Fatum on the move! To go forward is to move toward perfection. March on, and fear not the thorns, or the sharp stones on life s path.

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1 Fatum on the move! To go forward is to move toward perfection. March on, and fear not the thorns, or the sharp stones on life s path. Khalil Gibran Fatum Annual Report 2012

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3 Contents A message from the Supervisory Board of Directors Meet the members of the Supervisory Board A message from the Executive Board of Directors Meet the members of the Executive Board Fatum Holding N.V. Summary Consolidated Financial Statements 31 December 2012 Consolidated Statement of Financial Position 31 December 2012 Consolidated Statement of comprehensive income 2012 Significant Accounting Policies Independent Auditor s Report Fatum On the Move! Concluding remarks Company information Fatum Annual Report 2012 Page 3

4 A Message from the Supervisory Board of Directors It is with great pleasure that we present our 2012 results, which once again reflect the strength of Fatum and the Guardian Holdings Limited (GHL) Group as a whole. The year 2012 has been a most satisfactory year for GHL. We have maintained a trend of excellent performance despite persistent weak economic conditions. Financial performance The achievement of TT$353 million in after tax profits represents an increase of 35% over the TT$261 million of We realized excellent results from our insurance activities in 2012, with profits growing to TT$529 million from TT$360 million, a 47% increase over the previous year. Since the onset of the world financial crisis in 2008, our gross premiums written, or our top line, on a continuing operations basis, have delivered a 10% compounded annual growth rate and reached TT$4.4 billion in The Dutch Caribbean, one of our major Caribbean markets, contribute for 21% to this endeavor. Insurance companies and in particular life insurance companies are long-term investors and seek long-term assets to support their life and pension liabilities which can stretch 40 years or more. Our investment activities represent a major source from which GHL derives revenue and profit. Net income from investments amounted to TT$922 million, a decline of 13% from the TT$1.1 billion in The main part of this decrease is attributable to the low interest policies that have been applied universally by Central Banks in their endeavor to stimulate economic growth. Our balance sheet shows that assets increased by TT$1 billion to TT$22.5 billion in 2012 from the TT$21.5 billion in Equity grew by TT$85 million and now stands at TT$3.2 billion. All our insurance subsidiaries capital and solvency positions continue to remain well above minimum requirements. Meet the members of the Supervisory Board On December 31, 2012 Mr. J.S. Mack Chairman Mr. H.P. Ganteaume Mr. O.M. van der Dijs Fatum Annual Report 2012 Page 4

5 Strategic Acquisitions GHL s strategy continues to be the achievement and maintenance of a dominant market position in the Caribbean countries in which we operate. Guardian Life of the Caribbean as well as Guardian General are the region s largest insurance company. Fatum holds dominant positions in the Dutch Caribbean both in life, health and pensions and general insurance. During 2012, we were able to acquire three companies. In November 2012 GHL acquired the Globe Insurance Company of Jamaica Limited. Globe will add $US28 million to consolidated revenue. With this acquisition, GHL will become the largest general insurance company in Jamaica. In December 2012 Fatum signed an agreement to purchase Royal & Sun Alliance Antilles (RSA). This Dutch Caribbean based insurer was a joint venture between the Royal & Sun Alliance (the second largest general insurer in the U.K.) and Maduro and Curiel s Bank (MCB), the largest Bank in the Dutch Caribbean. Following the merging of RSA and Fatum General Insurance, Fatum General Insurance will occupy the number one position when measured by market share. Our third acquisition in 2012 also took place in December 2012, when Fatum purchased a Dutch insurance broker, Thoma Exploitatie B.V. This acquisition reinforces Fatum s expansion into the Dutch general insurance market. The Supervisory Board of Directors In 2012 the Board consisted of 7 members including 4 non-executive directors. All the powers of the Board have been duly exercised. The Board met four times in Major issues requiring an active engagement of the Board were the approval of the budget and strategic plan, the monitoring of the initiatives for keeping the company performance in line with shareholders expectations and the approval of the actions required throughout the acquisition process of RSA and Thoma. The Audit, Compliance and Risk Committee (ACRC) The ACRC, consisting of three non-executive directors, resides under the Supervisory Board and is governed by a charter which sets out its responsibilities in respect of the financial statements, internal controls, the internal audit function, external audit, compliance and risk matters. Mr. J.W.H. Richters Mrs. E.R. Croes-Marugg Mr. R.A. Tewari Mr. R.G. de V. Espinet Fatum Annual Report 2012 Page 5

