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

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1 Financial Statements For the year ended

2 Financial Statements For the year ended Table of Contents Page Independent Auditor s Report... 2 Statement of Financial Position... 3 Statement of Comprehensive Income... 4 Statement of Policyholders Surplus... 5 Statement of Cash Flows... 6 Notes to the Financial Statements Nature of operations and summary of significant accounting policies Critical accounting estimates and judgments Financial instrument classification Investments Investment property Property, plant & equipment Insurance contracts Other provisions, contingent liabilities and guarantees Retirement benefits Income taxes Gross claims and adjustment expenses Fees, commissions and other acquisition expenses Other operating and administrative expenses Salaries, benefits and directors fees Investment and other income Related party transactions Statement of cash flows Capital management Financial instrument and insurance risk management... 30

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4 Statement of Financial Position December 31 December Assets Cash $ 361,738 $ 551,256 Investments (Note 4) 38,546,059 36,942,153 Investment income accrued 187, ,035 Due from Facility Association 198, ,521 Due from policyholders 1,422,929 1,432,068 Reinsurer's share of provision for unpaid claims (Note 7) 4,546,839 5,460,446 Deferred policy acquisition expenses (Note 7) 418, ,513 Investment property (Note 5) 226, ,668 Property, plant & equipment (Note 6) 1,546,849 1,495,546 Other assets 56,216 13,308 Deferred income taxes (Note 10) 20,000 29,000 $ 47,531,584 $ 46,950,514 Liabilities Accounts payable and accrued liabilities $ 1,509,911 $ 1,167,786 Income taxes payable 73,549 13,839 Unearned premiums (Note 7) 4,318,606 4,319,815 Provision for unpaid claims (Note 7) 8,082,206 9,666,871 Due to reinsurer and other insurance companies 183, ,005 Defined benefit obligation (Note 9) 228, ,000 Policyholders' Surplus 14,395,930 15,586,316 Unappropriated policyholders' surplus 33,135,654 31,364,198 $ 47,531,584 $ 46,950,514 Signed on behalf of the Board by: Director Director The accompanying summary of significant accounting policies and notes are an integral part of these financial statements. 3

5 Statement of Comprehensive Income For the year ended December Underwriting income Gross premiums written $ 9,306,217 $ 9,310,248 Less reinsurance ceded 1,466,144 1,476,085 Net premiums written 7,840,073 7,834,163 (Add decrease) less increase in unearned premiums (1,209) 93,901 Net premiums earned 7,841,282 7,740,262 Service charges 99,925 98,839 7,941,207 7,839,101 Direct losses incurred Gross claims and adjustment expenses (Note 11) 3,245,263 4,809,774 (Add) less reinsurer's share of claims and adjustment expenses (519,272) 681,563 3,764,535 4,128,211 Underwriting income 4,176,672 3,710,890 Expenses Fees, commissions and other acquisition expenses (Note 12) 1,842,634 1,794,854 Other operating and administrative expenses (Note 13) 875, ,820 2,718,081 2,672,674 Net underwriting income before premium refunds 1,458,591 1,038,216 Refund of reinsurance premiums paid - 116,821 Refund of premiums to policyholders (1,340,000) (1,030,000) Net underwriting income 118, ,037 Investment and other income (Note 15) 1,960,264 1,557,109 Income before taxes 2,078,855 1,682,146 Provision for income taxes (Note 10) 307, ,489 Comprehensive income for the year $ 1,771,456 $ 1,482,657 The accompanying summary of significant accounting policies and notes are an integral part of these financial statements. 4

6 Statement of Policyholders Surplus For the year ended December Unappropriated Policyholders' Surplus Balance, beginning of year $ 31,364,198 $ 29,881,541 Comprehensive income for the year 1,771,456 1,482,657 Balance, end of year $ 33,135,654 $ 31,364,198 The accompanying summary of significant accounting policies and notes are an integral part of these financial statements. 5

