ANNUAL REPORT
2009 FINANCIAL YEAR
Management
Report
01
Annual
Report
2009 FINANCIAL YEAR
LUSITANIA
COMPANHIA DE SEGUROS SA
1
ANNUAL REPORT
2009 FINANCIAL YEAR
CONTENTS
INTRODUCTION
PRINCIPAL BUSINESS INDICATORS
MACRO-ECONOMIC BACKGROUND
International economy
National economy
National insurance market
Prospects for business development
LUSITANIA’S STRATEGY
Mission
Vision
Underlying principles
Strategic objectives
CORPORATE GOVERNANCE
Capital structure and principal shareholders
Risk management system and internal control
Compliance
HUMAN CAPITAL
Permanent staff
Training
Health, hygiene and and safety at the workplace
Pensions fund
PARTNERSHIPS
Brokers
Banking-insurance
Assurfinance
Re-insurers
CLIENTS
INNOVATION AND PROJECT MANAGEMENT
COMUNICATION
COMMUNITY SUPPORT
Arts sponsorship
Other sponsorship
ECONOMIC AND FINANCIAL BACKGROUND
TECHNICAL ACTIVITY
Polices
Premiums
Composition of portfolio
Claims
Running costs
Outward re-insurance
Inward re-insurance
Costs per type
Asset management
SOLVENCY
RESULTS AND RETURNS
PROPOSED DISTRIBUTION OF PROFITS
NETWORTH
ANNEX TO THE BOARD OF DIRECTORS’ REPORT
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24
24
24
25
25
26
26
30
30
31
31
33
BALANCE SHEET – ASSETS
BALANCE SHEET – LIABILITIES AND CAPITAL AND RESERVES
PROFIT AND LOSS STATEMENT
STATEMENT OF VARIATIONS IN CAPITAL AND RESERVES
STATEMENT OF FULL INCOME
NOTES TO THE BALANCE SHEET AND PROFIT AND LOSS STATEMENT
TABLES ATTACHED TO NOTES
ANNEXES
COMPANY’S FIXED ASSETS
INVENTORY OF THE LUSITANIA COLLECTION
37
38
39
40
42
43
89
95
103
104
REPORT AND OPINION OF THE SUPERVISORY BOARD
LEGAL RATIFICATION OF INDIVIDUAL ACCOUNTS
115
118
LUSITANIA
COMPANHIA DE SEGUROS SA
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ANNUAL REPORT
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INTRODUCTION
Pursuant to legislation and the articles of association, we hereby submit for your approval the report and accounts for the twenty
fourth financial year of LUSITANIA, Companhia de Seguros, S.A., ending as at 31 December 2009.
Based on the Strategic Plan approved by the Shareholders, Lusitania conducted its business with a view to achieving planned
objectives, with special attention attached to client-care, improving efficiency and furthering integration within the Montepio
Group.
For Lusitania the 2009 financial year was one of the most important in the company’s history. The highlight of the year, for its
relevance and impact, was the acquisition of 85% of the shares of the former Real Seguros à Sociedade Lusa de Negócios, and the
purchase of the assets and liabilities of Mutuamar - Mútua de Seguros dos Armadores da Pesca do Arrasto. The initial operation
also included the acquisition of N Seguros (in which the former Real Seguros had a 100% shareholding), an insurer that used the
direct sales channel exclusively in the personal insurance segment, selling only Non-Life insurance.
Bringing Real Seguros and Mutuamar into Lusitania was a notable corporate success from the way in which negotiations were
conducted and the merger process completed on 31 December 2009, in a record time of 41 working days after the date of
acquisition of shares.
In the case of the former Real Seguros, after authorisation was obtained from the Competition Authority on 15 October 2009,
which took effect ten days later, 85% of that company’s shares were acquired on 2 November 2009.
For Mutuamar, authorisation was obtained from the Instituto de Seguros de Portugal (ISP) to purchase that company’s assets and
liabilities on 23 December 2009. Authorisation to merge the former Real Seguros with Lusitania and to integrate the assets and
liabilities in the company was obtained on the same day, and the process finalised on 31 December.
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PRINCIPAL BUSINESS INDICATORS
MACRO-ECONOMIC BACKGROUND
LUSITANIA’S STRATEGY
CORPORATE GOVERNANCE
HUMAN CAPITAL
PARTNERSHIPS
CLIENTS
INNOVATION AND PROJECT MANAGEMENT
COMMUNICATION
COMMUNITY SUPPORT
ECONOMIC AND FINANCIAL BACKGROUND
TECHNICAL ACTIVITY
SOLVENCY
RESULTS AND RETURNS
PROPOSED DISTRIBUTION OF PROFITS
NETWORTH
ANNEX TO THE BOARD OF DIRECTORS’ REPORT
ANNUAL REPORT
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PRINCIPAL
BUSINESS
INDICATORS
Thousands of euros
PRINCIPAL INDICATORS
Gross premiums earned from Direct Insurance
2006
2007
2008
2009
147.350
154.897
137.218
130.241
Market share (Non-Life)
3,4%
3,6%
3,3%
3,3%
Premium variation rate
13,6%
5,1%
-11,4%
-5,1%
Claims index
77,2%
66,2%
62,4%
61,5%
Commissioning rate
14,0%
14,1%
14,6%
13,1%
Expense ratio
29,3%
30,7%
32,2%
32,6%
106,2%
97,0%
94,6%
94,1%
2.342
2.517
888
2.392
4.292
192.307
204.290
198.503
383.817
Combined net ratio
Net Result
According to methods of New Plan
Investment
Nº of workers
348
353
360
673
Premiums per worker (*)
423
439
381
341
1.432
1.480
1.276
1.218
1,6%
1,6%
1,7%
3,3%
34.795
32.683
25.403
82.413
2,9%
9,4%
5,2%
Policies per worker
Profit on sales
Capital and Reserves
According to methods of New Plan
30.303
Profits on Capital and Reserves
6,7%
According to methods of New Plan
7,7%
Type of Cost per Policy (*)
44,99
49,21
52,53
62,78
Personnel Costs per Policy (*)
23,91
25,58
28,65
32,41
FSE per Policy (*)
12,89
14,09
18,69
25,23
Solvency Margin Cover
1,4
1,3
1,1
1,6
OTHER INDICATORS
Lusitania
Real
Mutuamar
N Seguros
130.241
99.658
1.910
11.138
3,3%
2,5%
0,0%
0,3%
340.909
206.464
24.346
21.925
Gross premiums earned from Direct Insurance
Market share (Non-Life)
Net assets
Nº of workers
Policies
381
276
15
11
465.297
307.612
532
58.451
(*) Takes into account the consolidated values of the three insurers.
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MACRO-ECONOMIC BACKGROUND
International Economy
A shrinking world economy marked the macroeconomic situation in 2009, in parallel with a reduction in international trade, the most visible
effects of which were recorded in the last quarter of 2008 and the first quarter of 2009.
Growing uncertainty on financial markets led to a squeeze on credit. This financial backdrop had a significant effect on the real economy in that
the confidence of economic agents and prospects for their demand faltered.
Faced by a recessive background, unheard of in recent history, the timely adoption of measures to provide monetary and budgetary stimulation,
as well as support for the financial system, were decisive in reducing the aversion to risk on the part of economic agents, and financial markets
gradually stabilised, which in turn put a brake on the shrinking trend in economic activity.
In the United States, after an annualised quarterly contraction of 5.4% in the fourth quarter of 2008, Gross Domestic Product (GDP) fell by even
more (6.4%) in the first quarter of 2009, to equal the figure recorded in the first quarter of 1982.
Similarly, the six-month period ending in March 2009 was the worst since the start of 1958. However, from the second half of 2009, the
downward trend decreased significantly and an annualised quarterly drop of 0.7% has been observed. The start of the second half of the year
marks the turning point, with the industrial sector leading recovery, which grew throughout each month in this period.
However, private consumption in 2009 fell 0.6%, recording two consecutive years of slump (0.2% in 2008), which has not happened since the
post-war period.
Investment fell significantly, around 23.5%. Consequently the economy shrank by 2.4% compared to 2008, when it rose 0.4%. In turn, and in
unison with the deceleration of business, the labour market suffered throughout the year with unemployment rising from 7.4% at the close of
2008 to 10.0% in December 2009, close to the maximum of 26 years ago, which was reached in October (+10.1%).
Looking at price movements, after inflation in December 2008 of 0.1%, in March 2009 it fell into negative figures and remained there until
October.
Reflecting the basic effects associated with rising energy prices, inflation closed the year at 2.7%, and on average there was a price fall of 0.4%,
the biggest such reduction since 1949. The continued rise in oil prices, against the backdrop of a declining labour market, remains an important
risk factor for economic recovery.
On the money market, the principal interest rates tended to fall in a year in which the Federal Reserve kept the Fed Funds at minimum (between
0.00% and 0.25%). Consequently, the 3-month Libor rate for the dollar fell from 1.425% to 0.251%, while the 12-month Libor fell from 2.004%
to 0.984%.
In the Euro Zone, after GDP in the fourth quarter of 2008 had already shrunk more than in the USA (-1.9% or -7.5%, in annualised terms), GDP
shrank even further in the first quarter of 2009, falling from 2.5% (-9.6%, in annualised basis), the worst quarterly tumble since 1970. GDP fell
far less in the second quarter of the year, the economy falling 0.1% compared to the previous quarter (-0.5%, in annualised terms). In the second
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half of the year growth returned, although the growth pattern was slower than in the USA.
Following the sharp fall in business, the unemployment rate rose from 8.2% in December 2008 to 10.0% at the close of 2009, the highest level
since August 1998 (also 10.0%).
In terms of prices, the inflation rate fell from 1.6% in December 2008 to 0.9% at the close of 2009, although it had fallen below zero (unheard
of since the start of the seventies) between June and October 2009, dipping to -0.7% in July 2009, reflecting the effect of the high price of
commodities (particularly energy) observed in 2008.
Measures adopted by the European Central Bank (ECB) for the money market in the Euro Zone, in the first half of the year, reduced the
reference interest rate in the Euro Zone by 150 b.p., bringing it to 1.0%, an all-time low. Apart from this, interest rates also reflected a drop in
the forecast amount of the overnight rate.
Consequently, Euribor rates fell to all time lows. The 3-month Euribor rate closed the year at 0.700%, around 219 b.p. below that at the start of
the year, while the 6 and 12-month Euribor rates fell by 198 b.p. and 180 b.p, respectively, to 0.994% and 1.248%.
National economy
In Portugal GDP stagnated in 2008, after closing the year well below zero, which caused a drop of 1.7% in the economy in the last quarter of
2008, compared to the third quarter. In the first quarter of 2009, GDP saw the rate of contraction worsen by 1.9%, bringing the drop to 3.8%,
the highest fall in the economy since 1977.
This meant that in 2009, GDP dropped 2.7%, a fall lower than that in the Euro Zone, reflecting, essentially, an improvement in the contribution
made by net foreign demand, but also to domestic demand falling less sharply.
The labour market saw a sharp rise in unemployment, which, according to Eurostat (with seasonal adjustments), rose from 8.1% in December
2008 to 10.4% at the close of 2009, the highest level since January 1983. The inflation rate, for the same period, fell from 0.8% at the close of
2008 to - 0.1% in December 2009, and, similar to most countries, it fell to a minimum in the second half of the year, reflecting, mainly, the effects
of high energy prices, in 2008, and also low levels of economic activity.
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Economic forecast for Portugal and the Euro Zone
2009
(unit: %)
2010
Portugal
2011
Portugal
Euro Zone
GDP
-2,7
-4,1
0,7
0,3
0,8
0.7*
1,4
1,0
1,5
1,5
Private Consumption
-0,8
-1,0
1,0
0,6
0,1
0,2
1,6
0,7
1,1
1,0
BdP
Public Consumption
Euro Zone
EC
ECB
EC
Portugal
BdP
EC
Euro Zone
ECB
EC
3,5
2,2
0,7
0,7
0,6
1,1
1,1
0,7
0,9
1,0
Investment (GFCF)
-11,1
-11,0
-3,4
-4,1
-1,8
-1,9
0,9
1,1
0,9
2,1
Exports
-11,6
-13,2
1,7
0,7
5,4
2,1
3,2
3,3
4,6
3,9
Imports
-9,2
-11,8
0,3
-0,2
3,8
1,1
2,7
2,2
3,6
3,6
Inflation
-0,8
0,3
0,7
1,3
1,2
1.1*
1,6
1,4
1,5
1,5
9,5
9,4
-
9,0
-
10,7
-
8,9
-
10,9
Unemployment Rate
Sources: Banco de Portugal (BdP), Boletim Económico de Inverno, 12 January 2010; European Commission (EC), 3 November 2009; and the European Central
Bank (ECB), 3 March 2010.
Notes: (i) EC figures with an asterisk refer to mid-term forecasts disclosed on 25/02/2010; (ii) 2009 data refers to official estimates published up to 11/03/2010,
by the INE and Eurostat.
In the two most recent economic forecasts, Banco de Portugal (BdP) made a significant upward revision of growth prospects for 2010 (although previous
forecasts already dated from July 2009), from a fall of 0.6% to a rise of 0.7%, higher than that estimated by the European Commission (+0.3%), the same being the
case for 2011, where the Bank was also more optimistic in forecasting growth of 1.4% (+1.0%, for the EC).
On the labour market, and despite the BdP not making forecasts for the unemployment rate, a further drop in employment is expected for this year (-1.3% vs
-2.8%, in 2009), suggesting for the coming year a growth of 0.4%. For inflation, after the -0.9% observed in 2009, BdP has suggested growth of 0.7% for 2010 and
1.6% for 2011.
The national insurance market
According to the Instituto de Seguros de Portugal (ISP), the national insurance market in 2009 had a premiums turnover of around 14.5 million
euros, down 5% against 2008, bringing a contribution to GDP of 8.8%, practically 5 decimal points lower than in 2008.
The conclusions of the ISP suggest that this downward trend was due essentially to the drop in Life insurance, although there was also a higher
fall in Non-Life insurance sectors compared to 2008. Added to that, production in Life insurance fell 5.2%, dropping from 11.0 thousand million
euros to 10.4 thousand million, and Non-Life sectors fell 4.4%, dropping from 4.3 thousand million euros to 4.1 thousand million.
The Life insurance sector saw an increase of 18.3% in associated Life Insurance, driven particularly by confidence in PPR (Savings-Retirement
Plan) and PPE (Savings-Education Plan). However, this increase was not sufficient to compensate for reductions of 97.1% in Capitalisation
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Operations and losses of more than 20% in Insurance Linked to Investment Funds.
In Non-Life insurance, the Health, Personal Accident and Third Party Liability sectors contributed towards off-setting the fall in Motor insurance
and Workman’s Compensation.
The highest unemployment rates in recent years and serious constraints on salaries are reflected in the downward trend of Workman’s
Compensation, where competition is felt more sharply. Motor premiums also tended to fall away as a result of stagnating vehicle sales and
more intense price competition.
Among the more positive aspects is the population’s growing concern for health care and the known shortcomings of the National Health
Service, which have had an impact on Health insurance, as well as concerns for well-being and stability, which subsequently have had an effect
on Personal Accident Insurance.
The table below shows variations in direct insurance premiums in Portugal for the major sectors:
Millions of Euros
2006
2007
∆
2008
∆
2009 E
∆
LIFE INSURANCE
4.685
5.247
12%
6.121
17%
7.241
18%
INSURANCE LINKED TO INVESTMENT FUNDS
3.376
3.245
-4%
3.994
23%
3.161
-21%
700
878
25%
890
1%
25
-97%
TOTAL LIFE
8.762
9.369
7%
11.005
17%
10.427
-5%
ACCIDENT AND HEALTH
CAPITALISATION OPERATIONS
1.350
1.372
2%
1.396
2%
1.353
-3%
Workman’s Compensation
774
763
-1%
741
-3%
674
-9%
Personal Accident
168
169
1%
172
2%
180
4%
Health
FIRE AND OTHER DAMAGES
MOTOR
408
440
8%
483
10%
500
3%
689
706
2%
732
4%
744
2%
2.004
1.944
-3%
1.810
-7%
1.666
-8%
TRANSPORT AND CARRIAGE OF GOODS
77
82
6%
80
-2%
75
-6%
THIRD PARTY LIABILITY
97
108
11%
109
1%
111
2%
144
170
18%
194
14%
182
-6%
4.361
4.382
0%
4.321
-1%
4.132
-4%
13.123
13.751
5%
15.325
11%
14.559
-5%
OTHER
TOTAL NON-LIFE
TOTAL
Source: APS
As a result of what is described above, the portfolio is as follows:
Source: APS
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According to data from the Associação Portuguesa de Seguradores (APS) for 2009, the rate reached 85.2%, with the Life sectors rising to 94.3%
and Non-Life 62.8%.
The claims rate for the Non-Life sectors, the result of the ratio between claims costs (before adding costs) and gross premiums sold, has been
rising over the years: 60.8% in 2008 and 62.8% in 2009.
The Motor and Health sectors contributed most to this increase in claims. Motor claims rose from 60.5% in 2008 to 63.8% in 2009, and Health
from 76.1% in 2008 to 80.5% in 2009.
Workman’s Compensation recorded a claims rate of 72.7% compared to 74.3% in 2008. Third Party Liability had a ratio of 45.6% compared to
35.5% in 2008.
Prospects for business development
The dramatic financial crisis that began several years ago took a sharp downturn in 2009. In fact, as explained above, this was a year of rapid,
significant and widespread change in the economy, reflected in the downward spiral in world and national production, loss of asset values, rising
unemployment and higher budgetary deficits in several countries.
The Portuguese insurance sector was no exception to the rule and was also clearly affected by this negative turn. Growth rates, results and the
level of innovation and efficiency were significantly affected.
However, insurers had sufficient strength and capacity to resist as a result of the high solvency levels achieved earlier. This is undeniable proof
of the merits of asset and liability management models, as well as investment policies adapted to the demands and needs of policy holders and
others.
2010 is not expected to be an easy year. It is likely to be a demanding and exacting year with the need to overcome the widespread crisis and to
try and correct the negative cycle that has set in.
Gross Domestic Product is expected to stagnate, salary increases will be cautious, purchasing power maintained, inflation rates low and budgets
constrained by governments.
Against this backdrop stands the challenge of stabilising and consolidating the Non-Life insurance market in the hope of encouraging a return
to the growth of previous years.
2012 will bring insurers a new management model. Publication of the new EU Directive 2009/138 by the European Parliament and Council on
25 November 2009, on access to the insurance and re-insurance business and how this business is practiced (Solvency II), laid down definitively
the deadlines within which the new rules for estimating solvency must be adopted, and these will come into force from 1 November 2012.
Despite all, the framework of reference for the requirements of solvency capital has not yet been concluded. According to the timetable laid out
by CEIOPS (Committee of European Insurance and Occupational Pensions Supervisors) and by the European Commission, the fifth quantitative
impact study (Quantitative Impact Studies - QIS 5) is planned for the second half of 2010. Once completed, the European authorities believe
they can conclude the assessment criteria underlying the solvency estimate for insurers.
LUSITANIA’S STRATEGY
Mission
To offer security in a distinct way.
Vision
Lusitania is a Portuguese insurer integrated in the Montepio Group and it conducts its business with a view to achieving higher profits and
solvency levels, underpinned by humane values, solid partnerships and an organisation that is flexible, motivated and high in efficiency and
quality.
Underlying principles
Company management was conducted based on a series of guiding principles, as described below:
• Maintenance of high levels of efficiency that will lead to healthy profits and considerable economic and financial solidity;
• promotion of a resources application policy able to achieve an efficient balance between immediate returns and medium and long term
added value;
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• careful composition of the assets portfolio to be able to meet liabilities assumed;
• increasing market share, bearing in mind the objectives laid down by the Group to which it belongs;
• on-going professional enhancement of all staff, developing both their human qualities and their know-how;
• encouraging innovation, in the sense of providing opportunity and drive and the consequent assessment of results and rewards;
• high quality and ready response in the service provided to policy holders and others;
• strict compliance with legislation, standards and regulations in force.
Strategic objectives
The strategy defined for the three year period now ended was in line with the objectives mapped out by the corporative strategy of the
Montepio Group, which aimed to strengthen Lusitania’s position on the insurance market, increase profits and productivity levels and improve
efficiency indicators.
To this end, Lusitania achieved the objective of aligning the company’s market share with that of CEMG through the acquisition of the former
Real Seguros, N Seguros and Mutuamar.
The development vectors approved for 2009 were adopted in the areas of “Commitment”, “Excellence of Service” and “Multi-channel
Distribution Strategy”. With regard to the first of these, initiatives were developed that led to making staff more responsible and to sharpening
the focus on strategic objectives. The second pillar saw to the promotion of measures to improve processes, setting targets for quality and
service response time. Lastly, the third pillar solidly addressed the synergies between operative platforms and technologies and on varying the
products on offer per channel.
CORPORATE GOVERNANCE
The corporate governance of Lusitania lies directly with the Board of Directors, which is responsible for managing the routine business of the
company as well as defining long term global strategy.
On 2 January 2010, Lusitania’s Board of Directors increased the number of its members to five, with the appointment of Dr. José António
Romão Eusébio, due to the change in scale of the Company following the acquisition of the former Real Seguros and the Assets and Liabilities
of Mutuamar.
General Meeting
Chairman
Dr. Vitor José Melícias Lopes
Secretary
Eng. José Joaquim Fragoso
Secretary
Board of Directors
António Ferreira Carvalho
Chairman
Dr. António Tomás Correia
Managing Director
Dr. José António de Arez Romão
Director
Dr. Jorge José da Conceição Silva
Director
Dr. Virgílio Manuel Boavista Lima
Director
Board of Auditors
Dr. José António Romão Eusébio
Chairman
Coronel Manuel da Costa Braz
Vice-Chairman
Dr. José Augusto Perestrello Alarcão Troni
Member
Registered Auditors
Dr. Fernando Vassalo Namorado Rosa
PriceWaterhouseCoopers
Salaries
Represented by Dr. Abdul Nasser Abdul Sattar
Chairman
Dr. Vitor José Melícias Lopes
Member
Dr. Eduardo José da Silva Farinha
Member
Dr. Norberto Pilar
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With this model of governance implemented, the Company is ready to respond to market demands and has adopted an organizational model
able to provide the best governance practices.
The model aims at sustained development in economic maters and in the quality of service provided. To this end, with a view to guaranteeing
that planned objectives are met, the model uses duly controlled instruments geared to creating value for all stakeholders.
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Capital structure and main shareholders
As a result of the merger process, Lusitania’s capital increased due to the terms of trade between the shares of ex-Real and the shares of
Lusitania, by 580,895 euros, with the issue of 116,179 new shares, distributed by the shareholders of ex-Real Seguros, and at 31 December
2009, capital amounted to 25,580,895 Euros (twenty five million five hundred and eighty thousand eight hundred and ninety five euros),
distributed in 5,116,179 (five million one hundred and sixteen thousand one hundred and seventy nine shares), the majority holding lying with
the Montepio Group.
Shareholder structure as at 31 December 2009
Institutions
Nº shares
%
Value (€)
Montepio Geral - Associação Mutualista
3.285.475
64.22
16.427.375
Caixa Económica Montepio Geral
1.312.420
25.65
6.562.100
266.876
5.21
1.332.040
Lusitania Vida Companhia de Seguros
Remaining shareholders
251.876
4.92
1.259.380
5.116.179
100.00
25.580.895
Risk management systems and internal control
Lusitania is committed to maintaining and developing good risk management systems and the company believes that this is one of the bases
for a solid model of corporate governance.
Consequently, integrated risk management plays a fundamental role in the culture and strategic orientation of the Company, where risk analysis
underlies all business processes.
Competition in the sector brings constant pressure to bear on organisations in that business risks must be identified and managed and
performance in processes must be constantly improved. To this end, all those responsible throughout the Company are aware of the relevance
of risk and are responsible for managing it.
Aligning risk management with strategic planning means that critical risk can be identified and prioritised, that is, risk that may compromise
performance and make it difficult to meet objectives, so that measures are developed that place these risks at planned levels.
To achieve this, the Advisory Councils for Internal Risk Control were active, and among their members are members of the Board of Directors
and those responsible for the main business areas of the Company.
As in previous years, in 2009 Lusitania took part in another evaluation study on the quantitative impact of implementing the Solvency II
regulations in the insurance business, this year known as QIS4 BIS, because it was the application of a study done in the year prior to data for
the 2008 financial year.
Compliance
In view of increasingly demanding regulations, risk management and internal control are today of significant concern to those responsible for
decision-taking at Lusitania. The more transparent the business process, the more recognisable are the risks and the easier it is to calculate the
effect of risk on the Company’s management.
Consequently, Lusitania’s governance model responds to the requirements of the most recent standards published by the regulator, conferring
responsibility for risk management and internal control throughout the whole decision-making hierarchy.
More than ever before, the competent measurement and evaluation of risk factors provides the perception required to take sure and reliable
decisions. To achieve this, the risk management systems in place in Lusitania are based on principles of integrated risk management built on
models able to determine the cost of risks and to adopt strategies to mitigate them.
HUMAN CAPITAL
2009 was marked essentially by the preparation and development of measures required to handle the merger with the former Real Seguros and
to integrate the assets and liabilities of Mutuamar, including the production of a new organisational chart adapted to the new Company. All staff
will be allocated according to their know-how and profile, and the guidelines for the human resources management policy applied over recent
years will be reinforced. It is important to note that the merger caused no dismissals and all staff have been integrated into the new structure in
agreement with the Group’s policy in these matters.
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Permanent staff
2009 saw a substantial increase in the number of staff employed by Lusitania. Staff numbers rose to 673, of which 382 already worked for the
company, 276 came from the former Real and 15 from Mutuamar.
56.6% of staff is male and 43.4% female. Average seniority rose to 14 years against 13 years in 2008, proof of the experience of our employees.
Indicators
Nº Employees
Premiums per Employee
Policies per Employee
2005
2006
2007
2008
2009
331
348
353
360
672
392.320
423.420
438.802
381.161
344.441
1.254
1.432
1.480
1.276
1.149
These indicators show the capacity available to drive quality of service and increase business turnover.
Training
Quality of service being one of the prime objectives in managing the company’s human resources, training covered 907 participants in 107
courses and training events, occupying a total of 7610 hours.
In the last quarter of the year, following the merger process, 18 training events took place for the staff of the former Real, providing 2740
training hours.
Training Indicators
Nº of Events or Courses
Nº Participants
Nº Hours
Cost of Training
C. Training / C. Staff
2005
2006
2007
2008
2009
108
70
71
62
107
813
436
355
810
907
6.246
6.580
6.840
8.337
7.610
286.786
241.779
175.614
174.427
205.554
2,50%
1,79%
1,31%
1,33%
1,46%
Health, hygiene and safety at the workplace
233 check-ups were done in 2009, under occupational health cover. Health and safety inspectors visited 14 outlets to assess working
conditions.
Pensions fund
The Lusitania pensions fund in 2009 amounted to 7,097,791.94 euros, and continues to guarantee cover for liabilities. The pension fund of the
former Real Seguros amounted to 2,148,927.18 euros, also guaranteeing cover for its respective liabilities.
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PARTNERSHIPS
Brokers
Making internal and external sales networks thoroughly aware of the integration processes meant bringing the commercial merger ahead of
the administrative merger. With advance preparation, the commercial structure of the former Real Seguros was integrated on 2 November, the
day on which the 85% holding in Real Seguros was effectively acquired.
Since then, the commercial areas of Lusitania and Real have operated as a single structure, while measures have been adopted to make risk
acceptance policies uniform and to delegate competencies.
As a result 24 new outlets were integrated, 12 of which were kept open and the rest closed, after reallocation of their staff throughout the
network. In the case of Mutuamar, the sole outlet in Matosinhos has been kept open.
After integration the Company operated 39 outlets, had almost double the number of brokers compared to 2008 and was working with almost
all active brokers.
Category
2008
2009
Variation
341
637
87%
Agents (individuals)
1 499
2 970
98%
Agents (companies)
430
790
184%
90
92
2%
2 360
4 489
90%
Associated brokers
Brokers
Total
By way of supporting its business partners, Lusitania unified the commercial network, backed by an intensive plan of introduction and training,
preparing a team that is professional, cohesive and ready to serve, so that the company’s products and procedures are readily adopted.
Apart from this basic objective, what the company offers its brokers was revised and improved by providing adequate segmentation,
differentiating between the brokers that work in close partnership with Lusitania, offering them specific conditions for autonomy and
remuneration and increasingly active commercial backing.
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Banking-insurance
In 2009, the Banking-insurance channel maintained the level of performance achieved in previous years. With a growth rate of 5.9%, its share
out of total returns would have rise from 19.6% in 2008 to 22.1%, had business arising from acquisitions not been integrated. As a result of the
acquisitions, its share fell to 12.4%.
Personal Accident insurance rose 16.9%, Health 14.8% and Transport, with a variation of 28.8%.
This distribution channel continues to grow above the market average, and retains a low claims rate due to a high risk spread. The Individual
Credit Protection Plan rose by more than 24%.
2009 saw the launch of the products Montepio Caçador (Hunting) and Montepio Voluntariado (Voluntary work), the latter the only such
insurance sold on the market. At the request of ENTRAJUDA 1, in collaboration with Associação Portuguesa de Seguradores, an insurance
package was created for the IPSS (Instituições Particulares de Solidariedade Social), including Workmen’s Compensation, Personal Accident,
Multi-risk, Third Party Liability, Motor and Voluntary Work.
The campaign was stepped up for “Content” insurance “Oferta Conteúdo” in Multi-risk insurance for new contracts and the offer of “Content”
was maintained for existing customers.
Assurfinance
In 2009 the project Assurfinance Montepio-Lusitania was officially launched, which allowed brokers to promote a basket of Montepio banking
products.
65 brokers were part of the project during the year, and more business was brought in due greatly to the increase in the number of promoters
and the expansion in supply recorded in the last quarter of the year.
Re-insurers
2009 was dedicated to recovering and stabilising results in the re-insurance firms. After being hit by the international crisis on financial markets,
international re-insurance companies focussed on technical management, aiming to increase results from their core business.
Nationally, competition escalated in large scale risks, not backed by traditional optional re-insurance. Similar to the recent past, this fact caused
growing difficulties for insurance companies in terms of gaining access to or maintaining major asset risk accounts. The tendency for these
accounts to leave the Portuguese market over time is now considered unavoidable by all those involved.
Also in the mass insurance sectors, particularly the motor sector, competition continues although, in the second half of the year, most traders
began to stabilise prices.
Despite this, the Portuguese non-life insurance market continues to record portfolio losses, which consequently reflected in results for reinsurers. However, there were no high level claims, which helped towards more stable results.
Lusitania also invested heavily in re-insurance in the acquisition of the former Real Seguros. In negotiating new conditions, Lusitania’s programme
continued to lead and this position took into account the interests of most of the re-insurers that before had backed the two companies.
The claims level stabilised in 2009 and, as throughout the entire market, re-insurance results remained solid.
With the negotiated programme the Company maintained the same level of defense for liabilities, an automatic capacity compatible with its
new ranking position and highly advantageous economic conditions, besides the high rating of the participating re-insurers.
A ENTRAJUDA is a private social solidarity institution that assists with the organisation and management of other organisations, with a view
to improving their performance and efficiency to the benefit of the needy.
1
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Table of Re-insurers and respective Rating
RESSEGURADOR
RATING
Axis Re
A+
Hannover Ruck
AA-
Mapfre Re
AA
Mitsui Sumitomo
AA
MMA*
Api
Münchener Rück
AA-
Nacional Reaseguros
A+
Odyssey Re
A-
PartnerRe
AA-
R+V Versicherungs
A+
SCOR
A
Secura
A
Sirius
A-
Swiss Re (leader)
A+
Trans Re
A+
* Mutual company not listed
CLIENTS
There was constant concern for client attendance throughout the merger process, and a clear, transparent and active communication strategy
was applied, based on carefully planned and implemented measures designed to avoid inconvenience to clients and to guarantee a swift,
smooth process.
This operation allowed Lusitania to increase its client base by around 50% as a result of 170,000 clients from Real and 150 from Mutuamar, given
the existence of clients common to the three companies. This process brought no changes to existing segmentation.
In addressing its products, Lusitania redesigned and revised its supply to individual clients, making the company more competitive and widerreaching, developing new products and testing new platforms and distribution channels.
At the start of the year, Motor rates were revised, the priority being client-loyalty and claims avoidance. This was one measure designed to
increase the retention of motor clients for mass market products, which, in 2009, improved significantly, reducing the cancellation rate by
around 7%.
Apart from improving Motor Insurance, an Integrated Health Line was promoted, maintaining the same concept of launching not just one
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product but a whole line of products to allow the client to choose whatever best suits needs. To this end, Full Health was introduced (network
and redemption), Free Health (redemption), Dental Health and Senior Health.
Multi-Risk Housing was also revised and Casa XS and Casa Ideal launched.
The concept of low cost insurance was adapted to the reality of Lusitania, with products created that include only essential cover, Auto XS and
Casa XS being examples of this concept. In both cases, the respective micro-sites were created introducing an innovative and collaborative
concept, encouraging the on-line presence of sales brokers.
INNOVATION AND PROJECT MANAGEMENT
The incentive to corporate innovation has been a distinguishing factor and a constant concern for Lusitania. In 2009, this approach was based
on three pillars:
1) Constant improvement in services to users (internal and external);
2) Management platforms and claims settlement improved and made more flexible;
3) Expansion and improvement in products and services available to clients.
Throughout the year mechanisms were created on the brokers’ portal to allow them to be pro-active in the portfolio for renewals, within a
period of 60 days. This new facility strengthens measures to hold on to clients attended through this network.
A highly secure system for remote access to the Company was also implemented, together with a very straightforward user service, which was
made available to guarantee safe access to all applications wherever users may be.
The first of the company’s products to be sold directly via Internet were also launched. This facility allows clients to select specialist assistance
from among the best brokers. In this way the two channels work in close collaboration, guaranteeing the best conditions to all those involved.
With a view to improving the already excellent service Lusitania provides to its services providers in the Fire and Other Damages Sector, a portal
was created to help manage claims processes. This portal was developed using web technologies that are both transparent and straightforward
to use. They function fully linked to central services using an integrated workflow tool.
Aiming to increase the group’s insurance management efficiency, a new technological platform was implemented to support the Motor and
Health sectors. This platform harmonises the printed material of different technological environments in a single format, significantly reducing
hardcopy and making dispatch management more effective.
COMMUNICATION
A personalised communication plan focused on the broker was designed and implemented to maintain proximity with the main business
partners. Important in this is the quarterly newsletter that is easy to read, assertive and geared to the insurance business.
A direct on-line communication strategy was also introduced and two new micro sites to back the business were designed for the Motor and
Multi-Risk Housing sectors.
Continuing the synergies of its majority shareholder, Montepio, Lusitania regularly participated in the review “Em Directo”, Montepio’s
communication channel that helps reinforce an internal culture and team spirit.
In its relationship with the media, the brand name Lusitania gained distinction at the close of the second half of the year due to the merger that
incorporated the former Real Seguros, integrated Mutuamar and the acquisition of N Seguros. These events kept the company in the major
newspapers and economic and insurance sector trade magazines, through small campaigns focussing on disclosing the new corporate scale of
the company.
After these operations had been completed a Welcome Meeting was organised at the end of the second half of the year for the staff of the five
companies, including Lusitania Vida. In addition to the welcome events and a get-together luncheon, a small virtual exhibition was organised
about the Company.
COMMUNITY SUPPORT
Always stressing its corporate ethical approach and responsibility as pillars in the corporate universe, Lusitania continued to give its support in
2009 to a range of events. Important among them are:
1) The APCE Grand Award 2009 “Excellence in Communication”, (Associação Portuguesa de Comunicação Empresarial);
2) The VII Medical-Sports Meeting in Paços de Ferreira;
3) The CERCICA, a therapy project in which dogs are used to help the mentally handicapped;
4) Humanitarian Mission to Africa “Memories and People”;
5) Assistance to Aporvela, a non-profit making, public utility association, through support for the Caravel “Vera Cruz”.
Pursuing its humanitarian and social policy, Lusitania continued its support to a number of institutions.
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Arts sponsorship
In 2009 the Company renewed its agreement with the Museum of the Presidency of the Republic and continued its status as official insurer to
the Portuguese Institute of Museums.
Other sponsorship
Lusitania also continued as the official sponsor of the Portuguese Confederation of Tennis, and once again gave its support to sports events
involving sailing, golf, motor sports and athletics.
ECONOMIC AND FINANCIAL BACKGROUND
As mentioned earlier, 2009 was one of the most important years in the history of Lusitania. Apart from achieving its main strategic and
operational objectives, several facts had a considerable impact on the life of the Company.
Among them was the conclusion of negotiations begun in 2008 with SLN with a view to acquiring and integrating the former Real Seguros and
purchasing the assets and liabilities of Mutuamar - Mútua de Seguros dos Armadores da Pesca do Arrasto.
These operations were carefully conducted throughout the process of evaluation and negotiation (which, in the case of the former Real Seguros
took place in three distinct phases, due to repeated changes in the management of the SLN group), so as to be able to deduct from acquisition
costs the complex situations inherent in the assets and liabilities of the former Real Seguros and Mutuamar’s future inadequate cash-flows.
The merger operation that followed was conducted with the necessary care by the teams involved, so that the planned synergies resulting from
economies of scale and reinforcement of the commercial structure were not lost by the possible impact of negative results from the former
Real Seguros adopting less profitable underwriting and investment policies in the pre-acquisition period.
The closing balance of the former Real Seguros that preceded the merger, showed a networth of 1.1 million euros, due to accrued losses
amounting to 88 million euros. Mutuamar, in its turn, had equity of 7.8 million euros, with losses of 1.4 million euros for the year.
With the purchase of 85% of the former Real Seguros, funded by Montepio, Lusitania also acquired all the shares of N Seguros, which began
trading in February 2008, with accrued negative results of 13.7 million euros.
In a particularly difficult economic climate, Lusitania suffered a 5% fall in turnover, without considering the effect of the former Real Seguros. To
offset this, as already mentioned, the net result rose by 79.4% against 2008.
TECHNICAL ACTIVITY
The insurance market continues to suffer tough price competition among insurers and this lowers the Company’s working margin, which at year
end showed a portfolio reduction, similar to what happened throughout the sector.
Policies
Lusitania had a portfolio of 773,441 policies in force at the close of 2009, including temporary contracts earned in the year. 465,297 of these
were from Lusitania, 307,612 from ex-Real and 532 from Mutuamar.
The number of policies cancelled remained the same, the main reason for cancellation continuing to be failure to pay, particularly in the Motor
sector, although the trend was different in other sectors.
Premiums
Despite a slight increase in the number of contracts, the average premium maintained a significant fall, due to the adverse economic climate and
tough competition in the sector. The fall in the average premium is significant in the Workmen’s Compensation and Motor sectors.
The joint effect caused a 5.1% reduction in direct insurance premiums compared to 2008, closing the year with returns on direct insurance at
130,241,000 euros.
There was a loss of around 10.4% in the Motor sector. Workmen’s Compensation saw a fall of 10.9% in premiums processed. Positive returns
were recorded once again in the Health sector
Once again on the positive side, returns on Health insurance rose by 13.2% and Personal Accident by 9.8%. Third Party Liability also rose, by
23.2%, in line with global market performance.
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Composition of portfolio
As at 31 December 2009, the portfolio was distributed as shown below.
The portfolio suffered changes compared to 2008, not only due to integrating business from the former Real Seguros and Mutuamar, but also
due to the effect of a fall in the share of some sectors.
Claims
Confirming the trend of 2008, the company’s global claims rate fell 0.9 percentage points, to settle at 61.5%, closer to the strategic objective
outlined for the 3-year period, which was fixed at 60%.
SECTOR
2008
2009
Accident & Health
69,7%
73,1%
Fire & Other Damages
40,6%
35,5%
Motor
70,9%
72,0%
Transport
24,1%
51,4%
Third Party Liability
54,6%
17,9%
Other
-38,5%
5,3%
TOTAL
62,4%
61,5%
The reduction in the cost of claims in one of the principal sectors, Accident and Health, contributed greatly to this result. There was also a sharp
fall in Third Party Liability claims, which dropped from 54.6% to 17.9%.
Running costs
Running costs fell in 2009, dropping to 13.1% of gross premiums earned, compared to 14.6% in 2008.
This reduction was due essentially to a change in the structure of the portfolio, the result of differing commissioning rates associated with
sectors.
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Outward Re-insurance
The ceding ratio suffered a small rise, although outward re-insurance premiums retained an absolute value.
Changes in Outward Re-insurance Ceding Ratio
However, this increase was due to a change in the structure of the portfolio with the re-insurance cost of non-proportional cover falling,
although still positive, due particularly to the fall in premiums in the Workmen’s Compensation and Motor sectors.
Only assistance cover saw the ceding ratio continue to rise, maintaining the previous trend. This rise is the result of the constant improvement
in the products supplied by Lusitania.
In turn, commissions on outward re-insurance continued the good results of 2008, and there was a slight increase in ratio.
Inward re-insurance
Lusitania maintained its exclusive inward re-insurance policy of special holdings or holdings in companies of interest to the Montepio Group.
Consequently it renewed its holdings in the CIAR Pool, a partnership that has provided the Company with privileged information on other
markets, an exchange of technical experiences and inward insurance results that have been balanced and stable over time.
Premiums from re-insurance fell slightly and the global result was positive and in line with previous years.
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Costs per type
Costs per type rose to account for 19.5% of gross, direct insurance premiums earned in 2009, against 18% in 2008. This rise was due above all to
the decrease in returns in the year, although costs related to the integration process of Real and Mutuamar also contributed.
Costs per type
Var.
Personnel costs
Var.
Supplies and Outsourced Services
Var.
Taxation and Duties
Var.
Depreciations and Amortizations for the
year
Var.
Interest paid
Var.
Commissions
Var.
DIRECT INSURANCE PREMIUMS
Ratio*
2006
2007
2008
2009
22.416.874,61
25.701.061,42
24.127.516,72
25.371.031,56
4,0%
14,7%
-6,1%
5,2%
11.914.114
13.360.831
13.158.615
14.178.814
-2,3%
12,1%
-1,5%
7,8%
6.421.373
7.358.569
8.583.131
8.598.505
3,4%
14,6%
16,6%
0,2%
1.922.844
2.089.479
599.748
552.702
24,6%
8,7%
-71,3%
-7,8%
1.869.816
2.561.660
1.400.096
1.654.386
40,8%
37,0%
-45,3%
18,2%
103.292
118.326
183.080
153.173
3,6%
14,6%
54,7%
-16,3%
185.435
212.196
202.846
233.452
6,6%
14,4%
-4,4%
15,1%
147.349.958
154.897.211
137.217.934
130.240.801
15,2%
16,6%
17,6%
19,5%
* Ratio = Costs per type / Direct Insurance Premiums
From an examination of the main headings, we find that Personnel Costs rose 7.8%, including here costs related to the event organised to
welcome the staff of the former Real Seguros and Mutuamar. Supplies and Outsourced Services were up 0.2%, despite the costs of the merger.
Taxation and Duties dropped 7.8% and Interest Paid 16.3%, due to the effects felt on the side of returns processed. Commission rose 15.1%,
reflecting adjustments made by banks and Write-offs and Reintegrations rose 18.2%, the result of investment made in acquisition operations,
among others.
Asset management
As in previous years, the investment policy continued to be under-pinned by criteria of caution and selection of assets, appropriate for the
insurance business, duly targeted by legislation in force or by the regulations of Internal Investment Policy.
However, this heading was also affected by the acquisitions. Hence, the Company’s portfolio, which to date is fully integrated, exceeded the
sum of 383 million euros and is, essentially, made up of either fluctuating or fixed interest rate bonds and property. Risk assets account for only
around 9.25% of total assets, while investment funds represent 12.41%.
There is also the relative importance of liquid values, made up of call deposit balances and cash and term deposits that account for 8.33% of
the portfolio.
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Investment net of disinvestment, at acquisition prices, was 50,111,852 euros. The table below shows net investment for the year according to
heading and the respective variations. Note that under shares, where the investments made in the former Real and Mutuamar are reflected,
these have been fully integrated in Lusitania’s accounts.
2007
LIQUIDITY
TERM DEPOSITS
2008
2009
328 934.55
- 1 770 307.50
-115 610.10
- 3 358 805.21
- 4 031 500.00
-24 968 500.00
BONDS
7 625 982.91
6 970 039.99
36 660 357.12
SHARES
884 503.69
3 254 794.05
42 868 530.10
2 881 632.75
- 49 1478.47
-3 861 385.44
55 158.91
1 823 357.25
2 743 366.31
228 708.74
21 863.82
67 593.70
LOANS
2 117 478.38
- 2 075 979.71
-3 282 499.32
TOTAL
10 763 594.72
4 143 119.43
50 111 852.37
INVESTMENT FUNDS
PROPERTY
LUSITANIA COLLECTION
The portfolio, at inventory prices, however, shows the assets from the above-mentioned insurers already incorporated and, when considering
investments at inventory prices, the variation in the total value of the portfolio, in relation to 2008, was around 189 million euros.
Of this sum, around 58 million refer to Lusitania’s investment operations, including values invested in the two insurers acquired during the
financial year. The portfolio structure in 2008 and 2009 is as shown in the table below.
