UNCONSOLIDATED UNAUDITED
QUARTERLY REPORT,
FOR THE PERIOD
1 January 2022 - 31 March 2022
Zagreb, April 2022
CONTENT
I. UNAUDITED FINANCIAL STATEMENTS ................................................................................. 3
STATEMENT OF COMPREHENSIVE INCOME .................................................................................. 4
STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) ........................................................... 6
STATEMENT OF CHANGES IN EQUITY ............................................................................................. 8
STATEMENT OF CASH FLOWS indirect method ........................................................................... 9
II. QUARTERLY MANAGEMENT REPORT .............................................................................. 10
III. NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD I-III 2022 ..... 16
MANAGEMENT BOARD STATEMENT ...................................................................................... 26
I. UNAUDITED FINANCIAL STATEMENTS
Annex 1
ISSUER'S GENERAL DATA
(name of the bookkeeping firm)
Contact person: Jelena Matijević
(only name and surname of the contact person)
Telephone: 072 00 1884
3
STATEMENT OF COMPREHENSIVE INCOME
(STATEMENT OF PROFIT OR LOSS)
For the period: 1.1.2022 - 31.3.2022
in HRK | |||||||
Item | ADP code | Same period of the previous year | Current year | ||||
Life | Non-life | Total | Life | Non-life | Total | ||
1 | 2 | 3 | 4 | 5(3+4) | 6 | 7 | 8(6+7) |
I Earned premiums (ADP 119 to 123) | 118 | 116.721.074 | 509.160.580 | 625.881.654 | 144.037.948 | 527.930.100 | 671.968.048 |
1 Gross written premium | 119 | 116.693.301 | 750.160.755 | 866.854.056 | 144.253.768 | 841.174.685 | 985.428.453 |
2 Value adjustment and charged premium value adjustment | 120 | 0 | 2.628.479 | 2.628.479 | 0 | 4.589.072 | 4.589.072 |
3 Outward reinsurance premiums (-) | 121 | -44.310 | -123.384.926 | -123.429.236 | -37.578 | -146.674.224 | -146.711.802 |
4 Change of gross provisions for unearned premiums (+/-) | 122 | 61.472 | -196.234.504 | -196.173.032 | -205.319 | -253.725.972 | -253.931.291 |
5 Change of provisions for unearned premiums, reinsurers' share (+/-) | 123 | 10.611 | 75.990.776 | 76.001.387 | 27.077 | 82.566.539 | 82.593.616 |
II Income from investments (ADP 125 to 131) | 124 | 36.347.166 | 81.612.060 | 117.959.226 | 48.420.641 | 92.185.867 | 140.606.508 |
1 Income from branches, associates and joint ventures. | 125 | 445.052 | 10.988.002 | 11.433.054 | 493.108 | 11.924.680 | 12.417.788 |
2 Income from investment in land and buildings | 126 | 0 | 9.541.056 | 9.541.056 | 0 | 10.922.502 | 10.922.502 |
3 Interest income | 127 | 21.447.203 | 22.373.849 | 43.821.052 | 21.419.969 | 20.479.901 | 41.899.870 |
4 Unrealised gains on investments | 128 | 197.119 | 4.347.245 | 4.544.364 | 825.964 | 5.877.563 | 6.703.527 |
5 Realised gains on investments | 129 | 1.863.165 | 17.390.025 | 19.253.190 | 3.768.664 | 22.231.516 | 26.000.180 |
6 Net positive exchange rate differences | 130 | 12.394.148 | 9.705.318 | 22.099.466 | 21.912.039 | 14.757.290 | 36.669.329 |
7 Other income from investments | 131 | 479 | 7.266.565 | 7.267.044 | 897 | 5.992.415 | 5.993.312 |
III Income from commissions and fees | 132 | 477.546 | 2.411.392 | 2.888.938 | 389.349 | 10.444.248 | 10.833.597 |
IV Other insurance-technical income, net amount from reinsurance | 133 | 46.551 | 4.174.315 | 4.220.866 | 36.707 | 4.224.488 | 4.261.195 |
V Other income | 134 | 1 | 2.488.658 | 2.488.659 | 3.707 | 2.053.358 | 2.057.065 |
VI Claims incurred, net (ADP 136 + 139) | 135 | -107.117.898 | -217.211.819 | -324.329.717 | -127.653.291 | -233.115.946 | -360.769.237 |
