Le Foyer S.A.

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48Consolidated profit and lossaccount at 31.12.2003Non-life insurance technical account 23Notes 31.12.2003 (€) 31.12.2002 (€)Premiums earned, net of reinsuranceGross premiums written 25 203 579 457.10 191 701 204.57Premiums ceded to reinsurers -47 928 436.37 -44 978 709.15Change in gross value of provisionfor unearned premiums -4 763 213.56 -3 171 526.38Change in value of provisionfor unearned premiums, Reinsurers’ share 1 650 613.12 651 474.80Total premiums earned, net of reinsurance 152 538 420.29 144 202 443.84Allocated investment income transferredto the non-technical account 11(o) 9 446 044.15 -2 870 168.20Other technical income, net of reinsurance –xxxxx –xxxxxThe notes included in the annex are an integral part of the consolidated accounts.
49Consolidated profit and loss accountNotes 31.12.2003 (€) 31.12.2002 (€)Non-life insurance technical account (continued and end)Claims expenses, net of reinsuranceAmounts paidGross value -94 996 572.39 -88 567 815.63Reinsurers’ share 11 624 325.71 9 768 561.20-83 372 246.68 -78 799 254.43Change in value of provision for claimsGross value -10 582 471.76 -31 838 511.53Reinsurers’ share -2 084 022.29 19 126 979.29-12 666 494.05 -12 711 532.24Change in value of provision for recourseGross value -297 186.38 164 539.00Reinsurers’ share 660 516.30 207.77363 329.92 164 746.77Total claims expenses, net of reinsurance -95 675 410.81 -91 346 039.90Change in other technical reserves, net of reinsurance -188 691.52 101 732.71Profit sharing and no-claims bonuses, net of reinsurance -71 502.50 –xxxxxNet operating expensesAcquisition expenses 27 -38 270 086.81 -36 813 052.41Change in value of deferred acquisition expenses 11(i) 66 319.44 -108 212.29Administrative expenses 11(p),27 -7 124 887.98 -6 566 083.49Commissions received from reinsurersand profit sharing 4 083 420.14 3 778 216.23Total net operating expenses -41 245 235.21 -39 709 131.96Other technical expenses, net of reinsurance -804 329.92 -1 035 911.57Change in equalisation reserve -6 733 280.80 4 751 230.35Non-life insurance technical profit 17 266 013.68 14 094 155.27The notes included in the annex are an integral part of the consolidated accounts.
Page 1: Le Foyer S.A.Annual Report 2003
Page 5: Tribute toMr Marc LambertMr Marc La
Page 9 and 10: 2003 consolidated financial highlig
Page 11 and 12: Board of DirectorsLe Foyer, Compagn
Page 13: ManagementGeneralManagement::Franç
Page 16: Mr Ernest Hamélius(founder member)
Page 19 and 20: Mr Max Lambert(founder member),Vice
Page 21 and 22: Consolidated management reportConso
Page 23 and 24: Revenues grew 6.2% to € 203.58 mi
Page 25 and 26: In individual insurance, growth slo
Page 27 and 28: Thanks to the economic upturn and r
Page 29 and 30: Non-life insuranceStrong revenue gr
Page 31 and 32: Among Le Foyer Assurances’ subsid
Page 33 and 34: OutlookFollowing the sharp decline
Page 35 and 36: 1925 - Foundation ofLe Foyer’s Be
Page 37 and 38: Foyer Re reported a € 6.88 millio
Page 39 and 40: Following an 11.8% increase in 2002
Page 41 and 42: Asset ManagementProfits buoyed by r
Page 43: 1990 - Financial restructuring culm
Page 46 and 47: 44Consolidated balance sheetat 31.1
Page 48 and 49: 46Consolidated balance sheetat 31.1
Page 52 and 53: 50Consolidated profit and lossaccou
Page 54 and 55: 52Consolidated profit and lossaccou
Page 56 and 57: Notes to the consolidated accountsa
Page 58 and 59: Companies included in the scope of
Page 60 and 61: 11 (a) Conversion of items denomina
Page 62 and 63: 11 (h) Accounts receivableAccounts
Page 64 and 65: 11 (l) Accounts payableAccounts pay
Page 66 and 67: Land, buildings and installations13
Page 68 and 69: Other financial investments15 The p
Page 70 and 71: Special items with a share in reser
Page 72 and 73: Geographical breakdown of life prem
Page 74 and 75: June 2000 - Stock market flotation
Page 76 and 77: Appropriation of profitAt the Annua
Page 78 and 79: 76Balance sheetat 31.12.2003ASSETSN
Page 80 and 81: 78Consolidated profit and loss acco
Page 82 and 83: In the event of lasting diminution
Page 84 and 85: Shareholders’ equity6 Movements i
Page 86 and 87: AgentsAgents and Employees of Le Fo
Page 88 and 89: Le Foyer S.A.fax: +352 43 83 22www.
Page 91: An English version of the Le Foyer
Page 96: www.lefoyer.lu

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