LS Mutual ManagementSummary Consolidated Financial Statements

Summary Consolidated Statement of EarningsYear ended December 31, 2015 (in thousands of Canadian dollars)

For a better mobile experience, we suggest downloading the Financial Statements in PDF format.

2015 
2014 

Income

Premiums
Gross premiums 130,889  120,366 
Premiums ceded to reinsurers (27,715) (25,773)
Net premiums 103,174  94,593 
Investments
Investment income 15,682  15,693 
Change in fair value of financial assets designated at fair value through profit or loss (3,972) 31,695 
Net investment income 11,710  47,388 
Distribution revenues
5,945 
120,829  141,981 

Expenses

Gross benefits 66,189  64,317 
Benefits ceded to reinsurers (13,709) (13,047)
Change in policy reserves 14,104  56,832 
Change in reinsurance assets (6,965) (21,166)
Gross commissions 25,174  23,009 
Commissions ceded to reinsurers (7,528) (7,157)
Gross premium taxes 3,693  2,424 
Taxes on premiums ceded to reinsurers (757) (497)
Experience refunds and participations 2,200  2,469 
General expenses 33,357  28,000 
115,758  135,184 

Earnings Before Income Taxes

5,071  6,797 
Income taxes 550  1,916 

Net Income

4,521  4,881 
Attributable to the policyholders 4,381  4,912 
Attributable to the non-controlling interests 140  (31)
4,521  4,881