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10 ADVERTENTIE Antilliaans Dagblad Zaterdag 29 juni 2018

Management Report 2018

We are pleased to report on anoth er year’s achievements of Revenues from th e Guardian Group Fatum investment activities At Guardian Group Fatum, various governance and control functions
Guardian Group Fatum, a member of th e Guardian Holdings Limited decreased in 2018 which is attributable to fair value losses in our coordinate to help ensure th at risks are identifi ed and appropri-
(GHL) group of companies. GHL consists of a strong portfolio of international portfolio compared to fair value gains in 2017. The ately managed and internal controls are in place and operating
fi nancial institutions spanning th e English and Dutch Caribbean overall income yield was 4.5% as compared to 4.6% in 2017. eff ectively. We are dedicated to contribute to th e well-being of
and is headquartered in Port of Spain, Trinidad and Tobago where The paucity of local investment opportunities is obvious, and th e communities we live and work in. Our main fi nancial support
th e parent company’s shares are listed on th e Trinidad and Tobago th ere is an urgent need for relaxation of limits imposed on invest- is targeted at th e youth , sports and physical activity as well as
Stock Exchange. ments in international markets. th rough fi nancial support for th e work of various non-govern-
mental organizations.
2018 was anoth er challenging year, with a modest economic The Guardian Group Fatum solvency position continued to be
growth experienced th roughout th e region and a limited availability strong and well above th e local requirements of th e Central Bank We would like to express our gratitude to our shareholders and
of solid investment opportunities. We continue to hold leading of Curaçao and Sint Maarten and th e Central Bank of Aruba and customers for th eir loyalty to Guardian Group, as well as our staff
market positions in all key lines of business delivering a steady remains a solid base for future growth of our company. for th eir ongoing commitment in pursuing our vision of becoming
stream of profi ts in a stable currency. a world-class insurer.
The Internal Audit function as well as th e Compliance function
In 2018 an aggregated net profi t of ANG 13.1 Million was recorded have been discharged in an objective and transparent manner
compared to a net profi t of ANG 31.2 Million in th e prior year. and are not subject to management’s undue infl uence.
The Life business recorded a net profi t of ANG 0.4 Million Curaçao, 28 June 2019
compared to ANG 19.6 Million in th e previous year. This result In 2018 we continued to invest in multi-channel distribution. We
has been infl uenced by unrealized losses of 11.3 Million strength ened our Direct Sales Unit and our Brokerage business
compared to gains of 16.6 Million in 2017. The Health business and off ered th e independent brokers interesting value propositions.
recorded a net profi t of ANG 5.0 Million compared to ANG 6.0 In early 2017 we began to implement a new strategic plan
Million in th e year 2017, mainly caused by less investment designed to create an organization with operating ratios th at will
income compared to last year. The General Insurance business allow us to retain and grow our customer base th rough an Diego Fränkel,
recorded a net profi t of ANG 7.7 Million, compared to ANG 5.6 enhanced customer experience. We are excited by th e returns to President & CEO Fatum Holding
Million in th e previous year, which is mainly as result of growth in date of th e implementation of our strategic plan.
business in th e Neth erlands.

Independent auditor’s report
Opinion
The 2018 Financial Highlights which comprise th e balance sheet as at 31 December 2018, th e profi t and loss statement, analysis of
unassigned earnings and th e notes to th e fi nancial highlights are derived from th e audited Life Insurance Annual Statement of Fatum
Life N.V, th e audited General Insurance Annual Statements of Fatum Health N.V. and Fatum General Insurance N.V. for th e year ended
31 December 2018.

In our opinion, th e accompanying Financial Highlights are consistent, in all material respects, in accordance with th e audited Life Insurance
Annual Statement of Fatum Life N.V and th e audited General Insurance Annual Statements of Fatum Health N.V. and Fatum General
Insurance N.V.
Financial highlights
The fi nancial highlights do not contain all th e disclosures required by th e Life and General Insurance Annual Statement Composition
and Valuation Guidelines of th e Bank. Reading th e fi nancial highlights and th e auditor’s report th ereon, th erefore, is not a substitute for
reading th e audited Life and General Insurance Annual Statements and th e auditor’s report th ereon.
The audited Life and General Insurance Annual Statements
We expressed an unmodifi ed audit opinion on th e audited 2018 Life and General Insurance Annual Statements in our report dated
21 June 2019. The Financial Highlights and th e Life and General Insurance Annual Statements do not refl ect th e eff ects of events th at
occurred subsequent to th e date of our report on th e audited Life and General Insurance Annual Statements.
Oth er information
Oth er information consists of th e Management’s Report. Management is responsible for th e oth er information. Our opinion on Financial
Highlights does not cover th e oth er information and we do not express any form of assurance conclusion th ereon. In connection with
our audit of th e Life Insurance Annual Statement of Fatum Life N.V, th e audited General Insurance Annual Statements of Fatum Health
N.V. and Fatum General Insurance N.V., our responsibility is to read th e oth er information and, in doing so, consider wheth er th e oth er
information is materially inconsistent with th e Life Insurance Annual Statement of Fatum Life N.V, th e audited General Insurance
Annual Statements of Fatum Health N.V. and Fatum General Insurance N.V. or our knowledge obtained in th e audit or oth erwise
appears to be materially misstated. If, based on th e work we have performed, we conclude th at th ere is a material misstatement of
th is oth er information, we are required to report th at fact. We have noth ing to report in th is regard.
Oth er Matter – Impact of adoption of IFRS 9 on th e annual statements
The Companies have adopted an expected credit loss model as required by IFRS 9 to determine th e provision for credit losses in th eir
fi nancial statements for th e year ended 31 December 2018. The measurement principles of IFRS 9 have also been applied in th e
Annual Statements 2018 which is a change in th e accounting policy compared to th e Annual Statements 2017 in which th e principles
of IAS 39 (incurred loss model) were applied. The Annual Statements provides no possibility to address such change in accounting
policy. Users of th e Annual Statements th at require understanding of th e impact of th is change in accounting policy on th e fi nancial
position and results of th e Companies should read th e transitional notes and disclosures in th e fi nancial statements 2018 of th e Companies.
Management’s Responsibility for th e Financial Highlights
Management is responsible for th e preparation of th e fi nancial highlights in accordance with th e accounting policies as applied in th e
Life Insurance Annual Statement of Fatum Life N.V. and th e General Insurance Statements of Fatum Health N.V. and Fatum General
Insurance N.V.
Auditor’s Responsibility
Our responsibility is to express an opinion on wheth er th ese Financial Highlights are consistent, in all material respects, with th e audited
Life and General Insurance Annual Statements based on our procedures, which were conducted in accordance with International
Standard on Auditing (ISA) 810 (Revised), Engagements to Report on Summary Financial Statements.
Curaçao, 21 June 2019
for Ernst & Young Accountants
Signed by
C. Smorenburg RA AA F. de Windt-Ferreira CPA