Consolidated Balance Sheet as at 31 December 2005
(in thousands of US Dollars)

2005
Assets
Cash and cash equivalents	64 361
Deposits with banks	127 764
Securities held-for-trading	129 933
Promissory notes and originated loans, net	8 176
Investment securities available for sale	11 872
Receivables, net	74 482
Prepayments, net	50 491
Reinsurer’s share of provision for unearned premiums	16 057
Reinsurer's share of loss provision	13 297
Deferred acquisition costs, net	35 864
Goodwill, net	2 260
Other assets	1 810
Investments in associated undertakings	494
Investment property	2 755
Premises and equipment, net	33 672
Total assets	573 288
Liabilities
Provision for unearned premiums	182 756
Loss provision	102 869
Unexpired risk provision	4 700
Payables	99 510
Obligatory medical insurance liability	80 071
Other liabilities	2 472
Deferred tax liability	2 522
Total liabilities	474 900
Equity
Share capital	74 546
Share premium	15 280
Preventive measures reserves	4 586
Statutory insurance reserves	28 705
Fair value reserve for investment securities available for sale	1 674
Translation reserve	(536)
Accumulated deficit	(25 871)
Equity attributable to shareholders of the parent	98 384
Minority interest	4
Total equity	98 388
Total liabilities and equity	573 288

Consolidated Income Statement for the Year Ended 31 December 2005
(in thousands of US Dollars)

2005
INSURANCE
Gross premiums written	549 611
Premiums ceded	(103 249)
		446 362
Change in provision for unearned premiums, gross	(39 874)
Change in reinsurer's share of provision for unearned premiums	(15 861)
		(55 735)
Net premiums earned		390 627
Gross claims paid	(173 737)
Claims ceded	4 957
		(168 780)
Change in loss provision, gross	(42 912)
Change in reinsurer's share of loss provision	8 131
		(34 781)
Net claims incurred		(203 561)
Acquisition costs, net		(78 667)
Claims handling expenses		(8 709)
Change in unexpired risk provision		(4 783)
Insurance operating expenses		(73 028)
Change in provision for impairment of insurance receivables		(16 885)
Other insurance income		3 131
Insurance activity result		8 125
INVESTMENT
Interest income		13 303
Gains less losses arising from trading securities		19 994
Asset management fee		3 910
Other investment income		949
Change in provision for impairment of promissory notes and originated loans		(92)
Investment operating expenses		(11 869)
Investment activity result		26 195
OTHER
Other commission income		13 218
Other operating expenses		(14 722)
Foreign exchange translation gains / (losses), net		1 126
Change in provision for impairment of other receivables		149
Impairment loss		(2 591)
Other income		4 974
Other expenses		(2 463)
Other activity result		(309)
Profit from operations		34 011
Share of results of associates, net of tax		239
Profit before tax		34 250
Income tax expense		(14 078)
Net profit		20 172
Attributable to:
Equity holders of the parent		20 233
Minority interest		(61)

Consolidated Statement of Cash Flows for the Year Ended 31 December 2005
(in thousands of US Dollars)

2005
Cash flows from operating activities
Gross premiums received	620 468
Ceded premiums paid	(131 580)
Gross claims paid	(174 329)
Claims ceded received	9 631
Acquisition costs paid	(82 069)
Claims handling expenses paid	(8 723)
Commission income on reinsurance outwards received	1 662
Interest income received	11 617
Income received/(Loss paid) from trading in securities	6 900
Operating expenses paid	(91 882)
Other commission income received	13 217
Other income received	10 152
Other expenses paid	(2 842)
Income tax paid	(17 736)
Cash flows from operating activities before changes in operating assets and liabilities	164 486
Changes in operating assets and liabilities
Net increase in deposits with banks	(85 288)
Net increase in trading securities	(154 484)
Net decrease in promissory notes and other originated loans	16 534
Net increase in receivables	(618)
Net (increase)/decrease in prepayments	(22 106)
Net increase in other assets	(236)
Net increase in payables	4 099
Net increase in obligatory medical insurance liability	36 625
Net increase/(decrease) in other liabilities	29
Net cash (outflow)/inflow from operating activities	(40 959)
Cash flows from investing activities
Acquisition of investment securities available for sale	(948)
Proceeds from disposal and redemption of investment securities available for sale	-
Acquisition of premises and equipment	(8 430)
Proceeds from disposal of premises and equipment	2 407
Acquisition of subsidiaries, net of cash acquired	(329)
Proceeds from disposal of subsidiary, net of cash disposed	(3 832)
Proceeds from disposal of associates, net of cash disposed	-
Net cash outflow from investing activities	(11 132)
Cash flows from financing activities
Paid in share capital	19 606
Acquisition of treasury shares	-
Sale of treasury shares	2 857
Net cash flow from financing activities	22 463
Effect of exchange rate changes on cash and cash equivalents	1 156
Net (decrease)/increase in cash and cash equivalents	(28 472)
Cash and cash equivalents as at the beginning of year	96 306
Translation difference	(3 473)
Cash and cash equivalents as at the end of the period	64 361