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16 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 349 97
audited financial statements of Fatum Life Aruba N.V. (‘the Company’) for the year ended Investment properties 2,150 2,347
December 31, 2020. Investment in associated companies 38,336 40,275
Investment securities 634,093 578,239
In our opinion, the accompanying abbreviated financial statements are consistent, in all material Loans and receivables 105,978 109,460
respects, with the audited financial statements of the Company, as described in note 2 Cash and cash equivalents 44,303 29,527
“Significant Accounting Policies”. Reinsurance assets 757 763
Deferred acquisition costs 3,860 4,303
The Abbreviated Financial Statements Due from affiliated companies 206 206
The abbreviated financial statements do not contain all the disclosures required by International Total Assets 830,032 765,217
Financial Reporting Standards. Reading the abbreviated financial statements and the auditor’s
report thereon, therefore, is not a substitute for reading the audited financial statements and Equity
the auditor’s report thereon. The audited financial statements, and the abbreviated financial Share capital 400 400
statements do not reflect the effects of events that occurred subsequent to the date of our Share premium 24,528 24,528
report on the audited financial statements. Reserves 5,010 2,255
Retained earnings 57,209 51,340
The Audited Financial Statements and Our Report Thereon Total Equity 87,147 78,523
We expressed an unmodified audit opinion on the audited financial statements in our report
dated June 29, 2021. Liabilities
The Board of Directors’ Responsibility for the Abbreviated Financial Statements Insurance contracts 710,320 666,539
Due to affiliates
19,037 10,340
The Board of Directors is responsible for the preparation of the abbreviated financial statements
in accordance with the basis as described in note 2 “Significant Accounting Policies”. Profit tax payable 1,580 1,871
Other liabilities 11,948 7,944
Auditor’s Responsibility Total Liabilities 742,885 686,694
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 Total equity and liabilities 830,032 765,217
procedures, which were conducted in accordance with International Standard on Auditing
810, Engagements to Report on Summary Financial Statements. Abbreviated Statement of Income
For the year ended December 31, 2020 (In AWG’000)
Aruba, June 29, 2021 2020 2019
Grant Thornton Aruba Net result from insurance activities (15,283) (13,556)
Net income from investing activities 37,600 32,397
Original signed by Herbert van Elferen Net income from all activities 22,317 18,841

Net impairment gains/(losses) on financial assets (1,030) 204
Operating expenses (13,867) (12,170)
Finance charges (608) (531)
Operating profit 6,812 6,344
Share of profit of associated companies 637 2,547
Profit before taxation 7,449 8,891
Taxation (1,580) (1,960)
Profit for the year 5,869 6,931

Solvency requirements (In AWG’000) 2020 2019

Minimum regulatory capital 52,964 48,936
Regulatory capital held 87,147 78,523
Surplus 34,183 21,731

Notes to the Abbreviated Financial Statements

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