anglo structure

7/27/2019 Anglo Structure

1/66

THE ANGLO-MAURITIUS ASSURANCE SOCIETY LTD

Swan Group Centre / 10 Intendance Street / Port Louis / Mauritius

T. +230 202 8600 / F. +230 208 [email protected] / www.swangroup.mu


2/66

Dear Shareholder,

The Board of Directors is pleased to present the Annual Report of THEANGLO-MAURITIUS ASSURANCE SOCIETY LIMITED for the year ended31 December 2012.

This Annual Report was approved by the Board of Directors on 28 March2013.

M. E. Cyril Mayer J. M. Louis Rivalland

Chairperson Director and Group Chief Executive


3/66

THE ANGLO-MAURITIUS ASSURANCE SOCIETY LIMITEDANNUAL REPORT 2012

O r Vision and Val es / 02-03

O r Histor / 04-05

Gro p Str ct re / 06-07

Chairpersons Report / 08-09

Directorate / 10-13

Gro p Chie Exec tives Revie / 16-19

Ke N mbers / 20-21

Senior Management Team / 22-25

Management Team / 26-27

Main S bsidiaries / 28-29

The Private Pension Scheme Act / 29

Ox gen / Li e Prod cts / 32-33

Corporate Prod cts / 34

Ins rance O tlets / 35

CSR / 36-37Corporate Governance Report / 40-51

Statement o Directors Responsibilities / 52

Compan Secretar s Certi cate / 53

Independent A ditors Report to the Members / 58-59

Statements o Financial Position / 60

Li e Ass rance F nd / 61

Statements o Changes In Eq it / 62

Statement o Cash Flo s / 63Notes to the Financial Statements / 64-110

Other Stat tor Disclos res / 111-113

Notice o Ann al Meeting to Shareholders / 115

Prox Form / 117

contents


4/66

our vision

T t c p

our values

P , P pl , P

THE ANGLO-MAURITIUS ASSURANCE SOCIETY LIMITED THE ANGLO-MAURITIUS ASSURANCE SOCIETY LANNUAL REPORT 2012 ANNUAL REPORT 2012

2


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our history

1854CreaTion o The MauriTius ireinsuranCe CoMPany LTd.

1871CreaTion o The CoLoniaL ireinsuranCe CoMPany LiMiTed.

1951C t a l -M t a cs c t L m t . T c mp p pl c p l c l t m m t p c mp .

1955C t s i c C mpL m t , T M t

T C l l .

1961 - swan insuranCe beCoMesa PubLiC CoMPany wiTh a CaPiTaLo rs 3.5 M

19661. inauguraTion o

angLo-MauriTius house, irsTMuLTi-sTorey buiLding in

MauriTius

2. ConsTruCTion oswan buiLding.

1972 - swan insuranCe aCquireda MajoriTy sTake in The angLo-MauriTius assuranCe soCieTyLiMiTed.

the early years

expansion o the group

development a neW era

a neW millenium

recent develo

19901. angLo-MauriTius is LisTed on

The oTC (now deM) o ThesToCk exChange o MauriTius.

2. swan insuranCe is The irsTinsuranCe CoMPany To beLisTed on The o iCiaL seMMarkeT.

1993

ConsTruCTion o The swan grouPCenTre.

1997 - C t s i t t lC mp Lt (siL).

20041. C t T a l -M tc l s c Lt

( a l -M t i tm tM Lt ), a l -M t .

2. a l -M t c PC lt t a m t t Lt(PCa).

2006 - s i t t l C mpLt (siL), p t p t s c llP , c 30% saCosc p t l, s c ll - cc mp .

2007 - op t l c l c .

2008 - i t ct l ct c cc c t t t p t t

m t.

2009

1. C t P c C mpL m t , p c l t c

c c , p t pt t c p, T .

2. L c t l cc c l tt p l c l .

2011. aCquisiTion

Li e-insurano sun insura

angLo-Maur2. LaunChing o

oundaTion.

3. oPening o bbranCh.

201LaunChing o oxyshoP, in PorT Louis

2011. am l m t

C m ii cL t a l -M

L m t .

2. ac tt c

3. ac ta cg p.


4


6/66

80%50% 50%

100%100%100%100%

100% 99.8%

65%49%

100% 37%

49%

50% 50% 51% 51%100%

100%76,59%

group structure

intendance holding ltd

73.52%

sWan insurance company ltdg l i c

pension consultantsand administrators ltd

P & a m t t

anglo-mauritiusinancial solutions ltd

( ormerly anglo(mauritius) investments

ltd)i tm t l

anglo-mauritiusinvestment managersltd ( ormerly anglomauritius inancial

services ltd)- d t t f c l p ct

- m m t tm t c lt

- Cis M

anglo-mauritiusstockbrokers

ltd ( ormerly cimstockbrokers ltd)

i tm t l

societe de la montagnei tm t l

societe de la rivierei tm t l

opportunity investmentco ltd (oil)

i tm t l

con iance assuranceocean indien (caoi)

i c

societe de la croixi tm t l

state assurance co ltd(sacl)

i c

sWan group oundationC p t s c l r p l t

50%

processurecompagnie lteei c c fc

manu acturersdistributing station

limitedi tm t l

sWan groupcorporate services ltd

P c t l c

sWan internationalcompany ltd

i tm t li c

the anglo-mauritiusassurance society limited

Long-term Ins rance

sWan reinsurance pccP l

(p t ct c ll)

brugassur(madagascar) sa

i c t

sWan risk inance (pty)limited

(ex cim asset inance(south a rica) (sa)

r t l f c

alb

i


6


7/66


8

chairpersons report On behal o the Board, I am pleased to present the Ann alReport and A dited Financial Statements o The Anglo-Ma riti sAss rance Societ Limited and the Gro p or the ear ended 31December 2012.

2012 has been event l or the S an Gro p. A major vent reinitiated in 2011 as s ccess ll completed in 2012. Havingreceived all reg lator approvals rom, inter alia, the CompetitionCommission and the Financial Services Commission, theins rance b sinesses o the Rogers gro p (Cim Ins rance andCim Li e) amalgamated ith and into those o the S an Gro p(S an Ins rance and The Anglo-Ma riti s Ass rance) andthe amalgamation became e ective on 30 J ne 2012. Thestockbroking and asset management b sinesses o the Rogersgro p ere also trans erred to the S an Gro p.

The amalgamation necessitated s bstantial reso rces, especiallrom senior management in terms o dealing ith reg lators,inancial d e diligence, integration o h man reso rces and

operations. The ph sical move o 134 ex-Cims sta membersto the S an Gro p Centre as completed and the Centre noaccomodates 476 members. The Gro p also proposed a vol ntarretirement scheme to those aged at least 50 ears and havinga minim m o 10 ears service. Some 40 sta members opted

or the scheme. The Gro p has no an even stronger and moreexperienced team. In the midst o all these changes, managementremained oc ssed and the Gro p posted commendable res lts.

On the local b siness scene, the economic do nt rn madeb siness conditions di ic lt d e to the testing sit ations bothinternationall and locall . Internationall , the investment marketproved di ic lt ith lots o ncertainties hich res lted in highvolatilit on the major stock exchanges and the c rrenc market.On the local reg lator ront, the Private Pension SchemesAct 2012 as enacted. This Act provides or a rame ork orthe licensing and s pervision o private pension schemes. Allnecessar arrangements are being p t in place or Anglo-Ma riti sAss rance and its s bsidiar to compl ith the Act.

On the international b siness ront, the Gro p contin es to look oropport nities, hile consolidating its on-going projects. Sizeableinvestments ere made in Re nion Island and So th A rica. TheGro p is no present in Se chelles, Re nion Island, Madagascarand So th A rica.

The res lts o the Compan and the Gare not directl comparable ith last eincl de those o Cim or the six mo2012. The amalgamation also res lted ins bsidiaries in the Gro ps res lts.

In 2012, the Compan posted gross prise o 15% compared to Rs. 2bn in 20reached Rs. 2.1bn, as opposed to Rs. 8a di ic lt investment market, investm

rom Rs. 927m in 2011 to Rs. 1.1bn in 2F nd progressed rom Rs. 20.5bn in2012. Total assets reached Rs. 25.4bn in21bn in 2011, p b 21%. These res ltconstraining economic sit ation.

Messrs Eric Espitalier-Nol, George Dalais le t the Board in 2012. A ter

ears, Mr H g es Maigrot s bmitted2013. On behal o the Board, I ish tto them or their signi icant contribGro ps development. I am pleased toEspitalier-Nol and Hector Espitalier-Nin the co rse o 2012. Their vast exper

ill ndo btedl bene it the Compan

On behal o the Board, I ish to exprGro p Chie Exec tive, Managementcontin ed dedication and hard ork incontin es to achieve notable res lts ineconomic ncertainties. I also ish to tmembers or their ntiring s pport.

m. e. c m

c

i t m t ll tc , m m t m

c t g p p tc mm l lt .

m. e. c m / Chairperson

Rs. 2.1 bisurplus a ter tax or the year ending 31.12.1


8/66

1

6

7

2

3 4

89

5

directorate

cyril mayer

louis rivallandgopallen mooroogen hugues maigrot (absent from photo)

pierre dinan victor seeyave

henri harel

hector espitalier-nol

philippe espitalier-nolren leclZio1 4

2 5 7 9

10863


10


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directorate

cyril mayerchairpersonb 1951, C l M l b c l C mm c (s ta c ) m m t i t t t s t a c C tacc t t .

h p tl t M d ct T M c Lt . h m m t ll c t c mm tt t M t

s s c t P t t M t s P ca c t m m t c t c mm tt . h l

t j t ec m c C c l, t M t C m a c lt , t M t s i t r c i t t t tM t empl t .

