AS HANSAPANK

ANNOUNCEMENT

12.11.98

 

 

EESTI KINDLUSTUS GROUP COLLECTED EEK 269 MILLION OF PREMIUMS IN 

THE FIRST 10 MONTHS OF 1998

 

 

Eesti Kindlustus Group collected EEK 27.5 million of insurance premiums 

in October this year, exceeding previous year's same month's result by 

9.0%. Over the 10 months of this year, insurance premiums total 

EEK 269.4 million, which is 44.0% more than in the same period last year.

Eesti Elukindlustus AS (Estonian Life-Insurance Ltd.) collected 

EEK 7.5 million of premiums in October, which is 30.6% more than a year ago.

Eesti Varakindlustuse Konstern (Estonian Non-life Insurance Group) collected 

EEK 20.0 million in October, exceeding last year's October result by 2.6%.

The distribution of insurance premiums by categories was the following:

 

 

EEK in millions			10/98	10/97	1998  		1997 

						10 months	10 months

 

Life insurance			7,5	5,8	75,9		42,7

Compulsory insurance		8,0	10,3	101,0		91,6

Non-life insurance (private)	5,8	4,4	50,1		38,1

Non-life insurance (corporate)	5,3	3,8	55,0		26,4

Accident insurance		0,9	1,0	14,4		6,9

Total premiums			27,5	25,3	296,4		205,8

 

 

The steap decline in the Compulsory Motor TPL premiums collected in 

October when compared to last year's result is due to the change in the 

Compulsory Motor TPL Law. Namely, starting from August, 1998 all fees 

received in concluding Compulsory Motor TPL policies have to be recorded 

as other insurance income, not insurance premiums. Due to this Compulsory 

Motor TPL insurance premiums decreased by EEK 1.7 million in October.

 

In October indemnities were paid in the total amount of EEK 17.2 million, 

incl. life insurance EEK 2.8 million and non-life insurance EEK 14.4 million. 

From the beginning of the year a total of EEK 131.8 million has been paid 

as indemnities.

 

 

The pay-out ratio by different product categories is the following(%):

 

				1998 		1997 

				10 months	10 months

 

Life insurance			23,8		31,8

Compulsory insurance		70,2		47,2

Non-life insurance (private)	28,9		18,7

Non-life insurance (corporate)	47,5		21,2

Accident insurance		15,9		14,7

Total premiums			44,5		34,3

 

 

 

Additional information:

Rait Pallo

Financial analyst of Eesti Kindlustus

+372 6207 822

 

HANSABANK Ltd.

 

 

Mart Toevere

Economist

Tel. +372 6260 569