7 Statement of Cash Flows For the year ended December Cash provided by (used in) Operating activities Comprehensive income for the year $ 1,771,456 $ 1,482,657 Adjustments to convert income to a cash basis: Depreciation of property, plant & equipment 109, ,732 Amortization of premium on bonds 40,047 36,921 Gain on disposal of investments (159,222) (5,877) Change in unrealized gain on investments classified as fair value through profit and loss (532,959) (760,884) Decrease in due from Facility Association 2,320 1,095 Decrease (increase) in due from policyholders 9,139 (54,046) (Increase) decrease in other assets (42,908) 22,342 (Increase) decrease in investment income accrued (16,565) 2,015 Decrease in reinsurer's share of provision for unpaid claims 913,607 1,095,492 Increase (decrease) in income taxes payable 59,710 (92,855) Decrease (increase) in deferred policy acquisition expenses 10,027 (9,660) Decrease (increase) in deferred income taxes 9,000 (10,000) Increase in accounts payable and accrued liabilities 342, ,016 Increase in defined benefit obligation 24,000 9,000 Decrease in due to reinsurer and other insurance companies (30,347) (47,862) Decrease in provision for unpaid claims (1,584,665) (141,197) (Decrease) increase in unearned premiums (1,209) 93, ,906 2,132,789 Investing activities Proceeds on sale and maturity of investments 7,089,909 5,393,409 Purchase of investments (8,041,680) (7,119,596) Purchase of property, plant & equipment (160,653) (53,470) (1,112,424) (1,779,657) (Decrease) increase in cash during the year (189,518) 353,132 Cash and equivalents, beginning of year 551, ,124 Cash and equivalents, end of year $ 361,738 $ 551,256 The accompanying summary of significant accounting policies and notes are an integral part of these financial statements. 6

8 1. Nature of operations and summary of significant accounting policies Reporting entity Hay Mutual Insurance Company (the Company) is incorporated without share capital, under the laws of Ontario and is subject to the Ontario Insurance Act. It is licensed to write property, hail, liability and automobile insurance in Ontario. The Company s head office is located at Zurich-Hensall Road in Zurich, Ontario. The Company is subject to rate regulation in the automobile business that it writes. Before automobile insurance rates can be changed, a rate filing is prepared as a combined filing for most Ontario Farm Mutuals by the Farm Mutual Reinsurance Plan Inc. The rate filing must include actuarial justification for rate increases or decreases. All rate filings are approved or denied by the Financial Services Commission of Ontario. Rate regulation may affect the automobile revenues that are earned by the Company. The actual impact of rate regulation would depend on the competitive environment at the time. These financial statements have been authorized for issue by the Board of Directors on February 18, 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, as modified by the revaluation of financial instruments designated as fair value through profit and loss. 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. 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 GAAP. Balances arising from insurance contracts include the following: (a) 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. (b) Deferred policy acquisition expenses Acquisition costs are comprised of agents' commissions. 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. (c) Provisions for unpaid claims and adjustment expenses 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 current income. Claim liabilities are carried on an undiscounted basis. 7

9 1. Nature of operations and summary of significant accounting policies (cont d) (d) 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 to the statement of comprehensive income initially by writing off the deferred policy acquisition expense and subsequently by recognizing an additional claims liability for claims provisions. (e) Reinsurer s share of provisions for unpaid claims and adjustment expenses 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 due to reinsurer 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. (f) 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 it may acquire rights to subrogate its claim against other parties. These claims are reflected at amounts expected to be received from the subrogated parties net of related costs. (g) Refund from premium Under the discretion of the Board of Directors the Company may declare a refund to its policyholders based on the premiums paid in the fiscal period. This refund is recognized as a reduction of net underwriting income in the period for which it is declared. 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 fulfill 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 to their proportionate share in meeting this objective. These exposures represent financial guarantee contracts. The Company accounts for financial guarantee contracts in accordance with IFRS 4, Insurance Contracts. Cash and cash equivalents Cash and cash equivalents includes cash on hand, deposits at call with banks, other short-term highly liquid investments with original maturities of three months or less. For cash flow statement presentation purposes, cash and cash equivalents includes bank overdrafts. 8

