TIDMGAH
RNS Number : 6077Y
Gable Holdings Inc
10 September 2015
10 September 2015
Gable Holdings Inc.
("Gable" "the Company" or "the Group")
Unaudited Half Year Results for the six month period ended 30
June 2015
Gable (AIM: GAH), the European non-life insurance company,
announces a further period of strong growth for the six month
period ended 30 June 2015.
Summary of Results
6 Months ended H1 to Year ended
30 June H1
% Increase 31 December
---------------------- ----------------- --------------- -----------------
2015 2014 2014
GBPm GBPm GBPm
---------------------- -------- ------- --------------- -----------------
Gross Written
Premiums 51.7 39.0 33% 80.0
---------------------- -------- ------- --------------- -----------------
Net Earned Premiums 38.5 23.4 64% 51.4
---------------------- -------- ------- --------------- -----------------
Profit Before
Tax (2.4) 2.5 (5.4)
---------------------- -------- ------- --------------- -----------------
Underlying Insurance
result before
overheads 9.9 7.8 27% 6.8
---------------------- -------- ------- --------------- -----------------
Underlying Insurance
Profit 6.3 5.7 11% 3.1
---------------------- -------- ------- --------------- -----------------
Underlying Profit
Before Tax 1.4 4.9 0.9
---------------------- -------- ------- --------------- -----------------
Combined Operating
Ratio* 84% 76% 94%
---------------------- -------- ------- --------------- -----------------
Underlying EPS 0.99p 3.10p 1.09p
---------------------- -------- ------- --------------- -----------------
Underlying results are stated after adding back the additional
reserve set-aside of GBP3.8m (H1 2014: GBP2.4m, Full year 2014
GBP6.3m) which relates to 2012 and prior provisions
* COR based on underlying insurance profit after insurance
related overheads
Business in the Half Year
-- Written premiums up 33%
-- GBP6.3 million underlying insurance profit, up 11%
-- Solid asset base backed by GBP40.0m cash balance
-- Results reflect continuing progress to eliminate the
historical reserving gap entirely in H2 2015
-- Improvements in accountability and governance including
senior Board appointments
Current Trading and Outlook
-- Italian fleet motor business commenced in late May 2015
-- Quota share agreement signed with Swiss Re on new Danish
commercial account
-- Continued confidence in short and medium term growth
outlook
William Dewsall, Chief Executive, Gable Holdings Inc,
commented:
"I am pleased to report continued strong growth in the first
half of the year driven by our bespoke products provided through
our expanding European wide distribution channels.
"Although the economic environment in general remains
challenging, I believe we have excellent momentum and can foresee
continued expansion supported by our European broker network. The
fundamentals of our business are sound and underpin our optimism
and growth ambitions for the future."
Gable Holdings Inc. Tel: +44(0) 20 7337 7460
William Dewsall, Chief
Executive
Michael Hirschfield, Group
Finance Director
John Bick, Investor Relations
Zeus Capital Limited Tel: +44(0) 20 3829 5000
Nicholas How, Corporate
Finance
Adam Pollock, Corporate
Broking
Haggie Partners LLP Tel : +44(0) 20 7562 4444
David Haggie
Peter Rigby
About Gable Holdings Inc.
Gable is a European non-life insurance company underwriting a
comprehensive range of specialist policies for the commercial
sectors in the UK, Denmark, France, Germany, Italy, Norway, Spain
and Sweden. Gable benefits from a low-cost online underwriting
platform and the Company has continued to successfully grow its
business geographically whilst simultaneously exploiting a range of
niche insurance segments which exist across the EU, which is
delivered through the EU passporting mechanism. Gable Holdings Inc
is quoted on the London Stock
Exchange's AIM market. For further information please visit www.gableholdings.com.
