Underlying profit after tax |
147 |
188 |
Higher incidences of disability claims have impacted the Life result.
|
| Market adjustments after tax |
2 |
34 |
|
| Life profit after tax |
149 |
222 |
|
| |
|
|
|
| Profit after tax from business lines |
625 |
823 |
|
| |
|
|
|
Other |
|
|
|
| Contribution from LJ Hooker |
– |
4 |
|
| Sale of subsidiaries and investment in joint ventures |
(109) |
215 |
Relates to the sale of Tyndall Asset Management and New Zealand Guardian Trust and includes write-off of goodwill associated with
these businesses.
|
| Investment income on capital held at the Group level |
18 |
– |
|
| Consolidation adjustments |
11 |
9 |
|
| Amortisation of acquisition intangible assets |
(149) |
(210) |
|
| Integration costs |
– |
(59) |
|
| (Loss) profit before tax |
(229) |
(41) |
|
| Income tax benefit |
61 |
7 |
|
| (Loss) profit on other items |
(168) |
(34) |
|
| |
|
|
|
| Profit after tax before non-controlling interests |
457 |
789 |
|
| Non-controlling interests |
(4) |
(9) |
|
| Net profit after tax |
453 |
780 |
|
