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Financial Highlights | December 31, 2016

Balance Sheet Explanatory Notes
(In Thousands of NAf)

ADMISSIBLE ASSETS 31/12/2016 31/12/2015 Basis of preparation
1. Intangibles Items included in the life insurance annual statements of the Curaçao branch of Elips Life Ltd. are stated in
2. Investments Antillean Guilders (ANG). All amounts are shown in thousands of ANG, rounded to the nearest thousand.
2.1 Real Estate —— ——
)%) LeZfejfc`[Xk\[ 8]Óc`Xk\[ :fdgXe`\j Xe[ Fk_\i GXik`Z`gXk`fej —— —— :lii\ek Xjj\kj Xe[ fk_\i Xjj\kj
2.3 Stocks —— —— Cash on Hand and in Banks and Giro are recognised in the balance sheet at at nominal value.
2.4 Bonds and Other Fixed Income Securities —— —— Premiums receivable and reinsurance balances receivable are carried at nominal value less any allowance
2.5 Participation in Non-Affiliated Investment Pools —— —— for uncollectable amounts. A provision is made when there is objective evidence that the amounts due are
2.6 Mortgage Loans —— —— not collectible. Non-interest bearing receivables from affiliates are carried at nominal amounts.
2.7 Other Loans —— ——
2.8 Deposits with Financial Institutions —— —— Gifm`j`fej ]fi `ejliXeZ\ fYc`^Xk`fej
2.9 Other Investments —— —— Net technical provisions for life insurances are calculated based on generally accepted actuarial principles
*% :lii\ek 8jj\kj 6,864 7,256 and reflect the estimated ultimate cost of all claims incurred but not settled at the balance sheet date,
4. Other Assets 4 6 whether reported or not.
,% =ifd J\gXiXk\ 8ZZflekj JkXk\d\ek
Total 6,868 7,262 :lii\ek Xe[ fk_\i c`XY`c`k`\j
Current liabilities are carried at nominal values. Amounts included in current liabilities are ceded premiums
EQUITY, PROVISIONS AND LIABILITIES payable to reinsurers and accrued expenses.
-% :Xg`kXc Xe[ Jligclj
6.1 Capital —— —— K\Z_e`ZXc `e]fidXk`fe fe i`jb Zfm\iX^\ Xe[ i\`ejliXeZ\
6.2 Surplus 437 405 Elips Life Ltd reinsurs its portfolio, including business written through its Curaçao branch, through a 50 %
6.3 Less Treasury Stock —— ——
quota share treaty with Swiss Reinsurance Company Ltd.
.% JlYfi[`eXk\[ @ejkild\ekj
/% Gifm`j`fej ]fi @ejliXeZ\ FYc`^Xk`fej1 Profit and loss statement
8.1 Net Technical Provision for Life Insurances 791 1,292 Earned premiums are net premiums for own account to be attributed to the financial year.
8.2 Net Technical Provision for Accident and Sickness —— —— Net other operational income comprises commission income for premiums ceded to reinsurers.
8.3 Net Other Technical Provisions —— —— Net operational expenditures include administration costs allocated to the Curaçao Branch of Elips Life Ltd.
8.4 Other Net Policy and Contract Provisions 1,114 928
0% :lii\ek C`XY`c`k`\j 4,526 4,637 Corporate taxes have been calculated in accordance with applicable tax legislation in force.
10. Other Liabilities —— —— :fek`e^\ek c`XY`c`k`\j
((% :fek`e^\ek C`XY`c`k`\j —— ——
()% =ifd J\gXiXk\ 8ZZflekj JkXk\d\ek —— —— There are no contingent liabilities as of 31 December 2016.
Total 6,868 7,262
:Xg`kXc Xe[ fi jligclj Zfdd`kd\ekj
There are no capital and or surplus commitments as of 31 December 2016.
Profit and Loss Statement JlYj\hl\ek \m\ekj
There have been no subsequent events that have affected the stated earnings of the company.
(In Thousands of NAf)
2016 2015
1. Premium and Other Policy Considerations –20 827 I\gfik f] k_\ Xl[`kfi fe k_\ Zfejfc`[Xk\[ =`eXeZ`Xc ?`^_c`^_kj f] k_\ YiXeZ_ f]]`Z\ Xj g\i
