Results of activity of Insurance company Pana Insurance JSC (Kazakhstan) in the I quarter 2005

/IRBIS, Galina Tsalyuk, October 13, 05/ - Insurance company Pana Insurance JSC (Aktobe, hereinafter - company), whose common shares are included in the official "B" listing category of Kazakhstan stock exchange (KASE), provided KASE with financial statement for the I quarter 2005. Following indicators are result of the company's financial and economic activity in the I quarter 2005, based on the company's data (th. KZT, unless otherwise specified): --------------------------------------------------------------------------- as of as of Change, Index Jan 1, 04 Jan 1, 05 % ---------------------------------------------- --------- --------- -------- Authorized capital (paid) 200,000 192,000 -4.0 Shareholders' equity 605,938 376,908 -37.8 Total assets 627,829 396,042 -36.9 Investments in securities 1,867 51,767 +2,672.7 Investments in capital of other legal entities 572,316 148,445 -74.1 Insurance premiums to receipt (net) 37,226 20,268 -45.6 Other accounts receivable (net) 2,580 139,445 +5,304.8 Total liabilities 21,891 35,134 +60.5 Unearned insurance premiums after deduction 11,881 22,621 +90.4 of reinsurer's stake Reserves on insurance losses 5,712 6,071 +6.3 Payments to reinsurers 1,808 1,803 -0.3 Accounts payable 1,901 3,919 +106.2 Total revenues (losses) 78,115 (74,974) - Total expenses 16,129 29,636 +83.7 Net income (loss) for the period 59,471 (100,873) - Book value of one share, USD 3,029.69 1,963.06 -35.2 --------------------------------------------------------------------------- Relative to the I quarter 2004 following changes occurred: - shareholders' equity of the company decreased by KZT245.0 m. as a result of increase of amount of uncovered loss by 237.0 m. and redemption of own shares for the amount 8.0 m.; - assets decreased by KZT231.8 m, what was caused by decrease of investments in other legal entities by 423.9 m. and net amount of insurance premiums to receipt - by 16.8 m. with growth of other accounts receivable by 136.9 m., securities, held to maturity, - by 49.9 m. and other assets - by 22.1 m.; - liabilities grew by KZT13.2 m., including: net amount of reserve of unearned premium - by 10.7 m., accounts payable - by 2.0 m. and other liabilities - by 485.0 th.; - total expenses rose by KZT13.5 m.; the I quarter 2005 the company got loss in the amount KZT100.9 m. against KZT59.5 m. of net income of corresponding period of 2004. Company's primary activity: insurance. [2005-10-13]