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Consolidated profit and loss account

Annual Report 2019 > Consolidated profit and loss account
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Consolidated profit and loss account Note 1 January – 31 December 2019 1 January – 31 December 2018(restated) 1
Gross written premiums 10 24 191 23 470
Reinsurers' share in gross written premium   -1,012 -755
Net written premiums   23 179 22 715
Movement in net provision for unearned premiums   -89 -365
Net earned premiums   23 090 22 350
       
Revenue from commissions and fees 11 4 139 4 109
Net investment income 12 12 391 10 944
Net result on realization of financial instruments and investments 13 278 -15
Movement in allowances for expected credit losses and impairment losses on financial instruments 14 -2 166 -1 804
Net movement in fair value of assets and liabilities measured at fair value 15 837 770
Other operating income 16 1 492 1 693
       
Claims, benefits and movement in technical provisions   -16 085 -14 980
Reinsurers' share in claims, benefits and movement in technical provisions   390 417
Net insurance claims and benefits paid 17 -15 695 -14 563
       
Fee and commission expenses 18 -860 -754
Interest expenses 19 -2 129 -2 046
Acquisition expenses 20 -3 363 -3 130
Administrative expenses 21 -6 606 -6 609
Other operating expenses 23 -4 324 -3 858
Operating profit   7 084 7 087
Share of the net financial results of entities measured by the equity method   -4 -1
Profit before tax   7 080 7 086
Income tax 24 -1 895 -1 718
Net profit, including:   5 185 5 368
- profit attributable to the equity holders of the Parent Company   3 295 3 213
- profit (loss) attributed to holders of non-controlling interest   1 890 2 155
       
Weighted average basic and diluted number of common shares 25 863 285 340 863 347 220
Basic and diluted profit (loss) per common share (in PLN) 25 3,82 3,72

1 Information on restatement of data for the period from 1 January to 31 December 2018 is presented in section 5.3.