REG - Chesnara PLC - Half-year Report <Origin Href="QuoteRef">CSN.L</Origin> - Part 3
31/08/2016 07:06
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exposes Chesnara to potential financial losses and disruption to policyholder services (and corresponding reputational damage).
Going concern
The directors have considered the ability of the group to continue on a going concern basis. As such the board has
performed an assessment as to whether the group can meet its liabilities as they fall due for a period of at least 12
months from which this half year report has been signed.
In performing this work, the board has considered the current cash position of the group and company, coupled with the
group's and company's expected cash generation as highlighted in its most recent business plan, which covers a three year
period. The business plan considers the financial projections of the group and its subsidiaries on both a base case and a
range of stressed scenarios, covering projected IFRS, EEV and solvency positions. These projections also focus on the cash
generation of the life insurance divisions and how these flow up into the Chesnara parent company balance sheet, with these
cash flows being used to fund debt repayments, shareholder dividends and the head office function of the parent company.
The information set out above indicates a strong Solvency II position as at 30 June 2016 as measured at both the individual
regulated life company levels and at the group level. As well as being well-capitalised the group also has a healthy level
of cash reserves to be able to meet its debt obligations as they fall due, and does not rely on the renewal or extension of
bank facilities to continue trading. The group's subsidiaries do, however, rely on cash flows from the maturity or sale of
fixed interest securities which match certain obligations to policyholders, which brings with it the risk of bond default.
In order to manage this risk we ensure that our bond portfolio is actively monitored and well diversified. Other
significant counterparty default risk relates to our principal reinsurers. We monitor their financial position and are
satisfied that any associated credit default risk is low.
The directors have considered the impact of the Brexit vote, and the potential economic uncertainty that this may continue
to cause. They can confirm that the stressed scenarios considered in our most recent projections encompass a more extreme
range of economic scenarios than it is envisaged the Brexit vote may bring.
In light of this information, the board has concluded that the group and company has adequate resources to continue in
operational existence for at least 12 months from the date of approval of this half year report, and as a result the IFRS
Financial Statements have been prepared on a going concern basis.
Directors' responsibiliTIES statement
We confirm that to the best of our knowledge:
- the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial
Reporting';
- the management report includes a fair review of the information required by DTR 4.2.7R (indication of important
events during the first six months and description of principal risks and uncertainties for the remaining six months of the
year); and
- the management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related
parties' transactions and changes therein).
By order of the Board
Peter Mason John Deane
Chairman Chief Executive Officer
30 August 2016 30 August 2016
Independent Auditor's REVIEW Report to the Members of Chesnara plc
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report
for the six months ended 30 June 2016 which comprises the condensed consolidated statement of comprehensive income, the
condensed consolidated balance sheet, the condensed consolidated statement of changes in equity, the condensed consolidated
statement of cashflows and related notes 1 to 7. We have read the other information contained in the half-yearly financial
report and considered whether it contains any apparent misstatements or material inconsistencies with the information in
the condensed set of financial statements.
This report is made solely to the company in accordance with International Standard on Review Engagements (UK and Ireland)
2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing
Practices Board. Our work has been undertaken so that we might state to the company those matters we are required to state
to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we
have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are
responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
As disclosed in note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by
the European Union. The condensed set of financial statements included in this half-yearly financial report has been
prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" as adopted by the European
Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the
half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of
Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board
for use in the United Kingdom. A review of interim financial information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland)
and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial
statements in the half-yearly financial report for the six months ended 30 June 2016 is not prepared, in all material
respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and
Transparency Rules of the United Kingdom's Financial Conduct Authority.
