ASA KINDLUSTUS

BALANCE SHEET

31.12.98

 

Unaudited

 

ASSETS                                                              31.12.98        31.12.97

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

Receivables

2.1. Receivables from direct insurance business                    8,783,546       7,227,660

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

    2.1.2. intermediaries                                          5,809,674       4,959,189

    2.1.3. Others                                                    671,348         516,297

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

2.3. Other receivables                                             7,760,225         284,152

2. Total                                                          20,626,391      12,174,353

Accrued income and prepaid expenses

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

3.2. Deferred acquisition expenses                                 7,272,544       6,682,275

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

3. Total                                                          15,886,141      14,053,585

Investments

4.1. Land and buildings                                                            5,000,025

4.2. Subsidiaries                                                                  2,432,746

    4.2.1. Shares and units                                                        2,432,746

4.3. Other financial investments                                  62,545,903      73,252,614

    4.3.1. Shares and units                                        9,987,128      13,658,768

    4.3.2. Debt securities and other fixed income securities      10,050,000       5,950,000

    4.3.3. Loans guaranteed by mortgages                          21,856,997       1,868,477

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

    4.3.5. Deposits with credit institutions                      13,706,236      49,824,076

    4.3.6. Other                                                     163,540         163,540

4. Total                                                          62,545,903      80,685,385

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

TOTAL ASSETS                                                     111,001,675     124,725,615

Liabilities and owners' equity

Liabilities

1.1. Creditors of direct insurance business                        9,340,457       6,315,198

    1.1.1. Policyholders                                           4,727,192       3,583,117

    1.1.2. Intermediaries                                          1,700,758         500,916

    1.1.3. Other                                                   2,912,507       2,231,165

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

1.3. Loans to credit institutions                                  1,500,000

1.4. Other liabilities                                             2,335,025       3,750,438

1. Total                                                          19,556,874      15,275,583

Accrued expenses and prepaid revenues

2.1. Accrued expenses                                              7,740,589       4,251,094

2.2. Deferred reinsurance commissions                                629,593         725,056

2. Total                                                           8,370,182       4,976,150

Technical provisions

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

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

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

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

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

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

3. Total                                                          48,723,111      40,302,577

Owners' equity

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

4.2. Capital surplus                                              24,744,763      24,744,763

4.3. General reserve                                                 709,155          55,174

4.4. Other reserves                                                  420,499         420,499

4.5. Retained earnings                                             2,309,498          16,561

4.6. Profit/loss for the financial year                          -29,171,906       6,539,808

4. Total                                                          34,351,509      64,171,305

Total liabilities and owners' equity                             111,001,675     124,725,615

 

 

N.Tarmak

Manager of financial divison

AB Kindlustuse Grupp

tel. +372 644 0542