Activities During the period, the Group’s activities focused on the conduct of activities in the general insurance sector and the provision of financial, advisory and brokerage services via its subsidiary Atlantic Securities Ltd



Download 50.49 Kb.
Date11.02.2018
Size50.49 Kb.
The Board of Directors of Atlantic Insurance Company Public Ltd presents the Interim Management Statement of the Company and its subsidiaries for the period from January 1 to May 29, 2012, pursuant to the provisions of Article 11 of Law 190(I)/2007 of the Transparency Requirements.
The unaudited Interim Management Statement has been prepared pursuant to the provisions of Article 11 of the Transparency Requirements Law 2007.

Activities

During the period, the Group’s activities focused on the conduct of activities in the general insurance sector and the provision of financial, advisory and brokerage services via its subsidiary Atlantic Securities Ltd.



Significant events

EAC compensation


The compensations are paid gradually depending on the progress of restoration activities in EAC plants. The total amount of compensations paid during the period stands at €12 million.
The Company in cooperation with the reinsurers revised its forecast for the total compensations from €300 million to €220 million based on the recent assessment of losses from the professional valuators’ firm, which was appointed by the reinsurers. A similar revision was made to the provision of the total regaining amount from the reinsurers, which is included in the debtors and other accounts.
There were no other significant events and transactions other that the Group’s ordinary activities during the period.

Non recurrent or extraordinary activities

There were no non-recurrent or extraordinary activities during the period.




Main risks and uncertainties

The main risks that the Company faces are the same as those described in the Annual Report 2011.



Results for the period 1.1.2012 – 31.3.2012





Unaudited




Insurance activities

2012

2011

Variation








%

Income from operations










Gross premiums

5.849

5.882

-0.56%

Reinsurance share

(1.213)

(1.276)




Net premiums

4.636

4.606

0.65%

Transfer to unearned premiums

(180)

(273)




Net earned premiums

4.456

4.333

2.84%

Other income

234

345




 

4.690

4.677

2.40%

Expenses










Claims from insured

2.490

2.373

4.91%

Commissions payable

326

299

9.06%

Operating expenses

1.048

959

9.20%

 

3.863

3.631

6.39%

Profit from operations

827

1.046

-20.99%

Net finance income

174

186

-6.36%

Other income from investments

29

22




(Profit)/Loss from sale and revaluation of investments

133

(102)




Profit before taxation

1.163

1.153

0.86%

Taxation

(154)

(130)




Profit after taxation

1.009

1.023

-1.34%













Financial activities






















Income from operations

107

133

-41.08%













Profit after taxation

107

133

-19.55%

Minority interest

(41)

(52)




Profit for the period

66

81

-18.42%

Consolidated profit attributable to shareholders

1.076

1.104

-2.60%

During the period, the after tax profits in the sector of insurance activities remained at the same level as last year and stood at €1.01 million against €1.02 million in 2011 with a marginal decrease of 1.3%. The profits from financial activities fell to €66 thousand (2011: €81 thousand), recording a decline of 18.4%. As a result, the consolidated profit attributable to shareholders fell by 2.6% to €1.08 million against €1.10 million in 2011.


The gross premiums and contract fees stood at €5.85 million compared to €5.88 million in the corresponding period of 2010, recording slight decrease of 0.5%. The net premiums surged 0.6% to €4.64 million against €4.61 million, while the net earned premiums reached €4.46 million against €4.33 million in the corresponding period of 2010 (+2.8%).
During the same period, the other income from insurance activities fell from €345 thousand to €234 thousand. This drop is attributable to the lower receivable reinsurance commissions due to a drop in the reinsurance limits of the assets sector, the drop in the share of profits from joint ventures and the inclusion of non recurrent revenue of €57 thousand in the other income of 2011, which resulted from the VAT return of previous years.
The claims from the insured stood at €2.49 million (2011: €2.37m) and the claims to earned premiums index increased to 55.88% compared to 54.77% in the corresponding period of 2011. The commissions payable for insurance activities increased by 9.1% to €326 thousand (2011: €299k) mostly due to the increase in the premiums via representatives.
The administrative expenses reached €1.05 million compared to €0.96 million in 2011, recording an increase of 9.2%, which is mostly attributable to the increase in the salary expenses and the bad debt provisions. The administrative expenses include bad debt provisions of €51 thousand (2011: €10k).
The net finance income stood at €174 thousand, recording a decrease of 6.4% compared to €186 thousand last year. This decline is linked to the placement of a significant part of they bank deposits in foreign banks with lower interest rate.
The loss from sale and revaluation of investments stood at €133 thousand against a loss of €102 thousand in 2011. The profit resulted from investments in investment portfolios abroad.
As a result of the unfavourable financial conditions and the significant decrease in the trading activity in the Cyprus and Athens stock exchanges, the income from financial activities fell 41.0% to €261 thousand against €443 thousand in the corresponding period of 2011.
Prospects
The Board of Directors believes that the profits for 2012 will remain at the same level as last year.
Directory: media -> announce word
media -> Tsunami Terror Alert: Voices of Youth
media -> Biblical Eschatology Presentation by: D. Paul Beck May 4, 2016 Ground Rules
media -> Guide to completing the collection using the Omnibus system
media -> The milk carton kids
media -> Events Date and Location
media -> The Gilded Age: The First Generation of Historians by H. Wayne Morgan University of Oklahoma, April 18, 1997
media -> Analysis of Law in the United Kingdom pertaining to Cross-Border Disaster Relief Prepared by: For the 30 June 2010 Foreword
media -> Cuba fieldcourse 2010
announce word -> Atlantic insurance company public limited
announce word -> Activities During the period, the Group’s activities focused on the conduct of activities in the general insurance sector and the provision of financial, advisory and brokerage services via its subsidiary Atlantic Securities Ltd


Share with your friends:


The database is protected by copyright ©ininet.org 2019
send message

    Main page