LEKS KINDLUSTUSE AS

INCOME STATEMENT

01.01.-31.12.98

 

Unaudited, consolidated

in EEK

 

                                                                            Leks          Leks         Group        Group

                                                                            1998          1997          1998         1997

TECHNICAL ACCOUNT - NON-LIFE INSURANCE BUSINESS

Earned premium, net of reinsurance

1.1. Gross premiums written                                          163,696,739    93,949,178   191,906,798  105,113,279

1.2. Outward reinsurance premiums                                    -53,392,094   -39,820,753   -68,894,959  -42,942,139

1.3. Change in the gross provision for unearned premiums              -1,447,866   -13,137,666    -2,865,604   -2,948,747

1.4. Reinsurer’s share in change in the gross provision 

     for unearned premiums                                            -2,128,564     5,612,811     2,369,219   -2,946,715

1. Total                                                             106,728,215    46,603,570   122,515,454   56,275,678

2. Other technical income, net of reinsurance                          1,896,999        24,203     1,896,999      244,358

Claims incurred, net of reinsurance                                                                                     0

3.1. Total claims                                                    -99,877,717    27,085,681  -113,498,542   33,695,770

3.2. Reinsurer’s share in total claims                                36,033,783    -9,650,815    41,528,433  -12,195,611

3.3. Change in the provision for claims                              -21,026,555    10,391,638   -16,736,046   -5,356,999

3.4. Reinsurer’s share in change in the provision for claims           5,367,317    -4,900,550     2,307,024   12,023,782

3. Total                                                             -79,503,171    22,925,954   -86,399,131   28,166,942

Change in other technical provisions, net of reinsurance               2,875,519             0     2,875,519            0

4.1. Gross amount                                                        883,533             0       883,533            0

4.2. Reinsurer’s share                                                 1,991,986             0     1,991,986            0

Net operating expenses                                                                                                  0

6.1. Acquisition costs                                               -29,828,428    23,438,887   -37,782,813   25,460,397

6.2. Change in deferred acquisitions costs                            -1,838,609    -5,327,792      -129,071   -6,047,015

6.3. Adminstrative expenses                                          -39,078,548    14,937,048   -50,466,708   20,566,501

6.4. Reinsurance communication and profit participation               15,755,905   -11,650,345    19,339,780  -14,022,643

6.5. Change in deferred reinsurance communications                        61,212       906,348        61,212      906,348

6. Total                                                             -54,928,468    22,304,146   -68,977,600   26,863,588

7. Other technical changes, net of reinsurance                        -4,252,318     2,282,856    -5,181,154    2,282,856

8. Change in equalization provisions                                                     				0

9. RESULT OF TECHNICAL ACCOUNT - NON-LIFE INSURANCE BUSINESS         -27,183,224      -885,183   -33,269,913     -793,350

Net premiums

1.1. Gross premiums written                                                                       14,053,932    8,998,780

1.2. Outward reinsurance premiums                                                                   -826,725     -715,192

1. Total                                                                                          13,227,207    8,283,588

3. Unrealised income on investments                                                                        0          485

Claims incurred, net of reinsurance

5.1. Claims paid                                                                                  -1,692,120      802,690

5. Total                                                                                          -1,692,120      802,690

Change in life assurance provision, net of reinsurance

6.1. Gross amount                                                                                 -3,811,948   -2,288,252

6.2. Reinsurer’s share                                                                              -140,269     -153,653

6. Total                                                                                          -3,952,217   -2,441,905

Change in other technical provisions, net of reinsurance

7.1. Gross amount                                                                                    766,839     -924,062

7.2. Reinsurer’s share                                                                                     0      -32,716

7. Total                                                                                             766,839     -956,778

8. Bonuses and rebates, net of reinsurance                                                           -95,804       10,856

Net operating expenses

9.1. Acquisition costs                                                                            -2,737,634    1,120,332

9.2. Change in deferred acquisition costs                                                          1,304,895      899,320

9.3. Administrative expenses                                                                      -4,519,463    2,924,042

9.4. Reinsurance communication and profit participation                                              537,200            0

9. Total                                                                                          -5,415,002    3,145,054

11. Unrealised loss on investments                                                                         0      422,836

12. Other technical expenses, net of reinsurance                                                      -1,183

13. RESULT OF TECHNICAL ACCOUNT - LIFE ASSURANCE BUSINESS                                          2,837,720      525,666

 

Investment income

2.1. Income from subsidiaries and associates                             332,216       789,552        36,226

2.2. Income from land and buildings                                                    156,030             0      156,030

2.3. Income from other investments                                     2,601,558     1,441,163     4,558,230    4,156,637

2.5. Gains on the realization of investments                             759,836     5,102,101     1,147,866    5,102,101

2. Total                                                               3,693,610     7,488,846     5,742,322    9,414,768

Investments expenses                                                                                       0

3.1. Investments expenses                                             -1,233,591     1,130,173    -1,316,991    2,845,640

3.2. Expenses from subsidiaries and associates                       -28,074,815       963,384   -21,693,912      198,633

3.3. Value adjustments on investments                                 -6,718,137     1,644,207    -7,493,123    3,099,314

3.4. Losses on the realization of investments                         -3,164,104       414,599   -10,011,064      734,889

3. Total                                                             -39,190,646     4,152,363   -40,515,090    6,878,476

4. Other revenues                                                      2,470,686       726,237     2,760,620      843,030

5. Other expenses                                                     -4,680,401     1,794,994    -4,158,482    1,917,288

8. Income tax                                                         -2,339,453     1,951,023    -2,470,418    2,245,496

9. Minority interest                                                                               1,990,132      482,666

9. NET PROFIT (-LOSS) FOR THE PERIOD                                 -67,229,428      -568,480   -67,229,428     -568,480