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 Reosiguranje d.d. SarajevoUnconsolidated income statement for the year ended 31 December 2007(All amounts are expressed in KM)Notes 2007 2006Reinsurance premium revenue 5 38,564,909 30,103,376Reinsurance premium ceded to re-insurers, net 5 (20,975,152) (20,899,485)Net reinsurance premium revenue 17,589,757 9,203,891Reinsurance claims and loss adjustment expenses 6 (12,341,266) (19,032,168)Reinsurance claims recovered from re-insurers, net 6 1,601,420 9,751,190Net claims and loss adjustment expenses (10,739,846) (9,280,978)Commission income 4,329,054 5,111,400Commission expenses (6,621,105) (5,517,379)Net commissions (2,292,051) (405,979)Net income / (loss) from insurance 4,557,860 (483,066)Investment income 7 833,304 4,848,444Other operating income 8 175,959 1,335,320Sales, administrative and other operating expenses 9 (2,782,490) (2,690,648)Foreign exchange (losses) gains (176,700) (37,740)Profit before tax 2,607,935 2,972,310Income tax expense 10 (155,192) (453,125)Net profit 2,452,743 2,519,185Earnings per share 11 634.60 652.915. NET REINSURANCE PREMIUM 2007 2006Reinsurance premium, domestic 43,005,816 24,969,618Reinsurance premium, foreign 5,368,379 4,962,728Increase in allowance for impairment of receivables - (166,445)Change in the unearned premium provision (9,809,286) 337,475Premium revenue arising from the insurance contracts issued 38,564,909 30,103,376Reinsurance premium ceded to re-insurers (24,413,442) (20,833,435)60

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