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Djaluna 23 Yüli 2018 35

PAN-AMERICAN INSURANCE COMPANY OF CURAÇAO AND SINT MAARTEN N.V. - FINANCIAL HIGHLIGHTS 2017
BALANCE SHEET PAN-AMERICAN PAN-AMERICAN
All amounts ANG x 1,000 LIFE N.V. A&H N.V.
Admissible assests 2017 2016 2017 2016
Intangibles
MANAGEMENT REPORT Investments:
Real Estate 6,474 6,420
COMMENTS ON ECONOMIC SITUATION Unconsolidated affiliated Companies and Other Participations
Pan-American Life Insurance Group’s subsidiaries in the Dutch Caribbean region continued strengthening their Stocks
competitive position and commitment to improving service in the local market. The multicultural nature and local Bonds and Other Fixed Income Securities 77,934 86,768 1,513 1,590
differences of the Dutch Caribbean islands makes them dynamic jurisdictions for Pan-American Life’s business and Participation in Non-Affiliation Investment Pools
operations which perfectly blends in with the Group’s strategic footprint in the Americas. Despite weak economic growth Mortgage Loans
in the region, the Group believes there are significant opportunities to maintain and grow the business in the Life, Other loans 16,161 16,250
Accident and Health Insurance markets, mostly supplementary to the social security systems. Deposits with Financial Institutions
Other Investments
COMMENTS ON THE MAJOR DEVELOPMENTS WITHIN THE COMPANY IN THE LAST YEAR Current Assets 24,997 11,682 1,499 1,161
The Pan-American Life team in the Dutch Caribbean consists of more than 100 life insurance agents and employees who Other Assets 171 338
all share their true generosity and genuine care for the communities we live in. The Companies continued in giving to From Separate Acoounts Statement
society and participating in community-sponsored events and sports activities. TOTAL 125,737 121,458 3,012 2,751
Enthusiastic and dedicated new agents were recruited and trained to further strengthen the Dutch Caribbean agency Equity, Provisions and Liabilities
network. Distribution diversification was further broadened by closer collaboration with banks and insurance brokers, Capital and Surplus:
including the introduction of mass marketing and credit life products.
Capital 402 402 302 302
In close collaboration with offices in the Caribbean region and the US, the Dutch Caribbean teams focused on the Surplus 12,143 9,004 1,847 1,477
commitment to invest in and further upgrade service to clients and agents, creating more operational efficiency and Less: Treasury Stocks
strengthening the team and enhancing the overall facilities. The Company instituted regular client service meetings and Subordinated Instruments
provided a resolution guideline process. Provisions for Insurance Obligations:
Net Technical Provision for Life Insurances 95,017 94,194
Protecting policy owner benefits by a well-diversified and conservative investment policy, while remaining consistent Net Technical Provision for Accidental and sickness 360 2
with the Group’s policy to maintain sound solvency ratios in all jurisdictions continued to be a top priority. Net Unearned Premium Provisions 145 172
Other Net Policy and Contract Provisions 10,725 10,726 453 579
COMMENTS ON THE MOST IMPORTANT DEVELOPMENTS IN THE FINANCIAL STATEMENTS
Our cash and investment assets increased from ANG 113,792K to ANG 118,806K for the year 2017. Investment income for the Current Liabilities 6,273 6,307 265 221
year 2017 decreased by ANG 145K against 2016 as the company increased its liquidity. Our provisions for insurance obligations Other Liabilities 817 823
Contingent Liabilities
remain very conservative, reflecting the Company’s commitments to protecting policyholders. At the same time the company From Separate Accounts Statements
essentially maintained its operating expenditures at a level similar to the prior year. TOTAL 125,737 121,458 3,012 2,751
Parent Company History PROFIT AND LOSS STATEMENT 2017 2016 2017 2016
Pan-American Life Insurance Group is a leading provider of insurance and financial services throughout the Americas All amounts ANG x 1,000
that has been delivering trusted financial services since 1911. The New Orleans-based Group is comprised of more than Premium and other Policy Considerations 19,390 19,418