Interim Statement 2015
Overview
Gable's results for the six month period ended 30 June 2015
continued to show strong, steady growth over the same period in
2014 with a 33% increase in gross written premium to GBP51.7
million (H1 2014: GBP39.0 million). Net earned premiums (earned
income attributable to the Company) have also grown strongly since
inception as shown in the table below. In the first half of 2015
these amounted to GBP38.5 million, 64% ahead of the same period in
2014 and representing some 75% of the total earned throughout the
whole of 2014.
Year to 31 Dec H1
============================================================= =====
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
-------------------------- ----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Net earned premiums GBPm 2.3 4.1 4.2 7.0 17.3 22.6 30.9 42.0 51.4 38.5
-------------------------- ----- ----- ----- ----- ----- ----- ----- ----- ----- -----
The opportunities to develop new products and new markets by
taking advantage of our European-wide licensing under the European
passporting legislation are significant. The Group continues to
focus on delivering growth through leveraging its strong working
relationships with selected brokers and broker networks to provide
well priced bespoke insurance products to the commercial SME
markets in Europe. I am confident this strategy will continue to
provide growth in gross written premiums, earned premiums and
underlying profitability.
Results
A summary of the results for the 6 month period ended 30 June
2015 is set out in the table below:
First First Full
Underlying half Underlying half Underlying year
insurance 2015 insurance 2014 insurance 2014
result GBPm result GBPm result GBPm
Gross written
premiums 51.7 39.0 80.0
------- ------- -------
Gross earned
premiums 42.9 25.9 57.2
Reinsurance
costs (4.4) (2.5) (5.8)
Net earned
premiums 38.5 38.5 23.4 23.4 51.4 51.4
Investment
income 0.1 0.1 0.0 0.0 0.1 0.1
Net claims
incurred:
Claims incurred (18.2) (18.2) (8.3) (8.3) (29.1) (29.1)
Additional
Reserve set-aside (3.8) (2.4) (6.3)
------- ------- -------
(21.9) (10.7) (35.4)
Expenses incurred
in insurance
activities (10.5) (10.5) (7.3) (7.3) (15.6) (15.6)
Result before
operating expenses 6.2 5.4 0.5
Other operating
expenses -
insurance operations (3.6) (3.6) (2.1) (2.1) (3.7) (3.7)
Other operating
expenses -
Head Office
operations (0.9) (0.6) (1.6)
------- ------- -------
Other operating
expenses before
IAS 21 charge (4.5) (2.7) (5.3)
IAS21 historical
FX rate charge (4.1) (0.2) (0.6)
Total Other
Operating Expenses (8.6) (2.9) (5.9)
Profit/(loss)
before tax 6.3 (2.4) 5.7 2.5 3.1 (5.4)
=========== ======= =========== ======= =========== =======
Loss ratio 47.2% 57.0% 35.5% 45.7% 56.6% 68.9%
Commission
ratio 27.3% 27.3% 31.2% 31.2% 30.4% 30.4%
Expense ratio 9.4% 9.4% 9.0% 9.0% 7.2% 7.2%
COR 84.0% 93.7% 75.6% 85.9% 94.2% 106.4%
The Group has delivered excellent growth in 2015 based on prior
year initiatives and continues to look at introducing additional
new business classes during the current year. The insurance profit
after insurance overheads on underlying business remains strong at
GBP6.3 million (compared to GBP5.7 million for H1 2014 and GBP3.1
million for the full year 2014).
At the end of the period net assets were GBP25.0 million (H1
2014: GBP34.1 million, 31 December 2014: GBP27.3 million) and cash
balances and equivalents were GBP40.0 million (H1 2014: GBP33.0
million, 31 December 2014: GBP42.4 million).
