Halwell Mutual Insurance Company Financial Statements For the year ended December 31, 2014

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1 Financial Statements For the year ended Contents Independent Auditor's Report 2 Financial Statements Statement of Financial Position 3 Statement of Comprehensive Income 4 Statement of Members Surplus 5 Statement of Cash Flows 6 Notes to the Financial Statements 7-36

2 Tel: Fax: Toll-free: BDO Canada LLP 1 City Centre Drive, Suite 1700 Mississauga ON L5B 1M2 Canada Independent Auditor's Report To the Policyholders of Halwell Mutual Insurance Company We have audited the accompanying financial statements of Halwell Mutual Insurance Company, which comprise the statement of financial position as at and the statements of comprehensive income, members' surplus and 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. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. 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 auditor's 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 auditor considers 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. 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 Halwell Mutual Insurance Company as at and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards. Chartered Professional Accountants, Licensed Public Accountants Mississauga, Ontario February 17, 2015 BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms 2

3 Statement of Financial Position December Assets Cash $ 1,222,692 $ 3,480,542 Due from policyholders 4,950,228 4,307,543 Income taxes recoverable - 337,935 Due from reinsurer (Note 6) 1,453 9,246 Reinsurer's share of provision for unpaid claims (Note 6) 12,542,143 13,176,696 Deferred policy acquisition expenses (Note 6) 1,548,119 1,511,478 Investments (Note 4) 38,577,910 35,190,941 Investment income accrued 178, ,790 Property & equipment (Note 5) 1,204,534 1,020,287 Intangible assets (Note 5) 102,608 3,215 Other assets 70,540 17,525 Deferred income taxes (Note 8) 106,493 84,819 Liabilities $ 60,504,755 $ 59,309,017 Accounts payable and accrued liabilities $ 1,254,292 $ 822,184 Income taxes payable 341,711 - Unearned premiums (Note 6) 8,933,765 8,567,878 Provision for unpaid claims (Note 6) 21,789,728 23,277,000 32,319,496 32,667,062 Members' Surplus Unappropriated members' surplus 28,185,259 26,641,955 $ 60,504,755 $ 59,309,017 Signed on behalf of the Board by: Director Director The accompanying notes are an integral part of these financial statements. 3

4 Statement of Comprehensive Income For the year ended December Underwriting income Gross premiums written $ 17,505,250 $ 17,129,207 Less: change in unearned premiums 270,121 21,151 Less: reinsurance ceded 3,383,826 3,261,603 Net premiums earned 13,851,303 13,846,453 Service charges 285, ,752 14,137,230 14,105,205 Direct losses incurred Gross claims and adjustment expenses (Note 9) 10,106,063 11,847,061 Less: reinsurer's share of claims and adjustment expenses 2,302,661 3,411,658 7,803,402 8,435,403 Underwriting income before expenses and commissions 6,333,828 5,669,802 Expenses Fees, commissions and other acquisition expenses (Note 10) 3,744,645 3,399,016 Other operating and administrative expenses (Note 11) 2,496,190 2,480,142 6,240,835 5,879,158 Net underwriting income (loss) 92,993 (209,356) Investment and other income (Note 13) 2,308,637 1,022,354 Income before income taxes 2,401, ,998 Provision for income taxes (Note 8) 858,326 90,074 Comprehensive income for the year $ 1,543,304 $ 722,924 The accompanying notes are an integral part of these financial statements. 4

5 Statement of Members' Surplus For the year ended December Unappropriated Members' Surplus Balance, beginning of year $ 26,641,955 $ 25,919,031 Comprehensive income for the year 1,543, ,924 Balance, end of year $ 28,185,259 $ 26,641,955 The accompanying notes are an integral part of these financial statements. 5

6 Statement of Cash Flows For the year ended December Operating activities Comprehensive income for the year $ 1,543,304 $ 722,924 Adjustments for: Amortization of property, equipment and intangibles 62,603 53,134 Interest and dividend income (951,507) (955,742) Provision for income taxes 858,326 90,074 Realized losses (gains) on disposal of investments (100,533) 221,059 Change in market value adjustment (1,373,518) (393,862) (1,504,629) (985,337) Changes in working capital and insurance contract related balances Change in due from policyholders and reinsurer (339) (1,035,416) Change in other assets (53,015) 3,023 Change in accounts payable and accrued liabilities 432,108 (92,575) Change in deferred policy acquisition expenses (36,641) (12,541) Change in unearned premiums 365,887 19,769 Change in provision for unpaid claims (1,487,272) 2,918,051 (779,272) 1,800,311 Cash flows related to interest, dividends and income taxes Interest and dividends received 942, ,522 Income taxes paid (202,663) (856,597) 739,599 59,925 Total cash inflows (outflows) from operating activities (998) 1,597,823 Investing activities Sale of investments 16,933,840 25,965,208 Purchase of investments (18,844,449) (25,162,578) Purchase of property, equipment and intangibles (346,243) (64,298) Total cash inflows (outflows) from investing activities (2,256,852) 738,332 Net increase (decrease) in cash (2,257,850) 2,336,155 Cash, beginning of year 3,480,542 1,144,387 Cash, end of year $ 1,222,692 $ 3,480,542 The accompanying notes are an integral part of these financial statements. 6

