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KD Holding Group Notes to Consolidated Financial Statements as at and for the year ended 31 December 2007 which exceed the contractual reinsurance protection by scale, special optional reinsurance protection is ensured. Analysis of the Groupʼs portfolio from the aspect of reinsurance risk Basic assumptions used in sensitivity tests In the largest group of other property insurance contracts we analysed the sensitivity of individual We assume two types of reinsurance protection risks. The first risk is whether the structure and scale of protection have been adequately chosen, which can be checked by simulation of whether decreasing reinsurance protection would significantly decrease net profit or loss, which would consequently jeopardise the Group's capital adequacy. The second risk is whether the profit or loss would worsen significantly if an aboveaverage number of large-scale and mass losses (which would also involve above-average amounts) occurred in a given period. Two income sensitivity tests have been designed to assess reinsurance protection risk. Firstly, the test of sensitivity to a decrease in reinsurance protection and secondly, the test of sensitivity to an above-average incidence of loss (for large-scale and mass losses). portfolios of insurance categories/groups of insurance categories to large-scale and mass losses, with the aim of focusing the reinsurance risk management analysis on the most exposed insurance categories. This analysis showed that reinsurance risk is most significantly affected, both in terms of the amount and number of potentially large-scale and mass losses, by the portfolio of auto liability insurance and the portfolio of fire and other damage insurance. These portfolios also significantly affect profit or loss, therefore the sensitivity analysis was made on the basis of these reinsurance contracts. 249
KD Holding Group Notes to Consolidated Financial Statements as at and for the year ended 31 December 2007 Concentration of reinsurance for 2007 Contract year 2007 Type of reinsurance Own share/ priority in EUR Reinsurance premium Structure of the reinsurance premium Accrued reins. losses (in thousand EUR) Reserved reins. losses Effect of the reins. outcome on the profit Surplus reinsurance of fires 1,000 1,425 14.79% 470 195 391 (369) Quota share reinsurance of fires 900 666 6.91% 226 137 78 (225) Surplus reinsurance of technical reserves 300 701 7.28% 165 221 227 (88) Quota share reinsurance of technical reserves 270 586 6.08% 147 204 196 (39) Quota share reinsurance of earthquakes - 1,254 13.01% 314 - - (940) Risk XL reinsurance of fires 300 428 4.44% - 575 - 147 Risk XL technical reinsurance 120 51 0.53% - - - (51) Cat XL property reinsurance excl. vehicle insurance 300 591 6.13% - 1,115 167 691 Total Fire and technical insurance - 5,702 59.18% 1,322 2,447 1,059 (874) XL reinsurance of auto liability and green card 250 1,292 13.41% - - 928 (364) XL reinsurance of comprehensive auto insurance 150 71 0.74% - - - (71) Cat XL property reinsurance - vehicle insurance 300 876 9.09% - 228 48 (600) Total auto insurance - 2,239 23.24% - 228 975 (1,036) Other property insurance - 1,476 15.31% 32 292 - (1,152) Health insurance policies - - 0.00% - - - - Life insurance - 218 2.27% 70 1 3 (144) TOTAL CONTRACT YEAR 2007 - 9,635 100.00 1,424 2,968 2,037 (3,206) 250 Concentration of reinsurance for 2006 Contract year 2006 Type of reinsurance Own share/ priority in EUR Reinsurance commission Reinsurance premium Structure of the reinsurance premium Reinsurance commission Accrued reins. losses (in thousand EUR) Reserved reins. losses Effect of the reins. outcome on the profit Surplus reinsurance of fires 1,000 1,844 18.88% 424 6,323 48 4,951 Quota share reinsurance of fires 900 628 6.44% 214 362 32 (20) Surplus reinsurance of technical reserves 300 889 9.11% 200 380 694 385 Quota share reinsurance of technical reserves 270 611 6.25% 153 379 68 (11) Quota share reinsurance of earthquakes - 1,419 14.54% 340 - 5 (1,074) Risk XL reinsurance of fires 300 127 1.30% - - - (127) Risk XL technical reinsurance 120 49 0.50% - - - (49) Cat XL property reinsurance excl. vehicle insurance 300 524 5.36% - 401 45 (78) Total Fire and technical insurance 6,091 62.38% 1,331 7,845 892 3,977 XL reinsurance of auto liability and green card 250 1,276 13.06% - - 664 (612) XL reinsurance of comprehensive auto insurance 150 55 0.56% - - - (55) Cat XL property reinsurance - vehicle insurance 300 860 8.80% - 481 120 (259) Total auto insurance 2,190 22.43% - 481 784 (925) Other property insurance 1,288 13.19% 72 9 77 (1,130) Health insurance policies - 0.00% - - - - Life insurance 195 2.00% 62 10 5 (118) TOTAL CONTRACT YEAR 2006 9,764 100.00 1,465 8,345 1,758 1,804
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“With extended pictures and image
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Contents Company profile Important
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Company profile Parent company: KD
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Sales of financial services Last ye
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When we gathered together at the fi
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Management Team 14 Janez Bojc, Depu
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16 Aljoša Tomaž, Assistant to the
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18 Matija Šenk, President of the M
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KD Holding Group key divisions Inve
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Companies in the KD Holding Group b
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24 Piran saltpans, Slovenia
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26 Ljubljanica River, Slovenia
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2005 Establishment of the first spe
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30 Key events in 2007 January The o
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November KD Investments in Slovenia
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34 Old city centre, Ljubljana, Slov
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1. Poslovno poročilo Skupine KD Ho
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1.1 Strategic orientations of the K
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Continuing along the same path in 2
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Share price movement There were 3,2
