Summary Consolidated Financial Statements LS Mutual Management

Summary Consolidated Statement of EarningsYear ended December 31, 2014 (in thousands of Canadian dollars)

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2014
$
2013
$

Income

Premiums
Gross premiums 120,366  108,063 
Premiums ceded to reinsurers (25,773) (23,563)
Net premiums 94,593  84,500 
Investments
Investment income 15,693  10,849 
Change in fair value of financial assets designated at fair value through profit or loss 31,695  (20,222)
Net investment income 47,388  (9,373)
141,981  75,127 

Expenses

Gross benefits 64,317  53,914 
Benefits ceded to reinsurers (13,047) (8,465)
Change in policy reserves 56,832  (18,006)
Change in reinsurance assets (21,166) (961)
Gross commissions 23,009  20,113 
Commissions ceded to reinsurers (7,157) (6,739)
Gross premium taxes 2,424  2,113 
Taxes on premiums ceded to reinsurers (497) (446)
Experience refunds and participations 2,469  2,141 
General expenses 28,000  26,158 
135,184  69,822 

Earnings before income taxes

6,797  5,305 
Income taxes 1,916  1,344 

Net income

4,881  3,961 
Attributable to policyholders 4,912  3,984 
Attributable to the non-controlling interest (31) (23)
4,881  3,961