HSBC 2011 Annual Report Download - page 386

HSBC HOLDINGS PLC
Notes on the Financial Statements (continued)
32 – Liabilities under insurance contracts
384
Movement on non-life insurance liabilities
Gross
Reinsurers’
share Net
US$m US$m US$m
2011
Unearned premium reserve (‘UPR’)
At 1 January ................................................................................................................ 727 (129) 598
Changes in UPR recognised as (income)/expense ..................................................... 31 (2) 29
Gross written premiums ......................................................................................... 1,175 (182) 993
Gross earned premiums .......................................................................................... (1,144) 180 (964)
Exchange differences and other movements .............................................................. (137) 19 (118)
At 31 December .......................................................................................................... 621 (112) 509
Notified and incurred but not reported claims
At 1 January ................................................................................................................ 1,624 (305) 1,319
Notified claims ....................................................................................................... 879 (230) 649
Claims incurred but not reported ............................................................................ 745 (75) 670
Claims paid in current year ......................................................................................... (631) 81 (550)
Claims incurred in respect of current year ................................................................. 481 (99) 382
Claims incurred in respect of prior years ................................................................... (46) 14 (32)
Exchange differences and other movements .............................................................. (469) 167 (302)
At 31 December .......................................................................................................... 959 (142) 817
Notified claims ....................................................................................................... 510 (91) 419
Claims incurred but not reported ............................................................................ 449 (51) 398
Other ........................................................................................................................... 55 4 59
Total non-life insurance liabilities .............................................................................. 1,635 (250) 1,385
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