Directorships in other listed companies:

Terra Mauricia Ltd

United Docks Ltd

Swan Insurance Company Limited

louis rivallandgroup chie executiveL r ll , 1971, l b c l act lsc c st t t c ll t i t t t act(uk). h c tl t g p C e c t s i c

T a l -M t a c .

h p t t m m t t m C mm c l u s t a c m 1994 t j 1997 c ct l

m t C mm c l u e p . m 1997t j l 1999 act C lt t t w t w ttw l l p t tm t ll l tt t lt c .

i a t 1999, t s g p C lt t t g pC e c t . h l t tt p p c t m t p , tm t l

c p t p l t ct l c lt c t p c m .

m j 2002 t d c m 2004, ct e c tM T a l -M t a c . i j 2005

pp t g p C op t o c p l tp t s i c T a l -M t a c ,

m m t e c t M m t C mm tt t sg p. s c j 2007 t g p C e c t ts g p.

h t P t t j t ec m c C c l ti a c t M t . h c tl b m m

t M t r a t t t C m stb (M t ) L m t . h l d ct t l p t p l c c mp . h pl ct l t l pm t

m m t, c p M t c p t t c c l c mm tt t .


Air Mauritius Ltd

Belle Mare Holding Ltd

ENL Commercial Ltd

ENL Land Ltd

Ireland Blyth Ltd

New Mauritius Hotels Ltd

The Mauritius Development Investment Trust Company Ltd


gopallen mooroogenb 1959, M M ll t a c t C t C t acc t t (uk) l l Mba(w l ).

Senior Executive Mass Market Mauritius Telecom

Director of The Stock Exchange of Mauritius Ltd



hugues maigrotb 1936, M M t n t P l c c 1971. h ll l t m l p t p l c c mp .

Directorships in other listed companies: None

pierre dinanb 1937, l bsc. (ec .) ll t i t t t

C t acc t t e l w l . h sP t t d C z l M (dCdM) 20 t l t j 2004. h l d ct M lt c lt, l l m m t c c mp 12 t l 2004. h p tl

ct C mp d ct m p l c c mp tm ct c l c ct p ct l . h t C m t M t i t t t d ct . h

p t m m t M t P l c C mm tt t p t b M t act.

Directorships in other listed companies


victor seeyaveb 1962, v ct s l b.a ec m c (uk) Mba (usa).

h c tl t M d ct alt m Lt p ll l m m t p t t t i

g p.

Directorships in other listed companies

Innodis Limited


hector espitalier-nol( i d 27 s 2012)

b 1958, m m t i t t t C tacc t t e l w l . h C p L L t d C z l M M t . h p tl t C e c t enL L m t . h l C m

n M t h t l Lt b l om s e t t Lt . h l P t P t r C mp L m t , T M t

C m a c lt , t M t s P c a c t t M t s s c t .


ENL Commercial Limited

ENL Land Ltd

New Mauritius Hotels Ltd

Rogers and Company Ltd


henri harelb 1960, h h l l aCc tl t g p C c o


Terra Mauricia Ltd


philippe espitalier-nolb 1965, l bsc a cu t n t l s t a c b sc l. h Csm m t c lt t m 1994 t 19C mp Lt 1997 pp t2007.


Air Mauritius Ltd

Rogers and Company Ltd


ren leclZiob 1956, M L clz l bsc

Mba m t L b scCeo P m t d l pm t LL c lt t tLl M c t b a t t M


Caudan Development Ltd

Promotion and Development Ltd


e L r ll g p C e c t

i n -eg p ll MP dv ct C. s

n -e

C l M - C pe c e p t l n l ( t l 27 s pt m 2012)g d m ll ( t l 30 j 2012)h ct e p t l n l ( pp t 27 s pt m 2h h lj -P d l ( t l 30 j 2012)P l pp e p t l n l ( pp t 30 j 2012)r L clzh M t ( t l 31 d c m 2012)


12


10/66

sWeet home

hoMe Loans s c t c p t , ac l t c t t t l

t M t c t . bc t ct p c t m l

m c m t

More Than

r 2.5 billion


14


11/66


16

STRATEGIC REVIEwT l t l l m t t m l m t

t CiM i c , CiM L , CiM a t M m t CiMst c . T c mpl m c c

t t 2011 c l t c t m t c 2012. i l l t t ll t

c c ll t c mm tm t m tmp t t t t cc .

i t , l c t l t mp t t t t ct t t t t p c p c , t c l , p t , m c p t l.

T l l t tt p t t c t l t c ll m t c m t l t t t p t t

t l c ll t t ll .

L , ll c t t c c l t c t ml t p, tt t c t m , pt

c p ct t m t t p ct t cc t m p c l l c m c c t c t m . o c t gb L C tt pc m c t e , t 5t m c , t t c ll t t t c

cl t l tt . w m c mm tt mp l l c l c p l t t t m

t t t t t p l l t cl t .

LONG TERM OPERATIONSll t m , cp c c ll c mpl m t

p tt l l

T c t c mtt p p t cc t

c t t l c m cl , c c p l t m c mp t t tc m t

T 2012 l m t lM h t P m t i t lm t P

c m l c , c tc p t l mp ct t

p t p t p l t .

T p t c lt t t t t t

l p - llt c cl t

c t m t ct .

o l c pl c t l l cl t t l tll c t t p t

p l l t .

i t m p t lt, c t , t t t

12.5%, m r . 1.9 20T t c p tl ttt t t l c p m m h , t p l c t

c c t T l t tt t

l t t tp l c t t p t-l

T C mp t t C mm Mt t t l t t t p ct c cl t t 8 t 1c mp t t l . T C mm

p t l t t ll p m m t

m c c . w ll m t tt t p t t l mp ct t

r / Gro p Chie Exec tive

ll t m , c p pl t

t p c cll c mpl m t t

t ct p tt l l c

t cl t .

revieWgroup chie executives

692 pensionschemes

administrative services to

INCREASE OF 125 PENSION SCHEMES


12/66

THE ANGLO-MAURITIUS ASSURANCE SOCIETY LANNUAL REPORT 2012THE ANGLO-MAURITIUS ASSURANCE SOCIETY LIMITED ANNUAL REPORT 2012

18

CORPORATE BuSINESSat t 2012, a l M t p m t t

c t 692 p c m 362 t 330 c t t c m . T t t l ct m m p t

c m c 24,000 l .

o p pp t t ct l t mc t 2 l ct 9 ct l l t . w t t

pp t , P C lt t a m t tL m t (PCa) a l -M t i tm t M Lt (aMiM),

p t l p ct m p c t c p tcl t ( . . ct l, m t t m m t). w

c l t p t t l t p p t t t t l p c t l .

d t t t c p tp t l CiM L ll t m ct t . T

t t l 104 p c m t m m p 2,600 l c t t t t m

t m p t t l c .

T t c m p m t c ll tt p m l t t P t P sc m act t

ct m 1 n m 2012. i t c mpl c t t p t act, c mpl t t t t ct p p c . w p p l

t p ct p t t t t ct ll t l 31 oct 2013 mp t l t .

w ll c t t t t p t t m t m tt t t cl t t p l c m

p t c t p m t.

HuMAN RESOuRCESw m c t m , 04 a t 2012, M . P l L m k h , -s M a l -M t . i

t pl c c c t t t t l pm t tp l c t t C mp .

T 2012 m m t t t t m t t t t CiM-swan m t pl c t t p l

c t mpl t t t . empl l lp t t t m l p t c

m m t t t l t m tt t tt t c t m t. i l pp t

l p t mpl t p c p t c l lc ll .

i t z t m t t , t s g p t p l t t m t c m . 40 mpl t t t

p c t t t d c m 2012. w t t t m t l lt c t t l

c t t t p -m t t t t m ll tt t t .

w t l t t t c tc t t t p l lt . w l t t

t t m t p tt t c t m t t c t t t .

Louis Rivalland

Group Chief Executive

o c t p c ,

pl .

revieWgroup chie executives

Rs. 2.2 bil

net premium

INCREASE By RS 240

DIVIDENDS PAID

R s

M i l l i o n

0

20

40

60

80

100

20122011201020092008

45.0

52.0

57.0

62.8

80.0

DISTRIBUTED SURPLUS

R s

M i l l i o n

0

300

600

900

1200

1500

2002-20041999-20011996-1998

616

845

913


13/66

THE ANGLO-MAURITIUS ASSURANCE SOCIETY LIMITED ANNUAL REPORT 2012

20

key numbers

Rs. 25.4 billion

total assetsat 31st december 2012

INCREASE By RS. 4.4 BILLIONDuRING THE yEAR

inancial highlights 2012 2011

r 000 r 000g i c P m m 2,286,160 2,004,450n t i c P m m 2,163,414 1,922,879s pl b T 2,103,951 900,516d P 80,019 62,750La 24,208,418 20,514,944d p 30.40 25.10e p 35.17 34.30

23.5221.62

19.65

34.30 35.17

EARNINGS PER SHARE

R s

0

10

20

30

40

50

20122011201020092008

1,697

1,078

1,604

1,208

1,827

953

REVENUE

R s

M i l l i o n

0

600

1,200

1,800

2,400

3,000

201020092008

EARNINGS ATTRIBUTABLE TO SHAREHOLDERS R s

M i l l i o n

0

20

40

60

80

100

201020092008

59

54

49

SURPLUS AFTER TAX

R s

M i l l i o n

0

500

1000

1500

2000

2500

20122011201020092008

1,499

1,2531,298

895

2,094

15.7

18.5

20.9 20.6

24.2

LIFE ASSURANCE FUND

20122011201020092008

THE ANGLO-MAURITIUS ASSURANCE SOCIETY LANNUAL REPORT 2012


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individual business operations

Associate of the Chartered Insurance Institute-U.K

Chartered Insurer-U.K

A founder member of the Insurance Institute of Mauritius

g s T t T (65) T a l -M t j1968. h s M c j l 2004 p l

t ll p t p t t i l b tm c l t t c mp .

h p c l z t t t l c. h c t t l p t

p t c p t p tt c c l t t

l c t L , o , s p , C pT , j , g s .

individual business marketing & develogroup communication & properties

Senior Management Course - Graduate SAdministration, South Africa (S.A.)

