Consolidated balance sheet
At 31 December 2012
2012 2011
Note £000 £000
Assets
Intangible assets 14 69,617 67,552
Property, plant and equipment 15 18,055 18,155
Investments in associates 16 9,054 6,380
Deferred tax 29 25,608 25,748
Deferred acquisition costs 17 166,041 150,050
Financial assets carried at fair value 19 2,406,269 2,368,636
Reinsurance assets 18, 26 540,389 492,515
Loans and receivables including insurance receivables 20 492,064 507,722
Current tax asset 1,513 69,436
Cash and cash equivalents 23 657,662 516,547
Total assets 4,386,272 4,222,741
Equity and liabilities
Shareholders’ equity
Share capital 24 20,703 20,563
Share premium 24 41,313 32,086
Contributed surplus 24 245,005 245,005
Currency translation reserve 25 24,711 60,517
Retained earnings 25 1,046,652 897,728
Total equity (all attributable to owners of the Company) 1,378,384 1,255,899
Employee retirement benefit obligations 30 – –
Deferred tax 29 138,362 152,447
Insurance liabilities 26 2,596,612 2,500,260
Financial liabilities 19 301 –
Current tax 6,998 –
Trade and other payables 27 265,615 314,135
Total liabilities 3,007,888 2,966,842
Total equity and liabilities 4,386,272 4,222,741
The notes on pages 55 to 103 are an integral part of these consolidated financial statements.
The consolidated Group financial statements were approved by the Board of Directors on 25 February 2013 and signed on its behalf by:
RRS Hiscox
Chairman
SJ Bridges
Chief Financial Officer
52 Consolidated balance sheet Hiscox Ltd Report and Accounts 2012