Colonial Life Assurance Company Limited Year Ended December31, 2014 With Independent Auditors Report

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1 A UDITED FINANCIAL STATEMENTS Colonial Life Assurance Company Limited Year Ended December31, 2014 With Independent Auditors Report

2 Audited Financial Statements Year Ended December 31, 2014 Contents Independent Auditors Report...1 Audited Financial Statements Statement of Financial Position...3 Statement of Comprehensive Income...4 Statement of Changes in Shareholder s Equity...5 Statement of Cash Flows...6 Notes to Financial Statements...7

3 Ernst & Young Ltd. 3 Bermudiana Road Hamilton HM08, Bermuda P.O. Box HM 463 Hamilton, HM BX, Bermuda Tel: Fax: ey.com The Shareholder Colonial Life Assurance Company Limited Independent Auditors Report We have audited the accompanying financial statements of Colonial Life Assurance Company Limited, which comprise the statement of financial position as at December 31, 2014, and the statement of comprehensive income, statement of changes in shareholder s equity and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. 1 A member firm of Ernst & Young Global Limited

4 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of Colonial Life Assurance Company Limited as at December 31, 2014, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards. Other Matter The financial statements of Colonial Life Assurance Company Limited for the year ended December 31, 2013 were audited by another auditor who expressed an unmodified opinion on those statements on April 28, April 29, A member firm of Ernst & Young Global Limited

5 Statement of Financial Position Asset Cash and cash equivalents (Notes 4 and 13) Financial assets at fair value through profit or loss (Notes 5 and 13) Financial assets, held-to-maturity (Notes 5 and 13) Other assets and receivables Insurance receivables (Note 6) Due from reinsurers Prepaid reinsurance premium Amounts due from related companies (Note 13) Property, plant, and equipment (Note 7) Intangible assets (Note 8) Deferred acquisition costs (Note 9) Segregated fund assets (Notes 12 and 13) Total assets Liabilities Accrued expenses and accounts payable Insurance and investment premiums received in advance Reinsurance balances payable Amounts due to related companies (Note 1 3) Policyholder benefits payable (Note 1 0) Reinsurance liabilities (Note /0) Provision for future policy benefits (Note 1 0) Segregated fund liabilities (Notes 12 and 1 3) Total liabilities December $ 1,748,275 $ 4,183, , ,967 1,830,629 73, ,355 6,984, , ,849 4,299,907 68,449,531 $ 90,178,207 $ $ 243,963 $ 135, ,511 94,181 3,581,297 2,543, ,958 68,449,531 75,779,512 1,744,491 1,967, ,125 1,372,192 1,832, , ,066 7,306, , ,967 4,638,169 66,517,002 88,200, , , ,557 42,468 4,742, ,231 2,057,970 66,517,002 74,972,647 Shareholder's equity Share capital (Notes 1/, 15 and 2I) 4,000,000 4,000,000 Contributed surplus (Notes II, I5 and 2 /) 14,812,195 14,812,195 Accumulated deficit (Notes I5 and 2 /) ( 4,413,500) (5,584,626) Total equity attributable to the equity holder of the Company $ 14,398,695 $ 13,227,569 #1 NOT Proofed Draft--4/29/2015 8:24AM Total liabilities and shareholder's equity $ 90,178,207 $ 88,200,216 See accompanying notes. On behalf of the Board: Director 7- ~-~- (.ni:r:ector --. / '. /V_:(. 3

6 Statement of Comprehensive Income Year Ended December Premiums written $ 5,090,430 $ 4,634,941 Reinsurance premiums ceded (1,439,046) (1,530,930) Net insurance premium revenue 3,651,384 3,104,011 Fee income Insurance contracts 585, ,234 Investment contracts 662, ,247 Policyholder loan interest 92, ,024 Other Insurance Income (39,784) (15,373) Net investment income (Notes5and 13) 445, ,041 Investment management fees on segregated funds 1,405,526 1,282,969 Total income 6,803,606 6,229,153 Insurance benefits (1,062,054) (2,315,855) Loss recoveries 6, ,779 Decrease in provision for future policy benefits (Note10) 1,504,012 2,360,716 Decrease (increase) in reinsurance liabilities (Note 10) (1,680,477) 738,894 Net insurance benefits and claims (1,232,519) 1,315,534 Commissions (343,131) (313,103) Amortised deferred acquisition expense (Note9) (694,725) (407,765) Other underwriting expenses (103,578) (105,569) General and administrative expenses (Note18) (3,258,527) (3,462,929) Total expenses (4,399,961) (4,289,366) Net income and comprehensive income for the year $ 1,171,126 $ 3,255,321 See accompanying notes. 4

