Income Statement



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MERKEZ SİGORTA A.Ş.
INCOME STATEMENTS FOR THE YEARS 1999,1998,1997,1996 AND 1995
                     
(Currency in US Dollars)
                     
    1995   1996   1997   1998   1999
                     
I.TECHNICAL INCOMES   34.745.187   30.615.203   20.346.859   17.768.609   13.801.651
A) Collected Premiums   17.580.835   13.769.992   7.640.900   6.864.180   4.439.047
B) Collected Commissions   1.888.436   1.598.945   1.057.315   1.006.527   669.548
C) Reinsurers' Shares in Indemnities Payable   4.404.614   2.512.189   1.724.394   2.033.342   867.032
D) Transferred Technical Provisions   7.277.930   8.959.406   8.057.895   6.402.011   6.876.414
a) Provisions for Current Liabilities   4.202.020   3.147.145   1.996.162   1.188.199   658.298
b) Reserves for Outstanding Loss   3.075.910   2.210.151   2.504.248   761.382   629.861
c) Life Branch Mathematical Reserves   0   0   2.715.114   3.094.126   3.553.568
d) Life Branch Provision for Divident   0   0   842.370   1.358.303   2.034.688
e) Other Technical Provisions   0   3.602.111   0   0   0
E) Reinsurers' Shares in Technical Provisions   3.581.731   3.764.243   1.857.046   1.450.272   940.977
a) Reinsurers' Shares in Current Liabilities   2.146.693   1.806.043   1.341.998   879.343   609.099
b) Reinsurers' Shares in Outstanding Loss   1.435.038   1.958.200   515.048   570.930   331.878
c) Reinsurers' Shares in Other Technical Provisions   0   0   0   0   0
F) Other Incomes   11.640   10.427   9.310   12.277   8.633
II. TECHNICAL EXPENSES   37.227.048   33.821.763   22.639.095   20.711.648   16.928.933
A) Premiums Given to Reinsurers   7.210.016   6.503.636   4.536.341   3.496.564   2.286.632
B) Commissions Paid   2.228.994   1.652.512   701.293   814.407   471.968
C) Indemnities Paid   10.453.328   7.662.990   4.471.897   4.143.166   2.382.334
D) Technical Provisions   13.139.722   15.132.793   10.641.922   10.941.517   11.062.919
a) Provisions for Current Liabilities   5.261.498   3.732.271   1.969.088   1.617.780   1.088.694
b) Reserves for Outstanding Loss   3.556.591   4.682.252   1.261.765   940.282   766.618
c) Life Branch Mathematical Reserves   3.763.597   5.076.512   5.127.596   5.304.908   5.409.069
d) Life Branch Provision for Divident   427.317   1.574.998   2.250.985   3.037.463   3.756.370
e) Provision for Earthquake Losses   130.720   66.760   32.488   41.084   42.167
f) Other Technical Provisions   0   0   0   0   0
E) Reinsurers' Shares in Transferred Technical Provisions   3.660.963   2.201.760   2.013.262   1.120.590   705.132
a) Reinsurers' Shares in Current Liabilities   2.138.954   1.304.148   965.941   809.797   322.687
b) Reinsurers' Shares in Outstanding Loss   1.522.009   897.612   1.047.321   310.793   382.445
c) Reinsurers' Shares in Other Technical Provisions   0   0   0   0   0
F) Other Expenses   534.026   668.072   274.380   195.403   19.949
III.TECHNICAL PROFIT / (LOSS) (I-II)   -2.481.862   -3.206.559   -2.292.236   -2.943.039   -3.127.283
IV.GENERAL EXPENSES   4.417.245   5.625.206   2.110.685   1.774.959   1.397.775
A) Personnel Expenses   1.489.491   1.747.212   958.961   909.620   589.737
B) Administrative Expenses   2.344.425   1.521.777   804.968   671.072   547.800
C) Taxes and Other Duties   10.730   0   0   0   0
D) Depreciation Expenses   229.653   227.270   176.460   152.237   82.014
E) Provisions   218.748   2.055.871   134.656   0   176.857
F) Other Expenses   124.198   73.075   35.639   42.030   1.366
V.FINANCIAL INCOMES   4.430.952   5.827.104   5.294.510   5.556.091   5.203.867
A) Interest Income   2.835.932   4.567.890   4.676.178   2.000.946   4.319.607
B) Gains from Dividents   12.546   0   0   0   0
C) Gains from Sales   629.501   230.137   111.202   2.168.076   882.107
D) Rental Income   1.763   0   1.281   25.552   1.216
E) Exchange Income   545.818   1.026.083   503.725   1.359.208   938
F) Other Income and Gains   405.393   2.995   2.124   2.309   0
VI.FINANCIAL EXPENSES   19.849   244.693   224.882   530.900   174.781
A) Interest Expenses   0   29   1.242   0   13.223
B) Loss from Sales   0   2.162   0   296.691   67.707
C) Exchange Expenses   19.849   242.502   223.640   157.777   93.851
D) Provisions   0   0   0   76.432   0
E) Other Expenses   0   0   0   0   0
VII.ELEMENTER BRANCH TECHNICAL PROFIT / (LOSS)   -2.481.862   -3.206.559   -2.292.236   -2.943.039   -3.127.283
VIII.PROFIT / (LOSS) FROM OTHER OPERATIONS   -6.142   -42.795   2.958.943   3.250.233   3.631.312
IX.TOTAL PROFIT / (LOSS)   -2.488.003   -3.249.354   666.707   307.193   504.029

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