Balance sheet, statements of income and statements of cash flows at 31st of december 2003 as approuved by Ordinary General Assembly of 12th July 2004
    At 31 st of  December 2003   At 31/12/2002        At 31/12/2003 At 31/12/2002
ASSETS                    Gross Amortization and Net     Liabilities and shareholders' equity 
       depreciation In DT   In DT       In DT In DT
       
Intangible Assets   815 819 655 721 160 098   199 273    Shareholders'equity:      
                Total of shareholders'equity before result : 27 564 069 25 608 177
                       
                       
Tangible Assets   5 307 397 4 112 873 1 194 524   1 143 357   Résultat at 31 st December 2 688 586 3 339 653
                Total shareholders'equity before affectation : 30 252 655 28 947 830
Investments   83 868 130 3 541 807 80 326 323   73 661 085    Liabilities :      
                 Provisions for losses and charges   245 923 466 852
Reinsurers'shares in technical reserves   15 688 235   15 688 235   13 158 583    Technical reserves   77 818 828 69 267 776
                       
Receivables   25 714 413 401 998 25 312 415   23 477 454    Deposits received from reinsurers   7 088 461 6 894 994
                 Other debts   14 330 238 10 760 443
Other assets   7 299 064   7 299 064   4 891 715    Other liabilities   244 554 193 572
Total Assets:   138 693 058 8 712 399 129 980 659   116 531 467   Total Liabilities : 129 980 659 116 531 467
    Gross Ceded Net   Net     Chiffre en D.T  
Technical Account of Non Life Insurance Business             Staement of Cash Flows At  31/12/2003 At  31/12/2002  
    At  31/12/2003 At  31/12/2003 At  31/12/2003   At  31/12/2002     In DT   In DT  
               
Earned premiums   39 262 315 12 618 725 26 643 590   25 431 693 Cash flows from operating activities   2 953 303 -3 269 664  
Allocated Investment Income transferred from the non-technical account 3 036 586   3 036 586   3 567 041 Cash flows from investing activities -402 638 -237 824  
Other technical income   1 161 199 274 457 1 435 656   581 247 Cash flows from financing activities -1 267 147 5 040 911  
Claims incurred (-) 28 950 578 3 963 367 24 987 211   24 963 210        
Change in other technical reserves (-) 406 579   406 579   172 482                   Increase/Decrease in cash and short term maturities 1 283 518 1 533 423  
Premium refunds and profit sharing (-) 13 991 66 095 52 104   192 850                   Cash and short term maturities in bigining of year 3 442 099   1 908 676  
Operating expenses (-) 5 065 953 2 437 959 2 627 994   2 590 833                   Cash and short term maturities end of year 4 725 617 3 442 099  
Other technical charges (-) 1 657 332 344 910 2 002 242   1 096 762
Technical result of non life business   7 365 667 6 221 757 1 143 910   1 294 508
            Summary of the notes on financial statements at  31st  December2003
    Gross Ceded Net   Net
Technical account of Life Insurance Business              - Financial statements of Astrée insurance and reinsurance Company are presented in accordance with the dispositions
    At  31/12/2003 At  31/12/2003 At  31/12/2003   At  31/12/2002 of the law n°96-116 of 30th december 1996, related to entreprises account plan and the dispositions of the decree n°96-2459
Earned premiums   2 804 271 153 810 2 650 461   2 545 263 of 30th december 1996 approving the conceptual casing and the order of the financial minister of 26th of june 2002 approving 
Investment income   431 027   431 027   436 551 accounting standards of insurance entreprises.
Other technical income   63 778 46 861 110 639   3 611
Claims incurred (-) 646 577 1 612 648 189   674 235  - The modes & methods of evaluation related to differents items of the balance sheet and result statements are applied
Change in other technical reserves (-) 1 417 866   1 417 866   1 183 598 and detailed as follows:
Premium refunds and profit sharing     40 374 40 374   39 968   * The technical reserves are evaluated in accordance with the order of financial minister of 27/02/2001,
Operating expenses (-) 255 791 2 065 253 726   143 421   * The claim reserves are evaluated according to the inventory method,
Investment charges (-) 84 269   84 269   66 332   * The asset items are accounted in historic cost.
Other technical charges     63 778 63 778       * The receivables and the securities are evaluated after depreciation.
Technical result of life insurance business   894 573 129 900 764 673   957 807
     
Non Technical Account      
At 31/12/2003   At 31/12/2002
                    Technical result of non life insurance business       1 143 910   1 294 508
                    Technical result of life insurance business     764 673   957 807
           
                    Non life Investment Income     5 334 522   5 751 587
           
                    Investment charges for non life business   (-) 1 036 713   871 134
                    Allocated investment income transferred to the non-life            Opinion on Financial Statements at 31st of December 2003:
                    technical account   (-) 3 036 586   3 567 041
                      In our opinion, the financial statements above mentioned are regular and authentic and reflect accurate image,
                    Other non-technical income       46 452   322 434 for all significant aspects of financial situation of Astrée at 31st of december 2003, the result of its operations and
                    Other non-technical charges       395   4 494 cash flows for the year ended at this date in accordance with the entreprises account plan.
Result from ordinary activities 3 215 863   3 883 667
                    Taxation   (-) 527 277   544 014
Résult from ordinary activities after taxation     2 688 586   3 339 653       The Auditor
Net  Result at 31 st december 2003 :       2 688 586   3 339 653 Jelil BOURAOUI & CO
Net Result   2 688 586   3 339 653