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Bosna RE

Bosna REGODI[NJI IZVJE[TAJ 2003ANNUAL REPORT 2003


BILANS STANJA / BALANCE SHEETNa dan / As atu KM / In BAM31. decembar / 31st December 20032002AKTIVA / ASSETSTeku}a sredstva / Current AssetsGotovina u blagajni i banci /Cash at bank and in hand3,690,147 2,441,744Potra`ivanja po osnovu premija i udjela u naknadi {tete /Receivables on Account of Premiums and Loss Participations4,927,1634,849,654Ostala potra`ivanja iz teku}eg poslovanja /Other Receivables from Current Operations346,145 99,407Depozit i krediti / Deposits and Loans1,560,660 2,093,721Ukupno teku}a sredstva / Total Current Assets10,524,115 9,484,526Dugoro~na sredstva / Fixed AssetsMaterijalna i nematerijalna sredstva /Tangible and Intangible Assets2,400,690 2,535,034Ulaganja / Investments5,386,232 4,329,070Ukupno dugoro~na sredstva / Total Fixed Assets7,786,9226,864,104AKTIVA / TOTAL ASSETS18,311,03716,348,630PASIVA / LIABILITIESKapital / CapitalDioni~ki kapital /Share Capital5,029,700 3,869,000Vlastite dionice / Own Shares-209,000-38,000Zadr`ana dobit / Profit Brought Forward240,000300,000Rezerve sigurnosti / Free Reserves4,040,3203,914,616Revalorizacijske rezerve / Revaluation Reserves- 102,271Ukupno kapital / Total Capital9,101,0208,147,887


Prenosne premije i rezervacije / Unearned Premiums and Tehnical ReservesPrenosna premija / Unearned Premium1,848,8281,425,292Rezervacija {tete po ugovorima reosiguranja /Outstanding Losses Reserve3,341,2472,682,943Ostale rezervacije / Other Reserves1,036,000831,000Ukupno prenosne premije i rezervacije /Total Unearned Premiums and Reserves6,226,0754,939,235Kratkoro~ne obaveze / Current LiabilitiesObaveze po poslovima reosiguranja /Liabilities from Reinsurance Operations2,614,5271,932,508Obaveze prema dobavlja~ima / Liabilities to Suppliers9,15240,167Ostale kratkoro~ne obaveze / Other Current Liabilities360,2631,231,610Ostali prihodi / Other Prepaid Income-57,223Ukupno kratkoro~ne obaveze /Total Current Liabilities2,983,9423,261,508PASIVA / TOTAL LIABILITIES18,311,03716,348,630GARANCIJSKI FOND / GUARANTEE FUNDNa dan / As at31. decembar / 31st Decemberu KM / In BAM2003 % 2002%Upla}eni temeljni kapital / Paid up Capital5,029,700 55,30 3,869,000 50,00Vlastite dionica / Own Shares-209,000-2,30 -38,000 -0,50Rezerve sigurnosti / Free Reserves4,040,320 44,40 3,914,616 50,50Neraspore|ena dobit / Undistributed Profit240,0002,60- -UKUPNO / TOTAL9,101,020 100,00 7,745,616 100,00


BILANS USPJEHA / PROFIT AND LOSS ACCOUNTZa godinu zavr{enu na dan / For the year endedas at 31. decembar / 31st Decemberu KM / In BAM2003 2002Prihodi od reosiguranja /Income from Reinsurance Operations39,637,77033,675,839Rashodi reosiguranja /Expenses from Reinsurance Operations-35,874,915-30,013,553Neto prihod iz reosigurava~kih aktivnosti /Net Income from Reinsurance Operations3,762,8553,662,286Prihodi od finansijskih ulaganja /Income from Financial Investments663,416302,085Rashodi od finansijskih aktivnosti /Expenses from Financial Operations-423,703-234,957Neto prihod iz finansijskih ulaganja /Net Income from Financial Investments239,71367,128Tro{kovi administracije / Administrative Expenses-2,641,407-2,401,943Ostali prihodi / Other Income243,937281,593Ostali rashodi / Other Expenses-201,121-207,739Neto ostali prihodi / Net Other Income42,81673,854DOBIT PRIJE OPOREZIVANJA /PROFIT BEFORE INCOME TAX1,403,9771,401,325Porez na dobit / Income Tax-279,844-310,275NETO DOBIT / NET PROFIT1,124,1331,091,050RASPODJELA NETO DOBITI / DISTRIBUTION OF NET PROFITRezerve sigurnosti / Free Reserves1,044,133624,570Dividenda / Dividend-306,480Neraspore|ena dobit / Undistributed Profit80,000160,0001,124,1331,091,050


