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Home > Financial Info > 2004 > Balance sheet
Balance sheet
18th (current) period as at March 31th 2005
17th (precious) period as at March 31th 2004
Company Name: Mirae Asset Life Insurance Co., Ltd.
Summary
(unit : Won)
Accounts 18th period (current period) 17th period (previous period)
Amount Amount
Assets        
I. Cash and Dues from Financial Institutions   26,374,672,767   51,900,205,844
1. Cash and Dues from Financial Institutions   26,323,208,344   51,814,292,599
2. Deposits for Futures and Options Transaction   37,713,758   72,634,945
3. Other Due from Financial Institutions   13,750,665   13,278,300
II. Trading Securities   599,916,432,448   471,489,448,398
1. Shares   -   770,900,000
2. Government Bonds   39,796,165,737   20,019,721,740
3. Special Purpose Bonds   152,240,165,614   60,330,493,072
4. Corporate Bonds   -   9,914,880,323
5. Beneficiary Interest in Investment Funds   351,117,452,368   244,075,593,214
6. Other Marketable Securities   56,762,648,729   136,377,860,049
III. Available for Sale Securities   711,496,061,418   532,109,853,417
1. Shares   41,380,240,550   38,234,487,000
2. Government Bonds   254,760,457,876   139,137,637,903
3. Special Purpose Bonds   150,868,856,568   101,184,979,997
4. Corporate Bonds   146,055,939,694   95,503,573,622
5. Foreign Marketable Securities   97,115,169,489   114,508,282,795
6. Other Marketable Securities   21,315,397,241   43,540,892,100
IV. Securities Owned to Maturity   657,672,406,963   450,722,799,954
1. Government Bonds   132,520,254,670   65,254,432,391
2. Special Purpose Bonds   211,926,438,286   181,329,483,004
3. Corporate Bonds   108,494,214,007   123,126,884,559
4. Foreign Marketable Securities   132,008,500,000   -
5. New Marketable Securities   72,723,000,000   81,012,000,000
V. Loans   1,484,895,993,188   1,540,143,226,097
(Provision for Bad Debts)   (-)29,780,588,056   (-)27380322407
(Current Discounted Value)   _   (-)2204502253
1. Call Loans   68,900,000,000   -
2. Policy Loans   447,546,655,483   355,111,817,916
3. Loans Secured by Real-estate   638,607,631,861   729,619,899,509
4. Unsecured Loans   107,465,546,690   216,831,927,255
5. Loans on Acceptances and Guarantees   25,988,004,897   48,809,595,301
6. Other Loans   196,388,154,257   189,769,956,116
VI. Fixed Assets   137,402,408,031   162,195,469,524
(1) Investment Assets   1,427,041,630   -
1. Land   453,390,842   -
2. Buildings 1,081,834,208      
Accumulated Depreciation (-)108,183,420 973,650,788   -
(2) Tangible assets   113,810,070,032   148,277,429,273
1. Land   21,596,599,500   32,906,227,263
2. Buildings 86,954,538,867   105,975,336,386  
Accumulated Depreciation (-)8,251,768,849 78,702,770,018 (-)7,944,917,622 98,030,418,764
3. Structures 164,842,550   971,992,479  
Accumulated Depreciation (-)26,593,309 138,249,241 (-)141,072,099 830,920,380
4. Vehicles and Transportation Equipment 295,694,000   468,011,540  
Accumulated Depreciation (-)234,301,398 61,392,602 (-)391,575,941 76,435,599
5. Office Equipment 37,482,401,499   52,704,761,715  
Accumulated Depreciation (-)25,052,192,828 12,430,208,671 (-)38,841,835,566 13,862,926,149
6. Construction in Progress   -   720,114,874
7. Other Tangible Assets   880,850,000   1,850,386,244
(3) Intangible Assets   22,165,296,369   13,918,040,251
