Kompania e Sigurimeve Illyria Sh.a. FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 WITH INDEPENDENT AUDITORS REPORT THEREON
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1 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 WITH INDEPENDENT AUDITORS REPORT THEREON
2 Contents Page Independent Auditor s Report Statement of financial position 1 Statement of comprehensive income 2 Statement of changes in equity 3 Statement of cash flows 4 Notes to the financial statements 5-44 Supplementary Schedules 45-48
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6 Statement of comprehensive income For the year ended 31 December 2017 (in EUR) Notes Gross written premiums 22 8,298,476 7,120,933 Premium tax (414,924) (356,090) Change in the gross provision for unearned premiums 18 (447,098) 494,254 Net written premiums 7,436,454 7,259,097 Premiums ceded to reinsurers 22 (791,677) (763,672) Reinsurers share of change in the provision for unearned premiums 12 68,659 25,366 Net insurance premiums revenue 6,713,436 6,520,791 Investment income , ,456 Reinsurance recoveries 1,011, ,656 Reinsurance commission 127, ,773 Other income , ,743 Total revenues 8,308,048 7,360,419 Losses and loss adjustment expenses (4,473,663) (4,059,424) Interest expense (7,843) (7,923) Policy acquisition costs 23 (808,303) (874,866) Share of expenses of KIB 24 (608,055) (544,692) Administrative expenses 26 (2,186,608) (2,045,484) Total losses and expenses (8,084,472) (7,532,389) Net profit/ (loss) for the year 223,576 (171,970) Other comprehensive income Other comprehensive income form Revaluation of AFS 118,486 12,450 Total comprehensive income/(loss) for the year 342,062 (159,520) The notes on pages 5 to 44 are an integral part of these financial statements. 2
7 Statement of changes in equity For the year ended 31 December 2017 (in EUR) Equity Accumulated losses Surplus on revaluation of property Fair Value reserve of Available for Sale instruments Total Balance at 1 January ,428,040 (2,324,806) 765,996 (12,603) 3,856,627 Comprehensive income for the year Net income for the period - (171,970) - - (171,970) Fair value changes for the year ,450 12,450 Total comprehensive income - (171,970) - 12,450 (159,520) Total transactions with owners reported directly in equity Balance at 31 December ,428,040 (2,496,776) 765,996 (153) 3,697,107 Comprehensive income for the year Net income for the period - 223, ,576 Fair value changes for the year , ,486 Total comprehensive income - 223, , ,062 Total transactions with owners reported directly in equity Balance at 31 December ,428,040 (2,273,200) 765, ,333 4,039,169 The notes on pages 5 to 44 are an integral part of these financial statements 3
8 Statement of cash flow For the year ended 31 December 2017 (in EUR) Cash flows from operating activities Note Net profit for the period 223,576 (171,970) Adjustments to reconcile net profit to net cash flows from operating activities: Depreciation and amortization 7,8 92,715 98,919 Non-cash items in P&L, net 27 17,307 - Increase in Insurance contract liability liabilities 17 86, ,979 Increase/(Decrease) in unearned premium ,098 (494,254) Premium tax expense 414, ,090 Interest expenses 7,843 7,923 Loss from disposal of assets 501 8,085 Investment income 25 (151,653) (157,456) Cash flows from operating activities before changes in operating assets and liabilities 1,138, ,316 Changes in operating assets and liabilities (Increase)\Decrease in reinsurance share of insurance liabilities 12 (193,530) 14,630 Decrease in receivables from agents and customers 10 27, ,415 (Increase)\Decrease in deferred acquisition costs 13 (25,424) 50,399 Decrease\(Increase) in other assets 11 36,796 (34,567) Increase\(Decrease) in insurance payable ,006 (56,195) (Decrease)\Increase in other accounts payable 20 (135,170) 39,806 Decrease in deferred revenue 21 7,970 7,356 Cash flows generated from operations 997, ,160 Premium tax paid (493,179) (356,090) Interest paid (7,843) (7,923) Net cash generated from\(used in) operating activities 495,999 (4,853) Cash flows from investing activities Purchase of fixed assets 7,8 (45,659) (38,620) Proceeds from sale of property and equipment 7,8 3,136 1,798 Increase in term deposits 14 (400,000) (1,536,211) Interest received 200, ,460 (Investment)\redemption in government bonds 9 (202,657) 455,737 Net cash used in investing activities (444,235) (974,836) Net cash from financing activities - - Net Increase/(decrease) in cash and cash equivalents 51,764 (979,689) Cash and cash equivalents at beginning of the year ,513 1,533,203 Cash and cash equivalents at 31 December , ,514 The notes on pages 5 to 44 are an integral part of these financial statements. 4
9 1. REPORTING ENTITY Kompania e Sigurimeve Illyria sh.a formerly known as Kompania e Sigurimeve Dukagjini sh.a (hereafter Illyria or "the Company") was established on 6 March 2002 under UNMIK regulations for provisional business registration. It operates under a license issued on 13 February 2002 by the Central Bank of Kosovo ( CBK ), to issue compulsory third party liability ( CTPL ) motor vehicle insurance policies within the territory of Kosovo and also voluntary insurance products. The Company is part of Save Re Group, a Slovenian company. The Company s Head office is located at Mother Theresa Boulevard, no. 33, Pristina, Kosovo. At 31 December 2017, the Company employed 181 staff and senior management (2016: 181 staff and senior management). Number of employees by degree of formal education 31 December December 2016 Primary and lower secondary education Secondary Higher University Masters degree and doctorate TOTAL BASIS OF PREPARATION a. Statement of compliance The accompanying financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). In selecting and applying accounting policies, as well as in pre-paring the financial statements, the Supervisory Board of Illyria Insurance Company aims to provide understandable, relevant, reliable and comparable accounting information. The financial statements have been prepared based on the going-concern assumption. Consolidated financial statements of SAVA RE GROUP - as parent Company, can be found at b. Basis of measurement The financial statements have been prepared based on the historic cost basis, except for available-for-sale financial assets and buildings, which are measured at fair value. c. Functional and presentation currency The financial statements are presented in Euro ( EUR ), which is the Company s presentation and functional currency. The functional currency of an entity is the currency of the primary economic environment in which it operates. 5
