It's worth us taking a look at the presentation of the income statement. On the left hand side you've got the typical IFRS or US GAAP presentation. And you can see in this case, they're lining up all the income lines from the earned premiums in this case to the investment return and something called installment income and any other operating income. Then below that, they've put the insurance claims and below that they've put the commission expenses and operating expenses. The problem with this is it actually mixes the underwriting and the financial return, which actually makes it much more difficult for us to really understand the economics of what's going on in the business. So typically what we will do when we will build a model of a company is that we'll put the premiums at the top of the income statement, and often we start with the written premiums and then calculate how many of them are actually going to be earned. And then beneath that we've got a line for where we sell insurance to the wholesale market, reinsurance. And then beneath that we'll put the insurance claims expense which is the main one. And then if we have reinsured some of the risk hopefully we will actually pass on some of that to the re-insurers. And you can see in the latest year it's actually a positive number, which is what you'd expect because they're effectively taking on some of the risk. And then we'll get our commission expenses and operating expenses below this and we'll get our expense ratio from the numbers and also our claims ratio from the numbers. And now we'll combine together to give us our combined ratio. So what we can do is we can put a line called the underwriting result, which is essentially the underwriting profit or loss. So that is the profit that we make directly from selling premiums minus how much we think we will have to pay out, minus any expenses, before you think about the investment return. And then beneath this, this is where we put all the investment returns and it gives us a much better understanding of the core economics of the insurance business on the one hand, which is the underwriting profit or loss, versus the financial or the investment business on the other hand.

It's also worth taking a brief look at some alternate presentations that you see on the income statement. In this case, we've got written premiums of $6,470, but actually we had some premiums from last year that were written but hadn't been earned yet. So that's 61 of last year's premiums are now becoming earned in this year, and there's an adjustment for the reinsurance. So they're taking the net written premiums and then the change in the provision for unended premiums. So typically, in a lot of cases in insurance you'll start with one number and then take the change in the balance sheet number, which adjust it from a cash number, in this case the written premiums, to an accrual number, in this case the earned premiums.