Gross cash generation of £44.2m (2014: £42.6m). This represents the cash generated from the day to day operations of our businesses. Strong cash generation from the UK business has continued and Movestic has made its first positive contribution (£5.1m).
Acquisition of the Waard Group has added a further £39.9m of cash.
2.9% increase in total dividend. Recommended final dividend of 12.33p per share results in total dividend for the year of 18.94p per share (2014: 18.40p per share). 2.9% increase represents the eleventh successive rise in annual dividends.
IFRS profit before tax of £42.8m (2014: £28.8m). Strong underlying IFRS profit supplemented by a profit of £16.6m in relation to the acquisition of the Waard Group.
EEV earnings net of tax of £57.5m (2014: £44.2m). Strong EEV earnings supported by £21.3m gain on acquisition of Waard Group and continuation of new business profit from Movestic.
EEV of £455.2m (31 December 2014: £417.2m). Growth of 9% includes earnings of £57.5m, offset by dividend payments of £23.5m.
Movestic EEV new business contribution of £5.7m (2014: £8.9m). Decrease driven by a combination of lower volumes of new policies and margin pressure from competitive market.
Group Solvency I ratio increased to 305% (31 December 2014: 284%). Capital resources of the Group have grown over the year as surplus has emerged from the life insurance companies within each division.
Group Solvency II ratio of 146%. The Group remains well capitalised under Solvency II (see note 1). We have applied the "standard formula" and have not used transitional arrangements or any elements of the long-term guarantee package.
