The goodwill changes essentially result from the acquisition of companies described in the section “Scope and methods of consolidation”. “Ray Sigorta A.Ş. accounted for EUR 45,488,000 of this amount, the closely held corporation“ Ukrainische Versicherungsgesellschaft KNIAZHA” EUR 6,514,000 and Bulstrad Insurance and Reinsurance Joint-Stock Company EUR 11,131,000.
The purchased insurance portfolio results from the acquisition of existing portfolios and the securities acquired as part of the acquisition of the insurance companies described in the section “Scope and methods of consolidation.”
Amortisation of intangible assets is reported in the income statement under commissions and other acquisition costs and under administrative expenses.
