LS Mutual Management

Summary Consolidated Statement of Financial Position

December 31, 2019 (in thousands of Canadian dollars)

	2019 $	2018 $
Assets
Investment
Cash	20,560	14,433
Money market	3,472	6,042
Bonds	304,380	278,884
Shares	41,797	39,737
Infrastructure funds	11,100	10,860
Real estate funds	12,528	11,471
Policy loans	1,612	1,578
Investment	395,449	363,005
Other asset components
Other assets	37,761	26,160
Reinsurance assets	220,843	197,409
Deferred tax assets	2,154	511
Property and equipment	9,500	9,060
Intangible assets	9,142	14,535
Goodwill	13,670	-
Other asset components	293,070	247,675
Total assets	688,519	610,680

	2019 $	2018 $
Liabilities
Policy liabilities
Policy reserves	539,049	469,340
Investment contract liabilities	636	688
Benefits payable	27,070	26,774
Deposits	6,857	7,186
Participations and experience refunds payable	1,079	704
Policy liabilities	574,691	504,692
Other liability components
Other liabilities	19,305	20,215
Deferred tax liabilities	-	1,520
Debenture	4,953	4,949
Lease liabilities	417	-
Other liability components	24,675	26,684
Total liabilities	599,366	531,376
Equity
Members’ equity	77,386	73,314
Non-controlling interests	18,817	14,388
Accumulated other comprehensive income	(7,050)	(8,398)
Total equity	89,153	79,304
Total liabilities and equity	688,519	610,680

On behalf of the Board,