6 A Message from the Supervisory Board of Directors The Board is satisfied that the Internal Audit function as well as the Compliance function have been discharged in an objective and transparent manner and are not subject to management s undue influence. Weaknesses in internal controls observed by the internal and external auditors and management s risk corrective actions were presented to the ACRC. The ACRC members have confirmed that appropriate actions have remedied the weaknesses. Additional subjects receiving attention from the ACRC in 2012 were Compliance with legislation and regulatory requirements, Anti Money Laundering and Risk Management. The ACRC met four times in All meetings were attended by representatives of the Supervisory and Executive Board and by the Fatum internal auditor and compliance officer. Ernst & Young, the external auditors, have a standing invitation to all ACRC meetings. Acknowledgements We wish to thank the Board of Executive Directors of Fatum for their ongoing dedication and commitment to move forward with excellent achievements, maintaining the course to sustainable growth and increased returns to our stakeholders. We extend our sincere gratitude to all our customers, clients and business partners for their loyalty and support, essential ingredients in our successes and to recommit to our partnership in achieving our mutual goals and aspirations. And last but definitely not least, we give thanks to our employees at every level whose competence, sense of responsibility and commitment continue to contribute to our successes. Future Prospects As described above, the Fatum insurance business has delivered most satisfactory results. While we recognize the difficulties of doing business in a highly challenging investment environment, we face the future with confidence as we continue with the measures and policies that have brought us to the strong position in which Fatum and the GHL Group finds itself today, moving forward to a continued delivery of growth in both revenue and profits. Jeffrey Mack Chairman Fatum Annual Report 2012 Page 6

7 A Message from the Executive Board of Directors The year 2012 was certainly interesting for Fatum and the countries in which we operate. In Curaçao elections were held for the first time since the constitutional restructuring that took place in our Kingdom in 2010, after the ruling coalition could not count on a majority in Parliament anymore and came to an end in August It was replaced by a temporary interim Government, in anticipation of new elections which was held on October 19, Hereafter on December 31, 2012, a transition cabinet was installed, consisting of local professionals, to run the country constructively for a defined period. The main objective of this temporary cabinet was to implement necessary reforms in the old age government pension and in the health care system and tax system in such a way that the negative trend of the public debt would be reversed and the public finances would have a balanced sustainable outlook. Furthermore the necessary initiatives should be envisioned and embarked on to create the necessary economic growth. This would lead to a sound starting position for a political cabinet to continue governing Curaçao. The Fatum President & CEO, Mr. Steven Martina has accepted to take the position of Minister of Economic Affairs and Vice Prime Minister in the transition cabinet and served his country from December 31, 2012 to June 7, 2013 as Minister of Economic Affairs. During his leave of absence, Mr. Diego Fränkel, Managing Director Aruba, Bonaire, Sint Maarten served as the Acting CEO. We are proud that a member of our Group has been asked to serve and has given a valuable contribution in realizing the so important objectives set forth. Financial performance Fatum s business performance in 2012 was strong despite the fragile economic situation. Fatum closed the year 2012 with a net profit of ANG 37,4 million, as compared with ANG 27,2 million in The results were positively influenced by fair value gains of ANG 8,6 million. The gross yield on investments was 6.0%. The Life business showed an exceptional net profit of ANG 42,7 million, as compared with ANG 20,3 million in These exceptional results were boosted by one-off releases and were also affected by fair Fatum Annual Report 2012 Page 7

