5. Related Party Transactions
The Company was involved in the following related party transactions in addition to transactions disclosed in note 4.3:
| (CZK’000) | 2016 | 2015 |
|---|---|---|
| Income | ||
| Direct gross premium written/ insurance received | 107,583 | 94,255 |
| Commissions from reinsurers | 609,246 | 635,704 |
| Portion of paid claims covered by reinsurance/ outward insurance | 1,496,519 | 1,180,142 |
| Other operational costs and services (net value) | 17,030 | 11,242 |
| Total income | 2,230,378 | 1,921,343 |
| Expense | ||
| Outwards reinsurance premium/insurance paid | 2,564,087 | 2,537,085 |
| The share of reinsurers in insurance transactions/inward insurance | 148,586 | 134,967 |
| Commission costs incurred in connection with concluding insurance contracts /commissions transferred to reinsurers | 104,658 | 90,152 |
| Assistance services | 38,376 | 29,108 |
| Rent | 18,307 | 28,753 |
| Other operational costs and services (net value) | 501,839 | 309,277 |
| Total expense | 3,375,853 | 3,129,342 |
The following related party receivables and payables were outstanding as at:
| (CZK’000) | 31 December 2016 | 31 December 2015 |
|---|---|---|
| Receivables | ||
| Reinsurance receivables | 676,993 | 538,824 |
| Other receivables | 96,172 | 46,939 |
| Prepayments and accrued income | 3,292 | 3,932 |
| Total receivables | 776,457 | 589,695 |
| Payables | ||
| Payables from reinsurance | 1,441,231 | 1,369,561 |
| Payables deposits | 617,570 | 616,021 |
| Other payables | 37,134 | 14,347 |
| Accruals and deferred income | 332,328 | 155,870 |
| Total payables | 2,428,263 | 2,155,799 |
Related party receivables and payables arose under similar terms and conditions as for unrelated parties.
Company reported securities issued by related parties:
| As at 31 December 2016 (CZK’000) | Fair value | Accrued interest revenue |
|---|---|---|
| Bonds | ||
| Issued by Česká pojišťovna a.s. | 20,225 | 366 |
| Total | 20,225 | 366 |
| As at 31 December 2015 (CZK’000) | Fair value | Accrued interest revenue |
|---|---|---|
| Bonds | ||
| Issued by Česká pojišťovna a.s. | 20,245 | 424 |
| Total | 20,245 | 424 |