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481.95 509.00 Td (interim ) Tj ET Q q 0 0 0 rg BT 512.15 509.00 Td (financial ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 65.00 495.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 113.57 495.90 Td (for ) Tj ET Q q 0 0 0 rg BT 126.76 495.90 Td (the ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 142.07 495.90 Td (first) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 157.37 495.90 Td ( ) Tj ET Q q 0 0 0 rg BT 159.47 495.90 Td (quarter ) Tj ET Q q 0 0 0 rg BT 191.68 495.90 Td (of ) Tj ET Q q 0 0 0 rg BT 201.70 495.90 Td (fiscal ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 225.45 495.90 Td (2016) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 246.58 495.90 Td ( ) Tj ET Q q 0 0 0 rg BT 248.69 495.90 Td (and ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 266.64 495.90 Td (2015) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 287.77 495.90 Td (, ) Tj ET Q q 0 0 0 rg BT 292.52 495.90 Td (with ) Tj ET Q q 0 0 0 rg BT 311.51 495.90 Td (the ) Tj ET Q q 0 0 0 rg BT 326.82 495.90 Td (notes ) Tj ET Q q 0 0 0 rg BT 352.16 495.90 Td (to ) Tj ET Q q 0 0 0 rg BT 362.19 495.90 Td (the ) Tj ET Q q 0 0 0 rg BT 377.50 495.90 Td (condensed ) Tj ET Q q 0 0 0 rg BT 426.09 495.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 481.54 495.90 Td (interim ) Tj ET Q q 0 0 0 rg BT 512.14 495.90 Td (financial ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 65.00 482.75 Td (statements, ) Tj ET Q q 0 0 0 rg BT 117.94 482.75 Td (and ) Tj ET Q q 0 0 0 rg BT 137.62 482.75 Td (with ) Tj ET Q q 0 0 0 rg BT 158.34 482.75 Td (management) Tj ET Q q 0 0 0 rg BT 215.73 482.75 Td (s ) Tj ET Q q 0 0 0 rg BT 224.31 482.75 Td (discussion ) Tj ET Q q 0 0 0 rg BT 272.50 482.75 Td (and ) Tj ET Q q 0 0 0 rg BT 292.18 482.75 Td (analysis ) Tj ET Q q 0 0 0 rg BT 330.33 482.75 Td (\(MD&A\) ) Tj ET Q q 0 0 0 rg BT 367.93 482.75 Td (and ) Tj ET Q q 0 0 0 rg BT 387.61 482.75 Td (audited ) Tj ET Q q 0 0 0 rg BT 422.61 482.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 454.97 482.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 512.15 482.75 Td (financial ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 65.00 469.65 Td (statements ) Tj ET Q q 0 0 0 rg BT 114.56 469.65 Td (and ) Tj ET Q q 0 0 0 rg BT 133.51 469.65 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 197.87 469.65 Td (notes ) Tj ET Q q 0 0 0 rg BT 224.20 469.65 Td (in ) Tj ET Q q 0 0 0 rg BT 234.69 469.65 Td (the ) Tj ET Q q 0 0 0 rg BT 251.00 469.65 Td (Company) Tj ET Q q 0 0 0 rg BT 293.59 469.65 Td (s ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 301.44 469.65 Td (2015) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 322.57 469.65 Td ( ) Tj ET Q q 0 0 0 rg BT 325.26 469.65 Td (Annual ) Tj ET Q q 0 0 0 rg BT 357.93 469.65 Td (Report. ) Tj ET Q q 0 0 0 rg BT 392.18 469.65 Td ( ) Tj ET Q q 0 0 0 rg BT 395.28 469.65 Td (The ) Tj ET Q q 0 0 0 rg BT 414.75 469.