HSBC 2008 Annual Report Download - page 424

HSBC HOLDINGS PLC
Notes on the Financial Statements (continued)
Note 30
422
The movement of liabilities under insurance contracts during the year was as follows:
Non-life insurance liabilities
Gross
Reinsurers’
share Net
US$m US$m US$m
2008
Unearned premium reserve (‘UPR’)
At 1 January ..................................................................................................... 1,279 (181) 1,098
Changes in UPR recognised as (income)/expense .......................................... (58) 3 (55)
Gross written premiums .............................................................................. 1,776 (260) 1,516
Gross earned premiums ............................................................................... (1,834) 263 (1,571)
Exchange differences and other movements ................................................... (85) 19 (66)
At 31 December ............................................................................................... 1,136 (159) 977
Notified and incurred but not reported claims
At 1 January ..................................................................................................... 1,483 (429) 1,054
Notified claims ............................................................................................ 1,063 (380) 683
Claims incurred but not reported ................................................................. 420 (49) 371
Claims paid in current year .............................................................................. (1,044) 158 (886)
Claims incurred in respect of current year ...................................................... 975 (68) 907
Claims incurred in respect of prior years ........................................................ 69 (15) 54
Exchange differences and other movements ................................................... (207) 83 (124)
At 31 December ............................................................................................... 1,276 (271) 1,005
Notified claims ............................................................................................ 908 (230) 678
Claims incurred but not reported ................................................................. 368 (41) 327
Other ................................................................................................................ 68 – 68
Total non-life insurance liabilities ................................................................... 2,480 (430) 2,050
2007
Unearned premium reserve (‘UPR’)
At 1 January ..................................................................................................... 1,262 (176) 1,086
Changes in UPR recognised as (income)/expense .......................................... (2) 22 20
Gross written premiums .............................................................................. 1,853 (385) 1,468
Gross earned premiums ............................................................................... (1,855) 407 (1,448)
Exchange differences and other movements ................................................... 19 (27) (8)
At 31 December ............................................................................................... 1,279 (181) 1,098
Notified and incurred but not reported claims
At 1 January ..................................................................................................... 1,409 (413) 996
Notified claims ............................................................................................ 949 (355) 594
Claims incurred but not reported ................................................................. 460 (58) 402
Claims paid in current year .............................................................................. (1,017) 207 (810)
Claims incurred in respect of current year ...................................................... 1,035 (189) 846
Claims incurred in respect of prior years ........................................................ 64 18 82
Exchange differences and other movements ................................................... (8) (52) (60)
At 31 December ............................................................................................... 1,483 (429) 1,054
Notified claims ............................................................................................ 1,063 (380) 683
Claims incurred but not reported ................................................................. 420 (49) 371
Other ................................................................................................................ 92 (43) 49
Total non-life insurance liabilities ................................................................... 2,854 (653) 2,201