7 1. Nature of Operations and Summary of Significant Accounting Policies Reporting entity Halwell Mutual Insurance Company (the "Company") was incorporated without share capital under the laws governing Ontario on January 9, The Company is licensed to write property, liability, automobile and farmers' accident insurance in Ontario. The Company's head office is located at 812 Woolwich Street, Guelph, Ontario. The Company is subject to rate regulation in the automobile business that it writes. These financial statements have been authorized for issue by the Board of Directors on February 17, Basis of presentation These financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board (the "IASB"). These financial statements were prepared under the historical cost convention. The financial statements are presented in Canadian Dollars ("CDN") which is also the Company's functional currency. The preparation of financial statements in compliance with IFRS requires management to make certain critical accounting estimates. It also requires management to exercise judgment in applying the Company s accounting policies. The areas involving a higher degree of judgment of complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 2. 7

8 1. Nature of Operations and Summary of Significant Accounting Policies (cont'd) Significant accounting policies Insurance contracts In accordance with IFRS 4, Insurance Contracts, the Company has continued to apply the accounting policies it applied in accordance with pre-changeover Canadian generally accepted accounting principles ("GAAP"). Balances arising from insurance contracts primarily include unearned premiums, provision for unpaid claims, the reinsurer's share of provision for unpaid claims, deferred policy acquisition expenses, and salvage and subrogation recoverable. (a) (b) (c) Premiums and unearned premiums Premiums written comprise the premiums on contracts incepting in the financial year. Premiums written are stated gross of commissions payable to agents and exclusive of taxes levied on premiums. The Company earns premium income evenly over the term of the insurance policy generally using the pro rata method. The portion of the premium related to the unexpired portion of the policy at the end of the fiscal year is reflected in unearned premiums. Deferred policy acquisition expenses Acquisition costs are comprised of commissions and premium taxes. These costs are deferred and amortized over the terms of the related policies to the extent that they are considered to be recoverable from unearned premiums, after considering the related anticipated claims and expenses. Provision for unpaid claims Individual loss estimates are provided on each claim reported. In addition, provisions are made for adjustment expenses, changes in reported claims and for claims incurred but not reported, based on past experience and business in force. The estimates are regularly reviewed and updated, and any resulting adjustments are included in comprehensive income. Claim liabilities are carried on a discounted basis as determined by Actuarial Accepted Practice ("AAP"). 8

9 1. Nature of Operations and Summary of Significant Accounting Policies (cont'd) (d) (e) (f) (g) Liability adequacy test At each reporting date, the Company performs a liability adequacy test on its insurance liabilities less deferred policy acquisition expenses to ensure the carrying value is adequate, using current estimates of future cash flows, taking into account the relevant investment return. If that assessment shows that the carrying amount of the liabilities is inadequate, any deficiency is recognized as an expense in the statement of comprehensive income initially by writing off the deferred policy acquisition expense and subsequently by recognizing an additional claims liability. Reinsurer's share of provision for unpaid claims The Company enters into reinsurance contracts in the normal course of business in order to limit potential losses arising from certain exposures. Reinsurance premiums are accounted for in the same period as the related premiums for the direct insurance business being reinsured. Reinsurance liabilities, comprised of premiums payable for the purchase of reinsurance contracts are included in accounts payable and accrued liabilities and are recognized as an expense when due. Expected reinsurance recoveries on unpaid claims and adjustment expenses are recognized as assets at the same time and using principles consistent with the Company's method for establishing the related liability. Salvage and subrogation recoverable In the normal course of business, the Company obtains the ownership of damaged property, which they resell to various salvage operations. Unsold property is valued at its estimated net realizable value. Where the Company indemnifies policyholders against a liability claim, it acquires rights to subrogate its claim against other parties. These claims are reflected as amounts expected to be received from the subrogated parties net of related costs. Refund of premium Under the discretion of the Board of Directors, the Company may declare a refund to its policyholders based on the property premiums paid in the fiscal period. This refund is recognized as a reduction of revenue in the period for which it is declared. 9

10 1. Nature of Operations and Summary of Significant Accounting Policies (cont'd) Structured settlements, Fire Mutuals Guarantee Fund and financial guarantee contracts The Company enters into annuity agreements with various life insurance companies to provide for fixed and recurring payments to claimants. Under such arrangements, the Company s liability to its claimants is substantially transferred, although the Company remains exposed to the credit risk that life insurers fail to fulfil their obligations. The Company is a member of the Fire Mutuals Guarantee Fund ("the Fund"). The Fund was established to provide payment of outstanding policyholders' claims if a member company becomes bankrupt. As a result, the Company may be required to contribute assets in their proportionate share to meet this objective. These exposures represent financial guarantee contracts. The Company accounts for financial guarantee contracts in accordance with IFRS 4, Insurance Contracts. Financial instruments The Company classifies its financial instruments into one of the following categories based on the purpose for which the asset was acquired or liability incurred. All transactions related to financial instruments are recorded on a settlement date basis. The Company's accounting policy for each category is as follows: (a) Loans and receivables These assets are non-derivative financial assets resulting from the delivery of cash or other assets by a lender to a borrower in return for a promise to repay on a specified date or dates, or on demand. They are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition or issue and subsequently carried at amortized cost, using the effective interest rate method, less any impairment losses. Impairment provisions are recognized when there is objective evidence (such as significant financial difficulties on the part of the counterparty, default or significant delay in payment) that the Company will be unable to collect all of the amounts due under the terms receivable, the amount of such a provision being the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable. For amounts due from policyholders and the reinsurer, such provisions are recorded in a separate allowance account with the loss being recognized in comprehensive income. On confirmation that the amounts receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. 10