10 2. BASIS OF PREPARATION (CONTINUED) d. Comparative information e. For more consistent presentation of transactions, classification of certain items in the comparative financial information has been changed to be consistent with the current year treatment. f. Use of estimates and judgments The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods Assumptions and other sources of uncertainty relate to estimates that require management to make difficult, subjective and complex judgements. Below are given major areas that involve management judgement. Receivables are impaired based on the accounting policy set out in Note 10. Any impairment loss recognised is shown in Note 10. Financial investments: Classification, recognition, measurement and derecognition, as well as investment impairment and fair value measurement are made based on the accounting policy set out in Note 10. Movements in investments and their classification is shown in Note 9, while the associated income and expenses, and impairment are shown in Note 26. Technical provisions calculation and liability adequacy tests pertaining to insurance contracts are shown in Note 17. g. Cash flow statement The cash flow statement has been prepared using the indirect method. Cash flows from operating activities have been prepared based on data from the 2016 statement of financial position and income statement, with appropriate adjustments for items that do not constitute cash flows. Cash flows from financing activities have been disclosed based on actual disbursements. Items relating to changes in net operating assets are disclosed in net amounts. h. Statement of changes in equity The statement of changes in equity shows movements in individual components of equity in the period. 6
11 3. SIGNIFICANT ACCOUNTING POLICIES The accounting policies set out below have been applied consistently to all periods presented in these financial statements. a. Intangible assets Intangible assets, are stated at cost, including any expenses directly attributable to preparing them for their intended use, less accumulated amortisation and any impairment losses. Amortisation is calculated for each item on a straight-line basis. Intangible assets are first amortised upon their availability for use. Intangible assets in the Company include computer software, licences pertaining to computer software (their useful life is assumed to be 5 years). b. Property and equipment Property and equipment assets, except for building are initially recognised at cost, including cost directly attributable to acquisition of the asset. Subsequently, the cost model is applied: assets are carried at cost, less any accumulated depreciation and any impairment losses. Property and equipment assets are first depreciated upon their availability for use. Depreciation is calculated for each item separately, on a straight-line basis. Depreciation rates are determined so as to allow writing off the cost of property and equipment assets over their estimated useful life. Buildings Buildings are carried at revaluated amount whose fair value is measured reliably, being its fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are performed with sufficient regularity, every two year. Depreciation rates of property and equipment assets Depreciation group Rate Land 0 % Buildings % Transportation % Computer equipment 33.0 % Office and other furniture % Other equipment % The Company assesses annually whether there is any indication of impairment. If there is, it starts the process of estimating the recoverable amount. The recoverable amount is the higher of value in use and fair value less costs to sell. If the recoverable amount exceeds or is equal to the carrying amount, the asset is not impaired. Gains and losses on the disposal of items of property and equipment, calculated as the difference between sales proceeds and carrying amounts, are included in profit or loss. The costs of property and equipment maintenance and repairs are recognised in profit or loss as incurred. Investments in property and equipment assets that increase future economic benefits are recognised in their carrying amount. c. Financial investments Financial investments are initially recognised at cost and the carrying amount is increased or decreased to recognise the profit or loss of the company after the date when the financial investment was last valued. \ 7
12 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) d. Held-to-maturity financial assets Held-to-maturity financial assets are assets with fixed or determinable payments and fixed maturity that the Company can, and intends to, hold to maturity. e. Available-for-sale financial assets Available-for-sale financial assets are assets that the Company intends to hold for an indefinite period and are not classified as financial assets at fair value through profit or loss or held to maturity financial assets. f. Loans and receivables (deposits) This category includes loans and bank deposits with fixed or determinable payments that are not traded in any active market. Recognition, measurement and de-recognition Available-for-sale financial assets and held-to-maturity financial assets are initially measured at fair value plus any transaction costs. Acquisitions and disposals of financial assets, loans and deposits are recognised on the trade date. Gains and losses arising from fair value revaluation of financial assets available for sale are recognised in the statement of comprehensive income, and transferred to the income statement upon disposal or impairment. Held-to-maturity financial assets are measured at amortised cost less any impairment losses. Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire or when the assets are transferred and the transfer qualifies for de-recognition in accordance with IAS 39. Loans and receivables (deposits), and held-to-maturity financial assets are measured at amortised cost. Determination of fair values The Company measures all financial instruments at fair value, except for deposits, shares not quoted in any regulated market, loans and subordinated debt (assumed that the carrying amount is a reasonable approximation of fair value) and financial instruments held to maturity, which are measured at amortised cost. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either (i) in the principal market for the asset or liability, or (ii) in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. g. Impairment of investments A financial asset other than at fair value through profit or loss is impaired and an impairment loss incurred provided there is objective evidence of impairment as a result of events that occurred after the initial recognition of the asset and that such events have an impact on future cash flows that can be reliably estimated. The Group assesses whether there is any objective evidence that individual financial assets are impaired on a three-month basis (when preparing interim and annual reports) 8
13 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) h. Receivables Receivables include receivables for premiums from policy-holders or insurers as well as other receivables. Recognition of receivables Receivables are initially recognized based on issued policies, invoices or other authentic documents. In financial statements, receivables are reported in net amounts, i.e. net of any allowances made. Insurance receivables Insurance receivables are recognized when due and measured on initial recognition at the fair value of the consideration received or receivable. Subsequent to initial recognition, insurance receivables are measured at amortized cost, using the effective interest rate method. The carrying value of insurance receivables is reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable, with the impairment loss recorded in the income statement. i. Impairment of receivables The Company classifies receivables into Companies with similar credit risk. It assesses receivables in terms of recoverability or impairment, making allowances based on payment history. Individual assessments are carried for all material items of receivables. In addition to age, the method for accounting for allowances takes into account the phase of the collection procedure, and historical data on the percentage of write-offs made and the ratio of recoverability. Assumptions are reviewed annually. Recourse receivables are recognized as assets only if, on the basis of a recourse claim, an appropriate legal basis exists (a final order of attachment, a written agreement with or payments by the policyholder or debtor). Recognition of principal amounts to which recourse receivables relate decreases claims paid. Reinsurance assets The Company cedes insurance premiums and risk in the normal course of business with net loss potential through the diversification of its risk. Assets and liabilities arising from ceded reinsurance contracts are presented separately as assets and liabilities from related insurance contracts because the reinsurance arrangements do not relieve the Company from its direct obligation to its policy holders. The Company s reinsurance policy is established in order to limit its potential losses arising from longer exposures to Motor Third Party Liability ( MTPL ), Casco Insurance, Property and Liabilities lines of business. Such reinsurance includes both facultative (property) and treaty basis, excess of loss (property & cargo) or surplus basis and quota share. Only rights under contracts that give rise to a significant transfer of insurance risk are accounted for as reinsurance assets. Rights under contracts that do not transfer significant insurance risk, are accounted for as financial instruments. Reinsurance premiums for ceded reinsurance are recognised as an expense on a basis that is consistent with the recognition basis for the premiums on the related insurance contracts. For general insurance business, reinsurance premiums are expensed over the period that the reinsurance coverage is provided based on the pattern of the reinsured risk. The unexpended portion of the ceded reinsurance premiums is included in the reinsurance assets. The amounts recognised as reinsurance assets are measured on a basis that is consistent with the measurement of the provision held in respect of the related insurance contracts. Reinsurance receivables include reinsurance commission in respect of premiums ceded to the reinsurer and recoveries due from reinsurance companies in respect of claims paid. These are classified as receivables and are disclosed separately, if any. 9
14 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) i. Impairment of receivables (continued) Reinsurance assets are assessed for impairment at each reporting date. An asset is deemed impaired if there is objective evidence, as a result of an event that occurred after its initial recognition, that the Company may not recover all amounts due, and that the event has a reliable measurable impact on the amounts that the Company will receive. Insurance receivables and payables Amounts due to and from policyholders, agents and reinsurers are financial instruments and are included in insurance receivables and payables, and not in insurance contract provisions or reinsurance assets. j. Deferred acquisition costs Acquisition costs that are deferred include the part of operating expenses associated with policy underwriting. The Company discloses under deferred acquisition costs, mostly deferred commissions. These are booked commissions relating to the next financial year and are recognized based on (re) insurance accounts and estimated amounts obtained based on estimated commissions taking into account straight-line amortization. The Company discloses under deferred acquisition costs, mostly deferred commissions and Tax on Gross written Premium. k. Term deposits Term deposits are stated at the