HSBC 2010 Annual Report Download - page 346

HSBC HOLDINGS PLC
Notes on the Financial Statements (continued)
32 – Liabilities under insurance contracts
344
Movement on non-life insurance liabilities
Gross
Reinsurers’
share Net
US$m US$m US$m
2010
Unearned premium reserve (‘UPR’)
At 1 January ................................................................................................................ 833 (135) 698
Changes in UPR recognised as (income)/expense ..................................................... (83) (12) (95)
Gross written premiums ......................................................................................... 1,192 (172) 1,020
Gross earned premiums .......................................................................................... (1,275) 160 (1,115)
Exchange differences and other movements .............................................................. (23) 18 (5)
At 31 December .......................................................................................................... 727 (129) 598
Notified and incurred but not reported claims
At 1 January ................................................................................................................ 1,717 (327) 1,390
Notified claims ....................................................................................................... 1,032 (245) 787
Claims incurred but not reported ............................................................................ 685 (82) 603
Claims paid in current year ......................................................................................... (815) 114 (701)
Claims incurred in respect of current year ................................................................. 519 (111) 408
Claims incurred in respect of prior years ................................................................... 106 11 117
Exchange differences and other movements .............................................................. 97 8 105
At 31 December .......................................................................................................... 1,624 (305) 1,319
Notified claims ....................................................................................................... 879 (230) 649
Claims incurred but not reported ............................................................................ 745 (75) 670
Other ........................................................................................................................... 105 2 107
Total non-life insurance liabilities .............................................................................. 2,456 (432) 2,024
2009
Unearned premium reserve (‘UPR’)
At 1 January ................................................................................................................ 1,136 (159) 977
Changes in UPR recognised as (income)/expense ..................................................... (233) 10 (223)
Gross written premiums ......................................................................................... 1,339 (215) 1,124
Gross earned premiums .......................................................................................... (1,572) 225 (1,347)
Exchange differences and other movements .............................................................. (70) 14 (56)
At 31 December .......................................................................................................... 833 (135) 698
Notified and incurred but not reported claims
At 1 January ................................................................................................................ 1,276 (271) 1,005
Notified claims ....................................................................................................... 908 (230) 678
Claims incurred but not reported ............................................................................ 368 (41) 327
Claims paid in current year ......................................................................................... (987) 156 (831)
Claims incurred in respect of current year ................................................................. 939 (156) 783
Claims incurred in respect of prior years ................................................................... 342 (2) 340
Exchange differences and other movements .............................................................. 147 (54) 93
At 31 December .......................................................................................................... 1,717 (327) 1,390
Notified claims ....................................................................................................... 1,032 (245) 787
Claims incurred but not reported ............................................................................ 685 (82) 603
Other ........................................................................................................................... 178 (5) 173
Total non-life insurance liabilities .............................................................................. 2,728 (467) 2,261