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For the years Ended December 31,2004 and 2003
Account 2004 2003
Operating Revenues
Interest Revenue 54,581 74,543
Premium Revenue 6,773,025 6,544,164
Reinsurance Commission Revenue 674,447 667,568
Claims Recovered from Reinsurers 701,795 1,960,798
Unearned Premium Reserves 2,426,184 2,602,201
Special Catastrophe Reserves Recovered 154,097 183,517
Claims Reserves Recovered 31,711 30,965
Gains on Trading Bill Securities 383,561 353,556
Gains on Investing Real Estates 33,798 32,294
Sub-Total Operating Revenues 11,233,199 12,449,606
Operating Costs
Interest Expenses (894) (1,743)
Reinsurance Premium Outward (3,566,280) (3,894,832)
Commission Expenses (881,528) (779,804)
Insurance Claims Payment (2,314,210) (3,412,644)
Provision for Premium Reserves (2,498,862) (2,426,184)
Provision for Special Catastrophe Reserves (241,829) (233,900)
Expenses for Insurance Fund (12,786) (12,371)
Provision for Outstanding Claims Reserves (36,261) (31,711)
Losses on Trading Bill and Securities (181,522) (159,908)
Investment Loss Recognized Under Equity Method - (19,116)
Sub-Total Operating Expenses (9,734,172) (10,972,213)
Operating Gross Profit 1,499,027 1,477,393
Operating Costs
Acquisition and Sales Costs (1,000,353) (845,584)
General and Administration Costs (204,914) (282,017)
Sub-Total Operating Costs (1,205,267) (1,127,601)
Total Operating Incomes 293,760 349,792
Non-Operating Revenues
Exchange Profits 419 -
Other Income 7,226 15,722
Sub-Total Non-Operating Revenues 7,645 15,722
Non-Operating Expenses
Foreign Exchange Loss (4,928) (8,034)
Property Transaction Losses (84) (14)
Miscellaneous Expenses (1,078) (4,581)
Sub-Total Non-Operating Expenses (6,090) (12,629)
Net Profit Before Tax 295,315 352,885
Income Tax Expense (22,774) (36,307)
Net Profit After Tax 272,541 316,57