amount of principal outstanding and are classified according to their maturities. Term deposits with maturities less than three months are classified as cash equivalents, those with maturities longer than three months are classified as term deposits. Interest is calculated on an accrual basis and interest receivable is reflected in other assets. l. Cash and cash equivalents Cash and cash equivalents comprise cash balances on hand, cash deposited with banks and short-term highly liquid investments with maturities of three months or less when purchased. m. Equity Composition: share capital comprises the par value of paid-up ordinary shares, expressed in euro; capital reserves comprise amounts in excess of the par value of shares; retained earnings; net profit/loss for the year; n. Classification of insurance and investment contracts (liabilities)s Contracts under which the Company accepts significant insurance risk from another party (the policy holder) by agreeing to compensate the policy holder against a specified uncertain future event (the insured event) which adversely affects the policyholder are classified as insurance contracts. Insurance risk is the risk other than financial risk. Financial risk is the risk of a possible future change in one or more of specified interest rate, security price, commodity price, foreign exchange rate, indexes of prices or rates, credit rating or credit index or other variable, provided in the case of a non-financial variable when the variable is not specific to a party to the contract. 10
15 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) n. Classification of insurance and investment contracts (liabilities)s (continued) Contracts under which the transfer of insurance risk to the Company from the policy holder is not significant are classified as investment contracts. All contracts currently written by the Company involve the transfer of significant insurance risk. General insurance contracts Insurance liabilities are calculated separately for all insurance products and are composed of premium contingency (unearned), risk contingency (unexpired) and loss contingency (not paid as at the closing date of the financial year). Insurance liabilities (provisions) represent estimates of future payments for reported and unreported claims. The Company does not discount its insurance liabilities. Any changes in estimates are reflected in results of operations in the period in which estimates are changed. Insurance liabilities estimation is a complex process dealing with uncertainty, requiring the use of informed estimates and judgments. Technical provisions Technical provisions are shown gross in the statement of financial position. The share of gross technical provisions for the business ceded by the Company reinsurers is shown in the statement of financial position under the asset item reinsurers share of technical provisions. Technical provisions for company are approved by company s appointed certified actuary. They must be set at an amount that provides reasonable assurance that liabilities from assumed (re)insurance contracts can be met. The main principles used in calculations are described below. Unearned premiums Unearned premiums are the portions of premiums written pertaining to periods after the accounting period. Unearned premiums for primary insurance are calculated on a pro rata temporis basis at insurance policy level. For reinsurance, data are available for calculation on insurance policy level. Provisions for outstanding claims Provisions for outstanding claims (claims provision) are established in the amount of expected liabilities for incurred but not settled claims, including loss adjustment expenses. These comprise provisions for both reported claims calculated based on case estimates and claims incurred by not reported (IBNR) calculated using actuarial methods. Future liabilities are generally not discounted. Provisions for incurred but not reported claims are calculated for the major part of the portfolios of primary insurers using actuarial methods based on paid claims triangles; the result is the total claims provision, and IBNR provision is calculated as the difference between the result of the triangle method and the provision based on case reserves. In classes where the volume of business is not large enough for reliable results from the triangle methods, the calculation is made based on either (i) the product of the expected number of subsequently reported claims and the average amount of subsequently reported claims or (ii) methods based on expected loss ratios. The IBNR provision is established at the amount of the claims provision thus estimated. The outstanding claims provision is thus established based on statistical data and using actuarial methods; therefore, its calculation also constitutes a liability adequacy test. Other technical provisions Other technical provisions only include the provision for unexpired risks derived from a liability adequacy test of unearned premiums, as described below. 11
16 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) n. Classification of insurance and investment contracts (liabilities)s (continued) Unearned premiums are deferred premiums based on coverage periods. If based on such a calculation, the premium is deemed to be adequate, the unearned premium is also adequate. Company carry out liability adequacy tests for unearned premiums at insurance class level. The calculation of the expected combined ratio in any class of insurance was based on premiums earned, claims incurred, commission expenses and other operating expenses. Where the expected combined ratio so calculated exceeds 100 %, thus revealing a deficiency in the unearned premium, a corresponding provision for unexpired risks within other technical provisions is set aside, in accordance with rules and regulations. Valuation of insurance contract liability Insurance contracts, estimates have been made both for the expected ultimate cost of claims reported at the reporting date and for the expected ultimate cost of claims incurred, but not yet reported, at the reporting date (IBNR). It can take a significant