10 1. Nature of operations and summary of significant accounting policies (cont d) 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 trade date basis. The Company's accounting policy for each category is as follows: Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables (including trade and other receivables) are measured at amortized cost using the effective interest rate method, less any impairment. Impairment provisions are recognized when there is objective evidence (such as significant financial difficulties on the part of the counterparty or 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 reinsurers, which are reported net, 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. Fair value through profit and loss The Company does not have any instruments that are held for trading purposes; however, management has designated to voluntarily classify certain investments at fair value through profit and loss. 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 rate method. Held-to-maturity Held-to-maturity investments are debt securities with fixed or determinable payments and fixed maturities for which the Company has a positive intent and ability to hold to maturity. These securities are recorded at amortized cost using the effective interest rate method over the life of the security, less any impairment losses. Amortization of premium or discount is included in interest income. Other financial liabilities Other financial liabilities include all financial liabilities and comprise accounts payables, 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 carrying 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 or coupon payable while the liability is outstanding. Impairment At the end of each reporting period, the Company assesses whether there is objective evidence that a financial asset is impaired. Impairments are measured as the excess of the carrying amount over the fair value and are recognized in the statement of comprehensive income. Investment property The Company s investment property consists of farm land purchased in 2005 to build the new office building on 4 acres facing the highway. The Company will keep the remaining 40 acres in the immediate future to earn rental income. Investment property is initially recorded at cost, and since land is not subject to depreciation, it is subsequently measured at cost less accumulated impairment losses. Rent receivable is included in comprehensive income and is recognized on a straight-line basis over the period of the lease. 9

11 1. Nature of operations and summary of significant accounting policies (cont d) Property, plant & equipment Property, plant & equipment is initially recorded at cost and subsequently measured at cost less accumulated depreciation and accumulated impairment losses, with the exception of land which is not depreciated. Depreciation is recognized in comprehensive income and is provided on a straight-line basis over the estimated useful life of the assets as follows: Office building Parking lot Computer equipment Furniture Office equipment Lawn equipment 40 years 13 years 3 years 10 years 5 years 5 years Depreciation methods, useful lives and residual values are reviewed annually and adjusted if necessary. 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. The Company has two cash-generating units for which impairment testing is performed. Impairment charges are included in comprehensive income. Income taxes Income tax expense comprises of current and deferred tax. Current tax 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 receivable on taxable income or 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). 10

12 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. Employee future benefits The Company sponsors post-employment medical care to eligible employees under an unfunded defined benefit plan. The determination of benefit expense requires assumptions such as the discount rate to measure obligations, expected mortality, the expected healthcare cost trend rate, employee turnover and years of service. The Company has not involved an actuary in the measurement of the obligation. Actual results will differ from results which are estimated based on assumptions. The liability recognized in the statement of financial position is the present value of the defined benefit obligation at the end of the reporting period. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the post-employment benefit obligation. Provisions Provisions are recognized for liabilities of uncertain timing or amounts that have arisen as a result of past transactions, including legal, equitable or constructive obligations. The provision is measured at the best estimate of the expenditure required to settle the obligation at the reporting date. Application of new and revised International Financial Reporting Standards (IFRSs) Standards, amendments and interpretations not yet effective Certain new standards, amendments and interpretations have been published that are mandatory for the Company s accounting periods beginning on or after January 1, 2015 or later periods that the Company has decided not to early adopt. The standards, amendments and interpretations that will be relevant to the Company are: IAS 19 Defined Benefit Plans: Employee Contributions has been amended to clarify how an entity should account for contributions made by employees or third parties to defined benefit plans, based on whether those contributions are dependent on the number of years of service provided by the employee. The amendments are not expected to have a material impact on the Company s financial statements for the annual period beginning on July 1, IAS 1 Presentation of Financial Statements: the amendments to IAS 1 are 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 financial 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 on its financial statements resulting from the application of IAS 1. IFRS 15 Revenue from Contracts with Customers establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces the existing revenue recognition guidance, including IAS 18 Revenue, IAS 11 Construction Contracts and IFRIC 13 Customer Loyalty Programmes. IFRS 15 is effective for annual reporting periods beginning on or after January 1, 2017, with early adoption permitted. The Company is assessing the potential impact on its financial statements resulting from the application of IFRS 15. IFRS 9 Financial Instruments, published in July 2014, replaces the existing guidance in IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 includes revised guidance on the classification and measurement of financial instruments, a new expected credit loss model for calculating impairment on financial assets, and new hedge accounting requirements. It also carries forward the guidance on recognition and derecognition of financial instruments from IAS 39. IFRS is effective for annual reporting periods beginning on or after January 1, 2018, with early adoption permitted. The Company is assessing the potential impact on its financial statements resulting from the application of IFRS 9. There are no other IFRS or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Company. 11