8 A Message from the Executive Board of Directors value gains. The Health business showed a net profit of ANG 1,8 million, as compared with ANG 4,9 million in The net profit of the General Insurance business was ANG 3,9 million, while in 2011 we registered a net profit of ANG 12,1 million. In 2012 the Dutch business contributed negatively to the performance of the General Insurance business due to less new business concluded than anticipated. Fatum s solvency position continued to be exceptionally strong and above the local requirements of the Central Bank of Curaçao and Sint Maarten and the Central Bank of Aruba. Market expansion Our Strategic Plan revolved around priorities which are designed to meet our financial objectives as well as position Fatum for future growth. Our main objective is focused on remaining the leading provider of solutions for the protection of our customer s financial needs. Our growth objectives were realized by the benefits of where our businesses have a substantial presence in the Dutch Caribbean and also in the Netherlands. In 2012 we continued to penetrate these markets to the fullest. We are pleased with the progress that has been made by Fatum and the platforms that have been built for future sustainable growth. We are very proud to welcome the RSA Antilles colleagues, customers and other stakeholders as part of the Fatum family. In the same way, we express a special word of welcome to the Netherlands based Thoma colleagues and customers, as they too, are now part of the expanding Fatum Group. Distribution In 2012 Fatum further diversified the distribution platform, among others through distribution agreements with key partners. Our focus will remain on being a customer-centric organization, while making optimal use of technology innovations. We continued to grow the direct sales channels in dedicated business groups in order to serve the customer segments that prefer to transact with us directly. While moving forward, we will continue to introduce differentiating IT initiatives, which will facilitate us in deepening our customer insights in order to better engage with our customers, and better collaborate and coordinate across departments and business units. Leveraging technology will enable us to gather information and insight to optimize the customer experience. Operational excellence Operational excellence will drive meaningful competitive advantage. Our values continuously drive us to continuously provide solutions to reflect the changing Fatum Annual Report 2012 Page 8

9 needs of clients. Therefore in 2012 some main operational procedures (financial, underwriting procedures) were reviewed and modified, with the objective of developing a new approach to how our functions deliver their expertise to the daily business. At the same time, we preserved the competitive advantage derived from the strong alignment between the operational activities and the customers and markets we serve. Employees: The main asset in our people driven business Successful businesses are built around the quality, capability and capacity of its people. Fatum considers people to be our most important asset and acknowledges the fact that our employees are our competitive advantage. The right people in the right jobs will mean effective and efficient processes which will contribute to a satisfactory customer experience and consequently sustainable, profitable businesses. In 2012 several training programs were carried out, in groups as well as on an individual basis. The programs were being provided by Fatum, but also by external institutions. Fatum has implemented a target driven performance appraisal instrument. Targets are being agreed upon annually at the beginning of a new year, which facilitates the evaluation throughout the year as well as at year end, making it more transparent and more objective to evaluate the actual performance. Risk management and risk appetite. Fatum has defined the risk appetite which is used to guide the overall decision taking. We maintain our overall risk profile and principal risks within our appetite and limits. In order to remain well aligned with our vision of being the Insurer of Choice in the markets in which we operate, we continue to commit ourselves to further embedding an Enterprise Risk Management (ERM) culture within Fatum. Our in-house risk management tools constantly evolve, hence providing the means to identify, measure, monitor and mitigate the risks observed. Corporate Social responsibility In 2012 too, Fatum was committed to remain a socially conscious corporate citizen, with the purpose to make a meaningful difference in the communities in which we operate and which we serve. In the end, we want to create value for the society, thereby establishing a win-win proposition. This is being done by actively encouraging individual and societal development by financially supporting efforts to improve Fatum Annual Report 2012 Page 9

