Financial Statements

Consolidated Statement of
Comprehensive Income

Group

Society

Note

2018

2017

2018

2017

£000

£000

£000

£000

Gross earned premiums

4

65,129

65,216

61,464

61,527

Reinsurers' share of gross earned premium

4

(6,912)

(6,406)

(6,912)

(6,406)

Net earned premium

58,217

58,810

54,552

55,121

Investment income

5

2,560

2,743

2,548

2,735

Net gains / (losses) on investments

6

(4,898)

2,293

(4,890)

2,304

Other Income

Reinsurance commission

7

138

(93)

138

(93)

Total Income

56,017

63,753

52,348

60,067

Gross benefits and claims

8

(41,787)

(46,413)

(38,776)

(43,219)

Reinsurers' share of gross benefits and claims

8

2,453

1,723

2,453

1,723

Net benefits and claims

(39,334)

(44,690)

(36,323)

(41,496)

Gross change in insurance contract liabilities

9

(6,109)

18,724

(6,228)

18,740

Reinsurers' share of gross change in insurance contract liabilities

9

5,640

2,444

5,640

2,444

Net change in insurance contract liabilities

(469)

21,168

(588)

21,184

Investment expenses and charges

(262)

(332)

(262)

(332)

Net operating expenses (excluding commission to brokers)

10

(15,993)

(13,664)

(15,634)

(13,249)

Commission and introductory fees to Brokers

10

(9,755)

(8,918)

(9,549)

(8,690)

Bonus and rebates

(637)

(590)

(637)

(590)

Total Benefit, Claims and Expenses

(66,450)

(47,026)

(62,993)

(43,173)

Profit before tax

(10,433)

16,727

(10,645)

16,894

Income Tax Expense

13

0

0

0

0

Transfer from / (to) the Unallocated divisible surplus

20

10,433

(16,727)

10,645

(16,894)

Profit / (loss) for the year

0

0

0

0

Other Comprehensive Income

Pensions scheme actuarial gain / (loss)

21

38

618

38

618

Fair value gains of property, plant and equipment

17

40

160

40

160

Post Retirement Medical Benefit Reserve actuarial gain

0

0

0

0

Transfer from / (to) the Unallocated Divisible Surplus

20

(78)

(778)

(78)

(778)

Other Comprehensive Income for the year

0

0

0

0

Total Comprehensive Income for the Year

0

0

0

0

All income and expenditure relates to continuing operations. The Society is not presenting a separate Statement of Changes in Equity as the information is presented in Notes 2 and 20. As a Friendly Society, all net earnings are for the benefit of participating policy holders and are carried forward within the Unallocated Divisible Surplus. Accordingly, there is no profit for the year shown in the Statement of Comprehensive income.

The notes beginning on page Notes to the Consolidated Financial Statements form part of these financial statements.