CONSOLIDATED INCOME STATEMENT

in EUR

2014

2013

NET PREMIUM INCOME

819,864,481

837,642,667

- gross written premium

888,246,603

900,892,580

- ceded written premium

-73,316,563

-70,920,674

- change in unearned premiums

4,934,441

7,670,761

INCOME FROM FINANCIAL ASSETS

236,378,245

184,692,544

INCOME FROM FINANCIAL ASSETS IN ASSOCIATES

147,755

63,423

- profit on equity investments accounted for using the equity method

147,755

39,532

- interest expense

0

0

- dividends

0

0

- fair value gains

0

0

- realised gains on disposals

0

23,891

- other financial income

0

0

INCOME FROM OTHER FINANCIAL ASSETS

172,738,610

136,153,098

- interest income

73,244,445

76,142,863

- dividends

4,843,275

2,856,987

- fair value gains

26,799,233

22,249,328

- realised gains on disposals

60,089,485

28,643,036

- other financial income

7,762,172

6,260,884

NET UNREALISED GAINS ON UNITLINKED LIFE INSURANCE ASSETS

63,491,880

48,476,023

OTHER INCOME FROM INSURANCE OPERATIONS

8,744,516

7,910,551

- fees and commission income

4,110,851

2,493,159

- other income from insurance operations

4,633,665

5,417,392

OTHER INCOME

84,197,373

76,614,124

NET CLAIMS INCURRED

594,726,608

571,663,099

- gross claims settled

615,722,529

627,508,334

- reinsurers’ share

-20,330,306

-35,840,696

- changes in claims provisions

-8,443,475

-27,985,203

- equalisation scheme expenses for supplementary health insurance

7,777,860

7,980,664

CHANGE IN OTHER INSURANCE TECHNICAL PROVISIONS

59,648,824

2,651,409

CHANGE IN INSURANCE TECHNICAL PROVISIONS FOR UNIT-LINKED INSURANCE CONTRACTS

23,841,561

17,906,261

EXPENSES FOR BONUSES AND DISCOUNTS

10,219,321

6,539,195

OPERATING EXPENSES

199,423,503

199,362,100

- acquisition costs

135,886,064

128,032,778

- other operating costs

63,537,439

71,329,322

EXPENSES FROM FINANCIAL ASSETS AND LIABILITIES

60,278,747

114,386,924

EXPENSES FROM FINANCIAL ASSETS AND LIABILITIES IN ASSOCIATES

70,574

1,417,909

- loss on investments accounted for using the equity method

70,574

986,250

- interest expense

0

0

- fair value losses

0

0

- realised loss on disposals

0

418,604

- loss on impairment of financial assets

0

0

- other expenses from financial assets and liabilities

0

13,054

EXPENSES FROM OTHER FINANCIAL ASSETS AND LIABILITIES

40,689,456

79,179,913

- interest expense

2,948,802

3,394,926

- fair value losses

12,897,286

23,209,947

- realised loss on disposals

9,930,193

15,744,740

- loss on impairment of financial assets

6,341,300

28,144,000

- other expenses from financial assets and liabilities

8,571,875

8,686,300

NET UNREALISED LOSSES ON UNIT-LINKED LIFE INSURANCE ASSETS

19,518,717

33,789,102

OTHER INSURANCE EXPENSES

20,349,159

23,683,481

OTHER EXPENSES

80,285,864

87,026,356

PROFIT/ LOSS BEFORE TAX

100,411,028

83,641,061

Income tax expense

14,728,560

13,790,058

NET PROFIT / LOSS FOR THE ACCOUNTING PERIOD

85,682,468

69,851,003

Net profit / loss attributable to the controlling company

85,388,016

69,541,096

Net profit / loss attributable to non-controlling interest holders

294,452

309,906

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