10 A Message from the Executive Board of Directors wellbeing and realize human potential in the communities and territories where Fatum operates. Corporate Social Responsibility was expressed throughout 2012 by a focus on the youth, a focus on sports and physical activity as well as through financial support for the work of various non-governmental organizations. Areas sponsored include among others health, culture (carnival parades), the elderly, those with special needs and many others. Concluding remarks Throughout 2012 we have achieved several satisfactory results. We approach the future with new hope, new opportunities and a strengthened commitment to continue the growth of Fatum for our customers, shareholders and the communities we serve. We have confidence that we are well prepared for the new challenges while continuing to be on the move! The coming years will be dedicated to the process of amalgamating the Fatum and the RSA operations, resulting in a new business entity consisting of the best of both companies. We see this as a unique opportunity to reach significant synergies. Fatum will proceed to move forward in a sustainable direction with the commitment and engagement of our stakeholders. While moving on, Fatum will continue to seek growth with profitability. We thank all our policyholders and customers, intermediaries, business partners and employees for their most valued trust, loyalty and presence along our moves. We also want to thank our shareholders, for the continued confidence in our ability to succeed and deliver results in the long term. With the commitment and trust of all stakeholders, we will ensure that Fatum remains a leader, and we will definitively remain on the move to celebrate more significant milestones in the future. I.S. (Steven) Martina President & CEO Fatum Holding Fatum Annual Report 2012 Page 10

11 Meet the members of the Executive Board On December 31, 2012 Marten O Niel Managing Director Commerce Dorothy Romero-Sprockel Managing Director Finance Francis Gijsbertha Managing Director Operations Diego Fränkel Managing Director Aruba, Bonaire, Sint Maarten Fatum Annual Report 2012 Page 11

12 Consolidated Statement of Financial Position 31 December 2012 (Expressed in thousands of Antillean Guilders) Assets Property, plant and equipment Investment properties Intangible assets Investment in associated companies Financial assets Financial assets of mutual fund unit holders Loans and receivables including insurance receivables Pension plan assets Deferred tax assets Reinsurance assets Due from parent and affiliated companies Deferred acquisition costs Taxation recoverable Cash and cash equivalents ,426 2,414 23,014 34,097 1,010, ,103 20, ,204 31,906 4, ,042 Restated ,889 2,813 1,034 33,371 1,010, ,897 22, ,082 2,333 4, ,486 Total Assets 1,454,534 1,373,466 Shareholder s Equity and Liabilities Shareholder s Equity Share capital Share premium Reserves Retained earnings Total Equity 25,001 74,029 4,720 65, ,067 25,001 74,029 6,812 40, ,559 Liabilities Insurance contracts Financial liabilities Post retirement medical benefit obligations Deferred tax liabilities Due to affiliates Provision for taxation Other liabilities Total liabilities 1,109,455 92,204 19,935 3, ,141 52,906 1,285,467 1,051,796 91,713 16,998 4, ,095 57,481 1,226,907 Total Equity and liabilites 1,454,534 1,373,466 Fatum Annual Report 2012 Page 12

13 Consolidated Statement of Comprehensive Income 2012 (Expressed in thousands of Antillean Guilders) Insurance activities Insurance premium income Insurance premium ceded to re-insurers Reinsurance commission income Net underwriting revenue Policy acquisition expenses Net insurance benefits and claims Underwriting expenses Net result from insurance activities Investing activities Investment income Net realized losses on financial instruments Net fair value gains on financial instruments Fee income Other operating income Investment contract benefits Net income from all activities Operating expenses Finance charges Operating profit Share of profit of associated companies Profit before taxation Taxation Profit after taxation Other comprehensive income (loss) Exchange differences on translating foreign operations Other reserve movements Other comprehensive income / (loss) for the period, net of tax Total comprehensive income / (loss) for the period, net of tax Total comprehensive income attributable to: Owners of the parent Non-controlling interests ,326 (12,722) 4, ,813 (17,853) (148,365) (166,218) 20,595 65,214 (37) 8,562 1,226 4,023 (162) 99,421 (47,412) (5,226) 46,783 3,081 49,864 (12,446) 37,418 (2,356) 0 (2,356) 35,062 35,062-35,062 Restated ,859 (24,795) 3, ,046 (19,908) (155,797) (175,705) (9,659) 64,200 (23) 13,714 1,214 3,178 (168) 78,220 (37,469) (2,444) 32,543 2,345 34,711 (7,635) 27,253 (287) 54 (233) 27,020 27,020-27,020 Fatum Annual Report 2012 Page 13

