Annual Reports and Accounts

These are required by the Companies Act 1985.

  1. Profit and Loss (shows the transactions carried out by a company during the financial year)
  2. Balance Sheet  (shows the statue of the company at the end of the financial year, it also shows the

            assets and liabilities of the company). Premium reserves and IBNR claims are in the liability section


Management Control

Management accounts (MA)enable a company to:

  1. Plan (budget),
  2. Regular Monitoring (including claims outstanding and IBNR is an integral part of this) and 
  3. Control the company’s operations. They (MA) are produced more frequently than annual accounts.