13 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 and 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. 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 7. Impairment of held-to-maturity investments The Company determines that held-to-maturity investments are impaired when there has been a significant or prolonged decline in fair value below its cost. The determination of what is significant or prolonged requires judgment. In making this judgment the Company considers among other factors, the normal volatility in market price, the financial health of the investee and industry and sector performance. Employee future benefits The determination of expenses and obligations associated with employee future benefits requires the use of assumptions such as the expected return on assets available to fund pension obligations, the discount rate to measure obligations, the expected mortality, the expected rate of future compensation and the expected healthcare cost trend rate. Because the determination of the cost and obligations associated with employee future benefits requires the use of various assumptions, there is measurement uncertainty inherent in the valuation process. Actual results will differ from results which are estimated based on assumptions. 12

14 3. Financial instrument classification The carrying amount of the Company's financial instruments by classification is as follows: Fair value through profit and loss Held-tomaturity Loans and rec eivables Other financial liabilities Cash $ - $ - $ 361,738 $ - $ 361,738 Investments (Note 4) 16,482,690 22,063, ,546,059 Investment inc ome ac crued , ,599 Due from Facility Association , ,201 Due from polic yholders - - 1,422,929-1,422,929 Ac counts payable and ac crued liabilities (1,509,911) (1,509,911) Total $ 16,482,690 $ 22,063,369 $ 2,170,467 $ (1,509,911) $ 39,206,615 December 31, 2013 Cash $ - $ - $ 551,256 $ - $ 551,256 Investments (Note 4) 16,190,263 20,751, ,942,153 Investment income accrued , ,035 Due from Facility Association , ,521 Due from policyholders - - 1,432,068-1,432,068 Accounts payable and accrued liabilities (1,167,786) (1,167,786) $ 16,190,263 $ 20,751,890 $ 2,354,880 $ (1,167,786) $ 38,129,247 13

15 4. Investments The following tables provide cost, fair value and carrying value information of investments by type of security and issuer. The maximum exposure to credit risk would be the fair value as shown below. Dec ember 31, 2014 December 31, 2013 Fair Carrying Fair Carrying Cost Value Value Cost Value Value Fair value through profit and loss Short-term investments $ 1,670,991 $ 1,670,991 $ 1,670,991 $ 2,899,545 $ 2,899,545 $ 2,899,545 Equity investments Common shares 3,703,019 4,258,331 4,258,331 3,199,795 3,589,253 3,589,253 Membership in Credit Unions 1,018 1,018 1, ,704,037 4,259,349 4,259,349 3,200,774 3,590,232 3,590,232 Farm Mutual Pooled Funds Canadian Fixed Income 8,102,776 8,039,673 8,039,673 7,618,513 7,446,503 7,446,503 Canadian Equity 2,205,463 2,490,358 2,490,358 2,205,463 2,232,164 2,232,164 Other investments 10,308,239 10,530,031 10,530,031 9,823,976 9,678,667 9,678,667 Fire Mutuals Guarantee Fund 22,139 22,319 22,319 21,643 21,819 21,819 Total fair value through profit and loss $ 15,705,406 $ 16,482,690 $ 16,482,690 $15,945,938 $16,190,263 $16,190,263 14

