FY2008 1st Quarter
  2007
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- Profitability
- Stability
- Capital adequacy
- Balance sheet
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Home > Financial Info > 2007 > Balance sheet
Balance sheet
21th (current) period as at March 31th 2008
20th (precious) period as at March 31th 2007
Company Name: Mirae Asset Life Insurance Co., Ltd.
Summary
(unit : Won)
Accounts 21th period (current period) 20th period (previous period)
Amount Amount
Assets        
I. Cash and Dues from Financial Institutions   474,859,837,152   243,317,171,109
1. Cash and Dues from Financial Institutions   474,859,837,152   243,317,171,109
A. Cash 11,609,630,289   8,417,060,296  
B. Current Deposits 604,461,692   1,326,603,303  
C. Deposits on Demand 44,273,638,981   11,043,879,291  
D. Time Deposits 131,520,000,000   23,650,000,000  
E. Other Due from Financial Institutions 286,852,106,190   197,879,628,219  
2. Trust Accounts   -   1,000,000,000
II. Trading Securities   513,833,159   204,118,755,636
1. Government Bonds   -   -
2. Special Purpose Bonds   -   9,527,037,946
3. Corporate Bonds   -   -
4. Beneficiary Interest in Investment Funds   513,833,159   194,591,171,690
III. Available for Sale Securities   1,990,520,905,993   1,648,390,206,006
1. Shares   152,193,839,908   93,116,051,183
2. Capital Stock   130,060,180,000   90,000,000,000
3. Government Bonds   193,354,176,691   241,096,072,682
4. Special Purpose Bonds   219,130,615,386   301,300,236,287
5. Corporate Bonds   301,401,663,824   274,797,003,346
6. Beneficiary Interest in Investment Funds   885,227,694,204   475,738,467,337
7. Foreign Marketable Securities   57,676,129,717   82,337,340,898
8. Other Marketable Securities   51,476,606,263   90,005,034,273
IV. Securities Owned to Maturity   898,825,443,305   1,000,445,312,716
1. Government Bonds   276,044,579,268   280,410,104,156
2. Special Purpose Bonds   314,205,232,003   324,513,461,894
3. Corporate Bonds   138,107,632,034   158,053,746,666
4. Foreign Marketable Securities   170,468,000,000   237,468,000,000
V. Equity Method Investment   113,789,152,895   58,363,282,238
1. Shares   113,789,152,895   58,363,282,238
VI. Loans   863,404,798,087   986,337,195,177
(Provision for Bad Debts)   (-)8,650,993,031   (-)12,112,500,822
1. Policy Loans   573,645,600,270   537,965,083,132
2. Loans Secured by Securities   -   -
3. Loans Secured by Real-estate   220,862,070,919   356,632,247,201
4. Unsecured Loans   42,695,740,599   43,628,884,906
5. Loans on Acceptances and Guarantees   10,640,457,335   14,126,445,451
6. Other Loans   24,211,921,995   46,097,035,309
VII. Other Assets   1,137,333,946,391   854,809,601,376
1. Investment Assets   359,870,980   364,160,428
Allowance for Impairment Loss   (-)340,718,788   (-)340,718,788
A. Land   197,962,280   197,962,280
B. Buildings 589,438,296   589,438,296  
(Accumulated Depreciation) (-)86,810,808 502,627,488 (-)82,521,360 506,916,936
2. Tangible Assets   161,521,863,139   148,966,956,545
Allowance for Impairment Loss   -   (-)932,927,072
A. Land   20,992,931,500   21,596,599,500
B. Buildings 96,254,184,689   98,122,381,959  
(Accumulated Depreciation) (-)13,376,410,339 82,877,774,350 (-)11,748,563,974 86,373,817,985
C. Structures 141,842,550   164,842,550  
(Accumulated Depreciation) (-)39,014,409 125,061,836 (-)39,780,714 125,061,836
D. Vehicles and Transportation Equipment 1,267,601,000   1,377,575,060  
(Accumulated Depreciation) (-)930,913,611 534,243,484 (-)733,357,516 644,217,544
E. Office Equipment 93,949,026,941   75,559,615,151  
(Accumulated Depreciation) (-)59,623,136,948 37,325,889,993 (-)42,291,986,600 33,267,628,551