Diploma in Agency Management - Life InsurResearch - Hartford, Connecticut

Diploma in Advanced Management ProgrammMarketing and Research - Hartford, Connecticu

r t g ll t (62) t t d t P b s

t t iL s t a c l t M .

h T a l -M t a p t t P

l t p t s M i l b cl t h m t c mm c t ms g p p l t p p t p t l t C mp

h p t m

group inance, loans and legal

M m r (60) t t cc t c 1973 M t ,t a t (k mp C tt /T c r & dCdM/C p &

L ), t t s i t (d p r b C mps.e.).

imm t t s t a c 1981, k n l (Pt ) Lt , t s t a c m l l l p

t ll t t ppl c l t . h pp t g p c l C t ll 1989 d ct 1992.

b c M t 1993, t s g p, tm t l t i c ct M t , p tl l t p t s M - g p c ,

l t L L l d p tm t t g p.

h d ct m C mp t C mm c l,c l T m ct , m m a t

C mm tt .

Directorship of listed Company: Lux Isl and Resorts Ltd.

senior management team

pension consultants & administrators ltd, pensionsclaims, und administration and group systems& processes

al g (45) t act l d p tm t T a l -M t act l Cl m 1988 t ap l 1989.

m M 1989 t d c m 1995, mpl T c c ls p t L d p tm t T al t i cC mp Lt .

m a t 1996 t j 2001, e c t d ct act l & C p t l M m t s c Lt ., t axys grouP.

m j l 2001 t oct 2004, t C e c t o c P C lt t & a m t t Lt .

h T a l -M t s M n m 2004 t Cl m a m t t p tm t .

h l p l m P C lt t &a m t t Lt . s c a t 2009, al pp t t

t p p tm t a l -M t .

al l s M t t g p s t m & P cp tm t. h p c l z t pm t t c lt .

alan goder maxime rey robert galletgeorge sui tit tong,a.c.i.i.


22


15/66


24

actuarial

B.Sc.(Hons.) Mathematics, Operational Research, Statistics and Economics, U.K.

Fellow of the Institute of Actuaries (F.I.A.), U.K.

s tt j c (36) t act l d p tm t T a l -M t act oct 2006 p l t

-t - t p tm t. i j 2011, l t p l t t b a c p tm t.

ot t t c ct t , l p l p ct p t c c l t c t t p tm t

t g p. i p t c l , p t t m lc l c M t & h lt .

ll c mpl t t w c u t p t t C mp , m L

l ct l c lt m. h p c l tcl p ct l c lt .

anglo-mauritius investment managers ltd

Diplme Universitaire en Sciences Economiques

Matrise de Science de Gestion (Bordeaux, France)

v c t L m (45) m a l -M t i tm tM Lt ., l p tm t m m t ct P , i c , i tm t C mp ,

l M t .

h T a l -M t 1991 tlpp t a t t M (i tm t ) 1994, i tm t

M 1999. h t e l t e l sta c , L L , T c a c , M c t l & g lr c , c t t t t ll t t l pm t t u t L T a l -M t . h p m t s M 2005, t t p T a l -M t c l s c Lt , a l -M t i tm tM Lt .

h l - c t ct m c mp tc l t m ct .

group human resources

Master of Science in Human Resource Management (University of Surrey)

Diploma in Business Management (University of Surrey/ Mauritian Institute of Management)

Diploma in Personnel Management (University of Mauritius)

Member of the Singapore Human Resources Institute

senior management team

v L m (51) ar l t o c t t C t c & L1983 t 1988. h d p r -ba t t P l M /P l c r

p m t t t p t Po c t t m c mp 1990

h pp t h m r c M c , p c c

g p, cl TPC Lt , Tp l t act s c t

a c t t t t h m rs pt m t d c m 2005.

b.sc. (hons.), .i.asattar Jackaria m.s .vishnoo luximan .m.s.gvincent lamusse


16/66

management team

navindranath bhugalooa.c.i.i - Pension Consultants & administrators ltd and Pensions

neeraJ umaneeb.a.(hons) economics -anglo-mauritius stoCkbrokers ltd.(as from 15th June 2012)

patrick de marcy chelinloans

sonia kalachand-canabadyba, ma hr - grouP hr oPerations (as from 1st July 2012)

nitish beni madhum.sc. - investments (as from 15th June 2012) eric hoodman

m.b.c.s. - systems & ProCesses

herbert madanamoothoomatrise de droit - legal & ComPlianCe, m.l.r.o

mario buttie.c.c.a - fund administration

edWard cunniahClaims

karine morelb.com., .c.c.a, m.i.p.a. (m) - finanCe

alain bancilhongrouP Pension business develoPment (as from 1st July 2012)

bruno bouchetadvanced diploma in media pr- branCh/agenCy business develoPmedave luchmun

grouP faCilities

1

5

9

10

11

12

13

14

6

7

8

3

4

2

3

4

5

6

7

8

9

10

11

12

gal aliphona.c.i.i. - individual business


26


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ANGLO-MAuRITIuS INVESTMENT MANAGERS(AMIM)a l -M t i tm t M (aMiM) l p

a t M m t c M t , c tl mtm t t m t Mur 26 ll , c t t

cl , , ct . aMiM c t m clP , i c C mp , i tm t , h n tw t i l t l t p l c.

m l T a l -M t c l s c Lt ,t c mp c t m ll m t t a tM m t ct t r & C mp Lt , t t l tt t

t 20% aMiM l . T m llt c mp t c t cl t t l tt mt p t t l mpl t c ll t c mp t c .T t ct l p cc t t tm t pl t m

t -b L m - t t t taMiM l p l t m tm t . i

t , t Cis t ct r e t ( m l

C m e t ) t ll, t aMiMcc ll t t Cis M l c c m t sC. T Cis ll m cc l .

aMiM p m c t ct , t t t tt . P t p ct t c t t c 2013 t

c t t t l l .

ANGLO-MAuRITIuS STOCKBROKERS LTD (AMS)a l -M t st c Lt , m ll C m st c ,

t l t c c mp c t t t t t l t l cl t . T c mp t t

t p t 1989 t st c e c M t l c t t t c c mp t t l

m l l t m , m l l m . i 2006,t c mp c C ll s c t t t c l t tp t t m t. i t t T , t c ct t , a l -M t st c l p r c & a c

ct p t l t c mp tst c e c M t .

2012 c lt t t l c l t c c : ts m 8.3%, t ct l t c l m t

37% t r .9.4b (t p ll t r . 38.3Mc mp t r .60.0M 2011). ct t p t 29% t t l t ct l t t ct t r .100M

t t c m t t c mp t t t l r .478M 2011. o ll, t t c l m

m l, ct t mp ct t l l t tc mp t l m t t m t .

PENSION CONSuLTANTS & ADMINISTRATORSLTD (PCA)PCa c t t t c p t t t p

tt p m t t c p t p c m c mpl m t t c a l -M t a c .

i 2012, PCa c l t t p t t m t l t l m t t p c m . T mp ctp t l t c 12% m l t

l t p t l t lt t t .

a t m t 10 t mact (PPsa) c m t c 1 np l l t c PPsa p c l t l l

p P t P sc m

h c t , ll PPs ll t l cC mm ( sC) c mpl t t p

mp t t p t l t ll PPs t

t c t ll t c p m m .

w l pl t t t t m m t t p

t c m t l t t

alt t t c l p t , m c lc m

l l t . T ll lp t c ll c t p t t M

c t .

at t 2012, t c mp p m t t ct m t 240 c mp 21 c m t t t l ctm m p c l 20,000 l .

d t t t t t p c m , ll t m t ct t C m

L t t p. w t c l t t l t p t t p p tm t a l -M t

a c t t p ct cl t t g pll .

T l t c m t p t t P t

P sc m act t ct m 1 n m 2012. T act m t ct t m t c , , t l c t p t p t M t t t l t ,

t c l s c C mm t c c ,t p c cc t l t m m t.

w ll p t t t t p t t m t m tt t t cl t t p l c

m p t c t p m t.

vincent lamussem.s.g.

neeraJ umaneeb.a.(hons) economics

navindranath bhugalooa.c.i.i

sattar Jackb.sc. (hon

main subsidiaries the private pension sc(ppsa)


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enJoy li e

Pl t mmp t t p ct

c l c m c tt t m t

c m c l c

c . T pl

mp t c p t c l la l -M t pp t l

t t l

Pension PLans

gross PreMiuMs

More Than

r 1.1 billion


30


19/66


32

products

i 2007 a l -M t l c o , t l c l t t m t t

l t t t l . T t p ct t t t c m t l l pl p l c

ll cc t tm t t t c pt p l . o l l c lt t ptt t l m l t l p t tt l t t t l , tm t

pl , c t pl t m t pl .

oxygen home loana l -M t o h m L t lpM t t c t p ct t l ll t m .T l t , p p t c tl , o h m L p c mp t t l

t t t p m t p p t 30 . T pl c m t t p p t t

l c . M , t l c t t c m tc t c m p ct t m t pl .

oxygen retirement plan

o r t m t Pl t lp l p c p t l t tc t c c m t t m t. T pl -lt l l t t l t t t p l c

p m m t c c tm t .

oxygen education planT o e c t pl l lp c l

c l t t t l l t . a l -M tp c t p t t t

c pl t t t c l . w t t oe c t Pl , p t c t t m p t t t t c l t c t t c c ppl m t t l .

oxygen investment planT a l -M t o i tm t Pl

c t tm t m lt g l , t M , t e t t b t e t t t t t t cl t p l . T t t pl cl t l l t pp tt ll c t t c t t t t t

l c t c mp t t tm t p t l . T plm m t t m t t p lt .

oxygen oreign currency planT o C c Pl a l -M t

p c c ll t l p c p t l c l p t ct t t t c c c t b t

P st l , t e t us d ll . at m t t t l t p l c p cl l t c c t ll t .