1 Claims settled (ADP 137+138) | 136 | -111.199.269 | -317.021.273 | -428.220.542 | -115.850.592 | -286.029.229 | -401.879.821 |
1.1 Gross amount (-) | 137 | -111.199.269 | -347.718.972 | -458.918.241 | -115.850.592 | -319.638.586 | -435.489.178 |
1.2 Reinsurers' share (+) | 138 | 0 | 30.697.699 | 30.697.699 | 0 | 33.609.357 | 33.609.357 |
2 Change in the provision for claims (+/-) (ADP 140+141) | 139 | 4.081.371 | 99.809.454 | 103.890.825 | -11.802.699 | 52.913.283 | 41.110.584 |
2.1 Gross amount | 140 | 4.081.371 | 92.245.466 | 96.326.837 | -11.802.699 | 60.210.101 | 48.407.402 |
2.3 Reinsurers' share | 141 | 0 | 7.563.988 | 7.563.988 | 0 | -7.296.818 | -7.296.818 |
VII Change in mathematical provision and other technical provisions, net of reinsurance (ADP 143+146) | 142 | -29.182.111 | -9.619.985 | -38.802.096 | -76.773.680 | -1.230.687 | -78.004.367 |
1 Change in mathematical provisions (+/-) (ADP 144+145) | 143 | -29.182.111 | 1.330.679 | -27.851.432 | -76.773.680 | 886.397 | -75.887.283 |
1.1 Gross amount (-) | 144 | -29.186.933 | 1.330.679 | -27.856.254 | -76.775.050 | 886.397 | -75.888.653 |
1.2 Reinsurers' share (+) | 145 | 4.822 | 0 | 4.822 | 1.370 | 0 | 1.370 |
2 Change in other technical provisions, net of reinsurance (+/-) (ADP 147+148) | 146 | 0 | -10.950.664 | -10.950.664 | 0 | -2.117.084 | -2.117.084 |
2.1 Gross amount (-) | 147 | 0 | -10.950.664 | -10.950.664 | 0 | -2.117.084 | -2.117.084 |
2.2 Reinsurers' share (+) | 148 | 0 | 0 | 0 | 0 | 0 | 0 |
VIII Change of special provision for life assurance where policyholders bear the investment risk, net of reinsurance (+/-) (ADP 150+151) | 149 | 4.749.889 | 0 | 4.749.889 | 44.379.000 | 0 | 44.379.000 |
1 Gross amount (-) | 150 | 4.749.889 | 0 | 4.749.889 | 44.379.000 | 0 | 44.379.000 |
3 Reinsurers' share (+) | 151 | 0 | 0 | 0 | 0 | 0 | 0 |
IX Cash payments for bonuses and rebates, net of reinsurance (ADP 153+154) | 152 | 0 | -2.767.377 | -2.767.377 | 0 | -3.506.207 | -3.506.207 |
1 Performance-dependent (bonuses) | 153 | 0 | -2.767.377 | -2.767.377 | 0 | -3.506.207 | -3.506.207 |
2 Performance-independent (rebates) | 154 | 0 | 0 | 0 | 0 | 0 | 0 |
4
STATEMENT OF COMPREHENSIVE INCOME
(STATEMENT OF PROFIT OR LOSS)
For the period: 1.1.2022 - 31.3.2022
in HRK | |||||||
Item | ADP code | Same period of the previous year | Current year | ||||
Life | Non-life | Total | Life | Non-life | Total | ||
1 | 2 | 3 | 4 | 5(3+4) | 6 | 7 | 8(6+7) |
X Operating expenses (business expenditures), net (ADP 156+160) | 155 | -12.393.406 | -202.712.035 | -215.105.441 | -8.247.295 | -223.200.026 | -231.447.321 |
1 Acquisition costs (ADP 157 to 159) | 156 | -5.878.525 | -116.742.524 | -122.621.049 | -2.737.173 | -131.788.387 | -134.525.560 |
1.1 Commission | 157 | -1.556.314 | -74.219.926 | -75.776.240 | -1.657.393 | -88.314.790 | -89.972.183 |
1.2 Other acquisition costs | 158 | -4.322.211 | -50.974.738 | -55.296.949 | -1.079.780 | -59.244.557 | -60.324.337 |
1.3 Change in deferred acquisition costs | 159 | 0 | 8.452.140 | 8.452.140 | 0 | 15.770.960 | 15.770.960 |
2 Administration expenses (administrative costs) (ADP 161 to 163) | 160 | -6.514.881 | -85.969.511 | -92.484.392 | -5.510.122 | -91.411.639 | -96.921.761 |
2.1 Depreciation | 161 | -556.162 | -12.910.932 | -13.467.094 | -336.041 | -15.373.673 | -15.709.714 |
2.2 Salaries, taxes and contributions from/on salaries | 162 | -2.675.978 | -26.534.235 | -29.210.213 | -2.204.459 | -29.676.147 | -31.880.606 |
2.3 Other administration expenses | 163 | -3.282.741 | -46.524.344 | -49.807.085 | -2.969.622 | -46.361.819 | -49.331.441 |
XI Investment expenses (ADP 165 to 171) | 164 | -2.647.986 | -23.010.438 | -25.658.424 | -3.171.116 | -34.099.792 | -37.270.908 |
1 Depreciation of land and buildings not occupied by an undertaking for its own activities | 165 | 0 | 0 | 0 | 0 | 0 | 0 |