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 452.70 469.65 Td (data ) Tj ET Q q 0 0 0 rg BT 474.29 469.65 Td (in ) Tj ET Q q 0 0 0 rg BT 484.78 469.65 Td (this ) Tj ET Q q 0 0 0 rg BT 502.66 469.65 Td (discussion ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 65.00 456.55 Td (has ) Tj ET Q q 0 0 0 rg BT 82.71 456.55 Td (been ) Tj ET Q q 0 0 0 rg BT 106.25 456.55 Td (prepared ) Tj ET Q q 0 0 0 rg BT 146.67 456.55 Td (in ) Tj ET Q q 0 0 0 rg BT 156.47 456.55 Td (accordance ) Tj ET Q q 0 0 0 rg BT 207.98 456.55 Td (with ) Tj ET Q q 0 0 0 rg BT 227.27 456.55 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 251.31 456.55 Td (and ) Tj ET Q q 0 0 0 rg BT 269.56 456.55 Td (has ) Tj ET Q q 0 0 0 rg BT 287.27 456.55 Td (been ) Tj ET Q q 0 0 0 rg BT 310.80 456.55 Td (derived ) Tj ET Q q 0 0 0 rg BT 344.36 456.55 Td (from ) Tj ET Q q 0 0 0 rg BT 365.76 456.55 Td (the ) Tj ET Q q 0 0 0 rg BT 381.36 456.55 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 425.50 456.55 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 481.24 456.55 Td (interim ) Tj ET Q q 0 0 0 rg BT 512.15 456.55 Td (financial ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 65.00 443.45 Td (statements ) Tj ET Q q 0 0 0 rg BT 114.11 443.45 Td (for ) Tj ET Q q 0 0 0 rg BT 127.83 443.45 Td (the ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 143.68 443.45 Td (three) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 165.33 443.45 Td ( ) Tj ET Q q 0 0 0 rg BT 167.97 443.45 Td (months ) Tj ET Q q 0 0 0 rg BT 201.77 443.45 Td (ended ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 230.83 443.45 Td (March31, ) Tj ET Q q 0 0 0 rg BT 275.71 443.45 Td (2016) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 296.84 443.45 Td (, ) Tj ET Q q 0 0 0 rg BT 302.12 443.45 Td (and ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 320.61 443.45 Td (2015) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 341.75 443.45 Td (.) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 65.00 429.27 173.80 -8.89 re f /GS0 gs q 0 0 0 rg BT 65.00 422.35 Td (The ) Tj ET Q q 0 0 0 rg BT 83.34 422.35 Td (following ) Tj ET Q q 0 0 0 rg BT 122.28 422.35 Td (commentary ) Tj ET Q q 0 0 0 rg BT 176.52 422.35 Td (is ) Tj ET Q q 0 0 0 rg BT 185.36 422.35 Td (current ) Tj ET Q q 0 0 0 rg BT 216.90 422.35 Td (as ) Tj ET Q q 0 0 0 rg BT 228.90 422.35 Td (of ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 238.80 429.27 51.62 -8.89 re f /GS0 gs q 0 0 0 rg BT 238.80 422.35 Td (May3, ) Tj ET Q q 0 0 0 rg BT 269.28 422.35 Td (2016) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 290.42 429.27 259.21 -8.89 re f /GS0 gs q 0 0 0 rg BT 290.42 422.35 Td (. ) Tj ET Q q 0 0 0 rg BT 295.03 422.35 Td ( ) Tj ET Q q 0 0 0 rg BT 296.74 422.35 Td (Additional ) Tj ET Q q 0 0 0 rg BT 340.44 422.35 Td (information ) Tj ET Q q 0 0 0 rg BT 389.41 422.35 Td (relating ) Tj ET Q q 0 0 0 rg BT 422.54 422.35 Td (to ) Tj ET Q q 0 0 0 rg BT 432.44 422.35 Td (EFH ) Tj ET Q q 0 0 0 rg BT 453.42 422.35 Td (is ) Tj ET Q q 0 0 0 rg BT 462.25 422.35 Td (available ) Tj ET Q q 0 0 0 rg BT 501.72 422.35 Td (on ) Tj ET Q q 0 0 0 rg BT 514.26 422.35 Td (SEDAR ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 65.00 416.12 10.56 -8.89 re f /GS0 gs q 0 0 0 rg BT 65.00 409.20 Td (at ) Tj ET Q BT /F4 9.