Банкеръ Weekly

Briefs

PROFIT OF BULSTRAD DSK LIFE GOES TO ITS RESERVE FUND

The clients of Bulstrad DSK Life who have chosen long-term life insururances will get between 6.5% and 7.5% yield for 2002, it was announced after the company's general meeting on June 23, 2003. The holders of polices in Bulgarian currency will get a 7.5% bonus on the insurance amount, and the Europolices, closed in US dollars will get 6.5% indices. These are the interest rates, which each company calculates on this type of insurances. Thus, in addition to the coverage for a certain risk the long-term insurance contains a money-saving element, which as can be seen is more profitable than the interest on deposits in some banks. The company's 2002 profit amounts to BGN349,200. However, the shareholders will not get dividends this year, although the return on the shareholders' equity is 8.73 per cent. The entire positive financial result will go to its reserve fund.The premium proceeds for 2002 - BGN10.7MN - were officially reported as well. The annual reports of Bulstrad DSK Life for 2003 will be certified by Ernst Young Audit and Boiko Marinov. The company's shareholders (the main ones are the insurance and reinsurance company Bulstrad and DSK Bank) decided to reregister the headquarters' address at 6, St. Sofia street.

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