11 1. Nature of Operations and Summary of Significant Accounting Policies (cont'd) (b) (c) Fair value through profit and loss Financial assets that do not meet the definition of loans and receivables are classified as fair value through profit and loss and comprise investments in equity instruments and debt securities. These instruments are carried at fair value with changes in fair value recognized in comprehensive income. Transaction costs on these instruments are expensed as incurred. Interest on debt securities classified as fair value through profit and loss is calculated using the effective interest method. Other financial liabilities Other financial liabilities include all financial liabilities and comprise accounts payable and accrued liabilities, and other short-term monetary liabilities. These liabilities are initially recognized at fair value net of any transaction costs directly attributable to the issuance of the instrument and subsequently carried at amortized cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the statement of financial position. Interest expense in this context includes initial transaction costs and premiums payable on redemption, as well as any interest payable while the liability is outstanding. Property & equipment Property & equipment is initially recorded at cost and subsequently measured at cost less accumulated amortization and accumulated impairment losses, with the exception of land which is not amortized. Amortization is recognized in comprehensive income and is provided on a straightline basis over the estimated useful life of the assets as follows: Buildings Computer hardware Furniture and fixtures Vehicles 20 years 5 years 10 years 3 years Amortization methods, useful lives and residual values are reviewed annually and adjusted if necessary. Intangible assets Intangible assets consist of computer software which is not integral to the computer hardware owned by the Company. Software is initially recorded at cost and subsequently measured at cost less accumulated amortization and accumulated impairment losses. Software is amortized on a straightline basis over its estimated useful life of 2 years. The amortization expense is included in other operating and administrative expenses in the statement of comprehensive income. 11

12 1. Nature of Operations and Summary of Significant Accounting Policies (cont'd) Impairment of non-financial assets Non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount, which is the higher of value in use and fair value less costs to sell, the asset is written down accordingly. For the purpose of assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the asset's cash-generating unit, which is the lowest group of assets in which the asset belongs for which there are separately identifiable cash flows. Impairment charges are included in comprehensive income. Income taxes Income tax expense comprises current and deferred tax. Current and deferred tax are recognized in comprehensive income except to the extent that it relates to a business combination, or items recognized directly in equity. Current income taxes are recognized for the estimated income taxes payable or recoverable on taxable income (loss) for the current year and any adjustment to income taxes payable in respect of previous years. Current income taxes are determined using tax rates and tax laws that have been enacted or substantively enacted by the year end date. Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability differs from its tax base, except for taxable temporary differences arising on the initial recognition of goodwill and temporary differences arising on the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit or loss. Recognition of deferred tax assets for unused tax losses, tax credits and deductible temporary differences is restricted to those instances where it is probable that future taxable profit will be available against which the deferred tax asset can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. The amount of the deferred tax asset or liability is measured at the amount expected to be recovered from or paid to the taxation authorities. This amount is determined using tax rates and tax laws that have been enacted or substantively enacted by the year end date and are expected to apply when the liabilities / (assets) are settled / (recovered). 12

13 1. Nature of Operations and Summary of Significant Accounting Policies (cont'd) Pension plan The Company participates in a multi-employer defined benefit pension plan, however, sufficient information is not available to use defined benefit accounting. Therefore, the Company accounts for the plan as if it were a defined contribution plan, recognizing contributions as an expense in the year to which they relate. Standards, amendments and interpretations not yet effective At the date of authorization of these financial statements, certain new standards, amendments and interpretations to existing standards have been published by the IASB but are not yet effective, and have not been early adopted by the Company. Information on new standards, amendments and interpretations that are expected to be relevant to the Company s financial statements is provided below. Certain other new standards, amendments, and interpretations have been issued but are not expected to have a material impact on the Company s financial statements. IFRS 9 Financial Instruments replaces IAS 39 Financial Instruments: Recognition and Measurement IFRS 9 amends the requirements for classification and measurement of financial assets, impairment, and hedge accounting. IFRS 9 introduces an expected loss model of impairment and retains but simplifies the mixed measurement model and establishes three primary measurement categories for financial assets: amortized cost, fair value through profit or loss, and fair value through other comprehensive income. The basis of classification depends on the entity's business model and the contractual cash flow characteristics of the financial asset. The effective date for IFRS 9 is January 1, The Company is in the process of evaluating the impact of the new standard. Amendments to IAS 1 Presentation of Financial Statements The amendments to IAS 1 are a part of a major initiative to improve disclosure requirements in IFRS financial statements. The amendments clarify the application of materiality to note disclosure and the presentation of line items in the primary statements provide options on the ordering of financial statements and additional guidance on the presentation of other comprehensive income related to equity accounted investments. The effective date for these amendments is January 1, The Company is in the process of evaluating the impact of these amendments. 13

