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Djarason 29 Yüni 2016 5

Management Report 2015 Balance Sheet Fatum Life N.V. Fatum Heal N.V. Fatum Gen. Ins. N.V.
2015 2014
The Guardian Holdings Limited (GHL) Group consists of a very strong portfolio of (In Thousands of ANG) 2015 2014 2015 2014
non-bank financial institutions roughout e English and Dutch Caribbean. In 2015, ADMISSIBLE ASSETS 908 1.009
Intangibles -- --
e majority of communities in which we operate experienced ano er challenging Investments:
year, wi e pa to economic recovery still uncertain. We are satisfied at we Real Estate 30.190 30.269 -- --
still succeeded in achieving our targets. Unconsolidated A liated Companies
and O er Participations 57.557 65.880 - - 16.504 15.105
Gross premiums of e Life operations increased by 9.3 Million, a grow of 17% Stocks 69.519 68.936 - - 734 699
from ANG 55.9 Million to ANG 65.2 Million. This was attributable to new group Bonds and O er Fixed Income Securities 382.687 402.077 51.078 51.115
contracts and a considerable grow experienced in single premiums. Participation in Non-A liated Investment Pools - - 3.023 3.536
Mortgage Loans 28.680 - - - - -
Gross premiums from e Property and Casualty operations remained in line at O er Loans 189.553 31.692 7.664 7.677
ANG 91.6 Million. Deposits wi Financial Institutions 109.981 176.780 3.500 3.500 554 647
O er Investments 70.516 - - 12.987 15.920
Gross premiums from e Heal operations decreased by ANG 2.3 Million, a decrease Current Assets - 5.563 6.806 25.699 23.021
of 7% from ANG 31.2 Million to ANG 28.9 Million. This was due to e introduction O er Assets 71.605 - 107 105
of a compulsory government heal insurance applicable for a large part of e From Separate Accounts Statement 80.337 - - -
Curaçao population, which limited e new business opportunities for heal TOTAL 43 67.912 69.203 52.636 57.243
insurance companies. 7.366 69
EQUITY, PROVISIONS AND LIABILITIES 948.089 7.832 3.042 3.370
In 2015 an aggregated net profit of ANG 14.9 Million was recorded, compared to Capital and Surplus 935.397 - -
a net profit of ANG 37.1 Million in e prior year. As reported above, is result came Capital
about primarily as a consequence of significant negative fair value adjustments Surplus 115.179 119.541
across e investment portfolios totaling an amount of 18.3 Million. Less Treasury Stock
Subordinated Instruments 46.637 46.637 6.194 6.194 32.730 32.730
In 2015 we continued to invest in multi-channel distribution to consolidate our Provisions for Insurance Obligations 130.337 152.524 31.810 24.796 11.744 9.618
presence in e Dutch Caribbean and e Dutch market. Net Technical Provision for Life Insurances -
Net Technical Provision for Accident and Sickness - - - -
Motivated, engaged and skilled employees are critical to our continued long-term Net Unearned Premium Provision - - -
success. Our employees are keeping up high spirits under challenging workloads Net Claim Provision
and increased demands of customers and stakeholders. Net Claim Adjustment Expense Provision 747.671 714.902 - 4 - -
Funds Provision - - 5.214 5.873 - -
Guardian Group Fatum is committed to effective corporate governance for e Net O er Technical Provisions - - 12.476 15.216
benefit of our shareholders, customers, employees and o er stakeholders based O er Net Policy and Contract Provisions - - 298 260 18.269 16.909
on e principles of fairness, transparency and accountability. We actively encour- O er Provisions and Liabilities - - - - - -
ages individual and societal development. Our financial support is targeted at e Current Liabilities - - - -
you , sports and physical activity as well as rough financial support for e work O er Liabilities - - 17.539 24.482 - -
of various non-governmental organizations. Contingent Liabilities - -
From Separate Accounts Statement 10.305 9.504 609 167 464 528
We rea rm our commitments towards our shareholders and stakeholders, and will TOTAL - - 6.248 7.427 39.496 44.540
continue doing every ing in our power to deliver value in a consistent, responsible - -
and sustainable way while optimizing our streng s and managing our risks. Profit & Loss Statement 5.533 3.747 - - - -
240 251 - - - -
Premium and O er Policy Considerations - - - 115.179 119.541
Net Investment Income and Realized 7.366 67.912 69.203
Capital Gains and Losses 948.089 7.832
Net O er Operational Income 935.397
Net Benefits / Claims Incurred
Change In Provisions for Insurance Obligations 2015 2014 2015 2014 2015 2014
Net Changes In Various O er Provisions 64.619 55.023
Net Claim Adjustment Expenses Incurred 27.973 30.063 42.492 60.315
Underwriting Expenses Incurred
Curaçao, 27 June 2016 Net O er Operational Expenditures Incurred 40.259 50.811 3.448 3.425 4.182 4.503
Net Transfers to or from Separate Accounts 2.099 694 617 507 (898) (1.498)
Ivan Steve Martina O er Changes Affecting Net Results 21.702 32.218
President & CEO Fatum Holding Profit Sharing to Policyholders 48.420 38.923 16.442 13.778
Extraordinary Results 33.122 33.142 - - - -
Notes to e Balance Sheet Net Operational Results Before Corporate Taxes - -
and Net Results From Separate Accounts - - (6.943) (1.869) - (107)
Summary of significant accounting and 8. For General Insurance provision for Corporate Taxes Incurred - - 38 (15) 21.276 28.012
