Bank of Cyprus Credit Ratings and Financial Position
Statutory Income Statement for insurance businesses for 1Q2023
eurolife
Genikes
Insurance
€ mn
1Q2023
1Q2022
(IFSR 17)
yoy%
€ mn
1Q2023
1Q2022
yoy%
(IFRS 17)
Insurance revenue
17.9
19.0
-6%
Insurance revenue
15.4
13.7
12%
Insurance service expense
(14.0)
(12.3)
14%
Insurance service expense
(8.8)
(6.8)
30%
Net insurance service result
3.9
6.7
-42%
Net insurance service result
6.6
6.9
-5%
Reinsurance service expense
(4.1)
(4.1)
-1%
Reinsurance service expense
(6.0)
(4.4)
34%
Reinsurance revenue
2.9
1.8
63%
Reinsurance revenue
3.1
1.1
Net reinsurance service result
(1.2)
(2.3)
-50%
Net reinsurance service result
(2.9)
(3.3)
-11%
Net insurance finance income/(expense)
(3.8)
13.1
Loss from investment and occupational
(0.5)
(0.2)
134%
Insurance finance income and expense
Reinsurance finance income or expense
(0.4)
0.4
0.2
(0.1)
pension contracts
Net insurance financial result
(0.2)
0.3
Insurance service result
(1.6)
17.3
Insurance service result
3.5
3.9
-11%
Other income
0.1
0.2
-37%
Staff costs (non attributable)
(0.4)
(0.4)
9%
Staff costs (non attributable)
(0.1)
(0.2)
-30%
Other operating costs (non-attributable)
(0.5)
(0.5)
-4%
Other operating costs (non-attributable)
(0.1)
(0.2)
-3%
Net revaluations and/or sale on financial assets
6.9
(15.6)
Loss from revaluation and/or sale of
investments
0.3
(0.9)
at fair value through profit or loss¹
Total net expenses
6.8
(15.8)
Total net expenses
(0.6)
(1.8)
-70%
Profit before tax
2.9
2.1
37%
Profit before tax
5.2
1.5
Tax expense
Profit after tax
5.2
(0.1)
1.4
-100%
Tax expense
(0.3)
(0.4)
-15%
Profit after tax
2.6
1.7
48%
Income statement based on the statutory financial statements of Eurolife and Genikes Insurance and including transactions with the Bank
1) Includes net revaluations and/or sale on policyholder assets included within "Net Insurance result" line in the Group's Income Statement (refer to slides 17 and 40)
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