LEKS KINDLUSTUSE AS

INCOME STATEMENT

01.01.99-30.06.99

 

in EEK                                                                    	  Group                     Leks Kindlustus

Consolidated, unaudited                                                	          H1 1999        H1 1998        H1 1999        H1 1998

 

TECHNICAL ACCOUNT - NON-LIFE INSURANCE BUSINESS

 

Earned premium, net of reinsurance

Gross premiums written                                                        102,394,802     86,652,509    102,394,802     71,772,625

Outward reinsurance premiums                                                  -28,517,556    -31,264,459    -28,517,556    -23,520,451

Change in the gross provision for unearned premiums                            -4,180,249     -3,117,494     -4,180,249     -3,419,554

Reinsurer’s share in change in the gross provisions                            -2,374,065       -464,611     -2,374,065     -3,760,946

for unearned premiums

Total                                                                          67,322,932     51,805,945     67,322,932     41,071,674

 

Other technical income, net of reinsurance                                      3,727,722         10,288      3,727,722         10,288

 

Claims incurred, net of reinsurance

Total claims                                                                  -55,927,509    -47,562,943    -55,927,509    -41,151,880

Reinsurer’s share in total claims                                              17,719,725     20,576,847     17,719,725     19,176,146

Change in the provision for claims                                            -10,495,226     -8,057,461    -10,495,226     -8,079,410

Reinsurer’s share in change in the provision for claims                         2,944,062      1,195,169      2,944,062        487,373

Total                                                                         -45,758,948    -33,848,388    -45,758,948    -29,567,771

 

Change in other technical provisions, net of reinsurance

Gross amount                                                                   -1,075,502       -250,404     -1,075,502       -250,404

Reinsurer’s share                                                                 715,372        615,665        715,372        615,665

Total                                                                            -360,130        365,261       -360,130        365,261

 

Net operating expenses

Acquisition costs                                                             -16,609,843    -17,775,971    -16,609,843    -14,586,527

Change in deferred acquisitions costs                                            -927,227       -341,782       -927,227     -1,517,800

Adminstrative expenses                                                        -16,446,650    -24,274,225    -16,446,650    -19,389,198

Reinsurance communication and profit participation                              8,270,309      6,778,849      8,270,309      6,778,849

Change in deferred reinsurance communications                                     637,543       -119,874        637,543       -119,874

Total                                                                         -25,075,868    -35,733,003    -25,075,868    -28,834,550

 

Other technical changes, net of reinsurance                                    -2,986,481        -18,728     -2,986,481        -18,728

 

RESULT OF TECHNICAL ACCOUNT - NON-LIFE INSURANCE BUSINESS                      -3,130,773    -17,418,625     -3,130,773    -16,973,826

 

 

TECHNICAL ACCOUNT - LIFE INSURANCE BUSINESS

 

Net premiums

Gross premiums written                                                                         5,541,351

Outward reinsurance premiums                                                                    -252,501

Total                                                                                          5,288,850

 

Unrealised income on investments

4. Other technical income, net of reinsurance

 

Claims incurred, net of reinsurance

Claims paid                                                                                     -465,674

Total                                                                                           -465,674

 

Change in life assurance provision, net of reinsurance

Gross amount                                                                                  -1,840,753

Reinsurer’s share                                                                                 60,510

Total                                                                                         -1,780,243

 

Change in other technical provisions, net of reinsurance

Gross amount                                                                                     329,061

Reinsurer’s share                                                                                  6,165

Total                                                                                            335,226

 

Bonuses and rebates, net of reinsurance

 

Net operating expenses

Acquisition costs                                                                             -1,021,329

Change in deferred acquisition costs                                                             290,797

Administrative expenses                                                                       -1,921,679

Reinsurance communication and profit participation                                               195,945

9.5. Reinsurer’s share

Total                                                                                         -2,456,266

 

Unrealised loss on investments

Other technical expenses, net of reinsurance

 

RESULT OF TECHNICAL ACCOUNT - LIFE ASSURANCE BUSINESS                                            921,893

 

TOTAL TECHNICAL RESULT                                                         -3,130,773    -16,496,732     -3,130,773    -16,973,826

 

NON-TECHNICAL ACCOUNT

 

 

 

Investment income

Income from subsidiaries and associates                                           620,689        117,776        604,411        825,544

Income from land and buildings

Income from other investments                                                   2,784,675      1,389,144      2,784,531        730,373

Value adjustments of investments                                                  989,807                       989,807

Gains on realization of investments                                               719,342        407,413        719,342        169,386

Total                                                                           5,114,513      1,914,333      5,098,091      1,725,303

 

Investments expenses

Investments expenses                                                             -704,444       -649,463       -637,160       -602,535

Expenses from subsidiaries and associates                                         -16,278       -633,551        -16,278     -3,534,904

Value adjustments of investments                                                  109,283     -7,483,377        109,283     -4,520,614

Amortization and value adjustments on goodwill

Losses on realization of investments                                           -2,527,460     -3,398,200     -2,527,460     -1,268,429

Total                                                                          -3,138,899    -12,164,591     -3,071,615     -9,926,482

 

Other revenues                                                                    492,925        728,054        433,709        664,977

Other expenses                                                                 -1,082,701       -794,013     -1,074,347     -1,395,992

 

Extraordinary income                                                                               5,452

 

Income tax                                                                     -1,480,891     -1,166,009     -1,480,891     -1,113,333

Profit after taxes                                                             -3,225,826    -27,973,506     -3,225,826    -27,019,353

Minority interest                                                                                954,153

NET PROFIT (-LOSS) FOR THE YEAR                                                -3,225,826    -27,019,353     -3,225,826    -27,019,353