Deloitte LLP
Chartered Accountants and Statutory Auditor
Edinburgh
United Kingdom
30 August 2016
CONDENSED Consolidated Statement of Comprehensive Income (unaudited)
Unaudited Six months ended 30 June Year ended 31 December
2016 2015 2015
Note £000 £000 £000
Insurance premium revenue 55,524 58,078 114,749
Insurance premium ceded to reinsurers (22,586) (23,780) (46,811)
Net insurance premium revenue 32,938 34,298 67,938
Fee and commission income 34,769 33,327 66,249
Net investment return 108,657 182,231 148,514
Total revenue net of reinsurance payable 176,364 249,856 282,701
Other operating income 9,397 11,513 18,586
Total income net of investment return 185,761 261,369 301,287
Insurance contract claims and benefits incurred
Claims and benefits paid to insurance contract holders (159,552) (159,896) (318,721)
Net increase/(decrease) in insurance contract provisions (8,485) 77,595 191,850
Reinsurers' share of claims and benefits 34,372 21,144 32,004
Net insurance contract claims and benefits (133,665) (61,157) (94,867)
Change in investment contract liabilities (13,147) (143,425) (100,469)
Reinsurers' share of investment contract liabilities 1,918 1,031 733
Net change in investment contract liabilities (11,229) (142,394) (99,736)
Fees, commission and other acquisition costs (11,050) (10,512) (20,875)
Administrative expenses (20,253) (19,125) (41,301)
Other operating expenses
Charge for amortisation of acquired value of in-force business (4,645) (4,580) (9,274)
Charge for amortisation of acquired value of customer relationships (114) (112) (222)
Other (2,911) (8,096) (5,866)
Total expenses net of change in insurance contract provisions and investment contract liabilities (183,867) (245,976) (272,141)
Total income less expenses 1,894 15,393 29,146
Share of (loss)/profit of associate (428) 405 455
Profit recognised on business combination - 16,209 16,644
Financing costs (1,226) (1,609) (3,457)
Profit before income taxes 4 240 30,398 42,788
Income tax credit/(expense) 237 (2,138) (3,000)
Profit for the period 3,4 477 28,260 39,788
Foreign exchange translation differences arising on the revaluation of foreign operations 15,188 (5,366) (173)
Total comprehensive income for the period 15,665 22,894 39,615
Basic earnings per share (based on profit for the period) 2 0.38p 22.36p 31.48p
Diluted earnings per share (based on profit for the period) 2 0.38p 22.33p 31.41p
The notes and information below form part of these financial statements.
CONDENSED CONSOLIDATED BALANCE SHEET (unaudited)
UnauditedSix months ended 30 June Year ended31 December
2016 2015 2015
Note £000 £000 £000
Assets
Intangible assets
Deferred acquisition costs 43,083 31,986 36,061
Acquired value of in-force business 67,753 72,483 68,341
Acquired value of customer relationships 841 948 875
Software assets 7,133 3,726 4,720
Property and equipment 584 490 537
Investment in associates 4,721 4,453 4,707
Investment properties 245 9,245 245
Reinsurers' share of insurance contract provisions 276,304 313,302 282,628
Amounts deposited with reinsurers 34,642 35,455 33,941
Financial assets
Equity securities at fair value through income 479,452 465,350 486,243
Holdings in collective investment schemes at fair value through income 3,682,362 3,563,740 3,499,355
Debt securities at fair value through income 494,774 385,847 423,754
Policyholders' funds held by the Group 209,073 176,267 189,919
Insurance and other receivables 55,775 73,813 43,674
Prepayments 6,079 5,599 6,565
Derivative financial instruments 3,443 2,872 2,721
Total financial assets 4,930,958 4,673,488 4,652,231
Reinsurers' share of accrued policyholder claims 21,367 19,744 19,042
Income taxes 1,693 4,182 3,611
Cash and cash equivalents 253,369 279,813 260,863
Total assets 4 5,642,693 5,449,315 5,367,802
Liabilities
Insurance contract provisions 2,260,524 2,330,084 2,232,083
Other provisions 925 3,017 1,905
Financial liabilities
Investment contracts at fair value through income 2,678,190 2,408,122 2,457,521
Liabilities relating to policyholders' funds held by the Group 209,073 176,267 189,919
Borrowings 5 83,737 87,837 79,025
Derivative financial instruments 3,884 656 444
Total financial liabilities 2,974,884 2,672,882 2,726,909
Deferred tax liabilities 7,246 10,599 7,906
Reinsurance payables 6,743 8,619 9,660
Payables related to direct insurance and investment contracts 66,772 80,288 62,284
Deferred income 5,815 17,486 6,212
Income taxes 1,660 8,260 6,328
Other payables 21,203 28,503 18,401
Bank overdrafts 1,509 2,897 952
Total liabilities 4 5,347,281 5,162,635 5,072,640
Net assets 295,412 286,680 295,162
Shareholders' equity
Share capital 42,600 42,600 42,600
Share premium 76,516 76,523 76,516
Treasury shares (161) (168) (161)
Other reserves 14,374 (6,007) (814)
Retained earnings 3 162,083 173,732 177,021
Total shareholders' equity 295,412 286,680 295,162
The notes and information below form part of these financial statements.