period of time before the ultimate claims cost can be established with certainty and for some type of policies, IBNR claims form the majority of the liability in the statement of financial position. Note 17 and the respective accounting policy note 3.c (i) contain information about the assumptions and uncertainties related to insurance liabilities. Technical reserve for border insurance and compensation fund Technical reserves for border insurance and compensation fund are prepared bases on reports provided to the Company by the Bureau, while independent auditor report for Kosovo Insurance Bureau is not issued yet. Consequently, actual results may differ from these amounts reported in relation with the transactions with Kosovo Insurance Bureau. o. Liability adequacy test (LAT) The Company carries out adequacy testing of provisions set aside based on insurance contracts as at the financial statement date for non-life business. p. Liabilities Liabilities for trade and other amounts payable are measured at cost which is the fair value of the consideration to be paid in the future for goods and services received whether billed to the Company or not. q. Provision A provision is recognised when the Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at pre tax rate. Provisions reflect current market assessments of the time value of money and, where appropriate, the risks specific to the liability. r. Employee benefits (i) Compulsory social security contributions The Company makes only compulsory social security contributions that provide pension benefits for employees upon retirement. The Company s contributions to the pension plan are charged to profit or loss as incurred. 12
17 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) r. Employee benefits (continued) (ii) Paid annual leave The Company recognizes as a liability the undiscounted amount of the estimated costs related to annual leave expected to be paid in exchange for the employee s service for the period completed. s. Leases Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit or loss on a straight line basis over the period of the lease. t. Net premiums earned Premiums earned are accounted for on an accrual basis, taking into account any increase in economic benefits in the form of cash inflows or increases in assets. The following are disclosed separately: gross insurance premiums, co-insurance, reinsurance and unearned premiums. These items are used to calculate net premiums earned in the income statement. Revenues are recognised based on confirmed insurance accounts or insurance contracts. Estimates are made on the basis of amounts in insurance contracts, which, according to due dates, have already accrued although the company has yet to receive insurance accounts. Net premiums earned are calculated based on invoiced gross insurance premiums less invoiced premiums ceded, both adjusted for the movement in gross unearned premiums and the change in reinsurers share of unearned premiums. Premiums earned are estimated based on individual insurance contracts. u. Net claims incurred Claims and benefits incurred are accounted for on an accrual basis. Net claims incurred comprise gross claims paid net of recourse receivables. The amount of gross claims incurred is affected by the change in the claims provision, taking into account estimated claims and provisions for outstanding claims. Estimates are made on the basis of amounts in insurance contracts, which, according to due dates, have already accrued although the company has yet to receive insurance accounts. Claims incurred comprise the settlement and handling costs of paid and outstanding claims arising from events occuring during the financial year together with adjustments to prior year claims provisions. Claims outstanding are assessed by reviewing individual claims and making allowance for claims incurred but not yet reported, the effect of both internal and external foreseeable events, such as the changes in claims handling procedures, inflation, judicial trends, legislative changes and past experience and trends. Provisions for claims outstanding are not discounted. Adjustments to claims provisions established in prior years are reflected in the financial statements of the period in which the adjustments are made and disclosed separately if material. Whilst the Board of Directors considers that the insurance liabilities for claims and the related reinsurance recoveries are fairly stated, the ultimate liability may differ as a result of subsequent information and events and may result in significant adjustments to the amounts provided. Adjustments to the amounts of the insurance liabilities are reflected in the financial statements for the period in which the adjustments are made. Contingency for claims under legal process A significant portion of claims are under legal process, and for which the Company has recorded appropriate insurance liabilities based on management s assessment. 13
18 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) v. Investment income and expenses The Company records investment income and expenses separately by source of funds, that is separately for the capital fund, the liability fund. The capital fund comprises assets representing shareholders funds; the liability fund comprises assets supporting technical provisions; Investment income includes: interest income, income from changes in fair value and gains on disposal of investments designated at fair value through profit or loss other income. Investment expenses The mentioned income and expenses are disclosed depending on how the underlying investments are classified, i.e. investment available for sale, or deposits. w. Operating expenses Operating expenses comprise: Acquisition costs; Change in deferred acquisition costs; Other operating expenses classified by nature are as follows: Depreciation of operating assets, Personnel costs including employee salaries, Social and pension insurance costs and other personnel costs, Payments under contracts for services, other operating expenses relating to services and materials. x. Income tax As per Corporate Income Tax Law 05/L -029, insurance companies are required to pay Corporate Income tax as fix percentage of Gross Written Premium on quarterly basis. Premiums returned and retrospective premium adjustments are deducted from gross premiums to arrive at the tax base. Tax rate is 5% of Gross Written Premium. Tax on profit, as tax on gross premiums written is presented separately as a deduction from the gross premiums written. 14