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.70 w 0 i [] 0 d 1 J 1 j 3 M 75.56298828125 407.8455078125 m 142.259765625 407.8455078125 l s q 0 0 1 rg BT 75.56 409.20 Td (www) Tj ET Q q 0 0 1 rg BT 95.62 409.20 Td (.sedar) Tj ET Q q 0 0 1 rg BT 121.67 409.20 Td (.com) Tj ET Q BT /F4 9.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 1 1 1 rg /GS0 gs 142.26 416.12 329.02 -8.89 re f /GS0 gs q 0 0 0 rg BT 142.26 409.20 Td (. ) Tj ET Q q 0 0 0 rg BT 147.54 409.20 Td ( ) Tj ET Q q 0 0 0 rg BT 150.18 409.20 Td (Certain ) Tj ET Q q 0 0 0 rg BT 183.44 409.20 Td (totals, ) Tj ET Q q 0 0 0 rg BT 211.43 409.20 Td (subtotals ) Tj ET Q q 0 0 0 rg BT 252.10 409.20 Td (and ) Tj ET Q q 0 0 0 rg BT 270.59 409.20 Td (percentages ) Tj ET Q q 0 0 0 rg BT 325.52 409.20 Td (may ) Tj ET Q q 0 0 0 rg BT 346.10 409.20 Td (not ) Tj ET Q q 0 0 0 rg BT 361.95 409.20 Td (reconcile ) Tj ET Q q 0 0 0 rg BT 402.61 409.20 Td (due ) Tj ET Q q 0 0 0 rg BT 421.10 409.20 Td (to ) Tj ET Q q 0 0 0 rg BT 431.66 409.20 Td (rounding.) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 65.00 395.02 484.64 -8.89 re f /GS0 gs q 0 0 0 rg BT 65.00 388.10 Td (EFH ) Tj ET Q q 0 0 0 rg BT 87.55 388.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 111.16 388.10 Td (both ) Tj ET Q q 0 0 0 rg BT 133.20 388.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 158.39 388.10 Td (and ) Tj ET Q q 0 0 0 rg BT 177.79 388.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 209.85 388.10 Td (non-IFRS ) Tj ET Q q 0 0 0 rg BT 254.06 388.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 299.32 388.10 Td (to ) Tj ET Q q 0 0 0 rg BT 310.79 388.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 343.91 388.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 403.43 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 406.97 388.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 452.24 388.10 Td (regulators ) Tj ET Q q 0 0 0 rg BT 498.03 388.10 Td (require ) Tj ET Q q 0 0 0 rg BT 531.15 388.10 Td (that ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 65.00 381.92 484.64 -8.89 re f /GS0 gs q 0 0 0 rg BT 65.00 375.00 Td (companies ) Tj ET Q q 0 0 0 rg BT 113.14 375.00 Td (caution ) Tj ET Q q 0 0 0 rg BT 145.98 375.00 Td (readers ) Tj ET Q q 0 0 0 rg BT 180.39 375.00 Td (about ) Tj ET Q q 0 0 0 rg BT 206.37 375.00 Td (non-IFRS ) Tj ET Q q 0 0 0 rg BT 249.22 375.00 Td (measures ) Tj ET Q q 0 0 0 rg BT 293.13 375.00 Td (that ) Tj ET Q q 0 0 0 rg BT 311.18 375.00 Td (do ) Tj ET Q q 0 0 0 rg BT 323.95 375.00 Td (not ) Tj ET Q q 0 0 0 rg BT 339.35 375.00 Td (have ) Tj ET Q q 0 0 0 rg BT 362.16 375.00 Td (a ) Tj ET