ASA KINDLUSTUS AS

ANNOUNCEMENT

14.09.1999

 

 

COMMENTARY TO THE H1 1999 FINANCIAL RESULTS

 

As of 30.06.1999, the balance sheet size of ASA Kindlustus 

AS was 110.47 million EEK, increasing in six months by 

1.4 million EEK or 1.3%.

 

The volume of investments account as of the end of H1 amounted

to 58.26 million EEK, decreasing by 3.44 million EEK or 5.58%. 

The decrease of investment portfolio was mainly due to partial 

provision of assets connected with AS Maakri Ehitus.

 

Volume of insurance-technical provisions totaled 50.22 million 

EEK (45.5% of total balance sheet size).

 

The insurance company's technical result for H1 1999 was -2.04 

million EEK (-7.36 million EEK last year), which was mainly due 

to reduction of operating expenses and general optimization of 

insurance activities.

 

The net result for the current year was -1.82 million EEK due 

to increase in the value of the company's assets.

 

 

Alexander Zaporozhtsev

ASA Kindlustus AS

Head of Financial Department

Tel. + 372 2 42 52 98