Atnaujinta: 2024.11.22 13:50 (GMT+2)

Leks Kindlustus: Commentary to the financial results 09/98

1998.12.02, Leks Kindlustus, TLN
LEKS KINDLUSTUS
ANNOUNCEMENT
02.12.98

COMMENTARY TO THE FINANCIAL RESULTS 09/98

The insurance companies of Leks Group have collected gross
insurance premiums in the amount of 142.8 million EEK during the
first 3 quarters of the current year, which is 36% more than
during the same period last year. The results of Ukio Draudimas,
the insurance company located in Lithuania (Leks Kindlustuse owns
36,5% of shares), are reflected based on the equity method. The
financial results of ETAS Kindlustuse AS are reflected on the
income statement of Leks Kindlustus as from 01.05.98. The
financial statements of the Leks Elukindlustuse AS (100 %),
Kahjukäsitluse AS (100 %) and Leks Investeeringute OÜ (100 %) are
consolidated on the balance sheet of Leks Group.

PREMIUMS COLLECTED BY THE COMPANIES OF LEKS GROUP (III quarters)

1998.a. change compared with
1997.a. (%)
(in million EEK)
LEKS KINDLUSTUSE AS 141,7 29
LEKS ELUKINDLUSTUSE AS 9,5 71
SAULES LAIKS 24,5 6
UKIO DRAUDIMAS 57,6 83

The net premium volume of Leks Group in III quarter of 1998 was
87,5 million EEK, increasing by 35,2 million EEK or almost 70% in
one quarter. The balance sheet volume of a group at the end of
the accounting period was 194,6 million EEK, which 70 million EEK
(56%)higher than in the beginning of a year.

The 9 months non-life insurance technical result of Leks Group
was -26 million EEK, and the life insurance technical result was
1,93 million EEK. The administrative expenses of the subsidiaries
and associates of Leks Group amount 630 thousand EEK. The results
of the subsidiaries and associates of Leks Kindlustus are
reflected as follows:

RESULT CONSOLIDATED VALUE

(in million EEK)
SAULES LAIKS - 2,050 - 0,996
LEKS ELUKINDLUSTUS - 0,148
KAHJUKÄSITLUSE AS 1,403
LEKS INVESTEERINGUTE OÜ 0,138
UKIO DRAUDIMAS - 1,969

The 9 months non-technical result of Leks Group is -33,9 million
EEK. Analyzing the dynamics of the technical and non-technical
results of Leks Group during the current year, we can see a clear
tendency toward improvement.
In the current year, Leks Kindlustus has stressed on decreasing
the administrative expenses and adjusting the asset insurance
rates, which have already had a positive effect on the results of
the III quarter. When the affiliated group’s loss increased by
16.5 million EEK in the II quarter, then in the III quarter, the
growth of the loss has stopped, and the loss was below 7 million
EEK. Based on the above-mentioned changes, we have a reason to
believe that in the last quarter of the current year, the
quarterly loss will decrease further by at least 50%, to the
level of 4 million EEK. Therefore, the forecasted 1998. loss of
Leks Kindlustus will be approximately -38 million EEK.
The share capital of Leks Kindlustus is 76,1 million EEK and
owners’ equity 59,7 million EEK.


Additional information:
Aarne Orav
Financial Director
+372 6 267 204

Rivo Saarna
PR Manager
+372 6 267 281, +372 50 65 768

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