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Underlying insurance profits for each period may be reconciled
to the IFRS reported result as follows:
First First Full
half half year
2015 2014 2014
GBPm GBPm GBPm
Underlying insurance
result 6.3 5.7 3.1 As shown above
Interest on
Investment income 0.1 - 0.1 cash balances
Listing and
Head office overheads (0.9) (0.6) (1.6) Board costs
Non-cash FX
IAS 21 historical adjustment -
rate adjustment (4.1) (0.2) (0.6) see below
Underlying profit
before tax 1.4 4.9 0.9
Additional reserve Non-cash historical
set-aside (3.8) (2.4) (6.3) item - see below
Reported (loss)/profit
before tax (2.4) 2.5 (5.4)
====== ====== ======
Additional reserve set-aside: Our claims experience during the
first half of 2015 has been broadly in line with actuarial
expectations and our policy is to set aside provisions at actuarial
best estimate to ensure that we carry sufficient reserves to meet
claims as they fall due. During the period we increased claims
provisions by over GBP11 million. This includes GBP3.75 million of
additional reserve set-aside provision which represents half of the
remaining historical gap between carried reserves and actuarial
best estimate relating to 2012 and prior periods, previously
disclosed at GBP7.5 million at the end of 2014, and which will be
eliminated entirely in the second half of 2015.
It should be noted that Gable recorded an unusual claims
experience in 2014 from a few individually material claims and a
spike in attritional claims in the European market, particularly
France, which produced an increased actuarial reserve requirement,
the full effects of which were felt in the second half of 2014. Our
continued growth will help provide scale to ride out similar events
in the future and our reinsurance program has been tightened to
reduce our net limits and provide additional protection for our
balance sheet. We regularly review our risk profile to consider
ways to protect our balance sheet through underwriting limits,
policy terms and conditions and reinsurance protection.
IAS 21 historical rate adjustment: The IAS 21 historical
exchange rate adjustment has become a material adjustment in the
current period. This adjustment arises as a result of applying
International Financial Reporting Standards (which the Company
applies in the same way as all other insurance companies) to all
business conducted in currencies other than its "functional"
currency which is Sterling. In simple terms, it:
-- arises because unearned premium reserves and deferred
acquisition costs (which are deemed "non-monetary items") are
carried at historical exchange rates whilst the corresponding
earnings of these, spread over the life of the policy in question,
are treated as monetary items and translated at prevailing
rates;
-- can lead to potentially large accounting adjustments being
reported in a set of accounts particularly where there is a
prolonged trend movement in rates; but
-- is a non-cash foreign exchange accounting adjustment which
only affects the presentation of results and does not affect the
business fundamentals
The IAS 21 historical rate adjustment has become a material item
in the first half of 2015 because:
-- firstly, European currencies have suffered a severe and
prolonged decline against Sterling during the period (in the last
year the Euro and Danish Kroner have declined 13%, the Swedish
Kroner has declined by 17% and the Norwegian Kroner by 24%, with a
large proportion of this in the last six months);
-- secondly, the proportion of the Group's non-Sterling business
has increased to 57.7% of total GWP from 46.6% in 2014; and
-- thirdly, the underlying business has also grown strongly,
meaning the corresponding balances have also grown accordingly,
magnifying the issue
This item has consequently had a material impact on our reported
earnings during this period. The Group seeks to reduce the impact
of exchange rate movements by balancing foreign currency monetary
assets and liabilities, converting excess assets or liabilities
into Sterling on a periodic basis, and by using income received in
foreign currencies to pay commission and costs arising in the same
currencies, with the net margin converted to Sterling. We do not
seek to mitigate the reported impact of IAS 21 on non-monetary
items as it is merely an accounting adjustment. We regularly review
our procedures and practices and investigate potential protective
solutions and will take steps to put in place such protective
measures as we think appropriate where the potential benefits
outweigh the risks.
