General information - Eureko Sigorta

80 EUREKO S‹GORTA
EUREKO S‹GORTA A.fi.
Notes to the Financial Statements As at 31 December 2008
(Currency: New Turkish Lira (TRY))
17 Insurance liabilities and reinsurance assets
As at 31 December 2008, technical reserves of the Company are disclosed as follows:
31 December 2008
Reserve for unearned premiums, gross 225,742,700
Reserve for unearned premiums, ceded (Note 10) (85,296,405)
Reserves for unearned premiums, net 140,446,295
Reserve for unexpired risks, gross 2,665,053
Reserve for unexpired risks, ceded (Note 10) (1,223,616)
Reserve for unexpired risks, net 1,441,437
Provision for outstanding claims, gross 277,162,145
Provision for outstanding claims, ceded (Note 10) (221,339,072)
Provision for outstanding claims, net 55,823,073
Equalization provision, net 2,507,923
Total technical provisions, net 200,218,728
Short-term 192,567,335
Medium and long-term 7,651,393
Total technical provisions, net 200,218,728
As at 31 December 2008, movements of the insurance liabilities and related reinsurance assets are presented below:
31 December 2008
Reserve for unearned premiums Gross Ceded Net
Reserve for unearned premiums at the beginning of the period (*) 168,758,132 (65,718,819) 103,039,313
Premiums written during the period 478,515,051 (227,944,418) 250,570,633
Premiums earned during the period (421,530,483) 208,366,832 (213,163,651)
Reserve for unearned premiums at the end of the period 225,742,700 (85,296,405) 140,446,295
(*) As further explained in Note 2.24, deferred commission income at the beginning of the period amounting to
YTL 19,386,774 (Note 10) and deferred commission expenses amounting to YTL 25,493,606 are presented as netted
off from reserve for unearned premiums. As at 31 December 2008, deferred commission income amounting to YTL
1,136,757 (Note 10) and deferred commission expenses amounting to YTL 531,840 calculated for the policies produced
before 1 January 2008 are also presented as netted off from reserve for unearned premiums.
31 December 2008
Provision for outstanding claims Gross Ceded Net
Provision for outstanding claims at the beginning of the period 188,817,083 (145,725,739) 43,091,344
Claims reported during the period and changes in the estimations of
provisions for outstanding claims provided at the beginning of the period 295,526,562 (176,115,175) 119,411,387
Claims paid during the period (207,181,500) 100,501,842 (106,679,658)
Provision for outstanding claims at the end of the period 277,162,145 (221,339,072) 55,823,073