4.12. Creditors
| (CZK’000) | 31 December 2016 | 31 December 2015 adjusted |
|---|---|---|
| Payables to policyholders | 1,065,076 | 930,567 |
| Payables to insurance intermediaries | 22,097 | 22,083 |
| Payables from reinsurance (note 4.15) | 1,456,300 | 1,390,544 |
| Payables to financial institutions | 1,555,289 | – |
| Other payables | 211,341 | 147,342 |
| Total | 4,310,103 | 2,490,536 |
Payables to financial institutions stand for payables from bank loans related to repo operations in the amount of CZK 1,554,466 thousand and related interest payables of CZK 823 thousand. These loans are secured by collateral – financial assets in the amount of CZK 1,554,466 thousand.
Other payables as at 31 December 2016 include mainly trade payables in the amount o CZK 51,085 thousand (2015 CZK 8,215 thousand), payables to employees in the amount of CZK 10,457 thousand (2015: CZK 27,920 thousand), income tax in the amount of CZK 119,182 thousand (2015: CZK 60,800 thousand) and deferred tax in the amount of CZK 14,304 thousand (2015: in 2015 the deferred tax receivable was CZK 2,932 thousand – see note 4.18)
All payables are short term.
The Company has no overdue liabilities for social insurance, contributions to the state employment policy, health insurance or tax liabilities payable to the relevant tax authority.
Payables have not been secured over any assets of the Company. Payables to related parties are disclosed in note 5.