Admiral Regulatory News (ADM)

21 Mar 2005 16:42

Admiral Group PLC21 March 2005 Further re Admiral 2004 Results Statement Further to the release this morning of RNS 9512J containing the results ofAdmiral Group plc for the year ended 31 December 2004, Admiral announces thatnote 22 to the announcement contained an error. The figures for the 2004 claimsreserves carried forward in the 'analysis of movements in claims reserves' tablewere incorrectly stated. The corrected note is as follows: 22 Technical provisions and estimation techniques Gross Reinsurance Net At 31 December 2004 £000 £000 £000 Claims outstanding 142,968 44,848 98,120Unearned premiums 73,139 21,289 51,850 Total 216,107 66,137 149,970 Gross Reinsurance Net At 31 December 2003 £000 £000 £000 Claims outstanding 115,169 39,620 75,549Unearned premiums 59,660 17,046 42,614 Total 174,829 56,666 118,163 Analysis of movements in claims reserves Gross Reinsurance Net 2004 £000 £000 £000 Claims reserve brought forward 115,169 39,620 75,549Provision movement - current year 42,040 10,280 31,760Releases of prior year reserves (14,241) (5,052) (9,189) Claims reserve carried forward 142,968 44,848 98,120 Gross Reinsurance Net 2003 £000 £000 £000 Claims reserve brought forward 124,478 53,407 71,071Provision movement - current year 19,894 (673) 20,567Releases of prior year reserves (29,203) (13,114) (16,089) Claims reserve carried forward 115,169 39,620 75,549 This information is provided by RNS The company news service from the London Stock Exchange