Shipowners - Local Knowldge Global Support
 

About Us

Library

Loss Prevention

Contact Us

Brokers Section

Home

 

< go back to Accounts Index Page

Accounts:

CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT
"SMP (Luxembourg)" and its wholly-owned subsidiary companies

For the year ended
20 February 2000
1999/00
    
1998/99
  
 
Note
Class 1
US$
Inland
Craft Class
US$
Consolidated
Total
US$
Class 1
US$
Inland
Craft Class
US$
Consolidated
Total
US$
TECHNICAL ACCOUNT
Earned Premiums
Gross premiums written
Click here to view the notes. To return please use the browser back button
52,308,420
6,394,628
58,703,048
51,504,646
7,416,183
58,920,829
Outward reinsurance premiums  
(9,437,634)
(2,232,856)
(11,670,490)
(12,535,631)
(2,627,069)
(15,162,700)
Change in the gross provision for unearned premiums  
32,444
-
32,444
(142,578)
-
(142,578)
   
42,903,230
4,161,772
47,065,002
38,826,437
4,789,114
43,615,551
Allocated investment return transferred from the non-technical account  
11,740,412
3,619,389
15,359,801
9,472,389
1,999,304
11,471,693
Exchange gains / (losses)
Click here to view the notes. To return please use the browser back button
(5,446,252)
(1,610,592)
(7,056,844)
1,072,493
559,211
1,631,704

Claims incurred net of reinsurance
Claims paid
Gross amount
  
(36,412,283)
(3,015,731)
(39,428,014)
(30,527,700)
(1,469,160)
(31,996,860)
Reinsurers' share  
7,945,638
209,215
8,154,853
6,358,732
566,069
6,924,801
Change in the provision for claims outstanding
Gross amount  
(3,609,016)
(510,199)
(4,119,215)
(26,693,603)
(3,231,618)
(29,925,221)
Reinsurers' share  
31,824
1,149,447
1,181,271
20,494,189
1,592,704
22,086,893

Net operating expenses
Acquisition costs  
(4,185,694)
(1,086,892)
(5,272,586)
(3,628,397)
(1,227,910)
(4,856,307)
Change in deferred acquisition costs  
(37,925)
-
(37,925)
18,665
-
18,665
Administrative expenses  
(5,924,597)
(1,093,406)
(7,018,003)
(5,496,695)
(1,223,382)
(6,720,077)
 
Balance on the technical account
7,005,337
1,823,003
8,828,340
9,896,510
2,354,332
12,250,842

 

For the year ended
20 February 2000
1999/00
    
1998/99
  
 
Note
Class 1
US$
Inland
Craft Class
US$
Consolidated
Total
US$
Class 1
US$
Inland
Craft Class
US$
Consolidated
Total
US$
NON-TECHNICAL ACCOUNT

Balance on the technical account
7,005,337
1,823,003
8,828,340
9,896,510
2,354,332
12,250,842

Investment income
Income from investments  
4,794.981
541,829
5,336,810
4,731,794
609,441
5,341,235
Value readjustments on investments
Click here to view the notes. To return please use the browser back button
1,922,971
1,952,299
3,875,270
1,838,521
(425,418)
1,413,103
Gains on realisation of investments
Click here to view the notes. To return please use the browser back button
6,723,191
1,323,060
8,046,251
5,598,873
2,101,926
7,700,799

Investment expenses
Investment management charges  
(329,084)
(25,017)
(354,101)
(342,385)
(27,250)
(369,635)
Losses on realisation of investments
Click here to view the notes. To return please use the browser back button
(1,371,647)
(172,782)
(1,544,429)
(2,354,414)
(259,395)
(2,613,809)
   
11,740,412
3,619,389
15,359,801
9,472,389
1,999,304
11,471,693
Allocation of net investment income to technical account  
(11,740,412)
(3,619,389)
(15,359,801)
(9,472,389)
(1,999,304)
(11,471,693)
Excess of income over expenditure  
7,005,337
1,823,003
8,828,340
9,896,510
2,354,332
12,250,842
Taxation  
(324,962)
(23,254)
(348,216)
(390,000)
(23,045)
(413,045)
Excess of income over expenditure for financial year  
6,680,375
1,799,749
8,480,124
9,506,510
2,331,287
11,837,797
Transfer to contingency reserve  
(6,680,375)
(1,799,749)
(8,480,124)
(9,506,510)
(2,331,287)
(11,837,797)
Balance at 20 February, 2000  
-
-
-
-
-
-

The 'Notes to the Accounts' section is part of these Accounts