7 Statement of Changes in Shareholder s Equity Share Capital Contributed Surplus Retained Earnings Total Equity Attributable to the Equity Holder of the Company Balance at December31, 2012 $ 4,000,000 $14,812,195 $(8,839,947) $ 9,972,248 Total comprehensive incomefor the year 3,255,321 3,255,321 Balance at December31, ,000,000 14,812,195 (5,584,626) 13,227,569 Total comprehensive income for the year 1,171,126 1,171,126 Balance at December31, 2014 $ 4,000,000 $14,812,195 $(4,413,500) $14,398,695 See accompanying notes. 5

8 Statement of Cash Flows Year Ended December Operating activities Net income $ 1,171,126 $ 3,255,321 Adjustments for items not affecting cash: Depreciation and amortization (Notes7 and 8) 269, ,382 Interest and dividend income (432,242) (432,751) Net unrealized gains on investments (403,013) (36,178) Net realized (gains) losses on investments 389,445 (21,112) Operating cash flow before changes in non-cash operating working capital 994,614 3,125,662 Change in non-cash operating working capital (Note19) 539,630 (2,047,559) Net cash provided by operating activities 1,534,244 1,078,103 Investing activities Proceeds from sale of investments 365,563 1,439,697 Purchase of investments (2,568,785) (1,554,192) Purchase of property, plant, equipment and intangible assets (Notes7and 8) (132,877) (91,872) Interest received 433, ,074 Net cash provided by investing activities (1,902,872) 227,707 Financing activities Decrease (increase) in due from related parties 321,684 (490,591) Increase (decrease) in due to related parties 51,713 (24,804) Interest paid (985) (1,323) Net cashprovided by(used in) financing activities 372,412 (516,718) Net increase in cash and cash equivalents 3, ,092 Cash and cash equivalents at beginning of year 1,744, ,399 $ 1,748,275 $ 1,744,491 See accompanying notes. 6

9 Notes to Financial Statements December 31, General Colonial Life Assurance Company Limited (the Company) was incorporated in 1991 under the laws of Bermuda and is licensed as a long term (Class C) insurer under the Insurance Act 1978 of Bermuda and related regulations to carry on business as an insurance company. The Company is a wholly owned subsidiary of Colonial Group International Ltd. (the Parent Company) and principally writes unit linked investment policies, personal pension plans and life insurance risks. The registered office and principal place of business of the Company is Jardine House, Reid Street, Hamilton, Bermuda. The Company purchases reinsurance protection as follows: Life Risks Reinsurance agreements are in place for individual life business. The Company does not assure any individual life risks in excess of the reinsurers limits. The individual life business is reinsured on claims in excess of $100,000 domestically (2013 $100,000) and $100,000 internationally (2013 $100,000) with the reinsurers limit being $3,000,000. From January1, 2012 the Company assumed 50% of the domestic group life book of business written by an affiliate, Colonial Medical Insurance Company Limited, and assumed a net retention equal to 20% of the first $250,000 per insured. Accidental Death Benefit The reinsurer can participate in risks up to $1,000,000 of accidental death benefit (ADB) per life with all carriers. The Company does not assure any individual ADB risks in excess of the reinsurer s limits. 7

10 2.Basis of Preparation Statement of Compliance The accompanying financial statements are prepared in accordance with International Financial Reporting Standards (IFRS). The financial statements were authorized for issue by the Board of Directors on April 29, Basis of Measurement The financial statements are prepared on the historical cost basis, except for financial assets at fair value through profit or loss and segregated fund assets, which are stated at fair value, and financial assets held-to-maturity which are carried at amortised cost. The methods used to measure fair value arediscussed further in Notes3,5and 20. Functional and Presentation Currency The financial statements are presented in Bermudadollars, the Company s functional currency. Use of Estimates and Judgements The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the year. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, and the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 8

11 2.Basis of Preparation (continued) In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements are described in Notes5,10and 14. Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company reported a net income in the current year of $1,171,126 (2013 $3,255,321) resulting in a shareholder s equity balance of $14,398,695 as at December31,2014 (2013 $13,227,569). The Company is dependent on the continued financial support of the Parent Company and/or related companies. The Company has obtained a commitment from its Parent Company to further finance operations and maintain solvency if needed. 3.Significant Accounting Policies The accounting policies set out below have been applied consistently to all periods presented in these financial statements by the Company. Investments Investments comprise managed funds, common equity securities, government bonds. preferred shares and Investments are accounted for on the trade date (the date the Company enters into a commitment to buy or sell the investment). 9