Approved by the Board of Directors and authorised for issue on 30 August 2016 and signed on its behalf by:
Peter Mason John Deane
Chairman Chief Executive Officer
CONDENSED Consolidated statement of cash flows (unaudited)
Unaudited Six months ended 30 June Year ended 31 December
2016 2015 2015
£000 £000 £000
Profit for the period 477 28,260 39,788
Adjustments for:
Depreciation of property and equipment 93 89 203
Amortisation of deferred acquisition costs 5,233 4,695 9,251
Amortisation of acquired value of in-force business 4,645 4,580 9,274
Amortisation of acquired value of customer relationships 114 112 222
Amortisation of software assets 549 715 1,346
Share based payment 171 96 212
Tax (recovery)/paid (53) 2,138 2,999
Interest receivable (7,997) (11,297) (24,693)
Dividends receivable (18,076) (13,867) (31,501)
Interest expense 1,226 1,609 3,457
Change in fair value of investment properties - (4,400) (4,277)
Fair value gains on financial assets (203,005) (152,542) (87,934)
Profit arising on business combination - (16,209) (16,644)
Share of loss/(profit) of associate 428 (404) (455)
Interest received 8,096 11,590 (14,759)
Dividends received 16,897 12,768 24,458
(Increase)/decrease in intangible assets related to insurance and investment contracts (8,848) (7,520) 31,532
Changes in operating assets and liabilities:
Decrease in financial assets 140,550 37,410 62,365
Decrease in reinsurers share of insurance contract provisions 9,400 20,669 54,253
(Increase)/decrease in amounts deposited with reinsurers (701) 43 1,557
(Increase)/decrease in insurance and other receivables (9,589) (26,802) 1,754
Decrease/(increase) in prepayments 902 (942) (1,710)
Increase/(decrease) in insurance contract provisions 7,584 (84,884) (201,453)
Increase in investment contract liabilities 46,916 170,875 149,011
Decrease in provisions (1,125) (691) (1,893)
Decrease in reinsurance payables (3,581) (1,276) (578)
Increase in payables related to direct insurance and investment contracts 3,233 20,448 1,708
Increase/(decrease) in other payables 4,978 7,326 (1,630)
Cash generated from operations (1,483) 2,589 5,863
Income tax paid (3,498) (1,217) (4,248)
Net cash generated from/(utilised by) operating activities (4,981) 1,372 1,615
Cash flows from investing activities
Business combinations - 54,258 54,258
Development of software (2,404) (987) (2,418)
Purchases of property and equipment (84) (126) (265)
Proceeds from the disposal of property and equipment - - -
Net cash generated from/(utilised by) investing activities (2,488) 53,145 51,575
Cash flows from financing activities
Proceeds from/(repayment of) borrowings 1,950 2,218 (7,815)
Dividends paid (15,586) (15,143) (23,498)
Interest paid (1,166) (1,377) (3,382)
Net cash generated from/(utilised by) financing activities (14,802) (14,302) (34,695)
Net (decrease)/increase in cash and cash equivalents (22,271) 40,215 18,495
Cash and cash equivalents at beginning of period 259,911 240,510 240,510
Effect of exchange rate changes on cash and cash equivalents 14,220 (3,809) 906
Cash and cash equivalents at end of the period 251,860 276,916 259,911
The notes and information below form part of these financial statements.
