Financial Analysis and Currency Deposits
Income statement for insurance businesses for 1H2022
eurolife
Genikes
Insurance
€ mn
1H2022
€ mn
Gross written premiums (GWPS)
Reinsurance premium
1H2022
73.5
Gross written premiums (GWPS)
32.1
Reinsurance premium
(17.0)
(15.5)
Change in provision for unearned premiums
(0.3)
Commissions from reinsurers and other insurance income
5.3
Investment income and gains from investments and other assets
(43.0)
Commissions from reinsurers and other insurance income
Total net income
4.8
19.6
Net gains/(losses) from impairment of assets
0.1
Gross payments to policyholders
(6.1)
Total net income
Gross payments to policyholders
20.4
Reinsurers' share of payments to policyholders
1.9
(33.7)
Gross change in insurance contract liabilities
(1.7)
Reinsurers' share of payments to policyholders
4.1
Gross change in insurance contract liabilities
53.0
Reinsurers' share in the change of insurance contract liabilities
Commissions paid to agents and other selling costs
1.2
(3.9)
Reinsurers' share in the change of insurance contract liabilities
(2.3)
Staff costs
(2.9)
Commissions paid to agents and other selling costs
(13.4)
Other operating costs
(2.0)
Staff costs
(3.0)
Loss from revaluation and/or sale of investments
(1.9)
Other operating costs
(4.0)
Provision for impairment of financial assets
(0.2)
Total net expenses
Profit before tax
0.7
21.1
Tax expense
Profit after tax
(1.7)
19.4
Total net expenses
Profit before tax
Tax expense
Profit after tax
(15.6)
4.0
(0.7)
3.3
Income statement based on the statutory financial statements of Eurolife and GIC and including transactions with the Bank and does not include change in value of in-force business net of tax which is only recognised at Group level
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