LEKS KINDLUSTUS

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS OF 31.03.2000



in thousand EEK                        Group              Leks Kindlustus

                                    31.03.00  31.12.99  31.03.00  31.12.99

ASSETS

Cash and bank                          5,172     4,812     5,164     4,804

Receivables

Receivables from direct               11,800    12,208    11,800    12,582

insurance business

incl. Policyholders                    6,421     7,278     6,421     7,278

Intermediaries                         5,004     4,795     5,004     4,795

Other                                    375       135       375       510

Receivables from reinsurance           4,075     3,079     4,075     3,079

business

Other receivables                        247       500       173       287

Total                                 16,122    15,787    16,048    15,948

Accrued income and prepaid expenses

Accrued income                         3,619     2,253     3,618     2,250

Deferred acquisition expenses          6,891     6,225     6,891     6,225

Other prepaid expenses                 4,061     5,611     3,988     4,303

Total                                 14,571    14,090    14,496    12,778

Investments

Land and buildings                    29,496    29,629    17,156    17,289

Subsidiaries                                               1,063     1,350

incl. Shares and units                                       440       680

Bonds and loans                                              623       670

Associated companies

incl. Shares and units

Other financial investments          102,239    92,871   114,769   105,401

incl. Shares and other                12,800     9,317    12,800     9,317

variable-yield securities

Debt securities and other

fixed income securities               56,603    51,828    56,603    51,828

Loans guaranteed by mortgages             87        88    12,617    12,618

Other loans                              323       361       323       361

Deposits with credit institutions     32,426    31,276    32,426    31,276

Other

Deposits with reinsurers

Total                                131,735   122,499   132,988   124,039

Investments for the benefit of

life-assurance policyholders

who bear the investment risk

Intangible assets                      1,226     1,321     1,223     1,317

Goodwill                               1,223     1,317     1,223     1,317

Other intangible assets                    4         4

Tangible assets                        9,887    10,572     8,594     9,196

TOTAL ASSETS                         178,712   169,081   178,513   168,082



LIABILITIES AND OWNERS' EQUITY

LIABILITIES

Creditors of direct                    4,146     8,302     4,146     8,302

insurance business

incl. Policyholders                    2,204     7,136     2,204     7,136

Intermediaries                         1,140       507     1,140       507

Other                                    802       659       802       659

Creditors of reinsurance business      5,786     6,545     5,786     6,545

Other liabilities                      1,603     1,737     2,449     2,521

Total                                 11,535    16,584    12,381    17,367

Accrued expenses and

prepaid revenues

Accrued expenses                       7,891    11,414     6,846     6,668

Deferred reinsurance commissions       4,119     4,061     4,119     4,061

Total                                 12,011    15,474    10,966    10,729

Technical provisions

Provision for unearned premiums       53,561    44,889    53,561    44,889

incl. Gross amount                    66,431    57,775    66,431    57,775

Reinsurance amount                   -12,870   -12,886   -12,870   -12,886

Life assurance provision

incl. Gross amount

Reinsurance amount

Claims outstanding                    55,297    49,784    55,297    52,746

incl. Gross amount                    73,796    72,886    73,796    75,848

Reinsurance amount                   -18,499   -23,102   -18,499   -23,102

Provision for bonuses

incl. Gross amount

Reinsurance amount

Other technical provisions             2,798     2,095     2,798     2,095

incl. Gross amount                     7,871     5,299     7,871     5,299

Reinsurance amount                    -5,073    -3,204    -5,073    -3,204

Total                                111,655    96,768   111,655    99,730

OWNERS' EQUITY

Share capital                         39,734    39,734    39,734    39,734

Capital surplus                       16,970    16,970    16,970    16,970

General reserves                       2,950     2,922     2,922     2,922

Unrealized exchange differences

Retained earnings                    -19,399   -19,461   -19,371   -19,910

Profit/loss for Q1                     3,256        90     3,256       539

Treasury shares

TOTAL OWNERS' EQUITY                  43,511    40,255    43,511    40,255

TOTAL LIABILITIES AND                178,712   169,081   178,513   168,082

OWNERS' EQUITY





Pille Eikner

PR manager

+372 62 67 200