F. Other Tangible Assets   905,850,000   905,850,000
G. Building Account   19,824,590,741   6,986,708,201
3. Intangible Assets   14,073,666,135   15,625,944,114
A. Software   3,553,951,698   1,964,203,678
B. Other Intangible Assets   10,519,714,437   13,661,740,436
VIII. Fixed Assets   -   1,503,490,093,961
1. Insurance Receivables 40,806,739,651   57,180,544,473  
(Provision for Bad Debts) (-)57,406,501 40,749,333,150 (-)118,386,051 57,062,158,422
2. Non-trade Receivables 38,279,780,091   7,119,556,538  
(Provision for Bad Debts) (-)921,381,529 3,735,839,562 (-)1,080,276,730 6,039,279,808
3. Accrued Revenues 53,946,052,060   45,888,554,519  
(Provision for Bad Debts) (-)72,518,265 53,873,533,795 (-)85,583,947 45,802,970,572
4. Prepayments   136,040,875   254,480,000
5. Advance Expenses   1,774,152,519   1,291,551,236
6. Income Tax Refund Receivable   3,783,230,830   12,846,204,200
7. Deposits Received   116,354,829,104   96,724,744,008
8. Acquisition Costs of New or Renewal Insurance Contracts   862,343,497,834   582,617,024,804
9. Subsidiary Special Account   6,837,409,702   2,511,991,883
10. Derivative Assets   6,527,392,607   36,181,083,784
11. Sspecial Asset Account   2,755,055,111,915   1,353,635,266,454
Total Assets   8,395,824,892,036   6,498,383,747,257ㄴ
Liabilities        
I. Insurance Reserve   4,893,421,042,000   4,549,625,812,526
Reserve Adjustment Account for Reinsurance Ceded   (-)3,456,881,899   (-)3,150,531,966
1. Premium Reserve   4,733,351,580,488   4,398,466,699,767
2. Unearned Premium Reserve   1,552,030,757   1,804,637,792
3. Reserve for Outstanding Claims   142,542,964,415   133,449,659,718
4. Reserve for Participating Policyholders' Dividends   17,683,449,397   18,634,671,439
A. Reserve for Interest Rate Difference Guarantee 6,873,940,833   7,210,964,518  
B. Dividend Reserves for Differences Due to Risk 8,254,845,962   8,726,460,951  
C. Dividend Reserves for Difference in Interest 2,538,838,855   2,680,139,153  
D. Special Reserve for Long-term Maintenance 15,823,747   17,106,817  
5. Unallocated Divisible Surplus to Future Policyholders   1,428,702,217   294,484,517
6. Participating Insurance Indemnification Reserve   319,196,625   126,191,259
II. Policy Reserve Adjustment   794,690,671   6,515,137,781
1. Gain on Valuation of Available-for-sale Securities   -   6,191,230,471
2. Changes in Capital Variation of Equity Method   794,690,671   323,907,310
III. Other Liabilities   214,294,532,933   156,513,128,785
1. Insurance Claims Payable   41,746,088,335   39,636,078,013
2. Accounts Payable   7,439,584,827   3,799,576,973
3. Accrued Expense   77,228,690,132   53,491,134,841
4. Income Taxes Payable   -   -
5. Borrowings   45,000,000,000   45,000,000,000
6. Unearned Revenue   77,334,959   84,101,963
7. Deposits   25,557,761,202   14,290,259,201
8. Prepaid Insurance   34,028,972,475   14,292,637,446
9. Subsidiary Credit Account   42,972,274,532   42,972,274,532
10. Deferred Income Tax Liabilities   239,221,947   19,789,015,573
11. Lease Deposits   3,543,221,260   4,403,143,960
12. Provision for Severance Pay 23,246,192,190   19,813,708,600  
National Pension Conversion Fund (-)288,710,350   (-)324,907,950  
Reserve for Severance Benefits (-)22,520,174,766 437,307,074 (-)17,869,988,530 1,618,812,120
13. Derivative Liabilities   10,409,291,988   100,095,473
14. Minimum Guarantee Reserves for Death   1,086,647,751   283,761,757
15. Minimum Guarantee Reserves for Annuities   5,116,253,118   1,705,678,582
16. Other Liabilities   7,384,157,865   3,018,832,883
17. Subsidiary Liability Account   2,838,209,305,890   1,396,607,540,986
Total Liabilities   7,984,882,161,792   6,151,749,628,195
Capital        