Q q 0 0 0 rg BT 369.64 375.00 Td (standardized ) Tj ET Q q 0 0 0 rg BT 426.24 375.00 Td (meaning ) Tj ET Q q 0 0 0 rg BT 464.88 375.00 Td (under ) Tj ET Q q 0 0 0 rg BT 491.38 375.00 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 515.22 375.00 Td (and ) Tj ET Q q 0 0 0 rg BT 533.27 375.00 Td (are ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 65.00 368.82 484.65 -8.89 re f /GS0 gs q 0 0 0 rg BT 65.00 361.90 Td (unlikely ) Tj ET Q q 0 0 0 rg BT 100.31 361.90 Td (to ) Tj ET Q q 0 0 0 rg BT 111.85 361.90 Td (be ) Tj ET Q q 0 0 0 rg BT 126.04 361.90 Td (comparable ) Tj ET Q q 0 0 0 rg BT 179.31 361.90 Td (to ) Tj ET Q q 0 0 0 rg BT 190.85 361.90 Td (similar ) Tj ET Q q 0 0 0 rg BT 221.92 361.90 Td (measures ) Tj ET Q q 0 0 0 rg BT 267.25 361.90 Td (used ) Tj ET Q q 0 0 0 rg BT 291.48 361.90 Td (by ) Tj ET Q q 0 0 0 rg BT 305.14 361.90 Td (other ) Tj ET Q q 0 0 0 rg BT 330.41 361.90 Td (companies. ) Tj ET Q q 0 0 0 rg BT 382.62 361.90 Td ( ) Tj ET Q q 0 0 0 rg BT 386.24 361.90 Td (EFH ) Tj ET Q q 0 0 0 rg BT 408.86 361.90 Td (analyzes ) Tj ET Q q 0 0 0 rg BT 449.98 361.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 506.94 361.90 Td (based ) Tj ET Q q 0 0 0 rg BT 536.45 361.90 Td (on ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 65.00 355.72 484.64 -8.89 re f /GS0 gs q 0 0 0 rg BT 65.00 348.80 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 121.15 348.80 Td (income ) Tj ET Q q 0 0 0 rg BT 156.18 348.80 Td (and ) Tj ET Q q 0 0 0 rg BT 176.44 348.80 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 232.59 348.80 Td (ratios ) Tj ET Q q 0 0 0 rg BT 260.23 348.80 Td (such ) Tj ET Q q 0 0 0 rg BT 284.70 348.80 Td (as ) Tj ET Q q 0 0 0 rg BT 299.14 348.80 Td (combined, ) Tj ET Q q 0 0 0 rg BT 347.37 348.80 Td (expense ) Tj ET Q q 0 0 0 rg BT 387.69 348.80 Td (and ) Tj ET Q q 0 0 0 rg BT 407.95 348.80 Td (loss ) Tj ET Q q 0 0 0 rg BT 429.25 348.80 Td (ratios, ) Tj ET Q q 0 0 0 rg BT 459.52 348.80 Td (which ) Tj ET Q q 0 0 0 rg BT 488.21 348.80 Td (are ) Tj ET Q q 0 0 0 rg BT 506.35 348.80 Td (non-IFRS ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 65.00 342.57 484.65 -8.89 re f /GS0 gs q 0 0 0 rg BT 65.00 335.65 Td (measures. ) Tj ET Q q 0 0 0 rg BT 110.96 335.65 Td ( ) Tj ET Q q 0 0 0 rg BT 112.57 335.65 Td (Underwriting ) Tj ET Q q 0 0 0 rg BT 167.51 335.65 Td (income ) Tj ET Q q 0 0 0 rg BT 199.75 335.65 Td (is ) Tj ET Q q 0 0 0 rg BT 208.22 335.65 Td (defined ) Tj ET Q q 0 0 0 rg BT 240.99 335.65 Td (as ) Tj ET Q q 0 0 0 rg BT 252.64 335.65 Td (net ) Tj ET Q q 0 0 0 rg BT 267.46 335.65 Td (earned ) Tj ET Q q 0 0 0 rg BT 298.65 335.65 Td (premiums ) Tj ET Q q 0 0 0 rg BT 341.96 335.65 Td (less ) Tj ET Q q 0 0 0 rg BT 360.46 335.65 Td (net ) Tj ET Q q 0 0 0 rg BT 375.28 335.65 Td (claims ) Tj ET Q q 0 0 0 rg BT 403.81 335.65 Td (incurred, ) Tj ET Q q 0 0 0 rg BT 442.38 335.65 Td (net ) Tj ET Q q 0 0 0 rg BT 457.20 335.65 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 503.70 335.65 Td (expenses, ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 65.00 329.47 484.65 -8.89 re f /GS0 gs q 0 0 0 rg BT 65.00 322.55 Td (general ) Tj ET Q q 0 0 0 rg BT 99.04 322.55 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 144.70 322.55 Td (integration ) Tj ET Q q 0 0 0 rg BT 191.42 322.