14 2. Critical Accounting Estimates and Judgments The Company makes estimates and assumptions about the future that affect the reported amounts of assets and liabilities. Estimates and judgments are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. Estimates The effect of a change in an accounting estimate is recognized prospectively by including it in comprehensive income in the period of the change, if the change affects that period only; or in the period of the change and future periods, if the change affects both. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Provision for unpaid claims The estimation of the provision for unpaid claims and the related reinsurer's share, are the Company s most critical accounting estimates. There are several sources of uncertainty that need to be considered by the Company in estimating the amount that will ultimately be paid on these claims. The uncertainty arises because all events affecting the ultimate settlement of claims have not taken place and may not take place for some time. Changes in the estimate of the provision can be caused by receipt of additional claim information, changes in judicial interpretation of contracts, or significant changes in severity or frequency of claims from historical trends. The estimates are based on the Company's historical experience and industry experience. More details are included in Note 6. Income taxes The Company periodically assesses its liabilities and contingencies related to income taxes for all years open to audit based on the latest information available. For matters where it is probable that an adjustment will be made, the Company records its best estimate of the tax liability including the related interest and penalties in the current tax provision. Management believes they have adequately provided for the probable outcome of these matters; however, the final outcome may result in a materially different outcome than the amount included in the tax liabilities or recoverables. 14

15 3. Financial Instrument Classification The carrying amount of the Company's financial instruments by classification is as follows: Fair value Other through profit Loans and financial and loss receivables liabilities Total Cash $ 1,222,692 $ - $ - $ 1,222,692 Investments 38,577, ,577,910 Investment income accrued - 178, ,035 Due from policyholders - 4,950,228-4,950,228 Due from reinsurer - 1,453-1,453 Accounts payable and accrued liabilities - - (1,254,292) (1,254,292) $ 39,800,602 $ 5,129,716 $ (1,254,292) $ 43,676,026 December 31, 2013 Cash $ 3,480,542 $ - $ - $ 3,480,542 Investments 35,190, ,190,941 Investment income accrued - 168, ,790 Due from policyholders - 4,307,543-4,307,543 Due from reinsurer - 9,246-9,246 Accounts payable and accrued liabilities - - (822,184) (822,184) $ 38,671,483 $ 4,485,579 $ (822,184) $ 42,334,878 15

16 4. Investments The following table provides cost and fair value information of investments by type of security and issuer. The maximum exposure to credit risk would be the fair value as shown below Cost Fair Cost Fair value value Bankers acceptance $ 1,131,979 $ 1,132,529 $ 1,271,870 $ 1,273,229 Bonds issued by Federal 3,532,235 3,580,169 6,079,035 6,062,470 Provincial 2,096,305 2,109,014 1,192,090 1,135,346 Municipal 3,471,831 3,541,314 3,622,333 3,393,451 Corporate A or better 18,084,861 18,416,364 13,465,588 13,393,086 27,185,232 27,646,861 24,359,046 23,984,353 Equity investments Canadian 5,072,270 6,386,822 5,740,597 6,608,976 Pooled bond funds 3,390,594 3,368,498 3,316,797 3,282,283 Other investments Fire Mutuals guarantee fund 43,199 43,199 42,099 42,099 Other - MCCG ,200 43,200 42,100 42,100 Total investments $ 36,823,275 $ 38,577,910 $ 34,730,410 $ 35,190,941 16

17 4. Investments (cont d) The following table provides an analysis of investments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable: - Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities using the last bid price; - Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and - Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Level 1 Level 2 Level 3 Total Bankers Acceptance $ 1,132,529 $ - $ - $ 1,132,529 Bonds - 27,646,861-27,646,861 Equities 6,386, ,386,822 Mutual funds - 3,368,498-3,368,498 Other investments - 43, ,200 Total $ 7,519,351 $ 31,058,558 $ 1 $ 38,577,910 December 31, 2013 Bankers Acceptance $ 1,273,229 $ - $ - $ 1,273,229 Bonds - 23,984,353-23,984,353 Equities 6,608, ,608,976 Mutual funds - 3,282,283-3,282,283 Other investments - 42, ,100 Total $ 7,882,205 $ 27,308,735 $ 1 $ 35,190,941 Transfers between levels are considered to have occurred at the date of the event or change in circumstances that caused the transfer. There were no transfers between Level 1 and Level 2 for the years ended and There were also no transfers in and out of Level 3. 17

