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4 ADVERTENTIE Antilliaans Dagblad Vrijdag 7 juli 2017

2016 $XGLWHG )LQDQFLDO +LJKOLJKWV
Massy United Insurance Ltd. Curacao Branch

,QGHSHQGHQW $XGLWRU·V 5HSRUW ing the audited General Insurance Annual State- 0DQDJLQJ 'LUHFWRU V 6XPPDU\
RQ WKH )LQDQFLDO +LJKOLJKWV ment of the branch.
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Opinion 7KH DXGLWHG ÀQDQFLDO VWDWHPHQWV Branch. Our overall gross written premium increased with 8% compared to 2015 but high reinsurance
The Financial Highlights, which comprise the and our report thereon FRVWV DQG XQGHUZULWLQJ H[SHQVHV FDXVHG D PRGHUDWH GHFUHDVH LQ WKH EUDQFK·V RSHUDWLRQDO UHVXOWV
balance sheet as at September 31, 2016, the :H H[SUHVVHG DQ XQPRGLÀHG RSLQLRQ RQ WKH 7KH FRPSDQ\·V ZULWWHQ EXVLQHVV LV EDFNHG E\ D VROLG UHLQVXUDQFH WUHDW\ WKHUHE\ VLJQLÀFDQWO\ OLPLWLQJ
VWDWHPHQW RI SURÀW DQG ORVV IRU WKH \HDU WKHQ General Insurance Annual Statement in our WKH EUDQFK·V ORVV H[SRVXUHV 0DVV\ 8QLWHG·V UDWLQJ RI $ ([FHOOHQW ZDV RQFH DJDLQ UHDIÀUPHG E\ $0
ended, and related notes, are derived from report dated June 7, 2017. That report also in- %HVW &R 86$ YDOLGDWLQJ WKH FRPSDQ\·V ÀQDQFLDO VWUHQJWK DQG VWDELOLW\
the audited “General Insurance Annual State- cludes an emphasis of matter paragraph detail-
ment” of Massy United Insurance Ltd., Curacao ing on the non-admissibility of certain assets as ZDV 0DVV\ 8QLWHG·V WK \HDU LQ WKH &XUDFDR PDUNHW ,QQRYDWLRQ DQG H[FHOOHQW VHUYLFH KDYH
Branch, (hereafter: “the branch”) as of and for prescribed by the Valuation Guidelines (ARAS been at the heart of our scuccess on becoming one of the top insurers in the Dutch Caribbean. We
the year ended September 30, 2016. In our opin- v2.7) of the Central Bank of Curaçao and Sint are thankful to our brokers for having embraced our vision during the past 15 years and also our loyal
ion, the accompanying Financial Highlights are Maarten. customers for putting their trust in Massy United Insurance Ltd.
consistent, in all material respects, with those
statements, in accordance with the Provisions 0DQDJHPHQW·V UHVSRQVLELOLW\ Finally, I would like to personally extend my warmest thanks to all our employees for their commitment
for the Disclosure of Consolidated Financial IRU WKH )LQDQFLDO +LJKOLJKWV to excellence.
Highlights of Insurance Companies, issued by Management is responsible for the preparation
the Central Bank of Curaçao and Sint Maarten. Curacao, June 27, 2017
of the Financial Highlights derived from the au-
dited General Insurance Annual Statement in ac- Ernie Croes • Managing Director
)LQDQFLDO +LJKOLJKWV cordance with the Provisions for the Disclosure
The Financial Highlights do not contain all the of Consolidated Financial Highlights of Insur-
disclosures required by the accounting practices
prescribed or permitted by the Central Bank of ance Companies issued by the Central Bank of %DVLF 3ULQFLSOHV
Curaçao and Sint Maarten according to the ac- Curaçao and Sint Maarten.
counting practices prescribed or permitted by
the Central Bank of Curaçao and Sint Maarten $XGLWRU·V UHVSRQVLELOLW\ The General Insurance Annual Statement has been prepared in accordance with policies de-
