ASA KINDLUSTUS AS

BALANCE SHEET

31.12.98.a

 

audited

in EEK                                                                     31.12.1998       31.12.1997

 

ASSETS

Cash and bank                                                               1,619,543        5,713,176

 

Receivables

   Receivables from direct insurance business                               8,862,303        7,227,660

   incl.Policyholders                                                       2,302,524        1,752,174

        intermediaries                                                      5,888,431        4,959,189

        Others                                                                671,348          516,297

Receivables from reinsurance business                                       4,082,620        4,662,541

Other receivables                                                           7,760,225          284,152

Total receivables                                                          20,705,148       12,174,353

 

Accrued income and prepaid expenses

Accrued income                                                              2,216,944        3,118,371

Deferred acquisition expenses                                               6,115,967        6,682,275

Other prepaid expenses                                                      6,396,653        4,252,939

Total                                                                      14,729,564       14,053,585

 

Investments

Land and buildings                                                                  0        5,000,025

 

Associated companies                                                                         2,432,746

     Shares and units                                                               0        2,432,746

 

Other financial investments                                                61,695,903       73,252,614

incl.Shares and other securities                                            9,987,128       13,658,768

     Bonds and other fixed income securities                               10,050,000        5,950,000

     Mortgage loans                                                        21,856,997        1,868,477

     Other loans                                                            6,782,002        1,787,753

     Deposits with credit institutions                                     12,856,236       49,824,076

     Other                                                                    163,540          163,540

Total                                                                      61,695,903       80,685,385

 

Tangible assets                                                            10,323,697       12,099,116

 

TOTAL ASSETS                                                              109,073,855      124,725,615

 

 

Liabilities and owners' equity

Liabilities                                                                31.12.1998       31.12.1997

 

Creditors of direct insurance business                                     10,067,705        6,315,198

   incl.Policyholders                                                       4,570,185        3,583,117

        intermediaries                                                      1,733,835          500,916

        Other                                                               3,763,685        2,231,165

Creditors of reinsurance business                                           6,381,392        5,209,947

Loans to credit institutions                                                1,500,000

Other liabilities                                                           1,450,769        3,750,438

Total liabilities                                                          19,399,866       15,275,583

 

Accrued expenses and prepaid revenue

Accrued expenses                                                            7,750,019        4,251,094

Deferred reinsurance commissions                                              629,593          725,056

Total                                                                       8,379,612        4,976,150

 

Technical provisions

Provision for unearned premiums                                            23,504,214       25,446,233

   incl.Gross amount                                                       26,373,925       28,822,752

        Reinsurance amount                                                  2,869,711        3,376,519

 

Claims outstanding                                                         25,218,897       14,856,344

   incl.Gross amount                                                       30,771,566       20,794,945

        Reinsurance amount                                                  5,552,669        5,938,601

Total                                                                      48,723,111       40,302,577

 

Owners' equity 

Share capital                                                              35,339,500       32,394,500

Capital surplus                                                            24,744,763       24,744,763

General reserve                                                               709,155           55,174

Other reserves                                                                420,499          420,499

Retained earnings                                                           2,309,498           16,561

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

Total                                                                      32,571,266       64,171,305

 

Total liabilities and owners' equity                                      109,073,855      124,725,615