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NET COMMISSIONS (16) 2020 2019 HOUSING EXPENSES 2020 2019
Commissions paid motor - 1,179,880 - 1,431,838 Maintenance buildings 56,852 41,923
Commissions paid medical - 142,712 - 149,923 Water & electricity 36,607 42,126
Commission paid property - 8,943 - 2,364 Cleaning expenses 14,524 13,272
Commissions paid AD&D 0 - 5,760 Property taxes 5,840 5,840
Alteration prepaid commissions motor - 137,081 - 61,105 Insurance premium property 5,414 5,305
Alteration prepaid commissions medical 800 - 1,169 Security 2,204 3,292
Alteration prepaid commissions property 2,837 1,911 121,441 111,758
1,464,979 1,650,248 SELLING EXPENSES 2020 2019
The net commissions relate to commissions paid to insurance brokers. Allowance for doubtful debts 48,188 0
The commissions paid are between 10% to 15% for brokers and 20% to 30% for
proxy of the gross premium written. Advertising expenses 90,965 65,797
PERSONNEL EXPENSES (17) 2020 2019 Representation expenses 11,941 36,953
Wages and salaries and other employee benefits 1,497,224 1,820,135 151,094 102,750
Social security charges 239,176 241,197 GENERAL EXPENSES 2020 2019
Pension costs 66,149 68,901 Computer and hardware expenses 342,142 227,577
1,802,549 2,130,233 Legal and advisory fees 174,301 62,347
Supervisory board expenses 105,601 117,995
Wages and salaries and other employee benefits Audit and accounting fee 82,048 68,519
Wages and salaries 1,385,506 1,790,244 Telephone and fax expenses 39,516 39,628
Other employee benefits 111,718 9,891 Bank charges 29,393 31,152
1,497,224 1,820,135 Rental Office Equipment 24,857 25,181
Postage & Courier 23,252 4,268
AVERAGE EMPLOYEES EMPLOYED AS FOLLOWS: 2020 2019 Office expenses 19,450 35,096
Managing Director Contributions 18,890 15,662
Sales & Acceptance Department 2.0 1.0 Other general expenses 9,876 2,445
Claims Department 7.0 6.0 Stationary and printed forms 7,414 6,651
Accounting Department 3.5 3.5 Car expenses including car insurance 6,455 9,080
Supporting Department ( IT, IA, HR, Filing & Maintanance) 4.5 4.5 883,195 645,601
Average number of employees 24.0 22.0
DEPRECIATION(18) 2020 2019 FINANCIAL INCOME AND EXPENSE (20) 2020 2019
Depreciation of tangible fixed assets Interest on time deposit and bonds and current accounts 187,890 192,473
Land and buildings 38,035 46,907 Interest income on time deposit and bonds 183,473 187,941
Furniture and equipment 49,469 38,631 Interest of receivables from related parties 4,417 4,532
Profit on sale of tangible fixed assets -6 -9,507 187,890 192,473
87,498 76,031
TAXATION (21) 2020 2019
OTHER OPERATING EXPENSES (19) 2020 2019 Interest on time deposit and bonds and current accounts 453,625 515,978
Other personnel expenses 35,974 58,658 Effective tax rate 22.9% 24.9%
Housing expenses 121,441 111,758 Applicable tax rate 25% 25%
Selling expenses 151,094 102,750
General expenses 883,195 645,601 The effective tax rate deviates from the applicable tax rate as a result of tax
benefits offered by tax regulators in Aruba.
1,191,704 918,767
OTHER PERSONAL EXPENSES
Other staff expenses 33,848 58,221
Travel and Lodging 2,126 437
121,441 111,758