12 3.Significant Accounting Policies (continued) The Company classifies its investments as fair value through profit or loss or held-to-maturity. Investments intended to be held for an indefinite period of time and which may be sold in response to needs for liquidity, changes in interest rates, exchange rates or equity prices are classified as financial assets at fair value through profit or loss. Investments with a fixed maturity, where management has both the intent and the ability to hold to maturity, are classified as held-to-maturity. Management determines the appropriate classification of its investments at the time of purchase. Investments classified as financial assets at fair value through profit or loss are initially recognised at cost in the balance sheet and are subsequently re-measured at fair value based upon market quotations or counterparty prices. Investments in unquoted funds are typically valued using the net asset values obtained from the administrators of the respective investment entities. These investment entities generally carry their investments at fair value as determined by their respective investment managers or independent administrators. For securities in the underlying investment entities which are not actively traded, fair values are estimated by using values from independent pricing services or based on manager valuations. Due to the inherent uncertainty of such valuation, the value of investments in unquoted funds held by the Company may differ significantly from the values that would have been used had a ready market value for the investments existed, and such differences could be material. Unrealised gains and losses on financial assets at fair value through profit or loss are included in the determination of net income in the year in which they arise. Financial assets held-to-maturity are carried at amortised cost. Premiums and discounts on acquisition are amortised over the periods remaining to maturity using the straight-line method, which approximates the effective yield method and the amortisation is included as an adjustment to interest income. Any impairment on financial assets held-to-maturity that is considered to be other than temporary, calculated as the difference between the carrying value and recoverable amount, is included in the determination of net income in the year which it arises. Realised gains and losses on sales of investments are calculated on the average cost basis. 10

13 3.Significant Accounting Policies (continued) Investment Incomeand Finance Cost Dividends are recognized when declared and interest income is recognized on the accruals basis. Finance costs relate to interest expenses which are recognized as incurred. Cash and Cash Equivalents For the purposes of the statement of cash flows, the Company considers all time deposits with an original maturityof three months or less as equivalent to cash. Property, Plant and Equipment Property, plant and equipment are recorded at cost less accumulated depreciation and impairment losses. Depreciation is charged through general and administrative expenses in the statement of comprehensive income on a straight line basis based on the following useful economic lives: Computer hardware Furniture and fixtures Leasehold improvements 4-7 years 5 years shorter of lease term or 10 years The assets residual values, useful lives and method of depreciation are reviewed at each financial year, and adjusted if appropriate. Intangible Assets The Company has classified software costs as intangible assets if they are not an integral part of the computer hardware. Software intangible assets are recorded at cost less accumulated amortization and impairment losses. Amortisation is calculated on a straight-line basis over the estimated useful lives of 4 to 7 years. The useful lives of finite-life intangible assets are reviewed annually, and the amortisation is adjusted as necessary. 11

14 3.Significant Accounting Policies (continued) Impairment Financial Assetsnot Recorded at Fair Value(Including Receivables) A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that asset. Objective evidence that financial assets are impaired can include default or delinquency by a debtor, restructuring of an amount due to the Company on terms that the Company would not consider otherwise, indications that a debtor or issuer will enter bankruptcy. Individually significant financial assets are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in groups that share similar credit risk characteristics. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount, and the present value of the estimated future cash flows discounted at the original effective interest rate. Losses are recognised in income or loss and reflected in an allowance account against receivables. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through net income or loss in the Statement of Comprehensive Income. Non-Financial Assets The carrying amounts of the Company s non-financial assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, then the asset s recoverable amount is estimated. An impairment loss is recognized whenever the carrying amount of an asset exceeds its recoverable amount. An asset s recoverable amount is the higher of its fair value less costs to sell and its value in use. Impairment losses are recognized in net income or loss in the Statement of Comprehensive Income. An impairment loss is reversed only to the extent that the asset s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. 12

15 3.Significant Accounting Policies (continued) Insurance and Investment Contracts Classification The Company 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. Investment contracts are thosecontracts that transfer financial risk with no significant insurance risk. Recognition and Measurements Revenue Premiums written on insurance contracts are recognized as income when due. Policy service fees on investment contracts, insurance contracts with an investment component and investment management fees on segregated funds are recorded on the accruals basis. Reinsurance premiums are pro-rated over the terms of the treaties with the unearned portion being deferred in the balance sheet as prepaid reinsurance premiums. Surrender charges are recorded as income upon the early cancellation of investment policies and insurance policies with an investment component. Surrender charges are recorded as Fee Income in the statement of comprehensive income under Investment Contracts and Insurance Contracts, respectively. 13

