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Consolidated profit and loss account

Annual Report 2018 > RESULTS 2018 > Consolidated profit and loss account
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Consolidated profit and loss account   Note 1 January – 31 December 2018 1 January – 31 December 2017 (restated) 1)
Gross written premiums 10 23,470 22,847
Reinsurers’ share in gross written premium   (755) (612)
Net written premiums   22,715 22,235
Movement in net provision for unearned premiums   (365) (881)
Net earned premiums   22,350 21,354
       
Revenue from commissions and fees 11 3,374 2,319
Net investment income 12 11,679 9,051
Net result on realization of financial instruments and investments 13 (15) 247
Movement in allowances for expected credit losses and impairment losses on financial instruments 14 (1,804) (1,207)
Net movement in fair value of assets and liabilities measured at fair value 15 770 380
Other operating income 16 1,693 1,178
       
Claims, benefits and movement in technical provisions   (14,980) (15,376)
Reinsurers’ share in claims, benefits and movement in technical provisions   417 435
Net insurance claims and benefits paid 17 (14,563) (14,941)
       
Fee and commission expenses 18 (754) (557)
Interest expenses 19 (2,046) (1,350)
Acquisition expenses 20 (3,130) (2,901)
Administrative expenses 21 (6,609) (5,357)
Other operating expenses 23 (3,858) (2,758)
Operating profit   7,087 5,458
Share of the net financial results of entities measured by the equity method   (1) 16
Profit before tax   7,086 5,474
Income tax 24 (1,718) (1,289)
Net profit, including:   5,368 4,185
- profit attributable to the equity holders of the Parent Company   3,213 2,895
- profit attributable to holders of non-controlling interest   2,155 1,290
Weighted average basic and diluted number of common shares 25 863,347,220 863,519,608
Basic and diluted profit per common share (in PLN) 25 3.72 3.35

1) Information on restatement of the 2017 data is presented in section 5.3.

     

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