2. Net Investment Income and Realized Capital Gains and Losses —— —— ;\Z\dY\i *(# )'(- f] <c`gj C`]\ Ck[ 9iXeZ_ f]]`Z\ :liXZXf
3. Net Other Operational Income –4 169
+% E\k 9\e\Ókj @eZlii\[ 154 —— We have audited the consolidated Financial Highlights of the branch office consisting of balance sheet,
5. Change In Provisions for Insurance Obligations –501 252 explanatory notes to the balance sheet, profit and loss statement and analysis of unassigned earnings
6. Net Operational Expenditures Incurred 93 366 of Curacao branch of Elips Life Ltd, for the year ended December 31, 2016. These consolidated Financial
7. Net Other Operational Expenditures Incurred —— —— Highlights of the branch office have been prepared by management in accordance with the Provisions
8. Net Transfers to or from Separate Accounts —— —— for the Disclosure of Consolidated Financial Highlights of Insurance Companies, issued by the Central Bank
9. Other Changes Affecting Net Results —— —— of Curaçao and Sint Maarten (“CBCS”) and were derived from Central Bank’s Annual Reports Automated
('% GifÓk J_Xi`e^ kf Gfc`Zp_fc[\ij 198 431 Statements (“ARAS”) system. In our auditor’s report dated June 12, 2017 we expressed an unqualified
11. Extraordinary Results —— —— opinion on those ARAS. The consolidated Financial Highlights do not contain all the disclosures required
12. Net Operational Results Before Corporate Taxes by the ARASs Annual Statement Instructions and Valuation Guidelines, Issued by the CBCS. Reading
and Net Results From Separate Accounts 32 –53 the consolidated Financial Highlights of Curacao branch of Elips Life Ltd, therefore, is not a substitute for
13. Corporate Taxes Incurred —— 57 reading the audited financial statements of Curacao branch of Elips Life Ltd.
14. Net Operational Results After Corporate Taxes 32 -110
and Before Net Results From Separate Accounts Management’s responsibility for the Disclosure of Consolidated Financial Highlights
15. Net Results from Separate Accounts —— —— Management is responsible for the preparation of the financial highlights derived from the audited ARAS
16. Net Operational Results 32 –110 pursuant to the Provisions for the Disclosure of Consolidated Financial Highlights of Insurance Companies,
17. Net Unrealized Gains or Losses —— —— issued by the Central Bank of Curaçao and Sint Maarten (“CBCS”).
18. Net Profit or Loss 32 –110
Auditor’s responsibility
ANALYSIS OF UNASSIGNED EARNINGS Our responsibility is to express an opinion on the consolidated Financial Highlights of the branch office
19. Unassigned Earnings (Beginning of Year) 5 115 based on our procedures, which were conducted in accordance with generally accepted audit standards
8% E\k GifÓk fi Cfjj 32 –110 applicable in the Principality of Liechtenstein and with Liechtenstein Law.
B. Distribution of Accumulated Earnings —— ——
C. Other Changes In Unassigned Earnings —— —— Opinion
20. Unassigned Earnings (End of Year) 37 5 In our opinion the consolidated Financial Highlights of the branch office derived from audited ARAS
of Curacao branch of Elips Life Ltd. for the year ended December 31, 2016, are consistent, in all material
respects, with those ARAS.
PricewaterhouseCoopers AG
Enrico Strozzi Michael Stämpfli
Audit expert, Auditor in charge Audit expert
Zurich, 12 June 2017

Elips Life Ltd, Branch office Curaçao
c/o Intertrust Curaçao, Zeelandia Office Park, Kaya W.F.G. (Jombi) Mensing 14, 2nd Floor, Willemstad, Curaçao your insurance