Raising standards to protect homeowners
Our financial strength
During our 70 years we have supported homeowners through periods of growth, stability and recession. Throughout economic highs and lows, homeowners can continually rely on the protection offered by our warranty.
Our financial results in the year ending March 2008 were again strong, with a surplus before tax of £91.8m (2006/07 £57.1m) and an after tax retained surplus of £64.4m (2006/07 £40.7m). At 31 March 2008, the accumulated balance of surplus and reserves was £245.4m, providing a high level of protection for the 1.7 million homes covered by our warranty insurance.
Financial summary
| For the year ended 31 March 2008 | 2008 |
2007 |
| Net premiums written | 68,203 | 68,675 |
| Surplus in technical account for general business | 82,139 | 56,942 |
| Surplus on ordinary activities before tax | 91,773 | 57,073 |
| Retained surplus for the year | 64,445 | 40,681 |
| Revaluation reserve | 5,714 | 5,630 |
| Accumulated balance on revenue account | 239,687 | 178,139 |
5 year financial summary
Total income £ (millions)
(excluding capital gains and losses on investments)
Surplus after tax £ (millions)
Claims payments £ (millions)
Insurance reserves £ (millions)
(Gross/Net)
Figures for 2004/05 onwards are prepared on a consistent basis and show the effect of the adoption of Financial Reporting Standard 17 "Retirement Benefits" leading to the recognition on the balance sheet of the defined pension fund deficit. Figures for 2003/04 and earlier years have not been restated as the directors have decided that the benefits which would be derived from fully restating these figures would not justify the cost of such an exercise.