16 3.Significant Accounting Policies (continued) Provision for Future Policy Benefits Provision for future policy benefits on life and annuity business is computed using methods recommended by the Canadian Institute of Actuaries. Provision for future policy benefits represent an estimate of the amount which, together with future premiums and investment income, will be sufficient to pay future benefits, dividends and expenses on life and annuity contracts. These reserves have been calculated by discounting future non-segregated cash flows at the valuation interest rate, and include a reasonable provision for adverse deviation. In determining a value for future policy benefits consideration has been given to the pattern of the expected cash flows of both the liabilities and the assets supporting these liabilities. The process of calculating future policy benefits necessarily involves the use of estimates of mortality rates, future investment yields, future expenses and rates of surrender. Consequently, future policy benefits include reasonable provisions for adverse deviations from these estimates. It is at least reasonably possible that management will revise these estimates significantly in the near term. These provisions will be included in future income to the extent they are not required to cover adverse experience. Reinsurance Liabilities Reinsurance reserves represent an actuarial estimate of expected future cash flows for estimated claim recoveries net of expected cash flow payments of future reinsurance premiums. The current actuarial projection indicates that the amount of expected future premium payments is in excess of projected claims recoveries. This has resulted in a negative estimated reinsurance recovery reserve and is reflected as a liability on the statement of financial position. Insurance Benefits Insurance benefits are recorded as expense when they are incurred. These insurance benefits include death benefits, annuity benefits, surrenders and interest paid on policy dividends held on deposit. Insurance benefits which are outstanding and unpaid at year-end are included in policyholder benefits payable. 14

17 3.Significant Accounting Policies (continued) Deferred Acquisition Costs Deferred acquisition costs represent the cost of acquiring new business, consisting of commission expenses, policy issuance and other costs, which are directly related to the production of new business. Deferred acquisition costs on investment contracts are amortised over the expected average lives of the contracts as a constant percentage of the present value of estimated gross profits arising principally from investment results, mortality and expenses, margins and surrender charges, based on historical and anticipated future experience. Deferred acquisition costs on investment contracts are reviewed for recoverability from future income, including investment income and amounts which are deemed unrecoverable are expensed in the period in which the determination is made. Segregated Funds Segregated funds arise as a result of the Company issuing investment contracts where the amount of the benefit ultimately payable is directly linked to the market value of the investments held in the segregated account. All risks associated with the increase or decrease in the value of the segregated accounts is transferred to the policyholders. Segregated fund assets are reported at market value as this represents the investment contract liability. The trustee of the segregated funds is Capital G Trust Limited, a related party (Note3). Policyholder Loans Loans to policyholders are carried at their unpaid balance, inclusive of accrued interest and are fully secured by the cash surrender values on the policies on which the respective loans are made. Profit Commission Profit commission is not recoverable from the Company s reinsurer. 15

18 3.Significant Accounting Policies (continued) Reinsurance Contracts Held Contracts entered into by the Company with reinsurers under which the Company is compensated for losses on one or more contracts issued by the Company and that meet the classification requirements for insurance contracts, are classified as reinsurance contracts held. The benefits to which the Company is entitled under its reinsurance contracts are included in losses recoverable from reinsurers. Amounts recorded as due from reinsurers comprise claims submitted to reinsurers and the reinsured portion of the reserves for losses on policies issued by the Company. The reinsured portion of the reserves for losses is estimated in a manner consistent with the estimation of reserves for losses on the policies issued by the Company. The Company assesses amounts due from reinsurers for any indication of impairment on a quarterly basis. As at December 31, 2014, management is of the opinion that all amounts due from reinsurers are recoverable and there is no indication of impairment. Foreign Exchange Monetary assets and liabilities denominated in foreign currencies are translated at exchange rates in effect at the balance sheet date. Income and expenses are translated at the rates in effect at the date of the transaction and exchange gains and losses are included within general and administrative expenses in the statement of comprehensive income. Share Capital Ordinary shares are classified as equity. Related Parties Related parties include the parent, related companies, that is, fellow subsidiaries, directors and key management personnel, who have the authority and responsibility for planning, directing and controlling the activities of the Company. 16

19 3. Significant AccountingPolicies (continued) During the year, the Company used Clarien Bank Limited and its wholly owned subsidiaries (Clarien) for certain banking, investment custodian, and investment management services. Prior to December 31, 2013, the Company and Clarien were related by common control. On December31, 2013, the Company s ultimate parent company, Edmund Gibbons Limited (EGL), disposed of its controlling interest in Clarien. The Company and Clarien remained affiliates due to aminority equity interest retained by EGL, and subsequent to December 31, 2014, EGL has once again obtained a 100% controlling interest of Clarien. Defined Contribution Plan Contributions to the defined contribution plan are recognized as an expense in net income or loss in the statement of comprehensive income as incurred. Taxation Under the laws of Bermuda there are presently no income, withholding or capital gains taxes payable by the Company. Provisions A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. 17

