Mirae Asset - Mirae Asset Life Insurance

FY2008 Third Quarter

- Profitability

- Stability

- Capital adequacy

- Balance sheet

- Profit & Loss account

Home > Financial Info > FY2008 Third Quarter > Balance sheet

Balance sheet

22th (current) period Third Quarter as at December 31th 2008
21th (precious) period as at March 31th 2008
Company Name: Mirae Asset Life Insurance Co., Ltd.

Summary

(unit : Won)

Accounts	22th period (current period) Third Quarter		21th period (previous period)
Accounts	Amount		Amount
Assets
I. Cash and Dues from Financial Institutions		352,432,189,133		463,254,910,145
1. Cash and Dues from Financial Institutions	350,490,433,421		463,254,910,145
A. Cash	4,709,693		4,703,282
B. Current Deposits	1,197,671,855		604,461,692
C. Deposits on Demand	34,165,548,586		44,273,638,981
D. Time Deposits	121,000,000,000		131,520,000,000
E. Other Due from Financial Institutions	194,122,503,287		286,852,106,190
2. Trust Accounts	1,941,755,712
II. Marketable Securities		3,283,483,745,559		3,003,649,335,352
1. Trading Securities	272,310,298,754		513,833,159
A. Government Bonds	10,433,113,500
B. Beneficiary Interest in Investment Funds	261,877,185,254		513,833,159
2. Available-for-sale Securities	1,911,915,209,619		1,990,520,905,993
A. Shares	91,123,026,900		152,193,839,908
B.Capital Stock	131,310,000,000		130,060,180,000
C. Government Bonds	211,774,673,234		193,354,176,691
D. Special Purpose Bonds	367,037,253,892		219,130,615,386
E. Corporate Bonds	271,049,118,700		301,401,663,824
F. Beneficiary Interest in Investment Funds	729,279,570,404		885,227,694,204
G. Foreign Marketable Securities	67,282,773,533		57,676,129,717
H. Other Marketable Securities	43,058,792,956		51,476,606,263
3. Securities Owned to Maturity	926,306,442,016		898,825,443,305
A. Government Bonds	286,972,075,905		276,044,579,268
B. Special Purpose Bonds	395,144,856,363		314,205,232,003
C. Corporate Bonds	118,439,509,748		138,107,632,034
D. Foreign Marketable	125,750,000,000		170,468,000,000
4. Equity Method Investment	172,951,795,170		113,789,152,895
A. shares	172,951,795,170		113,789,152,895
III. Loans		834,493,124,864		863,404,798,087
Provision for Bad Debts	(8,338,747,576)		(8,650,993,031)
1. Policy Loans	616,270,814,863		573,645,600,270
2. Loans Secured by Real-estate	154,886,792,528		220,862,070,919
3. Unsecured Loans	39,601,942,693		42,695,740,599
4. Loans on Acceptances and Guarantees	10,548,157,978		10,640,457,335
5. Other Loans	21,524,164,378		24,211,921,995
IV. Tangible Assets		257,161,328,670		161,521,863,139
1. Land	117,578,649,331		20,992,931,500
2. Buildings	116,603,412,032		96,254,184,689
Accumulated Depreciation	(14,955,884,625)		(13,376,410,339)
3. Structures	141,842,550		141,842,550
Accumulated Depreciation	(43,269,686)		(39,014,409)
4. Vehicles and Transportation Equipment	1,177,531,370		1,267,601,000
Accumulated Depreciation	(963,580,958)		(930,913,611)
5. Office Equipment	103,054,434,148		93,949,026,941
Accumulated Depreciation	(71,952,641,402)		(59,623,136,948)
6. Other Tangible Assets	2,439,974,750		2,439,974,750
Accumulated Depreciation	(650,659,938)		(284,663,725)
7. Construction in Progress	3,825,671,098		19,824,590,741
8. Other Tangible Assets	905,850,000		905,850,000
V. Other assets		1,268,294,920,564		1,148,938,873,398
1. Insurance Receivables	524,501,834		359,870,980
A. Land	365,846,000		197,962,280
Accumlated Unrecoverable Valuation	(20,299,495)		(20,299,495)
B. Buildings	589,438,296		589,438,296
Accumulated Depreciation	(90,063,674)		(86,810,808)
Accumlated Unrecoverable Valuation	(320,419,293)		(320,419,293)
2. Insurance Receivables	34,378,247,521		14,073,666,135
A. Software	6,297,090,823		3,553,951,698
B. Other Intangible Assets	28,081,156,698		10,519,714,437
3. Insurance Receivables	50,472,539,263		52,411,666,658
Provision for Bad Debts	(108,300,915)		(57,406,501)
4. Receivables	9,233,114,089		38,279,780,091
Provision for Bad Debts	(925,534,271)		(921,381,529)
5. Accrued Revenues	61,423,935,110		53,946,052,060
Provision for Bad Debts	(72,227,575)		(72,518,265)
6. Prepayments	397,516,704		136,040,875
7. Advance Expenses	1,767,659,502		1,774,152,519
