Company Valuation Under IFRS : Interpreting and Forecasting ...

Company valuation under IFRS
7. Sundance - Balance sheet
Year 1997 1998 1999 2000 2001 2002 2003
Assets
Investments:
Fixed Income 25,735 25,681 25,396 26,093 26,298 26,661 26,875
Equities 7,583 7,567 7,483 8,698 8,766 8,887 8,958
Total investment assets 33,318 33,248 32,879 34,791 35,064 35,548 35,833
Reinsurers' share of technical prov. 5,250 6,263 7,573 7,462 6,999 6,609 6,196
Debtors:
Arising out of direct insurance operations na na 2,162 2,361 2,471 2,575 2,681
Arising out of reinsurance operations na na 910 984 1,030 1,073 1,117
Total debtors 3,039 3,885 3,072 3,345 3,500 3,648 3,798
Deferred tax na na 1,370 1,465 1,405 1,245 924
Other assets 1,788 2,799 2,941 3,257 3,758 4,410 5,174
Deferred acquisition costs 808 819 912 869 924 946 954
Total assets 44,203 47,014 48,747 51,190 51,651 52,406 52,879
Liabilities
Provisions for unearned premiums 7,311 7,598 7,837 6,244 4,956 3,917 3,093
Provisions for claims outstanding 26,691 27,757 30,351 33,868 35,149 36,449 37,247
Technical reserves-gross 34,002 35,355 38,188 40,112 40,105 40,366 40,340
Creditors:
Arising from direct insurance operations na na 1,126 1,181 1,235 1,287 1,340
Arising out of reinsurance operations na na 240 256 268 279 290
Total creditors 1,427 1,330 1,366 1,437 1,503 1,566 1,631
Reinsurer's share of def. acq. costs 62 59 58 52 55 57 57
Net asset value 8,712 10,270 9,135 9,589 9,987 10,416 10,851
Total liabilities 44,203 47,014 48,747 51,190 51,651 52,406 52,879
Deferred acq costs/net operating expenses 21.9% 22.2% 23.8% 20.0% 20.0% 20.0% 20.0%
Reinsurers' share of Def. acq. costs 7.7% 7.2% 6.4% 6.0% 6.0% 6.0% 6.0%
Solvency ratio 58.2% 67.1% 58.3% 56.0% 55.0% 55.0% 55.0%
Year 2004 2005 2006 2007 2008 2009 2010
Assets
Investments:
Fixed Income 27,911 28,929 29,115 29,693 30,997 32,216 32,875
Equities 9,304 9,643 9,705 9,898 10,332 10,739 10,958
Total investment assets 37,215 38,572 38,820 39,591 41,329 42,954 43,833
Reinsurers' share of technical prov. 6,034 5,863 5,493 5,232 5,138 5,016 4,781
Debtors:
Arising out of direct insurance operations 2,788 2,896 2,998 3,107 3,211 3,323 3,441
Arising out of reinsurance operations 1,162 1,207 1,249 1,295 1,338 1,384 1,434
Total debtors 3,949 4,103 4,247 4,402 4,550 4,707 4,874
Deferred tax 635 364 0 0 0 0 0
Other assets 6,110 7,027 7,795 8,295 8,991 9,680 10,167
Deferred acquisition costs 975 995 985 989 1,051 1,093 1,124
Total assets 54,919 56,924 57,340 58,508 61,058 63,450 64,780
Liabilities
Provisions for unearned premiums 2,440 1,923 1,510 1,187 930 730 573
Provisions for claims outstanding 39,436 41,453 41,812 42,794 45,110 47,181 48,109
Technical reserves-gross 41,876 43,376 43,321 43,981 46,041 47,911 48,682
Creditors:
Arising from direct insurance operations 1,394 1,448 1,499 1,553 1,606 1,661 1,720
Arising out of reinsurance operations 302 314 325 337 348 360 373
Total creditors 1,696 1,762 1,824 1,890 1,954 2,021 2,093
Reinsurer's share of def. acq. costs 58 60 59 59 63 66 67
Net asset value 11,288 11,727 12,136 12,578 13,000 13,452 13,937
Total liabilities 54,919 56,924 57,340 58,508 61,058 63,450 64,780
Deferred acq costs/net operating expenses 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%
Reinsurers' share of Def. acq. costs 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
Solvency ratio 55.0% 55.0% 55.0% 55.0% 55.0% 55.0% 55.0%
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