B. CONSOLIDATED INCOME STATEMENT

Consolidated income statement

     

in EUR

 

Notes

2011

2010

NET PREMIUM INCOME

7.1

916,278,896

946,170,224

- gross written premium

 

989,398,804

1,013,560,225

- ceded written premium

 

-80,087,864

-74,371,737

- change in unearned premiums

 

6,967,956

6,981,736

INCOME FROM FINANCIAL ASSETS

7.2

148,981,933

181,533,361

INCOME FROM FINANCIAL ASSETS IN ASSOCIATES


4,269,157

6,332,162

- profit on equity investments accounted for using the equity method

 

4,265,615

3,525,434

- interest expense

 

3,060

1,353,194

- fair value gains

7.4

0

187,561

- realised gains on disposals

7.5

0

1,261,807

- other financial income

 

482

4,166

INCOME FROM OTHER FINANCIAL ASSETS

 

118,961,870

132,682,856

- interest income

 

85,744,485

83,863,954

- dividends

 

4,366,741

3,110,228

- fair value gains

7.4

6,575,898

12,834,622

- realised gains on disposals

7.5

16,145,886

26,366,161

- other financial income

 

6,128,860

6,507,892

NET UNREALISED GAINS ON UNITLINKED LIFE INSURANCE ASSETS

 

25,750,906

42,518,343

OTHER INCOME FROM INSURANCE OPERATIONS

7.6

26,441,506

22,433,024

- fees and commission income

 

17,402,868

14,633,234

- other income from insurance operations

 

9,038,638

7,799,790

OTHER INCOME

7.7

57,156,897

61,561,494

NET CLAIMS INCURRED

7.8

576,117,033

557,704,906

- gross claims settled

 

593,872,215

588,325,459

- reinsurers’ share

 

-22,450,576

-30,148,316

- changes in claims provisions

 

-1,961,843

-6,334,129

- equalisation scheme expenses for supplementary health insurance

 

6,657,237

5,861,892

CHANGE IN OTHER INSURANCE TECHNICAL PROVISIONS

7.9

-2,909,572

62,450,614

CHANGE IN INSURANCE TECHNICAL PROVISIONS FOR UNIT-LINKED INSURANCE CONTRACTS

7.9

- 11,402,162

66,351,880

EXPENSES FOR BONUSES AND DISCOUNTS

7.10

6,458,995

5,735,228

OPERATING EXPENSES

7.11

203,308,320

208,135,976

- acquisition costs

 

130,633,390

132,463,862

- other operating costs

 

72,674,930

75,672,114

EXPENSES FROM FINANCIAL ASSETS AND LIABILITIES

7.3

202,010,429

121,554,254

EXPENSES FROM FINANCIAL ASSETS AND LIABILITIES IN ASSOCIATES

 

19,175,570

4,683,649

- loss on investments accounted for using the equity method

 

16,977,661

1,504,027

- interest expense

 

0

589,645

- fair value losses

7.4

1,775,494

174,093

- realised loss on disposals

 

94,434

0

- loss on impairment of financial assets

7.3

327,453

2,387,884

- other expenses from financial assets and liabilities

 

528

28,000

EXPENSES FROM OTHER FINANCIAL ASSETS AND LIABILITIES

 

107,035,830

88,273,022

- interest expense

 

5,849,807

6,531,136

- fair value losses

7.4

10,847,926

12,215,391

- realised loss on disposals

7.5

17,273,701

9,414,307

- loss on impairment of financial assets

7.3

62,861,127

48,664,399

- other expenses from financial assets and liabilities

 

10,203,269

11,447,789

NET UNREALISED LOSSES ON UNIT-LINKED LIFE INSURANCE ASSETS

 

75,799,029

28,597,583

OTHER INSURANCE EXPENSES

7.12

55,953,030

61,439,998

OTHER EXPENSES

7.13

61,323,544

85,074,981

PROFIT/ LOSS BEFORE TAX

 

57,999,615

43,250,266

Income tax expense

7.14

-10,502,374

-16,600,458

NET PROFIT / LOSS FOR THE ACCOUNTING PERIOD

 

47,497,241

26,649,808

Net profit / loss attributable to the controlling company

 

47,060,748

27,846,858

Net profit / loss attributable to non-controlling interest holders

 

436,490

-1,197,048

 

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