2. Consolidated Statement of Comprehensive Income for the year ended at 31 December 2011

 

 

in EUR

 

 

2011

2010

Index

A. TEHNICAL ACCOUNT FOR NON-LIFE INSURANCE EXCEPT HEALTH INSURANCE    BUSINESS

 

 

 

I. NET PREMIUM EARNED

622,224,753

652,006,405

95

1. Gross written premium

693,333,593

718,043,703

97

2. Assumed co-insurance written premium (+)

1,851,270

1,694,680

109

3. Ceded co-insurance written premium (-) -896,740

-936,805

96

4. Outward reinsurance premium (-)

-79,176,929

-73,419,132

108

5. Change in gross provision for unearned premiums (+/-)

3,964,286

5,005,698

79

6. Change in provision for unearned premiums, reinsurers' and co-insurers' share (+/-)

3,149,273

1,618,261

195

II. ALLOCATED INVESTMENT RETURN TRANSFERRED FROM THE NON-TEHNICAL ACCOUNT (ITEM D.VIII.)

8,240,825

35,840,573

23

III. OTHER NET INCOME FROM INSURANCE OPERATIONS

8,636,703

6,792,987

127

IV. NET CLAIMS INCURRED

366,936,881

387,106,040

95

1. Gross claims settled

413,518,015

448,483,223

92

2. Income from gross subrogated receivables (-)

-22,604,920

-24,743,559

91

3. Co-insurers' share (+/-)

749,462

427,720

175

4. Reinsurers' share (-)

-23,200,038

-30,576,036

76

5. Changes in gross prvisions for claims outstanding (+/-)

-4,377,568

-3,761,779

116

6. Changes in provisions for claims outstanding, reinsurers' and coinsurers' share (+/-)

2,851,930

-2,723,529

 

V. CHANGE IN OTHER NET TEHNICAL PROVISIONS (+/-)

-8,608,879

-2,973,409

290

VI. NET EXPENSES FOR BONUSES AND DISCOUNTS

6,457,203

5,734,492

113

VII. NET OPERATING EXPENSE

160,566,346

168,028,801

96

1. Acquisition costs

109,739,851

111,813,343

98

2. Change in deferred acquisition costs (+/-)

240,013

-745,946

 

3. Other operating expenses

53,036,720

55,112,695

96

3.1 Depreciation of assets used in insurance business

3,736,181

3,700,171

101

3.2 Labour costs

26,800,623

28,715,358

93

- wages and salaries

19,113,294

19,488,988

98

- social security and pension insurance costs

4,738,707

5,430,860

87

- other labour costs

2,948,622

3,795,510

78

3.3 Costs of services provided by outsourced natural persons other than Sole Traders together with pertaining taxes

543,931

718,059

76

3.4 Other operating expenses

21,955,985

21,979,107

100

4. Income from reinsurance commissions and shares in the  technical profit from reinsurance contracts (-)

-2,450,238

1,848,709

 

VIII. OTHER NET INSURANCE EXPENSES

39,675,068

43,065,739

92

1. Expenses of preventive activity

6,920,000

8,650,955

80

2. Contributions for covering losses on uninsured and unknown vehicles

2,681,782

3,366,632

80

3. Other net insurance expenses

30,073,286

31,048,152

97

IX. RESULT OF THE TEHNICAL ACCOUNT FOR NON-LIFE INSURANCE BUSINESS, EXCEPT HEALTH INSURANCE BUSINESS (I. + II. + III. - IV. +/- V. - VI. - VII. - VIII.)

74,075,662

93,678,302

79

B. TEHNICAL ACCOUNT FOR LIFE INSURANCE BUSINESS

 

 

 

I. NET PREMIUM EARNED

213,951,694

221,741,724

96

1. Gross written premium

214,024,239

221,373,955

97

2. Assumed co-insurance written premium (+)

0

0

 

3. Ceded co-insurance written premium (-)

0

0

 

4. Outward reinsurance premium (-)

-14,195

-15,800

90

5. Change in gross provision for unearned premiums (+/-)

-61,623

383,426

 

6. Change in provision for unearned premiums, reinsurers' and co-insurers' share (+/-)

3,273

143

 