19 4. ADOPTION OF NEW OR REVISED STANDARDS AND INTERPRETATIONS 4.1. Standards and interpretations issued but not yet effective The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company financial statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective. IFRS 9 Financial Instruments In July 2014, the IASB issued the final version of IFRS 9 Financial Instruments that replaces IAS 39 Financial Instruments: Recognition and Measurement and all previous versions of IFRS 9. IFRS 9 brings together all three aspects of the accounting for financial instruments project: classification and measurement, impairment and hedge accounting. IFRS 9 is effective for annual periods beginning on or after 1 January 2018, with early application permitted. However, the project to implement IFRS 17 Insurance Contracts (discussed below) has raised concerns arising from implementing the new financial instruments standard, IFRS 9, before implementing the new insurance contracts standard that the Board is developing to replace IFRS 4. Consequently, an amendment to IFRS 17 introduced two options for entities issuing insurance contracts: a temporary exemption from applying IFRS 9 and an overlay approach. The amendments are effective for periods beginning on or after 1 January The Company has opted to apply the temporary exemption from the application of IFRS 9 until the enforcement of IFRS 17 Insurance Contracts in year IFRS 15 Revenue from Contracts with Customers Effective for annual periods beginning on or after 1 January Key requirements IFRS 15 replaces all existing revenue requirements in IFRS (IAS 11 Construction Contracts, IAS 18 Revenue, IFRIC 13 Customer Loyalty Programmes, IFRIC 15 Agreements for the Construction of Real Estate, IFRIC 18 Transfers of Assets from Customers and SIC 31 Revenue Barter Transactions Involving Advertising Services) and applies to all revenue arising from contracts with customers, unless the contracts are in the scope of other standards, such as IAS 17 Leases (or IFRS 16 Leases, once applied). Its requirements also provide a model for the recognition and measurement of gains and losses on disposal of certain nonfinancial assets, including property, plant and equipment and intangible assets. The Company does not have material revenues that would fall under the IFRS 15. IFRS 16 Leases IFRS 16 was issued in January 2016 and it replaces IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC-15 Operating Leases-Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting for finance leases under IAS 17. The standard includes two recognition exemptions for lessees leases of low-value assets (e.g., personal computers) and short-term leases (i.e., leases with a lease term of 12 months or less). At the commencement date of a lease, a lessee will recognise a liability to make lease payments (i.e., the lease liability) and an asset representing the right to use the underlying asset during the lease term (i.e., the right-of-use asset). Lessees will be required to separately recognise the interest expense on the lease liability and the depreciation expense on the rightof-use asset. Lessees will be also required to remeasure the lease liability upon the occurrence of certain events (e.g., a change in the lease term, a change in future lease payments resulting from a change in an index or rate used to determine those payments). The lessee will generally recognise the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset. 15
20 4. ADOPTION OF NEW OR REVISED STANDARDS AND INTERPRETATIONS (CONTINUED) 4.1. Standards and interpretations issued but not yet effective (continued) IFRS 16 Leases (continued) Lessor accounting under IFRS 16 is substantially unchanged from today s accounting under IAS 17. Lessors will continue to classify all leases using the same classification principle as in IAS 17 and distinguish between two types of leases: operating and finance leases. IFRS 16 also requires lessees and lessors to make more extensive disclosures than under IAS 17. IFRS 16 is effective for annual periods beginning on or after 1 January Early application is permitted, but not before an entity applies IFRS 15. A lessee can choose to apply the standard using either a full retrospective or a modified retrospective approach. The standard s transition provisions permit certain reliefs. An indication of current operating lease agreements is provided in Operating Lease Commitments in Note 28. IFRS 17 Insurance Contracts In May 2017, the IASB issued IFRS 17 Insurance Contracts (IFRS 17), a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. Once effective, IFRS 17 will replace IFRS 4 Insurance Contracts (IFRS 4) that was issued in IFRS 17 applies to all types of insurance contracts (i.e., life, non-life, direct insurance and re-insurance), regardless of the type of entities that issue them, as well as to certain guarantees and financial instruments with discretionary participation features. A few scope exceptions will apply. The overall objective of IFRS 17 is to provide an accounting model for insurance contracts that is more useful and consistent for insurers. In contrast to the requirements in IFRS 4, which are largely based on grandfathering previous local accounting policies, IFRS 17 provides a comprehensive model for insurance contracts, covering all relevant accounting aspects. The core of IFRS 17 is the general model, supplemented by: A specific adaptation for contracts with direct participation features (the variable fee approach) A simplified approach (the premium allocation approach) mainly for short-duration contracts. IFRS 17 is effective for reporting periods beginning on or after 1 January 2021, with comparative figures required. Early application is permitted, provided the entity also applies IFRS 9 and IFRS 15 on or before the date it first applies IFRS 17. IFRIC Interpretation 22 Foreign Currency Transactions and Advance Consideration Foreign Currency Transactions and Advance Consideration is effective for annual periods beginning on or after 1 January IFRIC Interpretation 23 Uncertainty over Income Tax Treatment Uncertainty over Income Tax Treatments is effective for annual periods beginning on or after 1 January 2019 IFRS 2 Classification and Measurement of Share-based Payment Transactions Amendments to IFRS 2 Classification and Measurement of Share-based Payment Transactions amendments are effective for annual periods beginning on or after 1 January 2018, with early application permitted. 16