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Ownership structure The largest sha
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1.3 Corporate governance report Res
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Alojz Penko Alojz Penko was first a
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The members of the Management Board
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7. AUDITING AND THE SYSTEM OF INTER
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Highlights from the income statemen
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Sales revenue Sales revenue 8 amoun
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Operating expenses Operating expens
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Net profit by business segment in 2
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Financing Due to the high growth in
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1.5 Risk Management 64 The Manageme
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66 Parameters defining the insuranc
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68 Bratislava, Slovakia
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70 Croatian Istria - portrait
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1.6 Human resource management At th
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Employee educational structure More
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Number and educational structure of
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78 Kalemegdan - Belgrade, Serbia
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80 Belgrade, Serbia
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1.7 Corporate communications Intern
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1.8 Information support using the s
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to Fondpolica investment funds with
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88 Belgrade, Serbia
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cultural institutions and with indi
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The main focus at Adriatic Slovenic
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Corporate social responsibility in
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Kalemegdan - Belgrade, Serbia 97
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Slovenija - solinar Fisherman, isla
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Celica Hostel, Ljubljana, Slovenia
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2. Operations of the companies with
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In asset management business, our i
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2. 1 Asset management The Group’s
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Challenges in 2008: Maintaining our
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Slovenia KD Investments, družba za
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KD Rastko - an equity mutual fund A
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second half of the year, prices beg
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The structure of the portfolio, com
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Croatia KD Investments d. o. o., Za
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KD Adria Bond, - a bond mutual fund
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Slovakia KD Investments, správ. sp
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Bratislava, Slovakia 127
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Romania SAI KD Investments Romania,
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KD Multifond - a fund of funds At t
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Bulgaria KD Investments EAD, Sofia
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KD Equity Bulgaria - an equity mutu
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Serbia KD Investments, a. d., Belgr
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Slovenia KD BPD, borznoposredniška
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We successfully responded to Sloven
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Bulgaria KD Securities EAD, Sofia N
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Our insurance activities embody the
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147
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Structure of insurance within KD Ho
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Structure of health insurance premi
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was above average in terms of reput
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In 2007 Adriatic Slovenica’s work
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Structure of KD Življenje premiums
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Romania KD Life Asigurari S. A., Bu
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Slovakia KD LIFE, Insurance company
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Eastern Orthodox priest, Macedonia
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Do you think it is possible to comb
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Operations in 2007 To increase sale
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Terazije, Belgrade, Serbia 169
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But we also build literally: we hav
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Investment strategy The amount inve
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Closed-end Investment fund BIG d. d
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Challenges in 2008: The company’s
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179
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Challenges in 2008: To obtain the r
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may choose between the following ma
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A selection of the most important a
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The company designed, developed and
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Sofia, Bulgaria 189
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KD Holding Group Consolidated Finan
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KD Holding Group Notes to Consolida
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