Consolidated statement of profit or loss

Consolidated statement of profit or loss	Note	1 January-31 December 2016	1 January-31 December 2015
Gross written premiums	11	20,219	18,359
Reinsurers’ share in gross written premiums		(431)	(367)
Net written premiums		19,788	17,992
Change in net unearned premiums reserve		(1,163)	(607)
Net earned premiums		18,625	17,385

Revenue from commissions and fees	12	808	243
Net investment income	13	4,165	1,571
Net result on realization and impairment losses on investments	14	(935)	(223)
Net change in the fair value of assets and liabilities measured at fair value	15	357	391
Other operating income	16	1,388	803

Insurance claims, benefits, and change in technical provisions		(12,888)	(12,283)
Reinsurers’ share in claims, benefits and change in technical provisions		156	426
Net insurance claims and benefits	17	(12,732)	(11,857)

Costs of commissions and fees	18	(285)	-
Interest expenses	19	(773)	(117)
Acquisition costs	20	(2,613)	(2,376)
Administrative expenses	21	(2,843)	(1,658)
Other operating expenses	23	(2,128)	(1,222)
Operating profit		3,034	2,940
Share in net financial result of companies measured using the equity method		(3)	4
Profit before tax		3,031	2,944
Income tax	24	(614)	(601)
Net profit, including:		2,417	2,343
- profit attributable to owners of the parent entity		1,947	2,343
- profit (loss) attributable to non-controlling interest		470	-
Basic and diluted weighted average number of ordinary shares in issue	25	863,510,930	863,523,000
Basic and diluted profit (loss) per ordinary share (in PLN)	25	2.25	2.71

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