valuation principles used to prepare outstanding claims are stated at Net Operational Results A er Corporate Taxes 14.795 16.693 (714) 2.174
estimated cost per event. and Before Net Results From Separate Accounts 447 1.893 10.354 10.948 - -
e statements and disclosure if signif- Net Results from Separate Accounts - - (559) (138) - -
icant changes in e principles applied, 9. The (reinsured) provision for life Net Operational Results - - - - - -
in comparison wi previous year: policy liabilities is principally calcu- Net Unrealized Gains or Losses 1.476 (748) - - - -
lated according to e net reserve Net Profit or Loss - - - -
1. O ce buildings and properties are me od using mortality tables and - -
stated at fair values less straight interest rates customary in e Analysis of Unassigned Earnings
line depreciation over e estimated industry, almost wi out exception 8.717 16.625 12.706 11.291 3.512 1.023
useful lives of ese assets. All o er in e range of 3-4%. Unassigned Earnings (Beginning of Year) 362 371 178 264 62 171
property, plant and equipment Net Profit or Loss
are stated at cost less straight line 10. The aging reserve is calculated Distribution of Accumulated Earnings 8.355 16.254 12.528 11.027 3.450 852
depreciation over eir estimated based on an actuarial calculation O er Changes In Unassigned Earnings 177 176 - - - -
useful lives. me od. There are several assess- Unassigned Earnings (End of Year)
ments of e provision during e 8.532 16.430 12.528 11.027 3.450 852
2. Shares are stated at market value. year and e provision is adjusted (9.586) 8.747 - - - -
In case no fair value is available based on e outcome. The aging (1.054)
ese shares are stated at an esti- reserve amounts to ANG 16,451 25.177 12.528 11.027 3.450 852
mated realizable value. as per December 31, 2015 (2014:
ANG 23,212). 139.671 121.854 24.796 17.673 9.618 10.102
3. Local bonds are classified as “held (1.054) 25.177 12.528 11.027 3.450 852
to maturity” and are stated at 11. All o er assets and liabilities are 18.883 7.402 1.452
amortized cost. The amortization of shown at face value less any - 42 5.514 3.904 1.440
premium and accretion of discount necessary provisions for credit risk - - 128 104
are computed over e remaining exposure. 119.734 139.671 11.744
time of maturity and recorded in 31.810 24.796 9.618
e Profit and Loss account. For- 12. Assets and liabilities in foreign cur-
eign bonds are classified as “fair rencies are expressed in Ne erlands Independent auditor’s report
value rough profit or loss” and Antillean guilders at rates prevail-
are stated at fair value. All gains ing at e balance sheet date. The accompanying 2015 Financial Highlights are derived conducted in accordance wi International Standard on
and losses resulting from revalua- Transactions denominated in for- from e audited Life Insurance Annual Statement of Auditing (ISA) 810, Engagement to Report on Summary
tion are accounted for in e Profit eign currencies are recorded at e Fatum Life N.V., e audited General Insurance Annual Financial Statements.
and Loss account. average rate of exchange of e Statements of Fatum Heal N.V. and Fatum General
previous mon . All gains and losses Insurance N.V. for e year ended 31 December 2015. Opinion
4. Mortgage loans are stated at face are recognized in e Profit & Loss We expressed an unmodified audit opinion on ese In our opinion, e 2015 Financial Highlights have been
value less any necessary provision account. 2015 Life Insurance Annual Statement and 2015 Gener- derived consistently, in all material respects, from e
for credit risk exposure. al Insurance Annual Statements in our reports dated 27 2015 Life Insurance Annual Statement of Fatum Life N.V.
13. Corporate tax is expensed to profit June 2016. and e 2015 General Insurance Annual Statements of
5. Capitalized interest rate rebates and loss on an accrual basis. The Fatum Heal N.V. and Fatum General Insurance N.V.
are amortized at annual rate of accrued profit tax charge is based Management’s responsibility
15% during e first four years and on an approximation of e corpo- for e Financial Highlights Curaçao, 27 June 2016
10% during e next four years. ration rate applicable which is Management is responsible for e preparation of e for Ernst & Young Accountants
applied on e reported profit Financial Highlights in accordance wi e accounting
6. Policy loans are stated at face value. before tax. The corporate tax rate is policies as applied in e 2015 Life Insurance Annual C. Smorenburg RA AA F. de Windt-Ferreira CPA
The surrender value of e loan 25% (2014: 27.5%). The effective Statement of Fatum Life N.V. and e 2015 General
serves as collateral. tax rate differs from e corporate Insurance Annual Statements of Fatum Heal N.V. and
tax taking into account any tax Fatum General Insurance N.V.
7. For Heal Insurance provision for credits, non-deductible tax ex-
outstanding claims is calculated as penses and prior year adjustment, Auditor’s responsibility
a percentage of e net premium where applicable. Our responsibility is to express an opinion on ese
earned based on experience ratios Financial Highlights based on our procedures, which were
of previous years.