16 4. Investments (cont d) December 31, 2013 Fair Carrying Fair Carrying Cost Value Value Cost Value Value Held-to-maturity Short-term investments $ 3,150,000 $ 3,150,000 $ 3,150,000 $ 3,100,000 $ 3,100,000 $ 3,100,000 Loans and receivables Corporate 300, , , , , ,000 Bonds issued by Federal 1,106,324 1,115,555 1,106,324 1,111,951 1,127,556 1,111,951 Provincial 4,700,777 4,775,300 4,700,777 4,222,564 4,269,122 4,222,564 Municipal 2,958,135 3,074,706 2,958,135 2,851,203 2,929,943 2,851,203 Corporate 9,848,133 10,023,817 9,848,133 9,166,172 9,256,917 9,166,172 18,613,369 18,989,378 18,613,369 17,351,890 17,583,538 17,351,890 Total held-to-maturity $22,063,369 $22,439,378 $22,063,369 $ 20,751,890 $ 20,983,538 $ 20,751,890 Total investments $37,768,775 $38,922,068 $38,546,059 $ 36,697,828 $ 37,173,801 $ 36,942,153 The maturity profile of the held-to-maturity investments is as follows: Within 2 to 5 6 to 10 Over 10 1 year years years years Carrying value $ 5,782,152 $ 11,951,868 $ 3,819,084 $ 510,265 $ 22,063,369 Percent of Total 26% 54% 18% 2% December 31, 2013 $ 3,794,584 $ 11,427,463 $ 5,017,883 $ 511,960 $ 20,751,890 Percent of Total 18% 55% 24% 3% The short-term investments are comprised of guaranteed investment certificates with effective interest rates of 1.73% to 3.03% (December 31, % to 3.90%) The effective interest rate of the bonds portfolio held is 2.89% (December 31, %) 15

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 Short-term investments $ - $ 1,670,991 $ - $ 1,670,991 Equities 4,259, ,259,349 Farm Mutual Pooled Funds - 10,530,031-10,530,031 Other investments - 22,319-22,319 Total $ 4,259,349 $ 12,223,341 $ - $ 16,482,690 December 31, 2013 Short-term investments $ - $ 2,899,545 $ - $ 2,899,545 Equities 3,590, ,590,232 Farm Mutual Pooled Funds - 9,678,667-9,678,667 Other investments - 21,819-21,819 Total $ 3,590,232 $ 12,600,031 $ - $ 16,190,263 There were no transfers between Level 1 and Level 2 for the years ended December 31, 2013 and

18 5. Investment property Cost and net book value Balance on December 31, 2013 $ 226,668 Land Balance on $ 226, Rental income from investment property $ 13,040 $ 12,000 Direct operating costs of investment property (267) (460) Net rental income $ 12,773 $ 11,540 The fair value of the investment property is $ 462,000 (December 31, $ 462,000). The investment property was subject to an opinion of market value prepared by a local licensed realtor having knowledge of the Real Estate Market value of the area. The fair value of investment property is determined by market value defined as the highest price estimated in terms of money which a property will bring if exposed for sale in the open market allowing a reasonable time to find a purchaser. Investment property held by the Company is leased out under operating leases. The future minimum lease payments under non-cancellable leases are as follows: December 31, 2014 December 31, 2013 Less than 1 year $ 13,040 $ - Between 1 and 5 years 39,120 - $ 52,160 $ - 17

19 6. Property, plant & equipment Land Building Parking Lot Computer Equipment Furniture Office Equipment Cost Balance - January 1, Lawn Equipment Total 2013 $ 128,447 $ 1,350,422 $ 98,670 $ 194,699 $ 292,083 $ 2,141 $ 10,735 $ 2,077,197 Additions , ,468 Disposals Balance - December 31, 2013 $ 128,447 $ 1,350,422 $ 98,670 $ 248,167 $ 292,083 $ 2,141 $ 10,735 $ 2,130,665 Additions , ,653 Disposals (79,136) (79,136) Balance - December 31, 2014 $ 128,447 $ 1,350,422 $ 98,670 $ 329,684 $ 292,083 $ 2,141 $ 10,735 $ 2,212,182 Accumulated depreciation Balance - January 1, 2013 $ - $ 185,200 $ 33,548 $ 136,850 $ 163,775 $ 1,499 $ 7,515 $ 528,387 Depreciation - 33,761 7,893 40,307 22, , ,732 Disposals Balance - December 31, 2013 $ - $ 218,961 $ 41,441 $ 177,157 $ 185,971 $ 1,927 $ 9,662 $ 635,119 Depreciation - 33,761 7,893 44,213 22, , ,350 Disposals (79,136) (79,136) Balance - December 31, 2014 $ - $ 252,722 $ 49,334 $ 142,234 $ 208,167 $ 2,141 $ 10,735 $ 665,333 Net book value January 1, 2013 $ 128,447 $ 1,165,222 $ 65,122 $ 57,849 $ 128,308 $ 642 $ 3,220 $ 1,548,810 December 31, 2013 $ 128,447 $ 1,131,461 $ 57,229 $ 71,010 $ 106,112 $ 214 $ 1,073 $ 1,495,546 $ 128,447 $ 1,097,700 $ 49,336 $ 187,450 $ 83,916 $ - $ - $ 1,546, Insurance contracts Due from reinsurer Balance, beginning of the year $ - $ - Submitted to reinsurer 6,666 1,777,054 Received from reinsurer (6,666) (1,777,054) Balance, end of the year $ - $ - 18