20 3.Significant Accounting Policies (continued) New Standards, Interpretations and Amendments to Published Standards New Standards, Amendments and Interpretations but not Effective for the Financial Year Beginning January 1, 2014 and not Early Adopted IFRS 9 Financial Instruments specifies how an entity should classify and measure financial assets and liabilities, including some hybrid contracts, along with providing amended guidance for hedge accounting. The standard improves and simplifies the approach for classification and measurement of financial assets compared with the requirements of IAS 39. The standard applies aconsistent approach to classifying financial assets and replaces the numerous categories of financial assets in IAS 39, each of which had its own classification criteria. The Company is yet to assess IFRS 9 s full impact and intends to adopt IFRS 9 upon the standard s mandatory effective date. The effective date for IFRS 9 is for periods beginning on or after January1, There were no other such standards, interpretations or amendments to existing standards that are expected to have a significant impact on the Company. 4.Cash and Cash equivalents Cash and cash equivalents represent current account and demand deposit balances, with 30% ( %) held by Clarien Bank (Note3), 51% ( %) held with unrelated Bermuda banks, and 19% (2013 6%) held by Cayman-based banks. 18

21 5.Financial Assets at Fair Value Through Profit or Loss, Financial Assets Held to Maturity Financial assets at fair value through profit or loss comprise the following: Fair Value Amortised Fair Amortised Cost Value Cost Managed funds $ 4,087,834 $ 4,091,501 $ 1,670,978 $ 1,685,466 Common equity securities 91, , , ,840 Preferred shares 4,236 2,563 60,464 65,568 $ 4,183,918 $ 4,425,652 $ 1,967,128 $ 2,611,874 Financial assets held-to-maturity comprise a Bermuda government debt instrument maturing 2020 carried at amortised cost of $75,125 ( ,125) and preferred shares issued by a Bermuda bank maturing in 2019 carried at amortised cost of $666,000 (2013 $666,000) which have coupon rates of 5.6% and 8%, respectively. The fair value of financial assets held to maturity at the balance sheet date is $849,019 (2013 $868,252). The preference shares are guaranteed by the Government of Bermuda which has a credit rating of AA- per Standard & Poors. The managed investment funds owned by the Company invest in a number of different types of investments which include: large cap, small cap, and emerging market equity, U.S. bonds, high yield bonds and alternative investments which can include private equity. These investments are subject to the conditions and restrictions as further defined in the terms of the offering of each fund, which are usually contained in a formal Offering Memoranda. Such Offering Memoranda generally define the nature and types of investments in which a managed fund can invest and provide for specified procedures regarding further investment in and redemption from the particular fund. Whilst investments in managed investment funds can achieve investment diversification, these investments can also subject the Company to a concentration of risk in one company or investment strategy. Because the investments in managed investment funds can only be redeemed or transferred in accordance with the terms of the offering of the particular fund, generally weekly, monthly, or quarterly, the ability of the Company to realise such investments may be restricted. 19

22 5.Financial Assets at Fair Value Through Profit or Loss, Financial Assets Held to Maturity (continued) For managed funds, the Company s largest concentration in any one fund is 13% of total investments ( %). The security is a Bermuda based fund investing in fixed income securities. For equity securities, the Company s largest concentration in any one investee is 1% oftotal investments (2013 4%). The next largest concentration is 1% (2013 3%). For preferred shares classified as financial assets at fair value through profit or loss, the Company s largest concentration in any one investee is 0.1% of total investments (2013 2%). The investment portfolio is monitored by management and is subject to investment guidelines approved by the Board of Directors. Fair Values of Investments The Company measures fair value using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1 Quoted prices for identical instruments in active markets. Level 2 Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. These measurements include circumstances in which there is little, if any, market activity for the asset or liability. In making the assessment, the Company considers factors specific to the asset or liability and such an assessment will involve significant management judgment. Because of the inherent uncertainty in the valuation of these Level 3investments, fair values of such investments may differ from the values that would have been used had a ready market for these investments existed, and the differences could be material. 20

23 5.Financial Assets at Fair Value Through Profit or Loss, Financial Assets Held to Maturity (continued) The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company determined that securities classified as Level 1 would include domestic and foreign equity securities, quoted preferred shares and managed funds. Level 2would include unquoted preferred shares. Level 3would include unquoted common equities. Fair values of the Company s interests in unquoted managed fund investments are based upon the Net Asset Values of the underlying investment funds as reported by the investment managers, or their independent administrators. The Company s ability to redeem its managed fund investments at the reported net asset value per share (or its equivalent) determines whether the managed fund investment will be categorized within Level 2or Level 3of the fair value hierarchy. If the managed fund can be redeemed within a time period of 3 months with no gates or other redemption restrictions it will be classified within Level 2. Otherwise the managed fund will be classified within Level 3. A review of the fair value hierarchy classifications is conducted on an ongoing basis. Changes in the observability of valuation inputs may result in a reclassification of certain financial assets and liabilities. Reclassifications impacting Level 3of the fair value hierarchy are reported as transfers in/out of the Level 3category as of the beginning of the period in which the reclassifications occur. 21

