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Annual Report 2017

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10.1 Accounting policy

Annual Report 2017 > Results 2017 > Supplementary information and notes > 10. Gross written premiums > 10.1 Accounting policy

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Premium written under insurance contracts and inward reinsurance contracts is recognized on the date of concluding an insurance contract.

10.1.1 Non-life insurance

Gross written premiums include amounts, regardless of whether these amounts have been paid.

due for the entire liability period, regardless of its length, on account of the insurance contracts concluded in the reporting period – if the duration of the liability period is specified;

due in the reporting period – if the duration of the liability period is not specified.

These premiums are adjusted by the change in the provision for unearned premiums in the reporting period and reduced by premiums due to reinsurers.

10.1.2 Life insurance

Gross written premiums include the amounts due during the reporting period for the concluded insurance contracts, regardless of whether these amounts have been paid and whether they relate to the whole or part of the reporting period. These premiums are adjusted by the change in the provision for unearned premiums in the reporting period and reduced by premiums due to reinsurers.