Minerva Insurance Company Public LTD

Annual / Quarterly Financial Statement • Apr 16, 2014

CONSOLIDATED PROFIT AND LOSS ACCOUNT

For the year ended December 31, 2013

Realized gross premiums Decrease in gross reserve of unearned	11.702.098	13.681.668
premiums	664.764	1.012.649
Gross earned premiums	12.366.862	14.694.317
Reinsurance in realized gross premiums	(1.277.091)	(1.596.247)
Reinsurance share in decrease of gross reserve of unearned premiums	(98.541)	(223.003)
Net earned premiums	10.991.230	12.875.067
Commissions and other fees receivable	677.238	539.590
Loss on investments	(307.895)	(506.823)
Other income from operations Revaluation loss of investment property	101.008 (522.354)	58.846 (19.719)
Net income	10.939.227	12.946.961
Gross claims, provisions and variation in
provision of life sector reserve Decrease/increase reinsurance share in gross claims, provisions and variation in provision of life sector	(4.992.311)	(6.765.748)
reserve	(57.828)	218.468
Net insurance claims and provisions	(5.050.139)	(6.547.280)
Acquisition cost	(2.684.339)	(3.239.060)
Administrative expenses	(2.076.297)	(2.565.461)
Expenses for acquisition of financial instruments Bad debt provision	(7.048) (250.000)	(20.958) (1.650.604 )
Expenses	(10.067.823)	(14.023.363)
Profit/Loss from operations	871.404	(1.076.402)
Finance income	-	663
Finance cost	(192.765)	(290.847)
Net finance cost	(192.765)	(290.184)
Profit/Loss before taxation	678.639	(1.366.586)
Taxation	42.550	(32.411)
Profit/Loss of the year attributable to owners of
the company	721.189	(1.398.997)
Profit/Loss per share attibutable to owners of
the Company (cents)	0,92	(1,78)

CONSOLIDATED BALANCE SHEET AS AT DECEMBER 31, 2013

	2013	2012
	€	€
ASSETS
Property, plant and equipment	1.959.290	2.023.047
Intangible assets	163.979	165.605
Investment property	9.537.741	10.059.741
Total non-current assets	11.661.010	12.248.393
Financial assets at fair value via the profit and	1.449.334	2.613.351
loss account
Insurance and other claims	9.213.026	10.286.526
Deferred acquisition cost	1.187.962	1.333.371
Share of reinsurance in claims and technical reserves	1.662.413	1.922.779
Cash and cash equivalents	17.103.363	20.040.436
Total current assets	30.616.098	36.196.463
TOTAL ASSETS	42.277.108	48.444.856
EQUITY
Share capital	13.330.532	13.330.532
Reserves	(5.968.517)	(6.441.841)
Total equity	7.362.015	6.888.691
LIABILITIES Life sector reserve	9.511.601	12.510.046
Long-term loans and finance leases	2.468.006	2.727.229
Deferred taxation	926.633	989.536
	12.906.240	16.226.811
TOTAL NON CURRENT LIABILITIES
General Insurance sector reserve	18.880.889	21.303.012
Insurance and other claims	2.934.009	2.499.561
Bank overdrafts	-	1.247.997
Current installments of long-term loans and finance leases	183.425	267.218
Taxation due	10.530	11.556
TOTAL CURRENT LIABILITIES	22.008.853	25.329.354
TOTAL LIABILITIES	34.915.093	41.556.165
TOTAL EQUITY AND LIABILITIES	42.277.108	48.444.856