STRUKTURA INVESTICIJA / INVESTMENTS STRUCTURENa dan / As atu KM / In BAM31. decembar / 31st December2003 % 2002 %Dionice / Shares5,386,232 57,60 4,329,070 40,30Depoziti kod banaka / Bank DepositsMaterijalna i nematerijalna sredstva /Tangible and Intangible Assets1,560,660 16,70 2,093,721 23,402,400,690 25,70 2,535,034 28,30UKUPNO / TOTAL 9,347,582 100,00 8,957,825 100,00PREMIJSKI PRIHOD / PREMIUM INCOMENa dan / As at31. decembar / 31st Decemberu KM / In BAM2003 % 2002%Bruto premija / Gross Premium27,696,659 100,00 24,556,025 100,00Cedirana premija / Premium Ceded-19,498,141 70,40 -15,947,480 64,94Neto premija / Net Premium8,198,518 29,60 8,608,545 35,06TEHNI^KE REZERVACIJE / TEHNICAL RESERVESNa dan / As atu KM / In BAM31. decembar / 31st December 2003 2002% %Rezervirane {tete /Outstanding Losses Reserve3,341,247 53,70 2,682,943 54,00Prijenosna premija / Unearned Premium1,848,828 30,00 1,425,292 29,00Rezerve za katastrofalne {tete /Catastrophic Losses Reserve1,036,000 16,50 831,000 17,00UKUPNO / TOTAL6,226,075 100,00 4,939,235 100,00BOSNA REOSIGURANJEDespi}eva 471000 SarajevoBosna i Hercegovina/Bosnia and HerzegovinaPh: + 387 33 72 55 07Fax: + 387 33 72 55 22info@bosna-re.comwww.bosnare.comBosna RE