I. Equity   463,400,000,000   421,275,000,000
1. Ordinary Shares   463,400,000,000   421,275,000,000
II. Deficit   (-)12,003,854,481   (-)16,408,733,804
1. Deficits Before Adjustment   (-)12,003,854,481   (-)16,408,733,804
Net profit
current period: 29,066,514,547 won
previous period: 43,219,570,879 won		        
III. Capital Adjustment   -   (-)58,232,147,134
1. Discount on Shares   (-)7,551,999,708   (-)65,807,035,128
2. Gain on Valuation of Available-for-sale Securities   -   7,198,294,024
3. Loss on Valuation of Available-for-sale Securities   -   -
4. Changes in Capital Variation of Equity Method   1,397,193,327   376,593,970
Total Equity   410,942,730,244   346,634,119,062
Total Liabilities & Equity   8,395,824,892,036   6,498,383,747,257
Special Accounts
(unit : Won)
Accounts The 21th Period December 31th 2007 The 20th Period Month Ending March 2007
Amount Amount
I. Cash and Dues from Financial Institutions 0 222,685,892,701 0 92,022,698,908
1. Cash 0 0 0 0
2. Current Deposits 0 0 0 0
3. Deposits on Demand 1,125,359,440 0 1,286,076,769 0
4. Time Deposits 191,400,000,000 0 50,050,000,000 0
5. Other Due from Financial Institutions 28,635,273,261 0 39,327,383,139 0
6. Trust Accounts 0 0 0 0
7. Margin 1,525,260,000 0 1,359,239,000 0
II. Marketable Securities 0 2,268,022,288,786 0 1,146,114,149,146
1. Shares 361,883,025,390 0 217,739,753,150 0
2. Government Bonds - 0 146,825,159,670 0
3. Special Purpose Bonds - 0 418,655,933,423 0
4. Corporate Bonds - 0 29,906,010,120 0
5. Beneficiary Interest in Investment Funds 1,023,591,608,299 0 304,411,690,042 0
6. Foreign Marketable Securities 1,287,307,835 0 0 0
7. Futures and Options 0 0 0 0
8. Other Marketable Securities 0 0 28,575,602,741 0
III. Loans 0 240,480,648,736 0 100,782,296,076
(Provision for Bad Debts) -475,319,009 0 -141,183,032 0
Current discounted value 0 0 0 0
1. Call Loans 164,100,000,000 0 81,600,000,000 0
2. Policy Loans 27,239,130,000 0 7,824,420,000 0
3. Loans Secured by Securities 0 0 0 0
4. Loans Secured by Real-estate 0 0 0 0
5. Loans on Discounted Notes 0 0 0 0
6. Unsecured Loans 49,616,837,745 0 11,499,059,108 0
7. Loans on Acceptances and Guarantees 0 0 0 0
8. Other Loans 0 0 0 0
IV. Fixed Assets 0 0 0 0
1. Investment Assets 0 0 0 0
2. Tangible Assets 0 0 0 0
V. Other assets 0 23,866,281,692 0 14,716,122,324
1. Non-trade Receivables 4,001,691,649 0 6,990,000 0
2. Interest Receivable 16,591,357,569 0 9,378,896,199 0
3. Dividends Receivable 3,273,232,474 0 2,184,485,445 0
4. Advance Expenses 0 0 0 0
5. Prepaid Withholding Tax 0 0 3,145,750,680 0
6. Miscellaneous 0 0 0 0
VI. General Account Debit 67,713,992,199 83,154,193,975 31,338,051,208 42,972,274,532
Total Assets 0 2,838,209,305,890 0 1,396,607,540,986
I. Other Liabilities 0 61,982,242,980 0 49,468,751,435
1. Accounts Payable 7,309,116,550 0 2,190,575,560 0
2. Accrued Expense 3,164,139,344 0 1,975,470,679 0
3. Interest on Bank Overdrafts 0 0 0 0
4. Borrowings 0 0 0 0
5. Unearned Revenue 32,380,823 0 29,315,797 0
6. Deposits 0 0 0 0
7. Withholding Taxes Payable 0 0 75,714,340 0
8. Futures and Options liabilities 0 0 0 0
9. Miscellaneous 51,476,606,263 0 45,197,675,059 0
II. General Account Credit 4,149,939,981 6,837,409,702 2,012,664,765 2,511,991,883
Total Liabilities 0 68,819,652,682 0 51,980,743,318
III. Policyholder Reserves 0 2,770,504,005,267 0 1,344,626,797,668
1. Premium Reserve 2,763,749,307,556 0 1,337,986,884,665 0
2. Reserve for Participating Policyholders' Dividends 6,737,238,700 0 6,215,035,478 0
3. Unallocated Divisible Surplus to Future Policyholders 17,459,011 0 424,877,525 0
Provision for Reserves 0 0 0 0
Total Liabilities & Reserves 0 2,838,209,305,890 0 1,396,607,540,986