according to the Supervision Insurance National Our responsibility is to express an opinion on scribed by the Central Bank of Curacao and Sint Maarten. Such practices differ from International
Ordinance - PB 1990 no. 77, the Financial Re- whether the Financial Highlights are consistent, Financial Reporting Standards. The annual statements are prepared on a historical cost basis.
quirement Insurance Decree - PB 1992 no.52 in all material respects, with the audited General &ODLPV UHVHUYHV DUH EDVHG RQ FRPSDQ\·V HVWLPDWHV RI ORVVHV LQFXUUHG
and the General Insurance Annual Statement Insurance Annual Statement based on our pro-
Composition and Valuation Guidelines (ARAS cedures, which were conducted in accordance &RQWLQJHQW /LDELOLWLHV None
v2.7) of the Central Bank of Curaçao and Sint with International Standards on Auditing (ISA) &DSLWDO DQG RU 6XUSOXV &RPPLWPHQWV None
Maarten which is a comprehensive basis for 810 (Revised), “Engagements to Report on 6XEVHTXHQW (YHQWV $IIHFWLQJ WKH 6WDWHG (DUQLQJV RI WKH &RPSDQ\ None
accounting other than International Financial Summary Financial Statements”.
Reporting Standards. Reading the Financial Masssy United Insurance Ltd, Curacao branch is a branch of Massy United Insurance Ltd, Barbados.
Highlights of the General Insurance Annual Curaçao, June 27, 2017
Statement, therefore, is not a substitute for read- %DNHU 7LOO\ &XUDoDR ‡ V.T.M. Bergisch RA
Balance Sheet 6WDWHPHQW RI &RPSUHKHQVLYH ,QFRPH
DV DW 6HSWHPEHU DV DW 6HSWHPEHU
(All amounts expressed in thousands of Netherlands Antillean Guilders) 2015 (All amounts expressed in thousands of Netherlands Antillean Guilders) 2015
ASSETS 5(9(18(
Gross premium earned 17,178 15,858
Non-Admissible Assets 546 961
Reinsurance premium ceded (6,718) (5,548)
Deposits with Financial Institutions 1,500 1,500
Cash on hand and in Banks and Giro 4,932 2,800
Net premiums earned 10,460 10,310
Investment income Due or Accrued 210 157
Net Claims Incurred (5,541) (5,409)99
Agents & Brokers debit balances and Uncollected
Underwriting Expenses Incurred (4,627) (4,192)
Premium from Direct Business 8,462 5,399
Reinsurance Balance Receivable 627 776 8QGHUZULWLQJ UHVXOWV 709
Other amounts receivable (115)
Net Investment Income and Earned and
7RWDO DVVHWV 11,478 Capital Gains or Losses “ 56 65
1HW 2SHUDWLRQDO 5HVXOWV EHIRUH 7D[HV 774
6+$5(+2/'(56· (48,7< $1' /,$%,/,7,(6
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Corporate Taxes incurred 251 159
Surplus 7,756 4,562
1HW 2SHUDWLRQDO 5HVXOWV DIWHU 7D[HV 615
7RWDO HTXLW\ 4,562 1HW 3URÀW RU /RVV 615
Provisions $QDO\VLV RI 8QDVVLJQHG (DUQLQJV
Unassigned Earnings (Beginning of Year) (8,659) (9,274)
Net Unearned Premium Provision 3,312 3,351 1HW 3URÀW RU /RVV 615
Net Claim Provision 3,540 3,218
8QDVVLJQHG (DUQLQJV (QG RI <HDU (8,659)
7RWDO SURYLVLRQV 6,569
,QYHVWPHQW H[KLELW
,QYHVWPHQWV 1$I
Current Liabilities 1,669 347
In Curacao 1,500 100%
Total liabilities 1,669 347 Outside Curacao
7RWDO HTXLW\ DQG OLDELOLWLHV 11,478 7RWDO ,QYHVWPHQWV

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Islands • Curaçao • Dominica • Grenada • Guyana • Montserrat • St. Kitts and Nevis • St. Lucia •
St. Maarten • St. Vincent & The Grenadines • Trinidad & Tobago • Turks & Caicos Islands