ASA KINDLUSTUS

INSURANCE TECHNICAL AND NON-TECHNICAL REPORTS

01.01-31.03.99

 

 

TECHNICAL ACCOUNT 

Unaudited

EEK

                                                                                       Q1 99            Q1 98

Earned premiums, net of reinsurance

1.1. Gross premiums written                                                       32,682,507       31,841,755

1.2. Outward reinsurance premiums                                                 -4,523,131       -3,118,354

1.3. Change in the gross provision for unearned premiums                          -2,383,223       -1,748,106

1.4. Reinsurer’s share in change in the gross provision for unearned premiums        116,183         -210,387

1. Total                                                                          25,892,336       26,764,908

Claims incurred, net of reinsurance

2.1. Total claims                                                                 16,515,810       13,078,705

incl. 2.1.1. Claims paid                                                          15,496,060       12,710,248

      2.1.2. Claims handling expenses                                              1,931,642        1,382,161

      2.1.3. Amounts received from subrogation and sales of salvaged assets         -911,892       -1,013,704

2.2. Reinsurer’s share in total claims                                               726,670        1,005,173

2.3. Change in the provision for claims                                           -3,883,921       -6,566,760

2.4. Reinsurer’s share in change in the provision for claims                       3,846,637        2,874,255

2. Total                                                                          15,826,424       15,766,037

Net operating expenses

3.1. Acquisition costs                                                             7,717,330        7,973,514

3.2. Change in deferred acquisitions costs                                           272,717

3.3. Adminstrative expenses                                                        4,218,852        5,090,214

3.4. Reinsurance communication and profit participation                            1,131,844          606,751

3.5. Change in deferred reinsurance communications                                  -117,581         -299,212

3. Total                                                                          10,649,202       12,157,765

4. Other technical changes, net of reinsurance                                     1,560,869        1,410,230

4. RESULT OF TECHNICAL ACCOUNT                                                    -2,144,159       -2,569,124

 

NON-TECHNICAL ACCOUNT 

Unaudited, thousand EEK

1. Technical result                                                               -2,144,159       -2,569,124

Investment income

2.1. Income from other investments                                                   884,052        2,261,575

2.2. Gains on the realization of investments                                       2,723,133

2. Total                                                                           3,607,185        2,261,575

Investment expenses

3.1. Investment expenses                                                              52,145           33,883

3.2. Losses on the realization of investments and value adjustments                       42

3. Total                                                                              52,187           33,883

4. Other revenue                                                                     155,093          210,329

5. Other expenses                                                                    936,549        1,119,779

6. Income tax                                                                        272,246          325,185

7. Net profit/loss for the financial year                                            357,137       -1,576,067