LS Mutual Management
Summary Consolidated Statement of Earnings
Year ended December 31, 2019 (in thousands of Canadian dollars)
| 2019 $ |
2018 $ |
|
Income |
||
Premiums |
||
| Gross premiums | 156,103 | 158,297 |
| Premiums ceded to reinsurers | (33,780) | (33,390) |
| Net premiums | 122,323 | 124,907 |
Investment |
||
| Investment income | 30,484 | 11,638 |
| Change in fair value of financial assets designated at fair value through profit or loss | 21,739 | (12,365) |
| Net investment income | 52,223 | (727) |
Distribution revenues and other revenues |
4,973 | 4,777 |
| 179,519 | 128,957 | |
Expenses |
||
| Gross benefits | 81,764 | 83,810 |
| Benefits ceded to reinsurers | (19,691) | (20,169) |
| Change in policy reserves | 69,709 | 10,936 |
| Change in reinsurance assets | (23,635) | (15,241) |
| Gross commissions | 25,181 | 25,876 |
| Commissions ceded to reinsurers | (12,137) | (8,413) |
| Premium taxes | 3,353 | 3,474 |
| Experience refunds and participations | 3,113 | 2,523 |
| General expenses | 47,670 | 42,734 |
| 175,327 | 125,530 | |
Earnings before income taxes |
4,192 | 3,427 |
| Income taxes | (391) | 650 |
Net income |
4,583 | 2,777 |
| Attributable to the policyholders | 3,913 | 2,392 |
| Attributable to the non-controlling interests | 670 | 385 |
| 4,583 | 2,777 |