,

Rcoltez le fvos conomies

mon3y harve5tL c 2012, t M 3

t llm t p l c p c t t m

t t ct c c m c ct t c m

cl t t t tt m t t .

oxygen



20/66

insurance outletsproducts

T t t , c ll t p t t tl c p t t l t p

t m t l t t t p t ct . w p c lt m p l cl - ct l p tm t

l t - t p p mpl tp p p t t t mpl . M , mplc l ct p ct c l p t l m t t p c m .

a m t t c t -t - tp c m ;

act l C lt c p ct t ,

, m & c t ;

i tm t C lt c t , mpl m t & m tt tm t p t l ;

P ct P acc t cl cc ct i rs m t ;

P g p L i c ( t , l t p m tlt c ) a t c t ct ;

i tm t l t c t ct t c t ctl l t t c l m t m t t m .

T t m t c p t t p

p l m t t c l t t t t t p c tc l t . T l t m t t p -t m & c t l c t t t l c

t l c t l t t t tl . w c tl m t pl c t m t tm t l .

i l t t t t t c m cl t t cl t , t s g p, c 2010, p l o i c s p

t l . T o s p m l t c c pt t t l t g p p ct c t t

cl t l .

PorT-Louis

grand-bay

bLaCk river

LaCq

L c t P t-L , l c , bl c r g b , t oi c s p c l t t ct p l l t p tcl t . T l tt c t m l t c c t

l p c t a l -M t s i c .T m p m t mp t c t m p c

l t c m t- m t sg p.

v t mm t l mp t t t c tp c c t t o p ct .

corporate


34


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36

csr

w l l t mp t p c ll lp

t m t m tcc c t t

Rs. 5.6 milliondonated to 23 ngos in 2012

Tell s more abo t the projects s pported b theS an Gro p Fo ndation in 2012

t 2012, t s g p t t pp t t m t r 5.2 m ll t 23 ngo

ct . T s g p t tc mm tm t t t ngo t m mr 50 000 t r 500,000 t p ct l t c t , lt ,

m t, p t p t ll t .

s g p t , m , cl lt m t ngos, c C t , PiLs, aPeiM, r t

Cl , L Cl , T t e c ll c sp t , h p , i t t t C l j M t, L C h m t M c l d t p a c t .

w l l t m p t p c ll t m t m t cc c t t t t ngo . w

t ngo c l p t c ll t s g p t c t t pp t

p l l t m .

To hat extent are the emplo ees o the gro pinvolved in dealing ith the bene iciaries?i , t ct p t c p t mpl tCsr p ct c t p pp t . g t t t t p l

ll t 400 mpl t t l , t l m t l t . s m p ct t t m mm t

p t lt t t .

mpl , d c m 2012, t p mpl t cl - p c mp t il l

P t lp t M t w l l t t c t sg p t t c r 300 000.

M mpl t ll m m t t t ll m tcpl t t ac m c l c sp t Cl ts g p t ll t m . T t t p t p

t t s g p t t t ll cl .

Ho do o help other NGOs?C m tt c m z m tngo t t s g p C t l t t c t tp m .

i ct t mp t t t t ngo t , t t c t , t m t t t c t l t

t p m t t m t p t s g p t .

mpl , ngo l C mm t C m n , L t L ,a c t q t L m , at l s n v z M m t

c v q t edC r b ll , M t w l l t ,L t L , C l t C j a c

t t t p t p t t t t pl c tl m t t t cc t ct t .

J -m c / Chairman CSR Commitee


22/66

educate

eduCaTionPLans

a c t pl pp t t t p c l t t t t t c l

lt l . w t t c t p t t tc t c t c p c

t p c c t pl ll pc l pp t t c t .

More Than

r 53.8 million


38


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corporate governance report1. compliance statement

C p t c c t t m t ct , p t c t ll c mp l t l t p t llt t l . s p c pl c p t c t l t , t t , t p c t c l l

t l t t c c t t .

T g p c mm tt t tt t t t t c p t c t t ct cl l t t l t l .

T b ct t t t p c pl c ll ppl t t t g p. T g p c mpl ll m t l p ct t t C C p t g c .

2. shareholders2.1 h 31 d 2012

inTendanCe hoLding LiMiTed (inTendanCe)

73.52%

swan insuranCe CoMPany LiMiTed (swan)

The angLo-MauriTius assuranCesoCieTy LiMiTed (angLo)

76.59%

MinoriTy

26.48%

a t 31 d c m 2012, t ll l l m t 5% t c p t l t C mp .

d iNo. o shares % holding % holding

S an Ins rance Compan Limited 2,015,940 76.59 -

Intendance Holding Limited - - 56.31

2.2 c dT ll ct c mm t t C mp , s i c C mp L m t i t c h l L m t :

M.E. C ril Ma er

Hector Espitalier-Nol (as rom 27 September 2012)Philippe Espitalier-Nol (as rom 30 J ne 2012)

Henri Harel

J.M. Ren Leclzio

2.3 s s l p l t 31 d c m 2012 ll :

Size o shareholding N mber oshareholdersN mber o

shares1 500 245 27,279501 1,000 38 28,5801,001 5,000 57 116,4155,001 10,000 12 84,84810,001 50,000 6 91,21550,001 100,000 4 267,933100,001 250,000 - -250,001 500,000 - -Over 500,000 1 2,015,940total 363 2,632,210

2.4 s

N mber oshareholders N mber o share

Individ als 291 226,998Ins rance companies 4 2,023,948Pensions and provident nds 8 16,146Investment and tr st companies 6 19,885Other corporate bodies 54 345,233total 363 2,632,210

Shareholder categor N mber oshareholders N mber o share

Local 348 2,548,100Foreign 15 84,110total 363 2,632,210

2.5 s T C mp t t l pt m m tt ct t C mp . T

l t p c mm , p l c t t l lt , t l p t

t , t C mp t l l p t t p c c l lt . bt l m t l . k t t t l :

d c m 2012 d cl t

j 2013 P m t

M c 2013 P l c t lt

M 2013 P l c t t t lt

j 2013 a l m t l

a t 2013 P l c t l lt

n m 2013 P l c t m t lt


40


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2.6 d a ct l l t p t m C lt act cc c t t i c act t . T p p

t l t t t m t pl t L a c t p .

i c mpl c t t i c act, t pl t t ll :

90% t p l c l p l c .

10% t l t t t P p t .

T t t P p t t p m t d ct t t t p t l t C mp ll, p t t t m , t t l c t t.

t , t C mp cl p r . 30.40 p . k t l t 5 l :

**Divid d Yi ld i qu l u l divid d divid d y k ic .

2.7 s

3. the board o directorsT cl p t t l t C p t g p C e c t . T C

c ct , p t c l l t - c t ct , l t m ct c t t . C mp s c t , t m t t t t t b t t c t, cc t , t m

t -t - m m t p l t t g p p t , mpl m t t t tT - c t ct c t ct l c ll lp l p p p l t t , c t

c ct m t t p t p m c .

T p t - c t ct p c ll t t bt l t p c l m t ll ct t l t t c p t m t, t .

all ct cc t t c c t C mp s c t . w c tm p t p l c t t C mp p .

a p t t ct p c , l pp t ct c i ct P c c t ct c t p t .

T c mp t t b ll c mpl t t m t t i c act c t l t t l p , c 30% ll p t ct . all b pp t c l s c C mm .

3.1 r bT b l c t l t C mp t l t l t C mp . it l

c t m lt m t l cc t l t p m c t t C mp . Ct b , c t t t C mp c mpl t t ll t l , l l t m

T b p l ct t t C mp t t t l t m , c t t t t c t t t t c p ct c .

200

310

DIVIDEND R

s

0

5

10

15

20

25

30

35

20122011201020092008

Dividend per share Dividend Yield

20.80

18.00

22.80

25.10

30.40

5.07

4.184.26

6.71

9.00

18.5

20.9 20.6

SHARE PRICE R s

0

100

200

300

400

500

600

DEC 2012DEC 2011DEC 2010DEC 2009DEC 2008

200

310

535

600 600


42


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3.2 e dT C C p t g c p ct t l ct ( - l ct t c m ) t t lm t l . h , t b t c t c mm t t pp p t t t c t t tg p. i t , t c t t t t C mp t m p c p c . T b l t tt c mpl t t g p p t c t t c t t m l ll p t ct t lc t t t t c c l t . T ppl p t c l l t t d ct m m t a t r C mm tt . r -

l ct ct t 70 m c mpl c t ct 138(6) t C mp act 2001.

3.3 b c

( ) t a r c

T C mm tt c t - c t ct t m p t cl t C p . T c tm m :

M . P m l g p ll M (C p ) ( p t)

M . P d ( p t)

M . v ct s ( p t)

M . h h l ( - c t )

T C mm tt m t t l t t m . T g p C e c t tt l c l ct t t l l t .M m t C mm tt ( cl t C p ) t c l .

M m t s M m t, t e t l a t t i t l a t l l tt m t t a t r C mm tt .

T a t r C mm tt m c t tt c t l p l t t m t t p mt t .

T C mm tt t t t t c t p l t t c mpl c t t t m c .

T a t r C mm tt c :

t l l t cc c t c l m t p m m t t t b t c lm t ;

t ct t t l c t l t m m t t m ;

t ct t t l t ;

t t p t t c t c p t t l t l t ;

c mm t pp tm t/ pp tm t t l t l t t t b ;

cc t t c c t lt t t l t l t ;

c mpl c t l l l t m t t t c l m tt ;

t c p lt t t l t t c t ct , ll t p c ct t tt l t ;

t t t t - t c p t t l t ;

t c l m t t p l t b .

( ) t c g c

T C mm tt c t - c t ct , t m p t. T

M . C l M (C p ) ( - c t )

M . P d ( p t)

M . P m l g p ll M ( p t)

M . v ct s ( p t)

T g p C e c t tt c .

T C p t g c C mm tt t m c ( c c mp cC mm tt ) cl t t l m t t :

t m l p t l p l c c p t c

g c , l l c mpl c t c l p l c ; t t b t l m l t p t p c l p

m m t;

p tt pl c pl cc , p t c l t C p t g p C

m c mm t t t b ll b pp tm t ;

t m t l l m l m t c t , - c t , p t - cm m .

