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30 Mondial Assistance Annual Report 2008
Financial results
Financial statements
of Mondial Assistance Group
Consolidated Income Statement
of Mondial Assistance Group
2008 2008 2008 2007 2007
IN THOUSAND EUR
GROSS CEDED FOR OWN
ACCOUNT
FOR OWN
ACCOUNT
RESTATED
RESTA-
TEMENT
FOR OWN
ACCOUNT
INSURANCE AND ASSISTANCE BUSINESS
T
otal turnover (premiums and service revenue) 1,596,951 10,388 1,586,563 1,495,385 (15,301) 1,510,686
Written premiums 1,227,565 10,388 1,217,177 1,126,292 (15,301) 1,141,593
Unearned premium reserve change (19,808) 186 (19,994) (34,823) (1,119) (33,704)
Earned premiums 1,207,757 10,574 1,197,183 1,091,469 (16,420) 1,107,889
Claims paid current year (442,626) (3,676) (438,950) (406,566) (406,566)
Transferred claims administration
expenses (ICHC) CY (124,100) (124,100) (113,586) (113,586)
Change in current year reserves (147,613) (1,439) (146,174) (129,453) (129,453)
Claims incurred current year (714,339) (5,115) (709,224) (649,605) (649,605)
Claims paid previous year (95,425) (3,199) (92,226) (85,479) (85,479)
Transferred claims administration
expenses (ICHC) PY (10,716) (10,716) (9,446) (9,446)
Change in previous year reserves 129,767 6,499 123,268 109,669 109,669
Claims incurred previous year 23,626 3,300 20,326 14,744 14,744
Other technical income / expenses (2,826) 0 (2,826) (2,329) 15,301 (17,630)
Total claims (693,539) (1,815) (691,724) (637,190) 15,301 (652,491)
Commission paid (Insurance Business) (289,238) (1,485) (287,753) (259,614) (259,614)
Insurance margin 224,980 7,274 217,706 194,665 (1,119) 195,784
Service revenue 369,386 369,093 369,093
Service income deferred change 1,582 (4,741) 7,966 (12,707)
Service revenue earned 370,968 364,352 7,966 356,386
Other service income / expenses (43,547) (27,384) (27,384)
Commission paid (service business) (34,818) (45,203) (45,203)
Transferred service administration
expenses (ISHC) (174,050) (162,222) (162,222)
Service Margin 118,553 129,543 7,966 121,577
Staff costs (370,945) (343,705) (343,705)
IT costs (27,836) (22,324) (22,324)
Telecommunication costs (15,675) (13,555) (13,555)
Fees for group services (6,405) (11,802) (11,802)
Other administration costs (144,358) (146,643) (146,643)
Transfer of ICHC and ISHC 308,865 285,253 285,253
General expenses after transfer (256,354) (252,776) (252,776)
Operating result 79,905 71,432 6,847 64,585