Accounts:

Balance Sheet
"SMP (Luxembourg)"

		1999		1998
20 February 1999	Note	US$	US$	US$	US$
ASSETS Investments
Deposits with credit institutions		75,000		87,752
Investments in affiliated undertakings		2,371,335		2,371,361
Reinsurers' share of technical provisions
Claims outstanding			119,198,344		89,893,065
Debtors
Debtors arising out of direct insurance operations		6,140,110		5,741,393
Debtors arising out of reinsurance operations		454,526		290,394
Amounts owed by affiliated undertakings		2,630,406		4,646,331
Other debtors		1,253,462		864,784
			10,478,504		11,542,902
Other assets
Cash at bank and in hand			2,624,913		1,467,733
Prepayments and accrued income
Accrued interest		6,120		6,383
Deferred acquisition costs		326,520		307,855
Other prepayments and accrued income		1,599,219		1,759,510
			1,931,859		2,073,748
TOTAL ASSETS			136,679,955		107,436,561

		1999		1998
20 February 1999	Note	US$	US$	US$	US$
LIABILITIES
Capital and reserves			(2,999,882)		(2,765,006)
Income and expenditure account - adverse balance
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		265,358
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
Amounts owed to affiliated undertakings		2,747,656		2,174,025
Other creditors		-		192,966
			8,813,083		9,419,456
Accruals and deferred income			386,856		369,824
TOTAL LIABILITIES			136,679,955		107,436,561

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