LEKS KINDLUSTUS

INCOME STATEMENT

01.01-31.03.99

 

Unaudited, consolidated

in EEK

                                                                                                     Leks            Leks

TECHNICAL ACCOUNT - NON-LIFE INSURANCE BUSINESS                    group           group       Kindlustus      Kindlustus

 

                                                                  Q1 1999         Q1 1998         Q1 1999         Q1 1998

Earned premium, net of reinsurance

Gross premiums written                                         49,857,644      33,456,623      49,857,644      27,679,583

Outward reinsurance premiums                                  -14,037,454     -12,052,356     -14,037,454      -9,226,236

Change in the gross provision for unearned premiums            -2,793,602      -1,479,761      -2,793,602      -2,894,849

Reinsurer’s share in change in the gross provision 

for unearned premiums                                            -312,083        -370,442        -312,083      -1,387,538

Total                                                          32,714,505      19,554,064      32,714,505      14,170,960

 

Other technical income, net of reinsurance                      1,613,579           1,989       1,613,579           1,989

 

Claims incurred, net of reinsurance

Total claims                                                  -31,535,962     -17,739,671     -31,535,962     -14,394,359

Reinsurer’s share in total claims                               9,831,403       6,898,730       9,831,403       6,338,354

Change in the provision for claims                             -4,060,144      -9,330,855      -4,060,144     -10,433,487

Reinsurer’s share in change in the provision for claims         1,193,216       7,057,945       1,193,216       7,149,337

Total                                                         -24,571,487     -13,113,851     -24,571,487     -11,340,155

 

Change in other technical provisions, net of reinsurance 

Gross amount                                                     -350,451      -1,433,581        -350,451      -1,433,581

Reinsurer’s share                                                  26,673       1,077,309          26,673       1,077,309

Total                                                            -323,778        -356,272        -323,778        -356,272

 

Net operating expenses 

Acquisition costs                                              -8,136,678      -6,063,405      -8,136,678      -4,970,709

Change in deferred acquisitions costs                            -684,648        -590,504        -684,648      -1,097,552

Adminstrative expenses                                         -7,990,650     -11,241,968      -7,990,650      -8,518,088

Reinsurance communication and profit participation              3,987,200       3,071,303       3,987,200       2,627,087

Change in deferred reinsurance communications                     490,464         212,873         490,464         212,873

Total                                                         -12,334,312     -14,611,701     -12,334,312     -11,746,389

 

Other technical changes, net of reinsurance                    -1,496,160        -687,502      -1,496,160        -687,502

 

RESULT OF TECHNICAL ACCOUNT - NON-LIFE INSURANCE BUSINESS      -4,397,653      -9,213,273      -4,397,653      -9,957,369

 

 

TECHNICAL ACCOUNT - LIFE INSURANCE BUSINESS

 

Net premiums

Gross premiums written                                                          2,466,698

Outward reinsurance premiums                                                      -45,675

Total                                                                           2,421,023

 

Unrealised income on investments

4. Other technical income, net of reinsurance

 

Claims incurred, net of reinsurance

Claims paid                                                                      -167,482

Change in life assurance provision, net of reinsurance

Reinsurer’s share

Total                                                                            -167,482

 

Change in life assurance provision, net of reinsurance

Gross amount                                                                      -25,741

Reinsurer’s share                                                                   4,053

Total                                                                             -21,688

 

Change in other technical provisions, net of reinsurance

Gross amount                                                                     -973,275

Reinsurer’s share                                                                  35,115

Total                                                                            -938,160

 

Bonuses and rebates, net of reinsurance 

 

Net operating expenses

Acquisition costs                                                                -494,326

Change in deferred acquisition costs

Administrative expenses                                                          -907,537

Reinsurance communication and profit participation                                195,945

9.5. Reinsurer’s share        

Total                                                                          -1,205,918

 

Unrealised loss on investments

Other technical expenses, net of reinsurance

 

RESULT OF TECHNICAL ACCOUNT - LIFE ASSURANCE BUSINESS                              87,775

 

TOTAL TECHNICAL RESULT                                         -4,397,653      -9,125,498      -4,397,653      -9,957,369

 

 

NON-TECHNICAL ACCOUNT                                             Q1 1999         Q1 1998         Q1 1999         Q1 1998

 

Investment income

Income from subsidiaries and associates                                           565,491         249,018         909,549

Income from land and buildings

Income from other investments                                     888,850         444,207         888,706         346,932

Value adjustments of investments                                  989,807                         989,807

Gains on the realization of investments                           654,947          74,205         654,947           1,800

Total                                                           2,533,604       1,083,903       2,782,478       1,258,281

 

Investments expenses 

Investments expenses                                             -395,531        -295,697        -369,076        -295,697

Expenses from subsidiaries and associates                                      -1,882,267                      -1,620,285

Value adjustments on investments                                 -204,637      -1,308,830        -204,637        -892,841

Amortization and value adjustments on goodwill

Losses on realization of investments                             -548,814        -110,954        -548,814         -59,738

Total                                                          -1,148,982      -3,597,748      -1,122,527      -2,868,561

 

Other revenues                                                    225,596         158,621         204,689         109,139

Other expenses                                                   -491,165        -289,835        -745,587        -583,136

 

Extraordinary revenue                                                               5,452

 

Income tax                                                       -675,945        -508,997        -675,945        -486,517

 

Profit after taxes                                             -3,954,545     -12,274,102      -3,954,545     -12,528,163

 

Minority interest                                                                -254,061

 

NET PROFIT (-LOSS) FOR THE YEAR                                -3,954,545     -12,528,163      -3,954,545     -12,528,163