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.Balance Sheet 

.Profit & Loss & Appropriation Account 

 
Ethiopian Insurance Corporation Balance Sheet

 

2007

2006

 

BIRR

BIRR
BIRR

ASSETS EMPLOYED

 

 

 

PROPERTY AND EQUIPMENT
INVESTMENTS
STATUTORY DEPOSIT

 

62,625,156
80,243,514
9,151,056

65,073,849
86,636,391
9,151,056

DEFERRED TAX ASSET
CURRENT ASSETS

 

494,883

641,023

Debtors

95,670,913

 

124,341,465

Due from reinsurers

5,573,436

 

7,486,700

Due from ceding companies

25,529,426

 

25,877,255

Short term investments

106,498,544

 

90,990,942

Fixed time deposits

517,863,477

 

452,533,213

Cash and bank balances

49,648,443

 

56,517,478

 

800,0784,239

 

757,747,053

CURRENT LIABILITIES

 

 

Outstanding claims

163,117,819

 

132,180,472

Creditors

29,466,120

 

33,960,581

Due to reinsurers

97,683,402

 

127,735,911

Due to ceding companies

15,835,101

 

11,686,364

Income tax

9,228,760

 

13,040,711

State dividend payable

-

 

988,144

 

315,331,202

 

319,592,183

NET CURRENT ASSETS

 

485,453,037

438,154,870


 

637,967,646

599,657,189

FINANCED BY

 

 

 

CAPITAL Authorized and paid up

 

61,007,038

61,007,038

 

LEGAL RESERVE

 


49,403,628


44,049,537

 

 

 

 

GENERAL RESERVE

 

12,926,656

12,926,656

 

 

 

 

ACCUMULATED PROFIT

 

126,881,366

148,418,572

 

 

250,218,688

266,401,803

INSURANCE FUNDS

 

 

 

Provision for unexpired risks

123,431,969

 

99,029,136

Other technical provisions

93,444,233

 

84,069,220

Inward business reserve

14,754,868

 

19,017,337

Life insurance, provident and

 

 

 

Pension funds

156,117,888

 

387,748,958
637,967,646

131,139,693
333,255,386
599,657,189

   

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