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 215.94 322.55 Td (and ) Tj ET Q q 0 0 0 rg BT 234.14 322.55 Td (excludes ) Tj ET Q q 0 0 0 rg BT 273.99 322.55 Td (any ) Tj ET Q q 0 0 0 rg BT 291.65 322.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 321.98 322.55 Td (of ) Tj ET Q q 0 0 0 rg BT 332.26 322.55 Td (change ) Tj ET Q q 0 0 0 rg BT 365.77 322.55 Td (in ) Tj ET Q q 0 0 0 rg BT 375.52 322.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 413.25 322.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 431.97 322.55 Td (or ) Tj ET Q q 0 0 0 rg BT 442.77 322.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 474.17 322.55 Td (exchange ) Tj ET Q q 0 0 0 rg BT 517.72 322.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 536.44 322.55 Td (on ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 65.00 316.37 29.56 -8.89 re f /GS0 gs q 0 0 0 rg BT 65.00 309.45 Td (claims.) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 65.00 295.27 484.64 -8.89 re f /GS0 gs q 0 0 0 rg BT 65.00 288.35 Td (The ) Tj ET Q q 0 0 0 rg BT 84.16 288.35 Td (following ) Tj ET Q q 0 0 0 rg BT 123.92 288.35 Td (discussion ) Tj ET Q q 0 0 0 rg BT 171.07 288.35 Td (contains ) Tj ET Q q 0 0 0 rg BT 209.25 288.35 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 276.99 288.35 Td (information ) Tj ET Q q 0 0 0 rg BT 326.77 288.35 Td (that ) Tj ET Q q 0 0 0 rg BT 345.41 288.35 Td (involves ) Tj ET Q q 0 0 0 rg BT 382.53 288.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 400.09 288.35 Td (and ) Tj ET Q q 0 0 0 rg BT 418.74 288.35 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 475.39 288.35 Td (based ) Tj ET Q q 0 0 0 rg BT 504.07 288.35 Td (on ) Tj ET Q q 0 0 0 rg BT 517.43 288.35 Td (current ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 65.00 282.17 484.65 -8.89 re f /GS0 gs q 0 0 0 rg BT 65.00 275.25 Td (expectations. ) Tj ET Q q 0 0 0 rg BT 124.10 275.25 Td ( ) Tj ET Q q 0 0 0 rg BT 127.23 275.25 Td (This ) Tj ET Q q 0 0 0 rg BT 148.30 275.25 Td (information ) Tj ET Q q 0 0 0 rg BT 198.42 275.25 Td (includes, ) Tj ET Q q 0 0 0 rg BT 239.04 275.25 Td (but ) Tj ET Q q 0 0 0 rg BT 255.37 275.25 Td (is ) Tj ET Q q 0 0 0 rg BT 265.35 275.25 Td (not ) Tj ET Q q 0 0 0 rg BT 281.68 275.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 312.26 275.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 325.94 275.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 375.53 275.25 Td (about ) Tj ET Q q 0 0 0 rg BT 402.43 275.25 Td (the ) Tj ET Q q 0 0 0 rg BT 418.76 275.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 468.89 275.