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Antilliaans Dagblad Woensdag 21 juni 2017 ADVERTENTIE 11

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:fe[\ej\[ 9XcXeZ\ j_\\k Technical reserves
The technical reserves comprise the liabilities from insurance contracts on the reporting date. They are
set up in accordance with actuarial principles to ensure that Elips Life Ltd can meet all its liabilities from
8JJ<KJ @E :?= 31/12/2016 31/12/2015 its insurance contracts. The actuarial reserve comprises the actuarial value of the liabilities of Elips Life
Intangible assets 13,231,171 14,173,290 Ltd, including policyholder dividends already allocated less the aggregate present value of the premiums
Investments 176,048,693 122,646,697 due after the reporting date. The calculation is done individually per contract in accordance with accepted
Other receivables 30,500,547 12,698,046 actuarial methods.
Other assets 70,004,061 17,105,889
Accruals 2,777,224 1,214,671 As a rule, elipsLife uses the BVG 2010 actuarial tables with a technical interest rate of 0.5 % for calculat-
Total assets 292,561,695 167,838,593 ing the actuarial reserves for contracts in Switzerland and Liechtenstein. For contracts in Belgium, the
Netherlands, Luxembourg and the Netherlands Antilles, the KAZO model (for disability) and the GBM/V
C@89@C@K@<J 8E; <HL@KP @E :?= 31/12/2016 31/12/2015 2010-60 life tables (for whole life insurance) are used. The benefits are measured using risk-free yield curves.
Equity 71,739,471 61,330,377
Technical reserves 205,975,927 87,553,894 The reserve for outstanding claims is calculated individually for each insurance claim. The amount to be set
Other provisions 7,569,910 5,848,297 aside for each insurance claim consists of the amount owed to the beneficiaries plus the claim settlement
Other liabilities 5,056,113 11,042,543 costs. Amounts already paid out before the reporting date are deducted. Claims that were incurred but not
Deferrals 2,220,275 2,063,481 yet reported by the reporting date are included in the calculation using estimates based on past experience
KfkXc c`XY`c`k`\j Xe[ \hl`kp 292,561,695 167,838,593 and the observed delays in reporting a claim.
Elips Life Ltd applies two categories of reserves for outstanding claims:
:fe[\ej\[ @eZfd\ JkXk\d\ek • Reserve for claims that have been reported but not yet settled (RBNS reserve)
• Reserve for claims that have been incurred but not yet reported (IBNR reserve)
K<:?E@:8C 8::FLEK @E :?= 2016 2015 Other provisions
Net premiums earned 73,541,729 57,507,150 Other provisions are raised for obligations that are probable but uncertain (either in amount or timing)
Investment income 568,136 438,65 on the reporting date. The amount is based on a best estimate of the future cash outflow. Provisions are
Other technical income, net 16,074,251 12,022,921 tested for adequacy on every reporting date.
Net claims incurred –47,335,853 –30,651,361
Change in other technical reserves, net –14,484,904 –17,697,149 Other liabilities
Expenses for premium refunds, net –1,126,190 –5,101,474 Liabilities from own insurance business, accounts payable on reinsurance business and other liabilities are
Expenses for own insurance business –16,376,124 –11,935,412 stated at par value. Accounts payable on reinsurance business are set off from accounts receivable from
Investment expenses –285,667 –176,518 reinsurance business if the conditions for offsetting are met.
Result of technical account 12,827,757 4,406,807
EFE$K<:?E@:8C 8::FLEK @E :?= Premiums written
Result of technical account for non-life and life insurance 12,827,757 4,406,807 Gross premiums written comprise all premiums that fell due during the reporting year, regardless whether
Other income from ordinary activities 585,352 1,143,451 they relate in whole or in part to periods after the reporting date. These premiums also include the pipeline
Other expenses from ordinary activities –5,620,272 –6,153,130 premiums (if they can only be calculated at the end of the financial year), single premiums, installment
Result from ordinary activities 7,792,837 -602,873 charges in the case of semi-annual, quarterly and monthly premium payments and additional payments
Income taxes –1,147,185 –753,927 from policyholders for expenses borne by the insurance company. Taxes and parafiscal charges levied with
Other taxes –236,557 –62,451 or on the premiums are not reported as gross premiums written. Cancellation expenses relating to the
E\k GifÓk fi Cfjj 6,409,094 –1,419,250 reporting year are deducted from the gross premiums.
Claims incurred
Efk\j kf k_\ XeelXc ]`eXeZ`Xc jkXk\d\ekj Claims incurred comprise all payments made in the reporting year, including pension payments and
external and internal claim settlement costs.
