Results of activity of Insurance company Pana Insurance JSC (Kazakhstan) for 2004

/IRBIS, Galina Tsalyuk, May 5, 05/ - Insurance company Pana Insurance JSC (Aktobe, the Company), whose shares are circulating in the official "B" listing category of Kazakhstan stock exchange (KASE), provided KASE with audited financial statements for 2004. Following indicators are result of the issuer's financial and economic activity for 2004, based upon the issuer's data (th. KZT, unless otherwise specified): ------------------------------------------------------------------- As of As of Change, Indicator Jan 1, 04 Jan 1, 04 % ------------------------------------ --------- --------- ------- Authorized capital (paid-up) 200,000 200,000 0.0 Shareholders' equity 546,467 509,781 -6.7 Total assets 571,300 561,262 -1.8 Investments in securities 29,153 112,265 +285.1 Investments in associates 353,430 148,445 -58.0 Accounts receivable 26,322 263,962 +902.8 Liabilities, total 24,833 51,481 +107.3 Insurance reserves before 38,756 315,355 +713.7 reinsurer interest Reinsurer interest 31,610 287,750 +810.3 Accounts payable 8,920 18,517 +107.6 Total revenues 474,324 446,388 -5.9 Insurance premiums before 361,920 722,578 +99.7 reinsurer interest Total expenses 188,127 466,619 +148.0 Net income for the period 287,610 (36,686) - ------------------------------------ --------- --------- ------- Based on data, following calculated: ------------------------------------ --------- --------- ------- Return on assets, (ROA), % 50.34 -6.54 - Return on equity, (ROE), % 52.63 -7.20 - Earnings (loss) per share (EPS), KZT 1,438.05 (183.43) - Book value of one share, KZT 2,732.34 2,548.91 -6.7 ------------------------------------------------------------------- Relative to 2003 following changes occurred: - shareholders' equity - by KZT36.7 m, as a result of increase of amount of retained earnings by the same amount; - assets decreased by KZT10.0 m, caused by decrease of investments in other businesses by 205.0 m. and deposits placed with banks - by 56.9, while accounts receivable and other assets grew by 237.6 m and 14.2 m., respectively. - liabilities grew by KZT26.6 m. in connection with increase net amount of insurance premiums by 20.4 m., and accounts payable by 9.6 m., which was partially offset by decrease in other liabilities by 3.4 m.; - total revenues dipped by KZT27.9 m (insurance income grew by KZT280.1 m. or 5.2 times, investment income decreased by KZT307.8 m. or 4.1 times); - insurance premiums before reinsurer's interest soared to KZT360.6 m.; - total expenses rose by KZT278.5 m.; The Company finished 2004 with KZT36.7 m. loss versus KZT287.6 m. net income in 2003. Company's primary activity: insurance. [2005-05-05]