Catlin 2010
Catlin Group Ltd consolidated results year ended 31 December ● US$m Category 2006 2007 2008 2009 2010 Gross written premium 1,605.0 3,360.6 3,437.0 3,715.0 4,069.0 Net written premium 1,410.1 2,573.5 2,611.4 3,168.0 3,318.0 Increased NWP % 18.6 82.5 1.5 21.3 4.7 Retention % 87.9 76.6 76.0 85.3 81.5 Net earned premium 1,325.9 2,489.5 2,596.0 2,918.0 3,219.0 Claims incurred 681.6 1,154.7 1,631.8 1,681.0 1,852.0 Claims incurred % NEP 51.4 46.4 62.9 57.6 57.5 Operating expenses* 472.2 937.6 830.0 919.0 1,040.0 Operating expenses % NWP 33.5 36.4 31.8 29.0 31.3 Underwriting result* 145.5 397.3 134.2 318.0 327.0 Underwriting result % NWP 10.3 15.4 5.1 10.0 9.9 Combined ratio % 82.6 80.6 94.9 89.1 89.8 Life GWP - - - - - Life NWP - - - - - Life result - - - - - Net investment income 106.0 260.3 233.0 182.0 140.0 Net realised gains/(losses) (17.0) (79.0) (324.0) 232.0 65.0 Pre-tax result 275.4 543.4 (12.6) 603.0 406.0 Pre-tax % NWP 19.5 21.1 (0.5) 19.0 12.2 Net result 258.8 483.6 (2.9) 553.0 381.0 Shareholders' funds 2,018.3 3,017.0 2,469.2 3,278.0 3,448.0 Solvency margin % 143.1 117.2 94.6 103.5 103.9 Unearned premium reserve 1,185.7 1,282.7 1,234.1 1,511.0 1,610.0 Outstanding claims reserve 3,008.2 3,377.3 3,536.2 4,220.0 4,510.0 Total technical provisions 4,193.9 4,660.0 4,770.3 5,731.0 6,120.0 Technical reserves as % NWP 297.4 181.1 182.7 180.9 184.4 Overall coverage as % NWP 440.5 298.3 277.2 284.4 288.4 * Note: The operating expenses and underwriting result includes administrative expenses