Year of account
	NOTES	2004 £M	2003 £M	2002 £M	2001 £M	2000 £M	1999 £M	1998 £M
Syndicate allocated capacity		164	164	130	67	50	50	50
Aggregate net premiums		141	157	79	47	37	30	25
Number of underwriting members		2,931	3,575	2,568	1,141	1,077	1,094	1,137
Results for an illustrative share of £10,000		£	£	£	£	£	£	£
Gross premiums		9,332	10,220	6,761	8,815	9,250	7,479	5,812
Gross premiums %	1	93.3%	102.2%	67.6%	88.2%	92.5%	74.8%	58.1%
Net premiums		8,578	9,541	6,122	7,014	7,423	6,091	5,003
Net premiums %	2	85.8%	95.4%	61.2%	70.1%	74.2%	60.9%	50.0%
Premium for the reinsurance to close an earlier year of account		5,461	3,802	3,803	6,523	7,691	7,796	6,716
Net claims	3	3,207	2,715	3,177	5,158	5,953	5,887	4,452
Premium for the reinsurance to close the year of account		5,504	5,461	4,818	7,796	9,398	8,370	7,650
Underwriting profit/(loss)		5,328	5,167	1,930	583	(237)	(370)	(383)
Profit/(loss) on exchange		779	(90)	(9)	32	(27)	(9)	31
Syndicate operating expenses		2,615	2,944	477	627	660	538	395
Balance on technical account		1,934	2,313	1,444	(12)	(924)	(917)	(747)
Balance on technical account %	4	20.7%	22.6%	21.4%	(0.13%)	(10.0%)	(12.3%)	(12.8%)
Investment return		458	249	168	340	674	752	660
Profit for closed year of account		2,392	2,562	1,612	328	(250)	(165)	(87)
Illustrative managing agent's profit commission		417	451	284	-	-	-	-
Illustrative personal expenses		307	307	195	170	195	205	220
Profit after illustrative profit commission and illustrative personal expenses	5	1,668	1,804	1,133	158	(445)	(370)	(307)

1. Gross premiums as a percentage of illustrative share.
2. Net premiums as a percentage of illustrative share.
3. Net claims include internal claims settlement expenses.
4. Balance on technical account as a percentage of gross premiums.
5. Illustrative personal expenses, including illustrative profit commission, are based on a calculation of amounts incurred by a Member writing an illustrative share. For this purpose minimum fee charges are ignored.