Minerva Insurance Company Public LTD

CONSOLIDATED PROFIT AND LOSS ACCOUNT

Realized gross premiums Decrease in gross stock of unearned	11.252.946	11.702.098
premiums	20.870	664.764
Gross earned premiums	11.273.816	12.366.862
Reinsurance in realized gross premiums Reinsurance share in decrease of gross	(1.244.672)	(1.277.091)
stock of unearned premiums	66.301	(98.541)
Net earned premiums	10.095.445	10.991.230
Commissions and other fees receivable	559.216	677.238
Loss from investments Other income from operations	683.297 153.558	(307.895) 101.008
Fair value loss in investment property	-	(552.354)
Net income	11.491.516	10.939.227
Gross claims, provisions and variation in
provision of life sector stock Increase/(decrease) of reinsurance share in gross claims, provisions and variation in provision of life sector	(6.230.050)	(4.992.311)
stock	88.858	(57.828)

Net insurance claims and provisions	(6.141.192)	(5.050.139)
Acquisition cost	(2.434.388)	(2.684.339)
Administrative expenses Expenses for acquisition of financial means Bad debt provision Expenses	(1.871.114) (1.715) (768.780) (11.217.189)	(2.076.297) (7.048) (250.000) (10.067.823)
Profit from operations	274.327	871.404
Finance cost	(130.968)	(192.765)
Net finance cost	(130.968)	(192.765)
Profit before taxation	143.359	678.639
Taxation	(27.191)	42.550
Profit for the year attributable to owners of
the company	116.168	721.189
Earnings per share attibutable to owners of

	2014 €	2013 €

Assets
Property, plant and equipment	1.770.954	1.837.244
λ Intangible assets	141.874	163.979
Investment property	5.683.000	5.683.000
Investments in subsidiaries	3.528.209	3.528.209
Total non current assets		11.124.037 11.212.432
Financial assets at fair value via the
results	1.287.322	1.280.826
Insurance and other claims	8.206.596	8.753.217
α Deferred acquisition costs	1.124.478	1.187.962
Reinsurance share in claims and technical reserves	1.528.717	1.662.413
Receivables from subsidiaries	3.969.461	3.843.890
τCash and cash equivalents		14.753.015 17.100.564
Total current assets		30.869.589 33.828.872
Total assets		41.993.626 45.041.304
Equity
Share capital		13.330.532 13.330.532
οReserves		(2.523.717) (2.874.408)
Total equity		10.806.815 10.456.124
ο Liabilities
όLife sector reserve	8.546.603	9.511.601
Long term loans	2.283.012	2.435.813
αDeferred taxation	655.621	655.621
Total con current liabilities		11.485.236 12.603.035
Life sector insurance reserves		17.376.378 18.880.889
Insurance and other liabilities	1.649.702	2.922.987
α Bank overdrafts	485.588
Current installments of long term loans	180.132	169.117
Taxation due	9.775	9.152
Total current liabilities		19.701.575 21.982.145
Total liabilities		31.186.811 34.585.180
Total equity and liabilities		41.993.626 45.041.304