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10 AWEMainta Diaranson, 30 Juni 2021

Independent auditor’s report Abbreviated Financial Statements 2020

Our Opinion Abbreviated Statement of Financial Position
The abbreviated financial statements, which comprise the abbreviated statement of financial As at December 31, 2020 (In AWG’000)
position as at December 31, 2020, the abbreviated statement of income for the year ended Assets 2020 2019
December 31, 2020 and notes to the abbreviated financial statements, are derived from the Property, plant and equipment 429 459
audited financial statements of Fatum General Insurance Aruba N.V. (‘the Company’) for the Intangible assets 38 47
year ended December 31, 2020. Investment securities 42,999 38,027
Loans and receivables 12,054 8,659
In our opinion, the accompanying abbreviated financial statements are consistent, in all material Cash and cash equivalents 12,792 17,922
respects, with the audited financial statements of the Company, as described in note 2 Reinsurance assets 8,424 5,303
“Significant Accounting Policies”. Deferred acquisition costs 2,095 2,538
Deferred tax assets 91 37
The Abbreviated Financial Statements Total Assets 78,922 72,992
The abbreviated financial statements do not contain all the disclosures required by International
Financial Reporting Standards. Reading the abbreviated financial statements and the auditor’s Equity
report thereon, therefore, is not a substitute for reading the audited financial statements and Share capital 300 300
the auditor’s report thereon. The audited financial statements, and the abbreviated financial Share premium 6,003 6,003
statements do not reflect the effects of events that occurred subsequent to the date of our Retained earnings 22,408 18,061
report on the audited financial statements. Total Equity 28,711 24,364

The Audited Financial Statements and Our Report Thereon Liabilities
We expressed an unmodified audit opinion on the audited financial statements in our report Insurance contracts 20,756 18,325
dated June 29, 2021.
Due to affiliates 22,151 21,945
The Board of Directors’ Responsibility for the Abbreviated Financial Statements Profit tax payable 1,504 1,149
The Board of Directors is responsible for the preparation of the abbreviated financial state- Other liabilities 5,800 7,209
ments in accordance with the basis as described in note 2 “Significant Accounting Policies”. Total Liabilities 50,211 48,628
Auditor’s Responsibility Total equity and liabilities 78,922 72,992
Our responsibility is to express an opinion on whether the abbreviated financial statements
are consistent, in all material respects, with the audited financial statements based on our Abbreviated Statement of Income
procedures, which were conducted in accordance with International Standard on Auditing For the year ended December 31, 2020 (In AWG’000)
810, Engagements to Report on Summary Financial Statements. 2020 2019
Net result from insurance activities 13,898 12,036
Aruba, June 29, 2021 Net income from investing activities 2,351 2,420
Grant Thornton Aruba Net income from all activities 16,249 14,456

Original signed by Edsel N. Lopez Net impairment gains/(losses) on financial assets (295) 150
Operating expenses (9,281) (7,802)
Finance charges (880) (1,104)
Profit before taxation 5,793 5,700
Taxation (1,446) (1,318)
Profit for the year 4,347 4,382
Solvency requirements (In AWG’000) 2020 2019

Minimum regulatory capital 5,488 5,454
Regulatory capital held 28,711 24,364
Surplus 23,223 18,910

Notes to the Abbreviated Financial Statements

1. Incorporation and principal activities of the Company Standards (IFRS) issued by the International Accounting Standards (b) Transactions and balances in the financial statements
Fatum General Insurance Aruba N.V. (the Company) is domiciled Board (IASB). The abbreviated financial statements do not contain Foreign currency transactions are translated into the functional
in Aruba and has its registered office at L.G. Smith Boulevard all the disclosures required by International Financial Reporting currency using the exchange rates prevailing at the dates of the
#162, Aruba. The Company was incorporated on 7 March 2008, Standards. transactions. Foreign exchange gains and losses resulting from the
however officially started its operations on 1 January 2009. Fatum settlement of such transactions and from the translation at year-
General Insurance N.V. (the parent) was incorporated in Curaçao The abbreviated financial statements and the audited financial end exchange rates of monetary assets and liabilities denominat-
on 27 December 2002. The address of the registered office is, Cas statements have been prepared under the historical cost conven- ed in foreign currencies are recognized in the statement of income.
Coraweg 2, Curaçao. The ultimate parent of the Company is tion, as modified by financial assets and financial liabilities at fair
Guardian Holdings Limited, Trinidad and Tobago. value through profit or loss. Property, plant and equipment
All property, plant and equipment are stated at historical cost less
The Company is engaged in underwriting all classes of general The preparation of financial statements in conformity with IFRS depreciation. Historical cost includes expenditures that are directly
insurance business. requires the use of certain critical accounting estimates. It also attributable to the acquisition of the items.
requires management to exercise its judgment in the process of
The financial statements of the Company were authorized for applying the Company’s accounting policies. The areas involving a Subsequent costs are included in the asset’s carrying amount or
issue by the Board of Managing Directors of Fatum General higher degree of judgment or complexity, or areas where assump- recognized as a separate asset, as appropriate, only when it is
Insurance Aruba N.V. on 28 June, 2021. tions and estimates are significant to the financial statements, are probable that future economic benefits associated with the item
disclosed in Note 3. will flow to the Company and the cost of the item can be mea-
2. Significant Accounting Policies sured reliably. All other repairs and maintenance are charged to
These explanatory notes are an extract of the detailed notes Foreign currency translation the statement of income during the financial period in which they
included in the audited financial statements. (a) Functional and presentation currency are incurred.
Items included in the financial statements are measured using the
Basis of preparation currency of the primary economic environment in which the enti- Depreciation on other assets is charged over the estimated useful
These abbreviated financial statements are derived from the ty operates (the ‘functional currency’). The financial statements lives of the assets using the following rates and methods:
audited financial statements of the Company which have been are presented in thousands of Aruban Florins, which is also the
prepared in accordance with International Financial Reporting Company’s presentation and functional currency.