8. Income Tax Refund Receivable			3,783,230,830
9. Deferred Income Tax Liabilities	46,690,974,560
10. Deposits Received	110,438,171,546		116,354,829,104
11. Acquisition Costs of New or Renewal Insurance Contracts	951,239,669,386		862,343,497,834
12. Derivative Assets	2,834,653,810		6,527,392,607
VI. Special Accounts		3,201,322,904,546		2,755,055,111,915
1. Separate Account Payable	(177,880,671,404)		(83,154,193,975)
2. Retirement Insurance	814,001,972,200		845,374,341,548
3. Retirement Annuity	129,307,815,450		91,822,222,607
4. Variable Insurance	2,435,893,788,300		1,901,012,741,735
Total Assets		9,197,188,213,336		8,395,824,892,036
Liabilities
I. Insurance Reserve		5,177,840,039,956		4,893,421,042,000
Reserve Adjustment Account for Reinsurance Ceded	(3,336,638,084)		(3,456,881,899)
1. Premium Reserve	5,021,949,907,063		4,733,351,580,488
2. Unearned Premium Reserve	1,407,587,043		1,552,030,757
3. Reserve for Outstanding Claims	138,854,005,081		142,542,964,415
4. Reserve for Participating Policyholders' Dividends	17,217,280,011		17,683,449,397
A. Reserve for Interest Rate Difference Guarantee	6,738,221,638		6,873,940,833
B. Dividend Reserves for Differences Due to Risk	7,989,226,286		8,254,845,962
C. Dividend Reserves for Difference in Interest	2,475,010,488		2,538,838,855
D. Special Reserve for Long-term Maintenance	14,821,599		15,823,747
5. Unallocated Divisible Surplus to Future Policyholders	1,428,702,217		1,428,702,217
6. Reserve forInterest Rate Difference Guarantee	319,196,625		319,196,625
II. Policy Reserve Adjustment		14,484,346,107		794,690,671
1. Gain on Valuation of Available-for-Sale Securities	(683,871,848)
2. Automatic Method Investment	5,224,347,744		794,690,671
3. Losses on Valuation of Equity Method Securities	(33,567,791)
4. Gains on Land Revaluation	9,977,438,002
III. Borrowings Liabilities		45,000,000,000		45,000,000,000
1. Borrowings	45,000,000,000		45,000,000,000
IV. Other Liabilities		178,761,987,021		214,294,532,933
1. Insurance Claims Payable	29,592,505,411		41,746,088,335
2. Accounts Payable	1,975,293,194		7,439,584,827
3. Accrued Expense	48,883,332,010		77,228,690,132
4. Income Taxes Payable	5,092,084,550
5. Unearned Revenue	2,706,678		77,334,959
6. Deposits	19,901,302,053		25,557,761,202
7. Prepaid Insurance	24,245,975,244		34,028,972,475
8. Deferred Income Tax Liabilities			239,221,947
9. Lease Deposits	5,029,137,370		3,543,221,260
10. Provision for Severance Pay	22,856,932,190		23,246,192,190
National Pension Conversion Fund	(258,325,450)		(288,710,350)
Reserve For Severance Benefits	(22,598,606,740)		(22,520,174,766)
11. Derivative Liabilities	29,559,207,572		10,409,291,988
12. Minimum Guarantee Reserves for Death	2,173,138,866		1,086,647,751
13. Minimum Guarantee Reserves for Annuities	9,051,582,866		5,116,253,118
14. Other Liabilities	3,255,721,207		7,384,157,865
V. Separate Account Liabilities		3,359,453,672,057		2,831,371,896,188
1. Separate Account Receivables	(24,728,427,589)		(6,837,409,702)
2. Retirement Insurance	816,330,320,189		845,374,341,548
3. Retirement Annuity	131,957,991,157		91,822,222,607
4. Variable Insurance	2,435,893,788,300		1,901,012,741,735
Total Liabilities		8,775,540,045,141		7,984,882,161,792
Capital
I. Equity		525,900,000,000		463,400,000,000
1. Ordinary Shares	525,900,000,000		463,400,000,000
II. Capital Adjustment		(78,780,858,792)		(7,551,999,708)
1. Discount on Shares	78,780,858,792		(7,551,999,708)
III. Accumulated Other Comprehensive Income		(176,628,541,049)		(32,901,415,567)
1. Loss on Valuation of Available-for-Sale Securities	(202,623,776,231)		(34,266,691,392)
2. Losses on Valuation of Held to Maturity Securities			(31,917,502)
3. Automatic Method Investment	11,146,613,130		1,397,193,327
4. Losses on Valuation of Equity Method Securities	(66,702,232)
5. Gains on Land Revaluation	19,893,847,980
6. Separate Account Accumulated Other Comprehensive Income	(4,978,523,696)
IV. Deficit		(6,404,149,548)		(12,003,854,481)
1. Deficits Before Adjustment	(6,404,149,548)		(12,003,854,481)
Total Equity		421,648,168,195		410,942,730,244
Total Liabilities & Equity		9,197,188,213,336		8,395,824,892,036

