2016 Assets & Income Statement


The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited: Summarised Consolidated Statement of Financial Position for the year ended 20th February 2016

Amounts in $000

 

2016

 

2015

 

Assets
Investments

1,078,340

1,133,071

Loans and receivables including insurance receivables

111,092

101,019

Derivative financial instruments

604

2,554

Reinsurance assets

267,963

263,852

Cash and cash equivalents

87,242

48,762

Accrued interest

5,221

5,695

Total assets

1,550,462

1,554,953

Reserves and liabilities
Capital and reserves attributable to Members

Free reserves

451,053

449,306

Cash flow hedging reserve

(3,449)

(477)

Other reserves

240240

Total

447,844

449,069

Financial liabilities – Perpetual subordinated 
capital securities

99,069

98,697

Total

546,913

547,766

Other liabilities

Insurance liabilities

969,305

978,931

Derivative financial instruments

4,089

1,149

Trade and other payables

29,942

26,850

Current income tax

213

257

Total

1,003,549

1,007,187

Total reserves and liabilities

1,550,462

1,554,953

The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited: Summarised Consolidated Statement of Comprehensive Income For the year ended 20th February 2016

Amounts in $000

2016

2015

Income

Gross earned premium

393,613

408,059

Mutual premium discount

(8,253)

-

 

385,360

408,059

Premium ceded to reinsurers

(81,414)

(88,969)

Net earned premium

303,946

319,090

Net investment return

(9,052)

54,640

Total net income

294,894

373,730

Expenses

Claims and claims adjustment expenses
net of reinsurance

(241,252)

(289,936)

Expenses for the acquisition of insurance contracts

(20,962)

(22,098)

Net operating expenses

(23,912)

(21,863)

Foreign exchange gains/(losses)

1,496

(5,561)

Total expenses

(284,630)

(339,458)

Results from operating activities

10,264

34,272

Finance costs

(7,500)

(7,500)

Surplus before tax

2,764

26,772

Income tax expense

(1,017)

(1,346)

Surplus for the year attributable to Members

1,74725,426

Reconciliation of surplus 
Investment return and surplus


$M

Investment Return (inc tax)

(10)

Hybrid Capital Interest

(8)

Technical result (92% combined ratio)

26

Foreign exchange

2

Mutual premium discount

(8)

Surplus

2



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