CAA Club Group and Subsidiary Companies (CAA) Selected Financial Information of Consolidated Financial Statements December 31, 2016

Transcription

1 CAA Club Group and Subsidiary Companies (CAA) Selected Financial Information of Consolidated Financial Statements December 31, 2016

2 Consolidated Statement of Financial Position As at December 31 Assets Cash and cash equivalents $ 57,284 $ 49,403 Instalment premiums 47,497 45,719 Accounts receivable 26,728 18,290 Prepaid expenses and deposits 10,644 6,953 Deferred policy and membership acquisition expenses (note 8) 23,383 12,254 Loans receivable (note 22) 3,004 4,248 Deferred income tax asset (note 17) 9,399 6,123 Reinsurers share of provision for unpaid claims and adjustment expenses (note 10) 15,586 17,411 Deferred claims fees 1,343 - Investments (note 6) 700, ,402 Investments in affiliated companies (note 11) 7,081 5,565 Property and equipment (note 12) 57,363 47,368 Intangible assets (note 13) 27,387 16,494 Other assets 714 2,214 $ 987,657 $ 884,444 Liabilities Accounts payable and accrued liabilities (note 14) $ 71,955 $ 58,277 Income taxes payable 3,259 2,119 Unearned premiums (note 5) 119, ,128 Unearned membership fees (note 5) 101,099 87,598 Provision for unpaid claims and adjustment expenses (note 10) 249, ,915 Employee defined benefit liabilities, net (note 9) 26,484 16,580 Retirement benefits, other than pension (note 9) 15,465 13, , ,296 Surplus before accumulated other comprehensive income 430, ,720 Accumulated other comprehensive income (loss) (AOCI) (note 7) (55,248) (56,738) Surplus attributable to members of CAA (note 15) 375, ,982 Non-controlling interest (NCI) 23,840 21,166 Total surplus 399, ,148 $ 987,657 $ 884,444

3 Consolidated Statement of Income Gross revenue $ 512,420 $ 478,799 Revenue Membership fees 188, ,036 Retail commissions and related income 34,823 33,022 Gross insurance premiums earned and related income 262, ,870 Insurance premiums ceded to reinsurers (11,282) (9,975) Net insurance premiums earned and related income 250, ,895 Investment income (note 6) 24,380 30,320 Other income 17,247 8, , ,367 Expenses Member services 130, ,315 Advertising and promotion 17,351 16,863 Administration 27,960 26,527 Claims expenses, commissions, and other 224, ,659 Claims expenses recovered from reinsurers (3,989) (5,407) Net claims and adjustments 220, ,252 Retail centres 64,817 59,387 Other expenses 15,570 5, , ,863 Results of operations 39,738 55,504 MML surplus upon amalgamation (note 4) 22,097 - Gain on disposal of subsidiary (note 2) - 7,575 Put option of Orion's minority shareholder (note 14) 493 (3,490) Income from equity investment in affiliated companies (note 11) 1,203 1,079 Net income before income taxes 63,531 60,668 Provision for income taxes (note 17) Current 7,362 8,142 Deferred (2,200) (1,561) 5,162 6,581 Net income for the year 58,369 54,087 Less: net income attributable to NCI (2,174) (1,884) Net income attributable to members of CAA $ 56,195 $ 52,203

4 Consolidated Statement of Comprehensive Income Net income attributable to members of CAA $ 56,195 $ 52,203 Other comprehensive income (loss) (OCI) Items that may be reclassified subsequently to net income Change in net unrealized gain (loss) on available-for-sale investments, net of tax of $422 ( $1,662 recovery) 11,167 (22,987) Reclassification of net realized loss to income, net of tax recovery of $266 ( $2,019 recovery) (175) (5,164) Items that will not be reclassified subsequently to net income 10,992 (28,151) Remeasurement gain (loss) on employee defined benefit and post-retirement benefit plans, net of tax recovery of $1,076 ( $171 tax charge) (9,502) 3,596 (9,502) 3,596 Total OCI for the year 1,490 (24,555) Comprehensive income attributable to members of CAA $ 57,685 $ 27,648

5 Consolidated Statement of Surplus Surplus before AOCI attributable to members of CAA AOCI attributable to members of CAA Surplus attributable to members of CAA NCI Total surplus Balance as at January 1, 2016 $ 374,720 $ (56,738) $ 317,982 $ 21,166 $ 339,148 Net income 56,195-56,195 2,174 58,369 OCI - 1,490 1,490-1,490 56,195 1,490 57,685 2,174 59,859 Sale of interest in subsidiary Balance as at December 31, 2016 $ 430,915 $ (55,248) $ 375,667 $ 23,840 $ 399,507 Balance as at January 1, 2015 $ 322,517 $ (32,183) $ 290,334 $ 16,671 $ 307,005 Net income 52,203-52,203 1,884 54,087 OCI - (24,555) (24,555) - (24,555) 52,203 (24,555) 27,648 1,884 29,532 Capital investment (note 14) Sale of interest in subsidiary ,637 1,637 Step acquisition of equity investment Balance as at December 31, 2015 $ 374,720 $ (56,738) $ 317,982 $ 21,166 $ 339,148

6 Consolidated Statement of Cash Flows Cash provided by (used in) Operating activities Net income attributable to members of CAA $ 56,195 $ 52,203 Add (deduct) items not affecting cash: Amortization of property and equipment and intangible assets 9,358 10,003 Amortization of bond premiums and discounts 2,034 1,949 MML surplus on amalgamation (note 4) (22,097) - Income tax expense 7,362 8,142 Gain on sale of investments 234 (6,319) Put option of Orion's minority shareholder (493) 3,490 Gain on sale of subsidiary - (7,575) Equity income in affiliated companies (1,203) (1,079) NCI 2,174 1,884 Changes in non-cash working capital items (note 16) (1,928) (17,284) 51,636 45,414 Income taxes paid, net (6,378) (4,414) 45,258 41,000 Investing activities Purchase of investments (538,587) (646,103) Proceeds from sale of investments 518, ,051 Dividends received Proceeds on sale of subsidiary - 7,804 Repayment of (advances for) loan receivable 1,244 (2,609) Purchase of property and equipment and intangible assets, net (22,114) (20,153) (41,221) (123,921) Financing activities Sale of interest in subsidiary 500 1,637 Capital investment ,236 2,137 Increase (decrease) in cash and cash equivalents during the year 5,273 (80,784) MML cash and cash equivalents on amalgamation (note 4) 2,608 - Cash and cash equivalents - beginning of year 49, ,187 Cash and cash equivalents - end of year 57,284 49,403 Cash and cash equivalents comprise Cash 37,371 15,481 Short-term deposits 19,913 33,922 $ 57,284 $ 49,403 1