14 Fatum Annual Report 2012 Page 14

15 Significant Accounting Policies The consolidated statement of financial position and consolidated statement of comprehensive income as presented on page 12 and 13 have been derived from the consolidated financial statements of Fatum Holding N.V. These explanatory notes are an extract of the detailed notes included in the consolidated financial statements. Basis of preparation These consolidated financial statements are prepared in accordance with International Financial Reporting standards (IFRS). They have been prepared under the historical cost convention, as modified by the revaluation of land and buildings, investment properties and financial assets and financial liabilities at fair value through profit or loss. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group s accounting policies. (a) New standards and amendments/revisions to published standards and interpretations effective in IFRS 7 Financial Instruments: Disclosures (Amendment) The amendment requires additional quantitative and qualitative disclosures relating to transfers of financial assets, when: Financial assets are derecognized in their entirety, but the entity has a continuing involvement in them (e.g., options or guarantees on the transferred assets) Financial assets are not derecognized in their entirety The amendment promotes transparency in the reporting of transfer transactions and improve users understanding of the risk exposures relating to transfers of financial assets and the effect of those risks on an entity s financial position, particularly those involving securitization of financial asset. The amendment did not have any impact on the financial position, performance or disclosures of the Group. - IAS 12 Income taxes (Amendment) - Deferred Taxes : Recovery of Underlying Assets The amendment to IAS 12 introduces a rebuttable presumption that deferred tax on investment properties measured at fair value will be recognized on a sale basis, unless an entity has a business model that would indicate the investment property will be consumed in the business. If consumed, an own use basis must be adopted. The amendment also introduces the requirement that deferred tax on non-depreciable assets measured using the revaluation model in IAS 16 should always be measured on a sale basis. As a result of this amendment, SIC-21 Income Taxes - Recovery of Revalued Non-Depreciable Assets has been withdrawn. The amendment did not have any impact on the financial position or performance of the Group. (b) New standards and amendments/revisions to published standards and interpretations effective in 2012 but not applicable to the Group The following new and revised IFRS that has been issued does not apply to the activities of the Group: IFRS 1 First-time Adoption of International Financial Reporting Standards (Amendment) - Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters - Effective July (c) New interpretations and revised or amended standards that are not yet effective and have not been early adopted by the Group Fatum Annual Report 2012 Page 15

16 The improvements become effective for annual periods on or after either 1 July 2012 or 1 January These changes are currently being evaluated by Management. IAS 1 Presentation of Items of Other Comprehensive Income - Amendments to IAS 1- Effective 1 July 2012 IAS 19 Employee Benefits (Revised) - Effective January IFRS 1 Government Loans - Amendments to IFRS 1 - Effective January IFRS 7 Disclosures - Offsetting Financial Assets and Financial Liabilities - Amendments to IFRS 7 - Effective January IFRS 10 Consolidated Financial Statements, IAS 27 Separate Financial Statements - Effective January IFRS 11 Joint Arrangements, IAS 28 Investments and Associates and Joint Ventures - Effective January IFRS 12 Disclosure of Interests in Other Entities - Effective January IFRS 13 Fair Value Measurement - Effective January IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine - Effective January Annual Improvements to IFRSs cycle - Effective January : IFRS 1 First-time Adoption of International Financial Reporting Standards - Repeated application of IFRS 1 and borrowing costs IAS 1 Presentation of Financial Statements - Clarification of requirements for comparative information IAS 16 Property Plant and Equipment - Classification of servicing equipment IAS 32 Financial Instruments, Presentation - Tax effect of distributions to holders of equity instruments IAS 34 Interim Financial Reporting - Interim financial reporting and segment information for total assets and liabilities IAS 32 Offsetting Financial Assets and Financial Liabilities - Amendments to IAS 32 - Effective January IFRS 9 Financial Instruments - Classification and Measurement - Effective January Consolidation a) Subsidiaries Subsidiaries are all entities over which the Group has the power to govern the financial and operating policies, generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date on which control ceases. The Group uses the purchase method of accounting for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. The excess of the cost of acquisition over the fair value of the Group s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized in the consolidated income statement. All inter-company transactions and balances are eliminated on consolidation. Subsidiaries accounting policies have been changed where necessary to ensure consistency with the policies adopted by the Group. Fatum Annual Report 2012 Page 16

