Equity and liabilities

The total value of equity as at 31 December 2011 was EUR 489.5 million or 2% less than in the year before. Its share in the balance-sheet total equalled 16.5%, the same as in 2010. Controlling interests amounted to EUR 465.3 million, while non-controlling interests holders had EUR 24.2 million. The share capital of EUR 73.7 million was divided into 22,735,148 ordinary shares (see also Section Share capital ) and was EUR 50.0 million higher than as at the end of 2010. At the 35th regular General Meeting of Shareholders of Zavarovalnica Triglav a resolution was passed to increase the share capital by capitalisation of reserves without issuing new shares, from net profit brought forward.

The fair value reserve, which represents changes in the fair value of available-for-sale financial assets, totalled EUR 2.8 million. This reduction was affected by an impairment due to the falling asset value resulting from the developments on financial markets induced by the financial crisis.

Share premium amounted to EUR 53.2 million. Reserves from profit increased significantly due to a transfer of EUR 160.0 million from accumulated profits and equalled EUR 230.8 million (index 333). Reserves from profit include legal, statutory and contingency reserves in the amount of EUR 20.0 million, credit risk equalisation reserves of EUR 34.9 million and other profit reserves of EUR 176.0 million.

Accumulated profits for the year were EUR 107.3 million. In addition to EUR 46.2 million in net profit for the year, they also include EUR 61.1 million of net profit brought forward.

Subordinated liabilities of the Group remained at the 2010 level. They amounted to EUR 40.9 million and accounted for 1.4% share of total balance sheet liabilities.

Gross insurance technical provisions decreased by 2% to EUR 2,234.1 million by the end of 2011. In the balance sheet total they accounted for 75.4%, which is 0.3 percentage points more than in 2010. As at the last day of 2011 mathematical provisions amounted to EUR 1,210.0 million, which is 1% lower than at the end of the previous year. Provisions for gross unearned premiums shrunk by 2%, gross claims provisions by 1%, while the volume of other insurance technical provisions shrunk by 27%.

Financial liabilities of EUR 39.5 million were 13% higher than in 2010. In the balance sheet total they accounted for only 1.3% (in 2010: 1.2%).

Operating liabilities of the Group reached EUR 57.9 million, after a 15% decrease from the level reported at the 2010 year end. Their share in the balance sheet total was 2.0% or 0.3 percentage points less than in the preceding year. Liabilities from direct insurance operations decreased as well. They fell by 10% and amounted to EUR 20.9 million, whilst liabilities from co-insurance and reinsurance operations rose by 29% and reached EUR 36.1 million. Current tax liabilities equalled EUR 826.7 thousand.

Other liabilities decreased as well (by 11%). Reaching 61.0 million, they accounted for a 2.1 share of the balance sheet total.


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