Products and Markets
Gable's business continues to broaden both in product range and
geography within Europe as shown in the table below:
Country Product 2007 2008 2009 2010 2011 2012 2013 2014 2015
-------- ------------------------- ----- ----- ----- ----- ----- ----- ----- ----- -----
Italy Fleet motor X
-------- ------------------------- ----- ----- ----- ----- ----- ----- ----- ----- -----
Sweden Material Damage X X
-------- ------------------------- ----- ----- ----- ----- ----- ----- ----- ----- -----
Italy Commercial Combined x X X
-------- ------------------------- ----- ----- ----- ----- ----- ----- ----- ----- -----
Italy Commercial Bonds x X X
-------- ------------------------- ----- ----- ----- ----- ----- ----- ----- ----- -----
UK ATE Financial Litigation x x X X
-------- ------------------------- ----- ----- ----- ----- ----- ----- ----- ----- -----
Denmark Property Liability x x X X
-------- ------------------------- ----- ----- ----- ----- ----- ----- ----- ----- -----
Germany Property x x X X
-------- ------------------------- ----- ----- ----- ----- ----- ----- ----- ----- -----
UK Commercial Combined x x x X X
-------- ------------------------- ----- ----- ----- ----- ----- ----- ----- ----- -----
France Property Liability x x x x X X
-------- ------------------------- ----- ----- ----- ----- ----- ----- ----- ----- -----
UK After The Event ('ATE') x x x x x X X
-------- ------------------------- ----- ----- ----- ----- ----- ----- ----- ----- -----
Norway Tenant Deposit Scheme x x x x x X X
-------- ------------------------- ----- ----- ----- ----- ----- ----- ----- ----- -----
France Dommages Ouvrages* x x x x x X X
-------- ------------------------- ----- ----- ----- ----- ----- ----- ----- ----- -----
Spain Property Construction x x x x x x X X
Liability
-------- ------------------------- ----- ----- ----- ----- ----- ----- ----- ----- -----
Spain Third Party Liability x x x x x x X X
-------- ------------------------- ----- ----- ----- ----- ----- ----- ----- ----- -----
France Artisan Liability x x x x x x X X
-------- ------------------------- ----- ----- ----- ----- ----- ----- ----- ----- -----
UK Construction Liability x x x x x x x X X
-------- ------------------------- ----- ----- ----- ----- ----- ----- ----- ----- -----
*a French insurance policy for building defects in a new build
or renovated French property
The Group's risk profile of the products it offers also
continues to diversify, balancing liability products with shorter
tail products.
In managing the Group's risk exposure, Gable continues to
monitor its on-going reinsurance requirements. Gable, through its
subsidiary Gable Insurance AG, continues to purchase reinsurance
for its portfolio and has numerous automatic facilities with major
reinsurers covering most classes written where appropriate. This
includes arrangements with Gen Re, part of the Berkshire Hathaway
Group, Swiss Re and Q Re and major worldwide insurers rated A or
above. Furthermore Gable has taken advantage of cheaper reinsurance
rates and has reduced its reinsurance spend at its July renewal by
over 30% at the same time as decreasing its net exposure.
Solvency II
As a result of anticipated future growth the Board continues to
review attractive options to increase available solvency capital to
maintain a strong regulatory capital base.
The group's preparations for the introduction of the Solvency II
regime are well advanced and we have introduced additional Solvency
II compliant internal risk and control systems in advance of the
proposed timetable.
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The introduction of the Solvency II regime in 2016 brings into
play new regulatory capital requirements based broadly on a
company's likely future growth in its insurance business. On a
nil-growth scenario, the required regulatory capital for Gable
would be broadly in line with the current capital base, but Gable's
high growth strategy results in additional capital being required
to meet the initial requirements on 1 January 2016. This additional
capital will come from one or both of two sources: firstly, we are
in advanced discussions with two major reinsurers regarding quota
share arrangements over parts of our business which will provide
significant balance sheet protection and mitigate a significant
element of the additional capital requirement; and secondly, we are
at a similar stage of discussions with two financial capital
institutions regarding the provision of structured debt solutions
to provide the balance, as appropriate.
The Board is considering the relative merits of each of these
proposals and expects to finalise these arrangements before the end
of 2015.
Board Matters
I am delighted to welcome both Andrew Trott from Plexus Law who
is highly experienced in commercial insurance law over 30 years and
Julian Connerty from Clyde & Co one of the leading commercial
litigation lawyers in the UK, to our Board since the year end.