21 4. ADOPTION OF NEW OR REVISED STANDARDS AND INTERPRETATIONS (CONTINUED) 4.1. Standards and interpretations issued but not yet effective (continued) Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts - Amendments to IFRS 4 The amendments address concerns arising from implementing the new financial instruments standard, IFRS 9, before implementing IFRS 17 Insurance Contracts, which replaces IFRS 4. The amendments introduce two options for entities issuing insurance contracts: a temporary exemption from applying IFRS 9 and an overlay approach. The temporary exemption is first applied for reporting periods beginning on or after 1 January An entity may elect the overlay approach when it first applies IFRS 9 and apply that approach retrospectively to financial assets designated on transition to IFRS 9. The entity restates comparative information reflecting the overlay approach if, and only if, the entity restates comparative information when applying IFRS 9. Transfers of Investment Property Amendments to IAS 40 Transfers of Investment Property is effective for annual periods beginning on or after 1 January 2018 Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Sale or Contribution of Assets between an Investor and its Associate or Joint Venture and further amendments its effective date deferred indefinitely until the research project on the equity method has been concluded. Long-term interests in associates and joint ventures - Amendments to IAS 28 The amendment is effective for annual periods beginning on or after 1 January This amendment is not applicable to the Company. 17
22 4. ADOPTION OF NEW OR REVISED STANDARDS AND INTERPRETATIONS (CONTINUED) 4.2. Standards issued and effective for the annual period IAS 7 Disclosure Initiative Amendments to IAS 7 The amendment is effective for annual periods beginning on or after 1 January The amendments to IAS 7 Statement of Cash Flows are part of the IASB s Disclosure Initiative and help users of financial statements better understand changes in an entity s debt. The amendments require entities to provide disclosures about changes in their liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes (such as foreign exchange gains or losses). On initial application of the amendment, entities are not required to provide comparative information for preceding periods. Early application is permitted. The amendments are intended to provide information to help investors better understand changes in an entity s debt. IAS 12 Recognition of Deferred Tax Assets for Unrealised Losses Amendments to IAS 12 The amendment is effective for annual periods beginning on or after 1 January This amendment is not applicable to the Company. IFRS Practice Statement 2: Making Materiality Judgements Companies are permitted to apply the guidance in the Practice Statement (PS) to financial statements prepared any time after 14 September The PS contains non-mandatory guidance to help entities making materiality judgements when preparing general purpose IFRS financial statements. The PS may also help users of financial statements to understand how an entity makes materiality judgements in preparing such financial statements. The PS comprises guidance in three main areas: General characteristics of materiality A four-step process that may be applied in making materiality judgements when preparing financial statements. This process describes how an entity could assess whether information is material for the purposes of recognition, measurement, presentation and disclosure. How to make materiality judgements in specific circumstances, namely, prior period information, errors and covenants and in the context of interim reporting. Furthermore, the PS discusses the interaction between the materiality judgements an entity is required to make and local laws and regulations. The PS includes examples illustrating how an entity might apply the guidance. Since the PS is a non-mandatory document, it does not change or introduce any requirements in IFRS. However, the PS provides helpful guidance for entities making materiality judgements and thus may improve the communication effectiveness of financial statements. Amendments to IFRS 1 and IAS 28 due to Improvements to IFRSs (cycle ) Resulting from the annual improvement project of IFRS (IFRS 1, IFRS 12 and IAS 28) primarily with a view to removing inconsistencies and clarifying wording (amendments to IFRS 1 and IAS 28 are to be applied for annual periods beginning on or after 1 January Amendments to various standards due to Improvements to IFRSs (cycle ) Resulting from the annual improvement project of IFRS (IFRS 3, IFRS 11, IAS 12 and IAS 23) primarily with a view to removing inconsistencies and clarifying wording is effective for annual periods beginning on or after 1 January