18 4. Investments (cont d) Maturity profile of bonds held is as follows: Within 1 to 5 6 to 10 Over 10 Fair 1 year years years years value $ - $ 12,586,282 $ 13,640,271 $ 1,420,308 $ 27,646,861 Percent of Total - % 46 % 49 % 5 % December 31, 2013 $ 1,711,680 $ 13,659,561 $ 7,332,746 $ 1,280,366 $ 23,984,353 Percent of Total 7 % 57 % 31 % 5 % The effective interest rate of the bond portfolio held is 2.8% ( %). 18

19 5. Property, Equipment and Intangible Assets Property & equipment Intangible assets Furniture Computer and Computer Land Buildings hardware fixtures Vehicles Total software Cost Balance - January 1, 2013 $ 452,000 $ 520,494 $ 171,583 $ 236,769 $ 27,794 $ 1,408,640 $ 42,918 Additions - 20,363 16,118 24,114-60,595 3,703 Balance - December 31, , , , ,883 27,794 1,469,235 46,621 Additions 63,750 69,078 31,145 28,978 48, , ,502 Balance - $ 515,750 $ 609,935 $ 218,846 $ 289,861 $ 76,584 $ 1,710,976 $ 151,123 Accumulated amortization Balance - January 1, 2013 $ - $ 49,760 $ 140,724 $ 193,848 $ 16,561 $ 400,893 $ 38,327 Amortization - 19,034 13,003 7,679 8,339 48,055 5,079 Balance - December 31, , , ,527 24, ,948 43,406 Amortization - 21,157 17,065 9,058 10,214 57,494 5,109 Balance - $ - $ 89,951 $ 170,792 $ 210,585 $ 35,114 $ 506,442 $ 48,515 Net book value December 31, 2013 $ 452,000 $ 472,063 $ 33,974 $ 59,356 $ 2,894 $ 1,020,287 $ 3,215 $ 515,750 $ 519,984 $ 48,054 $ 79,276 $ 41,470 $ 1,204,534 $ 102,608 Included in Computer Software are assets of $93,225 relating to assets under development. These assets have not been amortized as they are not in use. 19

20 6. Insurance Contracts Due from (to) reinsurer Balance, beginning of the year $ 9,246 $ (92,996) Submitted to reinsurer 2,697,215 1,434,023 Received from reinsurer (2,705,008) (1,331,781) Balance, end of the year $ 1,453 $ 9,246 Expected settlement Within one year $ 1,453 $ 9,246 More than one year $ - $ - At year end, the Company reviewed the amounts owing from its reinsurer and determined that no allowance is necessary. Reinsurer's share of provision for unpaid claims Balance, beginning of the year $ 13,176,696 $ 12,167,597 New claims reserve 1,586,179 6,166,016 Change in prior years' reserve 476,483 (3,722,894) Submitted to reinsurer (2,697,215) (1,434,023) Balance, end of the year $ 12,542,143 $ 13,176,696 Expected settlement Within one year $ 3,648,944 $ 5,309,746 More than one year $ 8,893,199 $ 7,866,950 20

21 6. Insurance Contracts (cont d) Deferred policy acquisition expenses Balance, beginning of the year $ 1,511,478 $ 1,498,937 Acquisition costs incurred 3,019,071 2,990,388 Expensed during the year (2,982,430) (2,977,847) Balance, end of the year $ 1,548,119 $ 1,511,478 Deferred policy acquisition expenses will be recognized as an expense within one year. Unearned premiums (UEP) Balance, beginning of the year $ 8,567,878 $ 8,548,109 Premiums written 17,505,250 17,129,207 Premiums earned during the year (17,139,363) (17,109,438) Balance, end of the year $ 8,933,765 $ 8,567,878 21

22 6. Insurance Contracts (cont d) The following is a summary of the insurance contract provisions and related reinsurance assets. Outstanding claims provision December 31, 2013 Re- Re- Gross insurance Net Gross insurance Net Long term $ 11,526,566 $ 6,808,621 $ 4,717,945 $ 9,374,523 $ 5,469,950 $ 3,904,573 Short 4,790,935 3,648,944 1,141,991 8,777,885 5,309,746 3,468,139 Facility Association and other residual pools 396, , , ,113 16,714,249 10,457,565 6,256,684 18,561,521 10,779,696 7,781,825 Provision for claims incurred but not reported 5,075,479 2,082,000 2,993,479 4,715,479 2,397,000 2,318,479 $ 21,789,728 $ 12,539,565 $ 9,250,163 $ 23,277,000 $ 13,176,696 $ 10,100,304 22

