2016 Annual report

LS Mutual Management

Summary Consolidated Statement of Earnings

Year ended December 31, 2016 (in thousands of Canadian dollars)

2016
$
2015
$

Income

Premiums

Gross premiums 133,619  130,889 
Premiums ceded to reinsurers (28,940) (27,715)
Net premiums 104,679  103,174 

Investment

Investment income 14,539  15,682 
Change in fair value of financial assets designated at fair value through profit or loss 12  (3,972)
Net investment income 14,551  11,170 

Distribution revenues

9,051  5,945 
128,281  120,829 

Expenses

Gross benefits 64,010  66,189 
Benefits ceded to reinsurers (11,134) (13,709)
Change in policy reserves 19,783  14,104 
Change in reinsurance assets (9,034) (6,965)
Gross commissions 25,845  25,174 
Commissions ceded to reinsurers (7,586) (7,528)
Premium taxes 2,853  2,936 
Experience refunds and participations 2,161  2,200 
General expenses 35,051  33,357 
121,949  115,758 

Earnings before income taxes

6,332  5,071 
Income taxes 1,704  550 

Net income

4,628  4,521 
Attributable to the policyholders 3,856  4,381 
Attributable to the non-controlling interests 772  140 
4,628  4,521