Andrew and Julian bring many years of insurance industry experience
and provide significant additional oversight to the operations of
the group. We are actively considering another appointment and will
make an announcement in due course. We also remain committed to
recruiting a suitable candidate to lead the Company as Chairman to
complete this important element of corporate governance and, in the
meantime, I am grateful to Jost Pilgrim for his continued support
as Interim Chairman.
I would also like to thank Mike Hirschfield, our Group Finance
Director, for assuming the role of Company Secretary with immediate
effect, providing directly to the Company those services previously
provided indirectly by him through Kitwell Consultants Limited for
nearly 11 years of service since our incorporation. Furthermore, in
order to more fully focus on the activities of Gable, in the last
few months Mike has also stepped down from his other public company
directorships.
Dividend Policy
The Board is committed to the Company providing a solid platform
for ongoing growth. The Company generally is required to hold
regulatory capital for solvency purposes and historically the
Company has retained earnings to build its capital base and augment
the capital raised. Our growth ambitions and the more stringent
requirements of Solvency II mean that the growth of our capital
base remains our primary objective and, for this reason, the Board
remains of the view that the retention of earnings within the
business is in the current interests of shareholders. Whilst the
Board retains the objective to declare a maiden dividend at the
earliest opportunity, as and when conditions permit, at this stage
no dividend is declared.
Our Customers, Brokers and People
I would like to thank all of our customers and brokers across
our countries of operation for their support during this first half
year. It is also a credit to my team that we have been able to
deliver excellent growth and underlying insurance profits in a
highly competitive business environment during challenging economic
conditions. Despite these conditions, we have been able to respond
extremely quickly to our clients' needs.
As we have grown significantly over a relatively short period of
time, we need to continually evaluate where we stand and where we
need to improve and strengthen our business for the future.
Following the announcement of our 2014 year end results and the
subsequent AGM, we have engaged with a number of our significant
shareholders and other stakeholders. We understand the need to
enhance our governance processes and we have already made
improvement across a wide spectrum and will continue to do so over
the medium term, aligned our reserving to best practice , which we
started to address in 2013 and will have completed in the second
half of this year, and provide clarity and depth in our reporting
which my accounting team have been working on since the appointment
of Mike Hirschfield as Group Finance Director in 2013.
I believe that the fundamentals of our business are sound and,
as a management team, we will continue to strive to deliver on
these objectives.
Current Trading and Outlook
Growth in the business has continued in the second half of 2015
to date, both in the UK and our European markets, and we are
hopeful that this momentum should continue through the remainder of
the year and for the foreseeable future. We were delighted to
announce during the period a 50% quota share agreement with Swiss
Re on our new Danish commercial account.
The Board believes that over the next few years Gable should
deliver strong and sustainable growth as we expand our market
reach. We are confident that our business model and growing brand
presence should also deliver decent profitability over time, in
spite of what could remain a challenging economic environment.
I look forward to updating you on further progress in due
course.
William Dewsall
Chief Executive
10 September 2015
GABLE HOLDINGS INC
Group Income Statement
For the six months ended 30 June 2015
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
Notes GBP000s GBP000s GBP000s
unaudited unaudited audited
Gross written premiums 51,668 38,985 79,992
Change in provision
for gross unearned premiums 5 (8,793) (13,063) (22,753)
-------------------------------- ------ ----------- ----------- ------------
Gross earned premiums 42,875 25,922 57,239
Outward reinsurance
premiums (4,052) (3,771) (7,949)
Change in provision
for unearned
premiums - reinsurers'
share 5 (328) 1,231 2,101
-------------------------------- ------ ----------- ----------- ------------
Net earned premiums 38,495 23,382 51,391
Net investment return 118 23 99
Total revenue from operations 38,613 23,405 51,490
Gross claims paid 5 (11,388) (16,672) (27,845)
Movement in gross technical
provisions (10,855) (655) (17,795)
-------------------------------- ------ ----------- ----------- ------------
Gross claims incurred (22,243) (17,327) (45,640)
Reinsurers' share of
gross claims paid 308 6,660 7,058
Movement in reinsurers'
share of technical provisions - - 3,200
-------------------------------- ------ ----------- ----------- ------------
Reinsurers share of
claims incurred 308 6,660 10,258
Net claims incurred (21,935) (10,667) (35,382)
Expenses incurred in
insurance activities (10,504) (7,341) (15,612)
Other operating expenses
- overheads (8,567) (2,931) (5,933)
Total operating charges (19,071) (10,272) (21,545)
Profit from operations
and before taxation (2,393) 2,466 (5,437)
Taxation (21) (387) 615
-------------------------------- ------ ----------- ----------- ------------
Profit for the period
attributable
to owners of the parent 6 (2,414) 2,079 (4,822)
-------------------------------- ------ ----------- ----------- ------------
Earnings per share - 4 (1.78)p 1.54p (3.57)p
basic
Earnings per share - 4 (1.78)p 1.45p (3.57)p
diluted
All operations are continuing.
