Page 5 - 20200417

Antilliaans Dagblad Vrijdag 17 april 2020 5
Curaçao

Van een onzer verslaggeefsters een manier om een extra centje
binnen te halen.
Willemstad - Alle activiteiten Activiteiten Koningsdag geannuleerd
omtrent Koningsdag 2020 zijn De beslissing om de activitei-
geannuleerd. Minister Giselle past. Het Vergunningenloket Ieder jaar vormt de binnen- ten voor jong en oud. Maar naast ten stop te zetten, was volgens
Mc William (MAN) van Econo- zal, te zijner tijd, contact opne- stad gedurende Koningsdag (27 de binnenstad, worden op deze het ministerie van Economische
mische Ontwikkeling heeft sa- men met de organisaties die al april) een prominente plek voor dagen in verschillende andere Ontwikkeling dan ook geen ge-
men met het crisisteam hiertoe leges hebben betaald, om de res- de feestelijkheden en worden wijken activiteiten georgani- makkelijke. ,,Maar de gezond-
besloten omdat de regels van so- titutie hiervan te regelen, aldus hier verschillende activiteiten seerd. heid en veiligheid van de bevol-
cial distancing bij zo’n grote vie- het ministerie van Economische georganiseerd, zoals onder an- De vieringen betekenen voor king staat voor de overheid voor-
ring niet kunnen worden toege- Ontwikkeling. dere markten en leuke activitei- velen die het kunnen gebruiken op.”

Advertentie
INTER-ASSURE FINANCIAL HIGHLIGHTS 2019

INDEPENDENT AUDITOR ’S REPORT EXPLANATORY NOTES
BASIC PRINCIPLES
To: the shareholders and Board of Directors of Inter- Summary financial highlights the audited ARAS, in accordance with the General In- General
Assure Schadeverzekeringsmaatschappij N.V. The financial highlights do not contain all the disclo- surance Annual Statement Composition and Valuation
sures required by the General Insurance Annual State- Guidelines, issued by the CBCS. Inter-Assure Schadeverzekeringsmaatschappij
Our opinion N.V., acts as a non-life insurance company
The accompanying financial highlights 2019 of Inter- ment Composition and Valuation Guidelines, issued by advising, mediating and effecting general
Assure Schadeverzekeringsmaatschappij N.V., based in the CBCS. Reading the financial highlights, therefore, is The Supervisory Directors are responsible for oversee- insurance contracts and settling claims.
not a substitute for reading the audited ARAS of Inter-
ing the company’s financial reporting process.
Curaçao, are derived from the audited Annual Reports Assure Schadeverzekeringsmaatschappij N.V. including
Automated Statements (“ARAS”) of Inter-Assure Scha- Our responsibilities Basis of preparation
deverzekeringsmaatschappij N.V. for the year ended our auditor’s report thereon. Those ARAS, and the fi- Our responsibility is to provide an opinion if the finan- The Annual Reports Automated Statements
nancial highlights, do not reflect the effects of events
December 31, 2019. (“ARAS”), from which the financial highlights
that occurred subsequent to the date of our auditor’s cial highlights are consistent, in all material respects, have been derived, are prepared in accordance
In our opinion these financial highlights are consistent, report on those ARAS. with the audited ARAS, based on our audit, in accor- with the ARAS Annual Statement Instructions
in all material respects, with the audited ARAS of Inter- dance with Dutch Standards on auditing, including and Valuation Guidelines, issued by the Central
Assure Schadeverzekeringsmaatschappij N.V. in accor- The audited ARAS and our auditor’s report thereon Dutch Standard 810 “Engagements to report on sum- Bank of Curaçao and Sint Maarten (“CBCS”).
dance with the General Insurance Annual Statement We expressed an unqualified audit opinion on those mary financial statements”.. The figures presented in these highlights are
Composition and Valuation Guidelines issued by the ARAS in our auditor’s report dated March 25, 2020. stated in thousands of Antillean Guilders and
Central Bank of Curaçao and Sint Maarten (“CBCS”). Responsibilities of management and the Board Curaçao, April 15, 2020 are rounded to the nearest thousand. The ac-
Directors for the financial highlights counting policies are consistent, in all material
The accompanying highlights comprise: For and on behalf of BDO B.V.
• the balance sheet as at December 31, 2019; Pursuant to the Provisions for the Disclosure of con- G.W.H.J. Glaudemans RA respects, with those used in the previous year.
• the profit and loss statement for 2019; and solidated Financial Highlights of Insurance Companies, For financial statement presentation purposes
• explanatory notes to the financial highlights as at issued by the CBCS, Management is responsible for certain 2018 amounts may have been adjusted.
December 31, 2019. the preparation of the financial highlights derived from Receivables
Accounts receivable are shown after deduction
BALANCE SHEET PROFIT AND LOSS STATEMENT of a provision for bad and doubtful debtors,
where appropriate. The accounts receivable
As of December 31 th As of December 31 th have a maturity date due within one year.

