STATEMENT OF
COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2015
NOTE
CONSOLIDATED
2015
2014
$m
$m
Premium revenue
4
11,525
9,721
Outwards reinsurance premium expense
5
(1,196)
(1,077)
Net premium revenue (i)
10,329
8,644
Claims expense
5
(9,363)
(7,058)
Reinsurance and other recoveries revenue
4
2,422
1,857
Net claims expense (ii)
10
(6,941)
(5,201)
Acquisition costs
5
(1,750)
(1,386)
Reinsurance commission revenue
4
52
51
Net acquisition costs
(1,698)
(1,335)
Other underwriting expenses
5
(924)
(752)
Fire services levies
5
(225)
(216)
Underwriting expenses (iii)
(2,847)
(2,303)
Underwriting profit/(loss) (i) + (ii) + (iii)
541
1,140
Investment income on assets backing insurance liabilities
4
585
459
Investment expenses on assets backing insurance liabilities
5
(23)
(20)
Insurance profit/(loss)
1,103
1,579
Investment income on shareholders' funds
4
231
400
Fee and other income
4
187
199
Share of net profit/(loss) of associates
4
6
(8)
Finance costs
5
(107)
(98)
Fee based, corporate and other expenses
5
(465)
(256)
Net income/(loss) attributable to non-controlling interests in unitholders' funds
5
(6)
(14)
Profit/(loss) before income tax
949
1,802
Income tax (expense)/credit
6
(119)
(472)
Profit/(loss) for the year
830
1,330
OTHER COMPREHENSIVE INCOME AND (EXPENSE), NET OF TAX
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit plans
22
26
Income tax on items that will not be reclassified to profit or loss
(7)
(8)
15
18
Items that may be reclassified subsequently to profit or loss:
Net movement in foreign currency translation reserve
(80)
(31)
Income tax on items that may be reclassified to profit or loss
2
13
(78)
(18)
Other comprehensive income and (expense), net of tax
(63)
-
Total comprehensive income and (expense) for the year, net of tax
767
1,330
PROFIT/(LOSS) FOR THE YEAR ATTRIBUTABLE TO
Shareholders of the Parent
728
1,233
Non-controlling interests
102
97
Profit/(loss) for the year
830
1,330
TOTAL COMPREHENSIVE INCOME AND (EXPENSE) FOR THE YEAR ATTRIBUTABLE TO
Shareholders of the Parent
665
1,233
Non-controlling interests
102
97
Total comprehensive income and (expense) for the year, net of tax
767
1,330
NOTE
2015
2014
cents
cents
EARNINGS PER SHARE
Basic earnings per ordinary share
8
31.22
56.09
Diluted earnings per ordinary share
8
30.45
53.62
The above statement of comprehensive income should be read in conjunction with the notes to the financial statements.
38 IAG ANNUAL REPORT 2015
