Gross premiums written

153,219,752

147,426,893

Written premiums ceded to reinsurers and co-insurers

-18,907,314

-17,548,733

Change in gross unearned premiums

-4,257,043

3,200,650

Change in unearned premiums, reinsurers’ and co-insurers’ shares

809,225

350,065

Income from investments in subsidiaries and associates

25

26,136,830

26,308,516

Investment income

26

9,652,630

12,880,066

Interest income

3,895,944

4,427,975

Other investment income

5,756,686

8,452,091

Other technical income

27

6,098,385

9,263,194

Commission income

1,934,678

2,813,943

Other income

4,163,707

6,449,251

Other income

28

444,136

33,974

Net claims incurred

29

-78,583,967

-81,781,565

Gross claims payments less income from recourse receivables

-83,525,449

-85,165,592

Reinsurers’ and co-insurers’ shares

5,982,760

9,811,408

Change in the gross claims provision

-2,101,712

-8,254,869

Change in the reinsurers’ and co-insurers’ share of the claims provision

1,060,434

1,827,488

Change in other technical provisions

30

-158,608

-88,760

Expenses for bonuses and rebates

30

85,678

-162,545

Operating expenses

31

-43,113,125

-47,288,975

Acquisition costs

-33,185,632

-33,061,396

Change in deferred acquisition costs

880,778

-3,598,331

Other operating expenses

-10,808,271

-10,629,248

Expenses for investments in subsidiaries and associates

0

-4,330,782

Expenses for financial assets and liabilities

26

-10,551,329

-7,132,879

Impairment loss on financial assets not measured at fair value through profit or loss

-320,000

-330,740

Interest expenses

-718,338

-841,834

Other expenses

-9,512,991

-5,960,305

Other technical expenses

32

-5,876,562

-6,033,695

Other expenses

28

-234,824

-118,284

Profit or loss before tax

34,763,864

34,977,140

Income tax expense

33

-1,789,672

-2,103,323

Net profit or loss for the period

32,974,192

32,873,817

Earnings or loss per share (basic and diluted)

17

2.13

2.08