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 49.42 Kb.
|
- Navigate this page:
- Significant events
- Income from operations
- (4.065) (3.418) Net premiums
- 14.094 14.037 2.40% Expenses
- 11.456 10.893 516% Profit from operations
- (1.076) (752) Profit before taxation
- (385) (398) Profit after taxation
- Consolidated profit attributable to shareholders 1.873
| 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 July 1 to November 21, 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 There were no 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
During the period, the consolidated profit attributable to shareholders fell by 34.8% to €1.87 million against €2.87 million in 2011. This drop is attributable to the drop in profits from insurance activities due to the increased compensations, the increased losses from the sale and revaluation of investments and the drop in finance income. The gross premiums and contract fees stood at €17.50 million compared to €516.73 million in the corresponding period of 2010, recording an increase of 4.6%. The net earned premiums surged 1.9% to €13.43 million against €13.17 million During the same period, the other income from insurance activities fell from €861 thousand to €664 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 €7.42 million (2011: €6.91m) and the claims to earned premiums index increased to 55.3% compared to 52.4% in the corresponding period of 2011. The commissions payable for insurance activities increased by 2.5% to €956 thousand (2011: €933k) mostly due to the increase in the premiums via representatives. The administrative expenses reached €3.08 million compared to €3.05 million in 2011, recording an increase of 0.8%, which is mostly attributable to the increase in the salary expenses and electricity. The net finance income stood at €0.51 thousand, recording a decrease of 17.5% compared to €0.62 million 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 €1.08 million against a loss of €0.75 million in 2011. This sum includes €1.05 million transfer from the fair value reserve during the sale or exchange of capital securities and shares and profit of €0.28 million 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 of the subsidiaries fell by 40.6% to €546 thousand against €919 thousand in the corresponding period of 2011, while the profit after the deduction of minority interest fell to €93 thousand compared to €129 thousand in the corresponding period of 2011. Prospects In this difficult business environment due to the debt crisis and the recession of the Cypriot economy, the Management is taking all necessary measures to moderate the impacts on the turnover and the profitability of the Group. According to indications so far, the Board of Directors believes that the profits attributable to shareholders 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 Download 49.42 Kb. Share with your friends:
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||