Výročná správa 2009 - Komunálna Poisťovňa

(All amount are in thousands of Euros, unless stated otherwise)For life insurance, the Company matches the cash flows from financial assets and insurancecontracts in each year in such a way that the present value of cash flows from financial assets willbe sufficient to cover the present value of future liabilities from these insurance contracts in followingyears. Management of the Company evaluates the ability to cover cash flows on a monthlybasis, and makes decisions about the allocation of assets with respect to their matching liabilities.The Company also pays attention that the achieved income from such financial assets covers atleast the minimal technical interest rate guaranteed in insurance contracts.The Company faces the risk of having sufficient cash available daily, mainly due to insuranceoperations (insurance claims). Liquidity risk is the risk that sufficient cash will not be available tocover insurance liabilities at the due date, with an acceptable interest rate. The Company has setlimits to maintain a sufficient amount of cash equivalents to cover all due liabilities.The table below summarizes the expected undiscounted cash flows in relation to the agreedmaturities of financial assets and liabilities.Expected cash flows31 December 2009Carryingamount0-5years5-10years10-15years15-20years>20yearsHeld to maturity financial assets- fixed rate 49,625 29,915 36,517 0 0 0- floating rate 0 0 0 0 0 0Financial assets available for sale- fixed rate 83,338 66,560 17,960 14,379 11,230 5,726- floating rate 26,947 23,452 4,683 0 0 0Financial assets at fair value throughprofit or loss- fixed rate 140 0 0 0 0 0- floating rate 5,683 0 5,139 0 0 0Cash and cash equivalents 16,513 16,513 0 0 0 0Total 182,246 136,441 64,299 14,379 11,230 5,726Expected cash flows31 December 2008Carryingamount0-5years5-10years10-15years15-20years>20yearsHeld to maturity financial assets- fixed rate 3,403 3,497 - - - -- floating rate - - - - - -Financial assets available for sale- fixed rate 18,406 15,373 5,633 149 754 -- floating rate 19,888 18,913 1,685 - - -Financial assets at fair value throughprofit or loss- fixed rate - - - - - -- floating rate 2,326 - 1,339 - - -Cash and cash equivalents 9,634 9,640 - - - -Total 53,657 47,422 8,657 149 754 -Expected cash flows0 - 5 5 - 10 10 - 15 over 15years years years yearsTotal31 December 2009Insurance contracts without reinsurance 103,532 34,006 17,690 40,072 195,300Ročná účtovná závierka a komentár I Company Accounts31 December 2008Insurance contracts without reinsurance 57,124 2,925 887 539 61,475147