II. INCOME FROM INVESTMENTS

53,536,151

64,474,603

83

1. Income from dividends

1,146,586

1,015,760

113

1.1 Group companies

0

0

 

1.2 Associates

0

0

 

1.3 Others

1,146,586

1,015,760

113

2. Income from other investments

47,249,915

49,523,888

95

2.1 Income from land and buildings

67,959

109,977

62

- in group companies

0

0

 

- in associates

0

0

 

- in others

67,959

109,977

62

2.2 Interest income

41,642,903

41,147,777

101

- in group companies

0

0

 

- in associates

0

649,314

 

- in others

41,642,903

40,498,463

103

2.3 Other investment income

5,539,053

8,266,134

67

2.3.1 Financial income from revaluation

4,525,745

7,418,750

61

- in group companies

0

0

 

- in associates

0

89,922

 

- in others

4,525,745

7,328,828

62

2.3.2 Other financial income

1,013,308

847,384

120

- in group companies

0

0

 

- in associates

904,067

829,158

109

- in others

109,241

18,226

599

3. Income from asset value adjustments

69,015

92,470

75

4. Profit on disposal of investments

5,070,635

13,842,485

37

III. NET UNREALISED GAINS ON UNIT-LINKED LIFE INSURANCE ASSETS

25,750,906

42,518,343

61

IV. OTHER NET INCOME FROM INSURANCE OPERATIONS

15,339,809

17,522,079

88

V. NET CLAIMS INCURRED

139,655,048

107,005,609

131

1. Gross claims settled

140,482,689

107,291,185

131

2. Income from gross subrogated receivables (-)

0

0

 

3. Reinsurers' share (-)

0

0

 

4. Changes in gross provisions for claims outstanding (+/-)

-827,641

-285,576

290

5. Changes in provisions for claims outstanding, reinsurers' share (+/-)

0

0

 

VI. CHANGE IN OTHER NET TEHNICAL PROVISIONS (+/-)

-5,926,651

131,148,704

 

1. Change of mathematical provisions (+/-)

-5,916,526

131,148,704

 

1.1 Change in gross mathematical provision (+/-)

-5,916,526

131,148,704

 

1.2 Change of reinsurers' share (+/-)

0

0

 

2. Change of other net technical provisions (+/-)

-10,125

0

 

2.1 Change of other gross technical provision(+/-)

0

0

 

2.2 Change of reinsurers' share (+/-)

-10,125

0

 

VII. NET EXPENSES FOR BONUSES AND DISCOUNTS

1,792

736

243

VIII. NET OPERATING EXPENSES

33,695,878

34,177,558

99

1. Acquisition costs

19,736,401

19,997,235

99

2. Change of deferred acquisition costs (+/-)

0

0

 

3. Other operating expenses

13,960,147

14,135,864

99

3.1 Depreciation of assets used in insurance business

598,001

999,009

60

3.2 Labour costs

7,036,187

6,893,142

102

- wages and salaries

5,081,842

4,883,370

104

- social security and pension insurance costs

1,012,639

1,064,898

95

- other labour costs

941,706

944,874

100

3.3 Costs of services provided by outsourced natural persons other than Sole Traders together with pertaining taxes

99,893

129,391

77

3.4 Other operating expenses

6,226,066

6,114,322

102

4. Income from reinsurance commissions and from participation in the positive technical result from reinsurance contracts (-)

-670

44,459

 

IX. EXPENSES FROM INVESTMENTS

42,068,337

18,759,357

224

1. Depreciation and amortization of assets not used in operations

66,923

51,012

131

2. Expenses arising from asset management, interest expenses and other financial expenses

6,024,179

4,207,968

143

3. Revaluation financial expenses

22,457,306

10,419,406

216

4. Loss on disposal of investments

13,519,929

4,080,971

331

X. NET UNREALISED LOSSES ON INVESTMENTS FOR INSURANCE OF WHICH THE POLICYHOLDERS BEAR THE INVESTMENT RISK

75,799,029

28,597,583

265

XI. OTHER NET INSURANCE EXPENSES

15,920,559

17,981,071

89

1. Expenses of preventive activity

331,972

0

 

2. Other net insurance expenses

15,588,587

17,981,071

87

XII. ALLOCATED INVESTMENT RETURN TRANSFERD TO THE NON-TEHNICAL ACCOUNT (-) (ITEM D.V.)

-1,266,295

-3,440,304

37

XIII. RESULT OF THE TEHNICAL ACCOUNT FOR LIFE INSURANCE BUSINESS 
(I.  + II.  + III. + IV. - V. + /- VI. - VII. - VIII. - IX. - X. - XI. - XII.)