1. Software   1,139,738,473   270,417
2. Other Intangible Assets   21,025,557,896   13,917,769,834
VII. Other Assets   1,171,836,659,366   1,055,938,226,156
1. Insurance Receivables   37,269,639,906   39,592,984,129
2. Non-trade Receivables 3,303,679,902   16,647,911,714  
(Provision for Bad Debts) (-)1,129,955,984 2,173,723,918 (-)5,461,022,563 11,186,889,151
3. Deposits Received   37,650,271,409   38,522,170,388
4. Accrued Revenues 44,860,034,639   34,675,557,544  
(Provision for Bad Debts) (-)311,968,805 44,548,065,834 (-)349,063,519 34,326,494,025
5. Advance Expenses   1,117,688,424   1,032,970,889
6. Prepaid Income Tax   9,759,715,670   12,926,049,590
7. Prepayments   168,013,600   17,049,472,050
8. Derivative Assets   55,815,918,765   12,408,578,253
9. Subsidiary Asset Account   572,619,059,272   496,100,900,612
10. Acquisition Costs of New or Renewal Insurance Contracts   408,993,085,124   390,149,669,995
11. Subsidiary Debit Account   1,721,477,444   2,642,047,074
Total Assets   4,759,814,046,125   4,234,914,404,730
Liabilities        
I. Insurance Reserve   3,747,546,630,681   3,360,423,378,728
Reserve Adjustment Account for Reinsurance Ceded   (-)2,915,502,565   (-)2,776,972,527
1. Premium Reserve   3,587,387,891,542   3,189,095,912,400
2. Unearned Premium Reserve   2,388,737,026   3,155,385,525
3. Reserve for Outstanding Claims   136,522,960,791   145,007,657,437
4. Reserve for Participating Policyholders' Dividends   21,247,003,077   23,164,385,121
A. Reserve for Interest Rate Difference Guarantee 8,057,861,316   8743205138  
B. Dividend Reserves for Differences Due to Risk 10,122,841,152   11044749878  
C. Dividend Reserves for Difference in Interest 3,046,359,905   3354176894  
D. Special Reserve for Long-term Maintenance 19,940,704   22253211  
5. Unallocated Divisible Surplus to Future Policyholders   38,245   38,245
II. Policy Reserve Adjustment   10,897,464,786   4,583,708,992
1. Gain on Valuation of Available-for-sale Securities   10,897,464,786   4,583,708,992
III. Other Liabilities   894,551,530,704   802,162,721,590
1. Borrowings   160,000,000,000   160,000,000,000
2. Insurance Claims Payable   31,502,444,393   35,896,225,459
3. Accounts Payable   192,053,400   2,046,073,410
4. Accrued Expense   30,292,813,745   24,257,845,378
5. Advances from Customers   -   267,919,906
6. Unearned Revenue   1,106,235,240   731,389,110
7. Deposits   4,871,050,255   6,920,748,757
8. Prepaid Insurance   3,216,885,333   3,514,283,551
9. Lease Deposits   5,471,715,600   5,184,753,600
10. Derivative Liabilities   84,291,231   2,707,056,784
11. Deferred Income Tax Liabilities   61,686,441,629   42,750,106,774
12. Subsidiary Liability Account   572,619,059,272   496,100,900,612
13. Subsidiary Credit Account   4,062,737,784   6,286,683,222
14. Provision for Severance Pay 22,238,587,890   18,256,877,130  
Reserve for Severance Benefits (-)2,257,892,866   (-)2,163,971,517  
National Pension Conversion Fund (-)535,598,050 19,445,096,974 (-)594,180,000 15,498,725,613
15. Minimum Guarantee Reserves   705,848   9,414
Total Liabilities   4,650,080,123,606   4,164,392,836,783
Capital        
I. Equity   271,275,000,000   271,275,000,000
1. Ordinary Shares   271,275,000,000   271,275,000,000
II. Deficit   80,094,153,868   123,313,724,747
1. Deficits Before Adjustment   80,094,153,868   123,313,724,747
Net profit
