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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2018 (CONTINUED)
10. Non-Controlling Interests
Non-controlling interests represent RSA’s issued and fully paid preference shares, which are variable rate cumulative redeemable preference shares with a par value of $10 per share, redeemable solely at the
option of RSA with the declaration of dividends at the discretion of the Directors of RSA. The dividend rate is Bahamian dollar Prime rate plus 2.00% payable semi-annually, and any dividends undeclared are cumulative and payable before any distribution to ordinary shareholders. The preference shares issued and fully paid as of 31 December 2018 and 2017 total 1,000,000 shares comprised of 500,000 Series A preference shares and 500,000 Series B preference shares.
11. Premiums Written
Policy amounts written
Premium tax recovered from policyholders Value added tax recovered from policyholders
12. Portfolio Transfer
2018 2017 $$
71,606,702 (1,341,518) (3,114,060)
75,537,548 (1,653,927) (4,310,802)
67,151,124
69,572,819
Effective 1 January 2017, the Group increased the percentage of risk retained on its non-catastrophe fire property portfolio, which resulted in changes to net unearned premiums and outstanding claims reserves relative to the respective insurance policies in force as of that date, along with the relevant transfer of funds.
13. Net Commissions Incurred
Amounts paid to agents
Amounts received from reinsurers
Movement in deferred commissions expense Movement in deferred commissions income
2018 2017 $$
7,535,380 (5,712,757) 1,822,623
(85,979) 93,269
1,829,913
7,236,417 (5,280,946) 1,955,471
114,850 (1,034)
2,069,287
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