Consolidated Balance Sheet
"SMP (Luxembourg)" and its wholly-owned subsidiary companies
|
1999
|
1998
|
||||
| 20 February 1999 |
Note
|
US$
|
US$
|
US$
|
US$
|
|
|
|||||
| ASSETS | |||||
| Investments |
 |
||||
| Equity investments |
42,103,486
|
24,387,911
|
|||
| Fixed interest investments |
69,614,570
|
75,235,007
|
|||
| Deposits with credit institutions |
4,227,227
|
19,678,368
|
|||
|
|
|||||
|
115,945,283
|
119,301,286
|
||||
Reinsurers' share of technical provisions |
|||||
| Claims outstanding |
48,381,424
|
26,294,531
|
|||
Debtors |
|||||
| Debtors arising out of direct insurance operations |
6,140,110
|
5,741,393
|
|||
| Debtors arising out of reinsurance operations |
454,526
|
290,394
|
|||
| Other debtors |
1,454,266
|
979,583
|
|||
|
|
|||||
|
8,048,902
|
7,011,370
|
||||
| Other assets | |||||
| Tangible assets |
137,203
|
62,608
|
|||
| Cash at bank and in hand |
23,231,233
|
2,291,368
|
|||
|
|
|||||
|
23,368,436
|
2,353,976
|
||||
| Prepayments and accrued income | |||||
| Accrued interest |
1,761,870
|
1,600,432
|
|||
| Deferred acquisition costs |
326,520
|
307,855
|
|||
| Other prepayments and accrued income |
1,605,126
|
1,779,074
|
|||
|
|
|||||
|
3,693,516
|
3,687,361
|
||||
|
|
|||||
| TOTAL ASSETS |
199,437,561
|
158,648,524
|
|||
|
1999
|
1998
|
||||
| 20 February 1999 |
Note
|
US$
|
US$
|
US$
|
US$
|
|
|
|||||
| LIABILITIES | |||||
| Capital and reserves |
 |
||||
| Legal reserve |
300,000
|
300,000
|
|||
| Contingency reserve |
 |
61,866,181
|
50,028,384
|
||
|
|
|||||
|
62,166,181
|
50,328,384
|
||||
Technical provisions |
|||||
| Provision for unearned premiums |
3,710,283
|
3,567,705
|
|||
| Claims outstanding - gross amount |
126,504,445
|
96,579,224
|
|||
|
|
|||||
|
130,214,728
|
100,146,929
|
||||
Provision for other risks and charges |
|||||
| Provision for taxation |
265,170
|
265,357
|
|||
Creditors |
|||||
| Creditors arising out of direct insurance operations |
2,496,760
|
2,922,629
|
|||
| Creditors arising out of reinsurance operations |
3,568,667
|
4,129,836
|
|||
| Other creditors |
-
|
192,966
|
|||
|
|
|||||
|
6,065,427
|
7,245,431
|
||||
Accruals and deferred income |
726,055
|
662,423
|
|||
|
|
|||||
| TOTAL LIABILITIES |
199,437,561
|
158,648,524
|
|||
|
|
|||||
The 'Notes to the Accounts' section is part of these Accounts