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Composition of Portfolio according to Type of Asset
Euros
2008
National Shares
2009
Value
%
Value
%
12 881 480.95
6.63%
29 588 419.52
7.71%
∆
129.70%
Foreign Shares
4 427 597.41
2.28%
5 912 503.48
1.54%
33.54%
National Public Debt
3 902 680.66
2.01%
11 428 946.31
2.98%
192.85%
Foreign Public Debt
20 006 166.84
10.30%
25 057 753.22
6.53%
25.25%
Other National Bonds
20 243 858.07
10.42%
61 156 881.94
15.93%
202.10%
Other Foreign Bonds
42 480 261.13
21.87%
80 903 252.81
21.08%
90.45%
National Property Invest. Funds
3 822 474.79
1.97%
13 885 594.24
3.62%
263.26%
Foreign Property Invest. Funds
1 860 124.75
0.96%
12 184 131.22
3.17%
555.02%
National Finan. Invest. Funds
1 810 140.68
0.93%
18 407 942.94
4.80%
916.93%
Foreign Finan. Invest. Funds
1 048 232.49
0.54%
3 155 049.00
0.82%
200.99%
Property
43 975 952.34
22.64%
61 300 169.38
15.97%
39.39%
Liquidity
28 494 586.19
14.67%
31 970 751.78
8.33%
12.20%
5 186 826.68
2.67%
24 713 035.52
6.44%
376.46%
Loans
Other Assets
Overall Value of Portfolio
4 085 421.33
2.10%
4 153 015.03
1.08%
1.65%
194 225 804.31
100.00%
383 817 446.39
100.00%
97.61%
The risk of the portfolio is located, essentially, in Portugal or in the European Union. However, in integrating the portfolios of the former Real and
Mutuamar, concentration spread to other countries, among them the United States and “Others”, including 5,640,370 euros for investment
located in Bahrain and the remainder in other European countries, but the value of which does not exceed one million euros. Apart from these
cases, there is no other significant change in the concentration of investment in other European countries and throughout the world. With the
exception of Mozambique, the company’s entire portfolio is in euros.
Concentration of Portfolio per Issuing Country
Euros
2008
Portugal
2009
Value
%
Value
%
124 403 421.69
64.05%
256 604 756.66
66.86%
Spain
14 529 232.88
7.48%
14 811 163.46
3.86%
France
14 935 891.16
7.69%
16 420 674.20
4.28%
Germany
11 899 986.43
6.13%
13 889 343.60
3.62%
United States
4 585 272.96
2.36%
6 472 613.58
1.69%
The Netherlands
6 567 156.24
3.38%
14 280 433.94
3.72%
United Kingdom
4 473 317.23
2.30%
18 547 838.19
4.83%
Italy
3 488 213.27
1.80%
10 082 870.73
2.63%
Austria
2 491 386.31
1.28%
2 415 110.43
0.63%
Luxemburg
Other
TOTAL
28
833 274.50
0.43%
6 793 657.79
1.77%
6 018 651.64
3.10%
23 498 983.81
6.12%
100.00% 383 817 446.39
100.00%
194 225 804.31
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Management
Report
2009 FINANCIAL YEAR
01
The entire managed bond portfolio rose to more than 178 million euros, of which around 50.36% is in fixed rate securities. Fluctuating rate
securities account for around 49.47% of these assets.
Despite incorporating the portfolios acquired, the share of fixed and fluctuating rate has not changed significantly. The remaining categories
account for no more than 0.17% of the bond portfolio.
The table below describes the bond portfolio in terms of type of interest rate on assets, in both 2009 and 2008.
Type of Interest Rate on Bond Portfolio
Euros
2008
2009
Value
%
Value
%
Fixed
48 703 412.72
56.22%
89 922 997.21
50.36%
Fluctuating
37 449 169.47
43.23%
88 329 822.47
49.47%
Zero Coupon
262 390.72
0.30%
189 515.04
0.11%
Other
217 993.79
0.25%
0.00
0.00%
0.00%
104 499.56
0.06%
100.00% 178 546 834.28
100.00%
Defaulted
0.00
TOTAL
86 632 966.70
The quality of the securities in the bond portfolio is demonstrated in the ratings of issues, as shown in the table below.
Rating of Bond Portfolio
Euros
2008
2009
Value
%
Value
%
AAA
21 342 586.14
24.64%
25 770 666.39
14.43%
AA+
3 148 450.20
3.63%
3 859 381.20
2.16%
AA
3 391 056.70
3.91%
6 636 101.47
3.72%
AA-
6 332 787.25
7.31%
5 826 140.64
3.26%
A+
14 280 510.53
16.48%
28 530 312.49
15.98%
A
12 136 844.90
14.01%
19 553 337.66
10.95%
A-
4 197 870.30
4.85%
15 339 972.24
8.59%
BBB+
1 668 737.90
1.93%
5 172 633.51
2.90%
BBB
-
0.00%
5 483 038.14
3.07%
BBB-
794 504.00
0.92%
1 797 175.10
1.01%
BB+
241 600.00
0.28%
-
BB
-
0.00%
-
BB-
-
0.00%
-
B+
-
0.00%
-
B
-
0.00%
1 069 715.60
0.60%
B-
-
0.00%
398 469.12
0.22%
CCC
-
0.00%
-
CC
-
0.00%
-
C
-
0.00%
219 825.00
D
-
0.00%
-
22.04%
58 890 065.72
32.98%
100.00% 178 546 834.28
100.00%
Unknown
19 098 018.79
TOTAL
86 632 966.70
LUSITANIA
COMPANHIA DE SEGUROS SA
0.12%
29
01
Management
Report
ANNUAL REPORT
2009 FINANCIAL YEAR
As in previous financial years, despite a decline in Portfolio ratings as a result, once again from integrating the portfolios of Real Companhia de
Seguros and Mutuamar, the careful selection of assets kept the quality of the bond portfolio practically unchanged. In fact, around 14% of the
portfolio has an AAA rating and more than 59% of assets enjoy a rating equal to or greater than A-, according to Standard & Poor’s rating. Those
assets under the same heading with an unknown rating, worth around 47 million euros, refer to assets issued by the Montepio Geral Group and
Barclays, with an A- and A+ rating, respectively.
In terms of bond portfolio maturity, around 82.2% of the portfolio has a maturity equal to or greater than 2011, compared to 74.0% in 2008.
Maturity of Bond Portfolio
Euros
2008
2009
Value
%
Value
%
2008-2010
22 498 718.33
25.97%
30 756 594.95
17.23%
2011-2015
29 962 761.52
34.59%
77 583 041.33
43.45%
2016-2020
25 610 867.66
29.56%
54 660 907.34
30.61%
2021-2030
6 876 717.37
7.94%
7 334 227.65
4.11%
2031
TOTAL
1 683 901.82
1.94%
8 212 063.01
4.60%
86 632 966.70
100.00%
178 546 834.28
100.00%
In terms of portfolio duration, around 61.2% of assets have a duration of 3 years or more, and 39.3% have a duration of over five years. In 2008,
these ratios were around 66.7% and 59.3%, respectively.
Duration of Bond Portfolio
Euros
2008
Value
< 6 months
2009
%
Value
%
4 214 428.84
4.86%
25 918 645.95
14.52%
6 months to 1 year
12 824 543.74
14.80%
4 837 949.00
2.71%
1 year to 3 years
11 840 001.02
13.67%
38 562 771.38
21.60%
3 years to 5 years
6 395 916.50
7.38%
39 020 269.95
21.85%
5 years to 10 years
41 030 253.91
47.36%
54 660 907.34
30.61%
> 10 years
10 327 822.69
11.92%
15 546 290.66
8.71%
86 632 966.70
100.00%
178 546 834.28
100.00%
TOTAL
SOLVENCY
Lusitania’s solvency margin, calculated as laid down in standards in force, at 31 December 2009 amounted to 40,902,520 euros, with an available
capital of 63,439,042 euros, giving a 155% margin. Montepio’s additional capital payments of 42.5 million euros, made on 2 November and
which funded the acquisition and capitalisation of the former Real Seguros, contributed towards this.
RESULTS AND RETURNS
In 2009, Lusitania had a result net of taxation of 4,292,429 euros, a growth of 79.4% against 2008.
The impact of the acquisitions of the former Real Seguros and Mutuamar is reflected in this.
30
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Management
Report
2009 FINANCIAL YEAR
01
Results and Returns
Technical Results
Var.
EBITDA
Var.
EBITDA Margin
Var. p.p.
Pre-Tax Results
Var.
Net Result
Var.
Returns on Sales
Var. p.p.
ROE
Var. p.p.
2006
2007
2008
2009
4 940 386
1 268 131
3 572 537
6 408 368
40.8%
-74.3%
181.7%
79,4%
6 810 203
3 829 792
4 939 515
8 062 754
40.8%
-43.8%
29.0%
63.2%
4.6%
2.4%
3.5%
6.1%
0.9
-2.1
1.1
2.5
3 130 284
3 516 430
3 690 300
7 832 341
5.0%
12.3%
4.9%
112,2%
2 341 798
2 516 698
2 392 450
4 292 429
-19.6%
7.5%
-4.9%
79.4%
1.6%
1.6%
1.7%
3.2%
-0.7
0
0.1
1.5
6.7%
7.7%
9.4%
4.2%
-2.0
1.0
1.7
-5.2
Cash and reserves considered rose by more than 57 million euros, against 2008, and include the additional capital payments mentioned above.
The remaining increase took place on 31 December with the revaluation of securities, the merger and results.
PROPOSED DISTRIBUTION OF PROFITS
The Management Report and accounts for 2009 have been submitted and discussed, ready for approval at the General Meeting on 30 March,
highlighting the merger operation for the former Real Seguros and the purchase of the assets and liabilities of Mutuamar, it was decided to
suggest to the General Meeting that the accounts be approved as well as the following distribution of results:
Euros
- Legal Reserve:
429.242,94
- Statutory Reserve:
429.242,94
- Free Reserve:
2.410.707,75
Dividends:
1.023.235,80
Total
4.292.429,43
NETWORTH
With the approval and distribution of results proposed to the General Meeting of shareholders, equity stands at 81,389,374 Euros.
LUSITANIA
COMPANHIA DE SEGUROS SA
31
01
Management
Report
ANNUAL REPORT
2009 FINANCIAL YEAR
Lastly, we would like to express our gratitude to the Portuguese Association of Insurers, the Broker Associations and the pertinent Unions, and
extend a special word of thanks:
ƒ to the Instituto de Seguros de Portugal,
ƒ to the Administration and staff of Lusitania Vida,
ƒ to the Supervisory Body and the Official Auditors,
ƒ to our Brokers,
ƒ to José Mata, Lda,
ƒ to our Re-insurers
and
ƒ to our Policy Holders.
The Board of Directors would also like to thank our Shareholders for their constant support.
Lisbon, 26 February 2010
The Board of Directors
António Tomás Correia
Chairman
José António de Arez Romão
Managing Director
Jorge José Conceição Silva
Director
Virgílio Manuel Boavista Lima
Director
José António Romão Eusébio
Director
32
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Management
Report
2009 FINANCIAL YEAR
01
ANNEX TO THE BOARD OF DIRECTORS’ REPORT
Shares held by members of Administrative and Auditing bodies
with regard to Article 447 of the Commercial Company Code
Board of Directors
Shares held at 31.12.2009
Montepio Geral - Associação Mutualista
3 285 475
Caixa Económica - Montepio Geral
1 312 420
José António de Arez Romão
6 494
Jorge José da Conceição Silva
6
LUSITANIA
COMPANHIA DE SEGUROS SA
33
Annual
Report
2009 FINANCIAL YEAR
02
Financial
Statement
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
BALANCE SHEET - ASSETS
BALANCE SHEET – LIABILITIES AND CAPITAL AND RESERVES
PROFIT AND LOSS STATEMENT
STATEMENT OF VARIATIONS IN CAPITAL AND RESERVES
STATEMENT OF FULL INCOME
NOTES TO THE BALANCE SHEET AND PROFIT AND LOSS STATEMENT
TABLES ATTACHED TO NOTES
ANNEXES
COMPANY’S FIXED ASSETS
INVENTORY OF THE LUSITANIA COLLECTION
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
Impairment,
depreciation/
Gross Value amortization
or
adjustments
6.620.715,01
0,00
02
Net Value
2007
fi nancial
year
6.620.715,01
2.473.904,73
Notes of
annex
ASSETS
3.1 l), 8
Cash and its equivalents and demand deposits
3.1 o), 7.1
Investments in affiliates, associates and joint undertakings
15.659.177,89
0,00
15.659.177,89
2.697.577,91
3.1 c), 6.8
Financial assets available-for-sale
Financial assets classified in initial recognition at fair value
through profit and loss
Hedging derivatives
Financial assets available-for-sale
Loans granted and outstanding accounts
Deposits with ceding companies
Other deposits
Loans granted
Outstanding accounts
Other
Investments to be held until maturity
Land and buildings
Land and buildings for own use
Land and buildings for income
Other tangible assets
Inventories
Goodwill
Other intangible assets
Technical provisions for outward reinsurance
Provision for unearned premiums
Mathematical provision for life sector
Claims provision
Profit sharing provision
Provision for rate commitments
Provision for stabilising portfolio
Other technical provisions
7.991.596,54
0,00
7.991.596,54
6.294.142,39
15.560.387,71
0,00
15.560.387,71
0,00
0,00
224.146.825,22
51.143.289,80
191.270,33
25.482.924,47
25.469.095,00
0,00
0,00
0,00
61.310.359,39
41.196.696,99
20.113.662,40
27.581.932,19
0,00
3.983.171,81
37.059.070,07
35.436.861,56
7.585.296,59
0,00
27.851.564,97
0,00
0,00
0,00
0,00
0,00
0,00
283.117,69
0,00
0,00
283.117,69
0,00
0,00
0,00
1.586.353,96
1.586.353,96
0,00
14.707.036,85
0,00
0,00
1.283.593,42
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
224.146.825,22
50.860.172,11
191.270,33
25.482.924,47
25.185.977,31
0,00
0,00
0,00
59.724.005,43
39.610.343,03
20.113.662,40
12.874.895,34
0,00
3.983.171,81
35.775.476,65
35.436.861,56
7.585.296,59
0,00
27.851.564,97
0,00
0,00
0,00
0,00
0,00
104.880.773,57
31.767.154,26
192.717,55
26.580.328,18
4.994.108,53
0,00
0,00
0,00
40.421.934,79
36.366.735,93
4.055.198,86
7.756.137,42
0,00
3.983.171,81
1.034.862,54
17.920.515,29
4.300.019,05
0,00
13.620.496,24
0,00
0,00
0,00
0,00
1.653.796,44
0,00
1.653.796,44
1.409.380,99
8.855.203,67
63.419.133,86
51.025.079,53
3.1 c), 6.1
3.1 c), 6.1
3.1 p)
3.1 e), 9
3.1 e), 10
3.1 e), 12
3.1 a)
3.1 h), 23
Assets on post-employment benefits and other long term benefits
3.1 b), 13
Other debtors from insurance operations and other operations
24
Outstanding accounts due on direct insurance operations
Outstanding accounts due on reinsurance operations
Outstanding accounts due on other operations
Assets on taxes and duties
Assets for current taxes and duties
Assets for deferred taxation
Accruals and deferred gains
Other asset elements
Non-current assets available-for-sale and discontinued operating units
TOTAL ASSETS
LUSITANIA
72.274.337,53
54.076.036,86
3.018.761,23
15.179.539,44
18.990.174,82
2.184.433,95
16.805.740,87
2.026.598,32
149.788,43
0,00
581.588.082,73
6.801.840,59
47.274.196,27
36.906.619,78
0,00
3.018.761,23
2.744.582,59
2.053.363,08
13.126.176,36
11.373.877,16
0,00
18.990.174,82
5.860.285,59
0,00
2.184.433,95
791.473,53
0,00
16.805.740,87
5.068.812,06
0,00
2.026.598,32
2.237.913,06
0,00
149.788,43
0,00
0,00
0,00
0,00
26.715.305,59 554.872.777,14 279.762.833,88
OFFICIAL ACCOUNTANT
BOARD OF DIRECTORS
Albertino Soares
José António de Arez Romão
COMPANHIA DE SEGUROS SA
Managing Director
37
02
Notes of
annex
3.1 a)
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
LIABILITIES AND CAPITAL AND RESERVES
LIABILITIES
Technical provisions
Provision for unearned premiums
Mathematical provision for the life sector
Claims provision
For life
For workmen’s compensation
For other sectors
Provision for profit sharing
Provision for rate commitments
Provision for stabilizing portfolio
Provision for claims equalization
Provision for risks in progress
Other technical provisions
Financial liabilities for insurance contract deposits and insurance contracts and
Operations considered to be investment contracts for accounting purposes
20, 29
3.1 h), 23
24
13, 33
Other financial liabilities
Hedging derivatives
Subordinated liabilities
Deposits received from reinsurers
Other
Liabilities for post-employment benefits and other long term benefits
26
24
26
38
359.448.629,39
50.499.745,55
0,00
292.097.440,57
0,00
134.807.517,27
157.289.923,30
0,00
0,00
0,00
3.940.309,84
12.132.562,14
778.571,29
181.074.251,28
31.525.440,52
0,00
143.530.722,56
0,00
66.238.481,85
77.292.240,71
0,00
0,00
0,00
3.232.493,43
2.785.594,77
0,00
0,00
0,00
25.290.900,30
0,00
18.000.000,00
5.790.900,30
1.500.000,00
6.010.263,76
0,00
0,00
6.010.263,76
0,00
0,00
129.732,00
Other creditors in insurance and other operations
39.107.172,05
30.625.443,65
Outstanding accounts on direct insurance operations
Outstanding accounts on reinsurance operations
Outstanding accounts on other operations
Liabilities in taxation and duties
Liabilities for current taxation
Liabilities for deferred taxation
Accruals and deferred losses
Other provisions
Other elements in liabilities
14.321.205,66
8.973.147,85
15.812.818,54
14.683.124,67
12.748.615,67
1.934.509,00
26.456.342,61
7.473.998,02
0,00
13.687.609,65
7.913.991,52
9.023.842,48
10.038.203,17
7.970.664,62
2.067.538,55
26.193.064,14
289.129,44
0,00
Liabilities of a group for sell-off classified as held for sale
25
Previous
fi nancial year
Value
TOTAL LIABILITIES
CAPITAL AND RESERVES
Capital
(Own Shares)
Other capital instruments
Revaluation reserves
For readjustments in fair value of financial assets
For revaluation of land and buildings for own use
For revaluation of other tangible assets
For revaluation of intangible assets
For adjustments to the fair value of hedging instruments for cash flow hedging
For adjustments in the fair value of hedging for net investments in foreign currency
Exchange differences
Reserve for deferred taxation
Other reserves
Retained earnings
Result for year
TOTAL CAPITAL AND RESERVES
TOTAL LIABILITY AND CAPITAL AND RESERVES
OFFICIAL ACCOUNTANT
BOARD OF DIRECTORS
Albertino Soares
José António de Arez Romão
0,00
0,00
472.460.167,04
254.360.087,44
25.580.895,00
0,00
46.546.001,00
-902.184,75
-1.074.833,78
0,00
172.649,03
0,00
0,00
0,00
0,00
270.654,03
3.909.071,95
2.715.743,44
4.292.429,43
82.412.610,10
554.872.777,14
25.000.000,00
0,00
0,00
-10.615.829,77
-10.788.478,80
0,00
0,00
172.649,03
0,00
0,00
0,00
2.315.966,24
3.594.416,38
2.715.743,44
2.392.450,15
25.402.746,44
279.762.833,88
Managing Director
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
Notes of
annex
2, 14
2, 4.6
2, 4.6
2, 4.6
2, 21
2, 21
3.1 j), 16
21
17, 18
17, 18
19
3.1 c), 3.3
19, 33
33
3.1 f), 24
3.1 f), 24
PROFIT AND LOSS STATEMENT
Premiums earned net of reinsurance
Gross premiums earned
Outward reinsurance premiums
Provision for unearned premiums (variation)
Provision for unearned premiums, Reinsurers part (variation)
Commission for insurance contracts and operations considered for accounting
purposes to be investment contracts or contracts for the provision of services
Claims costs, net of reinsurance
Amounts paid
Gross amount
Reinsurers part
Claims provision (variation)
Gross amount
Reinsurers part
Other technical provisions, net of reinsurance (variation)
Mathematical provision for the life sector, net or reinsurance (variation)
Gross amount
Reinsurers part
Profit sharing, net of reinsurance
Net running costs and spending
Acquisition costs
Deferred acquisition costs (variation)
Administrative costs
Commissions and profit share in reinsurance results
Income
From interest on Financial assets not valued at fair value through profit
and loss
From interest on Financial liabilities not valued at fair value through profit
and loss
Other
Financial costs
On interest from Financial assets not valued at fair value through profit
and loss
On interest from Financial liabilities not valued at fair value through profit
and loss
Other
Net gains on financial assets and liabilities not valued at fair value through profit
and loss
On assets available-for-sale
On loans and outstanding accounts
On investment to be held until maturity
On financial liabilities valued as depreciation cost
On other
02
Life
Non-Life
Previous
Non-technical
Total
Technical
Technical
financial year
0,00 113.050.711,14
113.050.711,14 122.524.435,66
0,00 132.337.062,60
132.337.062,60 139.367.484,28
0,00
22.487.257,91
22.487.257,91 22.377.941,26
0,00
-4.076.200,80
-4.076.200,80 -5.637.037,19
0,00
-875.294,35
-875.294,35
-102.144,55
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
82.144.546,34
83.471.251,04
88.464.529,43
4.993.278,39
-1.326.704,70
-1.248.379,56
78.325,14
-4.484.811,62
0,00
32.591.453,78
22.771.210,46
625.966,86
14.061.041,36
4.866.764,90
5.081.262,84
306.926,93
82.144.546,34
83.471.251,04
88.464.529,43
4.993.278,39
-1.326.704,70
-1.248.379,56
78.325,14
-4.484.811,62
0,00
0,00
0,00
0,00
32.591.453,78
22.771.210,46
625.966,86
14.061.041,36
4.866.764,90
5.388.189,77
86.352.420,05
85.403.561,06
89.257.753,15
3.854.192,09
948.858,99
1.924.771,72
975.912,73
-194.099,71
0,00
0,00
0,00
0,00
34.316.184,51
25.300.489,09
651.561,40
13.102.016,15
4.737.882,13
6.860.548,41
0,00
3.480.739,23
0,00
3.480.739,23
4.632.075,91
0,00
0,00
0,00
0,00
0,00
0,00
0,00
1.600.523,61
552.137,13
306.926,93
9.522,26
1.907.450,54
561.659,39
2.228.472,50
548.367,37
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
552.137,13
9.522,26
561.659,39
548.367,37
0,00
2.400.385,44
0,00
2.400.385,44
318.148,91
0,00
0,00
0,00
0,00
0,00
2.400.385,44
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
2.400.385,44
0,00
0,00
0,00
0,00
318.148,91
0,00
0,00
0,00
0,00
Net gains on financial assets and liabilities valued at fair value through profit and loss
0,00
775.782,28
0,00
775.782,28
-662.928,74
On financials assets and liabilities held for trading
On financials assets and liabilities classified in initial recognition
at fair value through profit and loss
Exchange differences
Net gains from the sale of financial assets that are not classified as
non-current assets held for sale and discontinued operational units
Losses on impairment (net of entitlement)
On assets available-for-sale
On loans and outstanding accounts valued at depreciation cost
On investments to be held until maturity
On other
Other income/technical losses, net of reinsurance
Other provisions (variation)
Other income/spending
Negative goodwill recognised immediately in profit and loss
Profit and loss of associates and joint undertakings
entered in accounts using the equity method
Profit and loss on non-current assets (or groups for sell-off)
classified as held for sale
NET RESULT BEFORE TAX
Tax on income for the year – Current tax
Tax on income for the year – Deferred tax
NET PROFIT FOR FINANCIAL YEAR
0,00
775.782,28
0,00
775.782,28
-662.928,74
LUSITANIA
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
4.216.758,55
4.216.758,55
0,00
0,00
0,00
120.310,78
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
13.694,97
-1.961.080,74
3.101.343,71
4.216.758,55
4.216.758,55
0,00
0,00
0,00
120.310,78
13.694,97
-1.961.080,74
3.101.343,71
4.167.602,44
4.167.602,44
0,00
0,00
0,00
124.423,46
69.379,98
-214.473,13
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
6.408.368,30 1.423.972,67
318.109,09
70.685,49
2.578.222,54
572.894,42
7.832.340,97
388.794,58
3.151.116,96
4.292.429,43
3.690.299,93
1.770.290,33
-472.440,55
2.392.450,15
0,00
0,00
0,00
0,00
OFFICIAL ACCOUNTANT
BOARD OF DIRECTORS
Albertino Soares
José António de Arez Romão
COMPANHIA DE SEGUROS SA
Managing Director
39
02
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
Other
capital
instruments
Notes
of
Statement on Variations in Capital and Reserves
Capital
Supplementary
Payments
For adjustment
to fair value of
financial assets
available for sale
For revaluation
of other
tangible Assets
25.000.000,00
0,00
-10.788.478,80
0,00
172.649,03
25.000.000,00
580.895,00
0,00
-10.788.478,80
0,00
172.649,03
172.649,03
172.649,03
-172.649,03
-172.649,03
annex
25
26
26
26
26, 28
33
40
Balance as at 31 December n-1 (opening balance)
Error corrections (IAS 8)
Changes to accounting policies (IFRS 1 and IAS 8)
Altered opening balance
Increases/reductions in capital
Trading in own shares
Net gains on adjustments to fair value of affiliates, associates and joint undertakings
Net gains on adjustments in fair value of financial assets available for sale
Net gains on adjustments for revaluation of land and buildings for own use
Net gains on adjustments for revaluations on intangible assets
Net gains on adjustments for revaluation of other tangible assets
Net gains on adjustments for hedging instruments in hedging for cash flows
Net gains on adjustments for hedging instruments on net investments in foreign currency
Net gains for differences in exchange rate
Adjustments for recognition of deferred taxation
Increase in reserves for distribution of profits
Distribution of reserves
Distribution of profits/losses
Changes to accounting estimates
Other gains/ losses recognised directly in capital and reserves
Transfers between headings for capital and reserves not included in other lines
Total variations in capital and reserves
Net profit and loss for period
Early distribution of profit
Balance sheet as at 31 December
Revaluation Reserve
For revaluation
of intangible Assets
7.807.487,19
580.895,00
25.580.895,00
46.546.001,00
1.906.157,83
46.546.001,00
9.713.645,02
46.546.001,00
OFFICIAL ACCOUNTANT
BOARD OF DIRECTORS
Albertino Soares
José António de Arez Romão
-1.074.833,78
172.649,03
Managing Director
LUSITANIA
COMPANHIA DE SEGUROS SA
0,00
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
Reserve
for
deferred
taxation
Other Reserves
Legal
Reserve
Estatutory
Reserve
Other
Reserves
Retained
Earnings
Result for
Financial year
2.315.966,24
2.103.185,75
0,00
1.491.230,63
2.715.743,44
2.392.450,15
2.315.966,24
2.103.185,75
0,00
1.491.230,63
-580.895,00
2.715.743,44
2.392.450,15
239.245,02
239.245,02
913.960,11
-1.540.180,39
-1.392.450,15
-1.000.000,00
-505.131,82
-2.045.312,21
270.654,03
02
239.245,02
2.342.430,77
LUSITANIA
251.669,81
490.914,83
490.914,83
-496.899,58
-251.669,81
-415.504,28
1.075.726,35
0,00
2.715.743,44
COMPANHIA DE SEGUROS SA
-2.392.450,15
4.292.429,43
4.292.429,43
TOTAL
25.402.746,44
0,00
0,00
25.402.746,44
0,00
0,00
0,00
7.807.487,19
0,00
0,00
0,00
0,00
0,00
0,00
-1.540.180,39
0,00
0,00
-1.000.000,00
0,00
47.450.127,43
0,00
52.717.434,23
4.292.429,43
0,00
82.412.610,10
41
02
Notes
of
annex
26
26
33
42
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
Statement of Full Income
2009
Net result for year
Profit made on fair value of property and tangible assets
Revaluation reserve
For adjustment to fair value of financial assets
Reserve for deferred taxation
For adjustment to fair value of financial assets
Reserve for actuarial profit and loss
Other profit/loss recognized directly under capital and reserves
Result not included in profit and loss statement
Full income for whole year
2008
4.292.429,43
0,00
2.392.450,15
0,00
9.713.645,02
-7.421.130,35
-2.045.312,21
0,00
-507.089,58
7.161.243,23
11.453.672,66
1.478.637,25
0,00
0,00
-5.942.493,10
-3.550.042,95
OFFICIAL ACCOUNTANT
BOARD OF DIRECTORS
Albertino Soares
José António de Arez Romão
Managing Director
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
02
1. General information
Lusitania Companhia de Seguros, S.A., (hereafter referred to as Lusitania) was incorporated on 6 June 1986, as a Limited Company, and deals in
the insurance and reinsurance business for all the Non-Life insurance sectors (with the exception of credit insurance), for which it has been duly
authorised by the Instituto de Seguros de Portugal (ISP).
Traditionally, the most important sectors in terms of premium volume are the Accident & Health and Motor sectors, accounting respectively
for 38.0% and 35.0% of premiums earned in 2009.
The Company has its head office in Lisbon, its main distribution channel being through its network of agents, with banking insurance the
channel recording the highest growth in 2009.
On 2 November the Company acquired 85% of the share capital of Real Companhia de Seguros, S.A.
On 31 December the Company finalised the merger with Real Companhia de Seguros, and incorporated all that company’s assets and liabilities.
Also on 31 December, the Company acquired all the assets and liabilities of Mutuamar-Mutua dos Seguros dos Armadores da Pesca do Arrasto.
As a result of these mergers the assets and liabilities included in these notes have been affected by the above operations.
The notes to the financial statements included in these attachments follow the order established in the Accounts Plan for Insurance Companies.
Any numbers not referred to in this report are not applicable because the respective values or situations to which they refer are irrelevant.
2. Information according to segment
2.1. Indicate the types of product and service included in each business segment, referring to the composition of each geographic
segment, whether principal or secondary.
A business segment is a series of assets and operations located in a specific economic environment that are subject to specific risks and gains
different to other business segments that operate in other economic environments.
The Company considers the insurance business segment to be its main segment. For this segment information will be recorded per sector,
bearing in mind that the Company’s most significant sectors are: motor, accident & health and fire & other damages.
There is only one geographic segment as all contracts are signed in Portugal.
2.2. 2.2. Report per business segment and per geographic segment.
Main segment – Business segment
Results per segment as at 31 December 2009:
Non-Life
Sectors
Gross premiums earned
Accident and
Health
Fire and other
damages
Motor
Other
132.337.062,60
48.822.969,32
33.139.679,94
44.423.753,45
5.950.659,89
22.487.257,91
5.224.658,52
12.203.701,99
3.077.324,02
1.981.573,38
136.413.263,40
49.385.134,89
34.292.584,48
46.870.132,73
5.865.411,30
3.488.534,88
1.468.180,44
525.314,18
1.373.261,98
121.778,28
Gross claims costs
87.216.149,87
38.196.050,60
13.295.347,79
34.148.597,43
1.576.154,05
Gross running costs
37.458.218,68
10.316.257,69
10.914.805,82
13.598.198,91
2.628.956,26
Outward reinsurance premiums
Gross premiums acquired
Return on investments
(1)
Technical Result
897.443,47
641.635,53
2.776.139,89
-3.313.371,80
793.039,85
Investment allocated to cover
technical provisions (2)
395.678.813,62
156.759.017,74
46.738.524,96
166.054.945,32
26.126.325,60
Technical Provisions
369.104.343,10
150.663.230,03
42.732.396,36
151.821.773,30
23.886.943,41
LUSITANIA
COMPANHIA DE SEGUROS SA
43
02
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
Results per segment as at 31 December 2008:
Non-Life
Sectors
Gross premiums earned
Accident and
Health
Fire and other
damages
Motor
Other
139.367.484,82
50.809.859,63
33.278.641,73
49.553.942,84
5.725.040,08
22.377. 941,26
4.576.827,96
12.555.040,05
3.364.180,75
1.881.892,50
145.004 521,47
51.089.483,09
33.630.596,53
54.548.053,06
5.736.388,79
1.398.182,27
2.451.131,41
-324.576,39
-661.866,88
-66.505,87
Gross claims costs
91.182.524,87
38.379.121,26
12.845.834,14
38.306.145,36
1.651.424,11
Gross running costs
39.054.066,64
11.814.272,02
10.143.341,02
15.063.450,37
2.033.003,23
3.572.536,54
1.808.446,72
3.660.749,18
-2.366.888,66
470.229,30
Investment allocated to cover
technical provisions (2)
198.623.348,25
76.607.898,83
35.866.272,19
78.729.141,13
7.420.036,10
Technical Provisions
186.542.261,99
72.568.723,44
33.502.363,64
73.540.185,64
6.930.989,27
Outward reinsurance premiums
Gross premiums acquired
Return on investments
(1)
Technical Result
(1)
(2)
With the exception of the result of asset investments to cover the technical provisions of Workmen’s Compensation, the result of investment was distributed based on the
technical provisions for each sector.
With the exception of Workmen’s Compensation, investments to cover the technical provisions of sectors were distributed based on the technical provisions for each
sector.
Secondary segment – geographic segment
As indicated in 2.1 above, there is only one geographic segment as all contracts are signed in Portugal.
Results per segment as at 31 December 2009:
Portugal
Gross premiums earned
132.337.062,60
Outward reinsurance premiums
22.487.257,91
Gross premiums acquired
Return on investments
136.413.263,40
3.488.534,88
(1)
Gross claims costs
87.216.149,87
Gross running costs
37.458.218,68
Technical Result
897.443,47
Investment allocated to cover technical provisions (2)
395.678.813,62
Technical Provisions
369.104.343,10
Results per segment as at 31 December 2008:
Portugal
Gross premiums earned
139.367.484,82
Outward reinsurance premiums
22.377.941,26
Gross premiums acquired
Return on investments
145.004.521,47
1.398.182,27
(1)
Gross claims costs
91.182.524,87
Gross running costs
39.054.066,64
Technical Result
Investment allocated to cover technical provisions
Technical Provisions
(1)
(2)
44
3.572.536,54
(2)
198.623.348,25
186.542.261,99
With the exception of results on asset investments to cover the technical provisions of Workmen’s Compensation, the result of investments was distributed based on the
technical provisions for each sector.
With the exception of Workmen’s Compensation, investments to cover the technical provisions for sectors were distributed based on the technical provisions for each
sector.
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
2009 FINANCIAL YEAR
Financial
Statements
02
3. Basis for preparing financial statements and accounting policies
3.1. Describe measurements used in preparing the financial statements and accounting policies, applicable to the assets,
liabilities and capital and reserve headings, relevant for an understanding of the financial statements.
As laid down in the rulings of the Accounts Plan for Insurance Companies, approved by Enabling Regulation n.º 4/2007-R, of 27 April, with
amendments introduced by Regulation n.º 20/2007-R of 31 December, the Company adopted the International Financial Reporting Standards
(IFRS) in preparing these financial statements, in the terms of Article 3 of EC Regulation n° 1606/2002, of the European Parliament and the
Council, of 19 July, with the exception of IFRS 4 for which only the classification principles for the type of contract signed by insurance companies
are adopted.
Measurement bases:
Financial Statements are expressed in Euros;
Financial Statements were prepared on a historical cost basis, with the exception of assets and liabilities recorded at fair value, namely financial
assets at fair value through profit and loss and available-for-sale;
To prepare the financial statements the Company must take decisions, make estimates and use forecasts that affect the application of accounting
policies and the amounts of gains, costs, assets and liabilities. Changes to such forecasts or differences in them when faced by reality may have
an impact on current estimates and decisions.
Areas that involve more decisions or are more complex, or where significant forecasts or
estimates are used in preparing consolidated financial statements, are analysed in Note 3.3.
Accounting policies used in preparing financial statements
The accounting policies used in preparing financial statements are as follows:
a) Accruals principle
Costs and gains are accounted for in the financial year to which they refer, regardless of the date on which they are paid or received.
Direct insurance premiums are recognised as gains on the date of the transaction, or policy renewal date, while claims are recorded when the
claim is made. At the end of each financial year the Company accrues costs and gains as follows:
i) Provision for unearned premiums
Reflects that part of gross premiums earned and recorded prior to the end of the financial year, but for which the risk period extends beyond the
year. The provision for unearned premiums was estimated for each contract using the “pro rata temporis” method, as laid down in Regulation
nº 19/94-R (bearing in mind the amendments introduced by ISP Regulation nº 3/96-R).
ii) Provision for unexpired risks
This provision involved the sum required to meet probable indemnities and charges after year end and which exceed the value of unearned
premiums and premiums demandable for contracts in force.
As stipulated by the ISP, the amount of the Provision for Unexpired Risks should be equal to the sum of gross earned premiums for which the
risk period extends beyond the year (unearned premiums) and premiums demandable and not yet processed for contracts in force, multiplied
by a ratio based on the sum of the ratios for claims, costs and offer, minus the investments ratio.
This provision at 31 December 2009 amounted to 12,132,562.14 EUR. In 2008, it was 2,785,594.77 EUR.
iii) Provision for Claims
This provision is determined:
By estimating liability for all claims awaiting settlement at year end, or claims settled but not paid off by year end, with the exception of worker’s
compensation, which was calculated as stipulated in ISP regulations, and prepared using actuarial methods;
By the mathematical provision for claims made up to 31 December 2009 covering pensions already approved by the Industrial Tribunal or with
a pre-established conciliatory agreement. This provision also covers liabilities for pensions for presumed permanent disability.
The Company calculated this mathematical provision applying what is laid down in Regulation nº 15/2000-R, that is, for compulsory pension
payments that are redeemable in the terms of article 74 of Decree-Law nº 143/99, date 30 April. It used the mortality table TD88/90, at the
technical interest rate of 5.25% and the management rate of 1%, adjusting to the ruling in nº 2 of the same regulation. It opted to use mortality
table TV 88-90 for male pensioners and mortality table TD 88-90 for females, applying a technical rate of 4.50% and management rate of 1%;
Liability for the annual increase in life pensions due to inflation lies with FAT - Fundo de Acidentes de Trabalho (Workmen’s Compensation
Fund), a fund managed by the ISP and which receives contributions both from insurance companies and from those covered by workers’
compensation. The Company pays the full pension and is later reimbursed for that part paid by FAT;
LUSITANIA
COMPANHIA DE SEGUROS SA
45
02
Financial
Statements
ANNUAL REPORT
2009 FINANCIAL YEAR
In line with the 2008 financial year, the percentage applied was 4% of costs for the year for claims filed, so as to meet the liability of claims filed
after year end, for all sectors, with the exception of the health and workmen’s compensation sectors. The health sector includes a reserve,
calculated by applying the actuarial estimation method to all claims incurred, in this way covering all claims, filed or not filed, that do not yet
have sufficient reserve cover.
Workmen’s compensation is calculated using the run-off method similar to what was explained above, the aim being to determine the number
of claims to be made. Multiplying this figure by the average cost calculated for the year of the occurrence in question, the actuarial provision is
obtained for non-declared claims.
iv) Equalisation provision
The equalisation provision is set up when the technical result of high risk insurance sectors is positive. It is calculated based on specific rates laid
down by the ISP applied to the technical result.
This provision also covers seismic risks and in this case is calculated applying a risk factor, defined by the ISP for each seismic zone, to the
Company’s capital.
v) Technical provisions for outward reinsurance
Reserves for outward reinsurance are based on the same criteria described above, taking into account the clauses in reinsurance treaties in
force.
vi) Brokers’ commissions
A brokerage commission is paid to a broker for selling insurance policies. Commissions payable to brokers are recorded as costs on the date
when the policy is issued or renewed.
b) Adjustments for outstanding payments and bad debt
Adjustments for premiums outstanding cover these premiums at their estimated net realisable value. Receipts issued and not paid on 31
December 2009 are entered under the heading “Debtors – in Direct Insurance Operations”. This reserve is calculated based on the value of
premiums outstanding, using percentages established by the ISP.
The amount of adjustments for premiums outstanding at 31 December 2009 does not differ significantly from the risk involved for outstanding
premium payments on that date.
The provision for bad and doubtful debt is calculated based on the estimated value of this debt and included under the heading “Other
debtors”.
c)
Financial instruments
i)
Classification
The Company classifies its financial assets at the time of acquisition, taking into consideration the intention underlying them, using the following
criteria:
Tradable financial assets
Financial assets recognised at the time of acquisition at their fair value through profit and loss.
This category includes financial assets with built-in derivatives, given their fair value at the time of recognition with the subsequent variations
recognised in profit and loss.
Financial assets available-for-sale
Assets available-for-sale are non-derivative financial assets that (i) the Company intends to hold for an unspecified time, (ii) that are recognised
as available for-sale at the time of their initial recognition or (iii) that do not belong in the previous categories.
Investments to be held until maturity
These are financial assets for which there is an intention and capacity to hold until maturity, with a fixed maturity and cash flows or that can be
determined. Should their sale be brought forward, the category is considered toxic and all assets in the category have to be reclassified to the
category available-for-sale.
ii) Recognition, initial measurement and de-recognition
The acquisition or sell-off of: (a) financial assets at fair value through profit and loss, and (b) financial assets available-for-sale, are recognised on
the trade date, that is, on the date on which the Company undertook to acquire or sell-off the assets. Financial assets are initially recognised at
their fair value plus trading costs, except in the case of financial assets at fair value through profit and loss, should these trading costs be directly
46
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
2009 FINANCIAL YEAR
Financial
Statements
02
recognised in profit and loss.
These assets are derecognised when (a) the contractual rights to receive their cash flow expires for the Company, (b) the Company has
transferred substantially all the risks and benefits associated with holding them or (c) although retaining part, but not substantially all the risks
and benefits associated with holding them, the Company has transferred control of the assets.
iii) Subsequent measurement
After initial recognition, the financial assets at fair value through profit and loss, are valued at fair value and any changes in fair value recorded
on the profit and loss statement.
Investments held for sale are also recorded at fair value although the respective variations are recognised in reserves, until the investments are
derecognised or a loss due to impairment is identified, at which time the accrued value of potential profit and loss recorded under reserves is
transferred to profit and loss.
The fair value of listed financial assets is determined using the closing quotations published by Bloomberg or, in the absence of these, by the
stock market where the assets are quoted. Should there be no quotation, the Company estimates the fair value using (i) valuation methods,
such as the use of recent trading prices, that are similar and applied in market conditions and techniques of discounted cash flows to reflect the
special features and circumstances of the instrument, and (ii) valuation projections based on market information.
Financial instruments for which the fair value cannot be measured reliably and unlisted shares are recorded at acquisition cost
iv)
Impairment
The Company regularly checks for objective evidence of financial assets, or groups of financial assets, showing signs of impairment. For financial
assets that show signs of impairment, the respective recoverable value is determined, losses due to impairment being recorded accordingly in
the profit and loss statement.
The Company considers that a financial asset, or group of financial assets, is an impaired asset whenever, after its initial recognition, there is
objective evidence that
(a) for listed fluctuating income securities:
there has been continued devaluation (at least 12 months) and a significant fall in listed price, or
a significant devaluation in the listed price (more than 50% the respective net book value); and
the Company also does a casuistic analysis, security by security, so that, regardless of whether the two criteria referred to above are verified,
impairment may be recognised.
Impairment must be recognised for all securities that have previously suffered impairment, whenever they fall below cost value, from the last
date of impairment.
(b) for the fixed income securities and for non-listed securities:
there is an event (or events) that has an effect on the estimated future cash flows of the financial assets, or group of financial assets, which may
be estimated reasonably.
When there is evidence of impairment in financial assets available-for-sale, the potential accrued loss in reserves, less any loss in impairment in
the asset previously recognised in profit and loss, is transferred to the profit and loss statement.
With regard to the fluctuating income securities, impairment will have to be reinforced, whenever the potential loss in reserves increases.
In the case of fixed income securities, if in a subsequent period the amount of the potential loss falls, the loss of impairment previously recognised
reverts to the profit and loss of the financial year until the acquisition costs have been replaced, whenever the increase is, objectively, related to
the event that occurred after recognition of the loss of impairment.
d) Other financial instruments – built-in derivatives
Financial instruments with built-in derivatives are recognised initially at fair value. Subsequently, the fair value of derived financial instruments
is revalued on a regular basis, the resulting profit or loss being recorded directly in profit and loss for the year.
Fair value is based on listed market prices, when available, and in the absence of a listed price (no assets market available) it is determined
based on the use of the prices of recent trading that is similar and done in market conditions, or based on valuation methods made available
by specialist agents, based on discounted future cash flow techniques taking market conditions into consideration, the time effect, the profits
curve and volatility factors.
e) Tangible and intangible fixed assets
LUSITANIA
COMPANHIA DE SEGUROS SA
47
02
i)
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
Tangible fixed assets
These assets are entered at historical cost. Depreciation is calculated using the straight-line method, at the following annual rates, which
reasonably reflect the estimated working life of the assets:
Annual Rates
Estimated working life span
10%
10 years
10 - 25%
4 to 10 years
25 - 33.33%
3 to 4 years
10 - 33%
3 to 10 years
25%
4 years
Installations
Machinery and apparatus
Date processing equipment
Fixtures and furnishings
Transport material
ii) Land and buildings for the Company’s own use
Land and buildings are depreciated according to their working life span.