current period: 43,219,570,879 won
previous period:16.639.054.679 won		        
III. Capital Adjustment   (-)81,446,923,613   (-)77,439,707,306
1. Discount on Shares   (-)93,794,801,128   (-)93,794,801,128
2. Gain on Valuation of Available-for-sale Securities   12,347,877,515   16,635,093,822
Total Equity   109,733,922,519   70,521,567,947
Total Liabilities & Equity   4,759,814,046,125   4,234,914,404,730
Special Accounts
(unit : Won)
Accounts 18th period (current period) 17th period (previous period)
Amount Amount
Managed Assets        
I. Cash and Dues from Financial Institutions   176,019,252   256,604,877
1. Cash        
2. Current Deposits        
3. Deposits on Demand 4,082,252   5,524,877  
4. Time Deposits        
5. Other Due from Financial Institutions        
6. Trust Accounts        
7. Margin 171,937,000   251,080,000  
II. Marketable Securities   545,005,796,896   437,200,311,859
1. Shares 6,571,521,660   4,543,917,870  
2. Government Bonds 109,903,188,277   39,836,769,937  
3. Special Purpose Bonds 282,009,271,550   209,098,614,612  
4. Corporate Bonds 125,989,277,584   177,457,143,581  
5. Beneficiary Interest in Investment Funds 20,532,537,828   3,379,328,200  
6. Foreign Marketable Securities        
7. Futures and Options        
8. Other Marketable Securities     2,884,538,659  
9. Valuation Gain/Loss Adjustment        
(Valuation Gain Adjustments)        
(Valuation Loss Adjustment)        
III. Loans 16,714,487,353 16,594,523,674 44,929,370,341 44,678,339,584
(Provision for Bad Debts) (119,964,079)   (224,808,522)  
(Current discounted value)     (26,222,235)  
1. Call Loans     17,900,000,000  
2. Policy Loans 840,000      
3. Loans Secured by Securities        
4. Loans Secured by Real-estate 10,000,000   4,347,745,904  
5. Loans on Discounted Notes        
6. Unsecured Loans 16,703,647,353   22,681,624,437  
7. Loans on Acceptances and Guarantees        
8. Other Loans        
IV. Fixed Assets        
1. Investment Assets        
2. Tangible Assets        
Non-managed Assets        
V. Other Assets   6,779,982,063   7,678,960,070
1. Non-trade Receivables 25,800,000   600,000  
2. Interest Receivable 3,452,784,003   4,509,500,891  
3. Dividends Receivable 60,937,110   41,642,650  
4. Advance Expenses        
5. Prepaid Withholding Tax 3,240,460,950   3,127,216,529  
6. Miscellaneous        
VI. General Account Debit   4,062,737,784   6,286,683,222
Total Assets   572,619,059,272   496,100,900,612
I. Other Liabilities   12,713,776,208   12,699,407,861
1. Accounts Payable 1,050,000   699,416,840  
2. Accrued Expense 1,370,801,290   1,201,919,000  
3. Interest on Bank Overdrafts        
4. Borrowings        
5. Unearned Revenue 27,829,864   46,063,288  
6. Deposits 61,560,970   117,936  
7. Withholding Taxes Payable        
8. Futures and Options liabilities        
9. Miscellaneous 11,252,534,084   10,751,890,797  
II. General Account Credit   1,721,477,444   2,642,047,074
Total Liabilities   14,435,253,652   15,341,454,935
III. Policyholder Reserves   558,183,805,620   480,759,445,677
1. Premium Reserve 550,167,762,108   469,267,387,394  
2. Reserve for Participating Policyholders' Dividends 6,028,910,815   6,500,439,290  
3. Unallocated Divisible Surplus to Future Policyholders 1,987,132,697   4,991,618,993  
Total Liabilities & Reserves   572,619,059,272   496,100,900,612