GABLE HOLDINGS INC
Group Statement of Financial Position
At 30 June 2015
30 June 30 June 31 December
2015 2014 2014
Notes GBP000s GBP000s GBP000s
unaudited unaudited audited
Assets
Intangible assets 4,250 4,250 4,250
Property, plant and
equipment 396 474 442
Deferred acquisition
and reinsurance costs 5 14,883 10,647 13,153
Provision for unearned
reinsurance premium 5 2,694 2,151 3,022
Reinsurers' share of
technical provisions 5 3,200 - 3,200
Prepayments and accrued
income 573 120 126
Trade and other receivables 89,684 68,389 66,374
Cash and cash equivalents 8 39,999 32,973 42,358
----------------------------- ------ ---------- ---------- ------------
Total assets 155,679 119,004 132,925
----------------------------- ------ ---------- ---------- ------------
Equity
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Share capital 338 338 338
Share premium account 16,190 16,190 16,190
Share based premium
reserve 1,049 980 950
Other reserves 3,875 3,875 3,875
Retained earnings 3,542 12,717 5,956
----------------------------- ------ ---------- ---------- ------------
Total equity attributable
to owners of the parent 6 24,994 34,100 27,309
Liabilities
Technical provisions 5 107,833 62,247 87,992
Accruals and deferred
income 384 51 654
Current taxation 342 1,112 542
Deferred taxation 41 535 -
Trade and other payables 22,085 20,959 16,428
----------------------------- ------ ---------- ---------- ------------
Total liabilities 130,685 84,904 105,616
Total liabilities and
shareholders' funds 155,679 119,004 132,925
----------------------------- ------ ---------- ---------- ------------
Net asset value per
ordinary share 4 18.47p 25.20p 20.18p
GABLE HOLDINGS INC
Group Statement of Cash Flows
For the six months ended 30 June 2015
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
Notes GBP000s GBP000s GBP000s
unaudited unaudited audited
Cash flows from operating
activities
Cash flows from operations 7 (2,282) 5,938 15,387
Interest received 118 24 99
Tax paid (180) (310) (414)
Net cash flows from
operating activities (2,344) 5,652 15,072
Cash flows from investing
activities
Purchase of tangible
fixed assets (15) (44) (70)
------------------------------- ------ ----------- ----------- ------------
Net cash flows from
investing activities (15) (44) (70)
Cash flows from financing
activities
Shares issued - 335 335
Share issue costs - - -
Net cash flows from
financing activities - 335 335
Net (decrease)/increase
in cash and cash equivalents 8 (2,359) 5,943 15,337
Cash and cash equivalents
at period beginning 42,358 27,021 27,021
Exchange movements on - 9 -
cash and cash equivalents
Cash and cash equivalents
at period end 8 39,999 32,973 42,358
------------------------------- ------ ----------- ----------- ------------
GABLE HOLDINGS INC
Notes to the Interim Consolidated Financial Statements
For the six months ended 30 June 2015
1. Basis of preparation
The Company was incorporated as a Corporation in the Cayman
Islands which does not prescribe the adoption of any particular
accounting framework. These interim financial statements have been
prepared under the historical cost convention and in accordance
with the requirements of International Financial Reporting
Standards ("IFRS") endorsed by the European Union, in so far as
they apply to interim statements.