20 7. Insurance contracts (cont d) Reinsurer s share of provision for unpaid claims Balance, beginning of the year $ 5,460,446 $ 6,555,937 New claims reserve 1,000, ,608 Change in prior years reserve (1,907,735) (95,045) Submitted to reinsurer (6,666) (1,777,054) Balance, end of the year $ 4,546,839 $ 5,460,446 Expected settlement Within one year $ - $ - More than one year $ 4,546,839 $ 5,460,446 Deferred policy acquisition expenses Balance, beginning of the year $ 428,513 $ 418,853 Acquisition costs incurred 418, ,513 Expensed during the year (428,513) (418,853) Balance, end of the year $ 418,486 $ 428,513 Deferred policy acquisition expenses will be recognized as an expense within one year. Unearned premiums Balance, beginning of the year $ 4,319,815 $ 4,225,915 Premiums written 9,306,217 9,310,248 Premiums earned during the year (9,307,426) (9,216,348) Balance, end of the year $ 4,318,606 $ 4,319,815 19

21 7. Insurance contracts (cont d) The following is a summary of the insurance contract provisions and related reinsurance assets. Dec ember 31, 2014 December 31, 2013 Gross Reinsuranc e Net Gross Reinsurance Net Long settlement term $ 3,964,523 $ 3,181,839 $ 782,684 $ 5,328,421 $ 3,695,446 $ 1,632,975 Short settlement term 1,348,857-1,348,857 1,159,662-1,159,662 Facility Association and other residual pools 132, , , ,177 Provision for claims incurred 5,445,680 3,181,839 2,263,841 6,625,260 3,695,446 2,929,814 but not reported 2,636,526 1,365,000 1,271,526 3,041,611 1,765,000 1,276,611 Outstanding claims provision $ 8,082,206 $ 4,546,839 $ 3,535,367 $ 9,666,871 $ 5,460,446 $ 4,206,425 Comments and assumptions for specific claims categories Short-tail claims are normally reported soon after the incident and are generally settled within months following the reported incident. Hence any development on short-term claims is normally limited to the year the incident occurred and the following year. For long-tail classes of business it can be several years before a claim is reported and settled, hence the original estimation involves greater uncertainty and so inherently there is more likely to be greater disparity between the original and current estimates. Provisions for such difficult-to-estimate liabilities are established by examining the facts of tendered claims and adjusted 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. A further provision is made in respect of incurred but not reported claims and development of losses on all outstanding claims. The outstanding claims provision does not take into account the time value of money. 20

22 7. Insurance contracts (cont d) Claims and adjustment expenses Changes in claim liabilities recorded in the statement of financial position for the years ended and 2013 and their impact on claims and adjustment expenses for the two years follow: Unpaid claims liabilities - beginning of year net of reinsurance $ 4,206,425 $ 3,252,131 Decrease in estimated losses and expenses, for losses occurring in prior years (1,307,295) (260,828) Provision for losses and expenses on claims occurring in the current year 5,071,830 4,389,041 Payment on claims: Current year (3,119,725) (2,250,550) Prior years (1,315,868) (923,369) Unpaid claims liabilities end of year - net of reinsurance 3,535,367 4,206,425 Reinsurer s share and subrogation recoverable 4,546,839 5,460,446 Unpaid claims liabilities - end of year - gross $ 8,082,206 $ 9,666,871 The change in estimate of losses occurring in prior years is due to changes arising from new information received. 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 two major variables which are the development of claims and reinsurance recoveries. 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 accident years 2007 to 2014 (claims are related to the period in which the insured event occurred and not the period in which the policy was underwritten). The tables show the cumulative amounts paid or estimated to be paid during successive years related to each accident year. The original estimates will be increased or decreased, as more information becomes known about the original claims and overall claim frequency and severity. Favourable claims experience has given rise to the release of central estimates as the ultimate claims costs have been settled or become more certain. Conditions and trends that have affected the development of the liabilities in the past may, or may not, occur in the future, and accordingly, conclusions about future results may not necessarily be derived from the information presented in the tables below. As of 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 year, until ten years of information is included. 21