CONDENSED consolidated statement of changes in equity(unaudited)
Unaudited six months ended 30 June 2016
Share capital Share premium Other reserves Treasury shares Retained earnings Total
£000 £000 £000 £000 £000 £000
Equity shareholders' funds at 1 January 2016 42,600 76,516 (814) (161) 177,021 295,162
Profit for the period - - - - 477 477
Dividends paid - - - - (15,586) (15,586)
Foreign exchange translation differences - - 15,188 - - 15,188
Share based payment - - - - 171 171
Equity shareholders' funds at 30 June 2016 42,600 76,516 14,374 (161) 162,083 295,142
Unaudited six months ended 30 June 2015
Share capital Share premium Other reserves Treasury shares Retained earnings Total
£000 £000 £000 £000 £000 £000
Equity shareholders' funds at 1 January 2015 42,600 76,523 (641) (168) 160,519 278,833
Profit for the period - - - - 28,260 28,260
Dividends paid - - - - (15,143) (15,143)
Foreign exchange translation differences - - (5,366) - - (5,366)
Share based payment - - - - 96 96
Equity shareholders' funds at 30 June 2015 42,600 76,523 (6,007) (168) 173,732 286,680
Year ended 31 December 2015
Share capital Share premium Other reserves Treasury shares Retained earnings Total
£000 £000 £000 £000 £000 £000
Equity shareholders' funds at 1 January 2015 42,600 76,523 (641) (168) 160,519 278,833
Profit for the year - - - - 39,788 39,788
Dividends paid - - - - (23,498) (23,498)
Foreign exchange translation differences - - (173) - - (173)
Share based payment - - - - 212 212
Sale of treasury shares - (7) - 7 - -
Equity shareholders' funds at 31 December 2015 42,600 76,516 (814) (161) 177,021 295,162
The notes and information below form part of these financial statements.
notes to the CONDENSED consolidated financial statements (unaudited)
1 Basis of preparation
This condensed set of consolidated financial statements has been prepared in accordance with IAS 34 'Interim Financial
Reporting' as adopted by the EU. As required by the Disclosure and Transparency Rules of the Financial Conduct Authority,
the condensed set of consolidated financial statements has been prepared applying the accounting policies and presentation
which were applied in the preparation of the Group's published consolidated financial statements for the year ended 31
December 2015.
The Group's published consolidated financial statements for the year ended 31 December 2015 were prepared in accordance
with IFRS as adopted by the EU. Any judgements and estimates applied in the condensed set of financial statements are
consistent with those applied in the preparation of the Group's published consolidated financial statements for the year
ended 31 December 2015.
The financial information shown in these interim financial statements is unaudited and does not constitute statutory
accounts within the meaning of section 434 of the Companies Act 2006.
The comparative figures for the financial year ended 31 December 2015 are not the Company's statutory accounts for that
financial year. Those accounts have been reported on by the Company's auditor and delivered to the Registrar of Companies.
The report of the auditor was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew
attention by way of emphasis without qualifying their report and (iii) did not contain a statements under section 498(2) or
(3) of the Companies Act 2006.
2 Earnings per share
Earnings per share are based on the following:
Unaudited Six months ended 30 June Year ended 31 December
2016 2015 2015
Profit for the period attributable to shareholders (£000) 477 28,260 39,788
Weighted average number of ordinary shares 126,404,892 126,398,396 126,401,635
Basic earnings per share 0.38p 22.36p 31.48p
Diluted earnings per share 0.38p 22.33p 31.41p
The weighted average number of ordinary shares in respect of the six months ended 30 June 2016 is based upon 126,552,427
shares in issue, less 147,535 own shares held in treasury.
The six months ended 30 June 2015 is based upon 126,552,427 shares in issue, less 154,031 own shares held in treasury at
the beginning of the period, and 126,552,427 shares in issue less 154,031 own shares held in treasury at the end of the
period.
The weighted average number of ordinary shares in respect of the years ended 31 December 2015 is based upon 126,552,427
shares in issue less 147,535 own shares held in treasury.
There were 525,648 share options outstanding at 30 June 2016 (30 June 2015: 180,765). Accordingly, there is dilution of the
average number of ordinary shares in issue in respect of 2016. There were 271,000 share options outstanding as at 31
December 2015.
3 Retained earnings
Unaudited Six months ended 30 June Year ended 31 December
2016 2015 2015
£000 £000 £000
Retained earnings attributable to equity holders of the parent company comprise:
Balance at 1 January 177,021 160,519 160,519
Profit for the period 477 28,260 39,788
Share based payment 171 96 212
Dividends:
Final approved and paid for 2014 - (15,143) (15,143)
Interim approved and paid for 2015 - - (8,355)
Final approved and paid for 2015 (15,586) - -
Balance at period end 162,083 173,732 177,021
The interim dividend in respect of 2015, approved and paid in 2015 was paid at the rate of 6.61p per share.
