LEKS KINDLUSTUSE AS

ANNOUNCEMENT

10.06.99

 

COMMENTARY TO THE FINANCIAL RESULTS 03/99

 

 

The total volume of gross premiums collected by Leks Kindlustus AS in 

Q1 1999 was 49.9 million EEK, which is 80% more than the respective 

result of 1998. (gross premiums collected by ETAS Kindlustuse AS are 

reflected on the income statement of Leks Kindlustuse AS as of 

01.05.98). 

As of Q1 1999, the volume of net premiums collected by Leks Kindlustus 

amounted to 35.8 million EEK. 

Q1 insurance technical result of Leks Kindlustuse AS amounted to 

–4.4 million EEK, and loss after taxes -3.9 million EEK. 

Leks Kindlustus has concentrated during the current year on reducing 

the company’s administrative expenses and strengthening its positions 

on the Estonian damage insurance market, as a result of what the 

claims and cost ratios of have improved during the accounting period.

Net cost ratio in Q1 1999 was 37.6% (in Q1 1998 87.1%), and net claims 

ratio 74.8% (in 1998 84.1%, respectively).

The balance sheet volume of Leks Kindlustuse AS as of 31.03.99 was 

130.9 million EEK.

Compared to the standings of 31.12.98, the insurance-technical 

provisions of Leks Kindlustuse AS have increased by 6.3 million EEK. 

The share of provisions on the balance sheet increased during the 

accounting period from 55.3% to the level of 64.1%.

 

 

The financial reports of Leks Group include consolidated results of 

subsidiaries Kahjukäsitluse AS (holding 100%) and Leks Investeeringute 

OÜ (100% holding). 

As the agreements for sale of subsidiary Saules Laiks and affiliated 

company Ukio Draudimas were concluded by compilation of interim 

reports, the aforementioned companies are reflected in the group’s Q1 

reports at cost of transaction.

100% shareholding in Leks Elukindlustuse AS was sold on 20.05.99, and 

the Q1 results of Leks Elukindlustuse AS are reflected on the parent 

company’s financial statements based on expanded equity holding 

method.

 

As of 31.03.99, the volume of Leks Kindlustuse AS share capital was 

76.1 million EEK and owners’ equity 22.3 million EEK. 

 

 

 

Additional information, 

 

 

Pille Kaselo

Public Relations Manager