AMPLICO LIFE PIERWSZE AMERYKAŃSKO-POLSKIE TOWARZYSTWO UBEZPIECZEŃ NA ŻYCIE I REASEKURACJI S.A. WARSAW, PRZEMYSŁOWA 26
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1 AMPLICO LIFE PIERWSZE AMERYKAŃSKO-POLSKIE TOWARZYSTWO UBEZPIECZEŃ NA ŻYCIE I REASEKURACJI S.A. WARSAW, PRZEMYSŁOWA 26 FINANCIAL STATEMENTS FOR THE 2011 FINANCIAL YEAR WITH AUDITOR S OPINION
2 I. ECONOMIC AND FINANCIAL POSITION OF THE COMPANY Presented below are the main items from the profit and loss account as well as financial ratios describing the financial performance of the Company and its economic and financial position compared to the prior years. Main balance sheet items (in PLN) * Intangible assets 2,444, ,709, Investments 6,075,926, ,694,054, Net assets of life insurance where the investment risk (investment) 1,643,841, ,979,192, is borne by policyholders Receivables ,36 147,768, Other assets 18,864, ,445, Prepayments 632,712, ,336, Total assets 8,534,769, ,463,507, Equity 1,397,889, ,140,015, Technical provisions 6,600,991, ,899,428, Reinsurer s share in provisions 227,006, ,528, Other provisions 204,010, ,331, Liabilities due to reinsurers deposits 221,863, ,362, Other liabilities and special funds 194,554, ,773, Accruals 142,399, ,124, Total liabilities 8,534,769, ,463,507, Main items from the technical account of life insurance and general profit and loss account (PLN 000) * Premiums earned 1,649,671, ,615,593, Investment income 502,694, ,523, Unrealized gains on investments 13,740, ,811, Costs of investment activities 53,852, ,633, Unrealized losses on investments 146,462, ,061, Claims 1,037,273, ,317, Changes in other technical provisions - net of reinsurance (282,824,894.14) 68,285, Costs of insurance activity 821,920, ,637, Technical result on life insurance 221,933, ,454, Gross income 388,675, ,540, Net income 321,027, ,932, Deloitte Audyt Sp. z o.o. 2
3 Profitability ratios * profit ratio on the basis of gross premium written (net profit / gross written premium) profit ratio net of reinsurers share (net profit / written premium net of reinsurance) 19.1% 26.1% 19.5% 26.7% Claims ratios * Claims ratio on the basis of gross premium written ((Gross claims paid +/- Change in provisions for claims outstanding (gross)/ gross earned premium) claim ratio net of reinsurance (Claims paid net of reinsurance +/- change in the gross provisions for claims net of reinsurance) / premium earned net of reinsurance 63.1% 56.8% 62.9% 56.3% Operating costs ratio * total operating costs ratio (Insurance activity costs / gross written premium) administrative expenses ratio (administrative expenses / gross written premium) acquisition costs ratio (acquisition costs / gross written premium) 48.8% 50.3% 8.4% 7.4% 41.1% 43.5% Return on investment and equity ratios: * level of investment (investment amount / equity plus technical provisions net 99.3% 98.5% of reinsurance) return on investment (net investment income / investment amount in the reporting period) return on equity (net profit /equity) 4.1% 8.3% 23.0% 20.1% Solvency and funds security ratios * invested reserves ratio (investments / technical provisions net of 121.1% 130.1% reinsurance) solvency margin (in PLN) 322,236, ,774, own funds to cover the solvency margin 1,311,203, ,064,326, margin coverage ratio (own funds surplus) solvency margin coverage ratio (own funds / solvency margin) value of assets covering technical provisions surplus (shortage) of assets to cover technical provisions 988,967, ,734,552, % 626.0% 6,964,633, ,041,505, ,642, ,077, * Comparative data for the previous financial year are presented as if the business combination took place as at the beginning of 2010 financial year. Deloitte Audyt Sp. z o.o. 3
4 AUDITOR S OPINION To the Shareholders and Supervisory Board of Amplico Life Pierwsze Amerykańsko-Polskie Towarzystwo Ubezpieczeń na Życie i We have audited the attached financial statements of Amplico Life Pierwsze Amerykańsko-Polskie Towarzystwo Ubezpieczeń na Życie i with its registered office in Warsaw, Przemysłowa 26, including an introduction to the financial statements, balance sheet prepared as of 31 December 2011, profit and loss account, statement of changes in equity, cash flow statement for the financial year from 1 January 2011 to 31 December 2011 and additional information and explanations. Preparation of financial statements and a report on the activities in line with the law is the responsibility of the Management Board of the Company. The Management Board of the Company and members of its Supervisory Board are obliged to ensure that the financial statements and the report on the activities meet the requirements of the Accounting Act of 29 September 1994 (Journal of Laws of 2009, No. 152, item 1223, as amended), hereinafter referred to as the Accounting Act. Our responsibility was to audit and express an opinion on compliance of the financial statements with the accounting principles (policy) adopted by the Company and whether the financial statements present fairly and clearly, in all material respects, the financial and economic position as well as the financial result of the Company and on the correctness of the underlying accounting records. Our audit of the financial statements has been planned and performed in accordance with: section 7 of the Accounting Act, national auditing standards, issued by the National Council of Statutory Auditors in Poland. We have planned and performed our audit of the financial statements in such a way as to obtain reasonable assurance to express an opinion on the financial statements. Our audit included, in particular, verification of the correctness of the accounting principles (policy) and material estimates applied by the Company, verification largely on a test basis of the accounting evidence and records supporting the amounts and disclosures in the financial statements, as well as overall evaluation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the audited financial statements in all material respects: present fairly and clearly the information material to evaluate the economic and financial position of the Company as of 31 December 2011 as well as its financial result in the financial year from 1 January 2011 to 31 December 2011, have been prepared in accordance with the applicable accounting principles (policy) arising from the Accounting Act and its executory provisions and based on properly kept accounting records, comply with the provisions of law and the by-laws of the Company, which affect the contents of the financial statements. Deloitte Audyt Sp. z o.o. 4
5 Without raising any qualifications to the correctness and fairness of the audited financial statements, we would like to emphasize that: as described in Introduction to the Financial Statements point 2 and 3, the business combination of Amplico Life S.A. and Metlife TUnŻ S.A. took place as of November 30, The business combination of companies was settled under the pooling of interests method in accordance with Article 44c of the Accounting Act. The company to which the assets of the combining companies are transferred is Amplico Life S.A. The Report on the activities of the Company for the financial year 2011 is complete within the meaning of Article 49.2 of the Accounting Act and and appendix 6 to the Ordinance of the Minister of Finance of 28 December 2009 on special accounting principles applied by insurance companies and consistent with underlying information disclosed in the audited financial statements.... Dariusz Szkaradek Key certified auditor conducting the audit No represented by entity authorized to audit financial statements entered under number 73 on the list kept by the National Council of Statutory Auditors Warsaw, 23 April 2012 The above audit opinion together with audit report is a translation from the original Polish version. In case of any discrepancies between the Polish and English version, the Polish version shall prevail. Deloitte Audyt Sp. z o.o. 5
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