ENNIA FINANCIAL HIGHLIGHTS 2014
Balance Sheet
As of December 31st
All amounts ANG x 1,000
ADMISSIBLE ASSETS
Intangibles
Investments:
Real Estate
Unconsolidated Affiliated Companies and Other Participations
Stocks
Bonds and Other Fixed Income Securities
Participation in Non-Affiliated Investment Pools
Mortgage Loans
Other Loans
Deposits with Financial Institutions
Other Investments
Current Assets
Other Assets
From Separate Accounts Statement
CARIBE LEVEN N.V.
2014
CARIBE SCHADE N.V.
2013*
2014
2013*
CARIBE ZORG N.V.
2014
35,465
28,628
99,802
10,094
450,411
19,304
565,260
170,744
3,689
20,811
2,379
66,177
12,720
43,501
7,583
-
1,145
4,192
55,856
12,720
16,257
4,178
-
30
1,855
28,555
3,390
10
-
56
1,748
30,130
1,533
10
-
1,482,548
1,404,208
132,360
94,348
33,840
33,477
2014
2013*
2014
2013*
2014
2013*
Capital and Surplus:
Capital
Surplus
Less Treasury Stock
Subordinated Instruments
Provisions for Insurance Obligations:
Net Technical Provision for Life Insurances
Net Technical Provision for Accident and Sickness
Net Other Technical Provisions
Other Net Policy and Contract Provisions
Net Unearned Premium Provision
Net Claim Provision
Current Liabilities
Other Liabilities
Contingent Liabilities
From Separate Accounts Statement
30,484
102,210
1,202,789
121,495
6,316
19,254
30,484
87,587
1,151,806
106,883
6,637
20,811
29,882
16,339
14,233
18,776
52,185
934
11
-
29,882
11,685
13,064
23,876
14,846
982
13
-
3,000
9,151
7,306
5,907
8,471
5
-
3,000
7,434
6,000
7,515
9,528
-
TOTAL
1,482,548
1,404,208
132,360
94,348
33,840
33,477
EQUITY, PROVISIONS AND LIABILITIES
INDEPENDENT AUDITOR’S REPORT
The accompanying financial highlights, which comprise the balance sheet as at December 31, 2014, the profit
and loss statement for the year then ended, and related notes, are derived from the audited Life Insurance and
General Insurance Annual Statements (“statements”) of ENNIA Caribe Leven N.V., ENNIA Caribe Schade N.V. and
ENNIA Caribe Zorg N.V. (the “Companies”) for the year ended December 31, 2014. We expressed unmodified audit
opinions on these statements in our reports dated June 30, 2015. Those statements, and the financial highlights,
do not reflect the effects of events that occurred subsequent to the date of our reports on those statements.
The financial highlights do not contain all the disclosures required by International Financial Reporting Standards.
Reading the financial highlights, therefore, is not a substitute for reading the audited statements of the Companies.
Management’s Responsibility for the financial highlights
Management is responsible for the preparation of the financial highlights derived from the audited statements in
accordance with the Provisions for the Disclosure of Consolidated Financial Highlights of Insurance Companies
issued by the Centrale Bank van Curaçao en St. Maarten (“CBCS”).
Auditor’s Responsibility
Our responsibility is to express an opinion on the financial highlights based on our procedures, which were
conducted in accordance with International Standard on Auditing (ISA) 810, Engagements to Report on Summary
Financial Statements.
Opinion
In our opinion, the financial highlights derived from the audited statements of the Group for the year ended
December 31, 2014 are consistent, in all material respects, with those statements, in accordance with the
Provisions for the Disclosure of Consolidated Financial Highlights of Insurance Companies, issued by the CBCS.
Curaçao, June 30, 2015
KPMG Accountants B.V.
Lindomar L.P. Scoop
Explanatory notes to
the financial highlights
Throughout these notes, the word “Group” refers to Ennia
Caribe Leven N.V., Ennia Caribe Schade N.V., Ennia Caribe
Zorg N.V., either collectively or separately.
Statement of compliance
The financial highlights of the Group have been prepared
in accordance with the “Provisions for the Disclosure of
consolidated Financial Highlights of insurance Companies”
issued by the Centrale Bank van Curaçao en St. Maarten,
the provisions of the “Landsverordening Toezicht verzekeringsbedrijf (P.B. 1990,77)” and “Landsbesluit Financiële
eisen verzekeringsbedrijf (P.B. 1992,52)”.
Basis of preparation
Items included in the financial highlights of the Group are
stated in Antillean Guilders (ANG), which is the Group’s
functional and presentation currency. All amounts in the
notes are shown in thousands of ANG, rounded to the nearest
thousand, unless otherwise stated.
Basis of estimates
The preparation of the financial highlights requires the Group
to make estimates and assumptions that affect items reported
in the balance sheets and profit and loss statements. Actual
results ultimately may differ, possibly significantly, from those
estimates.
Investments
Stocks, bonds and other fixed income securities
Stocks, bonds and other fixed income securities are classified
either at fair value through profit or loss, available-for-sale
financial assets or loans and advances.
WEB: www.ennia.com
CARIBE SCHADE N.V.
CARIBE ZORG N.V.