24 5. Financial Assets at Fair Value Through Profit or Loss, Financial Assets Held to Maturity (continued) The following table presents the Company s fair value hierarchy for those assets or liabilities measured at fair valueand for which fair values are disclosed as of December 31,2014: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Total Assets measured at fair value Managed funds $ 1,728,481 $ 1,832,002 $ 527,351 $ 4,087,834 Common equity securities 82,187 9,661 91,848 Preferred shares 4,236 4,236 Total $ 1,810,668 $ 1,832,002 $ 541,248 $ 4,183,918 Assets for which fair values are disclosed Held to maturity $ $ 849,019 $ $ 849,019 There were no reclassifications of investments between Level 1and Level 2during the year ended December 31,

25 5. Financial Assets at Fair Value Through Profit or Loss, Financial Assets Held to Maturity (continued) The following table presents the Company s fair value hierarchy for those assets or liabilities measured at fair value and for which fair values are disclosed as of December 31, 2013: Investments in Securities Held at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level2) Significant Other Unobservable Inputs (Level 3) Total Managed funds $ 539,268 $ 947,545 $ 184,165 $ 1,670,978 Common equity securities 225,436 10, ,686 Preferred shares 57,308 3,156 60,464 Total $ 822,012 $ 947,545 $ 197,571 $ 1,967,128 Assets for which fair values are disclosed Held to maturity $ $ 868,252 $ $ 868,252 There were no reclassifications of investments between Level 1and Level 2during the year ended December 31,

26 5. Financial Assets at Fair Value Through Profit or Loss, Financial Assets Held to Maturity (continued) The following table provides a summary of the changes in fair value of the Company s Level 3 financial assets (and liabilities) for the year ended December 31, 2014: Managed Funds Preferred Shares Common Shares Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Total Beginning balance at January1, 2014 $ 184,165 $ 3,156 $ 10,250 $ 197,571 Total realized losses Total change in unrealized (losses) or gains 7,387 1,080 (589) 7,878 Total purchases, issuances and settlements 335, ,799 Total sales, dispositions and settlements Ending balance at December31, 2014 $ 527,351 $ 4,236 $ 9,661 $ 541,248 Total (losses) or gains for the year included in income on Level 3assets $ 7,387 $ 1,080 $ (589) $ 7,878 24

27 5. Financial Assets at Fair Value Through Profit or Loss, Financial Assets Held to Maturity (continued) The following table provides a summary of the changes in fair value of the Company s Level 3 financial assets (and liabilities) for the year ended December 31, 2013: Managed Funds Preferred Shares Common Shares Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Total Beginning balance at January1, 2013 $ 143,617 $ 2,563 $ 10,061 $ 156,241 Total realized losses Total change in unrealized (losses) or gains 34, ,756 Total purchases, issuances and settlements 5,574 5,574 Total sales, dispositions and settlements Ending balance at December31, 2013 $ 184,165 $ 3,156 $ 10,250 $ 197,571 Total (losses) or gains for the year included in income on Level 3assets $ 34,974 $ 593 $ 189 $ 35,756 Level 3assets contain investments in unquoted managed funds which have limited observable inputs on which to measure fair value. The effect of changing one or more inputs used in the measurement of fair value of these instruments to another reasonably possible assumption would not be significant and no further analysis has been performed. 25

28 5. Financial Assets at Fair Value Through Profit or Loss, Financial Assets Held to Maturity (continued) Investment Income Investment income comprises the following: Interest and dividend income on investments $ 93,019 $ 94,172 Interest income relating to amounts due from related companies 339, ,579 Realised gains (losses) on sale of investments (389,445) 21,112 Net unrealised gains on investments 403,013 36,178 $ 445,810 $ 490,041 6.Insurance Receivables Premiums receivable, included in insurance receivables, are presented net of an allowance for doubtful accounts of $846 (2013 $477). The Company increased allowance for doubtful accounts in 2014 by $369 (2013 $11,768 -decreased). 26

