Ecclesiastical Insurance Office PLC Annual -8-
24 Mars 2015 - 5:34PM
UK Regulatory
similar over the year.
-------------------------------------- -------------------------------------- --------------------------------------
Strategic execution and business Delivering our business plan is key A number of strategic initiatives
plan delivery to ensuring financial stability and were identified and grouped into
The risk of failing to deliver our the confidence of three waves which are to
business plan and a failure to meet key stakeholders, including the be delivered over the next three
stakeholder expectations regulator and rating agencies. This years. The first wave largely
resulting in negative reaction from is used to prevent the completed during 2014.
the regulator or rating agencies. failure to define appropriate The size of this risk has remained
strategies and execute them to similar over the year.
enable us to deliver on those
expectations.
-------------------------------------- -------------------------------------- --------------------------------------
Group Risks The Group consists of a number of The expectations of the SBUs have
Governance and oversight of SBUs different business divisions which been defined and they have all
The risk of failing to effectively operate across a number confirmed the adoption of
manage the different parts of the of territories and regulatory the required standard. Alongside
Group across different regimes. Failure to effectively this all SBUs have locally adopted
territories and regulatory regimes. manage our operations in line risk appetites, which
with Group expectations could lead have been approved at Group level
to sub-optimal business performance and are regularly monitored with
or damage to our reputation. formal escalation processes
in place for potential breaches.
Annual Risk Reviews and Control Risk
Self-Assessments are undertaken.
Additionally, Group
Internal Audit (GIA) reviews are
carried out.
The size of this risk is largely
unchanged over the year.
-------------------------------------- -------------------------------------- --------------------------------------
Directors' Responsibility Statement
The following statement is extracted from page 75 of the 2014
annual report and accounts, and is repeated here for the purposes
of the Disclosure and Transparency Rules. The statement relates
solely to the Company's 2014 annual report and accounts and is not
connected to the extracted information set out in this
announcement. The names and functions of the Directors making the
responsibility statement are set out on pages 70 and 71 of the full
annual report and accounts.
The Directors confirm to the best of their knowledge:
-- The financial statements, prepared in accordance with IFRS,
give a true and fair view of the assets, liabilities, financial
position and profit or loss of the Company and the undertakings
included in the consolidation taken as a whole;
-- The Strategic Report within the 2014 annual report and
accounts includes a fair review of the development and performance
of the business and the position of the Company and the
undertakings included in the consolidation taken as a whole,
together with a description of the principal risks and
uncertainties that they face; and
-- The annual report and financial statements, taken as a whole,
are fair, balanced and understandable and provide the information
necessary for shareholders to assess the Company's position and
performance, business model and strategy.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
For the year ended 31 December 2014
2014 2013
GBP000 GBP000
Revenue
Gross written premiums 328,797 399,345
Outward reinsurance premiums (135,132) (131,274)
Net change in provision for unearned premiums 31,178 24,592
---------- ----------
Net earned premiums 224,843 292,663
---------- ----------
Fee and commission income 62,258 58,088
Net investment return 46,197 77,243
---------- ----------
Total revenue 333,298 427,994
---------- ----------
Expenses
Claims and change in insurance liabilities (197,170) (234,789)
Reinsurance recoveries 62,306 36,545
Fees, commissions and other acquisition costs (70,813) (80,285)
Other operating and administrative expenses (79,381) (82,411)
---------- ----------
Total operating expenses (285,058) (360,940)
---------- ----------
Operating profit 48,240 67,054
Finance costs (86) (117)
---------- ----------
Profit before tax 48,154 66,937
Tax expense (7,837) (4,819)
---------- ----------
Profit for the year (attributable to equity holders of the Parent) 40,317 62,118
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2014
2014 2013
GBP000 GBP000
Profit for the year 40,317 62,118
--------- ---------
Other comprehensive income
Items that will not be reclassified to profit or loss:
Fair value gains/(losses) on property 30 (104)
Actuarial losses on retirement benefit plans (13,184) (1,526)
Attributable tax 2,647 484
--------- ---------
(10,507) (1,146)
Items that may be reclassified subsequently to profit or loss:
Losses on currency translation differences (1,697) (10,071)
--------- ---------
Net other comprehensive income (12,204) (11,217)
--------- ---------
Total comprehensive income attributable to equity holders of the Parent 28,113 50,901
--------- ---------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Ecclesiastl.8fe (LSE:ELLA)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
Ecclesiastl.8fe (LSE:ELLA)
Graphique Historique de l'Action
De Jan 2024 à Jan 2025