The final dividend in respect of 2015, approved and paid in 2016, was paid at the rate of 12.33p per share so that the
total dividend paid to the equity shareholders of the Parent Company in respect of the year ended 31 December 2015 was made
at the rate of 18.94p per share.
An interim dividend of 6.80p per share in respect of the year ending 31 December 2016 payable on14 October 2016 to equity
shareholders of the Parent Company registered at the close of business on 9 September 2016, the dividend record date, was
approved by the Directors after the balance sheet date. The resulting dividend of £8.6m has not been provided for in these
financial statements and there are no income tax consequences.
The following table summarises dividends per share in respect of the six month period ended 30 June 2016 and the year ended
31 December 2015:
Six months ended Year ended 31
30 June 2016 December 2015
p p
Interim - approved/paid 6.80 6.61
Final - proposed/paid - 12.33
Total 6.80 18.94
4 Operating segments
The Group considers that it has no product or distribution-based business segments. It reports segmental information on the
same basis as reported internally to the Chief Operating Decision Maker, which is the Board of Directors of Chesnara plc.
The segments of the Group as at 30 June 2016 comprise:
CA: This segment is part of the Group's UK life insurance and pensions run-off portfolio and comprises the original
business of Countrywide Assured plc, the Group's principal UK operating subsidiary, and City of Westminster Assurance
Company Limited which was acquired in 2005 and the long-term business of which was transferred to Countrywide Assured plc
during 2006. This segment also contains the business of Protection Life, which was purchased on 28 November 2013.
Following the Part VII transfer on 31 December 2014 of the long-term business of Protection Life Company Limited into
Countrywide Assured plc, the business of Protection Life (PL) is now reported within the CA segment, effective from 1
January 2015. Previously PL was reported as a separate segment. Comparative information has been restated to reflect this
change. CA is responsible for conducting unit-linked and non-linked business.
S&P: This segment, which was acquired on 20 December 2010, comprises the business of Save & Prosper Insurance Limited and
its subsidiary Save & Prosper Pensions Limited. It is responsible for conducting both unit-linked and non-linked business,
including a with-profits portfolio, which carries significant additional market risk, as described in Note 6 'Management of
financial risk' in the Chesnara plc 2014 Annual Report and Accounts. On 31 December 2011 the whole of the business of this
segment was transferred to Countrywide Assured plc under the provisions of Part VII of the Financial Services and Markets
Act 2000.
Movestic: This segment comprises the Group's Swedish life and pensions business, Movestic Livförsäkring AB ('Movestic')
and its subsidiary and associated companies, which are open to new business and which are responsible for conducting both
unit-linked and non-linked business.
Waard Group: This segment represents the Group's Dutch life and general insurance business, which was acquired on 19 May
2015 and comprises the three insurance companies Waard Leven N.V., Hollands Welvaren Leven N.V. and Waard Schade N.V., and
a servicing company, Tadas Verzekering. The Waard Group's policy base is predominantly made up of term life policies,
although also includes unit-linked policies and some non-life policies, covering risks such as occupational disability and
unemployment.
Other Group Activities: The functions performed by the parent company, Chesnara plc, are defined under the operating
segment analysis as Other Group Activities. Also included therein are consolidation and elimination adjustments.
The accounting policies of the segments are the same as those for the Group as a whole. Any transactions between the
business segments are on normal commercial terms in normal market conditions. The Group evaluates performance of operating
segments on the basis of the profit before tax attributable to shareholders and on the total assets and liabilities of the
reporting segments and the Group. There were no changes to the measurement basis for segment profit during the six months
ended 30 June 2016.