Property
Annual Rates
1% - 4%
Estimated working life span
25 to 100 years
iii) Intangible assets
These assets are entered at historical cost and depreciated by applying the straight-line method, based on the following annual rates, which
reasonably reflect the estimated life span of the assets:
Software
Costs on rented buildings
Current value of acquired portfolios
Annual Rates
33.33%
33.33%
2.00%
Estimated working life span
3 years
3 years
50 years
iv) Impairment of non-financial assets
When there is a sign that an asset may be impaired, in accordance with IAS 36, it is estimated at its recoverable value, a loss being recognised
due to impairment whenever the net value of an asset exceeds its recoverable value. Losses due to impairment are recognised on the profit and
loss statement for assets recorded at cost.
f) Tax on income
Tax on profits includes current and deferred taxation. Tax on profits is recognised in profit and loss, except when related to items that are
recognised directly under equity, in which case they are also recorded under equity. Deferred taxation recognised under equity arising from
revaluation of investments available-for-sale is later recognised under profit and loss at the time when the profit and loss that gave rise to them
are recognised.
Current taxation is that expected to be paid based on the taxable income calculated according to fiscal rules in force and using the approved
tax rate.
Deferred taxation is calculated on time differences between the book values of assets and liabilities and their tax basis, using tax rates approved
or substantially approved on the date of the balance sheet in each jurisdiction and that are expected to be applied when time differences
revert.
Deferred taxation owed is recognised for all taxable time differences, with the exception of differences resulting from the initial recognition of
assets and liabilities that affect neither book profits nor taxation and difference related to investment in subsidiaries, in that probably they will
not be returned in the future.
Deferred taxation receivable is recognised for all deductible time differences, only whereby taxable profits are expected for the future that are
likely to absorb the aforementioned differences.
g) Liabilities for holidays and holiday benefits
This liability corresponds to around two months of remuneration and the respective costs, based on values for the financial year, and recognises
legal liabilities to employees at the end of each period for services provided up to that date, to be paid later.
48
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
2009 FINANCIAL YEAR
Financial
Statements
02
h) Employee benefits
As established in the Collective Bargaining Agreement in force for the insurance sector, the Company undertook the commitment to grant all
its employees cash payments to complement Social Security retirement pensions. To this end it set up a pensions fund to cover liabilities for
retirement, invalidity and survival pensions for its working and pre-retirement personnel, calculated based on forecast salaries, and it acquired
temporary and/or life rentals.
Contributions to the Fund are determined according to the respective actuarial and financial technical plan, which is revised annually, using
actuarial technique, and adjusted based on pension review, changes in the group of participants and liabilities to be guaranteed, as well as in
agreement with the policy pursued by the Company for total cover of liabilities actuarially determined.
Cover of liabilities for complementing the retirement pensions of working personnel is assured by the Lusitania Pensions Fund, managed by
Lusitania Vida and by insurance policies contracted with Alico and Victória.
Liabilities for working staff with Real Seguros and Mutuamar were covered by Pension Funds in Real Vida and Pensões Gere, respectively. In the
merger these pension funds will be incorporated in the Lusitania Vida Pension Fund in 2010.
i)
Provisions
Provisions are recognised when (a) the Company has a legal or constructive obligation, (b) it is likely that its payment will be demanded and (c)
when a reliable estimate of the amount of this obligation can be made.
j)
Recognition of interest and dividends
Results referring to interest on financial instruments classified as available-for-sale are recognised under the headings of interest and other
similar gains using the effective rate method. Interest on financial assets at fair value through profit and loss are also included under the heading
for interest and similar gains.
The effective interest rate is the rate that discounts future payments or receipts estimated during the expected life of the financial instrument
or, when appropriate, a shorter period, for the net current value of the financial asset and liability balance.
Income from capital instruments (dividends) is recognised when it is received.
k) Report according to segment
See note 2.
l)
Cash and cash equivalents
For the purposes of cash flow statements, cash and its equivalents cover amounts recorded in the balance sheet with a maturity of less than
three months counting from the date of the balance sheet, quickly converted into cash and with a reduced risk of the value changing, in which
cash and liquid assets in credit banks are included.
m) Land and buildings
See note 9.
n) Trading in foreign currency
The conversion of foreign currency trading to euros is done on the date on which trading occurs.
Assets expressed in the currency of countries that are not members of the European Economic Union were converted to euros using the last
reference exchange rate indicated by the Bank of Portugal.
Exchange differences between rates in force on the date of contracting and those in force on the date of the balance sheet are recorded on the
profit and loss statement for the financial year.
o) Investments in Affiliated and Associated Companies
Investments in Affiliates and Associates are recorded at acquisition costs, when they are not listed, and subjected to impairment tests.
p) Loans granted
Loans to brokers are made through mutual contracts and are covered by real guarantees.
Other types of loan are made with a mortgage guarantee.
3.2. Describe the type, impact and justification for changes to accounting policies
No changes to accounting policies and practices were detected that had any significant impact on the Company’s accounts.
LUSITANIA
COMPANHIA DE SEGUROS SA
49
02
Financial
Statements
ANNUAL REPORT
2009 FINANCIAL YEAR
3.3. Describe the principal accounting estimates and decisions used in preparing the financial statements, indicating the main
forecasts for following financial years, and other principal sources of uncertainty in estimates made on the date of the balance
sheet, that present a significant risk sufficient to cause a material adjustment to the amounts entered for assets and liabilities for
coming financial years.
a) Impairment of financial assets available-for-sale
The Company determines that impairment exists in its assets available-for-sale when there is a continued or significant devaluation in their fair
value. Determining a continued or significant devaluation requires judgement. In making this judgement that Company assesses, among other
factors, the normal volatility of share prices. In addition, valuations are obtained through market prices or evaluation models that require the
use of specific assumptions or judgement in preparing fair value estimates.
Had the impairment criterion applied in 2008 been applied in 2009 (6 months and 20% - prolonged decline or 50% - significant decline), the
impairment loss would have risen to € 3,817,000.
Assets available for sale and for which the Company recorded impairment are as follows:
Unit Euro
Description
TELEFONAKTIEBOLAGET LM ERICSSON
TELECOM ITALIA
SAP AG - Pref.
RWE
ROYAL BK SCOTLAND GR
REN
PREFF
PORSCHE
NOKIA AB FINLAND
NESTLE
MUNCHENER RUCKVERS.
MULTI GEST MERC EMER
MARTIFER SGPS SA
EDP RENOVAVEIS
EDP
DEUTSCHE TELEKOM AG
AHOLD NV
AEGON NV
Bpn Gestão de Activos Valorização Patrimonial
FUNDO BPN IMOGLOBAL
Durham Overseas Fund Sub-Class I Aug Series 2007
AEIF LP
German Real Estate Fund
Gottex Abi Fund Limited Class Eur
The Fine Art Fund, L.P.
The Fine Art Fund II, L.P.
BANCA ITALEASE CAP TRUST-TV. PERP
DIVERSIFIELD GLOBAL SECS-PREF-PERP
HSH NORDBANK AG - TV - (14.02.2017)
MOSCOW RIVER (LESSIRON)-12%-20.03.2011
Allegro 30-Abr-10
Beta 1
Beta 2
CENTAURI 1
CENTAURI 2
GLBIR 0 10/21/14
K2 Corp 01/15/11
KAUP 0 06/30/14
PARKLAND SN 15-12-13
WHITE PINE 12/31/13
ZELA 1
Total
Isin
Impairment
SE0000108656
IT0003497168
DE0007164600
DE0007037129
GB0007547838
PTRELOAM0008
IE00B06YB805
DE000PAH0038
FI0009000681
CH0038863350
DE0008430026
PTYMGNLM0006
PTMFR0AM0003
ES0127797019
PTEDP0AM0009
DE0005557508
NL0006033250
NL0000303709
PTYBPJMN0002
PTYBPGIM0002
BMG288471045
GGY121000008
KYG5569M2620
KYG399911232
GBR12100008
GBR12100007
XS0255673070
KYG2773C2068
DE000HSH2H23
XS0292499620
XS0190941202
XS0187513642
XS0200584125
XS0178293519
XS0224399872
XS0203295562
XS0149850777
XS0194805429
XS0181569111
US96428FAW86
XS0271816869
15.094,91
61.088,87
12.499,44
35.930,26
3.147,06
22.107,59
61.170,35
106.941,90
246.310,12
44.928,90
16.896,97
20.061,45
34.172,10
86.145,00
182.752,01
27.759,35
22.218,23
32.836,48
1.661.152,61
5.095.849,95
2.383,71
159.850,91
238.780,38
203.904,27
245.657,95
113.401,55
174.198,11
82.985,74
345.511,42
50.686,78
367.671,17
1.079.952,03
1.054.596,45
2.373.176,76
1.180.521,59
52.783,47
1.043.267,73
237.190,94
688.880,98
615.324,51
560.689,46
18.660.479,46
Alternative methods and the use of different assumptions and estimates may lead to a different amount for recognised impairment losses, with
a subsequent impact on Company profits.
In addition see note 3.1 c) ii)
b) Technical provisions and financial liabilities for insurance contracts
See note 3.1 a) and b)
c) Calculate the estimated working life of tangible fixed assets, including property, and other intangible assets.
The working life of property was taken to be that resulting from applying the depreciation rates indicated in note 3.1 e).
50
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
02
This criterion is also used for other tangible and intangible fixed assets.
d) Deferred asset taxation
Use of tax losses from Real Seguros - see note 24- tax on income.
e) Determination of liabilities for post-employment benefits – assumptions used.
See note 23 – Obligations for Employee Benefits.
f) Contingent Liabilities
See note 32
g) Negative goodwill arising from merging corporate business in 2009.
See note 33
3.4. Relevant changes in the previous financial year
As a result of acquiring an 85% holding in Real Seguros, on 2 November 2009 and the subsequent merger, which took effect on 31 December
2009, the Company entered the assets and liabilities of Real Seguros on its balance sheet on 31 December 2009, as follows:
Description
Net assets
31-12-2009
Cash and equivalents and call deposits
1.600.116
Investments in affiliates, associates and joint undertakings
12.911.600
Financial assets classified in initial recognition at fair value through profit and loss
15.560.388
Assets available-for-sale
79.049.150
Outstanding loans and accounts
48.340.122
Land and buildings
4.304.014
Other tangible assets
2.160.912
Assessment value of business/portfolio
33.880.669
Technical provisions for outward insurance
17.934.570
Assets for post-employment benefits and other long term benefits
508.649
Other debtors in insurance and other operations
22.553.797
Assets from current and deferred taxation
17.169.308
Accruals and deferrals
66.418
Other assets items
149.788
TOTAL ASSETS
Technical provisions
256.189.500
-180.304.394
Other creditors in insurance and other operations
-12.863.288
Liabilities from taxation
-5.953.817
Accruals and deferrals
-3.455.650
Other provisions
-2.088.127
LUSITANIA
COMPANHIA DE SEGUROS SA
TOTAL LIABILITY
-204.665.276
NET ASSETS
51.524.224
51
02
Financial
Statements
ANNUAL REPORT
2009 FINANCIAL YEAR
In addition, the Profit and Loss statement, under the heading negative Goodwill recognised immediately in profit and loss and other income/
losses, also records the negative goodwill arising from the acquisition and the net profit of Real in the months of November and December
2009 - see Note 33 – business combination.
Similarly, and as a result of acquiring the assets and liabilities of Mutuamar, on 31 December 2009, the respective assets and liabilities were also
recorded on this date, as follows:
Description
Net assets
31-12-2009
Cash and equivalents and call deposits
2.662.304
Investments in affiliates, associates and joint undertakings
50.000
Assets available for sale
1.743.240
Outstanding loans and accounts
150.000
Land and buildings
14.210.707
Other tangible assets
29.582
Technical provisions for outward insurance
375.677
Other debtors in insurance and other operations
2.286.038
Assets from current and deferred taxation
52.314
Accruals and deferrals
10.032
TOTAL ASSETS
21.569.894
Technical provisions
-7.613.176
Other financial liabilities
-1.549.880
Liabilities for post-employment benefits and other long term benefits
-24.231
Other creditors in insurance and other operations
-4.831.668
Liabilities from current and deferred taxation
-86.730
Accruals and deferrals
-99.136
Other provisions
-50.000
TOTAL LIABILITY
-14.254.821
NET ASSETS
7.315.073
In addition, the Profit and Loss statement, under the heading negative Goodwill recognised immediately in profit and loss, also records the
negative goodwill from the acquisition - see Note 33 – business combination.
4. Type and extent of headings for risks resulting from insurance contracts and reinsurance assets.
4.1. Provide information to help identify and explain figures indicated in financial statements resulting from insurance contracts,
including:
a) Information on accounting policies adopted for insurance policies and for assets, liabilities, income and costs or related spending;
See description in item 3.1
b) Process used to determine the assumptions that have most effect on measuring these quantities, including a summary of the main possibilities
considered in calculating the mathematical provisions for life insurance and Workmen’s Compensation (quantification of all assumptions when
practical).
See item 3.1 sub-paragraph a)
e) Reconciliation of changes in liabilities resulting from insurance contracts, in assets resulting from reinsurance contracts and in associated
deferred acquisition costs, including:
52
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
2009 FINANCIAL YEAR
Financial
Statements
02
i. In relation to claims provision: explain readjustments (corrections submitted that are assumed to be relevant (Annex 2) and breakdown of
claims costs (Annex 3);
4.2. Provide information to help assess the nature and extent of specific insurance risks, namely:
a) Objectives, policies and processes for risk management resulting from insurance contracts and methods used to manage these risks, including
a description of the process for accepting, evaluating, monitoring and controlling these risks.
Insurance companies assume risks through insurance contracts, which we classify in the category of Specific Insurance Risks.
Specific insurance risks are the risks inherent in the sale of insurance contracts, associated with the design of products and the respective rates
charged, with the underwriting process and provisioning for liabilities and claims and reinsurance management. They are applicable throughout
all insurance sectors and may be sub-divided into different sub-risks:
• Product Design Risk: the risk the insurance company assumes in exposure to risks arising from the nature of its products not foreseen at the
design stage and in defining the price of the contract.
• Premiums risk: related to risks occurring in the future, in policies currently in force, and the premiums of which are already paid or are fixed.
The risk is that premiums paid or already fixed may prove to be insufficient to cover all future obligations resulting from these contracts (underpricing).
• Underwriting risk: risk of exposure to financial losses related to the selection and approval of risks to be insured.
• Provisioning risk: is the risk that provisions for claims may prove insufficient to meet the cost of claims that have already occurred.
• Claims risk: is the risk that more claims than expected occur, or that some claims may have costs far higher than expected, resulting in
unexpected losses.
• Retention risk: is the risk of more risk retention (less protection from reinsurance) generating losses due to disasters occurring or to a major
claim event.
• Disaster Risk: is the result of extreme events that imply destruction of property, or the death/injury of persons, usually due to natural disasters
(earthquakes, hurricanes, floods). It is the risk that one single event, or a series of high magnitude events, normally over a short period (up to 72
hours), causes a significant rise in the number and cost of claims, compared to what was expected.
The Specific Insurance Risk may be mitigated by a reinsurance policy, through which part of the risks assumed by the Company is transferred
to a re-insurer (or a group of re-insurers).
Underwriting is one of the most relevant risks. It represents several types of risk directly or indirectly associated with the technical bases for
calculating premiums and provisions the effect of which, an increase in the frequency of claims or an excessive rise in management costs,
may lead to an incapacity to guarantee obligations. These risks may appear as under-pricing, reflecting a shortfall in the premiums estimate,
reinsurance, caused by acquiring cover that is too limited to meet liabilities assumed, or risks associated with major losses, such as the risk of
disaster.
The risk of premiums, or under-pricing, is controlled using actuarial models that, on the one hand, calculate the value of premiums, in the
terms of the acceptance policy, developing guidelines for underwriting new contracts and, on the other, monitor the standard for provisioning,
mitigating the risk of provisions. Exposure to major risks is duly ensured by protecting the respective reinsurance treaties, the responsibility of
a group of market leading re-insurers.
The concentration of risks may lead to considerable potential losses, which has led Lusitania in recent years to strive to diversify its business, not
only in terms of clients but also products.
The increase in the Motor portfolio, that rose to 36% of the total in 2009, reflects the strategy of reducing concentration in a controlled way.
The changes reflect the transfer of major risks, associated with large companies, to a risk mix portfolio, characterised essentially by individuals
or small and medium companies, to reduce the impact of the respective volatility. To this end, new products have been created geared to these
segments and tailored to the client profile outlined by the new strategy.
b) On the specific risk of insurance (before and after reinsurance), include information on sensitivity analyses done, risk concentration and
effective claims compared to previous estimates
Illustrative tables with information on the specific risk of insurance (management information):
LUSITANIA
COMPANHIA DE SEGUROS SA
53
02
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
Table 1 – Number of real claims against estimated claims per sector
Summary of IBNR against estimates
Workmen’s
Compensation
Motor
Health - cash flow
planned and realised
Forecast for 2009
MR Commerce
2003
2004
2005
2006
2007
2008
Total
0
0
1
1
8
18
655
683
Opened in 2009
0
1
0
1
7
24
325
358
Difference
0
-1
1
0
1
-6
330
325
Forecast for 2009
0
1
1
2
27
65
1.508
1.605
Opened in 2009
0
0
0
6
17
62
925
1.010
Difference
0
1
1
-4
10
3
583
595
Forecast for 2009
0
0
0
0
33.565
25.907 1.163.303 1.222.775
Opened in 2009
-1.040
308
8.304
3.808
10.984
25.231
Difference
1.040
-308
-8.304
-3.808
22.581
677
206.517
218.395
0
3
2
3
8
20
614
650
Forecast for 2009
MR Home
2002
956.786 1.004.380
Opened in 2009
0
2
2
0
8
25
417
454
Difference
0
1
0
3
0
-5
197
196
Forecast for 2009
0
2
7
18
7
11
151
195
Opened in 2009
0
0
0
3
5
18
125
151
Difference
0
2
7
15
2
-7
26
44
Note: The number of health claims cannot be easily extrapolated so it was decided to compare cash flow of the provision for IBNR and IBNER, planned
for 2009, compared with real cash flow.
4.3. Provide quantitative and qualitative information on market risk, credit risk, liquidity risk and operational risk. Qualitative
information should include exposure to risk and origin of risks, objectives, risk management policies and procedures and methods
used to measure risks, such as changes compared with the previous period.
Lusitania is exposed to a range of risks through its financial assets, reinsurance assets and liabilities, and, in the widest sense, all the risks to
which the Company is exposed are financial, so that they could cause economic losses and deterioration in solvency levels. In parallel to this is
the fact that the financial risk to which the Company is exposed is that of the potential incapacity to meet its liabilities as a result of the income
generated by assets that fail to cover the obligations it has for insurance contracts.
There is a series of risks directly related to the financial management of the Company, covering the investment, funding and integrated
management of financial assets and liabilities, and not directly related to the management of insurance contracts or claims, and they include,
among other things, market, credit and liquidity risks.
The Company identified the following risks as financial risks:
• Market Risk
Market risk is caused by the level or volatility of the market price of financial instruments related to variations on the exchange market,
share market, interest rates, property values and the level of concentration. Market risk also includes risks associated with the use of derived
instruments and is closely related to the risk of mismatching between assets and liabilities.
At Lusitania market risk management complies with rules for asset allocation according to category and type of issuer and adopts cautious
levels of risk acceptance and a diversified portfolio, always with an eye on financial market changes.
54
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
02
Concentration of Portfolio per Issuing Country
Euros
2008
Value
Portugal
2009
%
124 403 421.69
64.05%
Value
%
256 604 756.66
66.86%
Spain
14 529 232.88
7.48%
14 811 163.46
3.86%
France
14 935 891.16
7.69%
16 420 674.20
4.28%
Germany
11 899 986.43
6.13%
13 889 343.60
3.62%
United States
4 585 272.96
2.36%
6 472 613.58
1.69%
The Netherlands
6 567 156.24
3.38%
14 280 433.94
3.72%
United Kingdom
4 473 317.23
2.30%
18 547 838.19
4.83%
Italy
3 488 213.27
1.80%
10 082 870.73
2.63%
Austria
2 491 386.31
1.28%
2 415 110.43
0.63%
833 274.50
0.43%
6 793 657.79
1.77%
3.10%
23 498 983.81
6.12%
100.00% 383 817 446.39
100.00%
Luxemburg
Other
TOTAL
6 018 651.64
194 225 804.31
Type of Bond Portfolio Rate
Euros
2008
Valor
2009
%
Valor
%
Fixed
48 703 412.72
56.22%
89 922 997.21
50.36%
Fluctuating
37 449 169.47
43.23%
88 329 822.47
49.47%
Zero Coupon
262 390.72
0.30%
189 515.04
0.11%
Other
217 993.79
0.25%
0.00
0.00%
0.00
0.00%
104 499.56
0.06%
100.00% 178 546 834.28
100.00%
Defaulted
TOTAL
86 632 966.70
Market risk lies mainly in Portugal and the European Union. However, now that the Company has taken on the portfolios of Real Companhia de
Seguros and of Mutuamar, concentration in some of the countries, among them the United States and those under the heading “Other”, which
includes Euro 5,640,370.00 referring to investments located in Bahrain and the other non-EU European countries, where the value per country
does not exceed one million euros. Apart from these cases there is no significant change in the concentration of investments in other European
countries or the world. Apart from a security in Mozambique, the Company’s entire portfolio is in euros.
• Credit Risk
Credit risk is the possible change in the credit worthiness of those issuing financial values, counterpart risks or any debtor to which the Company
is exposed. Exposure to credit risks comes, therefore, from the Company’s financial transactions with agents issuing financial values, debtors,
brokers, policy holders, co-insurers and re-insurers.
Credit risk is managed essentially through the investment management policy in force in the Company. On-going management and monitoring
securities portfolios is done together with the Finance Department and the Montepio Group’s Financial Asset Management Company.
This approach is complemented by introducing regular improvements to both the methods plan for evaluation tools and risk control and to
procedures and decision-making circuits.
LUSITANIA
COMPANHIA DE SEGUROS SA
55
02
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
Rating for the Bonds Portfolio
Euros
2008
Value
AAA
2009
%
21 342 586.14
24.64%
Value
%
25 770 666.39
14.43%
AA+
3 148 450.20
3.63%
3 859 381.20
2.16%
AA
3 391 056.70
3.91%
6 636 101.47
3.72%
AA-
6 332 787.25
7.31%
5 826 140.64
3.26%
A+
14 280 510.53
16.48%
28 530 312.49
15.98%
A
12 136 844.90
14.01%
19 553 337.66
10.95%
A-
4 197 870.30
4.85%
15 339 972.24
8.59%
BBB+
1 668 737.90
1.93%
5 172 633.51
2.90%
BBB
-
0.00%
5 483 038.14
3.07%
BBB-
794 504.00
0.92%
1 797 175.10
1.01%
BB+
241 600.00
0.28%
-
BB
-
0.00%
-
BB-
-
0.00%
-
B+
-
0.00%
-
B
-
0.00%
1 069 715.60
0.60%
B-
-
0.00%
398 469.12
0.22%
CCC
-
0.00%
-
CC
-
0.00%
-
C
-
0.00%
219 825.00
D
-
0.00%
-
19 098 018.79
22.04%
58 890 065.72
32.98%
100.00% 178 546 834.28
100.00%
Unknown
TOTAL
86 632 966.70
0.12%
Despite a slight decline in portfolio ratings as a result of integrating the portfolios of Real Companhia de Seguros and of Mutuamar, a careful
selection of assets has left the quality of the bond portfolio almost unchanged. Around 14% of the portfolio has an AAA rating and more than
59% has assets with an A- rating or higher, according to Standard & Poor’s. Assets under the heading of no known rating, around 47 million
euros, refer to assets issued by the Montepio Geral Group and by Barclays Bank, A- and A+, respectively.
Re-insurers are selected carefully depending not only on their capacity to provide technical support and to generate value for the Company, but
also for their economic and financial strength.
Brokers, in their turn, are selected in agreement with the principles defined in the value proposed for the brokerage network. Similarly,
attributing selling capacity depends on an assessment of the capacity, skill and reliability of the broker, who is regularly monitored and audited
by the Internal Auditing Department.
• Liquidity Risk
The risk of the possibility of the Company not holding assets with sufficient liquidity to meet the requirements of cash flows to cover liabilities
for policy holders, creditors and other counterpart agents, when these are due.
Lusitania has defined regular management procedures for liquidity needs that ensure planned obligations are met and that surpluses in bank
accounts are placed in financial applications. These procedures have been particularly important in recent years, which have been turbulent for
financial markets with the crisis causing a reduction in market liquidity.
56
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
02
Portfolio Composition per Type of Asset
Euros
31-Dec-08
Value
National Shares
12 881 480.95
31-Dec-09
%
6.63%
Value
29 588 419.52
%
Var. %
7.71%
129.70%
Foreign Shares
4 427 597.41
2.28%
5 912 503.48
1.54%
33.54%
National Public Debt
3 902 680.66
2.01%
11 428 946.31
2.98%
192.85%
Foreign Public Debt
20 006 166.84
10.30%
25 057 753.22
6.53%
25.25%
Other National Bonds
20 243 858.07
10.42%
61 156 881.94
15.93%
202.10%
Other Foreign Bonds
42 480 261.13
21.87%
80 903 252.81
21.08%
90.45%
National - fin. Invest. funds
3 822 474.79
1.97%
13 885 594.24
3.62%
263.26%
Foreign - fin. Invest. funds
1 860 124.75
0.96%
12 184 131.22
3.17%
555.02%
National - property invest. funds
1 810 140.68
0.93%
18 407 942.94
4.80%
916.93%
Foreign - property invest. funds
1 048 232.49
0.54%
3 155 049.00
0.82%
200.99%
Immovables
43 975 952.34
22.64%
61 300 169.38
15.97%
39.39%
Liquidity
28 494 586.19
14.67%
31 970 751.78
8.33%
12.20%
Loans
5 186 826.68
2.67%
24 713 035.52
6.44%
376.46%
Other Assets
4 085 421.33
2.10%
4 153 015.03
1.08%
1.65%
100.00% 383 817 446.39
100.00%
97.61%
Overall Value of Portfolio
194 225 804.31
Maturity of Bond Portfolio
Euros
2008
Value
2009
%
Value
%
2008-2010
22 498 718.33
25.97%
30 756 594.95
17.23%
2011-2015
29 962 761.52
34.59%
77 583 041.33
43.45%
2016-2020
25 610 867.66
29.56%
54 660 907.34
30.61%
2021-2030
6 876 717.37
7.94%
7 334 227.65
4.11%
2031
1 683 901.82
1.94%
8 212 063.01
4.60%
100.00% 178 546 834.28
100.00%
TOTAL
86 632 966.70
Duration of Bond Portfolio
Euros
2008
2009
Value
%
4 214 428.84
4.86%
25 918 645.95
14.52%
6 months to 1 year
12 824 543.74
14.80%
4 837 949.00
2.71%
1 to 3 years
11 840 001.02
13.67%
38 562 771.38
21.60%
3 to 5 years
6 395 916.50
7.38%
39 020 269.95
21.85%
5 to 10 years
41 030 253.91
47.36%
54 660 907.34
30.61%
> 10 years
10 327 822.69
11.92%
15 546 290.66
8.71%
100.00% 178 546 834.28
100.00%
< 6 months
TOTAL
86 632 966.70
Value
%
As shown on the tables above, together with the table in Annex 1, the Company’s portfolio is composed essentially of bonds (46%), both
Public Debt and others, and by immovables (16%). The assets with more liquidity, shares, bonds and short and medium term liquidity, account
for around 64% of assets in portfolio. Both the duration and the maturity of the bond portfolio can ensure and guarantee full coverage of the
liquidity risk.
LUSITANIA
COMPANHIA DE SEGUROS SA
57
02
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
• Operational Risk
Risk of losses resulting from the inadequacy or failure of internal procedures, staff, systems or external events. This is associated with events
such as fraud, system failure and in non-compliance with established rules and standards. It also includes, for example, the risk resulting from
failures in corporate governance, in systems, outsourced contracts for the provision of services and in the business continuity plan.
As a way of mitigating operational risk Lusitania, in partnership with external consultants, conducted a project to survey and map all the
Company’s processes, identifying the risks associated with each process and assessing the frequency and impact of these risks.
The Board of Directors decides on the strategic management of assets in line with the corporate strategy approved and implemented by the
Financial Department, bearing in mind that this must be done by adopting a cautious balance between security, profitability and liquidity.
4.4. Quantity of losses due to impairment recognised and quantity of losses due to impairment returned during the period for
reinsurance assets, and the reasons for this impairment.
There were no losses due to impairment of reinsurance assets in the financial year ending at 31 December 2009.
4.5. Qualitative information on the adequacy of premiums and the adequacy of provisions.
Premiums earned in 2009 prove, on the whole, to be sufficient to meet claims costs, spending, reinsurance and acquisition costs.
Despite this, it should be said that a Provision against Unexpired Risks was set up for the Motor (Land Vehicles) and Health (Redeemable Health
Group).
The Provision for Claims is sufficient when analysed using actuarial methods. Importantly, several universally accepted methods were tested
in the light of the current state of development in the actuarial science, observing the correct choice of a better estimate, always safeguarding
the necessary caution.
The Claims provision proved to be sufficient when analysed using actuarial methods. Several universally approved methods were tested in the
light of the current stage in the development of actuarial practices, observing the correct choice of the best estimate, applying the necessary
caution.
Provisions for Workmen’s Compensation are almost all set up using actuarial methods. Similarly, a provision is set up for IBNR and IBNER claims
for the Health sector.
4.6. Qualitative and quantitative information on claims ratios, cost ratios, combined claims and cost ratios and operating
ratios (resulting from returns on investments allocated to the different segments), estimated without deducting outward
reinsurance.
Claims Rates for Direct Insurance
Sector
2009
2008
Accident and Health
73,1%
69,7%
Fire and Other Damages
35,5%
40,7%
Motor
72,0%
72,5%
Transport
51,4%
24,1%
Third Party Liability
17,9%
54,6%
Other
5,3%
-11,6%
Totals
61,5%
62,4%
Outward re-insurance claims/ Direct insurance claims ratio
Sector
Accident and Health
2008
4,2%
1,5%
27,3%
29,8%
0,1%
1,3%
Transport
57,2%
40,7%
Third Party Liability
10,0%
2,3%
Other
83,2%
81,7%
Totals
6,3%
5,6%
Fire and Other Damages
Motor
58
2009
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
02
Outward re-insurance claims costs/ outward re- insurance premiums ratio
Sector
2009
2008
Accident and Health
28,7%
12,0%
Fire and Other Damages
24,7%
30,0%
0,5%
13,7%
48,0%
16,2%
9,8%
8,3%
Other
11,5%
-29,0%
Totals
22,6%
21,6%
Motor
Transport
Third Party Liability
4.7. Amounts recoverable, for amounts paid on claims, arising from the acquisition of the rights of the insured in relation to
third parties:
Euro
Direct insurance redemptions
2009
2008
- Open for less than 1 year
2.351.330,49
378.856,33
- Open for more than 1 year
1.801.856,12
1.497.166,55
4.153.186,61
1.876.022,88
Totals
Note : Most of the amount of redemptions outstanding in 2009 (2,869,747.71€ around 70%) comes from integrating the redemption receipts of Real
Seguros.
In 2009 the Company implemented a strict policy for redemption payments, the success of which was visible, both in reducing the amount
of credit and in its composition (the amount for credit over one year was substantially reduced). Reduction of around 35% in the amount of
redemptions recorded.
5. Liabilities on investment contracts
The Company had no liabilities on investment contracts.
6. Financial instruments (that are not investment contracts)
Balance sheet headings
6.1. Inventory of holdings and financial instruments, according to the model shown in Annex I.
See attachment 1
6.4. Provide information on reclassifications, including the impact and the reason for reclassification.
In agreement with what is specified in the explanatory note on the accounting policies adopted by the Company, we did not reclassify financial
instruments.
6.8. Provide information on compound financial instruments (bonds), with multiple derivatives built-in:
Financial instruments with built-in derivatives are shown on Table 1.
The accounting procedure adopted was that of recognition at fair value through profit and loss.
Fair value
6.11. Describe calculation of fair value, as follows:
a) Methods and, when an evaluation method is used, the forecasts applied in determining fair value for each category of financial asset and
liability.
LUSITANIA
COMPANHIA DE SEGUROS SA
59
02
Financial
Statements
ANNUAL REPORT
2009 FINANCIAL YEAR
Financial assets
Fair value is based on listed market prices, when available, and in the absence of a listed price (no asset market) it is determined based on recent
trading prices, similar to and traded in market conditions or based on valuation methods provided by specialists in the field, based on future
discounted cash flow techniques taking market conditions, time effect, the profits curve and volatility factors into account.
Financial liabilities
The Company has no financial liabilities valued at fair value.
Nature and extent of risks resulting from financial instruments.
6.16. Provide qualitative information to help assess the nature and extent of risks resulting from financial instruments:
a) Exposure to risk and the origin of risks and any changes referring to the period:
Financial risks are those arising from asset management due to volatility in prices and involve exposure to the worth of shares, bonds and other
securities, interest rates and exchange rates.
Interest rate risk: is a risk that exists for all assets and liabilities where the value is sensitive to volatility in the interest rate. These are risks
resulting from investments in bonds or the application of the interest rate in the best estimate of liabilities.
See note 4.3.
Spread risks: are the risk component associated with financial instruments explained by the volatility of credit spreads on an interest rate
without risk.
See note 4.3.
Exchange risks: are those resulting from changes to exchange rates and arise when the assets portfolio and liabilities are not in the same
currency or if contracts are set in a currency different to that used to calculate the premium.
Share risk (equity): these are the risks associated with a shares portfolio and are the result of volatility in prices on the shares market. Exposure
to equity risk is reflected in all assets and liabilities whose value is sensitive to changes in share prices.
The Company’s portfolio is made up essentially of bonds and property, accounting for respectively 46% and 17% of total financial assets. Risk
investments account for only 11%, while investment funds account for 11%. The relative share of equity with more liquidity amounts to 8% of
the portfolio.
See note 4.3.
b) Objectives, policies and procedures for risk management, methods used to manage these risks and any changes made in the period
See note 4.3.
6.17. Provide quantitative information required to evaluate the nature and extent of risks resulting from financial instruments
for each type of risk:
a) Exposure to risk and origin of risks and any changes during the period:
Exposure to financial risks underlies the Company’s investment policy, which is based on the criteria of caution in selecting assets appropriate
for the insurance business, as explained in note 4.3.
7. Investments in affiliates and associates
7.1. Indicate, when applicable, that these are independent financial statements, identify parent company and parent company at
the head of the Company and list investments in affiliates, entities jointly controlled and associates, including the name, country
of incorporation and domicile, capital share and, if different, the voting right share held; also describe the method used to enter
investments in accounts.
These financial statements, that are part of these notes to the accounts, are independent financial statements.
60
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
02
Lusitania’s holdings of more than 20% in other companies:
Company
Capital
Address
Share
Empresa Gestora de Imóvieis da Rua do Prior
Parent Company Parent Company
Group Leader
Cash &
Reserves
Year
Result
100,00%
Lusitania
Montepio
399
2008
-1
80,63%
Lusitania
Montepio
1.428
2008
160
24,50% José Mello Saúde José Mello Saúde
1.561
2008
18
-1.285
2009
-5.455
Rua do Prior, 2 - Lisboa
Soc.Portuguesa de Administrações, S.A.
Av.Eng.Duarte Pacheco, T2 8º/Sala 5 -Lisboa
Clínica Serv.Médicos Comp.Belém, S.A
R.Manuel Mª Viana -Lisboa
N-Seguros
100,00%
Lusitania
Montepio
100,00%
Lusitania
Montepio
33,00%
Heracles-g-llc
Zona Industrial da Maia 1 - Maia
Mutuamar Formação
2008
Av. António Augusto Aguiar, 23 - R/C
E.N. SAK Forsakring I. Europa AB
2.271
2008
-1.229
Financial holdings are valued at acquisition cost, given that they are listed.
As shown in the table above, the cash and reserves of N Seguros were in the red at 1,285,000 euros, as at 31 December 2009. Based on the
business plan prepared for that affiliate, the sums of 12,500,000 euros and 9,000,000 euros, respectively for the 100% financial holding in N
Seguros and a subordinate loan granted on 31 December 2009, will be recoverable.
Although N Seguros has negative equity it does meet the minimum solvency requirements demanded by the Instituto de Seguros de
Portugal.
8. Cash and equivalents, and demand deposits.
8.1. Describe the components of cash and its equivalents and demand deposits, and the reconciliation of amounts included in
the cash flow statement with equivalent items recorded in the balance sheet.
2009
Cash
Immediately accessible bank deposits
Cash and liquid assets on balance sheet
1.015.886,10
2008
20.044,85
5.604.828,91
2.453.859,88
6.620.715,01
2.473.904,73
9. Land and buildings
9.1. Identify valuing method used.
The valuing method used for land and buildings for the Company’s own use is the Cost Model. The Fair Value Method is used for incomeearning land and buildings.
9.2. Describe criteria used to distinguish income-earning land and buildings from land and buildings for the Company’s own
use.
In distinguishing between income-earning land and buildings and land and buildings for the Company’s own use, the Company used the
classification criteria found respectively in IAS 16 and 40. So to distinguish between own use and income-earning for the land and buildings
category, the Company adopts the principle of asset recoverability. In this way, and for property in which recoverability will be by earning rental
instead of continued use, the Company classifies it as income-earning property, using IAS 40 measurement criteria. For property destined
mainly for continued use, the Company classifies it as property for the Company’s own use, in this case applying the measurement criteria
found in IAS 16.
Fair value model
LUSITANIA
COMPANHIA DE SEGUROS SA
61
02
Financial
Statements
ANNUAL REPORT
2009 FINANCIAL YEAR
9.3. Indicate to what extent the fair value of income-earning land and buildings is based on the valuation of an independent
evaluator who has the recognised and relevant professional qualifications and who has recent experience in the location and
category of the property to be valued.
The value of income-earning land and buildings, duly valued according to the criterion used by the independent expert, in agreement with
enabling regulation nº 16/99-R of the Instituto de Seguros de Portugal, is based on a visit to the site and the property market in the area. The
method used is that, which in the opinion of the expert, is the best adapted to the specific case.
In the 2009 financial year, according to information provided by specialist assessors generally used by the Company, no significant swings in the
market price of this type of asset are likely so that no evaluations were done on income-earning property.
The property received through Mutuamar is registered for the value set down in the deed of sale signed on 31 December 2009. The property
incorporated with the merger of Real Companhia de Seguros, is registered for the sum that appears on the balance sheet in that company’s
accounts, on the date of merger, that is on 31 December, which was not adjusted for the purpose of acquisition.
The Company will make a full evaluation of its income-earning property assets in 2010.
9.5. Provide reconciliation between amounts recorded for land and buildings at the opening and close of the period in question,
indicating:
a) Additions, disclosing separately additions resulting from acquisitions and those resulting from subsequent expenditure recognised in the
amount recorded for an asset.
See tables 2 and 3
b) Additions resulting from acquisitions through the business combinations;
See tables 2 and 3
Cost Model
9.6. Indicate measurement criteria used to determine the gross amount recorded, depreciation methods used and the working
life or depreciation rates used.
In the initial recognition of the value of land and buildings for the Company’s own use, the Company used the original purchase cost, attributing
30% of the value to the respective land, as laid down in IAS 16. In subsequent measurement, the Company opted to establish a working life
that would reflect the estimated time for obtaining economic benefits, depreciating the asset for this period. The working life of each asset is
revised on each date of financial reporting.
With regard to the depreciation method, the Company used the straight-line method, because it reflects best the expected consumption
pattern for the economic benefits of the asset. This method is applied consistently for all categories of assets.
In view of the fact that the Company already produced the financial report for the Group, as laid down in IFRS, it adopted the principle in
paragraph 24 of IFRS 1.
The Company also tests regularly for impairment to check whether the book value of the asset exceeds its realizable net value. Should the
difference between the recoverable value and the book value of the asset be negative, a loss of this amount due to impairment is recognised. In
applying this procedure, the Company applies the methods in IAS 36 in association with IAS 16.
Working life-span or depreciation rates used are shown in note 3.1. e).
9.7. Indicate the gross amount recorded for accrued depreciation (added to losses due to accrued impairment) at the opening
and close of the year.
See table 3
9.8. Table showing amounts registered between the opening and close of the financial year (including additions and
decommissioning).
a) Additions, disclosing separately additions resulting from acquisitions and those resulting from subsequent expenditure recognised in the
registered amount of an asset.
See table 3
b) Additions resulting from acquisitions through business combinations.
See table 3
d) Depreciations.
See table 3
62
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
2009 FINANCIAL YEAR
Financial
Statements
02
9.9. Indicate the fair value of income-earning land and buildings, subject to the specific cases considered in note 9.19.
See Note 9.5 a)
Income-earning land and buildings.
9.17. Identify amounts recognised under profit and loss for:
a) Income from income-earning land and buildings;
In 2009 gains from income-earning buildings amounted to 56,446.80 euros (2008: 57,093.42 euros).
10. Other fixed tangible assets (other than land and buildings)
Provide information demanded in notes 9.20 to 9.23 and that associated with the corresponding valuation model used.
The information in Notes 9.20 to 9.23 is not applicable to the Company’s tangible fixed assets.
The Company’s tangible assets are valued at cost less the respective accrued depreciation and losses from impairment.
Cost model
10.1. Indicate the measurement criteria used to determine the gross amount recorded, depreciation methods used and the
working life or depreciation rates used.
In the initial recognition of the values of other tangible assets, the Company capitalises the acquisition value plus any costs required to run a
given asset correctly, as laid down in the ruling in IAS 16. In subsequent measurement, the Company chooses to establish the working life best
suited to reflecting the estimated time in which economic benefits can be obtained, depreciating the asset over this period. The working life of
each asset is revised on each date of financial reporting.
Whenever there is an objective sign that the recorded value of tangible assets exceeds their market value, a loss for the difference due to
impairment is recognised, in agreement with the method proposed by IAS 36 in coordination with IAS 16.
For the depreciation method, the Company uses the straight-line method because it best reflects the consumption pattern expected from the
economic benefits of the asset. This method is applied, regularly, on all categories of assets.
Working life spans or depreciation rates used are shown in note 3.1 e).
10.2. Indicate the gross amount recorded and accrued depreciation (added to accrued losses due to impairment) at the opening
and close of the year.
See table 4
10.3. Provide a reconciliation between quantities recorded for tangible assets at the opening and close of the period, showing:
a) Additions, disclosing separately additions resulting from acquisitions and those resulting from subsequent expenditure recognised in the
quantity recorded for an asset;
See Note 10.2.
b) Additions resulting from acquisitions due to business combinations;
See Note 10.2.
d) Depreciations;
See Note 10.2.
e) The amount of losses due to impairment recognised and the amount of losses due to impairment returned during the year in agreement
with IAS 36
No losses and no losses due to impairment returned were registered.
g) Transfers; and
See Note 10.2.
h) Other changes.
The considerable increase in property in progress, compared to 2008, refers to extension works at the premises of the Company’s head
office.
LUSITANIA
COMPANHIA DE SEGUROS SA
63
02
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
Unit Euro
Name
2009
Lapa – fase 4
2008
5.247.384,58
2.563.634,83
11. Allocation of investments and other assets
As at 31 December 2009, headings for investments and other assets were composed as follows in agreement with the respective allocation:
Unit Euro
2009
Allocation
Cash and equivalents
2008
Free
Total
Total
6.550.555,01
70.160,00
6.620.715,01
2.473.904,73
Land and buildings
60.004.565,39
1.305.794,00
61.310.359,39
41.412.317,51
Investments in affiliates, associates & joint undertakings
13.757.867,49
1.901.310,40
15.659.177,89
2.697.577,91
7.991.596,54
0,00
7.991.596,54
6.294.142,39
15.560.388,00
0,00
15.560.388,00
0,00
Financial assets available-for-sale
223.786.554,25
360.270,98
224.146.825,23
104.880.773,57
Outstanding loans and accounts
45.102.717,65
5.757.454,40
50.860.172,05
31.767.154,26
Other assets
16.518.654,38
156.204.889,32
172.723.543,70
90.236.963,51
389.272.898,71
165.599.879,10
554.872.777,81
279.762.833,88
Tradable financial assets
Financial assets classified in initial recognition at fair value in
profit and loss
TOTAL
12. Intangible assets
12.1. Identify the valuation model used.
The Company’s intangible assets are valued at cost less the respective accrued depreciation and impairment losses.
12.3. Provide the following information, for each category of intangible asset, distinguishing between the intangible assets
generated internally and other intangible assets:
a) If working life is not defined or is finite and, if being finite, the working life or depreciation rates used;
Intangible assets
generated internally
Other intangible
assets
Finite working life
span?
Depreciation rate
Spending on data processing Applications
X
S
33,33%
Real’s Business Portfolio
X
S
2,00%
Other
X
S
33,33%
b) Depreciation methods used for intangible assets with finite working life spans;
Depreciation is calculated based on the straight-line method, in agreement with estimated working life span.
c) The gross amount recorded and any accrued depreciation (added to accrued impairment losses) at the opening and close of the year.
See table 5
d) The items on each line of the profit and loss statement in which any depreciation of intangible assets is included.
Annual depreciation of intangible assets amounted to 321,669.46 euros and was recorded under claims costs, acquisition costs and administrative
costs.
64
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
02
e) The amount recorded and the depreciation period remaining for any individual material intangible asset.
The heading ‘Other’ covers the current value of the portfolio of Real as at 31 December 2009, shown in detail below:
Estimated portfolio value: 33,880,668.55 euros
Planned annual depreciation: 677,613.37 euros
See indent a) and table 5.
f) Information demanded in notes 9.7, 9.8 (but not sub-para. g), 9.11, 9.13, 9.14 and 9.15.
See information demanded in notes 9.7 and 9.8 (but not sub-para. g)) in table to note 12.3 c).