In Thousands of Naf. In Thousands of Naf.
Technical reserves
ASSETS 2019 2018 2019 2018 Technical reserve for net unearned premiums
1. Non-Admissible Assets 451 465 1. Net Earned Premiums 2.827 2.795 The technical reserve for net unearned pre-
2. Investments - - 2. Net Other Underwriting Income - - miums refers to accrued insurance premiums
2.1 Real Estate - - 3. Net Claims Incurred 930 1.224 written in the reporting period, but with a re-
2.2 Unconsolidated Affiliated Companies and 4. Net Claim Adjustment Expenses Incurred - - maining risk period of the paid premium in the
Other Participations - - 5. Net Changes in Various Other Provisions - - following year. This reserve is presented net-off
2.3 Stock - - 6. Policyholders Dividends and reinsurance premiums.
2.4 Bonds and Other Fixed Income Securities - - Other Similar Benefits Incurred - - Technical reserve for claims
2.5 Participation in Non-Affiliated 7. Underwriting Expenses Incurred 950 958 The technical reserve for claims refers to report-
Investment Pools - - 8. Net Other Expenses Incurred 266 257 ed claims incurred but not settled as per year-
2.6 Mortgage Loans - - end and to claims incurred but not reported at
2.7 Other Loans - - year-end (IBNR).
2.8 Deposits with Financial Institutions 1.600 1.200 9. Underwriting Results 681 356
2.9 Other Investments - - (Without Investment income and Realized Capital Gains of Losses) Short-term liabilities
10. Net Investment Income and Earned and The short-term liabilities are due within one year.
3. Current Assets 1.438 1.893 Capital Gains or Losses 31 30
4. Other Assets 120 148 11. Other Results - - General result
Total 3.609 3.706 Profit is determined as the difference between
12. Extraordinary Results - - net earned premiums and all claims and ex-
Equity Provisions And Liabilities penses relating to the reporting period. Costs
5. Capital and Surplus - - 13. Net Operational Results before Taxes 712 386 are determined in accordance with the account-
5.1 Capital 397 797 14. Corporate Taxes Incurred 156 85 ing policies applied to the balance sheet. Profit
5.2 Surplus 1.222 666 is realized in the year in which the premiums
5.3 Less Treasury Stock - - 15. Net Operational Results after Taxes 556 301 are recognized. Losses are taken upon recogni-
16. Net Unrealized Gains or Losses - - tion. Other income and expenses are allocated
6. Subordinated Instruments - - to the periods to which they relate.
7. Provisions for Insurance Obligations - - 17. Net Profit or loss 556 301 CONTINGENT LIABILITIES
7.1 Net Unearned Premium Provision 1.429 1.477 None
7.2 Net Claim Provision 306 514 ANALYSIS OF UNASSIGNED EARNINGS
7.3 Net Claim Adjustment Expense Provision - - 18. Unassigned Earnings (Beginning of Year) 666 365 CAPITAL OR SURPLUS COMMITMENTS
7.4 Funds Provision - - A. Net Profit or Loss 556 301 The company has a capital surplus that results
7.5 Other Technical Provisions - - B. Distribution of Accumulated Earnings - - in a solvency quote of 220%
C. Other Changes in Unassigned Earnings - - SUBSEQUENT EVENTS AFFECTING THE STATED
8. Other Provision and Liabilities - -
19. Unassigned Earnings (End of Year) 1.222 666 EARNINGS OF THE COMPANY
9. Current Liabilities 255 252 Since early 2020 the coronavirus is spread-
10. Contingent Liabilities - - ing across the world. The impact for economic
Total 3.609 3.706 growth and business activities will depend on
the severity of the outbreak, but it is too early
to state this in any concrete financial terms.
MANAGEMENT REPORT
large corporations and institutions. We do busi- Despite the economic downturn over the last nine building solid reserves for potential claims and
Highlights 2019
We have great advantages as an insurance com- ness on the basis of clearly defined principles and years, our business has a firm basis for the future unearned premiums in combination with a sub-
pany. A clear vision and plan, a well-respected we carefully weigh the interests of all involved. ahead. stantial and trustworthy reinsurance program with
brand, stakeholder’s trust, strong ethical code and SCOR and Hannover Re.
professional skills. More importantly, we have the Challenges and opportunities Our figures 2019 show a solid profit of Ang 711.768,-
willingness to make the most out of them! Inter- 2019 saw persisting challenges in the external en- (before taxes). Inter-Assure is prepared and will We are confident that we will continue to grow in a
Assure has had a good year again and there are vironment. The non-commitment and non-perfor- adapt to always changing conditions, in order to sustainable manner and secure solid financial results
many more to come. We have set our objectives mance of governments of Curaçao and St. Maarten safeguard and secure our stakeholder’s interests. in order to further strengthen our financial solidity.
to help our customers defy uncertainty. We are remains a liability for the future economies of our
islands. This means that as insurers we must dis- Over 2019 we have again received an actuarial Thank you for your continued trust and support.
adopting digital to deliver more effectively and our
financial performance sets us well for the future. rupt or be disrupted. Meeting this challenge is a certification from Couperus Actuariële Adviesgroep.
not to underestimate task especially in a low-yield This certification evidences a solvency ratio of Justus P. van der Lubbe, CEO
Our People: environment. Meanwhile, shifting political land- 220% by year-end 2019 and has contributed to
I would like to thank my colleagues for their con- scape creates uncertainties for future legislation Inter- Assure insurances
tinued support, innovation and energy, all at the and regulation.
highest level. Our business is built by people for Fokkerweg 171, Saliña, Curaçao
Tel: +5999 465 2020,
the people and we do this with passion. Performance
www.inter-assure.com
Looking forward to 2020, we will continue our focus
Our community and customers on increasing customer advocacy, staying a digital
Inter-Assure serves a broad customer base, com- ringleader, capital optimization, managing our risk
prising individuals, families, small businesses, environment and increasing shareholder value.