Office of Public Sector Information

Regulation 11(4)

SCHEDULE 3 FORM AND CONTENT OF SUMMARY FINANCIAL STATEMENT OF INSURANCE COMPANY PREPARING COMPANIES ACT INDIVIDUAL ACCOUNTS

Summary profit and loss account

1.—(1) The summary financial statement must contain a summary profit and loss account showing, in so far as they may be derived from the full profit and loss account, the items, or combinations of items, listed in sub-paragraph (3), in the order set out in that sub-paragraph.

(2) The items or combinations of items listed in sub-paragraph (3) may appear under such headings as the directors consider appropriate.

(3) The items, or combinations of items referred to in sub-paragraph (1) are—

(a) gross premiums written-general business—

• item I 1(a);

(b) gross premiums written-long term business—

• item II 1(a);

(c) balance on the technical account for general business—

• item I 10;

(d) balance on the technical account for long term business—

• item II 13;

(e) other income and charges; the net figure resulting from the combination of the following items—

(i) item III 3

(ii) item III 3a

(iii) item III 4

(iv) item III 5

(v) item III 5a

(vi) item III 6

(vii) item III 7

(viii) item III 8;

(f) the profit or loss on ordinary activities before tax—

• item III 8a;

(g) tax on profit or loss on ordinary activities—

• item III 9;

(h) profit or loss on ordinary activities after tax—

• item III 10;

(i) extraordinary profit or loss after tax—

• the net figure resulting from the combination of items III 13 and 14;

(j) other taxes—

• item III 15; and

(k) profit or loss for the financial year—

• item III 16.

Dividends

2.  The summary financial statement must also contain the information concerning recognized and proposed dividends included in the full accounts and reports.

Summary balance sheet

3.—(1) The summary financial statement must contain a summary balance sheet which must show, in so far as they may be derived from the full balance sheet, the items, or combinations of items, set out in sub-paragraph (2) in the order of that sub-paragraph and under such headings as the directors consider appropriate.

(2) The items, or combinations of items, referred to in sub-paragraph (1) are—

(a) investments—

• the aggregate of items C and D under the heading “ASSETS”;

(b) reinsurers’ share of technical provisions—

• item Da under the heading “ASSETS”;

(c) other assets—

• the aggregate of items A or E(IV), B, E(I) to (III), F and G under the heading “ASSETS”;

(d) total assets under the heading “ASSETS”;

(e) capital and reserves—

• item A under the heading “LIABILITIES”;

(f) subordinated liabilities—

• item B under the heading “LIABILITIES”;

(g) fund for future appropriations—

• item Ba under the heading “LIABILITIES”;

(h) gross technical provisions—

• the aggregate of items C.1(a), C.2(a), C.3(a), C.4(a), C.5, C.6(a) and D(a) under the heading “LIABILITIES”;

(i) technical provisions-reinsurance amounts—

• the aggregate of items C.1(b), C.2(b), C.3(b), C.4(b), C.6(b) and D(b) under the heading “LIABILITIES”;

(j) other liabilities—

• the aggregate of items E, F, G and H under the heading “LIABILITIES”; and

(k) total liabilities under the heading “LIABILITIES”.

Corresponding amounts

4.—(1) In respect of every item shown in the summary profit and loss account, or in the summary balance sheet, the corresponding amount must be shown for the immediately preceding financial year.

(2) For the purposes of sub-paragraph (1), “the corresponding amount” is the amount shown in the summary financial statement for that year or which would have been so shown had such a statement been prepared for that year, taking account of any adjustments to corresponding amounts made in the full accounts and reports.