Notes to the Group financial statements | Note 29
for the year ended 31 December 2010 |
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December
2010
Rm |
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December
2009
Rm |
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| 29. |
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UNDERWRITING ACTIVITIES |
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Underwriting activities are conducted through special purpose entities on commercial terms and |
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conditions and at market prices. |
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Income statement effect |
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– Gross premiums written |
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528 |
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395 |
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– Outwards reinsurance premiums |
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(132) |
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(153) |
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–Other* |
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(272) |
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(209) |
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124 |
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33 |
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Statement of financial position effect |
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Share of technical provision |
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– Outstanding claims |
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41 |
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48 |
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– Provision for unearned premiums |
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20 |
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9 |
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61 |
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57 |
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Receivables |
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141 |
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170 |
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Payables |
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(163) |
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(245) |
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* Included in “other” are claims incurred, net of reinsurance; commissions paid; net operating costs; net investment income and taxation. |
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