Mirae Asset - Mirae Asset Life Insurance

FY2008 1st Quarter

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2005

- Profit & Loss account

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)
Accounts	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)
Accounts	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