twenty member companies, employs more than 1,950 worldwide and offers top-rated individual and/or group life, Net Investment Income and Realized Capital Gains and Losses 6,090 6,235
accident and health insurance, employee benefits and financial services in 49 states, the District of Columbia (DC), Puerto Net Other Operational income - -
Rico, the U.S. Virgin Islands, and throughout Latin America and the Caribbean. The Group has branches and affiliates in Net Benefits Incurred 11,031 9,970
Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama, and 13 Caribbean markets, including Change In Provisions for Insurance Obligations 4,012 5,114
Barbados, Cayman Islands, Curaçao and Trinidad and Tobago. For more information, visit the Pan-American Life Web site Net Operational Expenditures Incurred 8,984 8,748
at palig.com, like us on Facebook @PanAmericanLife, follow us on Twitter @PanAmericanLife, and connect with us on Net Transfer to or from Separate Accounts - -
LinkedIn at Pan-American Life Insurance Group. Other Changes Affecting Net Results (52) 129
Protif Sharing to Policyholders 1,201 1,253
All policyholders of Pan-American Life will benefit from being insured by a provider that has a high-quality asset base, a Net Earned Premiums A&H 1,673 1,696
strong balance sheet, financial strength ratings of A (Excellent) from AM Best and Fitch Ratings, an expanded footprint and Net Claims Incurred 151 166
100 years of experience with a distinct focus of life, accident and health insurance in the Americas. Underwriting Expenses Incurred 208 290
Net Changes in Various provisions (138) 96
Net other expenses incurred 757 810
Signature of Supervisory Director Underwriting Results 695 334
Bruce Parker Extraordinary/other results (91) (77) (159) 136
Net Investment Income and Earned and Capital Gains or Losses 113 113
Net Operational Results Before Corporate Taxes and
REPORT OF THE INDEPENDENT AUDITOR ON THE FINANCIAL HIGHLIGHTS Net Results From Separate Accounts 213 362 649 583
Corporate Taxes Incurred 336 474 202 116
To: The Executive Board of
Pan-American Life Insurance Company of Curaçao and Sint Maarten N.V. Net Operational Results After Corporate Taxes and Net (123) (112) 447 467
Pan-American Accident and Health Company N.V. Results From Separate Accounts
Schottegatweg Oost 104 Net Operational Results (123) (112) 447 467
CURAÇAO Net Unrealized gains or Losses 1,190 2,165 (77) (59)
Opinion Net Profit or Loss 1,067 2,053 370 408
The 2017 Financial Highlights are derived from the audited Life Insurance Annual Statement of Pan-American Life Insurance Company of ANALYSES OF UNASSIGNED EARNINGS
Curaçao and Sint Maarten N.V., the audited General Insurance Annual Statements of Pan-American Accident and Health Company N.V. for the
year ended 31 December 2017. Unassigned Earnings Beginning of the period) (3,071) (3,772) 1,398 964
In our opinion, the accompanying Financial Highlights are consistent, in all material respects, in accordance with the audited Life Insurance Net Profit or Loss 1,067 2,053 370 408
Annual Statement of Pan-American Life Insurance Company of Curaçao and Sint Maarten N.V. and the audited General Insurance Annual Distribution of Accumulated Earnings
Statements of Pan-American Accident and Health Company N.V. Other Changes In Unassigned Earnings 953 (1,352) 60 26
Financial highlights Unassigned Earnings (End of Year) (1,051) (3,071) 1,828 1,398
The financial highlights do not contain all the disclosures required by the Life and General Insurance Annual Statement Composition and
Valuation Guidelines (2015) of the Bank. Reading the financial highlights and the auditor’s report thereon, therefore, is not a substitute for
reading the audited Life and General Insurance Annual Statements and the auditor’s report thereon. The Financial Highlights and the Life and
General Insurance Annual Statements do not reflect the effects of events that occurred subsequent to the date of our report on the audited Life Accounting Principles
and General Insurance Annual Statements. The financial year covers the period January 1st, 2017 to December 31st, 2017. Investment assets are in local governments
The audited Life and General Insurance Annual Statements bonds, participations in local public real estate loans / utility company, foreign Bonds rated at least BBB and secures policy
