The International Insurance Company (SL) has recorded a profit before tax of two hundred and five million Leones (Le205,360,000) for the year ending December 2010.
This was released in the Company’s published reports Thursday.
The two hundred and five million Leones pre tax 2010 profits show a modest increase of 22% or thirty seven million Leones (Le37,206,000) over the 2009 pre tax profits of one hundred and sixty million Leones (Le168,154,000).
Insurance premium rose 14.6% to Le3,325 million whilst claims paid out fell by Le 22million to Le301million. Income from non life operations turned around from a loss of Le115 million in 2009 to Le110 million income in 2010, whilst other income dropped by Le190 million over the year.
Overall the net profit for the 2010 year rose to an appreciable two hundred and sixty one million Leones (Le261,603,000). This shows a 48% or eighty four million Leones (Le84,744,000) increase in the net profit for 2010 over the one hundred and seventy six million Leones (Le176,859,000) posted for 2009.
According to its published balance sheets, the Company’s equity for 2010 rose by 10% or two hundred million Leones (Le200,950,000) whereas its liabilities also rose by 7% or one hundred and forty eight million Leones (Le148,957,000).
Overall the Company’s total assets and liabilities rose by 7% or three hundred and forty nine million Leones (Le349,907,000) from four billion and seventy one million Leones (Le4,071,681,000) in 2009 to four billion four hundred and twenty one million Leones (Le4,421,588,000) in 2010.