(i) Segmental income statement for the six months ended 30 June 2016
CA S&P UK Total Movestic Waard Group Other Group Activities Total
£000 £000 £000 £000 £000 £000 £000
Net insurance premium revenue 21,730 2,622 24,352 7,118 1,468 - 32,938
Fee and commission income 14,431 1,326 15,757 19,000 12 - 34,769
Net investment return 92,909 43,364 136,273 (29,550) 1,822 112 108,657
Total revenue (net of reinsurance payable) 129,070 47,312 176,382 (3,432) 3,302 112 176,364
Other operating income 1,224 5,141 6,365 2,553 479 - 9,397
Segmental income/(expenses) 130,294 52,453 182,747 (879) 3,781 112 185,761
Net insurance contract claims and benefits incurred (68,903) (61,287) (130,190) (3,851) 376 - (133,665)
Net change in investment contract liabilities (40,343) (467) (40,810) 29,581 - - (11,229)
Fees, commission and other acquisition costs (870) (14) (884) (11,581) (157) - (12,622)
Administrative expenses:
Amortisation charge on software assets - - - (1,340) - - (1,340)
Depreciation charge on property and equipment (22) - (22) (180) - - (202)
Other (5,283) (4,607) (9,890) (4,909) (1,734) (2,178) (18,711)
Operating expenses (603) - (603) (2,308) - - (2,911)
Financing costs - (1) (1) (403) - (822) (1,226)
Share of profit from associates - - - (428) - - (428)
Profit/(loss) before tax and consolidation adjustments 14,270 (13,923) 347 3,702 2,266 (2,888) 3,427
Other operating expenses:
Charge for amortisation of acquired value of in-force business (2,324) (302) (2,626) (1,725) (294) - (4,645)
Charge for amortisation of acquired value of customer relationships - - - (114) - - (114)
Fees, commission and other acquisition costs - - - 1,572 - - 1,572
Segmental income less expenses 11,946 (14,225) (2,279) 3,435 1,972 (2,888) 240
Profit/loss before tax 11,946 (14,225) (2,279) 3,435 1,972 (2,888) 240
Income tax (expense)/credit 144 (333) (684) 1,110 237
(Loss)/profit after tax (2,135) 3,102 1,288 (1,778) 477
(ii) Segmental balance sheet as at 30 June 2016
CA S&P Movestic Waard Group Other Group Activities Total
£000 £000 £000 £000 £000 £000
Total assets 1,835,090 1,187,101 2,380,344 204,527 35,631 5,642,693
Total liabilities (1,715,423) (1,145,106) (2,307,514) (125,701) (53,537) (5,347,281)
Net assets 119,667 41,995 72,830 78,826 (17,906) 295,412
Investment in associates - - 4,721 - - 4,721
Additions to non-current assets - - 11,894 7 - 11,901
(iii) Segmental income statement for the six months ended 30 June 2015 (re-stated)*
CA S&P UK Total Movestic Waard Group Other Group Activities Total
£000 £000 £000 £000 £000 £000 £000
Net insurance premium revenue 24,548 2,871 27,419 6,716 163 - 34,298
Fee and commission income 15,160 1,225 16,385 16,940 2 - 33,327
Net investment return 26,519 28,191 54,710 129,068 (1,780) 233 182,231
Total revenue (net of reinsurance payable) 66,227 32,287 98,514 152,724 (1,615) 233 249,856
Other operating income 1,411 5,792 7,203 3,943 367 - 11,513
Segmental income/(expenses) 67,638 38,079 105,717 156,667 (1,248) 233 261,369
Net insurance contract claims and benefits incurred (33,938) (24,912) (58,850) (3,357) 1,050 - (61,157)
Net change in investment contract liabilities (12,781) (771) (13,552) (128,842) - - (142,394)
(iv) Fees, commission and other acquisition costs (1,038) (11) (1,049) (10,808) (9) - (11,866)
Administrative expenses:
Amortisation charge on software assets - - - (2,188) - - (2,188)
Depreciation charge on property and equipment (22) - (22) (187) - - (209)
Other (5,214) (4,922) (10,136) (3,594) 267 (3,265) (16,728)
Operating expenses (652) (6) (658) (3,913) 7 (3,532) (8,096)
Financing costs - (1) (1) (687) - (921) (1,609)
Share of profit from associates - - - 405 - - 405
Profit/(loss) before tax and consolidation adjustments 13,993 7,456 21,449 3,496 67 (7,485) 17,527
Other operating expenses:
Charge for amortisation of acquired value of in-force business (2,495) (330) (2,825) (1,661) (94) - (4,580)
Charge for amortisation of
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