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 512.15 275.25 Td (financial ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 65.00 269.02 344.31 -8.89 re f /GS0 gs q 0 0 0 rg BT 65.00 262.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 108.31 262.10 Td (priorities, ) Tj ET Q q 0 0 0 rg BT 149.49 262.10 Td (targets, ) Tj ET Q q 0 0 0 rg BT 183.81 262.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 220.26 262.10 Td (objectives, ) Tj ET Q q 0 0 0 rg BT 267.79 262.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 311.62 262.10 Td (and ) Tj ET Q q 0 0 0 rg BT 330.11 262.10 Td (outlook ) Tj ET Q q 0 0 0 rg BT 363.38 262.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.95 262.10 Td (EFH ) Tj ET Q q 0 0 0 rg BT 395.59 262.10 Td (for ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 409.31 269.02 21.13 -8.89 re f /GS0 gs q 0 0 0 rg BT 409.31 262.10 Td (2016) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 430.45 269.02 106.69 -8.89 re f /GS0 gs q 0 0 0 rg BT 430.45 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 433.09 262.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.58 262.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 503.34 262.10 Td (periods.) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 65.00 247.92 484.64 -8.89 re f /GS0 gs q 0 0 0 rg BT 65.00 241.00 Td (This ) Tj ET Q q 0 0 0 rg BT 85.55 241.00 Td (information ) Tj ET Q q 0 0 0 rg BT 135.15 241.00 Td (is ) Tj ET Q q 0 0 0 rg BT 144.61 241.00 Td (based ) Tj ET Q q 0 0 0 rg BT 173.09 241.00 Td (upon ) Tj ET Q q 0 0 0 rg BT 196.83 241.00 Td (certain ) Tj ET Q q 0 0 0 rg BT 227.95 241.00 Td (material ) Tj ET Q q 0 0 0 rg BT 264.34 241.00 Td (factors ) Tj ET Q q 0 0 0 rg BT 295.45 241.00 Td (or ) Tj ET Q q 0 0 0 rg BT 306.50 241.00 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 362.43 241.00 Td (that ) Tj ET Q q 0 0 0 rg BT 380.88 241.00 Td (were ) Tj ET Q q 0 0 0 rg BT 404.07 241.00 Td (applied ) Tj ET Q q 0 0 0 rg BT 437.31 241.00 Td (in ) Tj ET Q q 0 0 0 rg BT 447.31 241.00 Td (drawing ) Tj ET Q q 0 0 0 rg BT 483.18 241.00 Td (a ) Tj ET Q q 0 0 0 rg BT 491.06 241.00 Td (conclusion ) Tj ET Q q 0 0 0 rg BT 538.55 241.00 Td (or ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 65.00 234.82 484.65 -8.89 re f /GS0 gs q 0 0 0 rg BT 65.00 227.90 Td (making ) Tj ET Q q 0 0 0 rg BT 97.41 227.90 Td (a ) Tj ET Q q 0 0 0 rg BT 104.47 227.90 Td (projection ) Tj ET Q q 0 0 0 rg BT 147.45 227.90 Td (as ) Tj ET Q q 0 0 0 rg BT 159.27 227.90 Td (reflected ) Tj ET Q q 0 0 0 rg BT 197.49 227.90 Td (in ) Tj ET Q q 0 0 0 rg BT 206.67 227.90 Td (the ) Tj ET Q q 0 0 0 rg BT 221.66 227.90 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 288.39 227.90 Td (information. ) Tj ET Q q 0 0 0 rg BT 339.81 227.90 Td ( ) Tj ET Q q 0 0 0 rg BT 341.59 227.90 Td (By ) Tj ET Q q 0 0 0 rg BT 354.46 227.90 Td (its ) Tj ET Q q 0 0 0 rg BT 365.74 227.90 Td (nature, ) Tj ET Q q 0 0 0 rg BT 397.10 227.90 Td (this ) Tj ET Q q 0 0 0 rg BT 413.67 227.90 Td (information ) Tj ET Q q 0 0 0 rg BT 462.45 227.90 Td (is ) Tj ET Q q 0 0 0 rg BT 471.09 227.