ASA KINDLUSTUS

INSURANCE TECHNICAL AND NON-TECHNICAL REPORTS

01.01-31.12.98

 

Unaudited

TECHNICAL ACCOUNT 

                                                                                       1998            1997 

Earned premiums, net of reinsurance

1.1. Gross premiums written                                                     125,136,333     138,285,125

1.2. Outward reinsurance premiums                                                12,816,585      20,109,044

1.3. Change in the gross provision for unearned premiums                          2,448,827      -2,303,849

1.4. Reinsurer’s share in change in the gross provision for unearned premiums      -506,808      -4,209,242

1. Total                                                                        114,261,767     111,662,990

Claims incurred, net of reinsurance

2.1. Total claims                                                                72,544,581      65,224,552

                                  incl.                                          74,567,104      61,731,204

                                                                                  6,959,632       5,919,565

                                                                                 -8,982,155      -2,426,217

2.2. Reinsurer’s share in total claims                                            7,354,472       9,531,703

2.3. Change in the provision for claims                                          -9,976,621      -4,336,804

2.4. Reinsurer’s share in change in the provision for claims                       -385,932        -227,936

2. Total                                                                         75,552,662      60,257,589

Net operating expenses 

3.1. Acquisition costs                                                           35,578,826      30,389,853

3.2. Change in deferred acquisitions costs                                          590,269       3,344,625

3.3. Adminstrative expenses                                                      23,507,148      27,342,109

3.4. Reinsurance communication and profit participation                           2,811,862       4,233,938

3.5. Change in deferred reinsurance communications                                   95,463       1,139,259

3. Total                                                                         55,588,380      49,014,140

4. Other technical changes, net of reinsurance                                    5,585,772       6,727,030

5. RESULT OF TECHNICAL ACCOUNT                                                  -22,465,047      -4,335,769

 

 

NON-TECHNICAL ACCOUNT 

31/12/1998 

                                                                                       1998            1997 

1. Technical result                                                             -22,465,047      -4,335,769

Investment income

2.1. Income from land and buildings                                                                  85,828

2.2. Income from other investments                                                1,639,254       5,328,074

2.3. Value adjustments on investments                                             2,646,123

2.4. Gains on the realization of investments                                      2,759,070       7,324,200

2. Total                                                                          7,044,447      12,738,102

Investments expenses

3.1. Investments expenses                                                           235,638         290,853

3.2. Value adjustments on investments                                             5,640,809

3.3. Losses on the realization of investments                                       767,018         465,430

3. Total                                                                          6,643,465         756,283

4. Other revenues                                                                 1,731,546       5,100,438

5. Other expenses                                                                 7,326,046       4,861,017

8. Income tax                                                                     1,513,341       1,345,663

9. Net profit/loss for the financial year                                       -29,171,906       6,539,808

 

 

N.Tarmak

Manager of financial divison

AB Kindlustuse Grupp

tel. +372 644 0542