8,630,863

12,026,435

72

 
 
 

C. RESULT OF THE TEHNICAL ACCOUNT FOR HEALTH INSURANCE BUSINESS

       

I. NET PREMIUM EARNED

80,102,449

72,422,095

111

 

1. Gross written premium

80,189,702

72,447,887

111

 

2. Outward reinsurance premium (-)

0

0

 

 

3. Change in gross provision for unearned premiums (+/-)

-87,253

-25,792

338

 

4. Change in provision for unearned premiums, reinsurers' and co-insurers' share (+/-)

0

0

 

 

II. INCOME FROM INVESTMENTS

538,870

444,963

121

 

1. Income from dividends

0

0

 

 

1.1 Group companies

0

0

 

 

1.2 Associates

0

0

 

 

1.3 Others

0

0

 

 

2. Income from other investments

538,870

444,963

121

 

2.1 Income from land and buildings

0

0

 

 

- in group companies

0

0

 

 

- in associates

0

0

 

 

- in others

0

0

 

 

2.2 Interest income

538,870

444,462

121

 

- in group companies

0

0

 

 

- in associates

0

-34,454

 

 

- in others

538,870

478,916

113

 

2.3 Other investment income

0

501

 

 

2.3.1 Financial income from revaluation

0

1

 

 

- in group companies

0

0

 

 

- in associates

0

0

 

 

- in others

0

1

 

 

2.3.2 Other financial income

0

500

 

 

- in group companies

0

0

 

 

- in associates

0

0

 

 

- in others

0

500

 

 

3. Income from asset value adjustments

0

0

 

 

4. Profit on disposal of investments

0

0

 

 

III. OTHER NET INCOME FROM INSURANCE OPERATIONS

14,086

11,126

127

 

IV. NET CLAIMS INCURRED

69,525,104

63,593,257

109

 

1. Gross claims settled

62,541,802

57,361,376

109

 

2. Income from gross subrogated receivables (-)

-65,371

-66,766

98

 

3. Reinsurers' share (-)

0

0

 

 

4. Changes in gross provisions for claims outstanding (+/-)

391,436

436,755

90

 

5. Changes in provisions for claims outstanding, reinsurers' share (+/-)

0

0

 

 

6. Income from equalisation scheme (-)

0

0

 

 

7. Expenses from equalisation scheme (+)

6,657,237

5,861,892

114

 

V. CHANGE IN OTHER NET TEHNICAL PROVISIONS (+/-)

223,796

627,199

36

 

1. Change of mathematical provisions (+/-)

0

0

 

 

1.1 Change in gross mathematical provision (+/-)

0

0

 

 

1.2 Change of reinsurers' share (+/-)

0

0

 

 

2. Change of other net technical provisions (+/-)

223,796

627,199

36

 

2.1 Change of other gross technical provision(+/-)

223,796

627,199

36

 

2.2 Change of reinsurers' share (+/-)

0

0

 

 

VI. NET EXPENSES FOR BONUSES AND DISCOUNTS

0

0

 

 

VII. NET OPERATING EXPENSES

6,595,188

7,822,785

84

 

1. Acquisition costs

1,157,138

1,399,230

83

 

2. Change of deferred acquisition costs (+/-)

0

0

 

 

3. Other operating expenses

5,438,050

6,423,555

85

 

3.1 Depreciation of assets used in insurance business

328,748

413,655

79

 

3.2 Labour costs

2,497,716

2,802,355

89

 

- wages and salaries

1,821,411

2,189,591

83

 

- social security and pension insurance costs

322,739

424,032

76

 

- other labour costs

353,566

188,732

187

 