The Group financial statements consolidate the financial
statements of Gable Holdings Inc and subsidiary undertakings made
up to 30 June 2015.
2. Accounting policies
There have been no changes to the Group's accounting policies as
set out in the Group's financial statements for the year ended 31
December 2014 and, as such, those accounting policies have been
applied to these interim statements.
3. Segmental information
The Group's business is the provision of insurance products and
it has, in the six months to 30 June 2015, derived its business
from the United Kingdom, France, Spain, Norway, Denmark, Germany
and Italy.
4. Earnings and net asset value per share
The calculation of basic and diluted earnings per share is based
on the net loss after tax of GBP2,440,000 (six months ended 30 June
2014: profit of GBP2,079,000, full year ended 31 December 2014:
loss of GBP4,822,000) divided by the weighted average number of
shares in issue during the period of 135,319,833 (six months ended
30 June 2014: 134,718,250, full year ended 31 December 2014:
135,022,347). The weighted average number of shares for the
calculation of fully diluted earnings per share for the six months
ended 30 June 2014 was 135,319,833 based on the basic weighted
average number of shares in issue plus 8,286,619 dilutive
shares.
The net asset value per share is calculated by dividing the
shareholders' funds of GBP24,968,000 (30 June 2014: GBP34,100,000,
31 December 2014: GBP27,309,000) by the number of shares in issue
at the end of the period - 135,319,833 (30 June 2014: 135,319,833,
31 December 2014: 135,319,833).
5. Insurance assets and liabilities
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
GBP000s GBP000s GBP000s
unaudited unaudited audited
Insurance assets
Deferred acquisition
and reinsurance costs 14,883 10,647 13,153
Provision for unearned
reinsurance premium 2,694 2,151 3,022
Reinsurers' share of
technical provisions 3,200 - 3,200
-------------------------------- ----------- ----------- ------------
20,777 12,798 19,375
-------------------------------- ----------- ----------- ------------
Insurance liabilities
Technical provisions 51,733 24,630 40,685
Provisions for unearned
premium 56,100 37,617 47,307
-------------------------------- ----------- ----------- ------------
107,833 62,247 87,992
-------------------------------- ----------- ----------- ------------
Claims reserved
At 1 January 37,485 24,465 24,465
Claims notified and reserved
in the period, net of
RI 19,143 17,639 33,851
Claims paid in the year
net of reinsurance recoveries (11,080) (16,672) (20,787)
Incurred but not reported
movement in the period,
net of reinsurers' share 3,023 (535) 490
Exchange movement (38) (267) (534)
-------------------------------- ----------- ----------- ------------
At 30 June/31 December 48,533 24,630 37,485
-------------------------------- ----------- ----------- ------------
Movement for provision
in unearned premium
At 1 January 47,307 24,554 24,554
Movement in provision
for the period 8,793 13,063 22,753
At 30 June/31 December 56,100 37,617 47,307
-------------------------------- ----------- ----------- ------------
Movement in provision
for unearned reinsurance
premium
At 1 January 3,022 921 921
Movement in provision
for the period (328) 1,230 2,101
-------------------------------- ----------- ----------- ------------
At 30 June/31 December 2,694 2,151 3,022
-------------------------------- ----------- ----------- ------------
6. Reconciliation of movements in shareholders' funds
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
GBP000s GBP000s GBP000s
unaudited unaudited audited
(Loss)/profit for the
period (2,414) 2,079 (4,822)
Shares issued in the
year - 335 335
Share issue costs - - -
Share based payment charge 99 22 132
Net increase in shareholders'
funds (2,315) 2,436 (4,355)
Equity shareholders'
funds brought forward 27,309 31,664 31,664
------------------------------- ----------- ----------- ------------
Equity shareholders'
funds carried forward 24,994 34,100 27,309
------------------------------- ----------- ----------- ------------
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