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Shareholder Review

Annual Report

Notice of Meeting

 

TOWER Australia Group Limited INCOME STATEMENTS For the year ended 30 September 2008 Group Company 2008 2007 2008 2007 Note $000 $000 $000 $000 Revenue from continuing operations Premium revenue from insurance contracts 712,807 641,238 – – Less: Outwards reinsurance expense (226,687) (221,356) – – Net premium revenue 3 486,120 419,882 – – Investment income 4 (303,280) 367,289 18,231 73,196 Fee and other revenue 5 70,580 73,019 – – Net operating revenue 253,420 860,190 18,231 73,196 Claims expense 306,398 298,150 – – Less: Reinsurance recoveries revenue (169,890) (181,999) – – Net claims expense 6 136,508 116,151 – – Change in life insurance contract liabilities 31 (35,053) 12,650 – – Change in life investment contract liabilities 31 (282,663) 308,431 – – Management and sales expenses 7 369,426 339,066 2,476 2,062 Net claims and operating expenses 188,218 776,298 2,476 2,062 Amortisation/impairment expense (5,925) (3,791) – (70,588) Goodwill derecognised 16 – (3,172) – – Financing costs 7 (8,190) (7,853) – – Share of net profits of associates 13 105 95 – – Profit before taxation 51,192 69,171 15,755 546 Income tax (benefit)/expense 8 (17,500) 28,506 589 (1,940) Profit from continuing operations 68,692 40,665 15,166 2,486 Profit for the year attributable to shareholders of TOWER Australia Group Limited 68,692 40,665 15,166 2,486 Earnings per share for profit attributable to the ordinary equity holders of the Company Cents Cents Basic earnings per share 26 20.4 13.0 Diluted earnings per share 26 20.1 13.0 The above income statements should be read in conjunction with the accompanying notes.

 

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