CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT
"SMP (Luxembourg)" and its wholly-owned subsidiary companies
| For the year ended 20 February 1999 |
1998/99
|
1997/98
|
|||||
|
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 |
 |
51,504,646
|
7,416,183
|
58,920,829
|
52,345,230
|
6,843,453
|
59,188,683
|
| Outward reinsurance premiums |
(12,535,631)
|
(2,627,069)
|
(15,162,700)
|
(16,156,301)
|
(2,659,535)
|
(18,815,836)
|
|
| Change in the gross provision for unearned premiums |
(142,578)
|
-
|
(142,578)
|
(418,411)
|
-
|
(418,411)
|
|
|
|
|||||||
|
38,826,437
|
4,789,114
|
43,615,551
|
35,770,518
|
4,183,918
|
39,954,436
|
||
| Allocated investment return transferred from the non-technical account |
9,472,389
|
1,999,304
|
11,471,693
|
9,561,084
|
1,230,733
|
10,791,817
|
|
| Exchange gains / (losses) |
 |
1,072,493
|
559,211
|
1,631,704
|
(339,320)
|
(782,963)
|
(1,122,283)
|
| Claims incurred net of reinsurance |
|||||||
| Claims paid | |||||||
|
Gross amount
|
(30,527,700)
|
(1,469,160)
|
(31,996,860)
|
(32,023,145)
|
(2,368,704)
|
(34,391,849)
|
|
| Reinsurers' share |
6,358,732
|
566,069
|
6,924,801
|
5,144,051
|
913,716
|
6,057,767
|
|
Change in the provision for claims outstanding |
|||||||
| Gross amount |
(26,693,603)
|
(3,231,618)
|
(29,925,221)
|
964,271
|
(1,339,240)
|
(374,969)
|
|
| Reinsurers' share |
20,494,189
|
1,592,704
|
22,086,893
|
(1,439,863)
|
1,251,562
|
(188,301)
|
|
Net operating expenses |
|||||||
| Acquisition costs |
(3,628,397)
|
(1,227,910)
|
(4,856,307)
|
(3,124,003)
|
(1,098,644)
|
(4,222,647)
|
|
| Change in deferred acquisition costs |
18,665
|
-
|
18,665
|
170,919
|
-
|
170,919
|
|
| Administrative expenses |
(5,496,695)
|
(1,223,382)
|
(6,720,077)
|
(5,015,514)
|
(1,069,426)
|
(6,084,940)
|
|
|
|
|||||||
Balance on the technical account |
|||||||
|
9,896,510
|
2,354,332
|
12,250,842
|
9,668,998
|
920,952
|
10,589,950
|
||
|
|
|||||||
| For the year ended 20 February 1999 |
1998/99
|
1997/98
|
|||||
|
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 |
|||||||
|
9,896,510
|
2,354,332
|
12,250,842
|
9,668,998
|
920,952
|
10,589,950
|
||
Investment income |
|||||||
| Income from investments |
4,731,794
|
609,441
|
5,341,235
|
5,009,892
|
532,705
|
5,542,597
|
|
| Value readjustments on investments |
 |
1,838,521
|
(425,418)
|
1,413,103
|
416,631
|
219,289
|
635,920
|
| Gains on realisation of investments |
|
5,598,873
|
2,101,926
|
7,700,799
|
5,859,882
|
505,029
|
6,364,911
|
Investment expenses |
|||||||
| Investment management charges |
(342,385)
|
(27,250)
|
(369,635)
|
(268,239)
|
(20,375)
|
(288,614)
|
|
| Losses on realisation of investments |
|
(2,354,414)
|
(259,395)
|
(2,613,809)
|
(1,457,082)
|
(5,915)
|
(1,462,997)
|
|
9,472,389
|
1,999,304
|
11,471,693
|
9,561,084
|
1,230,733
|
10,791,817
|
||
| Allocation of net investment income to technical account |
(9,472,389)
|
(1,999,304)
|
(11,471,693)
|
(9,561,084)
|
(1,230,733)
|
(10,791,817)
|
|
|
|
|||||||
| Excess of income over expenditure |
9,896,510
|
2,354,332
|
12,250,842
|
9,668,998
|
920,952
|
10,589,950
|
|
| Taxation |
(390,000)
|
(23,045)
|
(413,045)
|
(338,823)
|
(16,516)
|
(355,339)
|
|
|
|
|||||||
| Excess of income over expenditure for financial year |
9,506,510
|
2,331,287
|
11,837,797
|
9,330,175
|
904,436
|
10,234,611
|
|
| Transfer to contingency reserve |
(9,506,510)
|
(2,331,287)
|
(11,837,797)
|
(9,330,175)
|
(904,436)
|
(10,234,611)
|
|
|
|
|||||||
| Balance at 20 February, 1999 |
-
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|||||||
The 'Notes to the Accounts' section is part of these Accounts