23 6. Insurance Contracts (cont d) Comments and assumptions for specific claims categories The ultimate cost of long settlement general liability claims are difficult to predict for several reasons. Claims may not be reported until many years after a policy expires. Changes in the legal environment may have created further complications. Court decisions and federal and provincial legislation may dramatically increase the liability between the time a policy is written and associated claims are ultimately resolved. Provisions for such difficult-to-estimate liabilities are established by examining the facts of tendered claims and adjusting in the aggregate for ultimate loss expectations based upon historical experience patterns and current socioeconomic trends. The Company must participate in industry automobile residual pools of business, and recognizes a share of this business based on its automobile market share. The Company records its share of the liabilities provided by the actuaries of the pools. Claims and adjustment expenses Changes in claim liabilities recorded in the statement of financial position and their impact on claims and adjustment expenses are as follows: Unpaid claim liabilities - beginning of year net of reinsurance $ 10,100,304 $ 8,191,352 Increase (decrease) in estimated losses and expenses, for losses occurring in prior years 8,593,299 (6,986,192) Provision for losses and expenses on claims occurring in the current year (1,628,588) 13,612,826 Increase in provision for claims incurred but not reported 240,000 1,143,464 Payment on claims: Current year (4,832,271) (3,970,500) Prior years (3,222,581) (1,890,646) Unpaid claims end of year - net 9,250,163 10,100,304 Reinsurer s share and subrogation recoverable 12,539,565 13,176,696 $ 21,789,728 $ 23,277,000 The change in estimate of losses occurring in prior years is due to changes arising from new information received. 23

24 6. Insurance Contracts (cont d) Provision for unpaid claims and adjustment expenses The determination of the provision for unpaid claims and adjustment expenses and the related reinsurer's share requires the estimation of three major variables, which are the development of claims, reinsurance recoveries, and future investment income. The Superintendent of the Financial Services Commission of Ontario has required that consideration of future investment income be disregarded except in the evaluation of automobile accident benefit claims. Claim development The estimation of claim development involves assessing the future behaviour of claims, taking into consideration the consistency of the Company's claim handling procedures, the amount of information available, the characteristics of the line of business from which the claim arises and historical delays in reporting claims. In general, the longer the term required for the settlement of a group of claims the more variable the estimates. Short settlement term claims are those which are expected to be substantially paid within a year of being reported. The tables that follow present the development of claims payments and the estimated ultimate cost of claims for the claim years 2007 to The upper half of the table shows the cumulative amounts paid or estimated to be paid during successive years related to each claim year. The original estimates will be increased or decreased, as more information becomes known about the original claims and overall claim frequency and severity. In 2011, the year of adoption of IFRS, only information from periods beginning on or after January 1, 2007 is required to be disclosed. This is being increased in each succeeding additional year, until ten years of information is included. 24

25 6. Insurance Contracts (cont d) Gross claims (in 000's) Accident Year Reporting Date Total At end of accident year $ 6,113 $ 12,532 $ 8,533 $ 9,720 $ 13,962 $ 10,342 $ 13,470 $ 9,623 1 year later 6,994 11,766 8,404 9,558 13,450 9,901 13,747 2 years later 6,589 12,661 8,379 9,154 12,434 9,578 3 years later 6,527 12,381 7,640 8,774 12,431 4 years later 5,824 11,125 7,288 8,279 5 years later 5,333 10,534 7,263 6 years later 5,334 10,452 7 years later 5,333 Current estimate of ultimate cost 5,333 10,452 7,263 8,279 12,431 9,578 13,747 9,623 76,706 Cumulative payments 5,298 10,452 7,245 7,127 7,802 5,898 8,337 4,901 57,060 Outstanding claims $ 35 $ $ 18 $ 1,152 $ 4,629 $ 3,680 $ 5,410 $ 4,722 $ 19,646 Liability for all prior accident years 36 Impact of discount and PFAD 1,709 Facility Association and risk sharing pool 399 Total gross outstanding claims $ 21,790 25

26 6. Insurance Contracts (cont d) Net of reinsurance (in 000's) Accident Year Reporting Date Total At end of accident year $ 4,559 $ 8,708 $ 6,234 $ 6,641 $ 6,965 $ 6,244 $ 7,674 $ 7,672 1 year later 4,953 7,727 6,351 6,159 6,745 6,727 8,115 2 years later 4,579 8,277 5,822 6,218 6,852 6,395 3 years later 4,481 7,231 5,474 6,120 6,615 4 years later 4,043 6,726 5,318 5,852 5 years later 3,867 6,446 5,308 6 years later 3,871 6,391 7 years later 3,871 Current estimate of ultimate cost 3,871 6,391 5,308 5,852 6,615 6,395 8,115 7,672 50,219 Cumulative payments 3,835 6,391 5,294 5,332 5,606 5,246 6,170 4,832 42,706 Outstanding claims $ 36 $ $ 14 $ 520 $ 1,009 $ 1,149 $ 1,945 $ 2,840 $ 7,513 Liability for all prior accident years 4 Impact of discount and PFAD 1,334 Facility Association and risk sharing pool 399 Total gross outstanding claims $ 9,250 26