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 502.98 227.90 Td (to ) Tj ET Q q 0 0 0 rg BT 512.68 227.90 Td (inherent ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 65.00 221.72 484.63 -8.89 re f /GS0 gs q 0 0 0 rg BT 65.00 214.80 Td (risks ) Tj ET Q q 0 0 0 rg BT 86.59 214.80 Td (and ) Tj ET Q q 0 0 0 rg BT 104.51 214.80 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 160.44 214.80 Td (that ) Tj ET Q q 0 0 0 rg BT 178.36 214.80 Td (may ) Tj ET Q q 0 0 0 rg BT 198.37 214.80 Td (be ) Tj ET Q q 0 0 0 rg BT 211.01 214.80 Td (general ) Tj ET Q q 0 0 0 rg BT 244.77 214.80 Td (or ) Tj ET Q q 0 0 0 rg BT 255.28 214.80 Td (specific. ) Tj ET Q q 0 0 0 rg BT 291.67 214.80 Td ( ) Tj ET Q q 0 0 0 rg BT 293.46 214.80 Td (A) Tj ET Q q 0 0 0 rg BT 299.44 214.80 Td ( ) Tj ET Q q 0 0 0 rg BT 301.51 214.80 Td (variety ) Tj ET Q q 0 0 0 rg BT 331.56 214.80 Td (of ) Tj ET Q q 0 0 0 rg BT 341.55 214.80 Td (material ) Tj ET Q q 0 0 0 rg BT 377.41 214.80 Td (factors, ) Tj ET Q q 0 0 0 rg BT 410.63 214.80 Td (many ) Tj ET Q q 0 0 0 rg BT 435.92 214.80 Td (of ) Tj ET Q q 0 0 0 rg BT 445.91 214.80 Td (which ) Tj ET Q q 0 0 0 rg BT 472.27 214.80 Td (are ) Tj ET Q q 0 0 0 rg BT 488.07 214.80 Td (beyond ) Tj ET Q q 0 0 0 rg BT 521.30 214.80 Td (EFH) Tj ET Q q 0 0 0 rg BT 542.24 214.80 Td (s ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 65.00 208.62 484.64 -8.89 re f /GS0 gs q 0 0 0 rg BT 65.00 201.70 Td (control, ) Tj ET Q q 0 0 0 rg BT 99.25 201.70 Td (affect ) Tj ET Q q 0 0 0 rg BT 125.59 201.70 Td (the ) Tj ET Q q 0 0 0 rg BT 141.89 201.70 Td (operations, ) Tj ET Q q 0 0 0 rg BT 191.99 201.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 248.42 201.70 Td (and ) Tj ET Q q 0 0 0 rg BT 267.37 201.70 Td (results ) Tj ET Q q 0 0 0 rg BT 298.45 201.70 Td (of ) Tj ET Q q 0 0 0 rg BT 309.47 201.70 Td (EFH ) Tj ET Q q 0 0 0 rg BT 331.57 201.70 Td (and ) Tj ET Q q 0 0 0 rg BT 350.52 201.70 Td (its ) Tj ET Q q 0 0 0 rg BT 363.11 201.70 Td (business, ) Tj ET Q q 0 0 0 rg BT 406.35 201.70 Td (and ) Tj ET Q q 0 0 0 rg BT 425.29 201.70 Td (could ) Tj ET Q q 0 0 0 rg BT 451.10 201.70 Td (cause ) Tj ET Q q 0 0 0 rg BT 479.55 201.70 Td (actual ) Tj ET Q q 0 0 0 rg BT 508.00 201.70 Td (results ) Tj ET Q q 0 0 0 rg BT 539.08 201.70 Td (to ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 65.00 195.47 385.47 -8.89 re f /GS0 gs q 0 0 0 rg BT 65.00 188.55 Td (differ ) Tj ET Q q 0 0 0 rg BT 88.76 188.55 Td (materially ) Tj ET Q q 0 0 0 rg BT 132.05 188.55 Td (from ) Tj ET Q q 0 0 0 rg BT 153.69 188.55 Td (the ) Tj ET Q q 0 0 0 rg BT 169.54 188.55 Td (expectations ) Tj ET Q q 0 0 0 rg BT 225.52 188.55 Td (expressed ) Tj ET Q q 0 0 0 rg BT 271.99 188.55 Td (in ) Tj ET Q q 0 0 0 rg BT 282.03 188.55 Td (any ) Tj ET Q q 0 0 0 rg BT 299.98 188.55 Td (of ) Tj ET Q q 0 0 0 rg BT 310.55 188.55 Td (this ) Tj ET Q q 0 0 0 rg BT 327.97 188.55 