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Antilliaans Dagblad Zaterdag 29 juni 2019 ADVERTENTIE 11

Balance Sheet
(In Thousands of ANG) Fatum Life N.V. Fatum Health N.V. Fatum Gen. Ins. N.V. and foreign exchange gains and losses
ASSETS 2018 2017 2018 2017 2018 2017 which are recognised in profi t or loss. For-
Non-Admissable Assets 35,746 17,803 2,115 - 4,241 - eign bonds have been classifi ed as fair
Investments: value th rough oth er comprehensive in-
Real Estate 41,705 38,654 - - - - come. Until 2017 th e foreign bonds were
Unconsolidated Affi liated Companies classifi ed as fair value th rough profi t or loss
and Oth er Participations 67,042 70,056 - - 21,506 20,583 and all movements resulting from revalua-
Stocks 129,780 134,823 - - 674 728 tion were accounted for in th e Profi t and
Bonds and Oth er Fixed Income Securities 427,602 429,745 35,895 50,997 22 3,024 Loss account.
Participation in Non-Affi liated Investment Pools - - - - -
c. Equity investments are measured at fair
Mortgage Loans 22,951 25,025 - - - - value th rough profi t or loss. Changes in
Oth er Loans 117,302 117,884 9,350 2,784 19,761 19,582 th e fair value of equity are recognized in
Deposits with Financial Institutions 133,133 120,173 8,769 3,500 28,884 22,945
th e Profi t & Loss.
Oth er Investments - - - - - - 3. At each reporting date, on a forward-looking
Current Assets 110,734 115,428 7,258 6,570 110,592 88,578 basis, th e expected credit losses (ECL) asso-
Oth er Assets 1,293 601 55 19 2,075 1,947
ciated with th e fi nancial assets measured at
From Separate Accounts Statement 6,665 7,028 - - - - amortised cost and fair value th rough oth er
TOTAL 1,093,953 1,077,220 63,442 63,870 187,755 157,387
comprehensive income are assessed. Loss
EQUITY, PROVISIONS AND LIABILITIES allowances for ECL are presented in th e fi -
Capital and Surplus nancial statements as follow:
Capital 46,637 46,637 6,194 6,194 32,730 32,730 a. Financial assets measured at amortised
Surplus 128,609 157,640 37,309 35,499 22,337 18,504 cost: th e loss allowance is deducted from
Less Treasury Stock - - - - - - th e gross carrying amount of th e assets in
Subordinated Instruments - - - - - - th e statement of fi nancial position. Move-
Provisions for Insurance Obligations ment in ECL is recognised in th e state-
Net Technical Provision for Life Insurances 891,509 837,903 - - - - ment of income.
Net Technical Provision for Accident and Sickness - - - - - -
b. Debt instruments measured at fair value
Net Unearned Premium Provision - - 3 3 12,852 11,360 th rough oth er comprehensive income: th e
Net Claim Provision - - 4,514 4,535 20,168 20,338 loss allowance is recognised in oth er com-
Net Claim Adjustment Expense Provision - - 284 288 - -
prehensive income with th e correspond-
Funds Provision - - - - - - ing entry recognised in th e statement of
Net Oth er Technical Provisions - - 9,492 11,949 - - income. The loss allowance does not re-
Oth er Net Policy and Contract Provisions 5,010 6,285 - - - -
Oth er Provisions and Liabilities - - 535 547 395 472 duce th e carrying amount of th e fi nancial
asset in th e statement of fi nancial position.
Current Liabilities 15,313 21,683 5,111 4,855 99,273 73,983
Oth er Liabilities 210 44 - - - - 4. Capitalized interest rate rebates are amor-
Contingent Liabilities - - - - - tized at annual rate of 15% during th e fi rst
four years and 10% during th e next four
From Separate Accounts Statement 6,665 7,028 - - - -
TOTAL 1,093,953 1,077,220 63,442 63,870 187,755 157,387 years.
5. For Health Insurance provision for outstand-
Profi t & Loss Statement 2018 2017 2018 2017 2018 2017 ing claims is calculated as a percentage of
Premium and Oth er Policy Considerations 63,751 80,873 20,410 19,860 45,307 44,789 th e net premium earned based on experi-
Net Investment Income ence ratios of previous years.
and Realized Capital Gains and Losses 43,291 44,051 2,244 3,715 4,535 5,600 6. For General Insurance provision for out-
Net Oth er Operational Income 2,273 1,680 854 580 535 474 standing claims are stated at estimated cost
Net Benefi ts / Claims Incurred 44,144 47,719 12,485 12,084 22,491 25,051 per event.