Notes 9.11, 9.13, 9.14 and 9.15 are not applicable.
13. Other provisions and adjustments to asset statements
13.1. Breakdown of statements on adjustments and other provisions into the respective sub-statements, as shown on the
following table:
Unit Euro
Opening balance
490 - Adjustments for receivables
Increase
Reduction
Closing balance
1.942.971,42
3.988.743,52
8.010,84
5.923.704,10
780.391,94
2.152.652,72
1.545,09
2.931.499,57
2.723.363,36
6.141.396,24
9.555,93
8.855.203,67
491 - Adjustments for bad debt
Total
Unit Euro
492 - Other provisions
289.129,44
7.223.333,85
38.465,27
7.473.998,02
13.2. Describe the nature of the bond and the expected time that any outflows may occur of economic benefits resulting from
adjustments and provisions and an indication on the uncertainty regarding the quantity and/or the time at which these outflows
may occur, as well as the quantity of any redemption expected with reference to any asset that has been recognised in association
with this redemption;
Adjustments for receipts outstanding aim to meet losses resulting from these assets not being paid.
Adjustments for bad debt are made depending on the stipulations of tax law, and its aim is to provide a backing should these assets not be
paid.
Under ‘Other Provisions’, involved in the business combination of Real Seguros and Mutumar, and in view of uncertainties regarding the
respective measurement of assets and liabilities, the Company put by provisions worth 4,085,000 euros and 1,000,000 euros, respectively,
to cover potential adjustments to the negative goodwill initially determined during the subsequent 12 month period, as provided for in IFRS
3 – Business combinations.
See note 33 – business combinations.
13.3. For insurance contracts with guarantees suspended due to lack of payment of premiums, indicate the following:
a) The value of premiums suspended as at 31 December 2009 amounts to 2,612,717.61 euros (2008: 2,586,794.04 euros)
b) Claims redemptions from policy holders totalled 179,724.75 euros (2008: 115.318,96 euros)
14. Insurance contract premiums
14.1. Indicate premiums recognised resulting from insurance contracts.
As at 31 December 2009 the Company recognised, under Profit and Loss, premiums from insurance contracts amounting to 132,337,062.60
euros (2008: 139,367,484.82 euros).
14.3. Breakdown of some values relative to non-life insurance between direct insurance and inward reinsurance and, within direct
insurance, between the different sectors/groups of sectors, in accordance with Annex 4.
LUSITANIA
COMPANHIA DE SEGUROS SA
65
02
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
Sectors / Groups of Sectors
Gross earned premiums
DIRECT INSURANCE
ACCIDENT & HEALTH
48.822.969,32
FIRE & OTHER DAMAGES
31.043.418,00
MOTOR
- THIRD PARTY LIABILITY
30.391.002,08
- OTHER COVERAGE
14.032.751,37
SEA, AIR AND TRANSPORT
1.448.909,37
GENERAL THIRD PARTY LIABILITY
3.155.912,86
CREDIT AND GUARANTEES
124.680,48
LEGAL PROTECTION
580.217,03
ASSISTANCE
371.372,69
OTHER
269.567,46
TOTAL
130.240.800,66
INWARD REINSURANCE
2.096.261,94
OVERALL TOTAL
132.337.062,60
16. Income/ gains from investments
16.1. Describe accounting policies adopted for the recognition of gains.
See Note 3.1 a)
16.2.Indicate, per investment category, the quantity of each significant category of recognised gain during the year including
that from interest, royalties and dividends.
Income
Unit Euro
2009
2008
Financial Assets
Dividends
1.152.348,33
Interest
3.480.739,23
4.213.012,50
417.476,12
1.399.444,77
Call and term deposits
Other
Total
797.598,14
337.626,09
450.493,00
5.388.189,77
6.860.548,41
17. Gains and losses from investments
Indicate, per category of investment, the quantity of gains and losses made through the respective sell-out.
Added value
Unit Euro
2009
2008
Financial assets
Shares
Bonds
Total
66
2.949.476,88
169.063,79
-604.033,07
-477,84
2.345.443,81
168.585,95
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
02
18. Profit and loss from adjustment of the fair value in investments
Indicate, per category of investment, the quantity of profit and loss from adjustments to fair value.
Unit Euro
2009
2008
Financial assets
Shares
503,29
660.930,83
Bonds
763.105,23
58.102,00
19. Profit and loss from exchange differences
Indicate quantity of exchange differences recognised in results apart from those resulting from financial instruments valued by fair value though
profit and loss.
Positive Exchange Differences: 1.533,56 Euros
These differences are the result of converting assets and liabilities to Euros from foreign currency, except for technical provisions and
investments. They are recorded under statements for other non-technical profit and loss.
20. Funding Costs
As at December 2009 the Company issued fixed-term, subordinated bonds, for individual underwriting, for the sum of 18,000,000.00 euros.
These bonds were fully underwritten by Lusitania Vida, Companhia de Seguros, S.A.. Interest is paid six-monthly at the 6 month Euribor rate
+ 100 b.p.
21. Costs according to function and nature
21.1. Analyse costs using a classification based on their function, namely to earn insurance contracts and investment (acquisition
and administration), claims costs and investment costs.
Unit Euro
2009
2008
Technical Statement Non-technical Statement
Claims costs
5.838.270,41
Acquisition costs
6.082.188,70
Administrative costs
Investment management costs
Total
Total
Total
5.838.270,41
6.032.351,37
6.082.188,70
5.718.382,95
12.888.913,06
11.828.415,03
552.137,13
9.522,26
561.659,39
548.367,37
25.361.509,30
9.522,26
25.371.031,56
24.127.516,72
Note: Figures from Cost Distribution Table
21.2. Analyse costs using a classification based on their nature (e.g. depreciation, impairment, employee benefits).
LUSITANIA
COMPANHIA DE SEGUROS SA
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Financial
Statements
2009 FINANCIAL YEAR
Unit Euro
2009
Personnel costs
Supplies and outsourced services:
Specialist works
2008
13.158.615,12
13.360.831,34
8.598.505,02
8.583.131,19
2.235.680,29
2.658.771,52
Rentals
1.697.792,82
1.461.123,94
Communications
1.630.245,89
1.580.952,83
Maintenance and Repair
332.452,16
285.543,70
Advertising and Publicity
438.130,82
374.986,92
Travel, accommodation and representation costs
215.474,66
259.645,58
Printed matter
145.257,85
195.369,12
Office material
54.221,91
55.118,70
Subscriptions
116.159,88
123.233,90
84.617,69
76.265,39
Premium payment costs
Insurance
93.133,64
96.301,43
Disputes and Notary
51.921,95
50.009,77
Electricity
216.439,51
203.175,66
House-keeping, hygiene and comfort
306.172,44
286.139,66
Vigilance and security
202.613,64
169.161,99
Other
778.189,87
707.331,08
Taxation and duties
Amortization for the year
Intangible Assets
552.702,18
599.747,75
1.654.386,13
1.400.096,21
321.669,46
Tangible Assets
174.147,77
1.225.948,44
Land and Buildings for own use
514.665,24
495.191,36
Other tangible assets
818.051,43
730.757,08
0,00
0,00
Provisions
Interest paid
153.172,72
183.080,03
Commissions
233.451,57
202.846,42
25.371.031,56
24.127.516,72
Total
In 2009 the Company incurred confidential spending related to the business for the sum of 200,332.65 euros (2008: 141,498.10 euros).
22. Personnel costs
22.1. Indicate average number of workers serving during the year, broken down according to professional category.
68
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
02
As at 31 December 2009 the Company had 672 employees, in the following professional categories:
2009
Category
Level
Lusitania
Directors
Ex. Real
2
Coordinating Managers
Service Managers
XV
Service Heads
Technical Staff
Ex. Mutuamar
0
Total
Lusitania
0
2
2
5
6
0
11
5
17
13
1
31
16
44
15
3
62
44
XIII E XII
18
17
0
35
19
XII
48
29
1
78
46
Section Supervisors and similar
Deputy Section Supervisors and similar
Clerks and similar
General Services and Telephonists
2008
XI
45
58
2
105
45
X E IX
165
127
5
297
157
VIII, V, II E I
4
5
2
11
4
Trainee Clerks and similar
IV
30
6
1
37
19
Appendices to the C.C.T..
X, VI E IV
TOTAL
3
0
0
3
3
381
276
15
672
360
22.2. Indicate the amount of personnel costs for the year, broken down as follows:
Unit Euro
2009
2008
Remuneration
- for corporate governance
- for personnel
Charges on remuneration
452.618,00
445.694,53
10.403.045,89
9.734.315,89
2.268.644,95
2.187.752,04
118.674,33
185.315,69
2.383,78
6.013,54
Post-employment benefits
- Defined contribution plans
- Defined benefit plans
Other long term employee benefits
Employment severance benefits
Obligatory insurance
103.340,22
91.415,11
Personnel costs
255.599,27
249.535,98
Other personnel costs
574.507,50
258.572,34
The heading ‘other spending on personnel’ has a significant increment due essentially to taking in the new staff from Real Seguros and Mutuamar
(315,000 euros).
23. Employee benefit obligations
23.1. For each contribution plan defined, provide any relevant information to help understand the plan and changes to the
amounts recorded in accounts compared with previous financial years, such as:
The Company has no defined contribution Plans.
23.2. For each defined benefit plan, provide relevant information to help understand the plan and changes to the amounts
recorded in accounts compared with previous financial years, such as:
a) The Company’s accounting policy to recognise actuarial profit and loss, as well as the cost corrected for past services;
For the purpose of applying IAS 19 – Benefits to employees, the cost associated with benefits to employees should be recognised when the
respective benefit is obtained, that is, while the employee is working, so that the difference between the amount for liabilities assumed and the
LUSITANIA
COMPANHIA DE SEGUROS SA
69
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Financial
Statements
2009 FINANCIAL YEAR
assets acquired to cover this liability should be recorded in the Company’s balance sheet.
The cost, for the purpose of IAS 19, does not necessarily correspond to the amount that the Company delivers annually to the fund; it is rather
the sum of the cost of current services and the cost of interest and the expected return on assets.
To recognise actuarial profit/loss the Company opted for the ‘corridor’ method, in which accrued actuarial profit and loss deferred in the
opening balance sheet for the year, which exceed 10% of the higher figure between (i) total liabilities and (ii) the value of the fund, also reported
at the start of the year, are entered under profit and loss during a period that may not exceed the length of remaining services for the workers
covered by the plan. Accrued actuarial profit and loss within the 10% limit referred to are not recognised in profit and loss (“corridor”: deferred
on balance sheet).
b) Give a general description of the plan, indicating benefits assured, expected deadline for settling commitments assumed and the group of
individuals covered:
General description of plan and persons covered:
I - The “Lusitania” Pensions Fund supports two distinct Defined Benefit Plans:
1. A Plan covered by the Collective Bargaining Agreement for the Insurance Business in force, the benefits of which are summarised below:
Participants
All employees on the permanent staff of Lusitania hired prior to 31/10/2009, as well as all
pre-retired employees who are receiving a pre-retirement pension.
Pensionable salary (R)
The last effective monthly salary on the date of retirement.
Old-age pension (P)
The old-age pension is independent and complements Social Security, and is calculated as
follows:
P= (0,8 x 14/12 x R) – (0,022 x N x S/60)
in which:
N= nº of years of contribution to Social Security;
S= sum of the best 5 years out of the past 10 years of annual salaries prior to retirement;
The factor 0,022 x N is limited to a maximum of 80% and a minimum of 30%.
Invalidity pension (P)
The invalidity pension is independent and complements Social Security, and is calculated
as follows:
P= (0,022 x T x 14/12 x R) – (0,022 x N x S/60)
in which:
N= nº of years of contribution to Social Security;
T= nº of years service in the insurance business (any fraction of a year counts as a complete
year);
S= sum of the best 5 years out of the past 10 years of annual salaries prior to retirement;
The factor 0,022 x N is limited to a maximum of 80% and a minimum of 30%.
Pre-retirement pension (P)
The pre-retirement pension is temporary (up to the age of 65), and is calculated as follows:
P= (0,8 x R x 14)
in which:
R= Monthly pensionable salary one month prior to pre-retirement;
Number of monthly payments
14
70
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
2009 FINANCIAL YEAR
Financial
Statements
02
2. A Plan 2 for Directors whose benefits are as follows:
Participants
A Plan covering all members of the Board of Directors who, having worked in the insurance
business, have the right to their complementary retirement pensions, approved in a General
Meeting.
Normal Retirement Age (INR)
That provided by Social Security
Pensionable Salary (R)
The last effective monthly salary on the date of retirement
Complementary Old-age or Invalidity
Pension (P)
The pension is the complement of old-age pension or social security disability for 80% of
pensionable salary:
P= (0,8 x R) – Social Security Pension
Pre-retirement Pension (P)
The pre-retirement pension is temporary (up to the age of 65), and is calculated as follows:
P= (0,8 x R)
in which:
R= Monthly pensionable salary one month prior to pre-retirement;
Number of monthly payments
14
Planned deadline for settling commitments assumed:
The Company expects to settle commitments assumed when employees reach normal retirement age, that is the age of 65. Considering the
average age of the participants in the Fund is 42 years, liabilities in question will be settled, on average, within 23 years.
II – Real - Pensions Fund
Participants
All employees on the permanent staff of Lusitania hired prior to the Collective Labour
Agreement for the Insurance Industry coming into force, published in BTE n° 23 – 1st.
Series, dated 22 June 1996.
Normal Retirement Age (INR)
The last effective monthly salary on the date of retirement.
Old Age Pension (P)
The old-age pension is independent and complements Social Security, and is calculated as
follows:
P= (0,8 x 14/12 x R) – (0,022 x N x S/60)
in which:
N= nº of years of contribution to Social Security;
S= sum of the best 5 years out of the past 10 years of annual salaries prior to retirement;
The factor 0,022 x N is limited to a maximum of 80% and a minimum of 30%.
Invalidity pension (P)
The invalidity pension is independent and complements Social Security, and is calculated
as follows:
P= (0,022 x T x 14/12 x R) – (0,022 x N x S/60)
in which:
N= nº of years of contribution to Social Security;
T= nº of years service in the insurance business (any fraction of a year counts as a complete
year);
S= sum of the best 5 years out of the past 10 years of annual salaries prior to retirement;
The factor 0,022 x N is limited to a maximum of 80% and a minimum of 30%.
Pre-retirement pension (P)
The pre-retirement pension is temporary (up to the age of 65), and is calculated as follows:
P= (0,8 x R x 14)
in which:
R= Monthly pensionable salary one month prior to pre-retirement;
Number of monthly payments
14
LUSITANIA
COMPANHIA DE SEGUROS SA
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02
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Financial
Statements
2009 FINANCIAL YEAR
III – Mutuamar Pensions Fund:
The Mutuamar pensions fund is an open pensions fund that has as its sole associate Mutuamar and it funds a defined benefits pension plan,
which is independent of Social Security.
Participants
All employees on the permanent staff of Lusitania hired prior to the Collective Labour
Agreement for the Insurance Industry coming into force, published in BTE n° 23 – 1st.
Series, dated 22 June 1996.
Normal Retirement Age (INR)
The last effective monthly salary on the date of retirement.
Old-age pension (P)
The old-age pension is independent and complements Social Security, and is calculated as
follows:
P= (0,8 x 14/12 x R) – (0,022 x N x S/60)
in which:
N= nº of years of contribution to Social Security;
S= sum of the best 5 years out of the past 10 years of annual salaries prior to retirement;
The factor 0,022 x N is limited to a maximum of 80% and a minimum of 30%.
Invalidity pension (P)
The invalidity pension is independent and complements Social Security, and is calculated
as follows:
P= (0,022 x T x 14/12 x R) – (0,022 x N x S/60)
in which:
N= nº of years of contribution to Social Security;
T= nº of years service in the insurance business (any fraction of a year counts as a complete
year);
S= sum of the best 5 years out of the past 10 years of annual salaries prior to retirement;
The factor 0,022 x N is limited to a maximum of 80% and a minimum of 30%.
Pre-retirement pension (P)
The pre-retirement pension is temporary (up to the age of 65), and is calculated as follows:
P= (0,8 x R x 14)
in which:
R= Monthly pensionable salary one month prior to pre-retirement;
Number of monthly payments
14
c) The vehicle used for funding;
The Company’s liabilities are funded by the following pension funds managed by Lusitania Vida, Companhia de Seguros, SA, Real Vida and
Pensões Gere.
d) The value and effective rate of return on the plan’s assets;
Unit Euro
I - LUSITANIA
2009
2008
Value of Plan’s assets
7.097.791,94
6.414.042,77
14,69%
7,94%
Effective rate of return on the Plan’s assets
Unit Euro
II - REAL
Value of Plan’s assets
Effective rate of return on the Plan’s assets
72
2009
2008
2.148.927,
2.130.011
5,4%
- 24,4%
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
02
Unit Euro
III – MUTUAMAR
Value of Plan’s assets
2009
567.993
2008
619.812
e) The liability settled with post-employment benefits, separately between the current value of liability for past services and the current value
of benefits already being paid;
Unit Euro
I - LUSITANIA
Current value of liability for past services
Current value of benefits being paid
Liability for post-employment benefits
2009
4.692.651
2008
4.423.154
2.194.624
2.120.621
6.887.275
6.543.775
Unit Euro
II – REAL
Current value of liability for past services
Current value of benefits being paid
Liability for post-employment benefits
2009
2008
1.280.855
1.617.425
608.986
512.270
1.889.841
2.129.695
Unit Euro
III – MUTUAMAR
2009
2008
Current value of liability for past services
134. 876
130.738
Current value of benefits being paid
459.356
492.749
594.232
623.487
Liability for post-employment benefits
f) Reconciliation of opening and closing balances for the current value of the obligation for defined benefits, showing separately, if applicable,
the effects during the year that can be attributed to the following items:
(i) Cost of current services
Unit Euro
I - LUSITANIA
Liabilities as at 1 January 2008
6.157.891,19
Cost of current service
155.054,00
Interest cost
328.768,92
Actuarial (profits) and losses on liabilities
272.993,89
Benefits paid by the Company
-370.933,00
Liabilities as at 31 December 2008
6.543.775,00
Cost of current service
118.807,25
Interest cost
347.776,90
Actuarial (profits) and losses on liabilities
Benefits paid by the Company
Liabilities as at 31 December 2009
LUSITANIA
COMPANHIA DE SEGUROS SA
220.190,85
- 343.375,00
6.887.175,00
73
02
Financial
Statements
ANNUAL REPORT
2009 FINANCIAL YEAR
Unit Euro
II – REAL
Liabilities as at 1 January 2008
2.039.323,00
Cost of current service
69.743,00
Interest cost
79.834,00
Actuarial (profits) and losses on liabilities
707.558,00
Benefits paid by the Company
- 78.603,00
Liabilities as at 31 December 2008
-688.160,00
Cost of current service
2.129.695,00
Interest cost
71.165,00
Actuarial (profits) and losses on liabilities
83.088,00
Benefits paid by the Company
-301.104,00
Liabilities as at 31 December 2009
- 93.003,00
Responsabilidades em 31 de Dezembro de 2009
1.889.841,00
Unit Euro
III – MUTUAMAR
Liabilities as at 1 January 2008
669.540.74
Cost of current service
9.346.45
Interest cost
27.793,91
Actuarial (profits) and losses on liabilities
- 4.204.80
Benefits paid by the Company
- 78.999,95
Liabilities as at 31 December 2008
623.476,35
Cost of current service
8.718,30
Interest cost
35.752,44
Actuarial (profits) and losses on liabilities
4.793,05
Benefits paid by the Company
- 78.508,60
Liabilities as at 31 December 2009
594.231,54
(ii) Interest cost;
See table above.
(iii) Contributions made by participants in the plan
Not applicable;
(iv) Actuarial profit and loss
See table above.
(v) Exchange differences on plans measured in a currency different to that used by the Company.
Not applicable.
(vi) Benefits paid;
No benefits are being paid.
(vii) Cost corrected for past services:
Not applicable.
(viii) Business combinations;
See above. Real Seguros and Mútua dos Armadores.
74
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COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
02
(ix) Cuts and settlements
Not applicable.
g) Analyse the obligation for benefits defined in amounts resulting from plans that have no funding and in amounts resulting from plans that
are fully or partially funded.
I – LUSITANIA
The obligation for defined benefits, which at 31 December 2009 rose to 6,887,175 Euro, is financed by a pensions fund worth 7,097.792 Euro,
which is a funding level of 103%.
II – REAL
The obligation for defined benefits, which at 31 December 2009 rose to 1,889,841 Euro, is financed by a pensions fund worth 2,148,927 Euro,
which is a funding level of 114%.
III – MUTUAMAR
The obligation for defined benefits, which at 31 December 2009 rose to 594,232 Euro, is financed by a pensions fund worth 567,993 Euro, which
is a funding level of 96%.
h) Reconciliation of opening and closing of the fair value of assets in the plan as well as in the opening and closing balances of any right to
redemption recognised as an asset, showing separately, if applicable, the effects during the period that can be attributed to each one of the
following items:
(i) Expected return from assets in plan:
Unit Euro
I - LUSITANIA
Balance of Fund as at 1 January
Expected return on assets of plan
Contributions made to Fund
Actuarial profit and (loss)
- Pensions being paid
Balance of Fund as at 31 December
2009
2008
6.414.043,00
6.084.071,00
352.772,37
334.623,91
35.000,00
205.000,00
639.351,57
161.281,09
-343.375,00
-370.933,00
7.097.791,94
6.414.043,00
Unit Euro
II – REAL
Balance of Fund as at 1 January
Expected return on assets of plan
2009
2.130.011,00
2.047.550,00
66.818,00
78.603,00
Contributions made to Fund
Actuarial profit and (loss)
- Pensions being paid
Balance of Fund as at 31 December
2008
0,00
688.160,00
45.101,00
-585.526,00
-93.003,00
-98.776,00
2.148.927,00
2.130.011,00
Unidt Euro
III – MUTUAMAR
2009
2008
Balance of Fund as at 1 January
619.812,00
590.890,88
15.413,00
30.926,32
0,00
104.947,52
11.276,00
-27.952.97
Expected return on assets of plan
Contributions made to Fund
Actuarial profit and (loss)
- Pensions being paid
Balance of Fund as at 31 December
LUSITANIA
COMPANHIA DE SEGUROS SA
-78.508,00
- 78.999,95
567.993,00
619.811,80
75
02
Financial
Statements
ANNUAL REPORT
2009 FINANCIAL YEAR
ii. Actuarial profit and loss
See table above.
iii. Employer’s contribution
See table above.
(iv) Contributions made by participants in plan;
Not applicable.
(v) Items v., vi., viii. and ix. of sub-para. f).
Not applicable.
i) Provide reconciliation of present value of obligation for defined benefits in sub-para. f) and the fair value of the assets of the plan in subpara. h) with assets and liabilities recognised in the balance sheet, showing at least:
(i) Net actuarial profit and loss not recognised on balance sheet;
(ii) Corrected cost of service provided not recognised on the balance sheet;
(iii)
Any amount not recognised as an asset, for the purpose of the limit established in IAS 19;
(iv)
Other amounts recognised on the balance sheet
Unit Euro
I - LUSITANIA
2009
2008
Liabilities at 31 December
6.887.175,00
6.543.775,00
Balance of Fund at 31 December
7.097.791,94
6.414.043,00
Excess / (Shortfall) of Fund
210.616,97
-129.732,00
Unit Euro
II – REAL
2009
2008
Liabilities at 31 December
1.889.841,00
2.129.695,00
Balance of Fund at 31 December
2.148.927,00
2.130.011,00
Excess / (Shortfall) of Fund
259.086,00
316,00
III – MUTUAMAR
2009
Unit Euro
Liabilities at 31 December
594.232,00
623.476,36
Balance of Fund at 31 December
567.993,00
619.811,80
- 26.239,00
- 3.664,56
Excess / (Shortfall) of Fund
76
2008
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
02
Unit Euro
2009
Description
LUSITANIA
REAL
MUTUAMAR
TOTAL
Sum of liabilities as at 31 December
6.887.175
1.889.841
594.232
9.371.248
Value of fund as at 31 December
7.097.792
2.148.927
567.993
9.814.712
210.617
259.086
-26.239
443.464
Excess (shortfall) of fund
Actuarial losses deferred in balance sheet (corridor method)
Value recognised on Balance Sheet
958.762
249.563
2.008
1.210.333
1.169.379
508.649
-24.231
1.653.797
j) Indication of total loss recognised in Profit and Loss Statement for this financial year relative to:
(i)
Cost of current services
(ii) Corrected cost of past services;
(iii) Cost of interest;
(iv) Expected return on assets in plan and possible rights to redemption;
(v) Actuarial profits and loss;
(vi) Profit or loss arising from cuts and settlements to plan;
(vii) Effect of the limit established in IAS 19.
Unit Euro
I – LUSITANIA
2009
2008
Cost of current services
118.807,25
155.054,00
Cost of interest
347.776,90
328.768,93
Expected return on assets in plan and possible rights to redemption
-352.722,37
-334.623,91
31.458,48
30.994,50
145.320,26
180.193,52
Actuarial profit and loss (*)
Total impact on Profit and Loss
(*) This is part of the corridor excess, recognised in 2009 and 2008.
k) Amounts recognised in the current financial year, in the Profit and Loss Statement or under a specific heading for capital and reserves, for
actuarial profit and loss and for the limit established in IAS 19
Under actuarial profit and loss, in 2009 a cost of 31,458 Euro (23,122 Euro net of deferred tax) was recognised, resulting from amortization of
the ‘corridor’ excess.
l) The accrued sum of actuarial profit and loss recognised under the specific heading of cash and reserves in the case adopted in this option;
The Company does not use this option provided in IAS 19 in processing actuarial profit and loss.
m) The percentage and amount of each main category of investment for the plan and other assets, which make up the fair value of total assets
for the plan
The asset portfolio of the Lusitania Vida Pension Fund breaks down as follows (per category of asset):
LUSITANIA
COMPANHIA DE SEGUROS SA
77
02
Financial
Statements
ANNUAL REPORT
2009 FINANCIAL YEAR
Unit Euro
2009
I - LUSITANIA
Value
Fluctuating income securities
Fixed income securities
%
275.725,71
3,88%
209.174,00
2,50%
86,39%
4.679.812,00
56,75%
677.278,18
9,54%
2.067.272,00
25,06%
13.833,30
0,19%
1.289.958,00
16,64%
7.103.047,47
100,00%
8.246.043,00
100,00%
Other
General Debtors and Creditors
Total assets in Fund
Value
6.136.210,28
Land and buildings
Total Fund investments
2008
%
-5.255,56
-1.832.173,00
7.097.791,91
6.414.043,00
n) The amounts included in the fair value of the plan’s assets relative to financial instruments and any land and buildings occupied, or other
assets used, by insurance companies.
The Company does not use the assets of the Pension Plan
o) Description of the basis used to determine the expected rate of return on assets, including the effect of the principal categories of assets
for the plan
Using the investment policy applied to the Lusitania Pensions Fund as a basis, the global expected rate of return on assets was determined based
on likely developments on financial markets.
p) Indication of real return on assets of plan, as well as the real return on any right to return recognised as an asset.
The real return on assets for the plan was a positive 992,124 Euro.
q) Describe the principal actuarial assumptions (in absolute terms) used, including, when applicable:
I - LUSITANIA
Demographic assumptions
Mortality table
TV 73/77
Invalidity table
Suisse Re 2001
Forecast pre-retirement percentage
78
2,00%
Normal Retirement Age
65 years
Financial Assumptions
Funding
Technical Rate of Discount (working period)
5,50%
Technical Rate of Discount (retirement period)
4,50%
Rate of return on fund
5,50%
Rate of Salary Growth
2,75%
Rate of Salary Revaluation (Social Security)
3,00%
Growth rate for pensions
2,00%
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
2009 FINANCIAL YEAR
Financial
Statements
02
II - REAL
Demographic assumptions
Mortality table
TV 88/90
Invalidity table
EVK 80
Forecast pre-retirement percentage
Normal Retirement Age
Financial Assumptions
0,00%
65 years
Funding
Technical Rate of Discount (working period)
5,50%
Technical Rate of Discount (retirement period)
4,50%
Rate of return on fund
5,50%
Rate of Salary Growth
2,75%
Rate of Salary Revaluation (Social Security)
3,00%
Growth rate for pensions
2,00%
II - REAL
Demographic assumptions
Mortality table
Men
Women
TV 73/77
TV 88/90
Invalidity Table
Suisse Re
Forecast Pre-retirement Percentage
Normal Retirement Age
Financial Assumptions
2,00%
65 years
Funding
Technical Rate of Discount (working period)
n.i.
Technical Rate of Discount (retirement period)
n.i.
Rate of Return on Fund
5,25%
Rate of Salary Growth
3,00%
Rate of Salary Revaluation (Social Security)
3,00%
Rate of Pension Growth
1,00%
r) Describe the components of depreciation plans regularly planned and provide information on these components required to understand
them
As defined in article 5 of Enabling Standard nº 4/2007, of 27 April, of the ISP, “insurance companies may recognise in results retained, based on a
depreciation plan for uniform annual payments over a maximum period of five years, the impact of applying the new accounting plan applicable
to commitments for employee pensions plans.”
Lusitania did not opt for this method
s) Effect of positive and negative variations of one percentage point on tendency rates for medical costs assumed in the cost aggregate of current
service and interest rate cost components for net, regular, post-employment medical costs, and in the accrued liability of post-employment
benefits for medical costs;
Not applicable.
t) Indicate quantities for the current annual period and for the preceding annual period when applicable for:
(i) Current value of the liability for defined benefits, fair value of assets in plan and the surplus or deficit of the plan; and
(ii) Adjustments from experience made as a result of liabilities in the plan expressed either as an amount or as a percentage of the assets in the
plan on the date of the balance sheet.
LUSITANIA
COMPANHIA DE SEGUROS SA
79
02
Financial
Statements
ANNUAL REPORT
2009 FINANCIAL YEAR
Unit Euro
I – LUSITANIA
2009
2008
Current value of liability for defined benefits
6.887.175,00
6.543.775,00
Fair value for assets in plan
7.097.791,94
6.414.043,00
(Deficit) /surplus of plan
210.616,94
-129.732,00
Adjustments for experience resulting from liabilities of plan
-220.190,85
-272.993,89
693.351,58
161.281,10
Adjustments for experience resulting from assets of plan
Unit Euro
II – REAL
2009
2008
Current value of liability for defined benefits
1.889.841,00
2.129.695,00
Fair value for assets in plan
2.148.927,00
2.130.011,00
(Deficit) /surplus of plan
259.086,00
316,00
Adjustments for experience resulting from liabilities of plan
- 301.104,00
-272.993,89
45.101,00
- 585.526,00
Adjustments for experience resulting from assets of plan
Unit Euro
III - MUTUAMAR
2009
2008
Current value of liability for defined benefits
594.232,00
623.476,00
Fair value for assets in plan
567.993,00
619.812,00
(Deficit) /surplus of plan
- 26.239,00
- 3.664,00
4.793,85
-272.993,89
11.276,00
- 27.953,00
Adjustments for experience resulting from liabilities of plan
Adjustments for experience resulting from assets of plan
u) The amount of the transition liability (or asset) recognised in the current year, is the amount that remains to be recognised should recognition
of a transition liability (or asset) not be immediate.
See sub-para. r).
v) Describe the insurance company’s best estimate, that can be reasonably determined, of the contributions it expects to be made during the
year beginning after the close of the balance sheet.
The contribution estimated for 2010 is 129,577 Euro, should there be no need to change demographic/financial assumptions.
The details shown are separated according to insurer. Throughout 2010, the pension funds of Real and Mutuamar will be integrated in Lusitania’s
current pension fund.
24. Tax on income.
24.1. The main components of loss (income) from taxation should be disclosed separately, and should include:
a) Loss (income) due to current taxation
At 31 December 2009 tax on income was estimated at €3,540,000. The effective rate of tax estimated for the year is around 45.20%, above the
nominal rate of 26.44%. This difference is due essentially to adjustments not accepted for tax purposes, as shown on the table below.
80
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
02
Unit Euro
Taxation
Corporate tax and the duty on pre-tax results
2.070.871
Tax adjustments
1.469.041
Impairment losses
557.455
Dividends from shares allocated to technical provisions
-201.440
Autonomous rates
293.127
Result for Real Seguros, taxed separately
366.391
Other adjustments
Duty
26,5%
80.805
Change in estimate for deferred taxation
372.703
Tax on income for the year
3.539.912
45.20%
b) Any adjustments recognised in the current tax year for previous years;
A tax shortfall of 38,000 euros on income for 2008 was recognised.
c) Amount of loss (income) due to deferred taxation related to origin and entitlement from time differences;
Deferred tax was estimated at €3,151,000. Tax on profits for 2009 is broken down as follows:
Amounts
Tax on financial year
388.795
Deferred tax
3.151.117
Tax on profits
3.539.912
24.3.Explain the relationship between loss (income) on tax and book profit.
See note 24.1. a).
24.7. Indicate for each type of time difference, and for each type of loss due to taxation not used and credit for taxation not used
for:
a) Amount of assets and liabilities deferred and recognised on the balance sheet for each year shown:
The balance for deferred tax statements recognised in the balance sheet are (euros):
2009
Deferred tax assets
868.967
- Provisions not accepted
123.876
- Impairment losses
136.748
- Revaluation reserve for fair value
1.025.965
- Reportable tax losses
14.650.185
Deferred tax liabilities
(1.934.509)
- Fiscal adjustments for transition
(537.735)
- Liabilities for pension fund
(309.886)
- Property
Deferred tax assets (net)
LUSITANIA
16.805.741
- Fiscal adjustments for transition
COMPANHIA DE SEGUROS SA
(1.086.888)
14.871.232
81
02
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
Asset deferred taxation includes the sum of €14,650,000 for the tax benefit associated with fiscal losses entered by Real Seguros, prior to the
merger operation. The request for authorisation to deduct these losses is being appraised by the Auditing Supervising Body. The Company’s
administration believes that this will be deferred and these fiscal benefits can then be consumed over the next 6 years, based on the estimated
taxable profits for this period. The respective estimate for asset-deferred taxation will be revised annually so as to adjust the future estimate of
the respective economic benefits cautiously.
b) Amount of income or loss due to deferred taxation recognised in the profit and loss account.
See note 24.1. c).
25. Capital
25.1. Indicate objectives and capital management policies for insurance companies, describing the respective processes
implemented.
In 2009 Lusitania conducted many projects and activities written into its action plan, which led to implementing most planned strategic
objectives. It was a year of radical change and improvement that demanded a considerable amount of investment and dedication on the part
of the teams involved.
In an adverse climate, which to a great extent explains the fall in revenue in 2009, Lusitania closed the year with a positive pre-tax result
amounting to 7,832,340.97 euros. A good level of provisions and financial stability were achieved, despite only a slight recovery on the money
market.
It was a demanding year that was dealt with cautiously and under close monitoring and control.
25.2. Indicate for each category of share capital:
a) The number of authorised shares
As at 31 December 2009 the Company’s entire capital was represented by 5,116,179 shares with a nominal value of 25,580,895 Euros.
b) The number of shares issued and fully paid-in, and issued but not fully paid-in.
As described in a) above, the Company’s share capital was 25,580,895 Euros, at 31 December 2009, fully paid in and represented by 5,116,179
registered shares each with a nominal value of 5 Euros each. All shares issued are fully paid in.
2009
2008
Montepio Geral – Associação Mutualista
64,22%
65,71%
Caixa Económica Montepio Geral
25,65%
26,25%
Lusitania Vida Companhia de Seguros, S.A.
5,20%
5,32%
Remaining Shareholders
4,93%
2,72%
100,00%
100,00%
Total
c) Par value per share;
At 31 December 2009, the nominal value of each share was 5 Euros.
d) Reconciliation of the number of shares in circulation at year end;
2009
Nº shares at 1 de January
5.000.000
Capital increase in 2009 through incorporation of reserves
116.179
Nº shares at 31 December
82
5.116.179
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
02
25.3 Identify amounts traded with holders of equity, with separate disclosure of distributions to these holders of equity;
See transactions with holders of equity disclosed in note 29.
26. Reserves
26.1. Describe the nature of the purpose of each reserve within capital and reserves.
a) Revaluation reserve
Revaluation reserves due to adjustments made to the fair value of financial assets represent the potential gains or losses in the investment
portfolio available-for-sale, net of impairment recognised in results for the year and/or in previous financial years.
b) Deferred tax reserve
Deferred tax, estimated for the time differences between the book value of assets and liabilities and their taxable value, are recognised in profit
and loss, unless they are related to items that are recognised directly under capital and reserves, in which case they are also recorded accordingly
under capital and reserves, under this heading. Deferred taxation recognised under capital and reserves arising from revaluation of investments
available-for-sale are later recognised under profit and loss at the time when the profit and loss that gave rise to them is recognised.
c) Statutory Reserves
These are set up annually as laid down in the Company’s statutes, as 10% of annual net profit.
d) Other Reserves
Free Reserves are recoded under this heading. These are the outcome of positive profit and loss, neither required for allocation to the legal
reserve nor to cover retained losses, nor allocated to shareholders.
The Legal Reserve is also included in Other Reserves that may only be used to cover accrued losses or to increase capital. As laid down in
Portuguese legislation, the legal reserve should be credited annually with at least 10% of annual net profit, up to concurrency with capital
issued.
26.2. Describe the turnover for each reserve under capital and reserves according to the Financial Statement model for variations
in capital and reserves.
See table 6
27. Results per share
27.1. Indicate the amounts used as numerators in calculating basic and diluted earnings per share and provide a reconciliation of
these amounts with the profit and loss attributable to the parent entity for the year in question.
a) Basic
Earnings on basic shares are calculated dividing the profit attributable to holders of ordinary capital (net result for year, after deduction of
preferential dividends) by the weighted average number of ordinary shares in circulation, excluding the average number of the company’s
shares held by the Company.
2009
2008
Net result attributable to shareholders (thousands of euros)
4.292
2.392
Weighted average number of shares in circulation (thousands)
5.116
5.000
0,84
0,48
Result per share attributable to shareholders (euros)
b) Diluted
The Company had no items to give rise to the dilution effect in 2009 and 2008.
27.2. Indicate the weighted average number of ordinary shares used as denominator in calculating earnings per basic and diluted
shares and provide a reconciliation of these denominators.
See 27.1.
28. Dividends per share
28.1. Indicate the amount of dividends recognised as being distributed to holders of capital and reserves during the year, and the
amount per share.
LUSITANIA
COMPANHIA DE SEGUROS SA
83
02
Financial
Statements
ANNUAL REPORT
2009 FINANCIAL YEAR
Dividends distributed in 2009 for the 2008 financial year totalled 1,000,000 euros (20 cents per share), resulting from the application of the net
result for 2008.
28.2. Indicate the amount of dividends proposed or declared before the financial statements were approved but not recognised as
distribution to holders of capital and reserves during the year, the amount per share, and the amount of an accrued preferential
dividend not recognised.
For the year ending at 31 December 2009, the Board of Directors proposed to the General Meeting that dividends be distributed to holders of
capital to the sum of 1,023,235.8 euros, the equivalent of a gross dividend of 20 cents per share.
29. Transactions between related parties
29.1. Indicate the name of the parent company and the parent company at the head of the Company.
Lusitania is a Portuguese insurer part of the Montepio Geral Group.
The Company’s parent company is Associação Mutualista Montepio Geral.
29.2. Describe the relationship between the parent company and affiliates.
The Montepio Geral Group has a direct holding of 89.87% in Lusitania’s capital, 64.22% held by Associação Mutualista Montepio Geral and
25.65% by Caixa Económica Montepio Geral.
In conducting its business Lusitania trades with several of the companies in the Montepio Geral Group:
Associação Mutualista Montepio Geral
The AMMG is the leader of the Group and holds 64.22% of Lusitania’s share capital. As such its returns are an equivalent share in the dividends
distributed every year. In 2009 it received 657,095.00 Euro in dividends (2008: 887,078.25 Euro).
In 2009 the AMMG made supplementary payments to Lusitania for the sum of 29,750,000.70 Euro, that could be converted into equity for
Lusitania, should an increase in the same equity occur.
Caixa Económica Montepio Geral
The CEMG is held 100% by AMMG and, in its turn, holds 25.65% of Lusitania’s share capital. As such it receives an equivalent part of the
dividends distributed each year, and in 2009 it received 262,484.00 Euro in dividends (2008: 354,353.40 Euro).
In 2009 CEMG made supplementary payments to Lusitania for the sum of 12.750.000,30 Euro, that could be converted into equity for Lusitania,
should an increase in the same equity occur.
Lusitania Vida Companhia de Seguros, SA
A Lusitania Vida Companhia de Seguros, SA is the life insurer in the Group and in which the Montepio Geral Group has a direct holding of
80.45%.
As at 31 December 2009 it held 5.2% of the share capital of Lusitania Companhia de Seguros, SA, and received in the 2009 financial year
53,245.80 Euro in dividends (2008: 71,881.83 Euro).
In 2009 Lusitania Companhia de Seguros, SA, underwrote 50% of the debenture loan issued by Lusitania Vida Companhia de Seguros in
November 2007.
As at 31 December 2009, Lusitania Vida Companhia de Seguros, SA fully underwrote the issue of a subordinated debenture loan for the overall
sum of 18,000,000.00 Euro, issued by Lusitania.
29.3. Indicate the remuneration of those individuals who have direct or indirect authority and responsibility for planning,
management and control, including any director (executive or other), for each and every category of short term employee
benefit, post-employment benefit, other long term benefits, job termination benefits and payment based on shares.
84
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
02
Remuneration and contributions for Corporate Governance (in euros):
2009
Nome / Cargo
Remuneration
António Tomás Correia
Chairman of the Board
2008
Contributions Remunerations
Contributions
0,00
0,00
0,00
0,00
José António Arez Romão
Managing Director
243.026,00
15.670,46
239.081,00
15.297,94
Jorge José Conceição Silva
Director
209.592,00
15.670,46
206 613,53
15 287,94
47.520,00
0,00
0,00
0,00
Manuel da Costa Brás
Chairman of the Supervisory Auditing Board
4.000,00
0,00
3.500,00
0,00
José Augusto Perestrelo de Alarcão Troni
Deputy Chairman of the Supervisory Auditing Board
3.000,00
0,00
2.500,00
0,00
Fernando Vassalo Namorado Rosa
Member of the Supervisory Auditing Board
3.000,00
0,00
2 .500,00
0,00
510.138,00
31.340,92
454.194,53
30.585,88
Virgílio Manuel Boavista Lima
Director
Total
29.4. Indicate, should there have been transactions between related parties, the nature of the relationship as well as the
information required to understand the respective potential effect on financial statements, pending transactions and balances:
Financial and economic operations between the related parties in 2009 are shown on table 7.
30. Cash flow statement
Similar to the previous year, Lusitania opted to submit the operations cash flow statement using the direct method.
See table 8
31. Commitments
31.2. General description of significant leasing agreements:
Operational leasing agreements for vehicles leased without a driver were signed under the general conditions of the motor vehicle rental
contract.
In 2009 commitments for operational rental without a driver were as follows:
Name
Lease (euro)
Montepio
195.407,63
Multirent
117.726,19
GEFleet
22.534,83
Others
3.439,36
Total
339.108,01
Financial Leasing commitments:
Name
Lease (euro)
Mercedes Benz Financiamento
42.959,18
BMW Financial Service
28.243,80
Total
LUSITANIA
COMPANHIA DE SEGUROS SA
71.202,98
85
02
Financial
Statements
ANNUAL REPORT
2009 FINANCIAL YEAR
32. Contingency liabilities
Describe the nature of contingency liabilities and, when practical, provide an estimate of their financial effect, an indication of the uncertainties
related to the number and amount or time at which any outflow occurred, and the possibility of any reimbursement.
As a result of acquiring Real Seguros, the Company is monitoring the following processes/contingency liabilities:
Adicais Case
On 31 December 2009 the Company held secured capital in the guarantee sector, net of outward insurance, against two insurance policies in
which the policy holder is Adicais – Investimentos Imobiliários, S.A. (Adicais), a company belonging to the Sociedade Lusa de Negócios Group,
for the sum of 28,420,000 euros. This insurance backed warranty, which is not “first demand”, was contracted by Adicais to guarantee the
redemption of advance payments received for property purchase and sales contracts. This property is mortgaged with a financial institution
that partially funded construction of the same, so that completion of the purchase and sale deeds is conditioned by repayment of the credit to
this institution. Administration believes that this case will not involve significant expenditure for the Company.
Solução Case
In July 2007, Real Seguros signed, but did not register in accounts, a put contract to acquire 16,060 shares representing 20% of the share capital
of Solução – Corretores e Consultores de Seguros, SA (Solução), through which two of the shareholders in Solução became the holders of the
irrevocable right to opt to sell these shares, at the price for the financial year of 2,262,000 euros, capitalised at the 1-year Euribor rate, between 5
July 2007 (time of signing) and 24 April 2009 (date of exercising the option), less any dividends distributed by Solução during this period. Based
on the opinion of its advisors, Administration also believes that this process will not involve significant expenditure for the Company.
SMN case
Real Seguros signed a contract with the Venture Capital Fund for Qualified Investors of Banco Efisa – Dinamização e Competitividade Empresarial
(Fundo), in which the Fund holds a put option with Real Seguros for 8,073 shares in SMN – Serviços Médicos Nocturnos, SA (SMN), to be
transacted between 31 March 2008 and 31 May 2009, for a price to be determined by an entity selected by mutual accord. Should there be no
economic value for SMN, Administration believes that this process will not involve significant expenditure for the Company.
