ASA KINDLUSTUS

ANNOUNCEMENT

30.11.98

 

COMMENTARY TO THE ASA KINDLUSTUS AS FINANCIAL RESULTS OF 09/98

 

Gross premiums collected during the first 9 months of 1998 

amounted 94.79 million EEK, including the net premiums of 86.9 

million EEK. Based on the results of 9 months of 1998, the share 

of net premiums was 92% (1997 -77%) of the gross amount of the 

premiums collected, which is due to the changes made in contracts 

with reinsurers. When the volume of gross premiums decreased by 

7.7%, then the net premiums increased by 9.7% from the last year. 

Total claims were 48.7 million EEK, which is 13% more than during 

the same period last year.

 

Compared with the last year, the expenses increased mainly due to 

the restructuring of the organization taking place in the 

company. However, in September ASA Kindlustus enacted a strict 

policy of cutting the expenses, which will be reflected in the 

results of the IV quarter.

 

The technical result of 9 months was –8.4 million EEK. Gross 

profit from the investments totaled 344 thousand EEK. The loss 

was –12 million EEK. There were changes made in the structure of 

the income statement. When in the previous statements the foreign 

currency revenues and expenses were reflected in the sections of 

“other income” and “other expenses”, then in this year’s 9 months 

statements they are shown under the categories of “investment 

income” and “investment expenses”, respectively.

 

As at September 30, 1998, the balance sheet volume was 123.5 

million EEK. Compared with the 1997 9 months results, the balance 

sheet volume increased by 21.5 million EEK, which is mainly due 

to the share issuance of last October, as a result of which the 

share capital as well as the technical reserves increased. 

Positive changes took place in the structure of assets – when in 

September last year the investment volume was 48% of the assets, 

then now the respective figure is 63% (investment volume - 75,9 

million EEK).

 

 

Nadja Tarmak

AB Kindlustuse Grupp

Manager of the Financial Division

Tel. +372 6 440 542