Consolidated Balance Sheet
"SMP (Luxembourg)" and its wholly-owned subsidiary companies

		2000		1999
20 February 2000	Note	US$	US$	US$	US$
ASSETS
Investments
Equity investments		63,670,889		42,103,486
Fixed interest investments		75,731,802		69,614,570
Deposits with credit institutions		234,996		4,227,227
			139,637,687		115,945,283
Reinsurers' share of technical provisions
Claims outstanding			49,562,695		48,381,424
Debtors
Debtors arising out of direct insurance operations		7,023,809		6,140,110
Debtors arising out of reinsurance operations		83,989		454,526
Other debtors		439,504		1,454,266
			7,547,302		8,048,902
Other assets
Tangible assets		72,814		137,203
Cash at bank and in hand		10,063,204		23,231,233
			10,136,018		23,368,436
Prepayments and accrued income
Accrued interest		1,716,589		1,761,870
Deferred acquisition costs		288,595		326,520
Other prepayments and accrued income		2,321,109		1,605,126
			4,326,293		3,693,516
TOTAL ASSETS			$211,209,995		$199,437,561

		2000		1999
20 February 2000	Note	US$	US$	US$	US$
LIABILITIES
Capital and reserves
Legal reserve		300,000		300,000
Contingency reserve		70,346,305		61,866,181
			70,646,305		62,166,181
Technical provisions
Provision for unearned premiums		3,677,839		3,710,283
Claims outstanding - gross amount		130,623,660		126,504,445
			134,301,499		130,214,728
Provision for other risks and charges
Provision for taxation			320,043		265,170
Creditors
Creditors arising out of direct insurance operations		2,594,461		2,496,760
Creditors arising out of reinsurance operations		2,523,227		3,568,667
			5,117,688		6,065,427
Accruals and deferred income			824,460		726,055
TOTAL LIABILITIES			$211,209,995		$199,437,561

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