23 7. Insurance contracts (cont d) Gross c la ims Ac c ide nt Year Tota l Gross estimate of cumulative claims cost At end of accident year $ 4,091,473 $ 6,481,037 $ 3,379,347 $ 3,114,413 $ 7,124,258 $ 6,774,653 $ 4,375,341 $ 5,617,062 One year later 3,473,879 5,966,514 3,214,748 3,886,392 6,894,610 6,887,889 3,590,796 Two years later 2,945,684 5,396,107 3,117,857 4,242,135 7,515,892 5,473,544 Three years later 2,986,935 5,554,245 3,137,169 3,620,032 6,267,047 Four years later 2,971,505 5,356,826 3,028,885 3,508,891 Five years later 2,715,571 5,318,476 2,945,450 Six years later 2,738,084 5,474,175 Seven years later 2,701,312 Current estimate of cumulative claims cost 2,701,312 5,474,175 2,945,450 3,508,891 6,267,047 5,473,544 3,590,796 5,617,062 Cumulative payments made to date 2,701,312 5,159,653 2,697,470 3,391,701 5,473,529 3,758,640 2,715,263 2,898,357 Outstanding claims $ - $ 314,522 $ 247,980 $ 117,190 $ 793,518 $ 1,714,904 $ 875,533 $ 2,718,705 $ 6,782,352 Outstanding claims 2006 and prior 217,929 Adjustment expenses 1,081,925 Tota l gross outsta nding c la ims a nd a djustme nt e xpe nse s $ 8,0 8 2,2 0 6 Ne t of re insura nc e Ac c ide nt Year Tota l Ne t e stima te of c umula tive c la ims c ost At end of accident year $ 3,433,722 $ 4,519,052 $ 3,291,966 $ 2,735,036 $ 4,349,088 $ 4,054,927 $ 3,966,787 $ 4,660,670 One year later 2,933,394 4,238,655 2,964,154 2,544,680 4,351,563 3,947,390 3,189,458 Two years later 2,704,701 4,083,281 2,822,263 2,635,702 4,444,074 3,485,984 Three years later 2,675,919 4,053,585 2,770,101 2,368,888 4,155,360 Four years later 2,676,844 3,927,653 2,758,108 2,357,747 Five years later 2,583,395 3,940,878 2,771,382 Six years later 2,590,908 3,938,636 Seven years later 2,569,136 Net current estimate of cumulative claims cost 2,569,136 3,938,636 2,771,382 2,357,747 4,155,360 3,485,984 3,189,458 4,660,670 Net cumulative payments made to date 2,569,136 3,928,256 2,661,803 2,335,557 3,962,842 3,039,565 2,708,597 2,898,357 Net outstanding claims $ - $ 10,380 $ 109,579 $ 22,190 $ 192,518 $ 446,419 $ 480,861 $ 1,762,313 $ 3,024,260 Net outstanding claims 2006 and prior - Net adjustment expenses 511,107 Tota l ne t outsta nding c la ims a nd a djustme nt e xpe nse s $ 3,5 3 5,