3.3 Costs of services provided by outsourced natural persons other than Sole Traders together with pertaining taxes

54,514

90,045

61

 

3.4 Other operating expenses

2,557,072

3,117,500

82

 

4. Income from reinsurance commissions and from participation in the positive technical result from reinsurance contracts (-)

0

0

 

 

VIII. EXPENSES FROM INVESTMENTS

87,969

104,298

84

 

1. Depreciation and amortization of assets not used in operations

0

0

 

 

2. Expenses arising from asset management, interest expenses and other financial expenses

21,345

20,357

105

 

3. Revaluation financial expenses

66,624

83,941

79

 

4. Loss on disposal of investments

0

0

 

 

IX. OTHER NET INSURANCE EXPENSES

357,403

393,188

91

 

1. Expenses of preventive activity

0

0

 

 

2. Other net insurance expenses

357,403

393,188

91

 

X. ALLOCATED INVESTMENT RETURN TRANSFERD TO THE NON-TEHNICAL ACCOUNT (-) (ITEM D.V.)

76,907

30,672

251

 

XI. PROFIT FROM HEALTH INSURANCE (I. + II. + III. - IV. +/- V. - VI. - VII. - VIII. - IX. - X.)
BEFORE ALLOCATION OF HALF OF THE PROFIT FROM SUPPLEMENTARY HEALTH INSURANCE

3,789,038

306,785

 

 

XII. ALLOCATED HALF OF THE PROFIT FROM SUPPLEMENTARY HEALTH INSURANCE (-)

0

0

 

 

XIII. RESULT FOR THE TECHNICAL ACCOUNT FOR HEALTH INSURANCE BUSINESS (XI. -XII.)

3,789,038

306,785

 

 

D. NON-TEHNICAL ACCOUNT

 

 

 

I. RESULT OF THE TEHNICAL ACCOUNT FOR NON-LIFE INSURANCE BUSINESS, EXCEPT HEALTH INSURANCE BUSINESS (A.IX.)

74,075,662

93,678,302

79

II. RESULT OF TEHNICAL THE ACCOUNT FOR LIFE INSURANCEBUSINESS (B.XIII.)

8,630,863

12,026,435

72

III. RESULT OF TEHNICAL ACCOUNT FOR HEALTH INSURANCE BUSINESS (C.XIII.)

3,789,038

306,785

 

IV. INCOME FROM INVESTMENT

72,015,776

76,924,108

94

1. Income from participations

3,220,155

2,094,468

154

1.1 Group companies

0

0

 

1.2 Associates

0

177,659

 

1.3 Others

3,220,155

1,916,809

168

2. Income from other investments

57,287,724

60,655,388

94

2.1 Income from land and buildings

2,791,811

2,718,678

103

- group companies

0

0

 

- associates

0

0

 

- others

2,791,811

2,718,678

103

2.2 Interest income

43,565,772

43,624,909

100

- group companies

0

0

 

- associates

3,266

703,880

 

- others

43,562,506

42,921,029

101

2.3 Other income from investments

10,930,141

14,311,801

76

2.3.1 Financial income from revaluation

6,807,150

11,115,099

61

- group companies

482

0

 

- associates

0

101,805

 

- others

6,806,668

11,013,294

62

2.3.2 Other financial income

4,122,991

3,196,702

129

- group companies

0

0

 

- associates

3,361,548

2,696,276

125

- others

761,443

500,426

152

3. Income from asset value adjustments

432,646

388,769

111

4. Profit on disposal of investments

11,075,251

13,785,483

80

V. ALLOCATED INVESTMENT RETURN TRANSFERRED FROM LIFE INSURANCE TEHNICAL ACCOUNT (B.XII.)

-1,266,295

-3,440,304

37

VI. ALLOCATED INVESTMENT RETURN TRANSFERRED FROM THE HEALTH INSURANCE TEHNICAL ACCOUNT (C.X.)

76,907

30,672

251

 
 
 

VII. EXPENSES FROM INVESTMENTS

86,842,880

77,216,226

112

1. Depreciation and amortization of assets not used in operations

1,530,111

1,317,658

116

2. Expenses arising from asset management, interest expenses and other financial expenses

24,429,745

13,173,483

185

3. Revaluation financial expenses

57,034,818

57,391,749

99

4. Loss on disposal of investments

3,848,206

5,333,336

72

VIII. ALLOCATED INVESTMENT RETURN TRANSFERRED TO THE TEHNICAL ACCOUNT FOR NON-LIFE INSURANCE 
BUSINESS, EXCEPT HEALTH INSURANCE BUSINESS (A.II.)