Apart from the contingency liabilities mentioned above and those arising from the insurance business, and which are duly covered by provisions
under the claims headings, there are no other significant contingency liabilities.
33. Business Combinations;
As described in Note 1, at the decision of the General Meeting held on 31 December 2009, the merger was approved to incorporate Real,
Companhia de Seguros, SA in the Company (Acquiring Company). The merger deed was also approved on 31 December 2009 and the respective
registration of the deed took place at the Trade Registry on 1 January 2010. As a result the merger was implemented on 31 December 2009,
with the global transfer of the assets, rights and obligations of Real, Companhia de Seguros, SA to Lusitania (Acquiring Company) and the
former Real ceased to exist.
With 85% of the shares in Real, Companhia de Seguros, SA acquired on 2 November 2009, for the purposes of recording the merger in
accounts, the Company then determined the respective negative goodwill, with reference to 31 October 2009, as laid down in IFRS 3, Business
Combinations.
86
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
Book
Value
31-10-2009
1.965.988
15.843.456
11.101.560
78.238.290
18.099.797
4.302.724
2.238.003
0
18.392.934
560.951
26.623.742
214.406
179.420
806.094
178.567.364
Fair value of
net assets
31-10-2009
1.965.988
15.843.456
11.101.560
78.238.290
18.099.797
4.302.724
2.238.003
33.880.669
18.392.934
560.951
26.623.742
17.280.794
179.420
806.094
229.514.420
TOTAL LIABILITIES
-180.505.418
-3.262.715
-15.838.457
-5.544.200
-4.998.935
-2.745.292
-212.895.017
-180.505.418
-3.262.715
-15.838.457
-5.544.200
-4.998.935
-2.745.292
-212.895.017
Net assets
-34.327.653
16.619.403
Description
Cash and its equivalents and call deposits
Investments in affiliates, associates and joint undertakings
Financial assets classified in initial recognition at fair value through profit and loss
Assets available for sale
Loans and accounts outstanding
Land and buildings
Other tangible assets
Business/portfolio evaluation value
Technical provisions for outward re-insurance
Assets for post-employment benefits and other long term benefits
Other debtors in insurance and other operations
Assets from current and deferred taxation
Accruals and deferred assets
Other asset items
TOTAL ASSETS
Technical provisions
Other financial liabilities
Other creditors in insurance and other operations
Liabilities from current and deferred taxation
Accruals and deferred liabilities
Other provisions
02
Acquired net asset
16.619.403
85% of net asset acquired
14.126.493
Additional payments acquired from minority groups (15% of €20,000,000)
3.000.000
Fair value of assets acquired
17.126.493
Sum paid in cash
11.546.000
Preliminary estimate of negative goodwill
-5.580.493
Provision for potential losses on 31 October 2009, arising from acquisition
4.085.207
Negative goodwill recognised in Profit and Loss Statement
-1.495.286
Sum of minority interests (€16,619,000 * 15% - €3,000,000), incorporated under Other
Reserves, at the time of merger
-507.090
After estimating negative goodwill as disclosed in the table above, the Company then integrated (i) the net negative result of €1,506,000,
obtained by Real, Companhia de Seguros, SA in the period between 1 November and 31 December 2009 and (ii) the variation under the
remaining headings for the equity of Real Seguros, after acquisition, for the net positive sum of €1,411,000.
In addition, the purchase of the net assets of Mutuamar - Mútua de Seguros dos Armadores da Pesca do Arrasto, also took place on 31
December 2009. As stipulated in IFRS 3, Business Combinations, the Company determined the respective negative goodwill with reference to
31 December 2009.
LUSITANIA
COMPANHIA DE SEGUROS SA
87
02
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
TOTAL DO ACTIVO
Book
Value
31-10-2009
2.662.304
50.000
1.743.240
150.000
16.166.392
29.582
375.677
2.286.038
872.900
10.032
24.346.166
Fair value of
net assets
31-10-2009
2.662.304
50.000
1.743.240
150.000
14.210.707
29.582
375.677
2.286.038
52.314
10.032
21.569.894
TOTAL LIABILITIES
-6.834.630
-1.549.880
-24.231
-4.831.668
-3.161.741
-99.136
-50.000
-16.551.286
-7.613.176
-1.549.880
-24.231
-4.831.668
-86.730
-99.136
-50.000
-14.254.821
Acquired net asset
7.794.880
7.315.073
Description
Cash and its equivalents and call deposits
Investments in affiliates, associates and joint undertakings
Assets available for sale
Loans and accounts outstanding
Land and buildings
Other tangible assets
Technical provisions for outward re-insurance
Other debtors in insurance and other operations
Assets from current and deferred taxation
Accruals and deferred assets
Technical provisions
Other financial liabilities
Assets for post-employment benefits and other long term benefits
Other creditors in insurance and other operations
Liabilities from current and deferred taxation
Accruals and deferred liabilities
Other provisions
Sum paid in cash
4.709.014
Preliminary estimate of negative goodwill
-2.606.059
Provision for potential losses on 31 December 2009, arising from acquisition
1.000.000
Negative goodwill recognised in Profit and Loss Statement
-1.606.059
Negative Goodwill negative recognised in Profit and Loss Statement - Total for both
business combinations
-3.101.345
In these circumstances, based on the uncertainties that still exist in regard to measuring net assets from both business combinations, the
Company recorded provisions for potential losses on the date of acquisition for the sums of €4,085,000 (Real Seguros) and €1,000,000 (Mútua
dos Armadores), which directly affect the negative goodwill calculation.
These provisions should be settled during the 12 month period following acquisition, based on eventual adjustments that may arise for net
assets acquired.
36. Incidents taking place after closure of the balance sheet not described under previous items.
No incidents to report.
37. Other information
Nothing to record.
88
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
02
Table 1 - NOTE 6.8
FINANCIAL INSTRUMENTS WITH BUILT-IN DERIVATIVES
ISIN
Description
Quantity
Acquisition Value
PARPUB 3.25 12/18/14
50.000,00
49.551,48
50.402,50
AG DB 0 16/01/2014
250.000,00
233.036,35
243.924,00
DE0003933511
AG DB 0 16/01/2014
150.000,00
141.397,06
146.354,40
DE0003933511
AG DB 0 16/01/2014
80.000,00
78.372,22
78.055,68
XS0108897074
BANCO CRÉDITO LOCAL ESPAÑA - 00/10
250.000,00
249.875,00
261.752,50
XS0108897074
BANCO CRÉDITO LOCAL ESPAÑA - 00/10
500.000,00
485.000,00
523.505,00
XS0271771239
BBVASM 0 10/24/16
200.000,00
200.208,00
193.582,80
XS0271771239
BBVASM 0 10/24/16
150.000,00
121.175,89
145.187,10
XS0278435226
BCPN 0 12/21/16
250.000,00
249.772,50
225.635,00
XS0278568026
BFCM 0 12/19/16
150.000,00
149.862,00
139.566,00
PTPETGCM0002
DE0003933511
PTBRIHOM0001
Book Value
BRISA 4 1/2 12/05/16
1.000.000,00
994.100,00
993.780,00
XS0099472994
CREDIT SUISSE G. FINANCE - 99/19
1.000.000,00
1.048.700,00
978.000,00
XS0192079787
DEXGRP 0 05/14/19
750.000,00
738.750,00
731.137,50
XS0192079787
DEXGRP 0 05/14/19
610.000,00
596.497,53
594.658,50
XS0223465393
ERSTBK 0 06/29/15
300.000,00
294.005,45
262.029,90
BE0932317507
FORTIS 0 01/17/2017
50.000,00
50.052,00
45.919,15
BE0932317507
FORTIS 0 01/17/2017
200.000,00
191.699,16
183.676,60
XS0301010145
PFE 4.55 05/15/17
1.000.000,00
972.200,00
1.044.667,00
XS0215828830
PORTEL 3 3/4 03/26/12
500.000,00
452.200,00
511.675,50
XS0187584072
SOCGEN 0 03/15/16
200.000,00
200.728,54
194.550,60
XS0187584072
SOCGEN 0 03/15/16
80.000,00
79.002,08
77.820,24
XS0187584072
SOCGEN 0 03/15/16
250.000,00
243.375,00
243.188,25
935930005001
MERCAPITAL
45.610,00
4.676.799,23
4.611.321,51
XS0337173776
10 YEAR COUPON PROTECTED NOTE
14.200.000,00
14.200.000,00
10.949.066,19
Table 2 - NOTE 9.5 a)
INCOME-EARNING LAND AND BUILDINGS
Opening balance
Description
Acquisition value
Balance sheet value
Business
Combinations
Improvement works
(*)
Closing balance
Acquisition value
Balance sheet value
Incoming-making
Land
Buildings
Total
LUSITANIA
0,00
0,00
0,00
0,00
0,00
0,00
3.290.844,91
4.055.198,86
15.929.861,70
16.951,39
19.220.706,61
20.002.011,95
3.290.844,91
4.055.198,86
15.929.861,70
16.951,39
19.220.706,61
20.002.011,95
COMPANHIA DE SEGUROS SA
89
02
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
Table 3 - NOTE 9.7
LAND AND BUILDINGS FOR COMPANY’S USE
Opening balance
Description
For own use
Land
Buildings
Total
90
Acquisition
balance
Balance sheet value
Acquisitions
Gross ValueAmortization
3.215.420,08 7.486.605,34
0,00
0,00
Closing balance
Business
ImproveCombinament works
tions
0,00
0,00
Depreciation Acquisition Net balance
value
sheet value
For finan.
Business
year Combinations
0,00
0,00
Accrued
0,00 3.215.420,08 7.486.605,34
23.081.989,26 29.870.513,31 990.382,72 1.181.954,17 2.666.165,00
103.109,17 514.665,24
81.306,00 1.586.353,96 25.851.263,43 32.235.387,69
26.297.409,34 37.357.118,65 990.382,72 1.181.954,17 2.666.165,00
103.109,17 514.665,24
81.306,00 1.586.353,96 29.066.683,51 39.721.993,03
LUSITANIA
COMPANHIA DE SEGUROS SA
718.957,99
1.604.827,11
Intangible assets underway
Total
885.869,12
718.957,99
315.904,55
569.964,57 1.034.862,54
0,00
569.964,57
841.825,96
0,00
177.491,25 34.514.653,32
275.233,37 1.019.317,21 34.514.653,32
0,00
275.233,37
Increases
98.348,79
0,00
5.325.735,94
12.874.895,34
291.290,35
0,00
421.123,23
0,00 5.325.735,94
99.543,59 7.478.563,73 27.581.932,19 14.707.036,85
354.960,94
0,00
354.960,94
363,18
66.268,00
0,00
0,00
321.669,46 -354.960,94 1.311.598,14
0,00
321.669,46 -354.960,94 1.311.598,14
37.059.070,07
1.560.783,95
35.498.286,12
Closing Balance
129.832,88
884.708,65
840.211,57 1.273.627,21
0,00
Reintegrations
818.051,43
0,00
363,18
84.452,93
0,00
0,00
1.848.271,23
0,00
1.848.271,23
35.210.798,84
1.560.783,95
33.650.014,89
2009 FINANCIAL YEAR
Other
Description
Opening Balance
INTANGIBLE ASSETS
0,00
78.351,36
363,18 2.563.271,65 2.683.749,75
2.563.634,83
14.265.739,52 6.509.965,28 7.756.137,42 3.731.726,33 9.669.057,83 13.757,30
Total
83.311,54
Property underway
0,00
0,00
0,00 1.227.217,99
142.274,64
2.638,50
54.967,63
44.133,90
140.569,42
46.409,22
195.537,05
Table 5 - NOTE 12.3 c)
388.918,56
0,00
0,00
0,00
Leasing Equipment
Other tangible fixed assets
36.316,96
5.306.701,03
273.876,60
310.193,56
58.676,80
20.321,82
0,00
23.020,00
0,00 5.306.701,03
98.920,26
887.940,07
401.412,35
897.735,02
5.489.570,21
299.117,29
996.655,28
983.594,17
382.603,55
Net Value
5.886.261,85
58.676,80
Net Value
Closing Balance
440.296,00 1.282.711,46
0,00
0,00
Acquisitions
Depreciations +
Impairment
39.671,99 3.995.400,95 6.287.674,20
0,00
Improvement
Works
Gross Value
0,00 1.730.763,66 6.377.510,28
26.298,49
0,00
Gross Value
831,62
67.593,70 1.153.686,00
53.360,29
Reintegrations
Settlement
0,00 4.085.421,33
289.211,58
4.085.421,33
342.571,87
58.789,29
0,00
Transport Material
324.712,87
39.671,99
0,00
0,00
15.778,58
313.632,76
528.309,07
672.994,55
Cultural Assets
0,00
0,00
81.407,84
-836,62
346.096,87 4.059.412,92
410.816,08
316.016,38
8.899,84
401.703,69 2.101.654,38 14.593,92
188.485,67
77.591,47
414.384,50
Reinforcement
484.508,88
500.184,51
Business
Combinations
Business
Combinations
Depreciations + Impairment
1.921.836,40 1.605.820,02
Interior installations
Data Processing Equipment
577.775,98
3.859.558,29 3.445.173,79
Sell-offs
Decommissioning
Machines and Tools
Acquisitons
Transf. &
Decomm.
Reinforcement
Administrative Equipment
Net Value
Busines
Combinations
Increases
Settlements
Gross Value
Depreciations
+ Impairments
Business
Combinations
Opening Balance
FIXED TANGIBLE ASSETS (EXCLUDING LAND AND BUILDINGS)
Gross Value
COMPANHIA DE SEGUROS SA
Reintegrations
LUSITANIA
Net Value
Table 4 - NOTE 10.2
ANNUAL REPORT
Financial
Statements
02
91
02
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
Table 6 - NOTE 26,2
RESERVE VARIATIONS IN EQUITY
Revaluation reserves
Variations in reserves in Equity
Balance sheet as at 31 December n-1 (opening
balance)
Adjustments
in fair value
of financial
assets
available for
sale
-10.788.478,80
Revaluation
of tangible
assets
0,00
Other Reserves
Revaluation
of intangible
assets
Reserve for
Deferred
Statutory
Taxation Legal Reserve Reserve
172.649,03 2.315.966,24
2.103.185,75
Other
Reserves
Total
0,00 1.491.230,63 -4.705.447,15
Error correction (IAS 8)
0,00
Changes to accounting policies (IAS 8)
Change in opening balance
0,00
-10.788.478,80
0,00
172.649,03 2.315.966,24
2.103.185,75
0,00 1.491.230,63 -4.705.447,15
Increases/reductions in capital
0,00
Transactions in Company’s shares
0,00
Net gains from adjustments in fair value of affiliates,
associates and Joint undertakings
0,00
Net gains from adjustments in fair value of financial
assets available for sale
7.807.487,19
7.807.487,19
Net gains from adjustments to revaluation of land and
buildings for own use
0,00
Net gains from adjustments to revaluation of intangible
assets
0,00
Net gains from adjustments to revaluation of other
tangible assets
0,00
Net gains from adjustments to coverage instruments
in covering cash flows
0,00
Net gains from adjustments to coverage instruments
for net investments in foreign currency
0,00
Net gains from differences in exchange rate
0,00
Adjustments due to recognition of deferred taxation
-1.540.180,39
Increases in reserves due to distribution of profits
-1.540.180,39
239.245,02 239.245,02 913.960,11
1.392.450,15
Distribution of reserves
0,00
Changes to accounting estimates
0,00
Transfers between equity headings not included under
other lines
Total variations in equity
9.713.645,02
172.649,03
-172.649,03
172.649,03
-172.649,03 -2.045.312,21
251.669,81 -251.669,81
0,00
239.245,02 490.914,83 165.390,72
8.563.883,38
Net profit for period
0,00
Advance distribution of profits
Balance as at 31 December
92
0,00
-1.074.833,78
172.649,03
0,00
270.654,03
2.342.430,77 490.914,83 1.656.621,35
LUSITANIA
3.858.436,23
COMPANHIA DE SEGUROS SA
LUSITANIA
COMPANHIA DE SEGUROS SA
400.000,00
2008
S.P.A, S.A.
2008
Futuro
125.615,16
2009
2008
0,00
392.360,04
102.000,00
17.859,09
222.613,59 71.596,91
31.276,56 102.000,00
2008
2008
2008
71.881,83
2.220.000,00
2009
Germont
500,00
2009
318.670,89
54.672,79
515.257,36
963.735,73
5.183.969,83 4.707.166,80
E.N.SAK
2009
53.245,80
3.822.474,79
2009
2008
919.579,00 1.241.431,65
100.009,00
600.093,64
2009
2009
120.009,90
50.000,00
Mutua Formação
2009
2008
2009
2008
256.706,34
C.S.M.C.B, S.A.
2009
2008
3.261.415,64 3.261.415,64 589.561,17
589.561,17 256.706,34
150.000,00 1.950.000,00
18.000.000,00
LUS. VIDA C.S., S.A.
2009
2008
14.148.996,10 5.196.047,00 5.000.000,00
22.311.196,46 9.552.181,46
CEMG
2009
2008
1.901.708,32 2.260.802,70
9.000.000,00
12.500.000,00
2008
118.864,00
N-Seguros
2009
2008
2009
2009
E.G.I.R.P
2008
Bolsimo
20.000.000,00
540.000,00
2009
2009
508.389,94
2008
2008
497.933,98
527.363,85 1.851.310,40 1.851.310,40
C.S.M.B, S.A.
2009
2008
527.363,85
OPERATIONS WITH RELATED COMPANIES AS AT 31-12-2009
2008
148.973,10 192.461,67
2009
Leacock Seguros, Lda
2009
2008
CEMG - Caixa Económica Montepio Geral / LUS. VIDA C.S., S.A. - Lusitania Vida Companhia de Seguros, S.A / S.P.A, S.A. - Sociedade Portuguesa de Administrações, S.A. / C.S.M.C.B, S.A. - Clinica Serv.Médicos Comput. Belém, S.A / C.S.M.B, S.A. - Clínica
Santa Maria de Belém, S.A / E.G.I.R.P - Empresa Gestora de Imóveis da Rua do Prior
Note:
Shares
Mortgage Loan
Subordinated Loan
Term Deposits
Loan
Bonds
D.C.D. - C/Corrente
Call Deposits
Name of Statements
Call Deposits
Shares
Mortgage Loan
Subordinated Loan
Trm Deposits
Loan
Bonds
D.C.D. - C/Corrente
Investment Units
Liability Statements
Divideds paid
Brokerage commissions
D.C.D. - C/Corrente
Gains
Costs
Name of Statements
Table 7 - NOTE 29.4
ANNUAL REPORT
2009 FINANCIAL YEAR
Financial
Statements
02
93
02
Financial
Statements
ANNUAL REPORT
2009 FINANCIAL YEAR
Table 8 - NOTE 30
CASH FLOW STATEMENT
Financial Year
Previous Financial Year
Operations
Receipts on premiums
Receipts on redemptions
Receipts on co-insurance operations
Receipts on re-insurance operations
Claims payments
Commission payments
Rebate payments
Co-insurance operation payments
Re-insurance operation payments
Payments to suppliers
Payments to staff
Flow generated by operations
99.650.743,47
1.055.161,18
453.162,08
171.065,27
-71.284.599,60
-2.125.933,56
-1.410.262,52
-792.615,18
-13.496.767,05
-9.496.726,91
-8.011.565,50
-5.288.338,32
113.489.866,74
1.148.367,82
332.806,92
147.694,04
-76.285.782,27
-2.618.687,26
-1.301.396,08
-808.204,48
-13.740.123,72
-9.198.847,58
-7.983.185,68
3.182.508,45
Payments / Returns for tax on income
Other returns / payments for operations
Flow generated before extraordinary headings
-26.005.700,94
5.939.580,60
-25.354.458,66
-25.605.200,90
25.221.717,98
2.799.025,53
Receipts related to extraordinary headings
Payments related to extraordinary headings
Flow from operations
0,00
-287.065,48
107.261,79
-197.789,70
Investment
Receipts from:
Financial Investments
Tangible Assets
Intangible Assets
Investment Subsidies
Rents from investment property
Interest and similar gains
Dividends
Payments for:
Financial Investments
Tangible Assets
Intangible Assets
Flow from Investments
Funding Activities
Receipts from:
Loans obtained
Increases in capital, supplementary payments and issue premiums
Subsidies and donations
Sale of Company’s own shares
Loss cover
Payments for:
Loans obtained
Amortization of financial leasing contracts
Interest and similar costs
Dividends
Reductions in capital and supplementary payments
Acquisition of Company’s own shares
Flow from financial activities
Variation in cash and equivalents
Effects of exchange differences
Cash and equivalents at opening of period
Cash and equivalents at close of period from merger, by incorporation, of
Real, Companhia de Seguros, SA
Cash and equivalents at close of period from acquisition of assets and
liabilities of Mutuamar - Mútua dos Seguros dos Armandores da Pesca do
Arrasto
Cash and equivalents at close of period
94
-25.641.524,14
115.657.169,01
12.505,00
0,00
0,00
45.045,70
4.469.660,29
784.888,87
-151.410.274,28
-2.601.811,88
-897.037,79
18.000.000,00
42.500.001,00
0,00
0,00
0,00
0,00
-26.529,51
-7.737,27
-1.000.000,00
0,00
0,00
120.969.268,87
-154.909.123,95
-33.939.855,08
60.500.001,00
-1.034.266,78
59.465.734,22
2.708.497,62
90.180.925,88
21,05
0,00
0,00
57.277,52
5.160.115,32
704.895,21
-96.316.788,85
-3.308.939,57
-1.106.288,04
96.103.234,98
-100.732.016,46
-4.628.781,48
0,00
0,00
0,00
0,00
0,00
0,00
-35.372,68
-12.826,23
-1.350.000,00
0,00
0,00
0,00
-1.398.198,91
-1.398.198,91
-115.645,00
34,90
2.473.904,73
-3.318.482,77
51,08
5.792.336,42
1.600.116,26
0,00
2.662.304,12
0,00
6.620.715,01
2.473.904,73
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
02
ANNEX 1 - INVENTORY OF SECURITIES AND FINANCIAL HOLDINGS
ISIN
SECURITY
Quant.
714910042703
PTCMKLXE0004
PTLVAAOE0008
XS0267837473
XS0241903821
XS0231275552
BOLSIMO - 3ª emissão de papel comercial
C. E. MONTEPIO GERAL Obrig.Subordinadas 2008/2018
LUSITANIA VIDA - Obrig. Sub. Prazo Indeterminado
MONTPI 0 09/19/11
MONTPI 0 01/31/11
MONTPI 0 09/10
PTCON3OE0006
PTCON4OE0005
PTOTEJOE0006
PTOTE3OE0017
PTOTEKOE0003
PTOTEGOE0009
PTOTEOOE0017
PTOTEYOE0007
Nominal
Value
% of
Medium
Nominal Acquisition
Value
Price
Total
Acquisition
Value
Balance Value
Unit
Total
20.000.000,00
13.000.000,00
5.000.000,00
500.000,00
550.000,00
570.000,00
100,00
100,00
100,00
100,00
100,00
100,00
100,13
100,00
100,00
96,65
98,49
97,96
20.026.000,00
13.000.000,00
5.000.000,00
483.244,83
541.409,45
558.361,78
CONSOLIDADO - 1943 (2.75%)
CONSOLIDADO Centenários - 1940 (4%)
OBRIGAÇÕES TESOURO - Junho 01/11 (5.15%)
OT - 3.35% (15.10.2015)
OT - 5% - JUNHO - 2002/2012
OT - 5.45% - SETEMBRO - 1998/2013
OT-3.6%-15.10.2014
PGB 3.85 04/15/21
8.474,58
3.930,53
500.000,00
2.105.000,00
1.103.000,00
1.812.000,00
1.350.000,00
1.000.000,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
49,00
57,04
108,86
99,68
107,78
111,17
101,18
97,88
4.152,54
2.241,97
544.300,00
2.098.178,11
1.188.776,58
2.014.397,72
1.365.968,45
978.800,00
64,56
85,98
105,18
100,07
106,66
109,39
102,17
96,70
XS0183583011
XS0139805948
XS0230957424
XS0218038809
PTCG1LOM0007
ATLANTEO - 04/10
CXGD 0 03/12/11
CXGD 0 29/09/49
CXGD 04/15
CXGD 5 1/8 02/19/14
13.000,00
300.000,00
100.000,00
200.000,00
5.000.000,00
100,00
100,00
100,00
100,00
100,00
95,00
99,73
100,10
96,02
99,60
12.350,00
299.188,64
100.104,00
192.039,52
4.980.174,00
101,99
13.258,70
98,43
295.290,00
65,00
65.000,00
80,00
160.000,00
106,92 5.346.095,00
XS0209139244
XS0205537581
IT0004019581
IT0003493258
DE0001135192
DE0001135242
DE0001135341
DE0001135283
DE0001135085
FR0010216481
FR0010415331
FR0010163543
FR0010061242
FR0000189151
NL0000102242
NL0000102325
DE0001141489
AT0000385992
FR0000188013
ES00000120G4
ES00000120J8
DE0001141505
FR0010206276
ARGENT 0 12/15/35
ARGENT 1.2 12/38
BTPS 3 3/4 08/01/16
BTPS 4.25 02/01/19
BUNDESREPUB.DEUTCHLAND - 5% (04.01.2012)
BUNDESREPUB.DEUTSCH.-4.25% (4.1.2014)
BUNDESS DEUT, 4%
DBR 3.25 07/04/15
DBR 4.75 07/04/28
FRANCE (GOVT OF) - 3% - (25.10.2015)
FRANCE (GOVT OF) - 3.75% - (25.04.2017)
France 3,5% 2015
FRANCE(GOVT OF)-4% (25.04.2014)
FRTR 4.25 04/25/19
NETHER 3.25 07/15/15
Netherl. Gov 3,75%
OBL 3,5 08/04/11
RAGB 3.8 10/20/13
REP. FRANCE - 01/12 (3%)
SPGB 3.15 01/16
SPGB 3.8 01/31/17
UNDESREPUB.DEUTSCHL 4%-13.04.2012
VEOLIA 1,75%
1.085.833,00
1.085.833,00
250.000,00
1.000.000,00
1.614.234,00
622.000,00
461,00
5.525.000,00
1.000.000,00
500.000,00
1.205.755,00
25.000,00
512.000,00
3.750.000,00
2.000.000,00
20.000,00
431.000,00
1.000.000,00
300.000,00
2.000.000,00
1.000.000,00
505.346,00
40.000,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
14,26
14,26
96,71
106,34
108,56
108,01
108,94
99,71
115,74
99,68
102,88
103,98
109,69
110,10
99,40
106,21
104,09
104,39
120,89
98,55
93,78
107,21
99,99
154.791,50
154.791,50
241.775,00
1.063.400,00
1.752.398,43
671.801,19
502,23
5.508.749,50
1.157.400,00
498.400,00
1.240.480,75
25.996,00
4.675.080,41
4.128.750,00
1.988.000,00
21.241,80
448.621,18
1.043.900,00
362.681,13
1.971.000,00
937.800,00
541.756,18
39.997,81
5,36
28,51
103,11
103,34
107,09
107,55
105,66
103,13
108,25
100,81
103,73
103,80
106,49
105,88
102,60
105,44
103,19
105,08
108,02
99,49
101,99
106,46
97,42
XS0309643061
XS0208845924
XS0207513127
XS0193944765
XS0255673070
XS0443820088
ES0115006001
XS0300795746
XS0220057581
XS0200584125
XS0174443449
XS0306773234
FR0010773697
XS0224399872
XS0451457435
XS0203295562
XS0440751302
XS0149850777
XS0292499620
XS0269714464
XS0312208407
XS0257808500
XS0337173776
XS0210732375
XS0221082125
XS0267063435
XS0200597457
XS0220989692
DE0003933511
XS0218949310
XS0232498393
XS0229541213
XS0404765710
ABSA BANK LTD-TV-16.07.2012
ALLIED IRISH BANKS-TX.VR.(23.03.2015)
ANZ CAPITAL TRUST III-TV-OB.PERP.SUB.
AUTOSTRADE SPA- TX.VR. (9.6.2011)
BANCA ITALEASE CAP TRUST-TV. PERP
BANCO POPOLARE SCARL-3.75%-07.08.2012
BANCO VALENCIA PREFERENT-TV-PERP
BANIF FINANCE(CAY)-TV-05.22.2012
BCP FINANCE BANK-TX.VAR. (15.06.2015)
Beta 2
BPI CAP. FINANCE - PREFERENCIAIS SERIE C
BRITISH TELECOM - 5.25% (23.06.2014)
CASINO GUICHARD PERR-5.5%-30.01.2015
CENTAURI 2
ENI SPA - 4.125%(16.09.2019)
GLBIR 0 10/21/14
IRISH NATIONWIDE BLDG-3.5%-22.09.2010
K2 Corp 01/15/11
MOSCOW RIVER (LESSIRON)-12%-20.03.2011
NATL CAPITAL INSTRUM-TV-PERP
TELECOM ITALIA SPA - TV - 19.07.2013
VODAFONE GROUP PLC-TV. (13.01.2012)
10 YEAR COUPON PROTECTED NOTE
AAB 0 01/21/10
AAB 0 06/15 (ABN AMRO)
AAB 0 09/14/16
AAB 0 09/16/11
ABBEY 3.375 06/08/15
AG DB 0 16/01/2014
AIB 0 10/05/10
AIB 0 10/24/17
AIG 3.25 01/16/13
AKZO NOBEL SWEDEN FIN-7.75%-31.01.2014
278.000,00
269.000,00
342.000,00
200.000,00
297.000,00
500.000,00
350.000,00
275.000,00
99.000,00
1.000.000,00
372.000,00
500.000,00
100.000,00
1.210.000,00
250.000,00
50.000,00
150.000,00
1.500.000,00
227.700,00
100.000,00
300.000,00
208.000,00
14.200.000,00
170.000,00
300.000,00
250.000,00
200.000,00
500.000,00
480.000,00
280.000,00
200.000,00
500.000,00
500.000,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
99,58
92,59
101,18
96,59
93,73
99,63
102,57
97,02
95,50
108,55
101,61
100,56
99,93
100,12
99,43
104,18
100,49
74,69
68,83
127,27
95,68
95,05
100,00
99,98
99,87
99,92
99,84
99,92
95,15
100,06
100,04
98,50
113,07
276.835,06
249.070,94
346.020,02
193.180,24
278.383,30
498.125,00
358.998,55
266.809,27
94.548,15
1.085.515,20
377.988,82
502.780,00
99.927,00
1.211.490,17
248.573,80
52.088,04
150.736,50
1.120.340,44
156.730,73
127.272,01
287.048,93
197.713,06
14.200.000,00
169.972,59
299.597,26
249.797,02
199.683,46
499.600,00
452.805,63
280.156,66
200.077,86
492.500,00
565.350,00
LUSITANIA
COMPANHIA DE SEGUROS SA
100,00 20.000.000,00
90,00 11.700.000,00
100,00 5.000.000,00
99,43
497.140,85
99,21
545.640,70
99,36
566.348,05
5.471,28
3.379,51
525.920,00
2.106.493,90
1.176.438,30
1.982.110,80
1.379.308,50
967.040,00
58.168,07
309.581,85
257.765,00
1.033.420,00
1.728.634,76
668.936,60
487,09
5.698.030,00
1.082.510,00
504.025,00
1.250.753,77
25.950,00
545.218,80
3.970.387,50
2.051.920,00
21.088,00
444.736,50
1.050.770,00
324.051,00
1.989.860,00
1.019.900,00
537.968,23
38.968,00
92,45
257.002,66
65,25
175.522,51
66,75
228.285,00
99,72
199.430,00
35,50
105.435,00
101,05
505.235,00
32,00
112.000,00
92,72
254.975,00
92,00
91.080,00
0,00
1,01
71,25
265.050,00
104,39
521.950,00
106,56
106.563,00
0,01
121,00
100,51
251.275,00
0,00
0,05
100,98
151.470,00
0,00
1,04
44,77
101.948,15
66,25
66.250,00
98,38
295.149,00
99,50
206.966,24
77,11 10.949.066,20
99,99
169.974,67
81,43
244.285,50
81,46
203.654,25
99,54
199.081,40
98,85
494.253,00
97,57
468.334,08
99,58
278.837,72
58,45
116.900,00
73,13
365.625,00
114,92
574.620,00
95
02
Financial
Statements
ISIN
SECURITY
XS0190941202
XS0451674617
XS0211637839
XS0194937503
XS0447317545
XS0261469505
XS0285964481
XS0193947271
XS0222353202
XS0195487912
XS0211008544
XS0459903620
XS0240949791
XS0424840758
XS0214398199
XS0188256605
PTBBRQOM0023
PTBB2HOM0005
PTBBQFOM0027
PTBB2IOM0004
PTBBQ6OM0039
PTBB2GOM0006
PTBBQEOM0028
PTBCT3OM0000
XS0108897074
XS0239804445
PTBAFPOE0003
XS0208463306
XS0273479914
XS0402204456
XS0454392084
ES0213860036
ES0313860134
XS0237609168
XS0191589695
XS0201271045
XS0218873072
XS0420117383
PTBB24OE0000
PTBBTOOM0015
XS0244150743
XS0271771239
XS0218479334
ES0413211071
PTBCLQOM0010
PTBCLSOE0018
XS0284019659
XS0216793728
XS0278435226
XS0210022249
PTBCV1OM0008
PTBCP9OM0051
PTBCP7OM0061
XS0241625838
PTBCT5OM0008
XS0127011798
PTBLMGOM0002
PTBERLOM0017
PTBERKOM0018
PTBER00M0022
XS0242314291
XS0288285272
PTBLMWOM0002
PTBERNOM0015
XS0187513642
XS0278568026
XS0249093526
XS0283474483
XS0173501379
XS0451689565
XS0212908585
XS0202386743
XS0270531147
ES0357080144
papel comercial
PTBRIHOM0001
XS0177256889
IT0004505076
XS0277974076
Allegro 30-Abr-10
ALPHA CREDIT GROUP-3.875%-17.09.2012
ALZ 0 02/28/49
ANGIRI 0 06/25/14
ANGLO IRISH BANK CORP-2.75%-27.09.2010
ANZ 0 18/07/2011
ASBBNK 0 02/13/12
AUTOSTRADE SPA- 5% (9.6.2014)
B. ITAU EUR.TV.10
BAC 0 28/06/11
BACA FLOAT 26-07-10
BACR 0 01/28/13
BACR 0 04/16
BACR 0 10/25/10
BACR 4.75 03/29/49
BANCA NAZ. LAVORO 11 (LAVORO 0 03/10/11)
BANCO BPI RENDIMENTO MAIS 2007
BANCO BPI-SUP.REN.FIXO CR.3AN.30.06.2012
BANCO BPI-SUP.REN.FIXO CR.3AN.30.11.2012
BANCO BPI-SUP.REN.FIXO CR.5AN.30.06.2014
BANCO BPI-SUP.REN.FIXO CR.5AN.30.11.2014
BANCO BPI-SUPER REND.FIXO 2AN-30.06.2011
BANCO BPI-SUPER REND.FIXO 2AN-30.11.2011
BANCO COMERCIAL PORTUGUES-TV-09.05.2014
BANCO CRÉDITO LOCAL ESPAÑA - 00/10
BANIF - TAX.VAR. (30.12.2015)
BANIF 3,25% 2012
BANIF FINANCE(CAY)-TV-29.12.2014
BANIF-F-TV-2010
BANK OF IRELAND-3.75%-03.09.2010
BANK OF IRELAND-TX.VR.-25.09.2010
BANSAB 0 05/25/16
BANSAB 0 10/26/11
BANTOT 0 12/09/15
BAVB 0 05/10/11
BAVB 0 10/01/14
BAVB 0 11/05/12
BAYER CAPITAL CORP-4.625% - 26.09.14
BBPI 3%
BBPI RF3AN 2011
BBVASM 0 02/25/11
BBVASM 0 10/24/16
BBVSM 0 23/05/17
BBVSM 4 02/25/25
BCP - 5.625% - 23.04.2014
BCP-3.75%-17.06.2011
BCPN 0 02/06/12
BCPN 0 04/20/10
BCPN 0 12/21/16
BCPPL 0 01/28/10
BCPPL 0 05/28/10
BCPPL 3 5/8 01/19/12
BCPPL 0 02/28/13
BCPPL 0 03/02/11
BCPPL 0 05/24/11
BCPPL 6,25 03/29/11
BES-5.625%-05.06.2014
BESNN 0 05/08/13
BESNN 0 29/03/10
BESPL 0 05/14/10
BESPL 0 08/02/11
BEST 150 + 2013
BES-TV-25.02.2013
BES-TV-31.05.2010
Beta 1
BFCM 0 12/19/16
BFCM 03/31/16
BKIR 01/24/17
BMW 5 08/06/18
BMW FINANCE NV-4%-17.09.2014
BNP 0 02/18/15
BNP 0 10/10/14
BNP 0 17/10/16
BPESP 0 02/08/12
BRISA 25. - 090720..100118, 2.21%
BRISA 4 1/2 12/05/16
BRISA F
Buoni 3,5% 2014
C 0 01/12/12
96
ANNUAL REPORT
2009 FINANCIAL YEAR
Quant.
Nominal
Value
340.000,00
500.000,00
750.000,00
200.000,00
200.000,00
200.000,00
250.000,00
600.000,00
25.000,00
150.000,00
170.000,00
250.000,00
400.000,00
100.000,00
1.000.000,00
190.000,00
920.000,00
850.000,00
250.000,00
850.000,00
250.000,00
850.000,00
250.000,00
450.000,00
750.000,00
536.000,00
3.000,00
295.000,00
25.000,00
250.000,00
800.000,00
200.000,00
300.000,00
250.000,00
200.000,00
180.000,00
200.000,00
586.000,00
50.000,00
28.000,00
200.000,00
350.000,00
300.000,00
4.000.000,00
250.000,00
500.000,00
250.000,00
300.000,00
250.000,00
375.000,00
200.000,00
2.500.000,00
250.000,00
100.000,00
200.000,00
1.100.000,00
450.000,00
300.000,00
300.000,00
100.000,00
1.000.000,00
288.000,00
400.000,00
100.000,00
1.000.000,00
150.000,00
550.000,00
150.000,00
1.000.000,00
245.000,00
310.000,00
700.000,00
200.000,00
400.000,00
1,00
1.000.000,00
7.000,00
15.000,00
250.000,00
Medium
% of
Nominal Acquisition
Price
Value
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
117,31
99,66
99,85
99,87
99,88
98,15
96,42
105,78
100,25
98,46
100,03
99,95
96,47
99,94
97,45
99,86
98,66
100,00
100,00
100,00
100,00
100,00
100,00
96,01
98,48
99,43
100,11
100,07
99,93
100,94
100,00
64,01
92,51
97,95
99,97
99,73
99,84
105,14
99,70
100,09
99,83
90,44
94,81
103,57
99,70
100,70
98,47
99,35
99,91
98,91
97,35
99,96
99,79
95,53
98,81
102,11
105,60
98,81
98,67
97,61
99,14
100,10
99,84
114,25
108,55
99,91
90,46
99,97
110,68
99,80
97,92
99,75
97,37
96,16
250.000,00
99,41
92,71
103,31
99,95
LUSITANIA
Total
Acquisition
Value
398.869,89
498.281,30
748.875,00
199.733,51
199.762,00
196.290,62
241.037,60
634.680,00
25.063,56
147.683,04
170.044,06
249.878,98
385.880,90
99.940,59
974.500,00
189.741,60
907.642,16
850.000,00
250.000,00
850.000,00
250.000,00
850.000,00
250.000,00
432.049,05
734.875,00
532.942,81
3.003,23
295.202,52
24.982,55
252.337,50
800.001,30
128.019,97
277.543,30
243.803,29
199.947,73
179.519,38
199.685,46
616.132,12
49.847,50
28.024,34
199.663,14
321.383,89
289.721,97
4.142.800,00
249.244,59
503.500,00
246.935,54
298.059,66
249.772,50
370.920,52
194.702,28
2.498.875,00
249.481,42
95.532,23
197.622,83
1.123.166,88
475.191,00
297.591,17
296.152,69
97.606,41
991.381,15
288.299,52
399.362,60
114.250,35
1.085.505,29
149.862,00
501.345,54
149.950,28
1.106.800,00
244.511,30
303.537,35
698.250,00
194.730,38
384.625,60
250.000,00
994.100,00
6.490,01
15.496,05
249.882,50
Balance Value
Unit
0,00
95,43
81,87
42,33
100,36
99,77
98,07
106,39
99,29
98,09
99,78
100,14
91,06
101,07
57,56
100,04
98,51
100,15
99,28
100,69
99,34
99,82
99,22
94,78
104,70
76,50
102,22
80,00
98,24
101,08
99,85
87,19
99,20
95,66
100,00
98,66
99,52
106,14
101,14
101,09
99,97
96,79
94,63
93,68
107,52
102,16
98,71
99,96
90,25
99,89
100,20
102,80
99,71
99,43
99,30
103,82
106,96
97,42
99,93
100,13
99,39
61,20
99,93
99,93
0,00
93,04
93,63
61,80
104,95
101,93
99,06
82,21
97,02
98,17
250.000,00
99,38
102,92
102,68
96,51
Total
0,34
477.140,00
613.989,75
84.666,60
200.724,00
199.530,00
245.173,75
638.364,00
24.822,50
147.131,25
169.624,13
250.341,75
364.237,60
101.066,60
575.596,00
190.082,27
906.292,00
851.275,00
248.200,00
855.865,00
248.350,00
848.470,00
248.050,00
426.487,50
785.257,50
410.040,00
3.066,69
236.000,00
24.560,00
252.700,00
798.800,00
174.387,40
297.595,20
239.140,00
199.991,20
177.596,64
199.043,00
621.956,96
50.569,00
28.305,20
199.942,40
338.769,90
283.890,00
3.747.316,00
268.792,50
510.780,00
246.764,00
299.874,60
225.635,00
374.585,94
200.404,60
2.570.115,00
249.266,25
99.429,70
198.590,80
1.142.038,70
481.297,50
292.251,60
299.792,10
100.130,00
993.862,40
176.256,00
399.732,00
99.932,00
1,01
139.566,00
514.943,00
92.703,00
1.049.450,00
249.733,10
307.091,27
575.456,00
194.043,40
392.694,00
250.000,00
993.780,00
7.204,40
15.402,00
241.269,00
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
ISIN
SECURITY
XS0243636866
XS0193765673
XS0259257003
ES0214843130
ES0314843261
ES0214843148
PTCMKROE0009
XS0217992030
XS0250907218
XS0218038809
XS0257959113
ES0414970436
ES0314840101
ES0214958052
ES0215424161
XS0296798431
XS0219734166
ES0214950158
ES0214950166
ES0214950125
PTCFPAOM0002
ES0314977259
ES0214977151
XS0214965450
ES0314954068
XS0273347921
FR0010261404
FR0010398321
XS0178293519
FR0010292052
FR0010163386
XS0192377538
XS0213026197
XS0210641816
XS0267703352
FR0010161026
FR0010128736
XS0099472994
ES0340609009
XS0302887772
XS0276790721
XS0281739895
XS0386240328
XS0282423283
DE0003933685
XS0229840474
DE000DB5S7A6
XS0366663820
XS0210318795
XS0213188096
XS0192079787
KYG2773C2068
XS0385623128
XS0356088772
XS0275670023
XS0229349021
XS0276898417
XS0207753780
XS0441402681
XS0441402681
XS0221295628
XS0451430150
XS0443680052
XS0256997932
XS0256997007
XS0413462721
ES0330960008
papel comercial
XS0284761169
XS0223465393
XS0228575501
XS0425531315
DE000A0DLU51
XS0221514879
BE0931714290
BE0930831194
BE0932317507
FR0010604983
FR0010245555
C 0 02/09/16
C 0 06/03/11 (CITIGROUP)
C 0 06/28/13
C. GALICIA-09/16
CAGALI 0 01/10/10
CAGALI 0 49
CAIXA ECO MONTEPIO GERAL-3.25%-27.7.2012
CAIXA ECO MONTEPIO GERAL-TV.(03.05.2012)
CAIXA ECO MONTEPIO GERAL-TV-18.04.2016
CAIXA GERAL DEP.FRANCA-TV.(27.04.2015)
CAIXA PENEDES CAPITAL II - OB. PERP.
CAIXAB 0 28/2/13
CAIXAC 0 07/18/11
CAIXANOVA - TV - OB.PERP.
