PD-1.1.16
The following information relating to the financial performance and position of the firm must, where relevant to an understanding of the firm's financial performance, be included in the Annual Report:
(a) A discussion of the main factors that influenced the firm's financial performance for the year, explaining any differences in performance between the current year and previous years and the reasons for such changes, and discussing factors that will have a significant influence on the firm's future financial performance;
(b) Comparisons with the previous period's financial performance (unless this is the firm's first reporting period), including comparisons between business segments;
(c) The performance of the technical account, including, but not necessarily limited to, comparisons with past performance of claims ratios, claims development and how the underwriting portfolio is made up;
(d) Performance of the technical account both net and gross of reinsurance;
(e) Investment performance;
(f) Claims trends and key claims, where relevant to an understanding of the financial performance;
(g) A discussion of the impact of acquisitions of new businesses; and
(h) The impact of any changes in the capital structure on earnings and dividends.
Amended: January 2007