Sale of financial instruments and investment property 185,401 242,082
---------- ----------
Net cash from/(used by) investing activities 25,262 (30,879)
---------- ----------
Cash flows from financing activities
Payment of finance lease liabilities (359) (418)
Payment of group tax relief in excess of standard rate (15) (163)
Dividends paid to Company's shareholders (9,181) (9,181)
Donations paid to ultimate parent undertaking (23,500) (8,000)
---------- ----------
Net cash used by financing activities (33,055) (17,762)
---------- ----------
Net increase/(decrease) in cash and cash equivalents 958 (3,068)
Cash and cash equivalents at beginning of year 107,241 112,584
Exchange losses on cash and cash equivalents (673) (2,275)
---------- ----------
Cash and cash equivalents at end of year 107,526 107,241
NOTES TO THIS ANNUAL FINANCIAL REPORT ANNOUNCEMENT OF
RESULTS
for the year ended 31 December 2014
1 Accounting policies
The Company has prepared this announcement of its consolidated
results using the same accounting policies and methods of
computation as the full financial statements for the year ended 31
December 2014 as prepared under International Financial Reporting
Standards (IFRS) as adopted for use in the EU.
2 General Information
Whilst the financial information included in this announcement
has been prepared in accordance with the recognition and
measurement criteria of IFRS, this announcement does not itself
contain sufficient information to comply with IFRS. Full financial
statements that comply with IFRS were approved by the Board of
Directors on 24 March 2015.
The financial information set out above does not constitute the
Company's statutory accounts for the years ended 31 December 2014
or 2013, but is derived from those accounts. Statutory accounts for
2013 have been delivered to the Registrar of Companies and those
for 2014 will be delivered following the Company's annual general
meeting. The auditors have reported on those accounts; their
reports were unqualified, did not draw attention to any matters by
way of emphasis without qualifying their report and did not contain
statements under sections 498(2) and 498(3) of the Companies Act
2006.
This announcement was approved at a meeting of the Board of
Directors held on 24 March 2015.
Ecclesiastical Insurance Office plc is a subsidiary of
Ecclesiastical Insurance Group plc which is an investment holding
company whose ordinary shares are not listed.
The ordinary shares of Ecclesiastical Insurance Office plc are
not listed.
Copies of the audited financial statements are available from
the registered office at Beaufort House, Brunswick Road, Gloucester
GL1 1JZ.
The following information is included in this announcement in
compliance with the Disclosure and Transparency Rules and has been
extracted from the full financial statements for 2014.
Insurance Risk
Through its general and life insurance operations, the Group is
exposed to a number of risks, as summarised in the Risk Management
section. The risk under any one insurance contract is the
possibility that the insured event occurs and the uncertainty of
the amount and timing of the resulting claim. Factors such as the
business and product mix, the external environment including market
competition and reinsurance capacity all may vary from year to
year, along with the actual frequency, severity and ultimate cost
of claims and benefits. This subjects the Group to underwriting and
pricing risk (the risk of failing to ensure disciplined risk
selection and achieve the required premium), claims reserving risk
(the risk of actual claims payments exceeding the amount we are
holding in relation to our long-tail liability risks) and
reinsurance risk (the risk of failing to access and manage
reinsurance capacity at a reasonable price).
(a) Risk mitigation
Experience shows that the larger and more diversified the
portfolio of insurance contracts, the smaller the relative
variability in the expected outcome will be. The Group's
underwriting strategy is designed to ensure that the underwritten
risks are well diversified in terms of type and amount of risk and
geographical spread. In all operations pricing controls are in
place, underpinned by sound statistical analysis, market expertise
and appropriate external consultant advice. Gross and net
underwriting exposure is protected through the use of a
comprehensive programme of reinsurance using both proportional and
non-proportional reinsurance and supported by proactive claims
handling. The overall reinsurance structure is regularly reviewed
and modelled to ensure that it remains optimum to our needs. The
optimum reinsurance structure can best be described as the one that
provides us with sustainable, long-term capacity to support our
specialist business strategy. This combines effective balance sheet
protection at the same time as producing, over time, the required
underwriting result and return on capital.
Catastrophe protection is purchased following an extensive
annual modelling exercise of our gross and net (of proportional
reinsurance) exposures. In conjunction with our reinsurance brokers
we utilise the full range of proprietary catastrophe models, as
well as continue to develop bespoke modelling options that better
reflect the specialist nature of our portfolio. Reinsurance is
arranged to cover up to a 1/250 loss, which increases to a 1/500
loss where earthquake risk exists.
(b) Concentrations of risk
The core business of the Group is general insurance, with the
principal classes of business written being property and liability.
The Group has also underwritten a small portfolio of motor
policies, but this class is in run-off following the decision in
November 2012 to focus on the principal classes. The accident class
of business covers injury, death or incapacity as a result of an
unforeseen event. The Group's whole-of-life insurance policies
support funeral planning products.
With reference to written premiums, the concentration of
insurance risk for the financial year before and after reinsurance
by territory in relation to the type of risk accepted is summarised
below.
2014 General insurance Life insurance
----------------------------------------- ---------------
Property Liability Motor Accident Funeral Total
plans
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Territory
United Kingdom Gross 172,097 51,710 183 13,664 167 237,821
Net 90,053 46,017 (924) 13,197 167 148,510
Australia Gross 22,638 15,532 763 1,150 - 40,083
Net (8,558) 13,300 757 1,105 - 6,604
Canada Gross 27,918 11,447 - - - 39,365
Net 19,691 10,562 - - - 30,253
Ireland Gross 7,265 4,185 - 78 - 11,528
Net 4,453 3,770 - 75 - 8,298
--------- ---------- ------- --------- --------------- ---------
Total Gross 229,918 82,874 946 14,892 167 328,797
--------- ---------- ------- --------- --------------- ---------
Net 105,639 73,649 (167) 14,377 167 193,665
--------- ---------- ------- --------- --------------- ---------
2013 General insurance Life insurance
------------------------------------------ ---------------
Property Liability Motor Accident Funeral Total
plans
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Territory
United Kingdom Gross 195,720 64,578 14,467 17,380 6,753 298,898
Net 105,832 58,753 13,138 16,519 6,753 200,995
Australia Gross 27,126 16,477 861 1,205 - 45,669
Net 10,784 13,869 761 1,163 - 26,577
Canada Gross 29,521 11,651 - - - 41,172
Net 19,835 10,772 - - - 30,607
Ireland Gross 7,876 5,691 1 38 - 13,606
Net 4,610 5,241 1 40 - 9,892
Grafico Azioni Ecclesiastl.8fe (LSE:ELLA)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Ecclesiastl.8fe (LSE:ELLA)
Storico
Da Gen 2024 a Gen 2025