27 7. Pension Plan The Company makes contributions on behalf of its employees to The Retirement Annuity Plan for Employees of the Ontario Mutual Insurance Association and Member Companies, which is a multiemployer plan. Each member company has signed an Ontario Mutual Insurance Association Pension Plan Agreement. Eligible employees participate in the defined benefit plan and sales agents participate in the defined contribution plan. The defined benefit plan specifies the amount of the retirement benefit to be received by the employee based on the number of years the employee has contributed and his/her final average earnings. The plan is accounted for as a defined contribution plan as insufficient information is available to account for the plan as a defined benefit plan. The Company is one of a number of employers that participates in the plan and the financial information provided to the Company on the basis of the contractual agreements is insufficient to reliably measure the Company s proportionate share in the plan assets and liabilities on defined benefit accounting requirements. The Company matches the employee contributions and funds the excess defined benefit based on the Company s percentage of pensionable earnings as calculated by the Pension Plan actuaries. The Pension Plan agreement states that the Company is responsible for its share of any deficit as a result of any actuarial valuation or cost certificate. The minimum funding requirement is the solvency valuation amount determined by the Pension Plan actuary on the valuation dates prescribed by the Pensions Benefit Act. In the event of a wind-up, voluntary withdrawal or bankruptcy, either by the Company or the group as a whole, the Company is responsible for its portion of all expenses and deficit related to such. The amount contributed to the plan for 2014 was $115,323 ( $104,162). The contributions were made for current service and these have been recognized in comprehensive income. The current service amount is determined by the Pension Plan actuary using the projected accrued benefit actuarial cost method. These contributions amount to 2.16% of the total contributions made to the Ontario Mutual Insurance Association Pension Plan by all participating entities during the current fiscal year. Expected contributions to the plan for the next annual reporting period amount to $120,000. During the year, the Company paid a contribution of $11,664 as part of an agreement to reduce the plan deficit based on the 2013 actuarial valuation and prevailing low interest rates. This amount represents the Company s proportionate share of the total 2.16% contribution to the Ontario Mutual Insurance Association Pension Plan as agreed to by the plan members. 27

28 8. Income Taxes The Company is subject to income taxes on that portion of its income derived from insuring other than farm related risks. The significant components of tax expense included in comprehensive income are composed of: Current tax expense Based on current year taxable income $ 595,000 $ 113,000 Adjustments for over / under provision in prior periods 285, , ,000 Deferred tax expense (recovery) Origination and reversal of temporary differences (21,674) (22,926) Total income tax expense $ 858,326 $ 90,074 Reasons for the difference between tax expense for the year and the expected income taxes based on the statutory tax rate of 26.5% ( %) are as follows: Income for the year $ 2,401,630 $ 812,998 Expected taxes based on the statutory rate of 26.5% ( %) 636, ,444 Canadian dividend income not subject to tax (50,331) (51,061) Farming exemption & Ontario small business deduction - (78,968) Under provision in prior years 285,000 - Change in tax rates and other (12,775) 4,659 Total income tax expense $ 858,326 $ 90,074 28

29 8. Income Taxes (cont'd) The movement in 2014 deferred tax liabilities and assets are: 2014 Deferred tax liabilities Opening Recognize Closing balance in Balance at Jan 1, comprehensive at Dec 31, 2014 income 2014 Property & equipment $ 18,306 $ (2,234) $ 16,072 Deferred tax liability $ 18,306 $ (2,234) $ 16,072 Deferred tax assets Claims liabilities $ 103,125 $ 19,440 $ 122,565 Deferred tax asset $ 103,125 $ 19,440 $ 122, net deferred tax asset movement $ 84,819 $ 21,674 $ 106,493 The movement in 2013 deferred tax liabilities and assets are: Opening Recognize Closing balance in Balance at Jan 1, comprehensive at Dec 31, 2013 income Deferred tax liabilities Property & equipment $ 19,509 $ (1,203) $ 18,306 Deferred tax liability $ 19,509 $ (1,203) $ 18,306 Deferred tax assets Claims liabilities $ 81,402 $ 21,723 $ 103,125 Deferred tax asset $ 81,402 $ 21,723 $ 103, net deferred tax asset movement $ 61,893 $ 22,926 $ 84,819 29

30 9. Gross Claims and Adjustment Expenses Included in claims expenses are wage costs of $290,114 ( $274,885). 10. Fees, Commissions and Other Acquisition Expenses Commissions (Note 12) $ 3,036,445 $ 2,971,983 Broker profit sharing (Note 12) 658, ,000 Premium tax 49,712 47,033 $ 3,744,645 $ 3,399, Other Operating and Administrative Expenses Computer costs $ 257,757 $ 204,046 Licenses, fees and dues 214, ,244 Amortization 62,603 53,134 Repairs and maintenance 31,571 33,453 Utilities 26,978 25,254 Postage and office supplies 109,759 79,973 Professional fees 113, ,322 Salaries, benefits and directors' fees (Note 12) 1,251,610 1,394,429 Other 427, ,287 $ 2,496,190 $ 2,480, Salaries, Benefits and Directors' fees Commissions and profit sharing (Note 10) $ 3,694,933 $ 3,351,983 Salaries, benefits and directors' fees (Note 11) 1,251,610 1,394,429 $ 4,946,543 $ 4,746,412 30

31 13. Investment and Other Income Interest income $ 761,577 $ 763,058 Dividend income 189, ,684 Realized gains (losses) on disposal of investments 100,533 (221,059) Investment expenses (116,921) (106,191) Market value adjustment 1,373, ,862 $ 2,308,637 $ 1,022, Related Party Transactions The Company entered into the following transactions with key management personnel, which are defined by IAS 24 Related Party Disclosures, as those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including directors and management: Compensation Short term employee benefits and directors' fees $ 633,243 $ 667,172 Total pension and other post-employment benefits 77,357 83,214 $ 710,600 $ 750,386 Premiums $ 65,981 $ 73,046 Claims paid $ 99,745 $ 3,383 31