8ZZflek`e^ gfc`Z`\j The item ‹Change in reserve for outstanding claims› equals the difference between the reserve for
out-standing claims at the end and the beginning of the financial year, less the difference between the
Elips Life Ltd prepares its annual financial statements in accordance with the provisions of the Liechten- claims under recourse at the end and the beginning of the financial year in accordance with par. 14(e)
stein Law on Persons and Companies (PGR) of 20 January 1926 in the version that is valid on the relevant VersAV.
reporting date as well as the provisions of the Act of 12 June 2015 on the Supervision of Insurance
Undertakings (Insurance Supervision Act; VersAG) and the Ordinance of 25 August 2015 to the Act on When the difference is calculated, the reserves for claims that were incurred but not yet reported in the
the Supervision of Insurance Undertakings (Insurance Supervision Ordinance; VersAV). financial year are also taken into account.
Reporting date Expenses for premium refunds, net
The reporting date for the annual financial statements of Elips Life Ltd is 31 December. This item only includes expenses for performance-related premium refunds. The profit participation
models are based on the performance of individual contracts or contract groups (pools).
Translation to Swiss francs
Foreign currency items in the balance sheet are translated to Swiss francs at the closing rate on the Expenses for own insurance business
reporting date, while foreign currency items in the income statement are translated to Swiss francs The acquisition costs include the costs that can be charged to individual insurance contracts immediately
at the average annual exchange rate. Realised foreign exchange gains and losses are netted and reported upon acquisition, in particular the acquisition and renewal commission and advertising expenses as well as
in the income statement under ‹Other income› and ‹Other expenses› respectively. Provisions are raised the expenses for processing the application, issuing a policy and recording the contract in the portfolio.
for unrealised foreign exchange gains.
The administration expenses primarily include the expenses for premium collection, portfolio management,
MXclXk`fe d\k_f[j premium refund administration and reinsurance processing. This item also includes the commission for
collection and portfolio management commission.
Intangible assets
The intangible assets comprise capitalised costs for establishing and expanding business operations as
well as other intan gible assets. The former comprise formation costs, stamp duty and costs related to I\gfik f] k_\ Xl[`kfi fe k_\ Zfe[\ej\[ =`eXeZ`Xc JkXk\d\ekj f] k_\ _\X[ f]]`Z\ Xj g\i
the establishment of the elipsLife brand (in particular image rights and licences) while the latter refer to
purchased and proprietary software. They are measured at cost less accumulated depreciation. Costs December 31, 2016 of Elips Life Ltd
to develop company-specific software are capitalised if it is realisable, future economic benefits are likely,
and the costs can be reliably estimated. They include the salaries and non-wage costs for the employees We have audited the condensed Financial Statements of the head office consisting of balance sheet, profit
directly involved in the development of the software and related administrative overhead costs. and loss statement and explanatory notes of Elips Life Ltd, for the year ended December 31, 2016. These
condensed Financial Statements of the head office have been prepared by management in accordance
A test for impairment is performed annually and if needed, additional depreciation or write-downs are with the Provisions for the Disclosure of Consolidated Financial Highlights of Insurance Companies, issued
recognised in the income statement. by the Central Bank of Curaçao and Sint Maarten (“CBCS”) and were derived from the audited financial
statements of Elips Life Ltd in accordance with Liechtenstein Law. In our auditor’s report dated March 30,
Investments 2017 we expressed an unqualified opinion on those financial statements. The condensed Financial State-
Bonds and other fixed-interest securities are measured at amortised cost. The difference between cost ments do not contain all the disclosures required by Liechtenstein Law. Reading the condensed Financial
and repayment value is amortised over the remaining life of the security in accordance with the effective Statements of Elips Life Ltd, therefore, is not a substitute for reading the audited financial statements of
interest method. Additional depreciation or write-downs are recognised if a permanent impairment is Elips Life Ltd.
expected.
Management’s responsibility for the Disclosure of Consolidated Financial Highlights
Other receivables Management is responsible for the preparation of the financial highlights derived from the audited financial
Receivables from own insurance business, accounts receivable from reinsurance business and other statements of Elips Life Ltd pursuant to the Provisions for the Disclosure of Consolidated Financial
receivables are recognized at par value less specific valuation allowance. Highlights of Insurance Companies, issued by the Central Bank of Curaçao and Sint Maarten (“CBCS”).
Other assets Auditor’s responsibility
Property, plant and equipment are measured at historical cost and depreciated using the straight-line Our responsibility is to express an opinion on the condensed Financial Statements of the head office
method over the expected useful life. based on our procedures, which were conducted in accordance with generally accepted audit standards
applicable in the Principality of Liechtenstein and with Liechtenstein Law.
Current deposits with banks, post office deposits and cash on hand are recognised in the balance sheet
at par value. Opinion
In our opinion the condensed Financial Statements of the head office derived from audited financial
Accruals statements of Elips Life Ltd. for the year ended December 31, 2016, are consistent, in all material respects,
Accruals are recognised at par value. with those of Elips Life Ltd.
PricewaterhouseCoopers AG
Enrico Strozzi Michael Stämpfli
Audit expert, Auditor in charge Audit expert
Zurich, 12 June 2017
Elips Life Ltd, Landstrasse 40, LI-9495 Triesen, Liechtenstein,
T +423 239 95 55, F +423 239 95 54, kontakt@elipslife.com, FL-0002.304.360-5 your insurance