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Antilliaans Dagblad Maandag 15 oktober 2018 ADVERTENTIE 5

2017 $XGLWHG )LQDQFLDO +LJKOLJKWV
Massy United Insurance Ltd. Curacao Branch

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Opinion ion on the audited 2017 General Insur- :KLOH &XUDoDR ZDV VSDUHG IURP WKH UDPLÀFDWLRQV RI KXUULFDQHV ,UPD DQG 0DULD 6LQW 0DDUWHQ ZDV
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The 2017 Financial Highlights are derived ance Annual Statement in our report dated SUHSDUHGQHVV DQG VROLG UHLQVXUDQFH SURJUDP KHOSHG OLPLW WKH ÀQDQFLDO LPSDFW 7KH &XUDFDR EUDQFK
from the audited General Insurance Annu- 21 September 2018. experienced an exceptional growth in gross written premium and an improved net result. The com-
al Statements of Massy United Insurance SDQ\ DOVR PDLQWDLQHG LW·V $ 0 %HVW 5DWLQJ RI $ ([FHOOHQW IRU WKH WK FRQVHFXWLYH \HDU YDOLGDWLQJ WKH
Limited - Curacao Branch for the year 0DQDJHPHQW·V 5HVSRQVLELOLW\ IRU FRPSDQ\·V ÀQDQFLDO VWUHQJWK DQG VWDELOLW\
ended 30 September 2017. WKH )LQDQFLDO +LJKOLJKWV
In our opinion, the accompanying Finan- Management is responsible for the prep- A promising future lies ahead for Massy United in the Caribbean. The company is active in 22 territo-
cial Highlights are consistent, in all materi- DUDWLRQ RI WKH ÀQDQFLDO KLJKOLJKWV LQ DF- ries and will soon expand its operations to other territories. Massy United is a member of the Massy
Group, one of the largest conglomerates in the Caribbean and Colombia, with over 60 subsidiary
al respects, in accordance with the audited cordance with the accounting policies as companies, 11,000 employees and annual revenues of USD 1.7 Billion. We would like to thank all
General Insurance Annual Statements of applied in the General Insurance Annual brokers and customers for their continuing loyalty, our employees for their commitment to excellence,
Massy United Insurance Limited -Curacao Statement of Massy United Insurance the CBCS and all other stakeholders for their ever present support.
Branch. Limited - Curacao Branch.
Curacao, 28 September 2018,
)LQDQFLDO +LJKOLJKWV $XGLWRU·V UHVSRQVLELOLW\ Ernie Croes • Managing Director
7KH ÀQDQFLDO KLJKOLJKWV GR QRW FRQWDLQ DOO Our responsibility is to express an opin-
the disclosures required by the General ion on whether these Financial Highlights
Insurance Annual Statement Composi- are consistent, in all material respects, %DVLF 3ULQFLSOHV
tion and Valuation Guidelines (2015) of with the audited General Insurance An-
WKH %DQN 5HDGLQJ WKH ÀQDQFLDO KLJKOLJKWV nual Statement based on our procedures, The General Insurance Annual Statement has been prepared in accordance with policies described
DQG WKH DXGLWRU·V UHSRUW WKHUHRQ WKHUHIRUH which were conducted in accordance with by the Central Bank of Curacao and Sint Maarten. Such practices differ from International Financial
is not a substitute for reading the audited International Standard on Auditing (ISA) Reporting Standards. The annual statements are prepared on a historical cost basis. Claims reserves
General Insurance Annual Statements and 810 (Revised), Engagements to Report on DUH EDVHG RQ FRPSDQ\·V HVWLPDWHV RI ORVVHV LQFXUUHG
WKH DXGLWRU·V UHSRUW WKHUHRQ 7KH )LQDQFLDO Summary Financial Statements.
Highlights and the General Insurance An- &RQWLQJHQW /LDELOLWLHV None
QXDO 6WDWHPHQWV GR QRW UHÁHFW WKH HIIHFWV Curacao, 28 September 2018,
of events that occurred subsequent to the )RU (UQVW <RXQJ $FFRXQWDQWV ‡ &DSLWDO DQG RU 6XUSOXV &RPPLWPHQWV None
date of our report on the audited General C. Smorenburg RA AA
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Insurance Annual Statements.
Masssy United Insurance Ltd, Curaçao branch is a branch of Massy United Insurance Ltd, Barbados.
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(All amounts expressed in thousands of Netherlands Antillean Guilders) 2016
(All amounts expressed in thousands of Netherlands Antillean Guilders) 2016
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ASSETS
Gross permium earned 19,700 17,139
Non-Admissible Assets 334 546 Change in unearned premium provision (553) 39
Reinsurance premium ceded (7,044) (6,718)
Deposits with Financial Institutions 1,500 1,500

Current Assets 10,636 14,231 Net premiums earned 12,103 10,460
Net Claims Incurred (5,172) (5,541)

Underwriting Expenses Incurred (5,644) (4,627)
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6+$5(+2/'(56· (48,7< $1' /,$%,/,7,(6 Net Investment Income and Earned and
6KDUHKROGHUV· HTXLW\ Capital Gains or Losses “ 51 56

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Surplus 3,321 7,756
Corporate Taxes incurred (238) 251

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Provisions
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Net Unearned Premium Provision 3,865 3,312 1HW 3URÀW RU /RVV 1,576 97

Net Claim Provision 2,927 3,540
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7RWDO SURYLVLRQV 6,852
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Current Liabilities 2,357 1,669
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7RWDO OLDELOLWLHV 1,669 In Curaçao 1,500 100%
Outside Curaçao

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Anguilla • Antigua and Barbuda • Aruba • Bahamas • Barbados • Belize • Bonaire • Cayman
Islands • Curaçao • Dominica • Grenada • Guyana • Montserrat • St. Kitts and Nevis • St. Lucia •
St. Maarten • St. Vincent & The Grenadines • Trinidad & Tobago • Turks & Caicos Islands