29 7.Property, Plant and Equipment Property, plant and equipment as at December31, 2014,are detailed below: 2013 Purchases Disposals 2014 Costs Leasehold improvements $ 609,298 $ $ $ 69,298 Computer hardware 2,377,172 84,576 2,461,748 Furniture and fixtures 473, ,536 $ 3,460,006 $ 84,576 $ $ 3,544, Depreciation Expense Disposals 2014 Accumulated depreciation Leasehold improvements $ 324,016 $ 60,930 $ $ 384,946 Computer hardware 2,298,040 44,951 2,342,991 Furniture and fixtures 462,510 7, ,508 Total $ 3,084,566 $ 113,879 $ $ 3,198,445 Net book value $ 375,440 $ 346,137 8.Intangible Assets Intangible assets comprising computer software as at December31, 2014,are detailed below: 2013 Additions Disposals 2014 Costs Computer software $ 854,694 $ 48,301 $ $ 902, Amortisation Expense Disposals 2014 Accumulated depreciation Computer software $ 553,727 $ 155,419 $ $ 709,146 Net book value $ 300,967 $ 193,849 27

30 8.Intangible Assets(continued) Intangible assets comprising computer software as at December31, 2013,are detailed below: 2012 Additions Disposals 2013 Costs Computer software $ 797,226 $ 57,468 $ $ 854, Amortisation Expense Disposals 2013 Accumulated depreciation Computer software $ 389,315 $ 164,412 $ $ 553,727 Net book value $ 407,911 $ 300,967 9.Deferred Acquisition Costs The following reflects the amounts of acquisition costs deferred and amortised as of and for the year ended: Deferred acquisition costs, beginning of year $ 4,638,169 $ 4,923,252 Expenses capitalized 356, ,682 Amortisation expense (694,725) (407,765) $ 4,299,907 $ 4,638,169 28

31 10.Provision for Future Policy Benefits and Policyholder Benefits Payable Provision for future policy benefits and policyholder benefits payable represent the estimated amounts which, together with estimated future premiums and net investment income, will provide for outstanding claims, estimated future benefits, policyholders dividends and expenses on in-force policies. In calculating provision for future policy benefits, assumptions must be made about future equity market performance, terminations, expenses and other factors over the life of the Company s products. The determination of provision for future policy benefits is based on an explicit projection of cash flows using interest rates, asset default, inflation, mortality and morbidity rates, policy current best estimate assumptions for each material cash flow item and contingency. The Company uses best estimate assumptions for expected future experience. Some assumptions relate to events that are anticipated to occur many years in the future and are likely to require subsequent revision. Additional provisions are included in provision for future policy benefits to provide for possible adverse deviations from management s best estimates. If the assumption is more susceptible to change or if there is uncertainty about the underlying best estimate assumption, a correspondingly larger provision is included in provision for future policy benefits. With the passage of time and resulting reduction in estimation risk, excess provisions are released into income. In recognition of the long-term nature of provision for future policy benefits, the margin for possible deviations generally increases for contingencies further in the future. The best estimate assumptions and margins for adverse deviations are reviewed annually, and revisions are made as deemed necessary and prudent. Policyholder benefits payable Dividends on deposit An amount equal to the earned and accrued portion of policyholder dividends is shown under policyholder benefits payable. These dividends on deposit are provisions for the policyholders share of earnings on participating business. The Company suspended dividends with effect from January1, 2009, due to the significant fall in the equity markets during As of December31, 2014, dividends on deposit of $2,587,849 (2013 $2,696,040) and accrued deposit interest of $389,851 (2013 $347,986) are included in policyholder benefits payable in the balance sheet. For the year ended December 31, 2014, interest on dividends on deposit of $66,542 (2013 $64,868) is included in insurance benefits in the statement of comprehensive income. 29

32 10.Provision for Future Policy Benefits and Policyholder Benefits Payable(continued) Composition of Provision for Future Policy Benefits and Total Policy Liabilities Participating: Individual life $ 7,972,558 $ 7,793,520 Non-participating: Individual and group life (1,302,445) (324,730) Universal life (7,156,143) (6,470,622) Annuities 1,039,988 1,059,802 Total provision for future policy benefits 553,958 2,057,970 Add: Policyholder benefits payable 3,581,297 4,742,493 $ 4,135,255 $ 6,800,463 Policyholder benefits payable is comprised of policyholder dividends on deposit and other insurance benefits payable on reported claims and surrenders. 30

33 10. Provision for Future Policy Benefits and Policyholder Benefits Payable (continued) The composition of the assets supporting the positive liabilities of provision for future policy benefits is as follows: 31

34 10. Provision for Future Policy Benefits and Policyholder Benefits Payable (continued) The composition of the assets supporting the positive liabilities of provision for future policy benefits is as follows: 32

35 10. Provision for Future Policy Benefits and Policyholder Benefits Payable (continued) Change in Provision Future Policy Benefits Changes in provision for future policy benefits during the year are as follows: 33 Net