32 15. Capital Management The Company s objectives with respect to capital management are to maintain a capital base that is structured to exceed regulatory requirements and to best utilize capital allocations. For the purpose of capital management, the Company has defined capital as members' surplus. The regulators measure the financial strength of property and casualty insurers using a minimum capital test (MCT). The regulators require property and casualty companies to comply with capital adequacy requirements. This test compares a company s capital against the risk profile of the organization. The risk-based capital adequacy framework assesses the risk of assets, policy liabilities and other exposures by applying various factors that are dependent on the risks associated with the company s assets. Additionally, an interest rate risk margin is included in the MCT by assessing the sensitivity of the company s interest-sensitive assets and liabilities to changes in interest rates. The regulator indicates that the company should produce a minimum MCT of 150%. During the year, the Company has consistently exceeded this minimum. The regulator has the authority to request more extensive reporting and can place restrictions on the company s operations if the company falls below this requirement and deemed necessary. 16. Financial Instrument and Insurance Risk Management Insurance risk management The principal risk the Company faces under insurance contracts is that the actual claims and benefit payments or the timing thereof, differ from expectations. This is influenced by the frequency of claims, severity of claims, actual benefits paid and subsequent development of long-term claims. Therefore, the objective of the Company is to ensure that sufficient reserves are available to cover these liabilities. The above risk exposure is mitigated by diversification across a large portfolio of insurance. The variability of risks is also improved by careful selection and implementation of underwriting strategy guidelines, as well as the use of reinsurance arrangements. Amounts recoverable from the reinsurer are estimated in a manner consistent with the outstanding claims provision and are in accordance with the reinsurance contracts. Although the Company has reinsurance arrangements, it is not relieved of its direct obligations to its policyholders and thus a credit exposure exists with respect to ceded insurance, to the extent that the reinsurer is unable to meet its obligations assumed under such reinsurance agreements. The Company writes insurance primarily over a twelve month duration. The most significant risks arise through high severity, low frequency events such as natural disasters or catastrophes. A concentration of risk may arise from insurance contracts issued in a specific geographic location since all insurance contracts are written in Ontario. 32

33 16. Financial Instrument and Insurance Risk Management (cont'd) The Company manages this risk via its underwriting and reinsurance strategy within an overall risk management framework. Exposures are limited by having documented underwriting limits and criteria. Pricing of property and liability policies are based on assumptions in regard to trends and past experience, in an attempt to correctly match policy revenue with exposed risk. Automobile premiums are subject to approval by the Financial Services Commission of Ontario and therefore may result in a delay in adjusting the pricing to exposed risk; in this case the Company has policies regarding renewal and new business accepted. Reinsurance is purchased to mitigate the effect of the potential loss to the Company. Reinsurance is placed with Farm Mutual Reinsurance Plan Inc. ("FMRP"), a Canadian registered reinsurer. The Company follows a policy of underwriting and reinsuring contracts of insurance which, in the main, limit the liability of the Company to an amount on any one claim of $300,000 ( $275,000) in the event of a property claim, an amount of $300,000 ( $275,000) in the event of an automobile claim and $235,000 ( $225,000) in the event of a liability claim. For amounts over the respective limits there is a 20% retention to a specified maximum. The Company also obtained reinsurance which limits the Company's liability to $900,000 ( $825,000) plus 20% of the amount in excess of $900,000 ( $825,000) in the event of a series of claims arising out of a single occurrence. In addition, the Company has obtained stop loss reinsurance which limits the liability of all claims in a specific year to 80% of gross net earned premiums for property and automobile. The Company is exposed to a pricing risk to the extent that unearned premiums are insufficient to meet the related future policy costs. Evaluation is performed regularly to estimate future claims costs, related expenses, and expected profit in relation to unearned premiums. There was no premium deficiency at and The risks associated with insurance contracts are complex and subject to a number of variables which complicate quantitative sensitivity analysis. The Company uses various techniques based on past claims development experience to quantify these sensitivities. This includes indicators such as average claim cost, amount of claims occurrence, expected loss ratios and claims development as described in Note 6. Results of sensitivity testing based on expected loss ratios are as follows, shown gross and net of reinsurance as it impacts on pre-tax income: 5% increase in loss ratios Property claims Auto claims Liability claims Gross $ 4,044,000 $ 3,563,000 $ 2,490,000 $ 2,203,000 $ 771,000 $ 685,000 Net $ 3,447,000 $ 3,030,000 $ 1,931,000 $ 1,721,000 $ 509,000 $ 451,000 5% decrease in loss ratios Gross $(4,044,000) $(3,563,000) $(2,490,000) $(2,203,000) $ (771,000) $ (685,000) Net $(3,447,000) $(3,030,000) $(1,931,000) $(1,721,000) $ (509,000) $ (451,000) 33

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