24 8. Other provisions, contingent liabilities and guarantees In common with the insurance industry in general, the Company is subject to litigation arising in the normal course of conducting its insurance business which is taken into account in establishing the provision for unpaid claims and adjustment expenses. The amount provided for as other provisions represents management s best estimate of the Company s liability related to legal disputes unrelated to their insurance business for which it is probable that an amount will be paid. The Company has not identified any such disputes in the current or prior years presented. The Company is a member of the Farm Mutual Reinsurance Plan Inc. (FMRP), which is a general reinsurer that shares in the insurance risks originally accepted by member insurance companies. As a member, the Company may be required to contribute additional capital should FMRP s capital fall below a prescribed minimum. The additional capital would be provided by purchasing subordinated debt obligations issued by FMRP. The Company participates in a defined benefit multi-employer pension plan that exposes the Company to a contingent liability for any shortfall in plan assets resulting from insufficient contributions including actuarial losses relating to other participating entities and any shortfall in the plan if other entities cease to participate. 9. Retirement benefits 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. The pension plan is accounted for as a multi-employer pension plan as defined by IAS 19 Employee benefits. Each member company has signed an Ontario Mutual Insurance Association Pension Plan Agreement. Eligible employees hired prior to July 1, 2013 participate in the defined benefit plan. Eligible employees hired after July 1, 2013 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 plans and the financial information provided to the Company on the basis of the contractual agreements is usually insufficient to reliably measure the Company s proportionate share in the plan assets and liabilities on defined benefit accounting requirements. Under the defined benefit plan 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 defined benefit plan for 2014 was $ 73,784 ( $ 53,696). The contributions were made for current service and these have been recognized in comprehensive income. The current service amount is determined by the plan actuary using the projected accrued benefit actuarial cost method. The Company had a 1.34% share of the total contributions to the defined benefit plan in In 2013 there was a contractual requirement to provide additional funding which resulted in a lump sum payment of $112,858. Based on the 2013 Pension Valuation filed with the Financial Services Commission of Ontario the plan is in a surplus position and therefore no additional solvency funding is required at this time. The next actuarial valuation to be filed under the Pension Benefits Act will be as of December 31, Under the defined contribution plan the Company s obligation is to make specified monthly contributions based on a percentage of the employees or sales agents eligible earnings. The amount contributed to the plan for 2014 was $29,787 ( ,596) and this has been recognized in comprehensive income. The expected contributions to the plans for 2015 are $104,

25 9. Retirement benefits (cont d) Post-employment benefits The Company sponsors post-employment health and dental benefits covering all employees based on the length of service using a formula of one year of paid benefits for every five years of service. The benefit is not available if the employee leaves the Company or dies prior to retirement. The Company is permitted to change the benefit formula or terminate the benefits with adequate notice. The ultimate cost of these benefits is influenced by many variables, such as employee turnover, early retirement, mortality, medical cost trends and discount rates. The ultimate cost is uncertain and this uncertainty is likely to persist over a long period of time. Costs for future employee benefits are accrued over the periods in which employees earn the benefits. The Company uses the Projected Unit Credit Method to determine the present value of its defined benefit obligation and the related current service cost. Gains and losses resulting from increases or decreases in the present value of the defined benefit obligation are immediately recognized in profit or loss. The post-employment benefits are unfunded as no plan assets are invested to cover the obligation as it becomes payable. Present Value of Defined Benefit Obligation The following summarizes the activity in the defined benefit obligation: December 31, 2013 Opening defined benefit obligation $ 204,000 $ 195,000 Current service cost 40,579 - Interest cost 6,834 7,059 (Gains) losses (15,728) 6,198 Benefits paid (7,685) (4,257) Closing defined benefit obligation $ 228,000 $ 204,000 Assumptions were as follows: Discount rate 3.35% 3.62% M edical cost trend 5.0% 5.0% Discount rate The discount rate was selected based on a review of current market interest rates of high-quality, fixed-rate debt securities adjusted to reflect the duration of expected future cash outflows for benefit payments. A 0.5% increase (decrease) in the discount rate would have (decreased) increased the defined benefit obligation by approximately ($11,000) $13,000 as of. Medical cost trend The medical cost trend is based on the Company s health and dental premiums experience and future projections of medical costs. The average medical cost trend rate used was 5% for A 1% increase (decrease) in the trend rate would have resulted in an increase (decrease) in the benefit obligation for post-retirement benefits of approximately $24,000 ($20,000) at. Mortality assumptions The mortality assumptions used to assess the defined benefit obligation as of are based on the UP94 Generational Table and the 00 Series Tables issued by the Continuous Mortality Investigation Bureau. The life expectation in years of a plan participant age 40 as of retiring 25 years later at age 65 is 23 years for Males and 24 years for Females. As benefits terminate at age 70 and there are only 18 eligible employees and retirees, mortality rates were difficult to apply to such a small sample size and were therefore disregarded. Employee turnover Employee turnover is difficult to assess as there has not been a history of turnover at the Company and the current eligible employees represent a small sample size. This factor was therefore disregarded. 24

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