Amlin PLC Preliminary Results -47-
March 02 2015 - 2:01AM
UK Regulatory
Government 167.6 - 167.6 31.3 97.8 - 97.8 20.9
Corporate 111.8 - 111.8 20.9 136.7 - 136.7 29.1
Property
United Kingdom 32.1 - 32.1 6.0 28.1 - 28.1 6.0
------------------------------------------------------ ------ -------- ----- ----- ------ -------- ----- -----
Total directly managed scheme assets - United Kingdom 444.3 13.7 458.0 85.6 388.2 15.8 404.0 86.3
------------------------------------------------------ ------ -------- ----- ----- ------ -------- ----- -----
The Netherlands 64.2 12.0 51.7 11.1
Belgium 3.6 0.7 3.4 0.7
Switzerland 9.3 1.7 9.0 1.9
------------------------------------------------------ ------ -------- ----- ----- ------ -------- ----- -----
Insured scheme assets 77.1 14.4 64.1 13.7
------------------------------------------------------ ------ -------- ----- ----- ------ -------- ----- -----
Total scheme assets 535.1 100.0 468.1 100.0
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The analysis of the scheme assets by asset class are not
provided for the Amlin Re Europe and Amlin Europe defined benefit
schemes as the investment decisions are at the discretion of the
third parties to whom Amlin Re Europe and Amlin Europe have ceded
investment risk under the insurance policies taken out to meet
their obligations. These scheme assets are shown as insured scheme
assets in the table above.
Asset-liability matching strategies
In accordance with the governance arrangements set out above,
investment strategies are in place to maintain long-term
investments which are aligned to the obligations under the defined
benefit pension schemes. The Group actively monitors how the
duration and expected yield of the investments match the expected
cash outflows arising from the pension obligations.
In addition, for the scheme in the UK, a proportion of the
Fund's assets are invested in a liability driven investment
portfolio. The objective of this portfolio is to match these assets
to a proportion of the Fund's liabilities.
The Group has not changed the processes used to manage its risks
from prior period.
Maturity profile of the defined benefit obligations
The weighted average duration of the defined benefit obligation
(years) is as follows:
2014 2013
UK 17 17
The Netherlands 26 22
Belgium 13 12
Switzerland 18 19
------------------ ---- ----
The expected maturity analysis of the undiscounted pension
benefits is as follows:
UK The Netherlands Belgium Switzerland
GBPm GBPm GBPm GBPm
Less than a year 16.1 1.3 0.3 0.5
Between 1-2 years 16.5 1.4 0.3 0.6
Between 2-5 years 51.5 4.8 1.5 1.7
Over 5 years 905.9 213.9 14.3 34.0
----------------------------- ----- --------------- ------- -----------
Total as at 31 December 2014 990.0 221.4 16.4 36.8
----------------------------- ----- --------------- ------- -----------
UK The Netherlands Belgium Switzerland
GBPm GBPm GBPm GBPm
Less than a year 16.0 1.4 0.2 0.5
Between 1-2 years 16.4 1.5 0.3 0.5
Between 2-5 years 51.6 4.9 1.3 1.8
Over 5 years 1,016.0 313.2 15.7 35.8
----------------------------- ------- --------------- ------- -----------
Total as at 31 December 2013 1,100.0 321.0 17.5 38.6
----------------------------- ------- --------------- ------- -----------
Expected contributions
The effect of the defined benefit plans on the Group's future
cash flows as a result of the expected contributions for the year
ending 31 December 2015 is as follows:
UK The Netherlands Belgium Switzerland
GBPm GBPm GBPm GBPm
Contributions from the Group 2.5 1.2 0.4 0.7
Contributions from plan participants 0.1 0.6 - 0.3
------------------------------------- ----- --------------- ------- -----------
Total contributions to the schemes 2.6 1.8 0.4 1.0
------------------------------------- ----- --------------- ------- -----------
b) The stakeholder defined contribution schemes
The defined contribution schemes operated by the Group are
stakeholder arrangements. The total contributions to the schemes
for the year ended 31 December 2014 are GBP8.3 million (2013:
GBP7.8 million).
c) Other arrangements
In addition to the defined benefit schemes and defined
contribution schemes, the Group has an occupational money purchase
scheme which provides death in service protection for all
employees. Regular contributions, expressed as a percentage of
employees' earnings, are paid into this scheme and are allocated to
accounts in the names of the individual members, which are
independent of the Group's finances. There were no outstanding
contributions at 31 December 2014 (2013: GBPnil).
17. Capital & reserves
a) Share capital
2014 2014 2013 2013
Number GBPm Number GBPm
Allotted, called up and fully paid ordinary shares
At 1 January issued ordinary shares of 28.125p each 504,799,359 142.0 502,076,006 141.2
Ordinary shares of 28.125 pence each issued in the year 66,541 - 2,723,353 0.8
-------------------------------------------------------- ----------- ----- ----------- -----
At 31 December issued ordinary shares of 28.125p each 504,865,900 142.0 504,799,359 142.0
-------------------------------------------------------- ----------- ----- ----------- -----
The Company transferred 756,372 shares out of treasury during
the year at a cost of GBP1.9 million (2013: 716,586 shares at a
cost of GBP1.8 million). The shares have been transferred to meet
exercises of employee share options, leaving 3,495,713 shares in
treasury at 31 December 2014 (2013: 4,252,085 shares). This number
does not include shares held by the trustee of the Group's Employee
Share Ownership Trust as disclosed in note 7(d).
The Group issued 66,541 ordinary shares on 7 November 2014 in
conjunction with the acquisition of Leadenhall Capital Partners
LLP, as per note 3(a). The shares issued have the same rights as
all other shares in issue. The fair value of the shares issued is
GBP0.3 million (434.115 pence per share).
b) Other reserves
All items of other comprehensive income in 2014 and 2013 are
charged to 'Other reserves'. Other reserves are as follows:
2014 2013
Note GBPm GBPm
Capital redemption reserve 123.1 123.1
Defined benefit pension reserve (49.9) (40.1)
Foreign operations translation reserve (8.1) (9.6)
Employee share option reserve 11.3 9.3
Hedge accounting reserve (41.1) (43.0)
Merger reserve 87.7 87.7
Pre-1999 goodwill write-off (45.7) (45.7)
Other 1.0 1.2
Tax relating to components of other reserves 8 30.8 29.5
--------------------------------------------- ---- ------ ------
109.1 112.4
--------------------------------------------- ---- ------ ------
c) Net assets per share
Net assets and tangible net assets per share are as follows:
Note 2014 2013
Net assets GBP1,785.9m GBP1,678.6m
Non-controlling interests (GBP3.1m) (GBP0.5m)
Equity attributable to owners of the Parent
Company GBP1,782.8m GBP1,678.1m
Adjustments for goodwill and intangible assets
(excluding non-controlling interest's share) 15 (GBP263.6m) (GBP239.1m)
----------------------------------------------- ----- ----------- -----------
Tangible net assets (excluding non-controlling
interest's share in 2014) GBP1,519.2m GBP1,439.5m
----------------------------------------------- ----- ----------- -----------
Number of shares in issue at end of the year 504.9m 504.8m
Adjustment for ESOT and treasury shares (5.3m) (6.2m)
------------------------------------------------------ ----------- -----------
Basic number of shares after ESOT and treasury
shares adjustment 499.6m 498.6m
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