CAJA CASTILLA LA MANCHA - OB. PERP
CAJAME 0 04/26/17
CAJAME 0 06/01/10
CAJAMM 0 02/09/12
CAJAMM 0 10/17/16
CAJAMM 0 15/07/14
CAMPER 4,17 10/16/19
CAVALE 0 01/24/12
CAVALE 0 04/23/14
CAVALE 4.5 03/29/49
CAZAR 0 09/02/11
CBA 0 02/11/11
CCF 0 12/13/10
CDEE 0 09/12/12
CENTAURI 1
CFDCM 0 22/02/16
CFNG Float 10/02/10
CIMPOR F OP 4,5%
CITIGROUP 4.25 02/25/30
CRDIT 0 01/12
CRDIT 0 09/20/16
CRED. AG. TV. PERP
CREDIT LOGEMENT- TX.VR.PERP
CREDIT SUISSE G. FINANCE - 99/19
CRITERIA CAIXA CORP.-4.125%-20.11.2014
CS 0 04/06/12
DALI CAPITAL-SR.2006-1-CL.A-25.12.2046
DANBNK 0 01/2012
DANBNK 0 09/10/10
DB 0 01/16/12
DB 0 09/20/16
DB 0 09/22/15
DB 0 18/03/11
DB 0 30/06/2013
DEUTSCHE TEL 15
DEXGRP 0 02/03/15
DEXGRP 0 05/14/19
DIVERSIFIELD GLOBAL SECS-PREF-PERP
DNBNOR 0 02/28/12
DNBNOR 0 04/07/11
DNBNOR 0 11/22/11
DNBNOR 0 28/09/15
DT 0 05/23/12
EBS BUILDING SOCIETY-TV-14.12.2014
EDISON SPA - 4.25%(22.07.2014)
EDISON SPA 2014
EDP FINANCE BV - 3.75% (22.06.2015)
EFG HELLAS PLC - TV. (15.03.2011)
EFG HELLAS PLC-4.375%-11.02.2013
ELEPOR 0 06/14/10
ELEPOR 4 5/8 06/16
ELEPOR 5 1/2 02/14
ENAGAS-3.25%-06.07.2012
EP-EST.PORTUG.14 - 091231..100129, 1.98%
ERSTBK 0 02/06/14
ERSTBK 0 06/29/15
ERSTBK 0 09/07/15
ESP.S.INV 4,384%
EWE 4.375 10/14/14
FORTIS IS BK - TV 15
FORTIS 0 06/16
FORTIS 0 14/02/18
FORTIS BANK-TV-17.01.2017
FRANCE 4% 2018
FRTEL 3.625 10/14/15
LUSITANIA
Quant.
COMPANHIA DE SEGUROS SA
Nominal
Value
150.000,00
200.000,00
200.000,00
50.000,00
100.000,00
150.000,00
200.000,00
600.000,00
250.000,00
400.000,00
300.000,00
300.000,00
200.000,00
300.000,00
200.000,00
150.000,00
200.000,00
400.000,00
250.000,00
100.000,00
3.500.000,00
200.000,00
300.000,00
500.000,00
200.000,00
100.000,00
200.000,00
250.000,00
2.500.000,00
200.000,00
150.000,00
3.000,00
500.000,00
200.000,00
200.000,00
15.000,00
195.000,00
1.000.000,00
200.000,00
200.000,00
26.342,69
250.000,00
500.000,00
100.000,00
250.000,00
150.000,00
300.000,00
240.000,00
500.000,00
260.000,00
1.360.000,00
459.000,00
500.000,00
250.000,00
200.000,00
230.000,00
250.000,00
150.000,00
50.000,00
50.000,00
586.000,00
435.000,00
600.000,00
300.000,00
500.000,00
1.000.000,00
200.000,00
1,00
200.000,00
300.000,00
200.000,00
7.000,00
500.000,00
20.000,00
200.000,00
200.000,00
560.000,00
10.000,00
1.000.000,00
Medium
% of
Nominal Acquisition
Price
Value
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,02
99,78
99,98
100,00
100,10
100,10
99,88
97,25
100,05
110,08
95,78
98,57
99,96
99,10
79,74
99,92
100,10
99,12
65,07
97,80
98,50
99,97
100,01
96,10
99,96
95,92
99,99
99,95
95,86
99,92
100,01
94,18
99,18
99,38
99,97
97,50
98,72
104,87
99,52
95,09
54,02
99,97
100,01
100,01
97,13
94,65
99,88
96,67
101,40
100,10
98,14
30,17
99,94
98,91
99,95
86,24
100,00
112,14
99,84
99,84
100,16
99,58
99,46
99,09
99,35
99,70
99,96
500.000,00
99,89
98,00
100,11
100,02
106,56
100,39
100,06
87,61
93,06
102,51
95,98
Total
Acquisition
Value
150.023,86
199.553,32
199.953,74
50.001,30
100.104,00
150.156,00
199.758,00
583.518,90
250.132,03
440.325,83
287.336,69
295.696,12
199.927,71
297.306,11
159.487,73
149.884,22
200.208,00
396.480,48
162.669,00
97.801,61
3.447.500,00
199.933,72
300.035,71
480.500,00
199.923,70
95.919,65
199.971,75
249.870,00
2.396.387,11
199.831,61
150.013,35
2.825,28
495.900,00
198.751,00
199.931,71
14.625,43
192.496,59
1.048.700,00
199.046,60
190.189,66
14.230,60
249.914,65
500.044,51
100.011,91
244.213,20
141.972,50
299.654,31
231.996,18
507.000,00
260.270,40
1.335.247,53
138.492,41
499.724,18
246.998,77
199.908,00
198.351,08
250.000,00
168.216,06
49.920,50
49.920,50
586.949,32
433.180,10
596.737,30
298.620,24
496.745,00
996.985,79
199.926,00
500.000,00
199.775,55
294.005,45
200.228,02
7.001,30
532.800,00
20.078,80
200.113,90
175.227,33
521.117,01
10.250,80
959.800,00
02
Balance Value
Unit
89,13
97,86
93,84
84,00
100,00
45,00
100,79
97,31
69,37
93,48
15,02
98,23
97,61
54,00
26,00
68,67
99,54
98,39
84,26
88,00
97,39
93,60
85,79
42,00
99,23
99,78
99,90
99,40
0,01
80,00
99,96
101,43
72,70
99,13
95,27
60,50
75,50
97,80
100,38
99,14
79,17
99,32
100,43
99,45
93,62
94,62
100,52
99,19
101,96
91,70
97,49
11,04
101,11
100,58
99,80
97,13
99,67
67,77
102,70
102,70
100,43
97,62
94,85
99,88
104,87
109,08
102,19
500.000,00
96,83
87,34
87,84
102,84
104,74
93,03
93,26
90,84
91,38
104,75
101,48
Total
133.694,70
195.716,20
187.682,40
42.000,00
100.000,00
67.500,00
201.571,50
583.887,00
173.424,00
373.904,00
45.060,00
294.687,00
195.213,00
162.000,00
52.000,00
103.000,05
199.084,00
393.578,00
210.639,25
88.000,00
3.408.545,00
187.202,80
257.378,10
210.000,00
198.460,40
99.781,60
199.791,20
248.488,75
250,00
160.000,00
149.941,20
3.042,90
363.495,00
198.258,80
190.544,20
9.075,00
147.225,00
978.000,00
200.760,00
198.277,00
20.855,51
248.294,00
502.126,50
99.453,60
234.049,50
141.927,45
301.568,40
238.044,00
509.779,50
238.420,00
1.325.796,00
50.660,15
505.574,00
251.455,25
199.597,80
223.387,50
249.180,50
101.652,60
51.350,00
51.350,00
588.519,80
424.664,40
569.124,00
299.649,90
524.364,00
1.090.751,00
204.378,00
500.000,00
193.660,80
262.029,90
175.686,60
7.198,80
523.696,50
18.606,00
186.520,00
181.686,60
511.742,25
10.475,00
1.014.847,00
97
02
Financial
Statements
ISIN
SECURITY
XS0436905821
XS0441800579
XS0211034540
XS0184927761
XS0222383027
XS0292051835
XS0219714564
XS0192560653
XS0259252897
DE000HSH2H23
XS0222372178
XS0243399556
XS0194783352
NL0000122489
IT0003428619
XS0365559631
XS0259036175
XS0243302220
XS0428446917
XS0267893112
XS0246688435
XS0249938175
XS0186189154
XS0284839882
XS0231555672
XS0194805429
XS0327159074
DE000AOE83L5
FR0010369595
XS0359362208
FR0010479527
XS0203880991
XS0222910092
XS0202589692
XS0195810717
FR0010463646
XS0303201403
XS0188689623
XS0285810841
XS0426505102
XS0282583722
XS0276891594
XS0250971222
XS0267821394
XS0099026352
XS0219610275
XS0457792975
XS0200707817
XS0293598495
XS0181569111
PTPETGCM0002
XS0230315748
PTPETQOM0006
XS0159861078
XS0301010145
XS0236552765
XS0258298164
XS0215828830
XS0221854200
PTPTICOE0008
PTPTIAOE0000
XS0426126180
papel comercial
XS0217360824
XS0313145772
XS0259579547
XS0188552839
XS0419352199
XS0163771396
XS0248491556
XS0291810637
XS0242395357
XS0127276235
XS0445869836
XS0202197694
PTSEMCOE0006
XS0423447886
XS0178112743
XS0284363438
GAS NATURAL CAPITAL-5.25%-09.07.2014
GE CAPITAL EURO FUND-4.75%-30.07.2014
GOLDMAN SACHS GROUP 15
GS 4.75 01/28/14
GSK 4 06/16/25
HAA 0 03/20/15
HAA 0 27/05/15
HBOS 0 09/01/16
HBOS 07/05/11
HSH NORDBANK AG - TV - (14.02.2017)
IBERDU 3.5 06/22/15
IBSANP 0 02/20/18
IBSANP 0 06/28/16
ING-INT. NEDERLAND BANK - 99/19 (5.25%)
INTESA SPA MORTGAGES - 03/23 (INTS2 1 A2)
INTNED 0 05/21/10
INTNED 0 06/28/11
IPBS 0 02/11
IRISH NAT
IRISH NATIONWIDE BLDG-TV-22.09.2010
ISPIM 0 03/15/13
ISPIM 0 04/19/16
ISPIM 0 25/02/11
JPM 0 01/30/14
JPM 0 10/12/15
KAUP 0 06/30/14
KBC 0 26/10/12
KFW 0 07/24/18
KNFP 0 01/26/17
KNFP 0 04/10
KNFP 0 07/06/17
KNFP 0 11/16
LAVORO 0 30/06/10
LBBER 0 01/07/11
LLOYDS 0 07/09/16
LYOE 0 05/03/11
MARFIN POP BK PUBL-TV-31.05.2010
MER 0 03/22/11
MONTE 0 14/02/12
MONTE DEI PASCHI SIENA-4.75%-30.04.2014
MS 0 01/16/17
MS 0 11/29/13
MS 0 13/04/16
NATIONAL GRID PLC-TV. 19.01.2012
NATIONAL WESTMINSTER BANK - 99/11 (5.125%)
NBHSS 0 20/05/15
NBHSS 0 22/10/12
NWIDE 0 09/16/11
OPERA GER3 A 01/25/22
PARKLAND SN 15-12-13
PARPUB 3.25 12/18/14
PARPUB 3.567 09/22/20
PARPUBLICA - 3.5% - 08.07.2013
PELICAN MORTGAGES - 03/37
PFE 4.55 05/15/17
POHBK 0 02/12/10
POHJOLA 0 21/06/11
PORT.TELECOM INT.FIN.-3.75%(26.03.2012
PORTEL 4 1/2 06/16/25
PORTUCEL TV.2012
PORTUCEL-EMP.CEL.PAP.-TV. (29.03.2010)
PORTUGAL TELECOM INT FIN-6%-30.04.2013
PQ EXPO 98 - 16ª - 091130..100301, 1.52%
RABOBK 0 07/28/15
RABOBK 0 09/20/17
RBS 0 01/30/17
REDELE 3.85 03/22/11
REPSOL INTL FINANCE-6.5%-27.03.2014
RESEAU FERRE FRANCE - 03/23 (RESFER)
RY 0 23/03/11
RY 0 23/03/12
RZB 0 02/02/11
SANTAN 0 03/28/11
SBAB 0 14/02/11
SCH FIN - TV - O.PER
SEMAPA - TV (20.04.2016)
SHBASS 0 10/18/10
SHERLOCK LTD-CZ-20.11.2011
SNSBNK 0 02/06/12
98
ANNUAL REPORT
2009 FINANCIAL YEAR
Quant.
Nominal
Value
500.000,00
580.000,00
1.000.000,00
250.000,00
500.000,00
150.000,00
280.000,00
220.000,00
200.000,00
361.000,00
500.000,00
200.000,00
230.000,00
250.000,00
24.295,81
250.000,00
200.000,00
200.000,00
50.000,00
300.000,00
200.000,00
200.000,00
230.000,00
200.000,00
100.000,00
239.000,00
150.000,00
87.000,00
200.000,00
250.000,00
250.000,00
200.000,00
200.000,00
250.000,00
323.000,00
250.000,00
630.000,00
260.000,00
300.000,00
500.000,00
250.000,00
250.000,00
250.000,00
202.000,00
250.000,00
150.000,00
200.000,00
200.000,00
92.580,98
1.000.000,00
50.000,00
2.500.000,00
250.000,00
100.800,05
1.000.000,00
150.000,00
100.000,00
900.000,00
500.000,00
20.000,00
775.100,00
500.000,00
1,00
200.000,00
350.000,00
200.000,00
500.000,00
500.000,00
150.000,00
230.000,00
190.000,00
150.000,00
350.000,00
300.000,00
15.000,00
400.000,00
150.000,00
169.000,00
200.000,00
% of
Medium
Nominal Acquisition
Value
Price
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
99,89
100,85
100,25
99,98
98,50
100,07
100,10
100,10
99,96
94,33
99,40
99,91
99,71
112,84
100,00
97,18
99,99
100,06
100,49
98,70
93,07
95,66
99,47
99,80
99,75
98,73
100,10
100,10
100,01
99,91
100,06
89,16
99,94
100,10
98,00
100,01
98,59
100,16
99,30
103,92
100,10
99,82
99,85
91,75
99,65
99,87
100,02
99,91
100,10
69,48
99,10
97,81
99,74
100,35
97,22
99,12
98,49
95,51
99,63
100,01
100,58
107,86
398.472,00
99,98
94,56
100,10
99,59
110,19
113,74
98,82
94,30
99,96
98,26
99,94
95,25
100,69
99,87
69,74
99,97
LUSITANIA
Total
Acquisition
Value
Balance Value
Unit
Total
499.465,00
106,75
533.755,00
584.943,50
103,96
602.991,20
1.002.450,00
99,60
995.953,00
249.950,00
103,15
257.872,00
492.500,00
94,17
470.864,00
150.103,45
88,31
132.462,00
280.291,20
100,67
281.876,00
220.228,80
74,83
164.634,80
199.925,71
97,88
195.752,00
340.532,25
0,00
0,36
497.000,00
100,37
501.855,50
199.823,60
91,95
183.905,00
229.341,26
97,26
223.695,93
282.100,00
102,41
256.013,50
24.295,83
98,43
23.913,81
242.952,41
100,12
250.307,75
199.973,76
98,62
197.234,40
200.113,90
97,28
194.553,00
50.245,50
100,98
50.490,00
296.103,90
98,68
296.025,00
186.133,38
98,83
197.659,00
191.329,85
95,94
191.872,80
228.770,68
99,94
229.865,22
199.591,36
97,70
195.402,80
99.747,63
92,27
92.267,80
235.969,76
1,00
2.390,00
150.156,00
96,83
145.248,75
87.090,48
93,68
81.501,60
200.011,80
87,61
175.212,40
249.782,00
100,13
250.328,25
250.144,89
87,30
218.240,75
178.327,82
89,03
178.056,20
199.873,65
100,03
200.065,40
250.250,00
99,76
249.400,00
320.879,86
82,99
268.065,78
250.027,26
99,53
248.812,50
621.146,83
98,91
623.101,50
260.426,53
98,35
255.715,98
297.886,47
99,24
297.732,00
519.600,00
104,85
524.245,00
250.260,00
88,25
220.628,25
249.537,50
93,36
233.401,25
249.614,33
89,71
224.265,50
185.336,14
99,38
200.747,60
249.125,00
100,22
250.544,50
149.798,62
98,56
147.835,35
200.031,20
100,09
200.172,00
199.815,59
97,81
195.610,60
92.677,26
80,00
74.064,78
694.824,26
0,01
100,00
49.551,48
100,81
50.402,50
2.454.700,00
89,60 2.240.025,00
249.350,00
100,43
251.075,00
101.149,43
95,71
96.480,34
972.200,00
104,47 1.044.667,00
148.673,19
99,80
149.696,85
98.485,36
99,41
99.406,20
859.611,74
102,29
920.643,50
498.150,00
89,49
447.454,00
20.001,30
99,60
19.920,00
779.620,36
99,91
774.402,41
539.295,00
108,31
541.560,00
398.472,0039.847.200,00
398.472,00
199.957,74
98,07
196.140,00
330.976,63
94,93
332.242,05
200.208,00
76,21
152.416,60
497.950,00
102,58
512.885,00
550.970,00
111,21
556.040,00
170.607,78
105,05
157.570,05
227.275,45
99,87
229.703,07
179.166,14
99,69
189.404,73
149.945,02
99,33
149.001,00
343.923,64
98,90
346.158,40
299.821,77
100,05
300.144,00
14.287,17
60,00
9.000,00
402.755,51
94,00
376.000,00
149.799,87
100,86
151.292,55
117.860,59
68,38
115.570,48
199.933,72
97,90
195.790,20
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
ISIN
SECURITY
XS0187584072
XS0303483621
XS0309515657
XS0231826024
XS0232843671
714021854547
XS0296237919
XS0384383104
XS0285818075
XS0230663196
papel comercial
XS0266760965
XS0304458564
XS0246359532
US96428FAW86
XS0271816869
SOCGEN 0 03/15/16
SOCGEN 0 06/07/17
SPAREBANKEN VEST-TV-12.07.2017
STANDARD BANK-TV-07.10.2015
SVSKHB 0 10/19/17
Teixeira Duarte 47ª Em
UBS 0 04/18/12
UBS 0 08/26/10
UKRAINE MORT-SR.2007-1 CL.A-15.12.2031
ULVR 3.375 09/29/15
UNICER 228 - 091006..100106, 1.75%
VOD 0 09/05/13
VODAFONE GROUP PLC-TV-06.06.2014
VW 0 03/14/16
WHITE PINE 12/31/13
ZELA 1
NL0000303709
NL0006033250
FR0000130007
DE0008404005
IT0000062072
FR0000120628
ES0113211835
PTBPI0AM0004
PTBCP0AM0007
ES0113900J37
DE0005151005
DE0005752000
DE0005190003
FR0000131104
7,2291E+11
PTBRI0AM0000
FR0000120172
PTCPR0AM0003
DE0007100000
DE0005140008
DE0005557508
DE0007614406
PTEDP0AM0009
ES0127797019
ES0130670112
IT0003128367
IT0003132476
BE0003801181
BE0917378490
BE0005591624
FR0000133308
PTGALOAM0009
FR0010208488
GB0009252882
US38259P5089
ES0144580018
NL0000303600
IT0000072618
NL0000009538
FR0000120537
DE0005470405
FR0000120321
FR0000121014
PTMFR0AM0003
PTMGFOAM0006
PTMGPOAE0005
DE0008430026
CH0038863350
FI0009000681
FR0000121485
DE000PAH0038
PTPTI0AM0006
PTPTC0AM0009
PTRELOAM0008
FR0000131906
ES0173516115
GB0007188757
GB0007547838
GB00B03MLX29
NL0000009082
DE0007037129
FR0000120578
AEGON NV
AHOLD NV
ALCATEL
ALLIANZ
ASSICURAZIONE GENERALI
AXA
BANCO BILBAO VIZCAYA (BBVA)
BANCO BPI SA
BANCO COMERCIAL PORTUGUES SA
BANCO SANTANDER CENTRAL HISPANO
BASF
BAYER AG
BAYERISCHE MOTOREN WERKE AG
BNP
BOLSIMO,GESTÃO DE ACTIVOS FINANCEIROS
BRISA - PRIV. Nom.
CARREFOUR
CIMPOR SGPS
DAIMLER CHRYSLER
DEUTSCHE BANK
DEUTSCHE TELEKOM AG
E. ON AG (EX-VEBA)
EDP
EDP RENOVAVEIS
ENDESA
ENEL SPA 2001
ENI SPA
FORTIS
FORTIS DTOS 08
FORTIS ( DTOS) Strip VVPR
FRANCE TELECOM
GALP ENERGIA
GDF SUEZ
GLAXO SMITHKLINE
GOOGLE INC
IBERDROLA
ING GROUP
INTESA SANPAOLO
KONINKLIJKE PHILIPS ELECTRONICS
LAFARGE
LANXESS AG
L'OREAL
LVMH MOET HENNESSY
MARTIFER SGPS SA
MG GESTÃO DE ACTIVOS FINANCEIROS
MG PATRIMONIOS-SOC. GESTORA PATRIMONIOS
MUNCHENER RUCKVERS.
NESTLE
NOKIA AB FINLAND
PINAULT - PRINTEMPS - REDOUTE
PORSCHE
PORTUCEL - N
PORTUGAL TELECOM
REN
RENAULT SA
REPSOL
RIO TINTO PLC
ROYAL BK SCOTLAND GR
ROYAL DUTCH SHELL
ROYAL KPN - KONINKLIJKE
RWE
SANOFI SYNTHELABO
LUSITANIA
Quant.
Nominal
Value
530.000,00
550.000,00
141.000,00
100.000,00
200.000,00
1,00
250.000,00
200.000,00
152.850,18
500.000,00
2,00
230.000,00
161.000,00
482.000,00
884.000,00
1.000.000,00
5.508,00
1.163,00
6.860,00
1.970,00
1.057,00
3.777,00
13.379,00
145.896,00
671.014,00
21.214,00
862,00
1.511,00
1.151,00
2.147,00
5.400,00
102.573,00
1.876,00
1.400,00
3.512,00
2.759,00
5.646,00
5.310,00
733.839,00
103.753,00
2.182,00
21.054,00
8.962,00
7.767,00
3.500,00
1.360,00
6.552,00
192.850,00
2.582,00
3.795,00
324,00
600,00
16.792,00
2.804,00
4.314,00
417,00
219,00
708,00
598,00
7.320,00
15,00
12,00
801,00
3.630,00
18.127,00
209,00
1.972,00
255.688,00
138.200,00
39.800,00
257,00
1.900,00
2.111,00
6.233,00
6.854,00
2.643,00
1.150,00
2.339,00
COMPANHIA DE SEGUROS SA
% of
Medium
Nominal Acquisition
Value
Price
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
98,82
98,13
93,99
60,44
99,97
Total
Acquisition
Value
100,06
96,57
79,07
98,75
248.884,39
100,04
96,87
99,84
75,26
56,26
523.105,62
538.734,84
132.525,70
60.438,23
199.945,72
50.000,00
250.144,89
193.140,66
120.865,37
493.750,00
248.884,39
230.096,45
155.965,79
481.238,86
665.316,56
562.551,48
2,66
28,35
2,95
85,52
18,08
14,65
12,21
2,41
1,16
11,24
43,15
52,63
32,35
48,04
100,00
6,96
32,93
6,79
36,76
52,98
13,29
28,41
3,28
7,70
22,22
4,30
17,08
3,02
0,00
0,00
18,10
11,96
28,68
14,58
413,93
8,19
7,76
3,03
19,98
60,25
26,61
75,41
75,63
8,01
0,00
0,00
129,76
237,92
20,59
82,44
94,45
1,79
8,39
3,56
35,32
18,66
35,23
0,82
20,37
11,44
87,44
53,72
57.760,19
32.975,98
20.247,12
168.479,80
19.109,54
63.985,67
163.305,41
351.639,19
779.879,15
238.352,34
37.196,65
79.518,34
37.230,44
117.021,61
540.000,00
713.645,31
61.770,03
9.511,56
129.095,40
146.162,09
75.016,37
150.879,40
2.406.174,42
798.486,80
48.486,45
90.524,81
153.057,83
23.436,98
0,00
0,00
118.584,94
2.305.625,54
74.050,04
55.335,42
134.112,30
4.911,42
134.858,35
8.500,37
86.193,66
25.124,30
5.828,31
53.388,64
45.225,42
58.620,90
0,00
0,00
103.941,64
172.735,16
408.002,96
17.230,21
193.197,18
457.290,99
1.158.966,54
141.507,59
9.076,64
35.452,72
74.377,01
5.203,94
139.617,21
30.224,59
100.560,26
125.643,70
02
Balance Value
Unit
97,28
95,05
76,02
61,11
94,77
98,40
100,39
27,77
101,43
248.884,39
99,46
98,16
82,72
0,01
0,00
Total
515.559,09
522.771,70
107.188,20
61.106,48
189.535,80
50.000,00
246.009,75
200.772,60
42.440,70
507.140,50
248.884,39
228.764,44
158.044,04
398.700,00
61,36
1,00
4,54
25.006,32
9,25
10.757,75
2,34
16.052,40
87,15
171.685,50
18,82
19.892,74
16,54
62.471,58
12,73
170.314,67
2,12
309.299,52
0,85
567.006,83
11,55
245.021,70
43,46
37.462,52
55,96
84.555,56
31,80
36.601,80
55,90
120.017,30
100,00
540.000,00
7,18
736.474,14
33,56
62.958,56
6,43
9.000,60
37,23
130.751,76
49,42
136.349,78
10,29
58.097,34
29,23
155.211,30
3,11 2.280.771,61
6,63
687.882,39
23,95
52.247,99
4,05
85.216,07
17,80
159.523,60
2,62
20.372,84
0,00
0,00
0,00
0,00
17,43
114.201,36
12,08 2.329.628,00
30,08
77.666,56
14,72
55.862,40
430,00
139.320,00
6,67
4.002,00
6,90
115.864,80
3,15
8.832,60
20,68
89.213,52
57,81
24.106,77
26,34
5.768,46
78,00
55.224,00
78,38
46.871,24
3,34
24.448,80
5,00
75,00
5,00
60,00
108,67
87.044,67
50,20
182.226,00
8,92
161.692,84
84,24
17.606,16
43,74
86.255,28
1,98
506.006,55
8,52 1.177.464,00
3,00
119.400,00
35,76
9.190,32
18,73
35.577,50
37,21
78.550,31
0,33
2.056,89
21,10
144.619,40
11,84
31.293,12
67,96
78.154,00
55,06
128.785,34
99
02
Financial
Statements
ANNUAL REPORT
2009 FINANCIAL YEAR
% of
Medium
Nominal Acquisition
Value
Price
Total
Acquisition
Value
2.328,00
43.322,00
2.812,00
2.964,00
10.110,00
162.531,00
219.711,00
2.443,00
676,00
34.558,00
4.556,00
25.311,00
5.748,00
40.246,00
3.901,00
1.846,00
76.322,00
36.430,00
76,74
7,65
64,94
44,79
0,82
2,56
0,97
4,88
0,01
2,75
9,01
19,14
43,11
2,56
22,14
20,30
1,57
4,64
89.323,44
289.436,13
182.618,18
149.276,87
8.294,35
366.037,54
212.566,77
11.927,80
4,22
98.687,97
44.708,91
484.441,53
247.805,16
103.081,27
86.372,29
37.474,07
119.885,45
169.005,35
33,00
7,76
64,21
48,95
0,83
2,58
0,87
4,88
16,13
1,09
6,50
19,52
45,01
2,23
22,75
20,80
1,60
4,34
76.824,00
336.178,72
180.558,52
145.087,80
8.391,30
418.517,33
191.148,57
11.921,84
10.903,88
37.599,10
29.614,00
494.070,72
258.688,74
89.547,35
88.747,75
38.387,57
122.115,20
158.033,34
SOC. PORTUGUESA DE ADMINISTRAÇÕES
80.632,00
16,54
589.561,17
16,54
589.561,17
CLINICA SERV. MÉDICOS COMPUTORIZADOS DE
BÉLEM
51.465,00
4,99
256.706,34
4,99
256.706,34
1,00
50.000,00
50.000,00
50.000,00
50.000,00
1.700.000,00
7,35
12.500.000,00
11.600,00
7,35 12.500.000,00
11.600,00
100,00
69.920,00
10.500,00
84.000,00
13,00
3.385,00
1.081,00
50,00
10,00
110.204,00
90,00
471,00
249,70
7,54
178,22
22,04
4,99
27,57
29,88
10,00
4,99
29,41
9,98
21,18
24.969,95
527.363,85
1.871.317,34
1.851.310,40
64,84
93.315,11
32.300,05
500,00
49,88
3.261.415,64
897,84
9.975,96
249,70
24.969,95
7,54
527.363,85
38,10
400.000,00
22,04 1.851.310,40
4,99
64,84
27,57
93.315,11
29,88
32.300,05
10,00
500,00
4,99
49,88
29,41 3.261.415,64
9,98
897,84
21,18
9.975,96
38.880,00
7,66
278.084,18
7,66
278.084,18
6.274,00
7.500.000,00
571.763,14
100.956,30
35.690,11
8.643,00
87.275,00
1.500,00
696,54
2.186,48
105.517,18
533.575,31
500.891,77
84.365,65
450.158,94
4.400,51
50.889,80
583,00
148,69
568,96
1.980,00
7.430,00
43.836,76
45.610,00
10.900,00
2.200,00
38.850,81
0,88
1,56
3.342,20
190.813,00
30.000,00
4.250,97
2.379,00
578.054,00
84,57
0,75
0,61
7,74
14,74
1.066,90
105,00
49,88
1.073,85
14,81
5,56
3,89
6,90
6,74
5,18
7,21
6,02
5.120,20
79,39
1.056,82
102,98
100,40
10,54
102,54
45,65
109,37
16,37
66.168,56
110.104,35
191,88
0,68
100,00
100,55
4,24
0,75
530.609,66
5.640.370,01
350.522,38
781.552,75
525.950,75
9.221.193,61
9.163.905,71
74.819,68
746.053,36
32.372,89
587.144,63
2.076.347,38
3.479.325,30
568.666,63
2.332.234,82
31.728,01
306.168,48
2.985.079,38
11.804,41
601.287,52
203.904,27
742.039,41
462.082,06
4.676.799,23
497.533,77
240.624,00
635.937,14
50.000,00
171.542,58
641.289,93
129.058,50
3.000.000,00
427.433,93
10.082,20
433.374,67
80,75
0,75
0,52
9,17
16,83
477,30
94,88
72,52
1.452,46
11,46
6,11
4,30
6,97
7,40
6,01
6,94
6,58
2.270,89
63,38
637,14
0,00
120,88
11,72
101,10
43,80
140,97
19,04
66.168,56
129.619,20
191,06
0,60
105,17
86,16
28,50
0,55
506.632,25
5.640.370,01
294.849,11
926.000,45
600.526,44
4.125.343,70
8.280.302,90
108.774,45
1.011.693,58
25.053,48
645.031,38
2.294.373,83
3.491.190,29
624.570,80
2.705.005,07
30.559,15
334.651,31
1.323.926,77
9.423,12
362.507,14
0,19
898.138,40
513.723,01
4.611.321,51
477.472,32
310.140,49
739.706,76
58.228,33
201.946,71
638.560,74
113.579,16
3.155.049,00
366.263,58
67.791,75
319.973,11
ISIN
SECURITY
Quant.
DE0007164600
PTSEM0AM0004
DE0007236101
FR0000130809
PTSNPOAE0008
PTS3P0AE0009
PTSON0AE0001
FI0009005961
FR0010613471
IT0003497168
SE0000108656
ES0178430E18
FR0000120271
IT0000064854
NL0000009355
FR0000127771
GB00B16GWD56
PTZON0AM0006
SAP AG - Pref.
SEMAPA
SIEMENS AG
SOCIETÉ GENERALE
SONAE CAPITAL
SONAE INDUSTRIA NEW
SONAE SGPS
STORA ENSO
SUEZ ENVIRONMENT SA
TELECOM ITALIA
TELEFONAKTIEBOLAGET LM ERICSSON
TELEFONICA
TOTAL FINA
UNICRÉDITO ITALIANO
UNILEVER NV
VIVENDI
VODAFONE AIRTOUCH PLC
ZON MULTIMÉDIA SGPS
922910000501
920910022001
MUTUAMAR FORMAÇÃO
921910039401
799910015001
NSEGUROS
BPN SERVIÇOS-ACE
921910003001
920910022101
921910039601
722910037201
921910012201
921910000801
921910000801
722910042601
921910024801
921910000701
921910013001
921910024901
AUDATEX
CLINICA DE SANTA MARIA DE BÉLEM
E.N. SAK FORSAKRING I EUROPA AB (CP 03/01/2008)
EMPRESA GESTORA DE IMÓVEIS DA RUA DO PRIOR
EUROMINAS
FUTURO - S.G.F.P.
FUTURO - S.G.F.P. Preferenciais s/ voto
GERMONT Empreendimentos Imobiliários SA
INTERHOTEL
LUSITANIA VIDA - Companhia de Seguros
MATUR Portador
REGIS HOTEIS
921810000801
MOÇAMBIQUE - Companhia de Seguros
KYG0621N1016
922910037101
GGY121000008
PTYPIDLM0011
PTYPIALM0006
PTYBPGIM0002
PTYBQAIM0007
PTARMAME0005
FR0000443699
PTYPIILM0008
LU0220378110
LU0292622254
PTYPINLM0001
PTYPIXLM0009
LU0220377575
PTYPIFLM0019
LU0220378623
PTYBPJMN0002
BMG288471045
KYG5569M2620
KYG399911232
LU0140037622
GB0030928112
(blank)
PTYMGNLM0006
ES0131366033
LU0141799097
LU0296922973
FR0010251108
IE0032284907
KYG6846Y1035
935930005701
IE00B06YB805
PTYSAFLM0006
GBR12100007
A2CT2 SYSTEMATIC FUNDS, SPC
Acácia - Bahrein
AEIF LP
BPI BRASIL
BPI EUROPA VALOR
FUNDO BPN IMOGLOBAL
FUNDO BPN IMOREAL
ALVES RIBEIRO - MÉDIAS EMPRESAS PORTUGUESAS
BARCLAYS MT BOND
BPI Europa Crescimento
BPI HIGH INC CL.I
BPI IBERIA CL I
BPI LIQUIDEZ
BPI OBR A.R.
BPI OPPORTUNITIES CL I
BPI Reestruturações
BPI UNIVERSAL CL
Bpn Gestão de Activos Valorização Patrimonial
Durham Overseas Fund Sub-Class I Aug Series 2007
German Real Estate Fund
Gottex Abi Fund Limited Class Eur
LCF ROTHSCHILD PRIFUND GLOBAL - ADAGIO
M&G PAN EUROPEAN C-ACC
MERCAPITAL
MULTI GEST MERC EMER
MUTUAFONDO GESTION BONO
NORDEA 1 EUR HGH YLD-BI-EUR
NovEnergia
ODDO AVENIR EUROPE-B
Odey Invest Funds PLC - Pan European Fund
Pacific Alliance China Land Limited
PALAZZO -FIIF
PREFF
SANTANDER ACÇÕES PORTUGAL
The Fine Art Fund II, L.P.
100
Nominal
Value
LUSITANIA
Balance Value
Unit
Total
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
% of
Medium
Nominal Acquisition
Value
Price
Total
Acquisition
Value
553.969,00
1,11
612.460,11
0,66
366.802,16
1.000,00
40.643,00
50.000,00
150.000,00
5,10
9,25
5,01
5,39
5.102,70
312.852,73
250.500,00
820.800,00
7,89
9,78
6,15
4,52
7.890,70
397.399,13
307.745,00
677.940,00
ISIN
SECURITY
Quant.
GBR12100008
The Fine Art Fund, L.P.
PTFUN0AN0004
PTMIV0AM0009
PTNOFCIE0006
PTNOFAIM0008
FUNDIMO
IMOVEST
LOGISTICA E DISTRIBUIÇÃO
VISION ESCRITÓRIOS
OVERALL TOTAL OF SECURITIES IN FORCE
02
Nominal
Value
17.238.180,55 198.029.542,83
292.928.331,07
Balance Value
Unit
Total
260.939.193,16
ANNEX 2 – CHANGES MADE TO PROVISION FOR CLAIMS MADE ON CASES IN PREVIOUS FINANCIAL YEARS AND THEIR
ADJUSTMENTS (corrections)
Claims provision
Claims costs(*)
as at 31.12.2008 Amounts paid in financial year
(1)
(2)
Sectors/ Groups of sectors
LIFE
Claims provision (*)
as at 31.12.2009
(3)
Readjustments
0,00
(3)+(2)-(1)
0,00
0,00
0,00
144.567.645,41
35.489.921,25
106.646.682,77
-2.431.041,39
21.339.787,56
9.087.045,65
10.881.777,63
-1.370.964,28
99.381.637,59
24.991.832,61
69.001.023,89
-5.388.781,09
10.259.422,83
5.438.789,11
3.747.975,05
-1.072.658,67
NON LIFE
ACCIDENTS AND HEALTH
FIRE AND OTHER DAMAGES
MOTOR
- THIRD PARTY LIABILITY
- OTHER COVER
MARITIME, AIR AND TRANSPORT
2.136.564,39
1.008.545,84
1.513.791,60
385.773,05
10.499.229,81
3.208.661,65
12.095.107,56
4.804.539,40
CREDIT AND GUARANTEE
793.738,57
158.956,08
680.218,27
45.435,78
LEGAL PROTECTION
182.499,32
8.585,62
101.207,46
-72.706,24
GENERAL LEGAL LIABILITY
ASSISTANCE
OTHER
1.916,70
54,88
247,76
-1.614,06
682.265,26
1.189,17
674.923,15
-6.152,94
TOTAL
289.844.707,44
79.393.581,86
205.342.955,14
-5.108.170,44
OVERALL TOTAL
289.844.707,44
79.393.581,86
205.342.955,14
-5.108.170,44
(*) Claims made in 2007 and previous years
LUSITANIA
COMPANHIA DE SEGUROS SA
( in euros)
101
02
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
ANNEX 3 – BREAKDOWN OF CLAIMS COSTS
Sectors/ Groups of sectors
Amounts paid
- instalments
Variation in claims
provision
Claims costs
(1)
Amounts paid-management cost of claims
entered
(2)
(3)
(4)=(1)+(2)+(3)
ACCIDENT AND HEALTH
33.552.988,79
2.491.473,14
2.151.588,67
38.196.050,60
FIRE AND OTHER DAMAGES
12.786.284,63
997.562,79
-1.750.504,64
12.033.342,78
24.480.265,28
1.534.025,44
-1.215.942,99
24.798.347,73
DIRECT INSURANCE
MOTOR
- THIRD PARTY LIABILITY
8.784.786,54
618.374,83
-52.911,67
9.350.249,70
MARITIME, AIR AND TRANSPORT
- OTHER COVER
610.462,62
14.198,56
134.315,03
758.976,21
GENERAL THIRD PARTY LIABILITY
1.114.036,99
169.203,06
-548.900,17
734.339,88
54.090,00
384,11
27.660,20
82.134,31
LEGAL PROTECTION
367,20
10.241,15
-9.565,60
1.042,75
ASSISTANCE
117,20
274,37
915,25
1.306,82
CREDIT AND GUARANTEE
OTHER
401,29
342,97
-2.389,76
-1.645,50
TOTAL
81.383.800,54
5.836.080,42
-1.265.735,68
85.954.145,28
1.242.458,48
2.189,99
17.356,12
1.262.004,59
OVERALL TOTAL
82.626.259,02
5.838.270,41
-1.248.379,56
87.216.149,87
INWARD REINSURANCE
ANNEX 4 – BREAKDOWN OF SOME VALUES PER SECTOR
Sectors/ Groups of sectors
Gross premiums issued
Gross premiums
acquired
Gross claims costs *
Gross operating
costs *
Reinsurance balance
ACCIDENT AND HEALTH
48.822.969,32
49.385.134,89
38.196.050,60
10.316.257,69
-1.773.592,36
FIRE AND OTHER DAMAGES
31.043.418,00
32.177.138,54
12.033.342,78
10.109.833,58
-7.511.168,75
DIRECT INSURANCE
MOTOR
- THIRD PARTY LIABILITY
30.391.002,08
31.921.184,09
24.798.347,73
9.684.130,71
-775.807,22
14.032.751,37
14.948.948,64
9.350.249,70
3.914.068,20
-2.356.343,84
MARITIME, AIR AND TRANSPORT
1.448.909,37
1.457.219,88
758.976,21
475.915,50
-149.697,95
GENERAL THIRD PARTY LIABILITY
3.155.912,86
3.046.830,83
734.339,88
1.950.566,48
-475.539,39
- OTHER COVER
CREDIT AND GUARANTEE
124.680,48
120.088,22
82.134,31
44.366,20
5.083,68
LEGAL PROTECTION
580.217,03
580.217,03
1.042,75
153.649,63
0,00
ASSISTANCE
371.372,69
371.372,66
1.306,82
-79.354,99
-184.860,23
OTHER
269.567,46
289.682,68
-1.645,50
83.813,44
-202.257,77
130.240.800,66
134.297.817,46
85.954.145,28
36.653.246,44
-13.424.183,83
2.096.261,94
2.115.445,94
1.262.004,59
804.972,24
0,00
132.337.062,60
136.413.263,40
87.216.149,87
37.458.218,68
-13.424.183,83
TOTAL
INWARD REINSURANCE
OVERALL TOTAL
(in euros)
Reinsurance balances, when positive, are to the benefit of Insurers.
Reinsurance balances, when negative, are to the benefit of Reinsurers.
* Without deduction on the part of reinsurers.
102
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
2009 FINANCIAL YEAR
Financial
Statements
02
LAND AND BUILDINGS AS AT 31 DECEMBER 2009
Year of
Acquisition
LOCATION
Lisboa
Av. Eng. Duarte Pacheco, Torre 2, R/c - Frac. ES (Loja)
Rua de São Domingos à Lapa, 35 a 41
Av. Eng. Duarte Pacheco, Torre 2, 4º - Sala 2
Av. Eng. Duarte Pacheco, Torre 2, Fracção AY (Parque)
Av. Eng. Duarte Pacheco, Torre 2, Fracção AZ (Parque)
Av. Eng. Duarte Pacheco, Torre 2, Fracção BA (Parque)
Av. Eng. Duarte Pacheco, Torre 2, Fracção GA (Parque)
Av. Eng. Duarte Pacheco, Torre 2, Fracção GB (Parque)
Av. Eng. Duarte Pacheco, Torre 2, Fracção II (Parque)
Av. Eng. Duarte Pacheco, Torre 2, Fracção FF (Parque)
Av. Eng. Duarte Pacheco, Torre 2, Fracção ND (Parque)
Av. Eng. Duarte Pacheco, Torre 2, Fracção ASN (Parque)
Av. Eng. Duarte Pacheco, Torre 2, Fracção ASO (Parque)
Av. Eng. Duarte Pacheco, Torre 2, Fracção ATE (Parque)
Av. Eng. Duarte Pacheco, Torre 2, Fracção ATF (Parque)
Praça de Espanha, Lote D - Terreno Sede
Rua de São Domingos à Lapa, 29 a 33
Rua do Prior, 6
Alameda dos Oceanos, Ed. Adamastor, Lj 3.16.01 J
Av.Ant.Aug.Aguiar, 7 *
Av.Ant.Aug.Aguiar, 23 *
Av.Rio Janeiro, 13, 1.º Dtº
Av.Rio Janeiro, 13, 1.º Esq.
Av.Rio Janeiro, 13, 2.º Esq.
Av.Rio Janeiro, 13, 3.º Dtº
Av.Rio Janeiro, 13, 3.º Esq.
Av.Rio Janeiro, 28, r/c Dtº
Av.Rio Janeiro, 28, r/c Esq.
Av.Rio Janeiro, 28, 1.º Dtº
Av.Rio Janeiro, 28, 1.º Esq.
Av.Rio Janeiro, 28, 2.º Dtº
Av.Rio Janeiro, 28, 3.º Dtº
R. Mª Amália V. Carvalho, 36 *
Porto
Rua Júlio Dinis, 676 - Loja (Fracção A) - Dependência
Rua Júlio Dinis, 676 - 3º (Fracção E)
Rua Júlio Dinis, 676 - 4º (Fracção F)
Rua Júlio Dinis, 676 - 5º (Fracção G) - Filial
Rua Júlio Dinis, 676 - 7º (Fracção I)
Rua Júlio Dinis, 676 - Auditório (50% Fracção J)
Rua Júlio Dinis, 676 - Pq. Estac. nº 1 (Fracção L)
Rua Júlio Dinis, 676 - Pq. Estac. nº 2 (Fracção M)
Rua Júlio Dinis, 676 - Pq. Estac. nº 5 (Fracção P)
Rua Júlio Dinis, 676 - Pq. Estac. nº 6 (Fracção Q)
Rua Júlio Dinis, 676 - Pq. Estac. nº 7 (Fracção R)
Rua Júlio Dinis, 676 - Pq. Estac. nº 8 (Fracção S)
Rua Júlio Dinis, 676 - Pq. Estac. nº 9 (Fracção T)
Rua Júlio Dinis, 676 - Pq. Estac. nº 10 (Fracção U)
Rua Júlio Dinis, 676 - Pq. Estac. nº 11 (Fracção V)
Rua Júlio Dinis, 676 - Pq. Estac. nº 12 (Fracção X)
Rua Júlio Dinis, 676 - Pq. Estac. nº 13 (Fracção Z)
Rua Júlio Dinis, 676 - Pq. Estac. nº 14 (Fracção AA)
Rua Júlio Dinis, 676 - Pq. Estac. nº 15 (Fracção AB)
Rua Júlio Dinis, 676 - Pq. Estac. nº 16 (Fracção AC)
Rua Júlio Dinis, 676 - Pq. Estac. nº 29 (Fracção AQ)
Rua Júlio Dinis, 676 - Pq. Estac. nº 30 (Fracção AR)
Rua Júlio Dinis, 676 - Pq. Estac. nº 31 (Fracção AS)
Rua Júlio Dinis, 676 - Pq. Estac. nº 32 (Fracção AT)
Rua Júlio Dinis, 676 - Pq. Estac. nº 33 (Fracção AU)
Rua Gonçalo Sampaio, 271 - 4º Esq. (inclui parque estac.)
Rua Infante D. Henrique, 87/91 - R/c e Cv.