36 10.Provision for Future Policy Benefits and Policyholder Benefits Payable(continued) In 2012, the Company changed actuarial service providers and conducted a comprehensive review of the assumptions and actuarial methods used in determining the Company s liabilities. This review led to a refinement in the assumptions used and a return to a widely used I.T. platform for actuarial projections. The platform made the refinement in assumptions possible. Changes in assumption and methodology used to calculate the liabilities were made to reflect company experience, industry experience and Canadian Institute of Actuaries Standards of practice. A net increase in actuarial liabilities of $149,948 has been recognized in 2013 for changes in assumptions or methodology enhancements included changes for lapse and expense/commission assumptions. Actuarial liabilities decreased by $166,556 for updates to lapse assumptions which include using company experience and industry standards for relevant products and increased by $316,504 as a result of revised expense/commission assumption used in calculating the reserve projections. Additionally on March 1, 2013, the Company replaced one of its existing reinsurance agreements, which resulted in an increased retention of $100,000 on all policies in-force with the new reinsurer. The Company has also agreed with its legacy reinsurer to recapture all policies reinsured with them on the policy s 15 th year anniversary, or thereafter, up to $500,000. The net impact of these changes was adecrease inthe provision for future policy benefits of $1,392,289. In 2014, the Company continued to review and update assumptions and actuarial methods used in determining the Company s liabilities. A net decrease in actuarial liabilities of $1,031,087 has been recognized in 2014, for changes in assumptions or methodology enhancements included changes for lapse and expense/commission assumptions. Actuarial liabilities increased by $399,784 for updates to lapse assumptions which include using company experience and industry standards for relevant products and decreased by $930,107 for changes to mortality assumption and by $500,764 as a result of revised expense/commission assumption used in calculating the reserve projections. In 2014, the actuary noted an increased incidence of Global Freedom Plan policies moving to paid-up status (no longer making premium payments, but not surrendering the policy). Reserves increase by $485,686 as modeling for this trend was added to the reserve assumption in The remaining increase of $141,988 relates to the Manulife cash surrender value floor modelling. 34

37 10.Provision for Future Policy Benefits and Policyholder Benefits Payable(continued) Assumptions and Measurement Uncertainty Mortality Mortality refers to the rates at which death occurs for defined groups of people. Insurance mortality assumptions are based on industry experience and mortality tables, since the Company s own experience is insufficient to be statistically credible. In general, assumed mortality rates for life insurance contracts do not reflect any future expected improvement. For life insurance products not involving segregated funds, a higher mortality would have an adverse effect on the Company s results of operations. For those products, a 10% increase in the best estimate assumption would decrease net income and shareholder s equity by approximately $682,137 (2013 $824,574). For life insurance products involving segregated funds, the reserve equals the segregated fund balance, and therefore a higher mortality assumption would have no immediate impact on the balance sheet. Investment Return Assets are segmented to correspond to the different liability categories of the Company. For each segment, the projected current assets and liability cash flows are used in the actuarial valuation under several interest rate scenarios to determine the actuarial liabilities. Asset cash flows are reduced to provide for asset default losses. Interest rate risk associated with this assumption is measured by determining the effect on the present value of the projected net asset and liability cash flows of the Company of an immediate 1% increase or an immediate 1% decrease in the level of interest rates. These interest rate changes will impact the projected cash flows. The effect of an immediate 1% increase in interest rates would be to decrease the present value of these net projected cash flows by approximately $1,182,522 (2013 $1,302,084). The effect of an immediate 1% decrease in interest rates would be to increase the present value of these net projected cash flows by approximately $1,842,965 (2013 $1,785,710). 35

38 10.Provision for Future Policy Benefits and Policyholder Benefits Payable(continued) The level of actuarial liabilities established under the valuation methodology provides for interest rate movements other than the 1% movements indicated above. Policy Termination Rates (Lapse Rates) Policyholders may allow their policies to terminate prior to the end of the contractual coverage period by choosing not to continue to pay premiums or by exercising one of the non-forfeiture options in the contract. Assumptions for termination experience on life insurance are based on industry experience. Termination rates may vary by product/plan, age at issue, method of premium payment, and policy duration. For universal life policies it is also necessary to set assumptions about premium cessation occurring prior to termination of the policy. A 10% adverse change in the assumption for policy termination would decrease net income and shareholder s equity by approximately $711,057 (2013 $750,123). Operating Expenses and Inflation Policy liabilities include an estimate for future policy-related expenses. These include the costs of premium collection, claims adjudication and processing, actuarial calculations, preparation and mailing of policy statements and related indirect expenses and overheads. Expense assumptions are mainly based on recent Company experience using an internal expense allocation methodology. Future expense assumptions reflect inflation.the sensitivity of actuarial liabilities to a 10% increase in unit expenses Company wide would result in a decrease in net incomeand shareholder s equityof approximately $1,181,962 (2013 $1,178,191). 36

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