LEKS KINDLUSTUSE AS

BALANCE SHEET

31.12.98

 

Consolidated, unaudited

in EEK

 

                                                                          Leks         Leks        Group        Group

                                                                        Parent       Parent

                                                                      31.12.98     31.12.97     31.12.98     31.12.97

ASSETS

1. Cash and bank                                                      2,041,753    1,547,407    5,229,898    9,144,135

Receivables

2.1. Receivables from direct insurance business                      10,550,646      953,637   15,379,032      957,577

  2.1.1. Policyholders                                                8,464,397      476,319   13,285,651      476,319

  2.1.2. intermediaries                                               1,931,559      438,061    1,938,691      438,061

  2.1.3. Other                                                          154,689       39,257      154,689       43,197

2.2. Receivables from reinsurance business                            6,511,391    1,081,707    7,655,356    2,021,748

2.3. Other receivables                                                  144,972      249,826    1,286,223    1,733,063

2. Total                                                             17,207,008    2,285,170   24,320,611    4,712,388

Accrued income and prepaid expenses

3.1. Accrued income                                                     723,317       87,685      884,154       88,264

3.2. Deferred acquisition expenses                                    6,884,560    7,290,611   12,270,719    9,636,224

3.3. Other prepaid expenses                                           5,560,978    5,360,186    7,180,001    6,452,627

3. Total                                                             13,168,855   12,738,482   20,334,874   16,177,115

Investments

4.1. Land and buildings                                              17,501,611   15,379,168   29,841,611   17,685,114

4.2. Subsidiaries                                                    27,040,035   33,253,248           -            -

  4.2.1. Shares and units                                            26,126,973   32,252,564           -            -

  4.2.2. Bonds and loans                                                913,062    1,000,684           -            -

4.3. Affiliated companies                                                     0    9,359,564           -     9,359,564

  4.3.1. Shares and units                                                     0    9,359,564            0    9,359,564

4.4. Other financial investments                                     48,684,132   20,481,904   52,607,128   42,193,767

  4.4.1. Shares and other variable-yield securities                   3,526,052   11,096,702    4,054,963   21,372,387

  4.4.2. Debt securities and other fixedincome securities 

	 income securities  					     25,695,740    3,699,990   39,234,862   11,002,280

  4.4.3. Holdings in common investments                                                                              0

  4.4.4. Loans guaranteed by mortgages                               12,624,487      800,000       94,487      800,000

  4.4.5. Other loans                                                    869,162      585,212      908,662    1,285,212

  4.4.6. Deposits with credit institutions                            5,968,691    4,300,000    8,314,154    7,733,888

4. Total                                                             93,225,777   78,473,884   82,448,739   69,238,445

5. Investments for the benefit of life-assurance policyholders 

   who bear the investment risk                                                                    81,563      848,644

6. Intangible assets                                                  1,692,833            0    1,699,025    6,145,137

6.2. Other intangible assets                                                  0            0        6,192        8,256

7. Tangible assets                                                   12,897,704   11,295,319   20,909,005   18,132,421

TOTAL ASSETS                                                        140,233,929  106,340,262  155,023,714  124,398,284

 

Liabilities and owners' equity 

Liabilities

1.1. Creditors of direct insurance business                           5,443,145    2,498,340    5,661,829    2,755,992

  1.1.1. Policyholders                                                3,372,601    1,389,509    3,591,285    1,647,097

  1.1.2. Intermediaries                                               1,579,127      261,533    1,579,127      261,533

  1.1.3. Other                                                          491,417      847,298      491,417      847,362

1.2. Creditors of reinsurance business                                5,240,950    6,054,727    9,352,898    8,097,364

1.5. Other liabilities                                               15,031,307    7,284,245    5,223,529    3,203,659

1. Total                                                             25,715,402   15,837,312   20,238,256   14,057,015

Accrued expenses and prepaid revenues

4.1. Accrued expenses                                                 5,074,399    5,545,908    6,794,403    6,983,691

4.2. Deferred reinsurance commissions                                 5,508,665    4,009,015    7,909,368    4,637,980

4. Total                                                             10,583,064    9,554,923   14,703,772   11,621,671

Technical provisions

5.1. Provision for unearned premiums                                 38,790,918   16,904,864   44,947,902   24,800,810

  5.1.1. Gross amount                                                56,544,906   31,584,542   70,215,607   41,971,475

  5.1.2. Reinsurance amount                                         -17,753,988  -14,679,678  -25,267,705  -17,170,665

5.2. Life assurance provision                                                 0                 6,965,424    3,062,046

  5.2.1. Gross amount                                                         0                 7,035,127    3,244,477

  5.2.2. Reinsurance amount                                                   0                   -69,703     -182,431

5.3. Claims outstanding                                              37,911,868    9,425,144   39,669,182   12,769,209

  5.3.1. Gross amount                                                52,772,871   16,743,708   56,312,083   24,353,697

  5.3.2. Reinsurance amount                                         -14,861,004   -7,318,564  -16,642,901  -11,584,488

5.4. Provision for bonuses                                                    0            0       95,804        6,784

  5.4.1. Gross amount                                                         0            0       95,804        6,784

5.6. Other technical provisions                                         932,887            0    1,105,644      117,134

  5.6.1. Gross amount                                                 5,348,129            0    5,522,629      146,418

  5.6.2. Reinsurance amount                                          -4,415,242            0   -4,416,985      -29,284

5. Total                                                             77,635,672   26,330,008   92,783,955   40,755,983

Technical provisions for life-assurance policies where the

investment risk is borne by the policyholders

6.1. Gross amount                                                             0            0       81,805      848,644

6. Total                                                                      0            0       81,805      848,644

8. Minority interest                                                                              778,354    2,503,760

Owners' equity

8.1. Share capital                                                   76,116,800   41,992,000   76,116,800   41,992,000

8.2. Capital surplus                                                 19,784,000   11,384,000   19,784,000   11,384,000

8.3. General reserve                                                  2,922,434    2,922,434    2,922,434    3,757,784

8.4. Unrealized exchange differences                                          0            0      -45,384       -6,808

8.5. Retained earnings                                               -1,680,415   -1,111,935   -1,680,415   -1,947,285

8.6. Profit/loss for the financial year                             -67,229,428     -568,480  -67,046,263     -568,480

8.7. Treasury shares ( - )                                           -3,613,600            0   -3,613,600            0

8. Total                                                             26,299,791   54,618,019   26,437,572   54,611,211

Total liabilities and owners' equity                                140,233,929  106,340,262  155,023,714  124,398,284