Rua Infante D. Henrique, 87/91 - 1º A
Rua Infante D. Henrique, 87/91 - 1º B
Rua Infante D. Henrique, 87/91 - 2º A
Rua Infante D. Henrique, 87/91 - 2º B
Rua Infante D. Henrique, 87/91 - 3º A
Rua Infante D. Henrique, 87/91 - 3º B
Rua Infante D. Henrique, 87/91 - 4º A
Rua Infante D. Henrique, 87/91 - 4º B
R. Prof. Duarte Leite, 97 5º
Augusto luso
Av de França, 222,256,316 HF/HG/TY/TZ
Av de França, 222,256,316 BR/BS
Av. de França, 352 1º andar
LUSITANIA
Value of
Inventory
1987
1995
1987
1988
1988
1988
1989
1989
1991
1991
1991
1992
1992
1992
1992
1989
1995
2000
2003
1963
1971
1957
1957
1957
1957
1957
1957
1957
1957
1957
1957
1957
1957
542.500,00
11.810.230,00
153.000,00
25.000,00
25.000,00
25.000,00
25.000,00
25.000,00
25.000,00
25.000,00
25.000,00
25.000,00
25.000,00
25.000,00
25.000,00
7.486.605,34
4.462.487,20
4.323.347,38
346.491,65
5.166.056,89
5.846.144,42
128.686,29
130.747,01
210.966,66
152.950,83
142.905,02
114.004,69
114.004,69
113.858,49
114.101,53
183.716,80
122.901,37
635.150,83
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
2001
2002
2005
2005
2005
2005
2005
2005
2005
2005
1998
2005
2008
2008
2008
262.200,00
859.200,00
859.200,00
924.750,32
840.000,00
183.444,00
20.000,00
20.000,00
20.000,00
20.000,00
20.000,00
20.000,00
20.000,00
20.000,00
20.000,00
20.000,00
20.000,00
20.000,00
20.000,00
20.000,00
20.000,00
20.000,00
20.000,00
20.000,00
20.000,00
754.776,84
279.000,00
212.741,28
186.940,74
214.491,48
187.544,26
213.224,11
188.570,25
185.250,88
176.771,41
83.101,00
190.000,00
173.544,00
28.356,00
385.794,00
COMPANHIA DE SEGUROS SA
LOCATION
Almada
Rua Galileu Saude Correia, 15 B
Aveiro
Av. Eng. Adelino Amaro da Costa, 14
R.Feira Março 11/13
Braga
Largo de S. Francisco, 37
Lg Barão S. Martinho, 132 1º
Caldas da Rainha
R. Dr. Francisco Sá Carneiro, 8, r/c
Castelo Branco
R. Dr. Henrique Carvalhão, Lote 13 - loja 4
Évora
Rua José Elias Garcia, 36
Rua Santa Catarina 49, Piso -3, Fracção T
Maia
Rua Augusto Simões, 1358-C
Rua Augusto Simões, 1364-B
R. Eng Duarte Pacheco
Lg Minhoteira, Arr. B-Crestins
Portimão
R. Santa Isabel, 15
Santa Maria da Feira
Rua Comendador Sá Couto, 61, r/c D
Sintra
Rua Dr Alfredo Costa, 46-48, R/c Dto.
Torres Novas
Lgo D. Diogo Fern. Almeida, Ed. Parque, Lote G - 1º
Av. Francisco Sá Carneiro, nº 2, r/c dto
Ponta Delgada
Rua de São Gonçalo nº24-Fracção V
Gaia
Rua Soares dos Reis, 1116 - F
Lamego
Rua Alexandre Herculano, 6 - R/c, Loja 2 Esq.
Leiria
Edificio 2002-Carpalho-Fracção “T”
Funchal
Rua 31 Janeiro, 87 - Edif. Ponte Nova, 2º / Sala T
Rua Elias Garcia, 7, 9 e 11
Guimarães
Rua Teixeira de Pascoais, 123 B
Rio Tinto
Rua da Levada, 82 - R/c. Dtº
Coimbra
Av Fernão Magalhaes nº22;nº23 - Fracção A
Espinho
Barros Silvade
Gondomar
R. 5 Outubro, 127
Loures
Av das Descobertas, 49
Setubal
Av. Rodrigues Marito, 100 A
Viana do Castelo
Quinta Peso-Geraz do Lima
Vila do Conde
R. Baltazar do Couto, 90 R/c
Oeiras
Alam.Fernão Lopes,29,16º.D Miraflores
Matosinhos
R. 1º Dezembro, 21, r/c
R. 1º Dezembro, 21, r/c
R. 1º Dezembro, 21, 1.º Esq.
R. 1º Dezembro, 21, 1.º Dt.
R. 1º Dezembro, 21, 2.º Esq.
R. 1º Dezembro, 21, 2.º Dt.
R. 1º Dezembro, 21, 3.º
Figueira da Foz
R. 10 de Agosto, 90/92, Loja
R. 10 de Agosto, 90/92, Gar - Artigo C
R. 10 de Agosto, 90/92, Gar - Artigo D
TOTAL
Year of
Acquisition
Value of
Inventory
1999
542.616,61
2006
1998
188.031,79
347.755,00
1989
1998
572.400,00
631.000,00
2006
456.340,51
2003
318.857,00
1989
1993
370.000,00
15.000,00
1991
1991
2004
1998
148.964,00
273.561,71
397.000,00
390.704,00
2003
231.000,00
2005
409.000,00
1992
355.131,73
1989
2004
102.000,00
452.750,00
2009
376.095,39
2000
188.000,00
1997
176.400,00
2009
376.113,39
1997
1997
131.882,58
15.000,00
1997
209.000,00
1997
43.675,00
2009
429.745,39
670.000,00
1998
143.566,00
2008
250.000,00
1998
148.500,00
1998
290.000,00
1998
256.000,00
1994
143.722,53
2006
2006
2006
2006
2006
2006
2006
77.481,90
98.143,45
102.296,85
136.829,46
102.296,85
136.829,46
113.847,28
2005
2005
2005
84.606,42
18.679,34
19.778,12
61.310.359,39
103
02
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
LUSITANIA COLLECTION
Gold Coins
Reference Acquisition
A. Gomes Nr. - Date
DESCRIPTION
Value of
Inventory
MOEDAS SUEVAS
V
Soldos
Anv: DNPLAVALENTI - NIAANVSPFAVG
Rev: VICTORI - AAVCCC COMOB R-V
Anv: DNHONORI - VSPFAVG
Rev: VICTORI - AAVCCC COMOB M-D
Anv: DNHOHORI - VSPFAVC
Rev: VICTORI - AAVCCC COMOB M-D
Anv: IIOIIOR - VSOC VC
Rev: VICTORIII - VCCC CONOR II-D
Trientes
Anv: CNV ILINTIII NC
Rev: CO OC
Anv: OV IV - I V LEI
Rev: O O
Anv: OVIIIINITE OPL
Rev: - O - I - *
49-91
2 493,99
50-91
7 481,97
51-91
7 481,97
52-91
7 481,97
53-91
7 481,97
54-91
7 481,97
55-91
7 481,97
MOEDAS VISIGODAS
Reinado de Leovigildus
(568-586)
56-91
Reinado de Reccaredus
(586-601)
7 481,97
VI
Trientes
Anv: +RECCAREPVS RE+
Rev: + TOS ELVORA IVS
Anv: +RECCARIPVS RE (x)
Rev: + IMINIO PIVS
Rev: + IND NME VVITTIZA P+
Anv: + IN DI NM EGICA P+
Rev: + VVITTI A P+
Anv: + INDINIIEGICARXREGI+
Rev: + VVITTIZA REGIES+
Evora
01 07
57-91
5 985,57
Coimbra
01 12
58-91
14 963,94
Reinado de Gundemarvs
(609-612)
60-91
6 983,17
61-91
14 963,94
Coimbra
01 04
62-91
29 927,87
VI
Idanha-a-Velha
01 05
63-91
14 963,94
Evora
01 06
64-91
5 985,57
Braga
01 02
65-91
19 951,92
Panoias - Vila Real
01 22
66-91
37 409,84
Trientes
Anv: + SVINTHILA REX
Rev: + TVS ELVORA IVS
Anv: + SY||THILA RE
Rev: + PIVS BRACARA
Reinado de Egica e Wittiza (Egitania)
(687-702) (698-710)
VI
Evora
01 14
67-91
12 469,95
Braga
01 04
68-91
14 963,94
VI
Elvora
01 10
1-06
5 885,25
04 02/
04 05/
04 03
04 02
1-90
13 963,34
2-90
13 966,34
06 01
1-03
20 701,50
1-07
168 150,00
89 02
36-92
44 891,81
92 04
23-93
89 783,62
31 06
3-90
2 992,79
31 16v
37-92
2 992,79
31 17v
12-06
4 035,60
32 04
4-90
16 460,33
13-06
6-90
2 466,20
1 895,43
23 02
23 10
4-06
11-91
2 802,50
1 895,43
23 11
5-90
1 895,43
23 13
7-90
1 895,43
23 13
8-90
1 995,19
25 07
43-95
89 783,62
24 08 / 24 10
38-92
23 692,90
5-04
9-94
9-90
1 750,00
1 246,99
1 945,31
S1
A2
04 03
Reinado D. Fernando I - O Formoso
(1367-1383)
FE
Gentil - Lisboa
+FERNANDVX:D* *G:REX:PORTVG: /
+ FERNANDVS:D:REX:PORTVGALI:ALGARBI
Dobra Pé-Terra
FERNANDVS REX - PORTVGAL E ALG /
+FERNANDVS:DEI:GRA:REX:PORTVGAL:ALG
A5
Reinado D. João II - O Príncipe Perfeito
(1481-1495)
01 02
Reinado de Suinthila
(621-631)
104
01 03
Evora
Reinado de Sisebutus
(612-621)
Trientes
Anv: + IN DN.N.EGICA P+
14 963,94
VI
Trientes
Anv: + GVHDEMARVS RE (5d)
Rev: + TVS ELVORA IVS (5d)
Anv: + GVHDEMARVS RE (8c)
Rev: + IMINIO ENCLITV : (51)
(Único exemplar conhecido)
Trientes
Anv: + SISEBVTVS REx (8c)
Rev: + EGITANIA PIVS
Anv: + SISEBVTVS REX
Rev: + TVS ELVORA IVS
Anv: + SISEBVTVS REXS
Rev: + BRACARA PIV
Anv: + SESIBVTVS REX
Rev: PANONIAS PIVS
(Único exemplar conhecido)
59-91
VI
Evora
14 963,94
Morabitino
REGISPORTVGALEENSIVM /
MONETA DOMINI ALFONSI
Cruzado - Lisboa
+CRVZATVS:ALFONSVS:QVI /
+ALFONS:QVIRTI:REGIS:PORT
Cruzado - Lisboa
+CRVZATVS:ALFORS Q:URTI:REGIS /
+ADIVTORIVM:NOSTRVM:IN:NOMIE
Cruzado - Lisboa
Legenda HA - ponto nos extremos da cruz
Cruzado - Porto
+CRVZATVS:ALFONSVS:QVIRTI /
+ADIVTORIVN:NOSTRVN:IN:NO:
Trientes
Anv: + VVITTIRICVS RE
Rev: TVS ELVORA IVS
14 963,94
70-91
Morabitino
+SANCIVS EX RTVGALIS* /
+INNEPTRISTEILIISPSSIA
Morabitino
+SANCIVS EX RTVGALIS* /
+NNIEPTRISTEILIISPSSCIA
Morabitino
+SANCIVS REX PORTUGALIS* /
+IN NE PTRIS I FLIII SRS SCIA
Trientes
Anv: + DN LIVVA RE +
Rev: + TVS ELVORA IVS
01 01
69-91
01 09
Reinado D. Sancho I - O Povoador
(1185-1211)
Reinado D. Afonso V - O Africano
(1438-1481)
Evora
01 05
Evora
MOEDAS PORTUGUESAS
Reinado de Liuva II
(601-603)
Reinado de Witterricus
(603-609)
Value of
Inventory
Idanha-a-Velha
Reinado D. Afonso II - O Gordo
(1211-1223)
VI
Trientes
Anv: XIVVI + GIXDV
Rev: I | REX | INCXI O O
Reference Acquisition
A. Gomes Nr. - Date
DESCRIPTION
J2
Cruzado - Lisboa
Cruzado - Lisboa
+IOAES:SEGUNDO:REGIS:POR /
+IOANIS:SEQUDI:REGIS:DORT
Cruzado - escudetes verticais; 7 castelos
Cruzado - Lisboa
+IOHANES:II:R:P:ET:A:D:GVINEE /
+IOHANES:II:R:P:ET:A:D:GVINE
Cruzado - Lisboa
+IOHANES:II:R:P:ET:A:D:GVINE /
+IOHANES:II:R:P:ET:A:D:GVINE
Cruzado - Lisboa
+IOHANES:II:R:P:ET:A:D:GVINEE /
+IOHANES:II:R:P:RT:A:D:GUINEE
Cruzado - Lisboa
+IOHANES:II:R:P:ET:A:D:GVINEE /
+IOHANES:II:R:P:ET:A:D:GVINEE
Justo - Lisboa
+IOAIIS. 2º:R:DORTVGALIE:ALGAR:DNSCB GVINE /
:IVSTU:VT:PALMA:FLOREBIT
Espadim ou Meio Justo - Lisboa
+IOhANES:I:I:P:R:ALG:DNQ:GVINE/
IOhANES:R:II P:ET:A:D:GVINE
Reinado D. Manuel I - O Venturoso
(1495-1521)
E1
Lote de 70 Fanões - Índia
Mea Goa - Goa
Cruzado - Lisboa - Estrelas no 1º e 2º Quadrantes
+I:EMANVEL:R:P:ET:A:D:GVINEE /
+:I:EMANVEL:R:P:ET:A:D:GVINE
LUSITANIA
22 05
22 falta/ 22 13
13 03
70 01
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
2009 FINANCIAL YEAR
Reference Acquisition
A. Gomes Nr. - Date
DESCRIPTION
Cruzado - Lisboa - Estrela no 3º Quadrante
+EMANVEL:P:R:P:ET:A:D:GVINEE: /
+EMANVEL:P:R:P:ET:A:D:GVIN:
Cruzado - Lisboa - Estrela no 3º Quadrante
+EMANVEL:P:R:P:ET:A:D:GVINE /
+EMANVEL:P:R:P:ET:AD:GVINE
Português - Lisboa
+I:EMANVEL:R:PORTVGALIE:AL:C:VL:IN:D:G /
EN:C ETHIOPIE:ARABIE:PERSIE:IN
::IN::HOC::SIGNO::VINCEES
Reinado D. João III - O Piedoso
(1521-1557)
Meio São Vicente LG - com Setas
+SEBASTIANVS:I:REX:PORTV:ET /
.ZELATOR:FIDEI:VSQUE:AD:MORT
(Único exemplar conhecido)
500 Reais
+SEBASTIANVS:I:REX:PORTVG /
*IN.HOC.SIGNO.VINCES
500 Reais
+SEBASTIAN(VS):I:REX:PORTVG /
*(I)N:HOC:SIGNO:VINCES
500 Reais
+SEBASTIANVS I REX PORTVG /
IN.HOC.SIGNO.VINCES
LUSITANIA
62 02 / 62 04
10-90
3 990,38
62 03
12-91
3 990,38
73 07
44-95
49 879,79
J3
Pardau de São Tomé
Pardau de São Tomé - coroa diferente
Pardau de São Tomé
Pardau de São Tomé
Cruzado - Lisboa - Sete Castelos
*IOANES*III*R*PORT /
*IN*HOC*SIGNO*VIN
Cruzado - Lisboa - Sete Castelos
*IOANES*III*R*POR /
*IN*HOC*SIGNO*VIN
Cruzado - Lisboa - Sete Castelos
2 pontos sobre o L
*IOANES*III*R*POTRV /
*IN*HOC*SIGNO*VINC
Cruzado - Lisboa - Oito Castelos - Módulo maior
*IOANES*III**R*PORTVGALIE*AL /
*IN*HOC*SIGNO*VINCES
Cruzado - Lisboa - escudo entre pontos
Cruzado - Lisboa
Cruzado LR
*IOANES :III :R : PORTVGALIE :AL /
*IN HOC SIGNO VINCES
Cruzado RL Sete Castelos
Cruzado Calvário P-R
IOANES+III+R+PORTVG /
+IN+HOC+SIGNO+VINCES
Cruzado Calvário
IOANES+III+R+PORTVGAL /
IN.HOC:SIGNO:VINCES
Cruzado Calvário
IOANES:III:PORTVGALIE /
+IN:HOC:SIG NO:VINCES
Cruzado Calvário (2º tipo) (400 Reais)
+IOA:III:POR:ET:AL:RE /
+INHOC:SIG NO:VINCES
Cruzado Calvário
+IOA:III¨POR¨ET¨AL:R: /
+INHOC:SI NO:VINCS.
Cruzado Calvário
+IOA:III:POR:ET:AL.R /
+INHOC.SI GNO:VINC
Cruzado Calvário - reverso SS invertido
Cruzado Calvário
Cruzado Calvário - Cruz com cravos
+IOANES.III.PORTVGALE /
:IN:HOC:SIG NO:VINCES
Meio São Vicente
.IOANNES.III.REX.PORTV. /
ZELATOR FIDEI VSQVEAD MORT.
Meio São Vicente PO
.IOANNES.III.REX.PORTV. /
+ZELATOR FIDEI VSQVEAD M
Meio São Vicente O-O Porto
São Vicente
IONNES:III:REX:PORTV:E(T:A)L /
VSQUE ADMORTEM ZELATOR FI(DE)I
Português - LR
.IOANNES:3:REX:PORTVGALIE:AL:D:GVL /
IN.HOC.SIGNO.VINCES
Reinado D. Sebastião I - O Desejado
(1557-1578)
Value of
Inventory
12 05
12 04
12 06 v
12 06 v
147 01 / 147 03
10-94
22-93
10-07
11-07
13-91
1 496,39
2 493,99
1 345,20
1 233,10
2 244,59
147 05
6-02
1 678,50
147 06
11-90
2 244,59
DESCRIPTION
500 Reais - Cruz Pequena
(R/ Florão diferente - tipo 28 03)
+SEBASTIANVS I REX PORTVG /
IN.HOC.SIGNO.VINCES
500 Reais
+SEBASTIANVS I REX PORTVG /
IN.HOC.SIGNO.VINCES
500 Reais
+SEBASTIANVS I REX PORTVG /
IN.HOC.SIGNO.VINCES
500 Reais
+SEBASTIANVS I REX PORTVG /
IN.HOC.SIGNO.VINCES
500 Reais
+SEBASTIANVS I REX PORTVG /
IN.HOC.SIGNO.VINCES
Engenhoso - 1562 - Lisboa
SEBASTIANVS.I.R.PORTV /
+IN HOC SIGNO VINCES
Engenhoso
SEBASTIANVS.I.REX.PORTVG /
+IN-HOC-SIGNO-VINCES
Meio São Vicente
São Vicente - Lisboa
+SEBASTIANVS:I:REX:PORTVGALLIAE:ET /
ZELATOR:FIDEI:VS-QVE:AD MORTEM
São Vicente L.G.
+SEBASTIANVS:I:REXPORTVGALLIE /
ZELATOR:FIDELVS QV ADMORTEM
São Vicente - LG com setas
+SEBASTIANVS:I.REX.PORTVGALLAE ET /
ZELATOR:FIDEI.VSQVE.ADMORTEM
São Vicente - Porto
+SEBASTIANVS:I:REX:PORTVGALLIAE:ET /
ZELATOR:FIDEI:VS-QVE:AD MORTEM
Financial
Statements
Reference Acquisition
A. Gomes Nr. - Date
02
Value of
Inventory
57 04
22-90
598,56
57 04
23-90
598,56
57 04
24-90
598,56
57 04
25-90
598,56
57 04
26-90
598,56
63 01
47-95
49 879,79
64 04
39-92
34 915,85
65 01
68 02
7-04
45-95
11 190,00
3 491,59
69 01
28-93
3 591,34
70 01 v
29-93
19 951,92
73 01 v
46-95
19 951,92
04 01
27-90
34 915,85
04 04
48-95
34 915,85
25-93
34 915,85
6-01
25 629,23
150 01
12-90
4 987,98
154 02
154 01
158 08
1-08
2-08
1-99
3.363,00
2.466,20
2 094,95
161 01 v
164 01
1-05
1-92
2 741,55
8 728,96
162 02
24-93
6 733,77
165 06
16-90
1 396,63
166 01/ 166 03
13-90
1 396,63
2º Interregno - Governadores do Reino (1580)
168 02/ 166 01
14-90
1 396,63
500 Reais
+GVBERNATORES.E.DEFENS:REG:D.POR. /
.IN.HOC:SIGNO:VINCES
168 01/ 166 02
15-90
1 396,63
Reinado D. Filipe I - O Prudente
(1580-1598)
167 falta
167 06
173 02
14-06
15-06
14-91
1 681,50
2 354,10
1 396,63
Cruzado (400 Reais)
PHILIPPVS : D : G.REX.PORTVG ET AL /
IN : HOC : SIGNO : VINCES
174 04
17-90
6 234,97
Reinado D. Filipe II - O Pio
(1598-1621)
F2
176 02
11-99
16 714,72
24 01
5-94
24 939,89
177 02
181 01
6-04
18-90
10 071,00
3 491,59
4 Cruzados IIII - L
+PHILIPPVS.D.G.REX.PORT /
IN HOC SIGNO VINCES
4 Cruzados LIIII - B
26.01/29.01
3-04
19 582,50
187 01
70-92
49 879,79
28-90
18 455,52
1-00
24 939,89
29 02
35 04
27-95
47-91
29 927,87
24 939,89
34 06
26-93
24 939,89
SE
Reinado D. Henrique I - O Casto
(1578-1580)
500 Reais
+HENRICVS:I:D:G.RE(X).PORTV /
*IN.HOC.SIGN:O VINCES
500 Reais
+HENRICVS:I:D:G.REX:PORTV /
*IN:HOC:SIGNO.VINCES
Reinado D. Filipe III - O Grande
(1621-1640)
4 Cruzados
+PHILIPVS.D.G.RE(X).PORTV /
*IN.HOC:SIGN:O VINCES
Reinado D. João IV - O Restaurador
(1640-1656)
67 01
71-91
74 819,68
57 10
19-90
598,56
Regência do Principe D. Pedro
(1667-1683)
57 04
20-90
598,56
57 04
21-90
598,56
Moeda - 4400 Réis - 1669
Carimbos de 4 400 e de 4
sobre 4 Cruzados de D. João IV
+IOANNES IIII D G REX PORTVGALIE /
IN.HOC+SIGNO+VINCEESS
Carimbo de 4 400
COMPANHIA DE SEGUROS SA
4 Cruzados 1642
+IOANNES .IIII.D.G.REX.PORTVGALIE /
*IN.HOC.SIGNO.VINCES
HE
1º Int.
03 01
F1
21 02
F3
18 01
J4
110 03
PR
105
02
DESCRIPTION
sobre 4 000 Réis de D. Afonso VI - 1666
Carimbos de 4 400 e de 4
sobre 4 Cruzados de D. João IV
Cunhagem de Lisboa
Meia Moeda - 1681
CUNHAGEM DE LISBOA
Moeda - 1678
Moeda - 1680
Moeda - 1681
Moeda - 1681 - Muito rara (Pode ser única)
Moeda - 1682
Reinado D. Pedro II - O Pacífico
(1683-1706)
CUNHAGEM DE LISBOA
Quartinho (Coroa de Rei) - 1690
Quartinho (Coroa de Rei) - 1691
CUNHAGEM DE LISBOA
Meia Moeda - (Coroa de Rei) - 1689
Meia Moeda - (Coroa de Rei) - 1690
Meia Moeda - (Coroa de Rei) - 1692
CUNHAGEM DE LISBOA
4 000 Réis - (Coroa de Rei) - 1688
4 000 Réis - (Coroa de Rei) - 1689
4 000 Réis - (Coroa de Rei) - 1690
4 000 Réis - (Coroa de Rei) - 1691
4 000 Réis - (Coroa de Rei) - 1692
4 000 Réis - (Coroa de Rei) - 1693
4 000 Réis - (Coroa de Rei) - 1696
4 000 Réis - (Coroa de Rei) - 1697
4 000 Réis - (Coroa de Rei) - 1702
4 000 Réis - (Coroa de Rei) - 1703
4 000 Réis - (Coroa de Rei) - 1703 ETALG
4 000 Réis - (Coroa de Rei) - 1704
4 000 Réis - (Coroa de Rei) - 1704
4 000 Réis - (Coroa de Rei) - 1705
4 000 Réis - (Coroa de Rei) - 1706
CUNHAGEM DO RIO DE JANEIRO
4 000 Réis - 1703 v.s.
4 000 Réis - 1703 DG
4 000 Réis - 1704
4 000 Réis - 1707
Moeda 4 400 Réis - 1670
com cordão e esfera coroada
Carimbos de 4 400, de 4 e esfera coroada
sobre 4 Cruzados de João IV - 1642 - Lisboa
Reinado D. João V - O Magnânimo
(1706-1750)
CUNHAGEM DE LISBOA
Ensaio da Dobra de 24 Escudos - 1731
CUNHAGEM DE LISBOA
Cruzado (Coroa de 4 arcos) - 1718
Cruzado (Coroa de 4 arcos) - 1719
Cruzado (Coroa de 4 arcos) - 1720
Cruzado (Coroa de 4 arcos) - 1721
Cruzado (Coroa de 4 arcos) - 1722
Cruzado (Coroa de 4 arcos) - 1726
Cruzado (Coroa de 4 arcos) - 1736
Cruzado (Coroa de 4 arcos) - 1738
Cruzado (Coroa de 4 arcos) - 1739
Cruzado (Coroa de 4 arcos) - 1741
Cruzado (Coroa de 4 arcos) - 1742
Cruzado (Coroa de 4 arcos) - 1743
Cruzado (Coroa de 4 arcos) - 1744
Cruzado (Coroa de 4 arcos) - 1746
Cruzado (Coroa de 4 arcos) - 1746
(legenda separada por pontos)
Cruzado (Coroa de 4 arcos) - 1748
Cruzado (Coroa de 4 arcos) - 1748
Cruzado (Coroa de 5 arcos) - 1723
Cruzado (Coroa de 5 arcos) - 1724
Cruzado (Coroa de 5 arcos) - 1725
Cruzado (Coroa de 5 arcos) - 1726
Cruzado (Coroa de 5 arcos) - 1728
Cruzado (Coroa de 5 arcos) - 1729
Cruzado (Coroa de 5 arcos) - 1730
Cruzado (Coroa de 5 arcos) - 1733
Cruzado (Coroa de 5 arcos) - 1734
CUNHAGEM DE MINAS
Cruzado (coroa de 4 arcos) - 1725
CUNHAGEM DE LISBOA
Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1708
Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1709
Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1710
Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1711
Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1712
Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1714
106
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
Reference Acquisition
A. Gomes Nr. - Date
Value of
Inventory
35 04
28-95
24 939,89
66 04
41-92
7 481,97
68 01
68 02
69 04
69 05
69 06
29-95
40-92
1-95
1-04
30-95
8 978,36
8 978,36
8 978,36
15 666,00
9 975,96
P2
93 03
93 04
2-03
45-92
1 007,10
997,60
95 02
95 03
95 05
16-96
44-92
1-93
2 992,79
3 990,38
3 491,59
99 01
99 02
99 03
99 04
99 05
99 06
99 09
99 10
99 12
99 14
99 16
99 17 v
99 17 v
99 20
99 21
42-92
23-91
43-92
43-92
74-95
46-92
47-92
5-06
29-90
72-91
6-06
73-91
17-03
15-96
2-93
4 987,98
2 493,99
1 745,79
13 452,00
1 995,19
3 740,98
2 493,99
2 858,55
1 496,39
1 496,39
2 522,25
1 596,15
2 685,60
7 481,97
1 745,79
100 01
100 02
100 03
100.06
124 03
36-91
7-06
27-91
4-04
8-04
2 244,59
3 699,30
2 244,59
3 580,80
21 261,00
130 04
49-95
27 433,88
J5
E11 01v
50-95
49 879,79
83 01
83 02
83 03
83 04
83 05
83 07
83 08
83 09
83 10
83 12
83 13
83 14
83 15
83 17
83 17
10-04
30-90
31-90
32-90
33-90
13-08
34-90
35-90
5-96
36-90
20-92
37-90
18-06
38-90
6-96
201,42
199,52
149,64
149,64
149,64
330,40
139,66
139,66
139,66
149,64
174,58
149,64
291,46
139,66
139,66
83 18
83 20
84 02
84 04
84 05
84 07
84 08
84 09
84 10
84 13
84 14
39-90
3-05
33-92
7-07
75-91
76-91
40-90
41-90
42-90
52-92
43-90
139,66
156,66
149,64
313,88
149,64
149,64
124,70
139,66
139,66
149,64
134,68
86 01
3-97
3 740,98
87 02
87 03
87 04
87 05
87 07
87 09
10-02
9-06
2-06
2-05
44-90
3-98
699,38
252,23
784,70
335,70
229,28
349,16
Reference Acquisition
A. Gomes Nr. - Date
DESCRIPTION
Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1714
Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1715
Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1716
Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1718
Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1720
Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1722
Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1738
Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1739
Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1741
Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1745
Quartinho (Coroa de 5 arcos) (1 200 Réis) - 1733
CUNHAGEM DO RIO DE JANEIRO
Quartinho (Coroa de 5 arcos) (1 200 Réis) - 1708
Quartinho (Coroa de 5 arcos) (1 200 Réis) - 1726
CUNHAGEM DA BAHIA
Quartinho (Coroa de 5 arcos) (1 200 Réis) - 1723
CUNHAGEM DE MINAS
Quartinho (Coroa de 5 arcos) (1 200 Réis) - 1724
Quartinho (Coroa de 4 arcos) (1200 Réis) - 1725
Quartinho (Coroa de 5 arcos) (1 200 Réis) - 1726
CUNHAGEM DO PORTO
Quartinho (1 200 Réis) - 1713
CUNHAGEM DE LISBOA
Meia Moeda (2 400 Réis) - 1711
Meia Moeda (2 400 Réis) - 1712
CUNHAGEM DO PORTO
Meia Moeda (2 400 Réis) - 1713
CUNHAGEM DO RIO DE JANEIRO
Meia Moeda (2 400 Réis) - 1723
Meia Moeda (2 400 Réis) - 1725
Meia Moeda (2 400 Réis) - 1726
CUNHAGEM DA BAHIA
Meia moeda (2 400 Réis) - 1715
Meia moeda (2 400 Réis) - 1716
CUNHAGEM DE MINAS
Meia moeda (2 400 Réis) - 1726
CUNHAGEM DE LISBOA
Moeda (4 800 Réis) - 1707
Moeda (4 800 Réis) - 1709
Moeda (4 800 Réis) - 1710
Moeda (4 800 Réis) - 1711
Moeda (4 800 Réis) - 1712
Moeda (4 800 Réis) - 1714
Moeda (4 800 Réis) - 1719
Moeda (4 800 Réis) - 1720
Moeda (4 800 Réis) - 1722
Moeda (4 800 Réis) - 1722 - eixo vertical
CUNHAGEM DO PORTO
Moeda (4 800 Réis) - 1712
Moeda (4 800 Réis) - 1714
CUNHAGEM DO RIO DE JANEIRO
Moeda (4 800 Réis) - 1708
Moeda (4 800 Réis) - 1709
Moeda (4 800 Réis) - 1712
Moeda (4 800 Réis) - 1713
Moeda (4 800 Réis) - 1714
Moeda (4 800 Réis) - 1715
Moeda (4 800 Réis) - 1716
Moeda (4 800 Réis) - 1717
Moeda (4 800 Réis) - 1718
Moeda (4 800 Réis) - 1719
Moeda (4 800 Réis) - 1721
Moeda (4 800 Réis) - 1722
Moeda (4 800 Réis) - 1723
Moeda (4 800 Réis) - 1724 - 4 sobre o 3
Moeda (4 800 Réis) - 1725 - 5 sobre o 4
Moeda (4 800 Réis) - 1726
Moeda (4 800 Réis) - 1727
CUNHAGEM DA BAHIA
Moeda (4 800 Réis) - 1716
Moeda (4 800 Réis) - 1717
Moeda (4 800 Réis) - 1718
Moeda (4 800 Réis) - 1719
Moeda (4 800 Réis) - 1720
Moeda (4 800 Réis) - 1721
Moeda (4 800 Réis) - 1722 - eixo invertido
Moeda (4 800 Réis) - 1723
Moeda (4 800 Réis) - 1725
Moeda (4 800 Réis) - 1726
CUNHAGEM DA MINAS
Moeda (4 800 Réis) - 1725
Moeda (4 800 Réis) - 1726
CUNHAGEM DE MINAS
Meio dobrão (12 000 Réis) - 1724
Meio dobrão (12 000 Réis) - 1725
Meio dobrão (12 000 Réis) - 1726
Meio dobrão (12 000 Réis) - 1727
CUNHAGEM DE MINAS
Dobrão (24 000 Réis) - 1724
Dobrão (24 000 Réis) - 1725
LUSITANIA
Value of
Inventory
87 10
87 11
87 12
87 15
87 17
87 19
87 22
87 23
87 24
87 25
88 03
15-03
4-98
4-93
11-02
45-90
71-92
3-96
59-92
46-90
82-91
19-91
481,17
399,04
299,28
335,70
299,28
349,16
299,28
311,75
299,28
299,28
311,75
90 01
90 02
4-96
37-91
1 246,99
997,60
91 10
17-06
1 457,30
92 01
92 02
92 03
4-97
14-01
5-98
11 971,15
2 228,63
3 242,19
89 01
3-01
2 228,63
93 05
93 06
2-01
20-02
1 532,17
3 357,00
94 01
17-92
2 493,99
95 01
95 02
95 03
18-92
2-97
16-03
1 246,99
1 745,79
1 342,80
96 02
96 03
47-90
10-95
598,56
648,44
97 03
21-02
5 595,00
98 01
98 03
98 04
98 05
98 06
98 08
98 15
98 16
98 18
98 18 v
2-96
48-92
31-95
12-07
17-96
48-90
10-08
18-96
2-07
3-07
6 983,17
1 246,99
1 246,99
1 036,93
1 246,99
1 197,11
2.072,00
1 745,79
2 242,00
2 802,50
99 01
100 03
23-96
3-93
49 879,79
7 481,97
101 02
101 03
101 07
101 08
101 09
101 14
101 15
101 16
101 18
101 19
101 22
101 23
101 25
101 26
101 28
101 31
101 32
36-96
37-96
7-94
22-97
9-96
49-90
9-95
10-96
50-90
16-06
18-02
16-07
51-90
1-97
26-96
14-03
8-06
1 895,43
1 795,67
1 496,39
1 496,39
1 346,75
1 346,75
1 246,99
1 246,99
1 246,99
4 484,00
2 014,20
1 289,15
1 246,99
1 646,03
1 246,99
1 678,50
1 513,35
102 03
102 04
102 05
102 06
102 07
102 08
102 09
102 10
102 12
102 13
5-97
6-94
3-94
4-94
6-97
24-96
7-97
32-95
13-07
20-97
1 147,24
1 197,11
997,60
997,60
1 047,48
997,60
1 246,99
997,60
1 793,60
1 496,39
103 02
103 03
33-95
8-97
7 481,97
7 481,97
104 01
104 02
104 03
104 04
50-92
52-90
53-90
54-90
19 951,92
1 995,19
2 493,99
3 990,38
105 01
105 02
55-90
56-90
9 975,96
2 992,79
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
2009 FINANCIAL YEAR
Reference Acquisition
A. Gomes Nr. - Date
DESCRIPTION
Dobrão (24 000 Réis) - 1726
Dobrão (24 000 Réis) - 1727
CUNHAGEM DO RIO DE JANEIRO
Cruzadinho - 1734
CUNHAGEM DE MINAS
Cruzadinho (400 Réis) - 1734
CUNHAGEM DE LISBOA
1/2 Escudo - (com letra monetária) - 1722
1/2 Escudo - (com letra monetária) - 1722
CUNHAGEM DE LISBOA
1/2 Escudo - 1723
1/2 Escudo - 1725
1/2 Escudo - 1726
1/2 Escudo - 1729
1/2 Escudo - 1730
1/2 Escudo - 1732
1/2 Escudo - 1735
1/2 Escudo - 1736
1/2 Escudo - 1738
1/2 Escudo - 1740
1/2 Escudo - 1743
1/2 Escudo - 1744
CUNHAGEM DA BAHIA
1/2 Escudo - 1727
CUNHAGEM DO RIO DE JANEIRO
1/2 Escudo - 1727
1/2 Escudo - 1734
CUNHAGEM DE MINAS
1/2 Escudo - 1731
1/2 Escudo - 1732 M
1/2 Escudo - 1734
CUNHAGEM DE LISBOA
Escudo - 1722
Escudo - 1723
Escudo - 1724
Escudo - 1724
Escudo - 1725
Escudo - 1726
Escudo - 1727
Escudo - 1728 - data emendada
Escudo - 1729
Escudo - 1730
Escudo - 1735
Escudo - 1741
Escudo - 1744
Escudo - 1746
Escudo - 1749
CUNHAGEM DO RIO DE JANEIRO
Escudo - 1728
CUNHAGEM DE MINAS
Escudo - 1733 (data emendada)
CUNHAGEM DE LISBOA
Meia Peça (3 200 Réis) - 1722
Meia Peça (3 200 Réis) - 1722 - L serrilha de corda
Meia Peça (3 200 Réis) - 1723
Meia Peça (3 200 Réis) - 1724
Meia Peça (3 200 Réis) - 1726
Meia Peça (3 200 Réis) - 1728
Meia Peça (3 200 Réis) - 1730
Meia Peça (3 200 Réis) - 1732
Meia Peça (3 200 Réis) - 1734
Meia Peça (3 200 Réis) - 1735
Meia Peça (3 200 Réis) - 1738
Meia Peça (3 200 Réis) - 1741
CUNHAGEM DO RIO DE JANEIRO
Meia Peça (3 200 Réis) - 1727
CUNHAGEM DE LISBOA
Peça (6 400 Réis) - 1725
Peça (6 400 Réis) - 1735
Peça (6 400 Réis) - 1739
Peça (6 400 Réis) - 1741
Peça (6 400 Réis) - 1742
Peça (6 400 Réis) - 1743
Peça (6 400 Réis) - 1744
Peça (6 400 Réis) - 1745
Peça (6 400 Réis) - 1746
Peça (6 400 Réis) - 1746 - ponto a seguir à data
Peça (6 400 Réis) - 1747
Peça (6 400 Réis) - 1747
Peça (6 400 Réis) - 1748
Peça (6 400 Réis) - 1749
CUNHAGEM DA BAHIA
Peça (6 400 Réis) - 1736
Peça (6 400 Réis) - 1739
Peça (6 400 Réis) - 1745
Peça (6 400 Réis) - 1746
Peça (6 400 Réis) - 1746 - Ponto depois do “B”
Peça (6 400 Réis) - 1747
Peça (6 400 Réis) - 1748
Peça (6 400 Réis) - 1748 - Ponto depois do “B”
LUSITANIA
105 03
105 04
57-90
58-90
Value of
Inventory
2 992,79
3 491,59
106 01
2-09
179,20
107 04
81-91
149,64
108 01
108 01
49-92
11-95
748,20
698,32
109 01
109 03
109 05
109 08
109 10
109 13
109 14
109 15
109 16
109 18
111 02
111 03
59-90
60-90
61-90
2-92
11-98
19-92
18-07
62-90
63-90
64-90
4-08
65-90
199,52
149,64
149,64
224,46
274,34
249,40
420,38
199,52
199,52
249,40
168,15
199,52
112 01
6-07
4 820,30
113 01
113 03
18-99
9-04
3 491,59
2 238,00
114 05
114 06
114 09
66-90
22-03
60-92
199,52
447,60
199,52
115 01
116 01
116 03
116 03
116 04
116 05
116 06
116 07
116 08
116 09
116 14
116 16
116 18
116 20
116 24
10-98
20-93
22-02
12-01
23-02
24-02
3-03
25-02
9-02
26-02
1-09
3-08
13-01
27-02
28-02
1 496,39
698,32
1 790,40
919,31
1 286,85
2 238,00
1 230,90
783,30
447,60
1 007,10
1 008,00
1.121,00
348,23
1 007,10
1 230,90
108 02
16-99
3 740,98
119 07
17-99
2 244,59
120 01
120 01
121 01
121 02
121 04
121 06
121 08
121 09
121 10
121 11
121 12
121 14
3-02
21-03
8-02
4-00
54-95
22-96
17-07
67-90
19-02
55-95
56-95
1-91
19 023,00
24 618,00
2 909,40
7 481,97
4 489,18
3 990,38
2 802,50
1 995,19
5 147,40
1 995,19
2 244,59
2 244,59
123 01
5-00
14 963,94
126 03
126 11
126 18
126 20
126 21
126 22
126 23
126 24
126 26
126 27
126 28
126 29
126 31
126 32
2-95
35-96
68-90
1-02
69-90
70-90
20-96
71-90
11-00
7-05
14-99
18-03
7-01
21-96
8 479,56
3 740,98
2 493,99
1 174,95
1 596,15
1 496,39
1 596,15
1 596,15
1 995,19
2 797,50
2 094,95
2 685,60
1 894,33
2 244,59
130 05
130 10
130 19
130 20
130 21
130 22
130 24
130 25
3-92
8-01
19-93
25-96
28-92
6-08
9-97
53-95
4 987,98
3 398,66
1 745,79
1 745,79
1 596,15
2.576,00
1 895,43
1 496,39
COMPANHIA DE SEGUROS SA
DESCRIPTION
Peça (6 400 Réis) - 1749 - data emendada
Peça (6 400 Réis) - 1749 - Ponto depois do “B”
Peça (6 400 Réis) - 1750
CUNHAGEM DO RIO DE JANEIRO
Peça (6 400 Réis) - 1734
Peça (6 400 Réis) - 1734 - data emendada
Peça (6 400 Réis) - 1735
Peça (6 400 Réis) - 1736
Peça (6 400 Réis) - 1737
Peça (6 400 Réis) - 1738
Peça (6 400 Réis) - 1739
Peça (6 400 Réis) - 1740
Peça (6 400 Réis) - 1741
Peça (6 400 Réis) - 1742
Peça (6 400 Réis) - 1743
Peça (6 400 Réis) - 1743
Ponto no final da legenda
Peça (6 400 Réis) - 1744
Peça (6 400 Réis) - 1745
Peça (6 400 Réis) - 1746
Peça (6 400 Réis) - 1746 - sem ponto no final da legenda
Peça (6 400 Réis) - 1747
Peça (6 400 Réis) - 1748
Peça (6 400 Réis) - 1749
Peça (6 400 Réis) - 1750
Peça (6 400 Réis) - 1750
CUNHAGEM DE MINAS GERAIS
Peça (6 400 Réis) - 1733 -ponto no final da legenda
CUNHAGEM DE LISBOA
Dobra (12 800 Réis) - 1724
Dobra (12 800 Réis) - 1725
Dobra (12 800 Réis) - 1726
Dobra (12 800 Réis) - 1727
Dobra (12 800 Réis) - 1729 - Serrilha de Corda
Dobra (12 800 Réis) - 1730
Dobra (12 800 Réis) - 1732
CUNHAGEM DA BAHIA
Dobra (12 800 Réis) - 1727
Dobra (12 800 Réis) - 1730 2º tipo
Dobra (12 800 Réis) - 1730 4º tipo
CUNHAGEM DO RIO DE JANEIRO
Dobra (12 800 Réis) - 1727
Dobra (12 800 Réis) - 1729
Dobra (12 800 Réis) - 1731
Dobra (12 800 Réis) - 1732
CUNHAGEM DE MINAS
Dobra (12 800 Réis) - 1727
Dobra (12 800 Réis) - 1728 - data emendada
Dobra (12 800 Réis) - 1729
Dobra (12 800 Réis) - 1730
Dobra (12 800 Réis) - 1731
Dobra (12 800 Réis) - 1731 - Com serrilha em corda
Dobra (12 800 Réis) - 1731 - data emendada
Dobra (12 800 Réis) - 1732
Dobra (12 800 Réis) - 1732
Dobra (12 800 Réis) - 1733
CUNHAGEM DE GOA
São Tomé - 1 Xerafim - 1714/1728
São Tomé - 5 Xerafins - 1715
Reinado de D. José I - O Reformador
(1750-1777)
CUNHAGEM DE LISBOA
Cruzado Novo (Coroa de 5 arcos) - 1752
Cruzado Novo (Coroa de 5 arcos) - 1752
Cruzado Novo (Coroa de 5 arcos) - 1752
Cruzado Novo (Coroa de 5 arcos) - 1771
Cruzado Novo (Coroa de 5 arcos) - 1752
CUNHAGEM DE LISBOA
1/2 Escudo (800 Réis) - 1751
1/2 Escudo (800 Réis) - 1768
1/2 Escudo (800 Réis) - 1776
CUNHAGEM DA BAHIA
1/2 Escudo (800 Réis) - 1752
1/2 Escudo (800 Réis) - 1768/7
CUNHAGEM DO RIO DE JANEIRO
1/2 Escudo (800 Réis) - 1763
CUNHAGEM DE LISBOA
Quartinho - cinco arcos - 1752
Quartinho - quatro arcos - 1768
CUNHAGEM DE LISBOA
Quartinho - cinco arcos - 1725
Quartinho - cinco arcos - 1752
Quartinho - cinco arcos - 1768
CUNHAGEM DE LISBOA
Escudo - 1751
Escudo - 1776
CUNHAGEM DA BAHIA
Escudo - 1757
Financial
Statements
Reference Acquisition
A. Gomes Nr. - Date
02
Value of
Inventory
130 27
130 27
130 28
3-95
10-97
4-95
1 596,15
3 292,07
1 745,79
131 10
131 11
131 13
131 14
31 15
131 17
131 18
131 20
131 23
131 26
131 28
131 27
5-95
19-03
52-95
15-92
2-02
15-99
6-95
5-07
27-96
7-95
20-03
8-95
4 987,98
3 916,50
2 992,79
1 745,79
1 007,10
1 596,15
1 496,39
2 242,00