17 The following subsidiaries have been included in the consolidation: Fatum Health N.V. Fatum General Insurance N.V. Fatum Life N.V. Home and Properties N.V. Fatum General Insurance Aruba N.V. Fatum Life Aruba N.V. Thoma Exploitatie B.V. b) Thoma Exploitatie B.V. The Group s investment in its associated companies is accounted for using the equity method of accounting. An associate is an entity in which the Group has significant influence and which is neither a subsidiary nor a joint venture. Under the equity method, the investment in associates is carried in the consolidated statement of financial position at cost plus post acquisition changes in the Group s share of net assets of the associates. Goodwill relating to associates is included in the carrying amount of the investment and is not amortized. The consolidated income statement reflects the share of the results of operations of the associates. When there has been a change recognized directly in the equity of the associates, the Group recognizes its share of any changes and discloses this, when applicable, in the statement of changes in equity. Profits or losses resulting from transactions between the Group and the associates are eliminated to the extent of the interest in the associates. The share of profit of associated companies is shown on the face of the consolidated income statement. This is profit attributable to the equity holders of the associates and therefore is profit after tax and non-controlling interests in the subsidiaries and associates. The consolidated financial statements of the associates are prepared for the same reporting period as the parent company. Where necessary, adjustments are made to bring its accounting policies in line with the Group. After application of the equity method, the Group determines whether it is necessary to recognize an additional impairment loss on the Group s investment in associates. The Group determines at each reporting date, whether there is any objective evidence that the investment in associates is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associates and its carrying value and recognizes the amount in the consolidated income statement. Financial Assets The Group classifies its investments into the following categories: financial assets at fair value through profit or loss, loans and receivable and held-to-maturity financial assets. The classification depends on the purpose for which the investments were acquired. Management determines the classification of its investments at initial recognition and re-evaluates this at every reporting date. (a) Financial assets at fair value through profit and loss This category has two sub-categories: financial assets held for trading and those designated at fair value through profit and loss at inception. A financial asset is classified into this category at inception if acquired principally for the purpose of selling in the short term, if it forms part of a portfolio of financial assets in which there is evidence of short term profit-taking, or if so designated by management. Financial assets designated as at fair value through profit or loss at inception are those that are: a. Held in internal funds to match insurance and investment contracts liabilities that are linked to changes in fair values of these as- Fatum Annual Report 2012 Page 17

