Liberty Life Insurance Public Company Limited announces that at a meeting held on June 7, 2013, the Board of Directors approved the Interim Management Statement.
The Interim Management Statement has been prepared pursuant to the provisions of article 11 of the Transparency Requirements Law 2007 and has not been audited by the external auditors of the Company.
Main activities
During the period from January 1, 2013 to June 6, 2013, the main activities remained the same as in 2011.
Its main activity focuses on the insurance activities of the life, accident and sickness sector.
General review of the results in the first three months of 2013
The financial results of the Group show losses in the first three months of 2013. The after tax loss stood at €246 thousand compared to loss of €53 thousand in the corresponding period of 2012.
The deterioration of the financial condition in Cyprus, the increased flow of acquisitions of insurance contracts and the increased competition affected the insurance activities of the Group. However, in the first three months of the year, the net premiums have recorded a slight increase to €2.4 million compared to €2.35 million in the corresponding period of 2012 due to higher premiums from group insurance plans.
The negative economic climate and the negative performance of the Cyprus Stock Exchange with the significant losses that emerged from the develop0ments in the two large Cypriot banks pushed losses from investments up to €1.4 million compared to €190 thousand in the corresponding period of 2012.
The claims and benefits have recorded an increase to €462 thousand compared to €342 thousand in the first quarter of 2012.
The selling expenses stood at €332 thousand and are at the same level as last year.
The measures that the Company has taken for the reduction of the operating expenses have been proved satisfactory as the operating expenses fell by 17.6% to €426 thousand compared to €517 thousand in the corresponding period of 2012.
Non recurrent or extraordinary activities
There were no non-recurrent or extraordinary activities during the period
Main risks and uncertainties
The main risks and uncertainties have not changed and are those described in the Annual Report 2012.
Main events and transactions
There were no other events and transactions during the period.
Transactions of associated persons
During the period, the Company proceeded with transactions of investing nature with companies associated to ELMA Group. This led to a recognition of profit of €697 thousand and the equal reduction of their credit balances. There were no other transactions of associated persons during the period.
Targets and prospects for 2013
The Company observes the developments in Cyprus and overseas and seeks to adjust itself to the changes and demands of the times. Its aim is to maintain and strengthen its capital to an extent that it will add to its solvency and will continue to inspire confidence to the customers and shareholders.
Despite the adverse economic environment, the Company focuses on the strengthening of its turnover via the development of its partner network and the quality customers’ service.
The Company will continue its efforts to restrict and restrain the operating expenses via the adoption of strict measures in 2010.
The Company attempts to boost its insurance activities, which are still affected by the negative economic climate and seeks to improve them for the rest 2013. The Group’s results for 2013 are expected to be loss making and will depend on the domestic economic developments, which affect the climate and the performance of the stock markets.
The Interim Management Statement has been prepared pursuant to the provisions of article 11 of the Transparency Requirements Law 2007 and has not been audited by the external auditors of the Company.
Main activities
During the period from January 1, 2013 to June 6, 2013, the main activities remained the same as in 2011.
Its main activity focuses on the insurance activities of the life, accident and sickness sector.
General review of the results in the first three months of 2013
The financial results of the Group show losses in the first three months of 2013. The after tax loss stood at €246 thousand compared to loss of €53 thousand in the corresponding period of 2012.
The deterioration of the financial condition in Cyprus, the increased flow of acquisitions of insurance contracts and the increased competition affected the insurance activities of the Group. However, in the first three months of the year, the net premiums have recorded a slight increase to €2.4 million compared to €2.35 million in the corresponding period of 2012 due to higher premiums from group insurance plans.
The negative economic climate and the negative performance of the Cyprus Stock Exchange with the significant losses that emerged from the develop0ments in the two large Cypriot banks pushed losses from investments up to €1.4 million compared to €190 thousand in the corresponding period of 2012.
The claims and benefits have recorded an increase to €462 thousand compared to €342 thousand in the first quarter of 2012.
The selling expenses stood at €332 thousand and are at the same level as last year.
The measures that the Company has taken for the reduction of the operating expenses have been proved satisfactory as the operating expenses fell by 17.6% to €426 thousand compared to €517 thousand in the corresponding period of 2012.
Non recurrent or extraordinary activities
There were no non-recurrent or extraordinary activities during the period
Main risks and uncertainties
The main risks and uncertainties have not changed and are those described in the Annual Report 2012.
Main events and transactions
There were no other events and transactions during the period.
Transactions of associated persons
During the period, the Company proceeded with transactions of investing nature with companies associated to ELMA Group. This led to a recognition of profit of €697 thousand and the equal reduction of their credit balances. There were no other transactions of associated persons during the period.
Targets and prospects for 2013
The Company observes the developments in Cyprus and overseas and seeks to adjust itself to the changes and demands of the times. Its aim is to maintain and strengthen its capital to an extent that it will add to its solvency and will continue to inspire confidence to the customers and shareholders.
Despite the adverse economic environment, the Company focuses on the strengthening of its turnover via the development of its partner network and the quality customers’ service.
The Company will continue its efforts to restrict and restrain the operating expenses via the adoption of strict measures in 2010.
The Company attempts to boost its insurance activities, which are still affected by the negative economic climate and seeks to improve them for the rest 2013. The Group’s results for 2013 are expected to be loss making and will depend on the domestic economic developments, which affect the climate and the performance of the stock markets.
Monday, 10 June, 2013 - 09:44