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Consolidated statement of profit or loss

Consolidated statement of profit or lossNote1 January –
31 December 2014
1 January –
31 December 2013 (restated)
Gross written premiums 11 16,884,639 16,480,003
Reinsurer’s share in written premiums   -349,912 -257,037
Net written premium   16,534,727 16,222,966
Change in net unearned premiums reserve   -105,357 25,803
Net earned premiums   16,429,370 16,248,769
Revenue from commissions and fees 12 350,764 299,169
Net investment income 13 1,793,838 1,866,650
Net result on realization and impairment
losses on investments
14 427,147 42,547
Net change in the fair value of assets
and liabilities measured at fair value
15 512,533 605,358
Other operating income 16 537,633 485,221
Claims, benefits and change in technical provisions   -11,733,228 -11,195,277
Reinsurers’ share in claims, benefits
and change in technical provisions
  191,520 34,053
Net claims and benefits 17 -11,541,708 -11,161,224
Change in measurement of investment contracts 18 -14,031 -77,715
Acquisition costs 19 -2,147,024 -2,015,938
Administrative expenses 20 -1,527,699 -1,406,480
Other operating expenses 22 -907,740 -705,599
Operating profit   3,913,083 4,180,758
Borrowing costs 23 -219,865 -61,664
Share in net profit of entities measured
using the equity method
  -1,525 1,404
Gross profit   3,691,693 4,120,498
Income tax 26  
- current portion   -673,506 -885,776
- deferred portion   -50,560 60,233
Net profit, including:   2,967,627 3,294,955
- profit attributable to equity
holders of the parent entity
  2,967,731 3,293,496
- profit (loss) attributable to
non-controlling interest
  -104 1,459
Net profit on continued operations attributable
to equity holders of the parent entity
  2,967,731 3,293,496

Net profit (loss) from
discontinued operations

  - -
Basic and diluted weighted average
number of ordinary shares in issue
25 86,351,949 86,351,949
Basic and diluted profit (loss) per
one ordinary share (in PLN)
25 34.37 38.14