|
CONSOLIDATED STATEMENT OF INCOME
QBE del Istmo Reinsurance Company, Inc.
| |
Fiscal Year
Ending, December 31 |
|
2008 |
2007 |
| Premiums written |
US$ 202,106,819 |
US$ 144,370,472 |
| Premiums ceded |
(105,027,682) |
(71,243,224) |
| Retained premiums |
97,079,137 |
73,127,248 |
|
|
|
| Primium reserve - current year |
(27,839,883) |
(22,217,822) |
| Primium reserve - prior year through consolidation of
subsidiary |
238,918 |
- |
| Primium reserve - prior year |
22,217,822 |
17,515,184 |
| (Increase) decrease in premium reserve |
(5,383,143) |
(4,702,638) |
| Premiums earned, net |
91,695,994 |
68,424,610 |
|
|
|
| Commissions paid |
35,156,002 |
23,638,693 |
| Adjustments to commissions paid |
(974,829) |
620,254 |
| Commission received |
(6,745,747) |
(9,627,834) |
| Adjustments to commissions received |
(2,268,686) |
(2,623,191) |
| Reaserve for catastrophic risks and forecast
statistics for desviations |
52,293 |
- |
| Other acquisition costs |
4,430,179 |
4,941,311 |
| Acquisition costs, net |
29,649,212 |
16,949,233 |
|
|
|
| Losses paid |
119,294,622 |
76,702,671 |
| Less losses recovered |
(63,550,373) |
(40,331,689) |
| Adjustment to unpaid losses, net |
(6,655,949) |
216,059 |
| Losses incurred, net |
49,088,300 |
36,587,041 |
| General and administrative expenses |
8,297,788 |
5,659,106 |
| Income (loss) from reinsurance operations |
4,660,694 |
9,229,230 |
| Other income |
4,925,635 |
4,391,131 |
| Income (loss) before income tax |
9,586,329 |
13,620,361 |
| Income tax |
424,071 |
362,856 |
| NET INCOME |
US$
9,162,258 |
US$
13,257,505 |
| Net income per common share |
US$
4.31 |
US$
6.23 |
| Number of shares in circulation |
2,125,000 |
2,125,000 |
|
|