T C mm tt t t m t t m mpl ll t t pp p t p c cc l . T C mm tt l t t

t l l t p t p l c t c c t p


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3.4 a b c m

b a & rc

cgc

a

s

s

s

n 4 4 1 1 1

a

e Lo is Rivalland 4 3* 1* Yes Yes

in -e

Gopallen Mooroogen 4 3 1 Yes Yes

Pierre Dinan 4 4 1 Yes Yes

Victor C. See ave 3 4 0 Yes Yes

n -e

C ril Ma er 4 n/a 1 Yes Yes

Eric Espitalier Nol ( ntil 27September 2012) 2/2 n/a n/a Yes Yes

George D mbell ( ntil 30 J ne2012)

2/2 n/a n/a Yes Yes

Hector Espitalier Nol (appointedon 27 September 2012) 1/2 n/a n/a n/a n/a

Henri Harel 4 4 n/a Yes Yes

H g es Maigrot 1 n/a n/a No No

Jean-Pierre Dalais ( ntil 30 J ne2012)

2/2 n/a n/a Yes Yes

Philippe Espitalier Nol (appointedon 30 J ne 2012) 2/2 n/a n/a n/a n/a

Ren Leclzio 3 n/a n/a Yes No

*I d c ( )

3.5 d ci cc c t t C mp act 2001, tt c t t t t d ct t cl l l t p t pt

r t d ct i t t . C tl , d ct c m t t t t t ct , t t l c t l c , t t t l p t t t C mp t . T r t i t t

p t t t ct t t t d ct p cl l c t t t m.all d ct t t t t t C mp s c t t l t C mp . acc t tC mp C t t t , d ct t t l t C mp .

T d ct c m t t t ll t p c pl t m l c c t t ct ct t l app 6 t M t st c e c L t r l .

d ct t t t 31 d c m 2012 ll :

d

No. o shares % No. o sha

M. E. C ril Ma er - - 20

J.M. Lo is Rivalland 11,400 0.433 -

n ct lt t t C mp t .

3.6 d r m t t c t ct t ll :

c

Rs.

Non- Exec tives 1,002,318

Exec tives 4,862,292

T d ct m t cc c t m t t . T t t t t t t m t .

4. remuneration policyT b p l t m t p l c t g p t l t t t gt m.

T r m t t ct t pp t t ll t t c m :

P m t p c t t tt ct , t m t t t lp t l p

e t t p l l t ll c t t t ll c mp t t .

r mpl cc t t p m c c t t .

P t m - c l ll c l .

e t t t m t p c p m t mp p m c l .

e c t ct m t p c c t c l , l p m c , pl ct . T t ct t p c ll c m t m

ct t tt ct, m t t t c t ct t t c l . T ct m m t t g p.

n - c t ct c l t l , p c t t

T m t p l c c t ct pp c t m t t m t C pt -c .


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10. risk managementi , cc l m m t t ll m c t ll t p t ct t

c t l t l .

T b ll p l t t g p t m m m t t m t m t t l m t l t c ct

l t c t m t l c l m t t m t l .

e c t m m t t p l t t l mpl m t pp p t t m

r M m t t t p c t g p t m t m t t t p t t t c mpl t l l m t t t c t t cc pt l l l t pp t t

g p t l t m m t m t g p t t p ct c .

r m t ct t c t t i t l a t ll c , m m t

c ll t t l t -m t m . T m m p t t l ct t c t g p.

r c t t g p c t ll :

Insurance risk

T g p c ct t p m l c c t t p c , cc pt c m m

T Cl m p tm t cl l m t cl m l pm t. T m m t t t t c t cl , p m c m m t c

Reinsurance risk

T g p c t t pp t t t m m t c mm t t b m t c t l c ct t t p l t t p c t g

l t t t t l l c p c l t t g p pp t t t tl t c lt t c m t.

Environment and Strategy risks

T t m t l c t t c l t p t t g p t t t t g p ll ct t t .

e m t m m:

- ail re to nderstand c stomer needs;

- ail re to anticipate or react to actions o competitors; and

- over dependence on v lnerable s ppliers, etc

a t g p c mp t t t c m c lt t m t , m m t mpt t c t c l t t p t - l t m l t t t .

T mpt cl t t t c p l m c mp t t , m p c c l t

pp t t c mp t t t , c m c, p l t c l l t l pm t . T st t l cl c :

Regulatory Risks

C l / l t ct t l c l l t c lt c p t c tl c mp t t l c ct .

5. company secretaryall ct cc t t c t C mp s c t p l t t b p c ll pl ct l t c l t t ct ct t mp m t m t c p t c p c .

6. related party transactions l t p t t ct , pl t t 31 t t c l t t m t .

7. constitutionT c t t t t C mp t p p t ct p - mpt t . it c m t t t C mpact 2001 t M t st c e c L t r l .

8. shareholders agreements/third party management agreementsT c m t t .

9. internal auditi t l a t ct c ct p t t t a t r C mm tt t b d ct . it t

t t m t b t t a t r C mm tt .

M . e t & y , P l c acc t t p m t t i t l a t t g p.

r

T i t l a t p l p c t t b t mpl m t t , p t ct t l c t l m m t.

r

- Structure and Organisation

T t l t c t , c pp t t a t r C mm tt , t l tc mp t , l , c p , t t , p c , p t p c , t t p l t t i t la t .

- Reporting lines

T i t l a t ct p t l t t a t r C mm tt m t p c t ctc mm c t t c t m m t. T l ct cc t t C p t C mm tt t b .T p t t ct ll t i t l a t t m p t p t ll t m c c t t b t a t r C mm tt .

c r

T l t l t pl , c pp t a t r C mm tt , t p c pl m m t tl c t t t tt t l t t t .

- Accessibility

T i t l a t t ct cc t t c , m m t mpl t g p.

T i t l a t ct c c t ct c t p ct c , t t a t r C mm tt t p l tt mp t p c c t m t p t t p p ct c .


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T t t t b p t pl c t p ct t l c t l ll :

(1) T b t l cl t t ct , cl t l t ppc mm tt , t g p C e c t , m m t s M m t, t t

(2) T b t ct t l c t l c t c mm tp t t t l t , c m m m t t t l t ;

(3) a c mp m m t cc t t m pl c t p c l p tcc t p p . r t cc t m t t pl c l t a

l l m l ct p mptl t , c ;

(4) T t t c m t t t m p c c p t t. Tl l ;

(5) a c mpl c ct p t pl c t l p t M L r pp c t l . r l t c ct t t t:

n t t c mpl c t m t t t t g p ct t ;

e t t l l p t c mpl c ;

(6) M m t p t pl c pp p t c l c t l t t

(7) M m t p t pl c pp p t p t l c mpl c c t l t ll p t

12. share optionT g p pt pl .

13. charitable donations, corporate social responsibility and political contribution.Pl t ot st t t d cl t c l t t m t .

14. stakeholders relations and communicationT g p ct t p p l t t m t l t

ll t t l . op l c mm c t m t t t p c pt mt t tt t l m t l .

15. code o ethicsT g p c mm tt t t t t t t t c l c ct l t ll et c t M l C t j t ec m c C c l pt t m t t p c c

16. sustainability reportingT g p c mm tt t t l pm t mpl m t t c l, t , lt mc mpl t t l l t l t m . i t , t g p m

l -t m ct .

i c t c l p l t t c c t l t t c p t c t z , c t t t t l pm t m t t c t

l t t s g p t .

J. s , fCCasw G u C s vic Li i d C y s c y m c 28, 2013

Industry Risks

r c m t t l tt ct lt c :

k ct c mp t t cc t t t , cl c t pp t t t t ;

C p l t t p t t l c mp t t ;

g p t t l t t p t t c mp t t .

op t l

op t l l lt m t l t l p c p c , m t ml m t l t ( . . l l ). op t l l t c t t mp ct t m t l .

op t l t t :

- Human Resource Risks:

L m ct c t t t mpl m t, lt t l , p l cl m , tc.

- Fraud Risks:

i t t l l t ct t t m pp p t p p t c c m t l t , l p l c l t l p t / t p t .

- Physical Risks:

L t , c cl , pl , t tc.

- Business Continuity Risks:

L m l t ct p c , p c m m t, t c p l t .

- Reputational Risks :

L t t t l l t l t m t p l l t t p c c cl t m t t p ct.

Information Processing/Technology Risks

T t t t t p t t , c mp m t t t l l t t m t , p c t t t p t t l l m , p t g p l t t m t t t

m p c .

Financial Risks

T p m c c l t t g p c c t p t , c t , t t c c t ct , t tm t ct t p m m t . M t m t g p tm t p t l . L t c t

l t g p.

T m m t t c l t c t 3.2 t c l t t m t .

11. internal controlsT b t ll p l t m t ct t m t l c t l t t g p t

l t t .

T t m t l c t l t t t g p m t . T g p m t p pcc t c t ct p t t c mpl c t l l t . M m t ctl

p l mpl m t t t t p l c pt t b , m ll t g p ct t , clt p t t t l c t l t m. T t m t l c t l , , t p c t m t lm t t m t l , m l p t l t m .


50


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52

d ct c l t p l t :

( ) t cc t c m t c ct t l c t l t m ;

( ) t p p t c l t t m t c l p t t t t t C mp t s t t t c l t lt t p t c l t t p c c mpl t i t t l

c l r p t st (i rs);

( ) t l ct pp p t cc t p l c pp t l p t m t .

T t l t p l p t t t c l t t m t l p t .

