REFERENCE: IC SAYA OJSC (Kazakhstan) - income and expenses

/IRBIS, information of the KASE Listing commission, Aug 28, 01/ - The following information is published due to the admittance of common inscribed shares of Insurance Company SAYA OJSC (IC SAYA OJSC) into the official list of the Kazakhstan Stock Exchange (KASE) under category "B". From 1998 to 2000 income of IC SAYA OJSC increased by 132.1%, from KZT15.0m to KZT34.7m. Excess of the income in 1999 over those of 1998 was due to an increase in insurance income by KZT7.4m and investment income by KZT4.8m. Relative to 1999, in 2000 the company's income increased by KZT7.5m, which is mainly attributable to an increase in investment income by KZT7.0m. Income dynamics of IC SAYA OJSC (th. KZT) --------------------------------------------------------------------- as of as of as of as of Income Jan 1, 99 Jan 1, 00 Jan 1, 01 July 1, 01 ------------------------ --------- --------- --------- ---------- Insurance income 12,184 19,624 20,138 10,702 Investment income 2,772 7,572 14,573 2,571 Securities and deposits* 1,849 4,181 1,751 801 Rent** 923 3,391 12,822 1,770 ------------------------ --------- --------- --------- ---------- Total 14,956 27,196 34,711 13,273 --------------------------------------------------------------------- * - Interest income on deposits and on government securities. ** - Income from renting the offices, which were bought using the insurance income. IC SAYA OJSC is engaged in medical insurance, insurance against accidents and diseases, vehicle insurance. Most of the company's income - 65%, as of January 1, 2001 was derived from medical insurance. The volume of insurance premiums on medical insurance increased from KZT5.1m to KZT13.2m, or 258.8% in 1998-2000. By the results of the I half of 2001 general expenses equaled KZT13.3m, of which insurance income - KZT10.7m. Medical insurance income equaled KZT8.1m, or 76.0% of all insurance premiums during this period. From 1998 through 2000 expenses of the company increased by KZT16.6m, or 97.1%. Mainly the expenses grew as a result of an increase in general and administrative expenses by KZT17m, or 283.3%. Expenses dynamics of IC SAYA OJSC (th. KZT) ----------------------------------------------------------------------- as of as of as of as of Expenses Jan 1, 99 Jan 1, 00 Jan 1, 01 July 1, 01 -------------------------- --------- --------- --------- ---------- Insurance payments 3,966 4,890 6,267 5,722 Increase (decrease) in insurance reserves 5,980 1,949 1,800 -3,232 Other 7,157 15,749 25,651 10,596 General and administrative expenses 6,001 13,671 23,002 10,199 Taxes 1,156 2,078 2,649 397 -------------------------- --------- --------- --------- ---------- Total 17,103 22,588 33,718 13,086 ----------------------------------------------------------------------- From 1998 through 2000 insurance reserves increased by KZT3.7m, or 24.2%. In I half of 2001 this article figure decreased by KZT3.2m as a result of a decrease in unearned premiums reserves. The management explains this fact with the expiration of the most of the insurance agreements signed in 2000, as a result risk on unearned premiums decreased. Also, in 1998-2000 insurance payments of the company has increased by KZT924 th., or 23.3% in 1999 and KZT1,377 th., or 28.2% in 2000.