ASA KINDLUSTUS

INSURANCE TECHNICAL AND NON-TECHNICAL REPORTS

01.01-31.12.98

 

audited

in EEK

 

TECHNICAL ACCOUNT                                                                        1998            1997

 

Earned premiums, net of reinsurance

1.1. Gross premiums written                                                       125,372,098     138,285,125

1.2. Outward reinsurance premiums                                                  12,816,584      20,109,044

1.3. Change in the gross provision for unearned premiums                            2,448,827      -2,303,849

1.4. Reinsurer’s share in change in the gross provision for unearned premiums        -506,808      -4,209,242

1 Total                                                                           114,497,533     111,662,990

 

Claims incurred, net of reinsurance

2.1. Total claims                                                                  72,544,580      65,224,552

incl. 2.1.1. Claims paid                                                           74,567,103      61,731,204

      2.1.2. Claims handling expenses                                               6,959,632       5,919,565

      2.1.3. Amounts received from subrogation and sales of salvaged assets        -8,982,155      -2,426,217

2.2. Reinsurer’s share in total claims                                              7,354,472       9,531,703

2.3. Change in the provision for claims                                            -9,976,621      -4,336,804

2.4. Reinsurer’s share in change in the provision for claims                         -385,932        -227,936

2. Total                                                                           75,552,661      60,257,589

 

Net operating expenses

3.1. Acquisition costs                                                             35,578,826      30,389,853

3.2. Change in deferred acquisitions costs                                           -566,308       3,344,625

3.3. Adminstrative expenses                                                        23,507,148      27,342,109

3.4. Reinsurance communication and profit participation                             2,811,862       4,233,938

3.5. Change in deferred reinsurance communications                                     95,463       1,139,259

3. Total                                                                           56,744,957      49,014,140

 

4. Other technical changes, net of reinsurance                                      5,585,772       6,727,030

 

5. RESULT OF TECHNICAL ACCOUNT                                                    -23,385,857      -4,335,769

 

 

 

     NON-TECHNICAL ACCOUNT 

 

      in EEK                                                                             1998            1997

 

       appendixes

1. Technical result                                                               -23,385,857      -4,335,769

Investment income

2.1. Income from land and buildings                                                         0          85,828

2.2. Income from other investments                                                  1,639,252       5,328,074

2.3. Value adjustments                                                              2,646,123               0

2.4. Gains on the realization of investments                                        2,759,030       7,324,200

2. Total                                                                            7,044,405      12,738,102

Investment expenses

3.1. Investment expenses                                                              235,638         290,853

3.2. Expenses related to subsdiaries and associated companies                       2,432,746               0

3.3. Value adjustments                                                              6,058,110               0

3.4. Losses on the realization of investments                                       1,767,016         465,430

3. Total                                                                           10,493,510         756,283

4. Other revenue                                                                    1,731,546       5,100,438

5. Other expenses                                                                   4,325,961       4,861,017

6. Income tax                                                                       1,522,772       1,345,663

7. Net profit/loss for the financial year                                         -30,952,149       6,539,808

8. Earnings per share (in kroons)                                                       -8.76            2.27