We expressed an unmodified audit opinion on the audited 2017 Life Insurance Annual Statement in our report dated 6 July 2018 and the loans. The local as well the foreign bonds are available for sale. The bonds are carried at fair value. Unrealized gains and losses
audited 2017 General Insurance Annual Statement in our report dated 29 June 2018. arising from changes in the fair value of available -for- financial assets are recognized as revaluation adjustments in the period
Management’s Responsibility for the Financial Highlights in which they arise, until the financial asset is derecognized or impaired. The realized cumulative gain or loss is recognized in
Management is responsible for the preparation of the financial highlights in accordance with the accounting policies as applied in the Life a separate line as part the profit & loss statement for the period. Current income tax expenses “Corporate taxes” are fiscally
Insurance Annual Statement of Pan-American Life Insurance Company of Curaçao and Sint Maarten N.V. and the general Insurance Statement calculated based the net profit for the period considering the investments assets at amortized cost. Deferred tax liability (DTL)
of Pan-American Accident and Health Company N.V. is established for the annual filing 2017 for the revaluations variances between the amortize cost and the fair value – on the
Auditor’s Responsibility unrealized gain/loss.
Our responsibility is to express an opinion on whether these Financial Highlights are consistent, in all material respects, with the audited Life Technical provisions are carried at actuarial valuation, with application of interest rates ranking between 3.5 to 7.0
and General Insurance Annual Statements based on our procedures, which were conducted in accordance with International Standard on percent. All assets and liabilities are stated at nominal value. Income and expenses are accounted for on an accrual
Auditing (ISA) 810 (Revised), Engagements to Report on Summary Financial Statements. basis. Premiums are recognized as revenue when they become payable by the contract holder and benefits are recorded
as expense when they are incurred. Indirect expenses paid by Curaçao Life Company for overall business in the Dutch
Curaçao, 6 July 2018 Caribbean were reported in Curaçao and reallocated reflecting the premium income of the Companies (Curaçao/Sint
for Ernst & Young Accountants Maarten Life Company, Curaçao/Sint Maarten Accidental – Health Company and the Aruba Life Company).
C. Smorenburg RA AA F. de Windt-Ferreira CPA
There is no contingent liability to report by year end 2017.
The issued capital of the local entity is fully paid by the parent company PALIG (Pan-American Life Insurance Group),
NOTES TO THE BALANCE SHEET
based in New Orleans, USA. The parent company is owned by Pan-American Life Mutual Holding Company.
General The Holding Company is also registered in New Orleans.
Pan-American Life / Accident & Health Insurance Companies of Curaçao and St-Maarten N.V. (the Company) are Limited No Subsequent events occurred with regard to period prior to December 31st, 2017.
liability Companies incorporated and domiciled in Curaçao. The entities were incorporation on 28 May 2012 as wholly–
owned subsidiaries of Pan-American Life Insurance Group Inc. (the group), a United States Corporation. Investment exhibit Life Company A & H Company
The Company’s principal activities are carrying on long term insurance business; Personal and Corporate Life, Accidental Investments Naf. % Naf. %
- Health as riders of Life policies, and Group – Pension by the Life Company, and for the Accident & Health Company, In Curaçao and Sint Maarten 23,580 23.4 1,513 100
standalone policies for Accidental death and Health policies with or without riders for life coverage. The insurance Outside Curaçao and Sint Maarten 76,989 76.6 0
portfolio of Branch American Life Company Curaçao/Sint Maarten was fully transferred effective September 1, 2012 to
the PALIG subsidiaries. The life based policies were transferred to Pan-American Life Insurance Company of Curaçao and Total Investments 100,569 100.0 1,513 100
Sint Maarten N.V. and the Non-Life policies were transferred to Pan-American Accident and Health.
palig.com