ASA KINDLUSTUS

INSURANCE TECHNICAL AND NON-TECHNICAL REPORTS

01.01-30.06.99

 

 

in EEK

 

TECHNICAL ACCOUNT                                                             H1 99            H1 98

 

Earned premiums, net of reinsurance

1.1. Gross premiums written                                              61,049,330       64,030,926

1.2. Outward reinsurance premiums                                         8,024,817        5,467,587

1.3. Change in the gross provision for unearned premiums                   -979,277       -1,108,733

1.4. Reinsurer’s share in change in the gross provision for unearned        -16,673         -615,848

1 Total                                                                  52,028,563       56,838,758

2.Other technical income, net of reinsurance

Claims incurred, net of reinsurance

3.1. Total claims                                                        34,117,706       28,630,616

incl. 3.1.1. Claims paid                                                 35,373,387       27,597,429

3.1.2. Claims handling expenses                                           3,947,155        2,929,368

3.1.3. Amounts received from subrogation and sales of salvaged asset     -5,202,836       -1,896,181

3.2. Reinsurer’s share in total claims                                    5,724,647        2,036,002

3.3. Change in the provision for claims                                 -15,901,065      -13,649,924

3.4. Reinsurer’s share in change in the provision for claims             15,399,813        5,178,382

3. Total                                                                 28,894,311       35,066,156

Change in other technical provisions, net of reinsurance

4.1. Gross amount

4.2. Reinsurer's share

4. Total

5. Bonuses, net of reinsurance

Net operating expenses

6.1. Acquisition costs                                                   15,503,557       17,302,373

6.2. Change in deferred acquisitions costs                                  546,146       -1,076,832

6.3. Adminstrative expenses                                               8,935,600        9,012,335

6.4. Reinsurance communication and profit participation                   1,964,245        1,216,474

6.5. Change in deferred reinsurance communications                         -237,638           12,848

6. Total                                                                 22,166,404       26,162,218

7. Other technical changes, net of reinsurance                            3,011,096        2,968,323

8. Change in balancing provisions

9. RESULT OF TECHNICAL ACCOUNT                                           -2,043,248       -7,357,939

 

 

NON-TECHNICAL ACCOUNT

 

1. Technical result                                                      -2,043,248       -7,357,939

Investment income

2.1. Income from subsidiaries and affiliates

2.2. Income from land and buildings

2.3. Income from other investments                                        1,748,046        2,187,712

2.4. Value adjustments                                                    3,769,878

2.5. Gains on the realization of investments

2. Total                                                                  5,517,924        2,187,712

Investment expenses

3.1. Investment expenses                                                     52,915           78,798

3.2. Expenses related to subsdiaries and associated companies

3.3. Value adjustments                                                    3,520,000

3.4. Losses on the realization of investments                               684,052          917,108

3. Total                                                                  4,256,967          995,906

4. Other revenue                                                            458,127        2,217,279

5. Other expenses                                                           993,862        2,477,980

6. Extraordinary income

7. Extraordinary expenses

8. Income tax                                                               501,835          767,365

9. Net profit/loss for the financial year                                -1,819,861       -7,194,199

 

 

Alexander Zaporozhtsev

ASA Kindlustus AS

Head of Financial Department

Tel. + 372 2 42 52 98