T d ct p t t t:

( ) t cc t c ct t m t l c t l m m t m t ;

( ) pp p t cc t p l c pp t l p t m t t m t c t tl ;

( ) t t l c l p t t t . a p t t p t t cl , pl t ;

( ) T C C p t g c t . r p t t c mpl c .

l t b d ct M c 28, 2013

m. e. c m J. m. l r

c d g c e

statement o

w c t t t, t t t l l , t C mp l t t r t C mp t C mp t C mp act 2001.

n g , acisp n c s l

sw g c s lc s

m 28, 2013

company secretarys certi icateyear ended december 31, 2012directors responsibilities



30/66

harvest

Li e assuranCe unds c t t 1951, T a l -M t a c s c t L m t p p t l c l p t ct t t l c p t cl t . it l t c l l p c t l l c c t t t c t c t m t p c c llt l c l p t ct t t t t t t t t l , m t

t t t t t t m t. a l -M t t t c t m tp t ct t t t .

More Than

r 24,2 billion


54


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56


32/66

THE ANGLO-MAURITIUS ASSURANCE SOCIETY LIMITEDANNUAL REPORT 2012

inancial statementsyear ended december 31, 2012


33/66


58

This report is made solel to the members o The Anglo-Ma riti sAss rance Societ Limited (the Compan ), as a bod , inaccordance ith Section 205 o the Companies Act 2001. O ra dit ork has been ndertaken so that e might state to theCompan s members those matters e are req ired to state tothem in an a ditors report and or no other p rpose. To the llestextent permitted b la , e do not accept or ass me responsibilit

to an one other than the Compan and the Compan s membersas a bod , or o r a dit ork, or this report, or or the opinions ehave ormed.

report on the inancial statements

we have a dited the nancial statements o The Anglo-Ma riti sAss rance Societ Limited and its s bsidiaries (the Gro p) andthe Compan s separate nancial statements on pages 60 to 110

hich comprise the statements o nancial position at December31, 2012 and the li e ass rance nds, statements o changes ineq it and statements o cash fo s or the ear then ended, and as mmar o signi cant acco nting policies and other explanatornotes.

Directors Responsibility for the Financial Statements

The directors are responsible or the preparation and airpresentation o these nancial statements in accordance ithInternational Financial Reporting Standards and in compliance

ith the req irements o the Companies Act 2001, and or s chinternal control as the directors determine is necessar to enablethe preparation o the nancial statements that are ree rommaterial misstatement, hether d e to ra d or error.

Auditors Responsibility

O r responsibilit is to express an opinion on these nancialstatements based on o r a dit. we cond cted o r a dit in accordance

ith International Standards on A diting. Those Standards req irethat e compl ith ethical req irements and plan and per orm thea dit to obtain reasonable ass rance hether the nancial statementsare ree rom material misstatement.

An a dit involves per orming proced res to obtain a dit evidenceabo t the amo nts and disclos res in the nancial statements.The proced res selected depend on the a ditors j dgement,incl ding the assessment o the risks o material misstatement othe nancial statements, hether d e to ra d or error. In makingthose risk assessments, the a ditors consider internal controlrelevant to the Compan s preparation and air presentation othe nancial statements in order to design a dit proced res thatare appropriate in the circ mstances, b t not or the p rpose oexpressing an opinion on the e ectiveness o the Compan s internalcontrol. An a dit also incl des eval ating the appropriateness oacco nting policies sed and the reasonableness o acco ntingestimates made b the directors, as ell as eval ating the overallpresentation o the nancial statements.

to the membersndependent auditors report

report on the inancial statements(continued)

we believe that the a dit evidence e have obtained is s cient andappropriate to provide a basis or o r a dit opinion.

Opinion

In o r opinion, the nancial statements on pages 60 to 110 give a tr eand air vie o the nancial position o the Gro p and o the Companat December 31, 2012, and o their nancial per ormance and theircash fo s or the ear then ended in accordance ith InternationalFinancial Reporting Standards and compl ith the Companies Act2001.

report on other legal andregulatory requirements

Companies Act 2001

we have no relationship ith, or interests in, the Compan or an o itss bsidiaries, other than in o r capacit as a ditors, tax and b sinessadvisers and dealings in the ordinar co rse o b siness.

we have obtained all in ormation and explanations e have req ired.

In o r opinion, proper acco nting records have been kept b theCompan as ar as it appears rom o r examination o those records.

Insurance Act 2005

The nancial statements have been prepared in the manner and meetthe req irements speci ed b the Financial Services Commission.

Financial Reporting Act 2004

The directors are responsible or preparinReport and making the disclos res req iredo Corporate Governance o Ma riti s (report on these disclos res.

In o r opinion, the disclos res in the Corpconsistent ith the req irements o the Co

BDO & CO

Chartered Acco ntants

Ameenah Ramdin, FCCA, ACA

Licensed b FRC

Port-Lo is,

Ma riti s.

March 28, 2013


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60

statements o inancial positiondecember 31, 2012

the group the company

Notes 2012 2011 2012 2011assets r '000 r '000 r '000 r '000n - Propert and eq ipment 5 241,646 242,167 216,392 217,474Investment properties 6 543,783 531,547 504,018 491,782Intangible assets 7 142,684 56,816 27,232 34,514Investments in s bsidiar companies 8 - - 540,012 71,512Investments in associated companies 9 35,483 37,816 614 614Investments in inancial assets 10 15,873,374 13,162,053 15,872,171 13,162,053Loans and receivables 11 3,497,483 2,741,414 3,528,127 2,754,853

De erred tax assets 17 504 - - -20,334,957 16,771,813 20,688,566 16,732,802

c Trade and other receivables 12 292,670 210,944 271,347 204,664Investments in inancial assets 10 2,081,368 1,766,475 2,081,368 1,766,475Loans and receivables 11 349,372 310,328 339,654 310,328Short term deposits 13/27(c) 1,648,324 1,682,011 1,648,324 1,682,011Cash and cash eq ivalents 27(c) 472,008 369,811 400,226 340,116

4,843,742 4,339,569 4,740,919 4,303,594t 25,178,699 21,111,382 25,429,485 21,036,396

equity and liabilitiesc ( w )Share capital 14 26,322 25,000 26,322 25,000Proprietors' nd 85,502 119,244 85,502 119,244Reserves 61,214 - 529,643 -O ners' interest 173,038 144,244 641,467 144,244Non-controlling interests 15 125,148 200 - -

t 298,186 144,444 641,467 144,244t pLi e Ass rance F nd 2.12/16 24,284,794 20,586,765 24,208,418 20,514,944Gross o tstanding claims 3.1(a) (iii) 27,322 18,547 27,322 18,547

24,312,116 20,605,312 24,235,740 20,533,491n - De erred tax liabilities 17 - 6 - -Retirement bene it obligations 18 87,820 98,781 86,144 97,782

87,820 98,787 86,144 97,782c

Trade and other pa ables 19 390,274 190,574 382,258 191,854C rrent tax liabilities 10,284 9,515 3,857 6,275Dividend pa able 24 80,019 62,750 80,019 62,750

480,577 262,839 466,134 260,879t 25,178,69921,111,382 25,429,485 21,036,396

These inancial statements have been approved or iss e b the Board o Directors on March 28, 2013.

m. e. c m J. m. l rchairperson director group chie executive o icer

T t p 64 t 110 m t l p t t c l t t m t .a t p t p 58 59.

the group the company

non-linked linked total

nlin

Notes 2012 2011 2012r '000 r '000 r '000 r '000 r '000 r

Gross premi ms 2,286,160 2,004,450 1,233,411 1,052,749 2,286,160 1,061Ceded to reins rers (122,746) (81,571) (122,746) - ( 122,746) (81,Net ins rance premi ms 2,163,414 1,922,879 1,110,665 1,052,749 2,163,414 980Consideration or ann ities 399,233 211,670 399,233 - 399,233 211Fee income on ins rance and investment contracts 190,328 143,300 106,791 - 106,791 93Investment income 21 1,013,055 893,423 780,492 270,401 1,050,893 711Other income 22 88,003 267,753 565,717 (9,285) 556,432 116Gain on exchange 43,178 - 29,560 13,618 43,178Other operating income - rent 28,437 17,195 24,122 - 24,122 13Shar e o res lts o associated companies 9 (117) 193 - - -

3,925,531 3,456,413 3,016,580 1,327,483 4,344,063 2,126Gross death and disablement ins rance claims 177,558 99,845 170,180 7,121 177,301 96Recoverable rom reins rers (36,624) (10,760) (36,367) - (36,367) (10,Net death and disablement ins rance claims 140,934 89,085 133,813 7,121 140,934 85Mat rit claims 994,027 854,607 891,961 102,066 994,027 765S rrenders 285,950 888,960 102,729 183,221 285,950 140Ann ities 307,962 252,545 296,573 11,389 307,962 233Commissions pa able to agents and brokers 136,663 102,551 136,663 - 136,663 102Fees pa able 89,216 82,535 53,631 69,531 123,162 49Depr eciation o propert and eq ipment 5 13,606 12,600 11,264 - 11,264 12Depreciation o investment properties 6 10,418 10,040 10,418 - 10,418 10Amortisation o intangible assets 7 7,661 8,867 7,282 - 7,282 8Comp ter development expenses 5,896 3,227 5,896 - 5,896 3Bad debts 1,412 2,847 1,412 - 1,412 2Marketing and administrative expenses 23 240,986 181,689 199,151 - 199,151 150Termination bene its 32 15,991 - 15,991 - 15,991Loss on exchange - 49,491 - - - 41

2,250,722 2,539,044 1,866,784 373,328 2,240,112 1,606,S rpl s or the ear be ore taxation 1,674,809 917,369 1,149,796 954,155 2,103,951 520Taxation 20 (22,320) (13,844) (9,895) - (9,895) (5,s 1,652,489903,525 1,139,901 954,155 2,094,056 514

S rpl s trans erred as ollo s:- Li e Ass rance F nd 16 1,611,366 739,043 637,572 954,155 1,591,727 350- Proprietors' F nd 33,900 164,476 33,900 - 33,900 164- Other reserves - - 468,429 - 468,429- Non-controlling interests 15 7,223 6 - - -