Special Accounts

(unit : Won)

Accounts	The 22th period Third Quarter		The 21th Period
Accounts	Amount		Amount
I. Cash and Dues from Financial Institutions	0	371,622,394,775	0	222,685,892,701
1. Cash	0	0	0	0
2. Current Deposits	0	0	0	0
3. Deposits on Demand	196,568,592,567	0	1,125,359,440	0
4. Time Deposits	173,000,000,000	0	191,400,000,000	0
5. Other Due from Financial Institutions	1,995,012,208	0	28,635,273,261	0
6. Trust Accounts	0	0	0	0
7. Margin	58,790,000	0	1,525,260,000	0
II. Marketable Securities	0	0	0	0
1. Trading Securities	0	2,695,418,626,113	0	2,268,022,288,786
(1) Shares	2,664,074,061,039	0	2,238,464,141,709	0
(2) Loans	369,612,013,215	0	361,883,025,390	0
(3) Beneficiary Interest in Investment Funds	1,153,014,455,664	0	851,702,200,185	0
(4) Overseas Securities	1,140,548,258,830	0	1,023,591,608,299	0
(5) Other Marketable Securities	899,333,330	0	1,287,307,835	0
2. Available-for-Sale Securities	0	0	0	0
(1) Shares	21,303,654,819	0	9,402,106,205	0
(2) Loans	0	0	0	0
(3) Beneficiary Interest in Investment Funds	12,191,344,098	0	0	0
(4) Overseas Securities	9,112,310,721	0	9,402,106,205	0
(5) Other Marketable Securities	0	0	0	0
3. Securities Owned to Maturity	0	0	0	0
(1) Loans	10,040,910,255	0	20,156,040,872	0
(2) Beneficiary Interest in Investment Funds	10,040,910,255	0	20,156,040,872	0
(3) Overseas Securities	0	0	0	0
(4) Other Marketable Securities	0	0	0	0
III. Loans	0	100,849,270,143	0	240,480,648,736
(Provision for Bad Debts)	-625,957,455	0	-475,319,009	0
Current discounted value	0	0	0	0
1. Call Loans	0	0	164,100,000,000	0
2. Policy Loans	43,097,484,503	0	27,239,130,000	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	58,377,743,095	0	49,616,837,745	0
7. Loans on Acceptances and Guarantees	0	0	0	0
8. Other Loans	0	0	0	0
IV. Tangible Assets	0	0	0	0
V. Other assets	0	33,432,613,515	0	23,866,281,692
1. Non-trade Receivables	776,903,739	0	4,001,691,649	0
2. Interest Receivable	25,132,547,892	0	16,591,357,569	0
3. Dividends Receivable	6,028,477,694	0	3,273,232,474	0
4. Advance Expenses	0	0	0	0
5. Prepaid Withholding Tax	1,494,684,190	0	0	0
6. Derivative Assets	0	0	0	0
7. Miscellaneous	0	0	0	0
VI. General Account Debit	0	177,880,671,404	0	83,154,193,975
Total Assets	0	3,379,203,575,950	0	2,838,209,305,890
I. Other Liabilities	0	51,885,381,178	0	61,982,242,980
1. Accounts Payable	6,209,869,840	0	7,309,116,550	0
2. Accrued Expense	2,541,570,196	0	3,164,139,344	0
3. Interest on Bank Overdrafts	0	0	0	0
4. Borrowings	0	0	0	0
5. Unearned Revenue	72,483,355	0	32,380,823	0
6. Deposits	0	0	0	0
7. Withholding Taxes Payable	0	0	0	0
8. Futures and Options liabilities	0	0	0	0
9. Miscellaneous	43,061,457,787	0	51,476,606,263	0
II. General Account Credit	0	24,728,427,589	0	6,837,409,702
Total Liabilities	0	76,613,808,767	0	68,819,652,682
III. Policyholder Reserves	0	3,307,568,290,879	0	2,770,504,005,267
1. Premium Reserve	3,324,965,663,044	0	2,763,749,307,556	0
2. Reserve for Participating Policyholders' Dividends	6,313,301	0	6,737,238,700	0
3. Unallocated Divisible Surplus to Future Policyholders	-17,409,924,808	0	17,459,011	0
4. Retained Earnings without Dividends	6,239,342	0	0	0
Ⅳ. Accumulated Other Comprehensive Income	0	-4,978,523,696	0	-1,114,352,059
Total Liabilities & Reserves	0	3,379,203,575,950	0	2,838,209,305,890