18 sets. The designation of these to be at fair value through profit or loss eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases. b. Managed and whose performance is evaluated on a fair value basis. Information about these financial assets is provided internally on a fair value basis to the Group s key management personnel. The group s investment strategy is to invest in equity and debt securities, and to evaluate them with reference to their fair values. Assets that are part of these portfolios are designated upon initial recognition at fair value through profit or loss. (b) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. The investments are initially recognized at cost, being the fair value of the consideration paid for the acquisition of the investment. All transaction costs directly attributable to the acquisition are included in the cost of the investment. After initial measurement, loans and receivables are measured at amortized costs, using the effective interest rate method. Gains and losses are recognized in the income statement when the investments are derecognized or impaired, as well as through amortization process. (c) Held-to-maturity financial assets Held-to-maturity financial assets are non-derivative financial assets with fixed or determinable payments and fixed maturities other than those that meet the definition of loans and receivables that the Group s management has the positive intention and ability to hold maturity. These investments are initially recognized at cost, being the fair value of the consideration paid for the acquisition of the investment. All transaction costs directly attributable to the acquisition are also included in the cost of investment. After initial measurement, held-tomaturity financial assets are measured at amortized cost, using the effective interest rate method. Gains and losses are recognized in the income statement when the investment are derecognized or impaired, as well as through the amortization process. Insurance contracts/net insurance premium revenue/net insurance benefits and claims The Group issues contracts that transfer insurance risk or financial risk or both. Insurance contracts are those contracts that transfer significant insurance risk. Such contracts may also transfer financial risk. (a) Short-term insurance contracts These contracts are principally property, motor, casualty (employers liability, public liability), marine and health insurance contracts. Health insurance contracts include both group and individual health insurance. Property insurance contracts indemnify the Group s customers in the event of a loss from a specified insured peril such as fire, windstorm or earthquake (not limited to these perils) up to the insured amount and within the terms of the policy conditions. These contracts are issued for both private and commercial risks. Customers who undertake commercial activities on their premises could also receive compensation for consequential loss/business interruption caused by the insured perils. (b) Long-term insurance contracts with fixed and guaranteed terms These contracts insure events associated with human life (for example death, or survival) over a long duration. Premiums are recognized as revenue when they become payable by the contract holder. Premiums are shown before deduction of commission. Fatum Annual Report 2012 Page 18

19 A liability for policyholders benefits that are expected to be incurred in the future is recorded when the premiums are recognized. Typically, the liability is determined as the sum of the expected discounted value of the benefit payments less the expected discounted value of the theoretical premiums that would be required to meet the benefits based on the valuation assumptions used (the valuation premiums). In particular, the liability is based on assumptions as to mortality and investment income. A margin for adverse deviations is included in the assumptions. The liabilities are recalculated at each reporting date and the change in the liability is recognized as an expense in the consolidated income statement. The reserves for the long-term life insurance contracts are calculated on a Modified Net Premium Method in accordance with the requirements of the Central Banks of the Curaçao and Sint Maarten and of Aruba. (c) Long-term insurance contracts without fixed terms These contracts insure human life events (for example death or survival) over a long duration. Insurance premiums are recognized directly as liabilities whereas the change in the liabilities is reflected in the consolidated income statement. These liabilities are increased by credited interest or change in the unit prices and are decreased by policy administration fees, mortality and surrender charges and any withdrawals. Solvency Margin Restated Regulatory required margin 56,134 52,924 Available margin 169, ,961 Surplus 112,933 95,037 Fatum Annual Report 2012 Page 19

20 Independent Auditors Report The accompanying summary consolidated financial statements, which comprise the summary consolidated statement of financial position as at 31 December 2012, the summary consolidated statement of comprehensive income 2012 and related notes, are derived from the audited consolidated financial statements of Fatum Holding N.V. for the year ended 31 December We expressed an unqualified audit opinion on those consolidated financial statements in our report dated 24 June Those consolidated financial statements, and the summary consolidated financial statements, do not reflect the effects of events that occurred subsequent to the date of our report on those consolidated financial statements. The summary consolidated financial statements do not contain all the disclosures required by International Financial Reporting Standards. Reading the summary consolidated financial statements, therefore, is not a substitute for reading the consolidated audited financial statements of Fatum Holding N.V. Management s responsibility Management is responsible for the preparation of a summary of the audited consolidated financial statements on the bases described under Significant Accounting Policies. Auditor s responsibility Our responsibility is to express an opinion on the summary consolidated financial statements based on our procedures, which were conducted in accordance with International Standards on Auditing, including the Standard on Auditing 810 Engagements to report on summary financial statements. Opinion In our opinion, the summary consolidated financial statements derived from the audited consolidated financial statements of Fatum Holding N.V. for the year ended 31 December 2012 are consistent, in all material respects, with those consolidated financial statements, in accordance with International Financial Reporting Standards. Curaçao, 23 August 2013 for Ernst & Young Accountants C. Smorenburg RA AA drs. P.W. Aberson RA Fatum Annual Report 2012 Page 20

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