8,240,825

35,840,573

23

IX. OTHER INCOME FROM INSURANCE BUSINESS

1,312,293

1,632,405

80

1. Other income from property insurance except for health insurance

1,195,537

1,307,879

91

2. Other income from life insurance

114,939

323,508

36

3. Other income from health insurance

1,817

1,018

178

X. OTHER EXPENSES

4,599,430

22,750,271

20

1. Other expenses from property insurance except for health insurance

3,750,557

21,554,696

17

2. Other expenses from life assurance

848,873

1,195,540

71

3. Other expenses from health insurance

0

35

 

XI. OTHER INCOME

52,984,834

57,100,434

93

1.Other income from property insurance except for health insurance

52,884,692

57,046,633

93

2. Other expenses from life assurance

65,735

41,240

159

3. Other expenses from health insurance

34,407

12,561

274

XII. OTHER EXPENSES

53,936,328

59,201,500

91

1. Other income from property insurance except for health insurance

53,195,271

58,858,120

90

2. Other expenses from life assurance

209,145

303,855

69

3. Other income from health insurance

531,912

39,525

 

XIII. PROFIT/LOSS BEFORE TAX (I. + II. + III. + IV. + V. + VI. - VII. - VIII. + IX. - X. + XI. - XII.)

57,999,615

43,250,267

134

1. Net profit / -loss from property insurance, except health insurance

48,142,134

35,487,307

136

2. Net profit / -loss from life assurance

6,487,224

7,451,484

87

3. Net profit / -loss from health insurance

3,370,257

311,476

 

XIC. CORPORATE INCOME TAX

22,513,769

23,998,866

94

XV. DEFFERED TAXES

-12,011,395

-7,398,408

162

XVI. NET PROFIT / -LOSS FOR THE ACCOUNTING PERIOD (XIII. - XIV. - XV.)

47,497,241

26,649,809

178

- Net profit / -loss from property insurance, except health insurance

38,833,421

20,577,789

189

- Net profit / -loss from life assurance

5,230,395

5,688,095

92

- Net profit / -loss from health insurance

3,433,425

383,925

894

Split of net profit / -loss

47,497,241

26,649,809

178

- Net profit attributable to equity holders

47,060,748

27,846,858

169

- Net profit attributable to non-controlling interests

436,490

-1,197,049

 

E. COMPREHENSIVE INCOME

 

 

 

I. NET PROFIT/LOSS FOR THE ACCOUNTING PERIOD AFTER TAX

47,497,241

26,649,809

178

II. OTHER COMPREHENSIVE INCOME AFTER TAX (1. + 2. + 3. + 4. + 5. + 6. + 7. + 8. + 9.)

-43,870,371

-9,683,289

453

1. Net profit / loss recognised in a fair value reserve relating to tangible assets

0

0

 

2. Net profit / loss recognised in a fair value reserve relating to intangible assets

0

0

 

3. Actuarial gains / loss for pension programs

0

0

 

4. Valuation gains / losses on available-for-sale financial assts -60,668,067

-11,122,171

545

5. Net profit / loss from non-current assets held for sale

-198,746

0

 

6. Net profit / loss relating to cash flows hedges

0

0

 

7. Share of other comprehensive income / loss of entities accounted  for using the equity method

-2,164,189

-483,129

448

8. Other net profit / loss from other comprehensive income

0

0

 

9. Currency translation differences

-566,861

-538,760

105

10. Tax on other comprehensive income

19,727,492

2,460,771

802

III. COMPREHENSIVE INCOME FOR THE PERIOD AFTER TAX (I. + II.)

3,626,870

16,966,520

21

- attributable to the controlling company

3,718,858

18,458,701

20

- attributable to non-controlling interest holders

-91,988

-1,492,181

6

 
 
 
 
 
 
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