General information - Eureko Sigorta

EUREKO S‹GORTA A.fi.
Notes to the Financial Statements As at 31 December 2008
(Currency: New Turkish Lira (TRY))
29 Insurance benefits and claims
Claims paid, net off reinsurers' share
31 December 2008
(106,679,658)
Changes in reserve for unearned premiums, net off reinsurers' share (37,406,982)
Changes in provision for outstanding claims, net off reinsurers' share (12,731,729)
Changes in reserve for unexpired risks, net off reinsurers' share (2,507,923)
Change in equalization provisions, net off reinsurers' share (1,042,572)
Total (160,368,864)
30 Investment contract benefits
None.
2008 ANNUAL REPORT
31 Other expenses by destination
The allocation of the expenses with respect to their nature or function is presented in Note 32 below.
32 Expenses by nature
As at and for the year ended 31 December 2008, the operating expenses are disclosed as follows:
Commission expenses (Note 17)
31 December 2008
(34,712,532)
Commissions to the intermediaries accrued during the period (Note 17) (67,144,135)
Changes in deferred commission expenses (*) (Note 7) 32,431,603
Employee benefit expense (Note 33) (28,313,341)
Commission income from reinsurers (Note 10) 22,642,031
Commission income from reinsurers accrued during the period (Note 10) 39,598,221
Changes in deferred commission income(*) (Note 10) (16,956,190)
Expenses for advertisement and public relations (7,211,717)
Transportation expenses (2,813,699)
Rent expenses (1,662,634)
Communication expense (1,638,760)
Information technology (IT) expenses (1,457,584)
Agency - meeting and symposium expenses (1,435,567)
Fees paid to the assistance firms (1,418,685)
Administrative expenses (1,236,686)
Cost of credit cards (1,134,131)
Consulting expenses (964,118)
Taxes and duties other than on income (955,042)
Representation expenses (459,991)
Printing, stationary and office expenses (389,350)
Maintenance expenses (247,515)
Other expenses (675,378)
Total (64,084,699)
(*) As further explained in Note 2.24, deferred commission expenses (Note 17) and deferred commission income (Not
10) at the beginning of the period are presented as netted off from reserve for unearned premiums. Hence, changes in
deferred commission income and changes in deferred commission expenses are same with deferred commission income
and deferred commission expenses, respectively calculated at the end of the period.
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