Uvod DirektoraJo{ jedna poslovna godina je za nama. Bilo je uspje{no, ali i veoma te{ko, na trenutke ~ak i toliko te{ko, da se samo po sebi postavlja pitanje, {ta seto de{ava da ovaj posao, odnosno djelatnost osiguranja i reosiguranja nikako ne mo`e da otpo~ne sa koliko toliko normalnim radom. A onda se javi iveoma jasan odgovor. Nedostatak volje i `elje kod velikog dijela onih koji su u djelatnosti osiguranja, a i onih koji ovu djelatnost prate, da se posvetestvarnom radu za dobrobit prije svega osiguranika, a potom i dru{tava za osiguranje. Potpuno je nejasno da mnogi ne `ele ili ne mogu da shvate dalo{i potezi danas, imaju za posljedicu lo{e rezultate sutra. Ohrabreni niskom kvotom {teta u vrsti osiguranja autoodgovornosti, koja jo{ uvijek ~inipreko 60% portfelja osiguranja Bosne i Hercegovine, poduzimaju jo{ rizi~nije radnje. Ugovorna osiguranja auto-kaska, imovine ili neke druge vrste,preuzimaju se po premijskim stopama, koje sebi ne mogu dozvoliti niti najve}i svjetski osigurava~i. Kona~an ishod ovakvog stanja je veoma sporporast premije osiguranja. Druga karakteristika tr`i{ta osiguranja je veoma mali portfelj osiguranja. Jo{ uvijek se niko zvani~no ne bavi ovimproblemom, ali je potpuno jasno da je od ukupne imovine locirane u Bosni i Hercegovini, osiguran veoma mali dio, a i takva osiguranja nisu ura|enana najbolji na~in, koji bi pru`io pravu za{titu osiguraniku. Naravno, najve}i krivac je lo{a ekonomska situacija i manjak novca, koji se daje prije za svedrugo nego za osiguranje. Stoga i ne ~udi da je tokom 2003. godine bilo nekoliko velikih {teta na objektima koji nisu imali nikakvo osiguranje.Doprinos ovakvoj situaciji daju i inozemne kompanije, u slu~ajevima gdje su one vlasnici imovine u Bosni i Hercegovini. Uobi~ajeno ovu imovinuosiguravaju u inozemstvu, bez obzira na zakone o osiguranju Federacije BiH i R Srpske. Neki, malo snala`ljiviji da ne bi kr{ili zakone, tra`e doma}edru{tvo za osiguranje, koje izdaje fronting policu i za takvu uslugu dobiva neku sitnu proviziju. Svakako, ovo nikako ne doprinosi razvojubosanskohercegova~kog osiguranja. Na`alost, duga je lista raznih „prekr{aja“ i nezakonitih radnji koje ~ine inozemni osigurava~i i brokeri,zaklju~uju}i poslove u Bosni i Hercegovini manje-vi{e ilegalno i koji na samo njima poznati na~in iznose premiju osiguranja iz zemlje. Svakako,ovakvo pona{anje omogu}avaju i dr`avni organi, koji nadzoru i kontroli posve}uju veoma malo pa`nje.Ipak, sve stvari i nisu tako crne. I u ovako te{koj ekonomskoj situaciji, bosanskohercegova~ko osiguranje posti`e odre|eni rast premije. Naravno tonije mnogo niti ono {to se o~ekuje. Mo`da je mnogo va`nije od rasta premije da se na tr`i{tu profilira nekoliko dru{tava za osiguranje, koja ovomposlu posve}uju punu pa`nju i uspostavljaju visoke standarde u pogledu preuzimanja rizika, kontrole portfelja i posve}ivanja klijentima. Svakako data dru{tva za osiguranje vode dosta ra~una i o reosiguranju u ~emu imaju punu podr{ku Bosna RE-a. Mo`da rezultati postignuti u okviru premijereosiguranja ne odra`avaju ove pomake, ali svakako, imat }e zna~ajan utjecaj u budu}nosti.Smatram da su u 2003. godini postignuti dobri rezultati poslovanja. Pove}ana je premija reosiguranja za preko 12%. Ostali elementi bilansa pratili suporast ostvarene premije, tako da je dobit nakon oporezivanja, gotovo ista kao i u 2002. godini. Ovdje treba ista}i jednu veoma va`nu ~injenicu.Dividenda za 2003. godinu nije dijeljena. Cjelokupna dobit je iskori{tena za pove}anje temeljnog kapitala dioni~ara Bosna RE za 30%.I na kraju, zahvaljujem svim cedentima, partnerima i dioni~arima na ukazanom povjerenju. Njihova vjera u Bosna RE je uvijek veoma jak podsticaj zajo{ bolji rad.DirektorDamir La~evi}A word by DirectorAnother business year is behind us. It was successful albeit very hard, in moments so hard to immediately pose a question what was going on toprevent this business and insurance and reinsurance industry from a normal performance. A clear answer follows as well. A lack of will and desireamongst many of those within insurance industry and those who monitor insurance industry to dedicate themselves to a real work, at first to thebenefit of the insured and then to the benefit of insurance companies. It is unclear why many do not want or do not comprehend how bad moves oftoday can produce as a consequence bad results tomorrow. Encouraged by a low loss ratio in motor third party liability that still makes 60% ofinsurance portfolio of Bosnia and Herzegovina, they are taking even more risky steps. Voluntary classes like motor hull, property or some otherclasses are underwritten at premium rates that not even the largest world's insurers would apply. Final outcome of such situation is very slow growthof insurance premium. Another characteristic of insurance market is very small insurance portfolio. Still no-one officially deals with this problem butit is completely clear that, out of overall property located in Bosnia and Herzegovina, only a small portion is insured and even such insurances arenot done in a proper way to give a true cover for the policyholder. Main to blame is, of course, economic situation and lack of funds as expendituresfor anything else are preferred to those for insurance. Thus it was no surprise that several large losses during 2003 were not covered by insurance.The foreign companies that are the owners of the property in Bosnia and Herzegovina also contributed to such situation. They usually insure suchproperty abroad, regardless the provisions of insurance laws in Federation BiH and Republic of Srpska. Some, a bit more resourceful in order not tobreak the law, look for a domestic insurance company to issue a fronting policy for a small commission. Surely, this does not contribute to thedevelopment of the Bosnia-Herzegovina insurance industry. Unfortunately, it is a long list of different violations and non-admitted insurances madeby foreign insurers and brokers concluding business in Bosnia and Herzegovina and taking the insurance premium out of the country in an unknownway. Such behavior is certainly enabled by local authorities that pay little attention to supervision.Still, it is not that black after all. Even in a difficult economic situation, insurance in Bosnia and Herzegovina has a certain premium growth. It is notmuch and is below expected. Maybe more important than the mere premium growth is presence on the market of several insurance companiesbeing singled out thanks to full attention they give to this business and high standards they establish in risk underwriting, portfolio control anddevotion to the clients. Such companies take due care about reinsurance and they have full support from Bosna RE. Maybe results achieved inreinsurance premium do not reflect those movements but definitely they will have significant influence in the future.I believe that achievement in operation results in 2003 is good. Reinsurance premium was increased for 12%. Other balance elements followed theincrease of realized premium so the after tax profit achieved is almost the same as achieved in 2002. Very important fact has to be emphasizedhere. Dividend for 2003 was not distributed. Entire profit was used for increase of the basic capital of shareholders of Bosna Re for 30%.At the end, I would thank to all cedants, partners and shareholders on confidence shown to us. Their trust in Bosna RE is always a very strongstimulus for a better performance.DirectorDamir La~evi}

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