2018 Annual Report
Summary Consolidated Financial Statements
LS Mutual Management

Summary Consolidated Statement of Earnings

Year ended December 31, 2018 (in thousands of Canadian dollars)

2018
$
2017
$

Income

Premiums

Gross premiums 158,297  143,672 
Premiums ceded to reinsurers (33,390) (30,515)
Net premiums 124,907  113,157 

Investment

Investment income 11,638  16,041 
Change in fair value of financial assets designated at fair value through profit or loss (12,365) 16,554 
Net investment income (727) 32,595 

Distribution revenues

4,777  4,771 
128,957  150,523 

Expenses

Gross benefits 83,810  75,912 
Benefits ceded to reinsurers (20,169) (17,433)
Change in policy reserves 10,936  52,620 
Change in reinsurance assets (15,241) (28,878)
Gross commissions 25,876  24,414 
Commissions ceded to reinsurers (8,413) (7,806)
Premium taxes 3,474  3,242 
Experience refunds and participations 2,523  2,166 
General expenses 42,734  39,373 
125,530  143,610 

Earnings before income taxes

3,427  6,913 
Income taxes 650  1,950 

Net income

2,777  4,963 
Attributable to the policyholders 2,392  4,370 
Attributable to the non-controlling interests 385  593 
2,777  4,963