Change In Provisions for Insurance Obligations 32,577 51,603 - - - - 7. The (reinsured) provision for life policy liabili-
Net Changes In Various Oth er Provisions - - (2,457) (2,943) - - ties is principally calculated according to th e
Net Claim Adjustment Expenses Incurred - - (4) (4) - - net reserve meth od using mortality tables
Underwriting Expenses Incurred 22,424 22,761 7,545 7,463 20,022 20,656 and interest rates customary in th e industry,
Net Oth er Operational Expenditures Incurred 908 311 (211) (404) (927) (970) almost with out exception in th e range of
Net Transfers to or from Separate Accounts - - - - - - 3-4%.
Oth er Changes Aff ecting Net Results - - - - - - 8. Since 2017 th e aging reserve is used to
Profi t Sharing to Policyholders (55) 408 - - - - compensate for th e shortage in premiums of
Extraordinary Results - - - - - - th e elderly insured. The release of th e aging
Net Operational Results Before Corporate Taxes reserve is meant to cover th e diff erence be-
and Net Results From Separate Accounts 9,317 3,802 6,150 7,959 8,791 6,126
tween th e targeted claims ratio and th e op-
Corporate Taxes Incurred (2,184) 673 1,257 1,978 1,428 536 erational claims ratio. The ageing reserve
Net Operational Results Aft er Corporate Taxes amounts to ANG 8,156 as per December
and Before Net Results From Separate Accounts 11,501 3,129 4,893 5,981 7,363 5,590
31, 2018 (2017: ANG 10,775).
Net Results from Separate Accounts 171 (176) - - - - 9. All oth er liabilities are shown at face value.
Net Operational Results 11,672 2,953 4,893 5,981 7,363 5,590 10. Assets and liabilities in foreign currencies are
Net Unrealized Gains or Losses (11,260) 16,643 77 - 381 -
expressed in Neth erlands Antillean guilders
Net Profi t or Loss 412 19,596 4,970 5,981 7,744 5,590
at rates prevailing at th e balance sheet date.
Analysis of Unassigned Earnings Transactions denominated in foreign curren-
cies are recorded at th e average rate of ex-
Unassigned Earnings (Beginning of Year) 147,831 138,561 35,499 38,286 18,504 18,556
Net Profi t or Loss 412 19,596 4,970 5,981 7,744 5,590 change of th e previous month . All gains and
losses are recognized in th e Profi t & Loss
Distribution of Accumulated Earnings 9,868 10,326 2,990 8,768 2,527 5,128
Oth er Changes In Unassigned Earnings (16,423) - (170) - (1,384) (514) Statement.
Unassigned Earnings (End of Year) 121,952 147,831 37,309 35,499 22,337 18,504 11. Corporate tax is expensed to profi t and loss
on an accrual basis. The accrued profi t tax
charge is based on an approximation of th e
corporation rate applicable which is applied
Notes to th e Balance Sheet on th e reported profi t before tax. The corpo-
rate tax rate is 22% (2017: 22%). The eff ec-
Summary of signifi cant accounting and valuation curities, interest receivable, receivables aris- loans, policy loans, mortgage loans, re- tive tax rate diff ers from th e corporate tax
principles used to prepare th e statements and ing from insurance contracts and reinsurance ceivables from insurance contracts and taking into account any tax credits, non-de-
disclosure if signifi cant changes in th e principles contracts and oth er loans and receivables. reinsurance contracts and oth er receiv- ductible tax expenses and prior year adjust-
applied, in comparison with previous year: The fi nancial assets are measured as follow: ables are carried at amortised cost. ment, where applicable.
1. Offi ce buildings and properties are stated at a. Amortised cost: Assets th at are held for b. Fair value th rough oth er comprehensive
fair values less straight line depreciation over collection of contractual cash fl ows where income: Assets th at are held for collection
th e estimated useful lives of th ese assets. All th ose cash fl ows represent solely pay- of contractual cash fl ows and for selling
oth er property, plant and equipment are ments of principal and interest are mea- th e fi nancial assets, where th e assets’
stated at cost less straight line depreciation sured at amortised cost. The carrying cash fl ows represent solely payments of
over th eir estimated useful lives. amounts of th ese assets are adjusted by principal and interest, are measured at fair
2. IFRS 9 has been implemented as per Janu- any expected credit loss allowance rec- value th rough oth er comprehensive in-
ary 1, 2018, which resulted in fundamental ognised. Investments in local corporate come. Movements in th e carrying amount
changes to accounting for its fi nancial assets. bonds, government bonds of Curaçao and are taken th rough oth er comprehensive
Financial assets include cash and short-term Aruba and deposits have been classifi ed income except for th e recognition of im-
deposits, investment in debt and equity se- at amortised cost. In addition, commercial pairment gains or losses, interest revenue