1,652,489 903,525 1,139,901 954,155 2,094,056 514


li e assurance undyear ended december 31, 2012


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62

statements o changes in equityyear ended december 31, 2012

group a w

ns p 'a o

t

n -

t r '000 r '000 r '000 r '000 r '000 r '000 r '000

J 1, 2012 25,000 119,244 - - 144,244 200 144,444 14 1,322 - - - 1,322 - 1,322

- 12,377 - - 12,377 - 12,377

l a - 33,900 - - 33,900 6,949 40,849

- 26 - - - - - 117,376 117,376 15 - - - - - 7,223 7,223

24/15 - (80,019) - - (80,019) (6,600) (86,619) 26 - - 61,214 - 61,214 - 61,214

d 31, 2012 26,322 85,502 61,214 - 173,038 125,148 298,186

nce at Jan ar 1, 2011 25,000 8,256 - - 33,256 24,661 57,917rest allocated - 9,262 - - 9,262 - 9,262s er rom Li e Ass rance F nd - 164,476 - - 164,476 - 164,476 movement or the ear 15 - - - - - 6 6

ect o trans er rom s bsidiar to associate - - - - - (24,467) (24,467)dends 24 - (62,750) - - (62,750) - (62,750)nce at December 31, 2011 25,000 119,244 - - 144,244 200 144,444

company s p 'a o t er '000 r '000 r '000 r '000 r '000

J 1, 2012 25,000 119,244 - - 144,244 14 1,322 - - - 1,322

- 12,377 - - 12,377 l a - 33,900 - 468,429 502,329

24 - (80,019) - - (80,019) 26 - - 61,214 - 61,214

d 31, 2012 26,322 85,502 61,214 468,429 641,467

nce at Jan ar 1, 2011 25,000 8,256 - - 33,256

rest allocated - 9,262 - - 9,262s er rom Li e Ass rance F nd - 164,476 - - 164,476dends 24 - (62,750) - - (62,750)nce at December 31, 2011 25,000 119,244 - - 144,244

t p 64 t 110 m t l p t t c l t t m t .t p t p 58 59.

the group

Notes 2012 2011

r 000 r 000c w Cash generated rom/(absorbed in) operat ions 27(a) 658,984 (81,052) 6Investment income received 1,014,551 893,755 1,0Tax paid (22,250) (9,482) (

n 1,651,285803,221 1,6

c w P rchase o propert and eq ipment 5 (14,763) (47,575) (P rchase o investment propert 6 (20,564) (176,196) (P rchase o intangible assets 7 - (240)P rchase o inancial assets 10 (3,875,201) (5,697,532) (3,8Loans granted (1,211,298) (654,251) (1,2Disposal/mat rit o inancial assets 2,918,839 5,745,278 2,9Proceeds rom sale o propert and eq ipment 786 1,430Proceeds rom sale o investment properties 1,357 7,465Loans received 525,649 343,870 5C as h a nd ca sh eq i va le nt s ac q ir ed on a ma lg am at io n 2 6( a) 87,914 -Acq isition o s bsidiar net o cash 26(b) 24,078 -

n (1,563,203)(477,751) (1,58

c w Dividends paid to Compan s shareholders 24 (62,750) - (

n (62,750) - (

i /( ) 25,332325,470 (

m At Jan ar 1, 2,051,822 1,778,365 2,0Increase/(decrease) 25,332 325,470 (E ect o trans er rom s bsidiar to associate - (2,522)E ects o exchange rate changes 43,178 (49,491)a d 31, 27(c) 2,120,332 2,051,822 2,0


statement o cash loWsyear ended december 31, 2012


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64

notes to the inancial statementsyear ended december 31, 2012

1. general in ormation

The Anglo-Ma riti s Ass rance Societ Limited is a limited liabilit compan incorporated and domiciled in Ma riti s. These nancialstatements ill be s bmitted or consideration and approval at the orthcoming Ann al Meeting o the Compan .

The principal activities o the Compan consist o li e ass rance, pensions, act arial and investment b siness and have remainednchanged d ring the ear. The activities o the s bsidiar companies orming part o the gro p, are detailed in note 8.

D ring the ear, the Gro p amalgamated its ins rance and investment activities ith those o Rogers Gro p. The amalgamation isdetailed in note 26.

2. principal accounting policiesThe principal acco nting policies adopted in the preparation o these nancial statements are set o t belo . These policies have beenconsistentl applied to all ears presented nless other ise stated.

2.1 b

The nancial statements compl ith the Companies Act 2001 and have been prepared in accordance ith InternationalFinancial Reporting Standards (IFRS). where necessar , comparative g res have been amended to con orm ith change inpresentation and disclos re in the c rrent ear. The nancial statements are prepared nder the historical cost convention,except that:

(i) available- or-sale nancial assets are stated at their air val es; and

(ii) held-to-mat rit investments, loans and receivables and relevant nancial assets and nancial liabilities are carried atamortised cost.

( ) s , a s i

Disclos res Trans ers o Financial Assets (Amendments to IFRS 7).These amendments improve the disclos re req irements in relation to trans erred nancial assets. The amendments arenot expected to have an impact on the Gro ps nancial statements.

Severe H perin lation and Removal o Fixed Dates or First-time Adopters (Amendments to IFRS1).These amendments replace re erences to a ixed transition date ith the date o transition to IFRSs and set o t thereq irements or ho an entit res mes presenting inancial statements in accordance ith IFRSs a ter a period henthe entit as nable to compl ith IFRSs beca se its nctional c rrenc as s bject to severe h perin lation. Theamendments are not expected to have an impact on the Gro ps inancial statements.

De erred Tax.Recover o underl ing Assets (Amendments to IAS 12), introd ces a pres mption that investment properties that aremeas red sing the air val e model in accordance ith IAS 40 Investment Propert are recovered entirel thro gh sale orthe p rposes o meas ring de erred taxes. This pres mption is reb tted i the investment propert is held ithin a b sinessmodel hose objective is to cons me s bstantiall all o the economic bene its embodied in the investment propert overtime, rather than thro gh sale. This amendment is nlikel to have an impact on the Gro ps inancial statements.

2. principal accounting policies (contd)

2.1 b ( )

( ) s , a s i

Certain standards, amendments to p blished standards and interpretations have been iss edacco nting periods beginning on or a ter 1 Jan ar 2013 or later periods, b t hich the Gro

At the reporting date o these inancial statements, the ollo ing ere in iss e b t not et e

Amendments to IAS 1 Presentation o Items o Other Comprehensive Income (E ective 1IFRS 9 Financial Instr ments

IAS 27 Separate Financial Statements

IAS 28 Investments in Associates and Joint Vent res

IFRS 10 Consolidated Financial Statements

IFRS 11 Joint Arrangements

IFRS 12 Disclos re o Interests in Other Entities

IFRS 13 Fair Val e Meas rement

IAS 19 Emplo ee Bene its (Revised 2011)

IFRIC 20 Stripping Costs in the Prod ction Phase o a S r ace Mine

Disclos res O setting Financial Assets and Financial Liabilities (Amendments to IFRS

IAS 32 O setting Financial Assets and Financial Liabilities (Amendments to IAS 32)

Amendment to IFRS 1 (Government Loans)

Ann al Improvements to IFRSs 2009-2011 C cle

Consolidated Financial Statements, Joint Arrangements and Disclos re o Interests in Other E

Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27)

where relevant, the Gro p is still eval ating the e ect o these Standards, amendments toInterpretations iss ed b t not et e ective, on the presentation o its inancial statements.

The preparation o inancial statements in con ormit ith IFRS req ires the se o certainIt also req ires management to exercise its j dgement in the process o appl ing the Gro p

areas involving a higher degree o j dgement or complexit , or areas here ass mptions anthe inancial statements, are disclosed in note 4.


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2. signi icant accounting policies (contd)

2.2 p

All propert and eq ipment are stated at historical cost/deemed cost less depreciation. Historical cost incl des expendit re thatis directl attrib table to the acq isition o the items.

S bseq ent costs are incl ded in the assets carr ing amo nt or recognised as a separate asset as appropriate, onl hen it isprobable that t re economic bene ts associated ith the item ill fo to the Gro p and the cost o the item can be meas redreliabl .

Depreciation is calc lated on the straight line method to rite o the cost o each asset, to their resid al val es over theirestimated se l li e, as ollo s:

B ildings 2%F rnit re, xt res and ttings 10%Comp ter eq ipment 15% - 33.3%Electrical eq ipment 10%Motor vehicles 20%

Land is not depreciated.

The assets resid al val es and se l lives are revie ed, and adj sted i appropriate, at the end o each reporting period.

where the carr ing amo nt o an asset is greater than its estimated recoverable amo nt, it is ritten do n immediatel to itsrecoverable amo nt.

Gains and losses on disposal o propert and eq ipment are determined b comparing proceeds ith their carr ing amo nt andare incl ded in the Li e Ass rance F nd.

Increases in the carr ing amo nt arising on reval ation are credited to reval ation reserve in the Li e Ass rance F nd. Decreasesthat o set previo s increases o the same asset are charged against Li e Ass rance F nd.

2.3 i

Intangible assets consist o the ollo ing :

(i) Good ill

Good ill represents the excess o cost o an acq isition over the air val e o the Gro ps share o net asset o the acq ireds bsidiar or associate at the date o acq isition. Good ill on acq isitions o s bsidiaries is incl ded in intangible assets.Gains on bargain p rchase represents the excess o the air val e o the Gro ps share o net asset acq ired over thecost o acq isition and is recognised in the Li e Ass rance F nd. Good ill on acq isition o associates is incl ded ininvestments in associates. Good ill arising on an acq isition o a b siness is carried at cost as established at the dateo acq isition o the b siness l ess acc m lated impairment losses, i an . Good ill is tested ann all or i mpairment.

On disposal o a s bsidiar or associate, the attrib table amo nt o good ill is incl ded in the determination o the gainsand losses on disposal. Good ill is allocated to cash-generating nits or the p rpose o impairment testing.


2.3 i ( )

(ii) Comp ter so t ares

Acq ired comp ter so t ares are capitalised on the basis o costs inc rred to acq ire and briover their estimated se l lives o 3 ears. The carr ing amo nts o the comp ter so tadj sted or impairment here considered necessar .