2014
2013
2014
2013
2014
2013
Premium and Other Policy Considerations
Net Investment Income and Realized Capital Gains and Losses
Net Other Operational Income
Net Benefits Incurred
Change In Provisions for Insurance Obligations
Net Operational Expenditures Incurred
Net Other Operational Expenditures Incurred
Net Transfers to or from Separate Accounts
Other Changes Affecting Net Results
Profit Sharing to Policyholders
Net Earned Premiums
Net Other Underwriting Income
Net Claims Incurred
Net Claim Adjustment Expenses Incurred
Net Changes In Various Other Provisions
Policyholders' Dividends and Other Similar Benefits Incurred
Underwriting Expenses Incurred
Net Other Expenses Incurred
UNDERWRITING RESULTS
88,367
62,722
61,789
51,057
18,885
2,089
-
96,928
63,508
55,184
63,069
19,015
4,213
-
56,442
24,436
5,012
26,009
985
56,699
26,889
4,409
23,737
1,664
7,243
4,319
344
1,791
789
8,834
6,382
313
1,712
427
Net Investment Income and Earned and Capital Gains or Losses
Other Results
Extraordinary Results
Net Operational Results Before Corporate Taxes
and Net Results From Separate Accounts
Corporate Taxes Incurred
Net Operational Results After Corporate Taxes
and Before Net Results From Separate Accounts
Net Results from Separate Accounts
Net Operational Results
Net Unrealized Gains or Losses
-37
17,232
-59
18,896
3,457
4,442
3,402
-872
4,194
895
-45
1,639
939
11
1,377
-311
17,543
-2,563
21,459
4,442
4,194
1,639
1,377
77
17,620
-3,013
3,824
25,283
-4,906
4,442
-
4,194
-382
1,639
-
1,377
-
Net Profit or Loss
14,607
20,377
4,442
3,812
1,639
1,377
(Without Investment Income and Realized Capital Gains or Losses)
Analysis of unassigned earnings
*= Adjusted for comparison purposes
To the Supervisory Board of Directors of ENNIA Caribe Leven N.V.,
ENNIA Caribe Schade N.V., ENNIA Caribe Zorg N.V.
T: 4343800 (Curaçao) or 5432232 (Sint Maarten)
CARIBE LEVEN N.V.
For the year ended December 31st
All amounts ANG x 1,000
2013*
35,042
2,330
75,744
9,295
591,227
4,600
565,260
173,997
5,799
19,254
TOTAL
Profit and loss statement
ENNIA information
Unassigned Earnings (Beginning of Year)
Net Profit or Loss
Distribution of Accumulated Earnings
Other Changes In Unassigned Earnings
Unassigned Earnings (End of Year)
Fair value through profit or loss
Financial assets and financial liabilities at fair value through
profit or loss are reported at fair value with changes in fair
value recognized in the profit and loss statement.
Available-for-sale (AFS)
Available-for-sale investments are non-derivative investments that are intended to be held for an indefinite period
of time. Available-for-sale investments are initially recognized
at fair value plus transaction cost, with fair value changes
recognized directly in equity, until the investment is
derecognized or impaired, whereupon the cumulative gains
or losses previously recognized in equity are recognized in the
profit and loss statement for the period.
Unquoted equity securities whose fair value cannot be reliably
measured are carried at cost less impairment, if applicable.
The current value is deemed to approximate fair value.
Mortgage loans, other loans and deposits
Mortgage loans, other loans and deposits are initially
measured at fair value plus incremental transaction costs,
and are subsequently measured at amortized cost using the
effective interest method, net of an allowance for impairment.
Current assets and Other assets
Cash and cash equivalents
Cash and cash equivalents comprise cash balances on hand
and short-term highly liquid investments with maturities of
three months or less when purchased.
2014
2013
2014
2013
2014
2013
77,808
14,607
92,415
57,431
20,377
77,808
11,850
4,442
16,292
8,038
3,812
11,850
7,499
1,639
9,138
6,122
1,377
7,499
Receivables and other financial assets
Receivables and other financial assets are initially measured
at fair value plus incremental transaction costs, and are
subsequently measured at amortized cost using the effective
interest method, net of an allowance for impairment.
Outstanding claim provisions include ‘claims incurred but not
reported’ (IBNR).
Provisions for Insurance Obligations
Actuarial basis
Life insurance business provisions are calculated separately
for each life operation, based on local regulatory requirements
and actuarial principles consistent with those applied in the
former Netherlands Antilles.
Technical Information on Risk Coverage and Reinsurance
The Group has developed its insurance underwriting strategy
to diversify the type of insurance risks accepted and within
each of these categories to achieve a sufficiently large
population of risks to reduce the variability of the expected
outcome. Factors that exacerbate insurance risk include
lack of risk diversification in terms of type and amount of
risk, geographical location and type of industry covered. The
frequency and severity of claims can be affected by several
factors. The most significant are the increasing level of awards
for the damage suffered as a result of exposure to several
factors. The Group only contracts reinsurance protection with
reinsurance companies that are rated.
The life insurance provision is calculated according to the
principles on which the premiums have been based, primarily
on a prospective basis and the interest as used in the
premium. The provision also includes a provision for future
costs of processing benefits, the provision for unearned
premiums and unexpired risks as well as the provision for
claims outstanding, all as far as related to the life insurance
business.
Non-actuarial basis
General insurance and health outstanding claims provisions
are based on the estimated ultimate cost of all claims
incurred but not settled at year end, whether reported or
not. Significant delays are experienced in the notification
and settlement of certain types of general insurance claims,
particularly in respect of liability business for which the
ultimate cost cannot be known with certainty at year-end.
For health insurance the other provisions cover future costs
for insured persons with chronic diseases.
Contingent Liabilities
There are no other contingent liabilities, other than those
that have been properly recorded and disclosed in the Annual
Statements (ARAS) 2014.
Capital and or Surplus Commitments
Ennia Caribe Holding N.V. is the parent company of the
entities Ennia Caribe Leven N.V., Ennia Caribe Schade N.V.
and Ennia Caribe Zorg N.V.