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Λευκωσία 09 Νοεμβρίου 2011
Προς
Χρηματιστήριο Αξιών Κύπρου
Λευκωσία
ΑΝΑΚΟΙΝΩΣΗ
Η Εταιρεία ΚΟΣΜΟΣ ΑΣΦΑΛΙΣΤΙΚΗ
ΕΤΑΙΡΕΙΑ ΔΗΜΟΣΙΑ ΛΤΔ δημοσιοποιεί την Δεύτερη Ενδιάμεση Κατάσταση Διαχείρισης
2011 το πλήρες κείμενο της οποίας επισυνάπτεται.
Για την Κόσμος Ασφαλιστική
Εταιρεία Δημόσια Λτδ
Ανδρέας Τυλλής
Διευθύνων Σύμβουλος
English Translation taken from
http://www.cse.com.cy
Interim
Management Statement
The Company
presents the Second Interim Management Statement for 2011, pursuant to
article 11 of Law 190 (I) 2007.
The report is based on the results from January 1, 2011 to September 30,
2011, which have not been audited by the external auditors of the Company.
Main activities
The Company's main activities during the period remained the same as in
2010. The main activity of the parent company is the conduct of general
sector insurance activities. The main activity of the subsidiary is the
provision of insurance mediator services in the life sector.
Non-recurrent activities
There were no non-recurrent activities or extraordinary activities during
the period.
General description
Results until September 30, 2011
The results for the period from January 1, 2011 to September 30, 2011 have
showed an improvement compared to the corresponding results of 2010.
The profit attributable to shareholders stood at €244,000 compared to a loss
of €963,000 in the corresponding period of 2010.
The profit is attributable to the drop in claims in the vehicles sector and
the change of reinsurance contracts.
The total gross earned premiums during the period fell 1% to €19.5 million
compared to €19.7 million in the corresponding period of 2010.
The vehicles sector declined 8% while the rest recorded an increase of 19%.
The lower production in the sector of vehicles is linked to the government's
decision to terminate the cooperation with loss-making partners and the drop
in vehicles registration.
The gross compensations fell 14% to €11.9 million compared to €13.9 million
in the corresponding period of 2010 due to the improvement of the loss index
in the sector of vehicles.
The net compensations dropped 45% to €6.9 million compared to €12.6 million
in the corresponding period of 2010. This is mostly attributable to the
change of the reinsurance contract in the motor vehicle sector effective
from April 1, 2011 onwards.
The commissions, the operating and administrative expenses rose 5% to €6.8
million compared to €6.4 million in the corresponding period of 2010. This
increase in linked to new staff appointments in order to cover the increased
needs in the sectors that show a significant increase in production and to
the manning of new departments, according to the claims of the directives
concerning Solvency II.
The investment portfolio recorded losses of €131,000 compared to €89,000 in
the corresponding period of 2010 due to the ongoing financial crisis.
Other main facts
There were no other significant facts during the period.
Main risks
The main risks that the Group faces are not different from those described
in the Annual Report 2010.
Prospects for 2011
The Group expects that 2011 will end with profits due to the aforementioned
facts. However, there is a risk of increased losses from the investment
portfolio due to the ongoing financial crisis. Also, for the same reason,
there is a risk of losses from the drop in the value of investment property.
A revaluation of the investment property and the properties used for the
Company's activities will be carried out by an independent property valuator
in December 2011.
The Group's main goal is the increase in its customers' list with quality
evaluation in the acceptance of risks, the restraining of expenses as well
as the better service of the customers and partners. Recently, the Group has
reached agreements with new partners so as to make up for the production of
partnerships that have been terminated.
The Group's aim is the increase in production in all sectors, the
maintenance of a satisfactory profitability in the motor vehicle sector and
the launch of new and pioneer insurance products.
Also, in the next few months, the insurance programs will be upgraded
technologically for the better service of the customers and partners. |
