|
Λευκωσία 09 Νοεμβρίου 2010
Προς
Χρηματιστήριο Αξιών Κύπρου
Λευκωσία
ΑΝΑΚΟΙΝΩΣΗ
Η Εταιρεία ΚΟΣΜΟΣ ΑΣΦΑΛΙΣΤΙΚΗ ΕΤΑΙΡΕΙΑ ΔΗΜΟΣΙΑ ΛΤΔ
δημοσιοποιεί την Δεύτερη Ενδιάμεση Κατάσταση Διαχείρισης 2010 το πλήρες
κείμενο της οποίας επισυνάπτεται.
Για την Κόσμος Ασφαλιστική Εταιρεία Δημόσια Λτδ
Ανδρέας Τυλλής
Διευθύνων Σύμβουλος
·
Δεύτερη Ενδιάμεση
Κατάσταση Διαχείρισης 2010
English Translation taken from
http://www.cse.com.cy
Cosmos: Interim Management Statement
The Company
presents the Second Interim Management Statement for 2010, pursuant to
article 11 of Law 190 (I) 2007.
The report is based on the results from January 1, 2010 to September 30,
2010, which have not been audited by the external auditors of the Company.
Main activities
The Company's main activities during the period remained the same as in
2009. The main activity of the parent company is the conduct of general
sector insurance activities. The main activity of the subsidiary is the
provision of insurance mediator services in the life sector.
Non-recurrent activities
There were no non-recurrent activities or extraordinary activities during
the period.
General description
Results until September 30, 2010
The results for the period from January 1, 2010 to September 30, 2010 are
lower compared to the results of the corresponding period of 2009.
The loss attributable to shareholders stood at €932 thousand compared to a
profit of €692 thousand in the corresponding period of 2009.
This loss is attributable to:
- The introduction
of new or additional technical reserves
- The increased
claims in the car sector
- The economic
recession, which has affected the production in certain
insurance sectors
- The negative
yield of the investment portfolio due to the economic recession
|
The total
earned premiums during the period fell 5% to €16 million compared to €16.9
million in the corresponding period of 2009.
The car sector fell 9%, while the remaining sectors recorded a total
increase of 18%. The drop in the production in the vehicle sector is linked
to the termination of certain loss making partners.
The net compensations rose 7% to €12.6 million from €11.8 million in the
corresponding period of 2009.
The supplies, operating and administrative expenses fell 5% to €6.5 million
compared to €6.8 million in 2009.
Other main facts
There were no other significant facts during the period.
Main risks
The main risks that the Group faces are not different from those
described in the Annual Report 2009.
Prospects for 2010
The Group expects that 2010 will end with losses due to the
aforementioned facts. The main aim is still the increase in the customer
list with a quality evaluation in the acceptance of risks, the restraining
of expenditure and the better servicing of the customers and partners.
Recently, the Group reached agreements with new partners, who will replace
the production of the partners that have been terminated.
The Group's main goal is the increased production in all sectors (except for
the motor vehicles) and the introduction of new and pioneer insurance
products.
Also, further technological upgrading of the insurance programs is expected
in the next few months for the better servicing of the customers and
partners.
The subsidiary life company launched its activities in 2010 with good
prospects that will be apparent in the next few months.
|
