09/02/2012 15:28
Liberty Life expects lower losses in 2011.
According to an announcement released today, the results for the year ended December 31, 2011 will be loss-making. It is expected, however, that losses will be significantly lower than those of 2010.
Losses are attributable to the following factors:
1. The drop of investments mostly due to the ongoing financial crisis and the significant losses of the stock markets in Cyprus and Greece.
2. The revaluation in the value of properties.
3. The disproportionate variation of the insurance reserves in relation to the significant decrease in the value of the investment portfolio and the increase in contract acquisitions. This variation is attributable to the increase in certain insurance reserves.
In 2010, the company announced losses of €8.4 million against losses of €2.2 million in 2009.
In the six months of 2011, losses stood at €398.3 thousand.
According to an announcement released today, the results for the year ended December 31, 2011 will be loss-making. It is expected, however, that losses will be significantly lower than those of 2010.
Losses are attributable to the following factors:
1. The drop of investments mostly due to the ongoing financial crisis and the significant losses of the stock markets in Cyprus and Greece.
2. The revaluation in the value of properties.
3. The disproportionate variation of the insurance reserves in relation to the significant decrease in the value of the investment portfolio and the increase in contract acquisitions. This variation is attributable to the increase in certain insurance reserves.
In 2010, the company announced losses of €8.4 million against losses of €2.2 million in 2009.
In the six months of 2011, losses stood at €398.3 thousand.
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