2 Interest | 166 | -230.196 | -1.995.909 | -2.226.105 | -118.290 | -2.413.452 | -2.531.742 |
3 Impairment of investments | 167 | 0 | -9.816 | -9.816 | 0 | -2.174.163 | -2.174.163 |
4 Realised loss on investments | 168 | -705.769 | -1.821.570 | -2.527.339 | -201.733 | -1.491.466 | -1.693.199 |
5 Unrealised loss on investments | 169 | -1.148.570 | -8.947.056 | -10.095.626 | -2.394.710 | -17.703.744 | -20.098.454 |
6 Net negative exchange rate differences | 170 | 0 | 0 | 0 | 0 | 0 | 0 |
7 Other investment expenses | 171 | -563.451 | -10.236.087 | -10.799.538 | -456.383 | -10.316.967 | -10.773.350 |
XII Other technical expenses, net of reinsurance (ADP 173+174) | 172 | -883.528 | -9.911.963 | -10.795.491 | -108.056 | -9.299.535 | -9.407.591 |
1 Expenses of preventive activities | 173 | 0 | 0 | 0 | 0 | 0 | 0 |
2 Other technical expenses of insurance | 174 | -883.528 | -9.911.963 | -10.795.491 | -108.056 | -9.299.535 | -9.407.591 |
XIII Other activities, including value adjustments | 175 | -3.579 | -146.670 | -150.249 | -2.841 | -10.441.738 | -10.444.579 |
XIV Profit or loss for the accounting period before tax (+/-) (ADP 118+124+132 to 135+142+149+152+155+164+172+175) | 176 | 6.113.719 | 134.466.718 | 140.580.437 | 21.311.073 | 121.944.130 | 143.255.203 |
XV Profit or loss tax (ADP 178+179) | 177 | -1.020.360 | -22.227.936 | -23.248.296 | -3.835.990 | -19.825.231 | -23.661.221 |
1 Current tax expense | 178 | -1.020.360 | -22.227.936 | -23.248.296 | -3.835.990 | -19.825.231 | -23.661.221 |
2 Deferred tax expense (income) | 179 | 0 | 0 | 0 | 0 | 0 | 0 |
XVI Profit or loss for the accounting period after tax (+/-) (ADP 176+177) | 180 | 5.093.359 | 112.238.782 | 117.332.141 | 17.475.083 | 102.118.899 | 119.593.982 |
1 Attributable to owners of the parent | 181 | 0 | 0 | 0 | 0 | 0 | 0 |
2 Attributable to non-controlling interest | 182 | 0 | 0 | 0 | 0 | 0 | 0 |
XVII TOTAL INCOME (ADP 118+124+132+133+134+179) | 183 | 153.592.338 | 599.847.005 | 753.439.343 | 192.888.352 | 636.838.061 | 829.726.413 |
XVIII TOTAL EXPENSES (ADP 135+142+149+152+155+164+172+175+178) | 184 | -148.498.979 | -487.608.223 | -636.107.202 | -175.413.269 | -534.719.162 | -710.132.431 |
IX Other comprehensive income (ADP 186 to 193) | 185 | -13.809.587 | 64.947.477 | 51.137.890 | -81.639.999 | -81.409.784 | -163.049.783 |
1 Gains/losses arising from translation of financial statements relating to foreign operations | 186 | 0 | -71.281 | -71.281 | 0 | -234.084 | -234.084 |
2 Gains/losses arising from the revaluation of financial assets available for sale | 187 | -16.840.960 | 79.291.168 | 62.450.208 | -99.560.974 | -98.994.757 | -198.555.731 |
3 Gains/losses arising from the revaluation of land and buildings occupied by an undertaking for its own activities | 188 | 0 | 0 | 0 | 0 | 0 | 0 |
4 Gains/losses arising from the revaluation of other tangible (other than land and property) and intangible assets | 189 | 0 | 0 | 0 | 0 | 0 | 0 |
5 Effects of cash flow hedging instruments | 190 | 0 | 0 | 0 | 0 | 0 | 0 |
6 Actuarial gains/losses on pension plans with defined pensions | 191 | 0 | 0 | 0 | 0 | 0 | 0 |
7 Share in other comprehensive income of associates | 192 | 0 | 0 | 0 | 0 | 0 | 0 |
8 Income tax on other comprehensive income | 193 | 3.031.373 | -14.272.410 | -11.241.037 | 17.920.975 | 17.819.057 | 35.740.032 |
XX Total comprehensive income (ADP 180 +185) | 194 | -8.716.228 | 177.186.259 | 168.470.031 | -64.164.916 | 20.709.115 | -43.455.801 |
1 Attributable to owners of the parent | 195 | 0 | 0 | 0 | 0 | 0 | 0 |
2 Attributable to non-controlling interests | 196 | 0 | 0 | 0 | 0 | 0 | 0 |
XXI Reclassification adjustments | 197 | 0 | 0 | 0 | 0 | 0 | 0 |
5
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