The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited


Consolidated statement of operations for the year ended 20th February 2011 Amounts in $000


Note Income


Calls and premiums Reinsurance premiums


Expenditure Net claims incurred Acquisition costs


Net operating expenses


Operating surplus Investment return


Interest payable on perpetual subordinated


capital securities Surplus before taxation


Taxation/charge Surplus after taxation 10


5 6


364,791 (70,218)


294,573 7 8


(250,428) (20,273) (20,348)


(291,049) 3,524 9 69,509 (9,000)


64,033 (1,416) 62,617


447,183 (75,935)


371,248


(319,964) (23,061) (21,052)


(364,077) 7,171 78,665 (9,000)


76,836 (1,663) 75,173


Consolidated statement of other comprehensive income for the year ended 20th February 2011


Amounts in $000 Reserves at beginning of year Surplus after taxation Unrealised gains on hedging contracts Reserves at end of year 16 Note 2011 310,700 62,617 5,436 378,753 2010 235,527 75,173 - 310,700 2011


2010


The notes form an integral part of these financial statements.


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