(iii) Development and other costs

Development and other costs are recognised as assets and are amortised over their estimated

(iv) Val e o b siness acq ired (VOBA)

Val e o b siness acq ired represents the val e o the c stomer lists and c stomer relationsho t re contracts that are not part o the contract al ins rance rights and contract al ins rat the date o b siness acq isition. This intangible asset i s amortised over the estimated li e o

(v) C stomer port olio

C stomer port olio represents the val e o the c stomer list. It is tested ann all or impaiacc m lated impairment losses.

2.4 i

Properties held to earn rentals or capital appreciation or both and not occ pied b the Gro p ipropert . Investment properties are stated at cost less acc m lated depreciation and an acc m la

Depreciation is calc lated on the straight line method to rite o the cost o each asset, to its residse l li e. The principal ann al rate sed is:-

B ildings 2%

Land is not depreciated.

Gains and losses on disposal o investment propert are determined b re erence to their carr inacco nt in determining the s rpl s on the Li e Ass rance F nd.

2.5 i

Assets that have an inde nite se l li e are not s bject to amortisation and are tested ann all os bject to amortisation are revie ed or impairment henever events or changes in circ mstancesamo nt ma not be recoverable. An impairment loss is recognised or the amo nt b hich the cexceeds its recoverable amo nt. The recoverable amo nt is the higher o an assets air val e less cFor the p rposes o assessing impairment, assets are gro ped at the lo est levels or hich therecash fo s (cash-generating nits).


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2.6 i

Separate financial statements of the investor

In the separate nancial statements o the investor, investments in s bsidiar companies are carried at cost. The carr ingamo nt is red ced to recognise an impairment in the val e o individ al investments.

Consolidated financial statements

S bsidiaries are all entities over hich the Gro p has the po er to govern the nancial and operating policies generallaccompan ing a shareholding o more than one hal o the voting rights. The existence and e ect o potential voting rights thatare c rrentl exercisable or convertible are considered hen assessing hether the Gro p controls another entit . S bsidiariesare ll consolidated rom the date on hich control is trans erred to the Gro p. The are de-consolidated rom the date thatcontrol ceases.

The acq isition method o acco nting is sed to acco nt or b siness combinations b the Gro p. The consideration trans erredor the acq isition o a s bsidiar is the air val es o the assets trans erred, the liabilities inc rred and the eq it interests

iss ed b the Gro p. The consideration trans erred incl des the air val e o an asset or liabilit res lting rom a contingentconsideration arrangement. Acq isition-related costs are expensed as inc rred. Identi able assets acq ired and liabilities andcontingent liabilities ass med in a b siness combination are meas red initiall at their air val es at the acq isition date. Onan acq isition-b -acq isition basis, the Gro p recognises an non-controlling interest in the acq ire either at air val e or at thenon-controlling interests proportionate share o the acq irers net assets.

The excess o the consideration trans erred, the amo nt o an non-controlling interest in the acq ire and the acq isition-dateair val e o an previo s eq it interest in the acq ire (i an ) over the air val e o the Gro ps share o the identi able net

assets acq ired is recorded as good ill. I this is less than the air val e o the net assets o the s bsidiar acq ired in the caseo a bargain p rchase, the di erence is recognised directl in the Li e Ass rance F nd.

Inter-compan transactions, balances and nrealised gains on transactions bet een gro p companies are eliminated. unrealisedlosses are also eliminated. Acco nting policies o s bsidiaries have been changed here necessar to ens re consistenc iththe policies adopted b the Gro p.

Transactions and non-controlling interests

The Gro p treats transactions ith non-controlling interests as transactions ith eq it o ners o the Gro p. For p rchases romnon-controlling interests, the di erence bet een an consideration paid and the relevant share acq ired o the carr ing v al eo net assets o the s bsidiar is recorded in eq it . Gains or losses on disposals to non-controlling interests are also recordedin eq it .

2.7 i

Separate financial statements of the investor

In the separate nancial statements o the investor, investments in associated companies are carried at cost. The carr ingamo nt is red ced to recognise an impairment in the val e o individ al investments.


2.7 i ( )

Consolidated financial statements

An associate is an entit over hich the Gro p has signi cant inf ence b t not control, or joint contra shareholder bet een 20% and 50% o the voting rights. Investments in associates are acco ntedexcept hen classi ed as held- or-sale. The Gro ps investment in associates ma incl de goodimpairment loss identi ed on acq isition. Investment in associates are initiall recognised at cost as achanges in the Gro ps share o the net assets o the associate less an impairment in the val e o

An excess o the cost o acq isition and the Gro ps share o net air val e o the associates irecognised at the date o acq isition is recognised in good ill, hich is incl ded in the carr ingAn excess o the Gro ps share o the net air val e o identi able assets and liabilities oveassessment, is incl ded as income in the determination o the Gro ps share o the associates pro

when the Gro ps share o losses exceeds its interest in an associate, the Gro p discontin es recognit has inc rred legal or constr ctive obligation or made pa ments on behal o the associate.

unrealised pro ts and losses are eliminated to the extent o the Gro ps interest in the associate. ueliminated nless the transaction provides evidence o an impairment o the asset trans erred.

where necessar , appropriate adj stments are made to the nancial statements o associates to brinsed in line ith those adopted b the Gro p.

2.8

( ) c f

The Gro p classi es its nancial assets into the ollo ing categories: loans and receivables, held-available- or-sale nancial assets. The classi cation depends on the p rpose or hich the naManagement determines the classi cation o the investments at initial recognition and re-eval ates

(i) Loans and receivables

Loans and receivables are non-derivative nancial assets ith xed or determinable pa ments. at air val e pl s an directl attrib table transactions costs. S bseq ent to initial recognitiomeas red at amortised cost sing the e ective interest method, less an impairment.

(ii) Held-to-mat rit investments

Held-to-mat rit investments are non-derivative nancial assets ith xed or determinable pathat the Gro p has the positive intention and abilit to hold to mat rit .

(iii) Available- or-sale nancial assets

Available or sale nancial assets are non-derivatives that are either designated in this categorthe other categories. The are incl ded in non-c rrent assets nless management intends to

ithin t elve months o the end o the reporting date.


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2.8 ( )

( ) r

P rchases and sales o nancial assets are recognised on trade-date, the date on hich the Gro p and the Compancommit to p rchase or sell the asset. Investments are initiall recorded at air val e pl s transaction costs.

Financial assets are derecognised hen the rights to receive cash fo s rom the investments have expired or the havebeen trans erred and the Gro p has also trans erred s bstantiall all risks and re ards o o nership.

Loans and receivables and held-to-mat rit investments are s bseq entl carried at amortised cost sing the e ectiveinterest method. Available- or-sale nancial assets are s bseq entl carried at their air val es.

Investments in eq it instr ments that do not have a q oted market price in an active market and hose air val e cannotbe reliabl meas red are meas red at cost.

unrealised gains and losses arising rom changes in the air val e o available- or-sale nancial assets are recogniseddirectl in eq it o the s bsidiaries and in the Li e Ass rance F nd or the compan , ntil the sec rit is disposed o or

o nd to be impaired, at hich time the c m lative gain or loss previo sl recognised in eq it or in the Li e Ass ranceF nd is incl ded in the Income Statement or the Li e Ass rance F nd as gains and losses on nancial assets. whenavailable- or-sale nancial assets are sold or impaired, the acc m lated air val e adj stments are incl ded in the Li eAss rance F nd as gains and losses on nancial assets.

The air val es o q oted investments are based on c rrent bid prices (Level 1). The air val es o nancial instr mentsthat are not traded in an active market ( or example, over-the-co nter derivatives) are determined b sing val ationtechniq es. These val ation techniq es maximise the se o observable data here it is available and rel as little as onentit speci c estimates (Level 2), i the market or a nancial asset is not active (and or nlisted sec rities), the Gro pestablishes air val e b sing val ation techniq es. These incl de the se o recent arms length transactions, re erenceto other instr ments that are s bstantiall the same, disco nted cash fo s anal sis, and net assets basis (Level 3), seenote 10.

( ) i f

(i) Financial assets classi ed as available- or-sale

The Gro p assesses at the end o each reporting period hether there is objective evidence that a nancial asset or a gro po nancial assets is impaired. In the case o eq it investments classi ed as available- or-sale, a signi cant or prolongeddecline in the air val e o the sec rit belo its cost is considered in determining hether the sec rities are impaired. Ian s ch evidence exists or available- or-sale nancial assets, the c m lative loss, meas red as the di erence bet eenacq isition cost and the c rrent air val e, less an impairment loss on that previo sl recognised in eq it , is removed romeq it and recognised in the Li e Ass rance F nd. Impairment loss or the Gro p is recognised in the Li e Ass rance F nd.

(ii) Financial assets carried at amortised cost

For loans and receivables categor , the amo nt o the loss is meas red as the di erence bet een the assets carr ingamo nt and the present val e o estimated t re cash fo s (excl ding t re credit losses that have not been inc rred)disco nted at the nancial assets original e ective interest rate. The carr ing amo nt o the asset is red ced and, theamo nt o the loss is recognised in the Li e Ass rance F nd. I a loan or held-to-mat rit investment has a variableinterest rate, the disco nt rate or meas ring an impairment loss is the c rrent e ective interest rate determined nderthe contract.


2.8 ( )

( ) i f ( )

I , in a s bseq ent period, the amo nt o the impairment loss decreases and the decreases to an event occ rring a ter the impairment as recognised (s ch as an improvement in the dprevio sl recognised impairment loss is reversed thro gh the Li e Ass rance F nd to the exo the investment at the date the impairment is reversed does not exceed hat the amortised cthe impairment not been recognised.

2.9 t

Trade receivables are recognised initiall at air val e and s bseq entl meas red at amortised comethod, less provision or impairment. A provision or impairment o trade receivables is estabevidence that the Gro p ill not be able to collect all amo nts d e according to the original terms o provision is recognised in the Li e Ass rance F nd.

2.10 t

Trade and other pa abl

anglo structure

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