NOTES TO BOSNA RE Co. Ltd. ANNUAL REPORT FOR 2007

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NOTES TO BOSNA RE Co. Ltd. ANNUAL REPORT FOR 2007

ANNUAL REPORT 2007BOSNA RE CAPITALBosna RE capital is given in Table 9:Share CapitalTreasury SharesReserves (Legaland Statutory)DividentpaymentRetainedEarningsAt 31 December 2004 5.029.700 - 4.263.020 - 1.208.437 10.501.157Allocation of retainedearnings- - 606.061 402.376 -1.008.437 -Transfer from (to) - - 80.000 - -80.000 -Dividend - - - -402.376 - -402.376Net profit for 2005 - - - - 2.059.225 2.059.225At 31 December 2005 5.029.700 0 4.949.081 0 2.179.225 12.158.006Allocation of retainedearnings- - 1.426.552 452.673 -1.879.225 -Transfer from (to) - - 120.000 - -120.000 -Dividend - - - -452.673 - -452.673Treasury Shares purchase - -18.200 - - - -18.200Net profit for 2006 - - - - 2.519.185 2.519.185At 31 December 2006 5.029.700 -18.200 6.495.633 0 2.699.185 14.206.318Allocation of retainedearnings- - - - - -Transfer from (to) - - 180.000 - -180.000 -Dividend - - - - -451.035 -451.035Sale of treasury shares - 18.200 16.800 - - 35.000Net profit for 2007 - - - - 2.452.743 2.452.743At 31 December 2007 5.029.700 0 6.692.433 0 4.520.893 16.243.026TotalBosna RE capital was in 2007 increased for 14,43% compared to 2006. Share capital remained at the level of2006 since there were no reasons necessitating its increase. The reserves were increased for 21,95%, whichrepresents the increase for the portion of profit realized in 2007.Table 10 and graph to follow give the review of all elements of reinsurance premium (gross and net), BosnaRE equity and capital and net reinsurance premium ratio.Return on total equity amounts:2005 2006 2007Profit before Tax 2,549,308.00 2,972,310.00 2,607,935.00Tax on Profit 490,083.00 453,125.00 155,192.00Net Profit 2,059,225.00 2,519,185.00 2,452,743.00Average equity 11,329,581.50 13,182,162.00 15,224,672.00ROE 18.18% 19.11% 16.11%46

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