1 496,39
1 496,39
1 119,00
1 496,39
131 29
131 30
131 32
131 33
131 34
131 36
131 38
131 40
131 40
28-91
28-96
1-01
8-05
41-95
29-96
74-91
72-90
9-98
1 496,39
1 496,39
1 838,62
1 566,60
1 496,39
1 496,39
1 496,39
1 496,39
1 496,39
132 05
35-91
12 469,95
133 01
133 02
133 03
133 04
133 06
133 07
133 08
27-93
51-95
2-00
73-90
46-91
51-92
19-96
44 891,81
19 951,92
13 966,34
9 975,96
6 983,17
9 975,96
9 975,96
134 01
135 03
137 01
27-92
13-03
3-00
14 963,94
17 904,00
22 445,91
138 01
138 04
138 08
138 12
1-96
74-90
10-99
12-08
10 973,55
3 990,38
4 239,78
4.480,00
139 01
139 03
139 04
139 05
139 06
139 06
139 07
139 08
139 08
139 09
11-97
7-02
13-99
75-90
76-90
77-90
12-97
78-90
13-97
79-90
6 234,97
2 909,40
3 092,55
2 743,39
2 743,39
3 242,19
2 868,09
2 992,79
2 992,79
2 743,39
87 1/ 8
92 03
5-03
7-00
951,15
3 491,59
37 01
37 01
37 01
37 05
38 01
80-90
81-90
8-99
63-92
6-05
199,52
199,52
199,52
199,52
212,61
42 01
43 03
43 07
82-90
7-99
31-02
399,04
399,04
1 119,00
44 01
44 12
13-02
5-05
2 238,00
2 797,50
45 02
10-01
2 228,63
40 02
39 02
13-98
9-01
997,60
640,73
40 02
41 01
41 02
12-02
16-95
83-90
268,56
498,80
498,80
47 01
47 06
4-92
15-95
399,04
748,20
48 04
4-02
16 785,00
JO
107
02
DESCRIPTION
CUNHAGEM DO RIO DE JANEIRO
Escudo - 1763
Escudo - 1763
CUNHAGEM DE LISBOA
Meia Peça (3 200 Réis) - 1751
Meia Peça (3 200 Réis) - 1768
Meia Peça (3 200 Réis) - 1776
CUNHAGEM DO RIO DE JANEIRO
Meia Peça (3 200 Réis) - 1752
Meia Peça (3 200 Réis) - 1756 - data emendada
Meia Peça (3 200 Réis) - 1760
Meia Peça (3 200 Réis) - 1772
CUNHAGEM DE LISBOA
Peça (6 400 Réis) - 1750
Peça (6 400 Réis) - 1751
Peça (6 400 Réis) - 1753
Peça (6 400 Réis) - 1754
Peça (6 400 Réis) - 1755
Peça (6 400 Réis) - 1756
Peça (6 400 Réis) - 1757
Peça (6 400 Réis) - 1758
Peça (6 400 Réis) - 1760
Peça (6 400 Réis) - 1761
Peça (6 400 Réis) - 1763
Peça (6 400 Réis) - 1764
Peça (6 400 Réis) - 1766
Peça (6 400 Réis) - 1768
Peça (6 400 Réis) - 1769
Peça (6 400 Réis) - 1770
Peça (6 400 Réis) - 1771
Peça (6 400 Réis) - 1772
Peça (6 400 Réis) - 1773
Peça (6 400 Réis) - 1774
Peça (6 400 Réis) - 1775
Peça (6 400 Réis) - 1775 - cruz potenteada
CUNHAGEM DA BAHIA
Peça (6 400 Réis) - 1751 - emendado R
Peça (6 400 Réis) - 1753
Peça (6 400 Réis) - 1754
Peça (6 400 Réis) - 1755
Peça (6 400 Réis) - 1756
Peça (6 400 Réis) - 1757
Peça (6 400 Réis) - 1758
Peça (6 400 Réis) - 1759
Peça (6 400 Réis) - 1760
Peça (6 400 Réis) - 1761
Peça (6 400 Réis) - 1762
Peça (6 400 Réis) - 1764
Peça (6 400 Réis) - 1765 - data emendada
Peça (6 400 Réis) - 1766
Peça (6 400 Réis) - 1767
Peça (6 400 Réis) - 1768
Peça (6 400 Réis) - 1769
Peça (6 400 Réis) - 1770
Peça (6 400 Réis) - 1771
Peça (6 400 Réis) - 1772
Peça (6 400 Réis) - 1773
Peça (6 400 Réis) - 1774
Peça (6 400 Réis) - 1775
Peça (6 400 Réis) - 1776
Peça (6 400 Réis) - 1777
CUNHAGEM DO RIO DE JANEIRO
Peça (6 400 Réis) - 1751
Peça (6 400 Réis) - 1752
Peça (6 400 Réis) - 1753
Peça (6 400 Réis) - 1754
Peça (6 400 Réis) - 1755
Peça (6 400 Réis) - 1756
Peça (6 400 Réis) - 1757
Peça (6 400 Réis) - 1758
Peça (6 400 Réis) - 1759
Peça (6 400 Réis) - 1760
Peça (6 400 Réis) - 1761
Peça (6 400 Réis) - 1762
Peça (6 400 Réis) - 1763
Peça (6 400 Réis) - 1764
Peça (6 400 Réis) - 1765
Peça (6 400 Réis) - 1766
Peça (6 400 Réis) - 1767
Peça (6 400 Réis) - 1768
Peça (6 400 Réis) - 1769
Peça (6 400 Réis) - 1770
Peça (6 400 Réis) - 1771
Peça (6 400 Réis) - 1772
Peça (6 400 Réis) - 1773
Peça (6 400 Réis) - 1774
Peça (6 400 Réis) - 1775
Peça (6 400 Réis) - 1776
Peça (6 400 Réis) - 1777
CUNHAGEM DE GOA
108
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
Reference Acquisition
A. Gomes Nr. - Date
Value of
Inventory
49 02
49 02
12-99
20-99
2 992,79
2 992,79
50 01
50 02
50 05
53-92
65-95
84-90
1 646,03
2 992,79
3 990,38
51 01
52 02
52 03
52 05
4-05
22-92
21-97
15-97
13 987,50
3 491,59
3 990,38
7 481,97
53 01
53 02
53 04
53 05
53 06
53 07
53 08
53 09
53 11
53 13
53 15
53 16
53 17
53 19
53 20
53 21
53 23
53 24
53 25
53 26
53 28
53 29
77-91
19-99
85-90
57-95
54-92
11-08
14-07
5-93
11-96
2-99
42-91
8-07
12-95
3-99
58-95
7-08
30-96
8-08
24-91
21-92
86-90
11-04
3 491,59
1 197,11
997,60
997,60
997,60
896,00
1 177,05
997,60
997,60
997,60
997,60
1 625,45
997,60
997,60
997,60
1.344,00
997,60
1.064,00
997,60
997,60
997,60
867,23
54 01
54 03
54 04
54 06
54 07
54 08
54 09
54 10
54 11
54 12
54 13
54 16
54 18
54 19
54 20
54 21
54 22
54 23
54 24
54 25
54 26
54 27
54 28
54 29
54 30
15-01
29-02
9-08
61-92
9-07
61-95
5-09
87-90
34-95
62-95
30-02
62-92
63-95
6-09
64-95
13-95
25-91
7-09
31-96
88-90
89-90
90-90
19-07
91-90
14-95
1 894,33
1 230,90
1.232,00
1 246,99
1 345,20
1 246,99
2 530,00
1 246,99
1 246,99
1 246,99
4 252,20
1 246,99
1 246,99
1 380,00
1 246,99
1 246,99
1 246,99
1 380,00
1 246,99
1 246,99
1 246,99
1 246,99
1 008,90
1 246,99
1 246,99
55 01
55 02
55 05
55 06
55 07
55 08
55 09
55 10
55 11
55 12
55 13
55 14
55 15
55 16
55 17
55 18
55 19
55 20
55 22
55 23
55 25
55 26
55 27
55 28
55 29
55 30
55 31
59-95
60-95
4-99
92-90
5-99
93-90
94-90
95-90
96-90
12-98
97-90
98-90
6-99
99-90
100-90
101-90
16-92
35-92
102-90
103-90
104-90
105-90
106-90
107-90
108-90
109-90
110-90
997,60
997,60
997,60
748,20
748,20
748,20
748,20
748,20
748,20
748,20
748,20
748,20
748,20
748,20
748,20
748,20
748,20
748,20
748,20
748,20
748,20
748,20
748,20
748,20
748,20
748,20
748,20
Reference Acquisition
A. Gomes Nr. - Date
DESCRIPTION
1 Xerafim ND
CUNHAGEM DE GOA
2 Xerafins - 1766
2 Xerafins - 1766
CUNHAGEM DE GOA
4 Xerafins - 1766
CUNHAGEM DE GOA
12 Xerafins - 1763
12 Xerafins - 1764
CUNHAGEM DE GOA
12 Xerafins - 1766
12 Xerafins - 1769
12 Xerafins - 1770
12 Xerafins - 1778
CUNHAGEM DE MOÇAMBIQUE
1000 Réis - 1755
CUNHAGEM DE MOÇAMBIQUE
4000 Réis - 1755
Reinado de D. Maria I e D. Pedro III
(1777-1786)
54 01
14-00
997,60
56 01
56 02
1-94
11-94
1 496,39
1 496,39
60 02
8-98
1 496,39
67 02
67 03
24-95
25-95
1 496,39
1 496,39
68 01
68 04
68 05
69 04
2-94
6-03
7-03
8-03
1 596,15
1 230,90
1 063,05
559,50
05 01
9-00
1 995,19
07 01
8-00
1 995,19
41-96
7-93
20-91
299,28
299,28
299,28
MP
CUNHAGEM DE LISBOA
Cruzado - Pinto - (480 Réis) - 1778
Cruzado - Pinto - (480 Réis) - 1780
Cruzado - Pinto - (480 Réis) - 1784
CUNHAGEM DE LISBOA
Quartinho - 1777
CUNHAGEM DE LISBOA
Meio Escudo - 1777
Meio Escudo - 1778
Meio Escudo - 1778
Meio Escudo - 1780
CUNHAGEM DE BAHIA
Meio Escudo - 1782
CUNHAGEM DE LISBOA
Escudo - 1778
Escudo - 1779
Escudo - 1784
CUNHAGEM DE LISBOA
Meia Peça (3 200 Réis) - 1778
Meia Peça (3 200 Réis) - 1784
CUNHAGEM DE BAHIA
Meia Peça (3 200 Réis) - 1780
Meia Peça (3 200 Réis) - 1781
Meia Peça (3 200 Réis) - 1782
Meia Peça (3 200 Réis) - 1783
Meia Peça (3 200 Réis) - 1785
CUNHAGEM DE LISBOA
Peça (6 400 Réis) - 1778
Peça (6 400 Réis) - 1779
Peça (6 400 Réis) - 1780
Peça (6 400 Réis) - 1781
Peça (6 400 Réis) - 1782
Peça (6 400 Réis) - 1783
Peça (6 400 Réis) - 1785
Peça (6 400 Réis) - 1785
CUNHAGEM DA BAHIA
Peça (6 400 Réis) - 1778 - “B afastado da data”
Peça (6 400 Réis) - 1779
Peça (6 400 Réis) - 1779 - “B junto da data”
Peça (6 400 Réis) - 1780
Peça (6 400 Réis) - 1781
Peça (6 400 Réis) - 1782 - “B junto da data”
Peça (6 400 Réis) - 1782 - “B afastado da data”
Peça (6 400 Réis) - 1783 - “B afastado da data”
Peça (6 400 Réis) - 1784 - “B afastado da data”
Peça (6 400 Réis) - 1784 - “B afastado da data”
Peça (6 400 Réis) - 1785 - “B afastado da data”
Peça (6 400 Réis) - 1785 - “B afastado da data”
Peça (6 400 Réis) - 1785 - “ponto no final da legenda”
Peça (6 400 Réis) - 1786
CUNHAGEM DO RIO DE JANEIRO
Peça (6 400 Réis) - 1777
Peça (6 400 Réis) - 1778
Peça (6 400 Réis) - 1778
sem ponto no final da legenda
Peça (6 400 Réis) - 1779
Peça (6 400 Réis) - 1780
Peça (6 400 Réis) - 1780 - sem ponto no final da legenda
Peça (6 400 Réis) - 1781
Peça (6 400 Réis) - 1782
Peça (6 400 Réis) - 1782 - sem ponto no final da legenda
Peça (6 400 Réis) - 1783
Peça (6 400 Réis) - 1784
Peça (6 400 Réis) - 1785
Peça (6 400 Réis) - 1786
CUNHAGEM DE GOA
12 Xerafins - 1784
LUSITANIA
Value of
Inventory
19 02
19 03
19 05
20 01
6-00
2 743,39
21 01
21 02
21 02
21 03
14-02
66-92
6-93
15-98
643,43
498,80
498,80
498,80
22 01
22-99
9 975,96
23 03
23 04
23 06
9-09
66-95
9-93
2 875,00
1 496,39
1 496,39
25 01
25 02
25-92
20-95
2 992,79
2 992,79
26 01
26 02
26 03
26 04
26 06
16-97
35-95
21-99
36-95
19-06
7 481,97
7 481,97
8 479,56
10 973,55
11 770,50
27 02
27 05
27 06
27 07
27 10
27 11
27 13
27 15
111-90
16-01
15-91
8-93
5-92
112-90
10-93
35-02
997,60
863,59
997,60
997,60
997,60
997,60
997,60
3 357,00
28 02
29 01
29 01
29 03
29 04
29 05
28 04
28 06
28 08
28 09
28 11
28 12
28 12a
28 14
32-02
9-99
6-98
7-96
113-90
2-91
3-91
33-02
4-91
34-02
36-02
5-02
64-92
8-90
1 286,85
997,60
997,60
997,60
997,60
997,60
997,60
1 398,75
997,60
1 174,95
1 063,05
1 174,95
997,60
1 495,00
30 01
30 03
30 03
11-01
114-90
17-95
16 157,56
748,20
748,20
30 06
30 08
30 09
30 10
30 12
30 13
30 14
30 16
30 19
30 21
115-90
116-90
12-04
117-90
65-92
15-07
118-90
119-90
120-90
121-90
748,20
748,20
727,35
748,20
748,20
784,70
748,20
748,20
748,20
748,20
14 04
9-03
1 119,00
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
2009 FINANCIAL YEAR
Reference Acquisition
A. Gomes Nr. - Date
DESCRIPTION
São Tomé 12 Xerafins - 1796
41 10
Reinado de D. Maria I - A Piedosa
(1786-1799)
CUNHAGEM DE LISBOA
Cruzado Novo - Pinto - 1807
LUSITANIA
26-95
1 995,19
19 01
19 02
19 03
19 04
11-93
10-06
73-92
56-92
299,28
257,83
299,28
299,28
20 02
20 03
122-90
12-93
748,20
698,32
21 01
78-91
997,60
22 01
22 03
38-95
57-92
598,56
598,56
24 02
24 06
55-92
24-03
1 995,19
1 790,40
25 01
6-92
2 992,79
M1
CUNHAGEM DE LISBOA
Cruzado Novo - Pinto - 1787
Cruzado Novo - Pinto - 1790
Cruzado Novo - Pinto - 1790
Cruzado Novo - Pinto - 1795
CUNHAGEM DE LISBOA
Quartinho - 1789
Quartinho - 1792
CUNHAGEM DE LISBOA
Meio Escudo - Véu de Viúva - 1787 - disco pequeno
CUNHAGEM DE LISBOA
Meio Escudo - Toucado - 1789
Meio Escudo - Toucado - 1796
CUNHAGEM DE LISBOA
Escudo - Toucado - 1790
Escudo - Toucado - 1796
CUNHAGEM DE LISBOA
Meia Peça - Toucado - 1789
CUNHAGEM DE LISBOA
Peça (6 400 Réis) - Véu de Viuva - 1787
CUNHAGEM DA BAHIA
Peça (6 400 Réis) - Véu de Viuva - 1788 B
Peça (6 400 Réis) - Véu de Viuva - 1788
Peça (6 400 Réis) - Véu de Viuva - 1789
CUNHAGEM DO RIO DE JANEIRO
Peça (6 400 Réis) - Véu de Viuva - 1786
Peça (6 400 Réis) - Véu de Viuva - 1787
Peça (6 400 Réis) - Véu de Viuva - 1788
Peça (6 400 Réis) - Véu de Viuva - 1788
data emendada
Peça (6 400 Réis) - Véu de Viuva - 1789
CUNHAGEM DE LISBOA
Peça (6 400 Réis) - Toucado - 1789
Peça (6 400 Réis) - Toucado - 1791
Peça (6 400 Réis) - Toucado - 1792
Peça (6 400 Réis) - Toucado - 1792
ponto no final da legenda
Peça (6 400 Réis) - Toucado - 1793
Peça (6 400 Réis) - Toucado - 1796
Peça (6 400 Réis) - Toucado - 1799
Peça (6 400 Réis) - Toucado - 1799
Algarismos grandes
CUNHAGEM DA BAHIA
Peça (6 400 Réis) - Toucado - 1791
Peça (6 400 Réis) - Toucado - 1792
Peça (6 400 Réis) - Toucado - 1793
Peça (6 400 Réis) - Toucado - 1794
Peça (6 400 Réis) - Toucado - 1795 - “B afastado da data”
Peça (6 400 Réis) - Toucado - 1796a
Peça (6 400 Réis) - Toucado - 1797
Peça (6 400 Réis) - Toucado - 1799
Peça (6 400 Réis) - Toucado - 1800
Peça (6 400 Réis) - Toucado - 1792
“B afastado da data”
CUNHAGEM DO RIO DE JANEIRO
Peça (6 400 Réis) - Toucado - 1789
Peça (6 400 Réis) - Toucado - 1790
Peça (6 400 Réis) - Toucado - 1791
Peça (6 400 Réis) - Toucado - 1792
Peça (6 400 Réis) - Toucado - 1793
Peça (6 400 Réis) - Toucado - 1794
Peça (6 400 Réis) - Toucado - 1795
Peça (6 400 Réis) - Toucado - 1796
Peça (6 400 Réis) - Toucado - 1797
Peça (6 400 Réis) - Toucado - 1798
Peça (6 400 Réis) - Toucado - 1798 - data emendada
Peça (6 400 Réis) - Toucado - 1799
Peça (6 400 Réis) - Toucado - 1800
Peça (6 400 Réis) - Toucado - 1801
Peça (6 400 Réis) - Toucado - 1802
Peça (6 400 Réis) - Toucado - 1803
Peça (6 400 Réis) - Toucado - 1804
Peça (6 400 Réis) - Toucado - 1805
CUNHAGEM DE GOA
12 Xerafins - 1795
12 Xerafins - 1796
12 Xerafins - 1803
12 Xerafins - 4 sobre o 3 - 1804
12 Xerafins - 4 sobre o 3 - 1804
Regência do Principe D. João
(1799-1816)
Value of
Inventory
27 02
123-90
1 745,79
28 03
28 04
28 05
23-03
67-95
72-92
1 454,70
1 246,99
1 246,99
29 01
29 02
29 04
29 06
1-98
24-92
124-90
15-02
2 493,99
997,60
997,60
811,27
29 08
125-90
997,60
30 01
30 02
30 03
30 04
43-91
23-92
126-90
16-02
997,60
1 097,36
997,60
615,45
30 05
30 07
30 11
30 12
67-92
127-90
128-90
45-91
997,60
997,60
997,60
997,60
31 02
31 03
32 03
32 04
32 05
31 04
31 05
32 07
31 06
32 02
16-00
37-95
32-96
129-90
10-09
40-96
4-03
69-95
33-96
5-91
2 493,99
997,60
997,60
997,60
1 207,50
997,60
1 230,90
997,60
997,60
997,60
33 01
33 02
33 04
33 07
33 09
33 10
33 11
33 12
33 14
33 16
33 17
33 18
33 20
33 22
33 23
33 25
33 26
33 27
130-90
131-90
132-90
40-91
133-90
134-90
135-90
34-92
68-95
5-08
136-90
137-90
138-90
139-90
18-95
140-90
19-95
14-98
698,32
698,32
698,32
698,32
698,32
698,32
698,32
698,32
698,32
751,07
698,32
698,32
698,32
698,32
698,32
698,32
698,32
698,32
41 09
41 11
41 18
41 19
41 19
10-03
11-03
12-94
40-95
12-03
1 230,90
783,30
1 995,19
1 496,39
1 007,10
9-92
1 496,39
JR
27 02
COMPANHIA DE SEGUROS SA
DESCRIPTION
CUNHAGEM DE LISBOA
Meio Escudo - 1805
Meio Escudo - 1807
CUNHAGEM DE LISBOA
Escudo - 1807
CUNHAGEM DE LISBOA
Meia Peça - 1805
Meia Peça - 1807
CUNHAGEM DE LISBOA
Peça (6 400 Réis) - de Jarra - 1802
CUNHAGEM DE LISBOA
Peça (6 400 Réis) - 1805 - Cruz singela
Peça (6 400 Réis) - 1805 - Cruz irradiada
Peça (6 400 Réis) - 1806 - Cruz singela
Peça (6 400 Réis) - 1806 - Cruz irradiada
Peça (6 400 Réis) - 1808 - Cruz singela
Peça (6 400 Réis) - 1809 - Cruz singela
Peça (6 400 Réis) - 1812 - Cruz singela
Peça (6 400 Réis) - 1813 - Cruz singela
Peça (6 400 Réis) - 1815 - Cruz singela
CUNHAGEM DO RIO DE JANEIRO
Peça (6 400 Réis) - 1805
Peça (6 400 Réis) - 1806
Peça (6 400 Réis) - 1807
Peça (6 400 Réis) - 1807 - Ponto no final da legenda
Peça (6 400 Réis) - 1808 - S/ ponto no final da legenda
Peça (6 400 Réis) - 1808 - Ponto no final da legenda
Peça (6 400 Réis) - 1809
Peça (6 400 Réis) - 1810
Peça (6 400 Réis) - 1810
Peça (6 400 Réis) - 1811
Peça (6 400 Réis) - data do cunho emendada - 1811/10
Peça (6 400 Réis) - 1812
Peça (6 400 Réis) - 1813
Peça (6 400 Réis) - 1814
Peça (6 400 Réis) - 1815
CUNHAGEM DO RIO DE JANEIRO
Peça (6 400 Réis) - 1816
Barra de Ouro - 1810, Sabará
Reinado de D. João VI - O Clemente
(1816-1826)
CUNHAGEM DE LISBOA
Cruzado Novo - Pinto - 1818
Cruzado Novo - Pinto - 1821
CUNHAGEM DE LISBOA
Quartinho - 1819
Quartinho - 1821
CUNHAGEM DE LISBOA
Meio Escudo - 1818
Meio Escudo - 1821
CUNHAGEM DE LISBOA
Escudo - 1818
Escudo - 1819
CUNHAGEM DE LISBOA
Meia Peça (3 200 Réis) - 1818
Meia Peça (3 200 Réis) - 1821
Meia Peça (3 200 Réis) - 8 Frutos - 1822
Meia Peça (3 200 Réis) - 9 Frutos - 1822
Meia Peça (3 200 Réis) - 11 Frutos - 1822
Meia Peça (3 200 Réis) - 9 Frutos - 1822 - cruz irradiada
CUNHAGEM DE LISBOA
Peça (6 400 Réis) - 9 Frutos - 1819
Peça (6 400 Réis) - 1820
Peça (6 400 Réis) - 8 Frutos - 1821
Peça (6 400 Réis) - 7 Frutos - 1822
Peça (6 400 Réis) - 8 Frutos - 1822
Peça (6 400 Réis) - 9 Frutos - 1822
Peça (6 400 Réis) - 11 Frutos - 1822
Peça (6 400 Réis) - 12 Frutos - 1822
Peça (6 400 Réis) - 13 Frutos - 1822
Peça (6 400 Réis) - 14 Frutos - 1822
Peça (6 400 Réis) - 15 Frutos - 1822
Peça (6 400 Réis) - 8 Frutos - 1823
Peça (6 400 Réis) - 10 Frutos - 1823
Peça (6 400 Réis) - 11 Frutos - 1823
Peça (6 400 Réis) - 12 Frutos - 1823
Peça (6 400 Réis) - 13 Frutos - 1823
Peça (6 400 Réis) - 14 Frutos - 1823
Peça (6 400 Réis) - 16 Frutos - 1823
Peça (6 400 Réis) - 7 Frutos - 1824
Peça (6 400 Réis) - 8 Frutos - 1824
Peça (6 400 Réis) - 15 Frutos - 1824
Peça (6 400 Réis) - 16 Frutos - 1824
Peça (6 400 Réis) - 17 Frutos - 1824
CUNHAGEM DO RIO DE JANEIRO
Peça (6 400 Réis) - 1818
Peça (6 400 Réis) - 1819
Peça (6 400 Réis) - 1819 - data emendada
Financial
Statements
Reference Acquisition
A. Gomes Nr. - Date
28 01
28 03
141-90
142-90
02
Value of
Inventory
1 496,39
1 496,39
29 02
8-92
2 493,99
30 01
30 02
42-96
7-92
14 963,94
2 493,99
31 01
143-90
5 985,57
32 02
32 03
32 04
32 05
32 07
32 08
32 09
32 11
32 13
13-93
12-00
6-91
3-06
21-95
14-93
29-92
70-95
38-96
1 346,75
1 496,39
997,60
1 457,30
1 197,11
997,60
997,60
748,20
7 481,97
33 01
33 03
33 04
33 05
33 06
33 07
33 09
33 12
33 13
33 15
33 16
33 17
33 19
33 21
33 23
29-91
7-91
71-95
11-06
48-91
144-90
145-90
2-04
30-91
146-90
42-95
31-91
32-91
14-96
22-95
997,60
997,60
1 047,48
1 121,00
997,60
997,60
997,60
1 063,05
997,60
997,60
997,60
997,60
1 745,79
1 745,79
2 493,99
33 24
17-97
13-04
9 975,96
22 380,00
13 01
13 04
12-92
31-93
3 491,59
9 975,96
14 02
14 04
73-95
30-93
3 990,38
6 234,97
15 01
15 04
11-92
13-96
3 990,38
4 489,18
16 01
16 02
10-92
58-92
3 990,38
6 484,37
17 01
17 04
17 05 f
17 05
17 06
17 05 a
15-93
147-90
26-92
8-91
39-91
26-03
2 493,99
9 975,96
698,32
698,32
698,32
668,59
18 02
18 03
18 04
18 05
18 06
18 07
18 07a
18 08
18 09
18 10
18 11
18 12
18 13a
18 14
18 falta
18 15
18 17
18 19
18 20
18 21
18 26
18 27
18 28
18-97
37-02
31-92
148-90
7-98
75-95
39-96
12-96
23-95
30-92
21-93
72-95
74-92
76-95
3-09
4-01
16-93
16-98
80-91
5-01
34-91
149-90
8-94
19 951,92
21 261,00
39 903,83
698,32
698,32
748,20
698,32
698,32
698,32
698,32
698,32
748,20
748,20
748,20
1 344,00
1 476,47
748,20
748,20
748,20
780,02
748,20
748,20
748,20
19 01
19 02
19 03
33-91
20-07
8-96
4 987,98
9 416,40
6 484,37
J6
109
02
DESCRIPTION
Peça (6 400 Réis) - 1820
CUNHAGEM DO GOA
São Tomé de 12 Xerafins - 1825
Reinado de D. Pedro IV - O Rei Soldado
(1826-1828)
Meia Peça (3 750 Réis) - 1827
Peça (7 500 Réis) - 1826
Peça (7 500 Réis) - 1828
Reinado de D. Miguel I - O Absoluto
(1828-1834)
Meia Peça (3 250 Réis) - 1828
Meia Peça (3 250 Réis) - 1830
Meia Peça (3 250 Réis) - 1831
Peça (7 500 Réis) - 1828
Peça (7 500 Réis) - 1828 - Busto maior
Peça (7 500 Réis) - 1830
Peça (7 500 Réis) - 1831
Reinado de D. Maria II - A Educadora
(1834-1853)
Peça (7 500 Réis) - Degolada - 1833
Peça (7 500 Réis) - Degolada - 1833
Peça (7 500 Réis) - 1833E
Com nome do gravador
Peça (7 500 Réis) - 1834
Peça (7 500 Réis) - 1835
2500 Réis - 1851
1 000 Réis - 1851
Meia Coroa (2500 Réis) - 1838
Meia Coroa (2500 Réis) - 1851
Meia Coroa (2500 Réis) - 1853
Coroa (5000 Réis) - 1838
Coroa (5000 Réis) - 1845
Coroa (5000 Réis) - 1851
Dobrão (30000 Réis) - 1725 - Carimbado
Dobrão (30000 Réis) - 1726 - Carimbado
CUNHAGEM DE MOÇAMBIQUE
11/4 Maticais ND (1835) - Moçambique
11/4 Maticais (1851) - Moçambique
com carimbo roseta
CUNHAGEM DE MOÇAMBIQUE
2 1/2 Maticais com carimbo - Moçambique
Parte de 1 Matical
Reinado de D. Pedro V - O Esperançoso
(1853-1861)
1/10 Coroa (1 000 Réis) - 1855
1/5 Coroa (2 000 Réis) - 1856
1/5 Coroa (2 000 Réis) - 1857
1/5 Coroa (2 000 Réis) - 1858
1/5 Coroa (2 000 Réis) - 1859
1/5 Coroa (2 000 Réis) - 1860
1/2 Coroa (5 000 Réis) - 1860
1/2 Coroa (5 000 Réis) - 1861
Reinado de D. Luís I - O Popular
(1861-1889)
ESCUDO ORNAMENTADO
1/5 Coroa (2 000 Réis) - 1864
1/5 Coroa (2 000 Réis) - 1865
1/5 Coroa (2 000 Réis) - 1866
ESCUDO EM PAVILHÃO
1/5 Coroa (2 000 Réis) - 1868
1/5 Coroa (2 000 Réis) - 1869
1/5 Coroa (2 000 Réis) - 1871
1/5 Coroa (2 000 Réis) - 1872
1/5 Coroa (2 000 Réis) - 1874
1/5 Coroa (2 000 Réis) - 1875
1/5 Coroa (2 000 Réis) - 1876
1/5 Coroa (2 000 Réis) - 1877
1/5 Coroa (2 000 Réis) - 1878
1/5 Coroa (2 000 Réis) - 1881
1/5 Coroa (2 000 Réis) - 1888
ESCUDO EM PAVILHÃO
1/2 Coroa (5 000 Réis) - 1862
1/2 Coroa (5 000 Réis) - 1863
1/2 Coroa (5 000 Réis) - 1867
1/2 Coroa (5 000 Réis) - 1868
1/2 Coroa (5 000 Réis) - 1869
1/2 Coroa (5 000 Réis) - 1870
1/2 Coroa (5 000 Réis) - 1871
110
ANNUAL REPORT
Financial
Statements
2009 FINANCIAL YEAR
Reference Acquisition
A. Gomes Nr. - Date
Value of
Inventory
19 04
9-91
6 484,37
34 05
19-97
1 496,39
44-91
150-90
151-90
1 596,15
2 992,79
5 985,57
26-91
152-90
79-91
153-90
13-00
154-90
17-93
3 990,38
1 995,19
2 992,79
3 990,38
3 990,38
1 995,19
2 992,79
P4
08 01
09 01
09 02
M1
13 01
14 01
14 02
15 01
15 02
16 01
16 02
M2
17 01
17 01
18 02
39-95
155-90
10-91
6 983,17
4 987,98
5 985,57
19 01
19 02
43 01
41 01
42 01
43 01
44 01
45 01
45 02
45 03
31 02
31 03
13-92
156-90
68-92
157-90
38-91
158-90
159-90
2-98
25-03
160-90
14-97
18-91
1 396,63
1 496,39
299,28
149,64
997,60
299,28
1 246,99
1 246,99
30 213,00
299,28
12 469,95
12 469,95
10 01
13 01
15-00
14-04
5 985,57
7 049,70
14 03
10-00
15-04
997,60
2 797,50
161-90
83-91
162-90
21-91
163-90
164-90
165-90
166-90
149,64
249,40
299,28
249,40
249,40
249,40
349,16
349,16
13 01
13 02
13 03
167-90
168-90
169-90
199,52
199,52
199,52
14 01
14 02
14 04
14 05
14 06
14 07
14 08
14 09
14 10
14 11
14 12
170-90
171-90
32-92
69-92
22-91
172-90
16-91
173-90
174-90
175-90
14-92
199,52
199,52
1 496,39
748,20
349,16
448,92
448,92
299,28
274,34
997,60
3 990,38
15 01
15 02
16 01
16 02
16 03
16 04
16 05
176-90
177-90
178-90
179-90
180-90
181-90
182-90
299,28
299,28
299,28
299,28
299,28
299,28
299,28
Reference Acquisition
A. Gomes Nr. - Date
DESCRIPTION
Value of
Inventory
1/2 Coroa (5 000 Réis) - 1872
1/2 Coroa (5 000 Réis) - 1874
1/2 Coroa (5 000 Réis) - 1875
1/2 Coroa (5 000 Réis) - 1876
1/2 Coroa (5 000 Réis) - 1877
1/2 Coroa (5 000 Réis) - 1878
1/2 Coroa (5 000 Réis) - 1880
1/2 Coroa (5 000 Réis) - 1883
1/2 Coroa (5 000 Réis) - 1886
1/2 Coroa (5 000 Réis) - 1887
1/2 Coroa (5 000 Réis) - 1888
1/2 Coroa (5 000 Réis) - 1889
Coroa (10 000 Réis) - 1878
Coroa (10 000 Réis) - 1879
Coroa (10 000 Réis) - 1880
Coroa (10 000 Réis) - 1881
Coroa (10 000 Réis) - 1882
Coroa (10 000 Réis) - 1883
Coroa (10 000 Réis) - 1884
Coroa (10 000 Réis) - 1885
Coroa (10 000 Réis) - 1886
Coroa (10 000 Réis) - 1888
Coroa (10 000 Réis) - 1889
16 06
16 07
16 08
16 09
16 10
16 11
16 12
16 13
16 14
16 15
16 16
16 17
17 01
17 02
17 03
17 04
17 06
17 07
17 08
17 10
17 11
17 12
17 13
183-90
184-90
18-93
185-90
186-90
187-90
188-90
189-90
190-90
191-90
192-90
193-90
194-90
195-90
196-90
197-90
198-90
199-90
200-90
17-91
201-90
202-90
203-90
299,28
299,28
299,28
179,57
997,60
299,28
1 496,39
299,28
299,28
299,28
299,28
299,28
897,84
897,84
897,84
897,84
897,84
897,84
897,84
897,84
897,84
1 246,99
1 246,99
República
Ensaio de 1 Escudo 1910
R
E 7 04
17-02
1 902,30
Total
759
3 303 316,52
P5
09 01
10 01
10 02
11 01
11 02
11 03
12 01
12 02
L1
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
2009 FINANCIAL YEAR
Financial
Statements
02
LUSITANIA COLLECTION
Works of Art
DESCRIPTION
Gravura de P. Shenk - “A Lusitania” / séc. XVIII
Aguarela de R. Bordalo - “Avenida dos Aliados -Porto”
Óleo de Rui Azevedo - “A Mina Aérea”
Gravura L’Éveque - “Guerra Peninsular” / séc. XIX
Gravura L’Éveque - “Batalha de Talavera” / séc. XIX
Gravura L’Éveque - “Batalha de Salamonde” / séc. XIX
Gravura L’Éveque - “Ponte de Miserere - Salamonde” / séc. XIX
Gravura L’Éveque - “Aspecto da Guerra Peninsular” / séc. XIX
Gravura L’Éveque - “Ponte de Nodin” / séc. XIX
Gravura L’Éveque - “Combate de Grijó” / séc. XIX
Aguarela de Rui Azevedo - “O Cais”
Aguarela de Rui Azevedo - “O Cacilheiro”
Aguarela de Rui Azevedo - “O Canal”
Aguarela de Rui Azevedo
Aguarela de L. M. Lapinha - “Leiria”
Gravura de A. Coronelli - “Madeira” / séc. XVIII
Aguarela de Luis Furtado - “O Porto - Visto de Vila Nova de Gaia”
2 Gravuras a Cobre - “Galeria de Versailles - Batalhas” / séc. XIX
Gravura Ben Jansen - “Mapa seiscentista do Brasil”
(na posição horizontal datado de 1640)
Gravura de F. Wit - “Mapa de Portugal” / séc. XVII
(na posição horizontal usada pelos cartógrafos quinhentistas)
Gravura de F. Wit - “Mapa de Portugal” / séc. XVII
(na posição vertical)
Aguarela de Jorge Costa - “Vista da Catedral de Viseu”
Gravura de A. Coronelli - “Açores” / séc. XVIII
Óleo de Roger Chapelet - “Navio Escola Sagres”
Óleo de Roger Chapelet - “Fragata D. Fernando”
Gravura de Braun e Hogenberg
“Praças Fortes de Casablanca, Azamor, Diu e Goa”
Gravura de L. Baily - “Ponte de Amarante”
Gravura de Braun e Hogenberg
“Praças Fortes Portuguesas no Norte de África”
Gravura representando o General Silveira
Óleo de José Pedroso - “Barcos no Tejo”
Óleo de José Guimarães - “O Argonauta - D. João II”
Escultura de Sacha Sosno - “Le Lac est au dessus”
Duas esculturas em bronze de Augusto Cid - “Torso de Mulher”
Maqueta em madeira (escala 1/50) de Manuel Paradela Catarino
“Caravela Boa Esperança”
Óleo de Jacinto Luis - “Natureza Morta”
Óleo de Artista chinês - “Macau: The Praya Grande” - 1860
Aguarela de Augusto Cid - “Monumento das Descobertas”
Gravura de Probst - “Lisboa”
Gravura a cobre - “Porto de Lisboa” / séc. XVIII
Gravura a cobre - “Fortaleza de Arronches” / séc. XVIII
Óleo de Appian - “Le Golf des Saulettes”
Escultura de João Cutileiro - “Menina deitada”
Escultura de João Cutileiro - “Árvore Preta”
Escultura de João Cutileiro - “Guerreiro - Viriato”
Painel de Azulejos da Fábrica do Rato / séc. XVIII - “Cena de caça”
Óleo - “Hortênsias”
Óleo - D. José
Quadro de António Osório de Castro - “sem título”
Gravura - “Lisboa no séc. XIX”
Gravura - “Porto no séc. XIX”
Gravura - “Braga no séc. XVI”
Centro de mesa em bronze e cristal
Par de apliques em bronze
Óleo - “Torre de Belém”
Gravura - “Aguilar”
Gravura - “O Palácio de Porto Côvo”
Óleo de Luis Pinto Coelho - “Corrida de Touros”
Gravura de Hizen - “Nagazaki”
Óleo de Luis Guimarães - “Dr. Costa Leal”
Cómoda D. José
Óleo de Luis Pinto Coelho - “D. Maria II”
Desenho de Júlio Pomar - “Tigre Rampante”
Óleo sobre placa de ferro de J. Pedroso - “Vapor Lusitania”
2 Candeeiros Saco D. Maria
2 Ânforas em mármore
5 pratos de porcelana chinesa - Palácio de Porto Côvo
15 potes de especiarias
Estudo a Lápis de Almada Negreiros - “Painéis de Lisboa”
Óleo de Luis Pinto Coelho - “D. João V”
Óleo de Luis Pinto Coelho - “Pequena Fantasmagoria”
Escultura em bronze de Augusto Cid - “Poldro deitado”
3 potes de especiarias, tipo ânfora
2 Cadeirões D. José
LUSITANIA
Acquisition
Nr. - Date
Value of
Inventory
85-86
184-86
216-87
240-87
240-87
240-87
240-87
240-87
240-87
240-87
244-87
244-87
322-87
323-87
326-87
645-89
675-89
681-89
811-89
190,29
598,06
299,28
87,47
87,47
87,47
87,47
87,47
87,47
87,47
22,45
22,45
598,56
149,64
174,58
349,16
798,08
1 745,79
835,74
927-90
799,52
927-90
799,52
972-90
1024-90
1135-91
1135-91
1138-91
174,58
249,40
3 214,75
3 214,75
249,40
1138-91
1978-92
249,40
349,16
1979-92
1983-92
1984-92
1985-92
2092-93
2121-94
249,40
11 571,94
29 927,87
24 350,78
5 207,45
1 745,79
2123-94
2124-94
2251-94
2374-95
2375-95
2375-95
2377-95
2381-95
2382-95
2383-95
2384-95
2493-96
2489-96
2495-96
2490-96
2491-96
2492-96
2558-97
2559-97
2592-97
2593-97
2594-97
2595-97
2596-97
2615-97
2820-98
2821-98
2822-98
2823-988
3335/6-98
3357/8-98
3359/65-98
3366/79-98
3563/65-99
3566-99
3567-99
3568-99
3569/71-99
1998
1 995,19
20 522,66
867,91
2 493,99
498,80
498,80
24 338,44
13 467,54
9 975,96
12 469,95
7 326,79
1 246,99
6 234,97
1 995,19
249,40
199,51
872,90
8 916,24
14 076,89
36 238,31
390,01
875,39
8 903,54
1 757,27
4 189,90
7 481,97
12 968,75
12 220,55
357,36
57 361,76
2 992,79
1 392,89
7 980,77
59 855,75
12 968,75
3 990,38
34 042,96
1 496,39
6 629,62
COMPANHIA DE SEGUROS SA
DESCRIPTION
Alambique em cobre
Peça decorativa em mármore
Mesa de encostar - D. José - séc. XVIII
Par de cadeiras - séc. XIX
Óleo de Roger Chapelet - “Noemi”
3 aguarelas de Roger Chapelet
1 escultura original de Salvador Dalí - “Terpsichore”
Óleo de Roger Chapelet - “Marinha - Noemi”
Óleo de Roger Chapelet - “Cutty Sark"
Par de cómodas D. José, portuguesas, séc. XVIII
6 cadeiras de braços modelo Gainsborough
Secretária Luís XVI em mogno polida
Acquisition
Nr. - Date
Value of
Inventory
2000
2001
2002
2002
2003
2003
2004
2004
2007
2009
2009
2009
1 114,31
2 992,81
27 433,88
6 000,00
12 840,00
23 028,19
110 000,00
654,50
8 500,00
40.040,00 €
1.290,00 €
3.540,00 €
Sub-Total
736.527,00 €
Paintings offered by the artists in the ambit of Lusitania museum activities
Óleo de Vasco Bobone - “Mercado Ferreira Borges”
Óleo de Margarida Neto - “Pedro e Inês”
Óleo de Guilherme Parente - “sem título”
3 Óleos de Diane Kasakis - “Central Australia Triptych”
Óleo de Ana Figueiredo - “sem título”
3 Serigrafias de Nicole Callebaut - “Ar, Água, Terra”
Desenho de Luís Teixeira da Silva - “Energia”
Óleo de Sylvia Purwin Falcão Trigoso - "Ria calma"
Óleo de Isabel Contreras do Botelho "Geometrias"
2005
2005
2005
2005
2005
2005
2005
2006
2007
Sub-Total
400,00
7 000,00
10 000,00
460,00
1 000,00
3 150,00
250,00
1 000,00
907,50
24.167,50
Total
760.694,50
LUSITANIA COLLECTION
Works of art from Real
Total
1.153.686,00
LUSITANIA COLLECTION
Works of Historical and Artistic Value
(euros)
DESCRIPTION
Espada de Honra do General Silveira
e British Gold Medal
Sabre de Abordagem da Fragata D. Fernando
2 Sabres de Oficial - Primeiro Império
Condecorações do General Silveira
Total
Acquisition
Nr. - Date
Value of
Inventory
1026-90
1167-91
2379-95
2003
70.679,66
724,30
11.120,81
5.000,00
87.524,77
111
Annual
Report
2009 FINANCIAL YEAR
03
Ratifications
ƒ
ƒ
REPORT AND OPINION OF THE SUPERVISORY BOARD
LEGAL RATIFICATION OF INDIVIDUAL ACCOUNTS
ANNUAL REPORT
2009 FINANCIAL YEAR
LUSITANIA
COMPANHIA DE SEGUROS SA
Ratifications
03
115
03
116
Ratifications
ANNUAL REPORT
2009 FINANCIAL YEAR
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
2009 FINANCIAL YEAR
LUSITANIA
COMPANHIA DE SEGUROS SA
Ratifications
03
117
03
118
Ratifications
ANNUAL REPORT
2009 FINANCIAL YEAR
LUSITANIA
COMPANHIA DE SEGUROS SA
ANNUAL REPORT
2009 FINANCIAL YEAR
LUSITANIA
COMPANHIA DE SEGUROS SA
Ratifications
03
119
Rua de S. Domingos à Lapa, 35 PORTUGAL 1249-130 Lisboa T (+351) 213 926 900 F (+351) 213 973 090 E [email protected]
Capital Social: € 25.580.895 Pessoa Colectiva nº 501 689 168 Matriculada na Conservatória do Registo Comercial de Lisboa
N.º Azul 808 222 9000 (Dias úteis - das 08h30 às 19h30) www.lusitania.pt