Consolidated income statement
For the year ended 31 December 2012
2012 2011
Total Total
Note £000 £000
Income
Gross premiums written 4 1,565,819 1,449,219
Outward reinsurance premiums (297,679) (275,208)
Net premiums written 4 1,268,140 1,174,011
Gross premiums earned 1,487,859 1,428,954
Premiums ceded to reinsurers (289,238) (283,947)
Net premiums earned 4 1,198,621 1,145,007
Investment result 7 92,424 24,495
Other revenues 9 13,930 17,322
Revenue 1,304,975 1,186,824
Expenses
Claims and claim adjustment expenses, net of reinsurance 26.2 (538,826) (697,898)
Expenses for the acquisition of insurance contracts 17 (283,615) (269,792)
Operational expenses 9 (236,202) (203,204)
Foreign exchange (losses)/gains 12 (20,173) 7,816
Total expenses (1,078,816) (1,163,078)
Results of operating activities 226,159 23,746
Finance costs 10 (8,605) (6,698)
Share of (loss)/profit of associates after tax 16 (430) 223
Profit before tax 217,124 17,271
Tax (expense)/credit 28 (9,352) 4,001
Profit for the year (all attributable to owners of the Company) 207,772 21,272
Earnings per share on profit attributable to owners of the Company
Basic 31 53.1p 5.5p
Diluted 31 50.9p 5.3p
Consolidated statement of comprehensive income
For the year ended 31 December 2012, after tax
2012 2011
Total Total
Note £000 £000
Profit for the year 207,772 21,272
Other comprehensive (loss)/income
Currency translation (losses)/gains (net of tax of £nil (2011: £nil)) 12 (35,806) 11,060
Total other comprehensive (loss)/income (35,806) 11,060
Total comprehensive income recognised for the year
(all attributable to owners of the Company) 171,966 32,332
The notes on pages 55 to 103 are an integral part of these consolidated financial statements.
Consolidated income statement/Consolidated statement of comprehensive income Hiscox Ltd Report and Accounts 2012 51