23 5. INSURANCE RISK MANAGEMENT The most important risks that the Company are exposed to are underwriting risks (underwriting process risk, pricing risk, and claim risk), market risks (interest rate risk, equity risk, currency risk, concentration risk and asset-liability mismatch risk), insolvency risk, credit risk and operational risk. a. Risk management objectives and policies for mitigating insurance risk The primary insurance activity carried out by the Company assumes the risk of loss from persons or organizations that are directly subject to the risk. Such risks may relate to property, liability, accident health, financial or other perils that may arise from an insurable event. As a result, the Company is exposed to the uncertainty surrounding the timing and severity of claims under the contract. Through its insurance and investment activities, it is also exposed to market risk. Insurance risk relates to the uncertainty in the insurance business. The significant components of insurance risk are premium risk and reserve risk. These risks affect the adequacy of insurance premium rates, insurance liability provisions and the capital base. Premium risk is present when the policy is issued before any insured event has occurred. The risk is that expenses and incurred losses will be higher than the premium received. Reserve risk represents the risk that the absolute level of the technical provisions is incorrectly estimated. In order to manage its insurance risk, the Company uses the underwriting limits, approval procedures for transactions that involve new products or that exceed set limits, pricing guidelines, centralized management of reinsurance and monitoring of emerging issues. Also, several methods are used by the Company to assess and monitor insurance risk exposures both for individual types of risks insured and overall risks. The Company collects a vast amount of information about policy holders and insured objects. Statistical methods and tools based on data mining techniques are used to analyse or to determine insurance policy risk levels. The theory of probability is applied to the pricing and provisioning for a portfolio of insurance contracts. The principal risk is that the frequency and severity of claims is greater than expected. Insurance events are, by their nature, random, and the actual number and size of events during any one year may vary from those estimated using established statistical techniques. b. Insolvency risk The Company must have, in accordance with the law, adequate capital in view of the amount and type of (insurance business carried out. The capital must be at all times at least equal to capital requirements calculated on the basis of applicable law. The Company is deemed to meet capital adequacy requirements if the available solvency margin is higher or equal to the sum of required solvency margins of the controlling company and the corresponding required solvency margin of subsidiaries. The Company met capital adequacy requirements through all of 2017, as it maintained a surplus of the available solvency margin over the required solvency margin. On 27 of February 2017, the CBK approved new regulation regarding calculation of minimum Capital and Solvency margin based on Law No. 05/ L-045. Appling this regulation, result of company Illyria for capital adequacy as of 31/12/2017 shows that the available capital is for 572,669 euro above minimum required margin. 19
24 5. INSURANCE RISK MANAGEMENT (CONTINUED) c. Underwriting strategy The main underwriting strategy of the Company is to seek diversity in order to ensure a balanced portfolio. This strategy is based on a large portfolio of similar risks over a number of years and, as such, it is believed that this reduces the variability of the outcome. Underwriting risks are risks related to the main activity pursued by insurance companies, i.e. the assumption of risks from policyholders. Underwriting risks mainly comprise underwriting process risk (insurance and reinsurance), pricing risk, claims risk, retention risk and reserving risk. Some other underwriting risks, e.g. product design risk, economic environment risk and policyholder behaviour risk, may be relevant. However, these risks are not described in detail in this report as we believe that their effects are indirectly included in the main underwriting risks. The basic purpose of non-life insurance is the assumption of risk from policyholders. In addition to the risks assumed directly by company, the company also assumes risks indirectly from cedants. The company retains a portion of the assumed risks and retrocedes the portion that exceeds its capacity. The company classifies its insurance and reinsurance contracts as insurance and investment contracts within the meaning of IFRS 4. Below is a detailed outline of the risks arising out of insurance contracts, as required under IFRS 4. Underwriting process risk The underwriting process risk is the risk of incurring financial losses caused by the company s incorrect selection and approval of risks to be insured. The company mitigates this risk mainly by complying with established and prescribed underwriting procedures (especially with large risks); complying with internal underwriting guidelines and instructions; complying with the authorisation system; having an appropriate pricing and reinsurance policy in place; and conducting actuarial reviews. Non-life insurance contracts are renewed annually. This allows insurers to amend the conditions and rates to take into account any deterioration in the underwriting results of entire classes of business, and for policyholders in a timely manner. Pricing risk Pricing risk is the risk that insurance premiums charged will be insufficient to cover future obligations arising from insurance contracts. The pricing risk within the company is mainly monitored by conducting actuarial analyses of loss ratios and identifying their trends and by making appropriate corrections. When premium rates are determined for new products, the pricing risk can be monitored by prudently modelling loss experience, by comparing against others experience, and by comparing the actual loss experience against estimates. The company manages this risk by having an appropriate underwriting process in place and by adjusting applicable commission rates. Likewise in respect of non-proportional insurance treaties, the pricing risk is managed by properly underwriting the risks to be reinsured and by determining adequate insurance premiums. Expected results of insurance contracts entered into on the basis of available information and set prices must be line with target combined ratios; the adequacy of prices is verified based on the results by form and class of insurance. 20
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