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 395.56 188.55 Td (information. ) Tj ET Q q 0 0 0 rg BT 447.83 188.55 Td ( ) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 43.70 Td ( ) Tj ET Q q 0 0 0 rg BT 479.00 43.70 Td (Page 4) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 65.00 729.30 Td (COMP) Tj ET Q q 0 0 0 rg BT 100.11 729.30 Td (ANY) Tj ET Q q 0 0 0 rg BT 125.23 729.30 Td ( OVER) Tj ET Q q 0 0 0 rg BT 162.35 729.30 Td (VIEW) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 709.50 Td (EFH ) Tj ET Q q 0 0 0 rg BT 87.80 709.50 Td (operates ) Tj ET Q q 0 0 0 rg BT 129.51 709.50 Td (in ) Tj ET Q q 0 0 0 rg BT 140.09 709.50 Td (the ) Tj ET Q q 0 0 0 rg BT 156.78 709.50 Td (property ) Tj ET Q q 0 0 0 rg BT 196.26 709.50 Td (and ) Tj ET Q q 0 0 0 rg BT 215.75 709.50 Td (casualty ) Tj ET Q q 0 0 0 rg BT 255.23 709.50 Td (\(P&C\) ) Tj ET Q q 0 0 0 rg BT 291.90 709.50 Td (insurance ) Tj ET Q q 0 0 0 rg BT 338.06 709.50 Td (industry ) Tj ET Q q 0 0 0 rg BT 375.87 709.50 Td (in ) Tj ET Q q 0 0 0 rg BT 386.45 709.50 Td (Canada ) Tj ET Q q 0 0 0 rg BT 424.27 709.50 Td (and ) Tj ET Q q 0 0 0 rg BT 443.75 709.50 Td (Europe. ) Tj ET Q q 0 0 0 rg BT 481.57 709.50 Td ( ) Tj ET Q q 0 0 0 rg BT 484.19 709.50 Td (The ) Tj ET Q q 0 0 0 rg BT 504.22 709.50 Td (Company ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 695.70 Td (underwrites ) Tj ET Q q 0 0 0 rg BT 119.30 695.70 Td (non-standard ) Tj ET Q q 0 0 0 rg BT 180.84 695.70 Td (automobile ) Tj ET Q q 0 0 0 rg BT 232.38 695.70 Td (insurance ) Tj ET Q q 0 0 0 rg BT 278.35 695.70 Td (and ) Tj ET Q q 0 0 0 rg BT 297.64 695.70 Td (other ) Tj ET Q q 0 0 0 rg BT 323.05 695.70 Td (specialty ) Tj ET Q q 0 0 0 rg BT 364.56 695.70 Td (insurance ) Tj ET Q q 0 0 0 rg BT 410.53 695.70 Td (products, ) Tj ET Q q 0 0 0 rg BT 454.28 695.70 Td (with ) Tj ET Q q 0 0 0 rg BT 474.67 695.70 Td (a ) Tj ET Q q 0 0 0 rg BT 482.85 695.70 Td (focus ) Tj ET Q q 0 0 0 rg BT 509.36 695.70 Td (on ) Tj ET Q q 0 0 0 rg BT 523.09 695.70 Td (niche ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 681.90 Td (under-served ) Tj ET Q q 0 0 0 rg BT 126.70 681.90 Td (markets.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 662.10 Td (EFH ) Tj ET Q q 0 0 0 rg BT 86.73 662.10 Td (operates ) Tj ET Q q 0 0 0 rg BT 127.37 662.10 Td (in ) Tj ET Q q 0 0 0 rg BT 136.88 662.10 Td (Canada ) Tj ET Q q 0 0 0 rg BT 173.64 662.10 Td (through ) Tj ET Q q 0 0 0 rg BT 209.29 662.10 Td (Echelon ) Tj ET Q q 0 0 0 rg BT 247.15 662.10 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 292.80 662.10 Td (\("Echelon"\), ) Tj ET Q q 0 0 0 rg BT 347.20 662.10 Td (a ) Tj ET Q q 0 0 0 rg BT 354.49 662.10 Td (federally-regulated ) Tj ET Q q 0 0 0 rg BT 439.05 662.10 Td (P&C ) Tj ET Q q 0 0 0 rg BT 461.34 662.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 506.43 662.10 Td (company ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 648.30 Td (and ) Tj ET Q q 0 0 0 rg BT 86.08 648.30 Td (The ) Tj ET Q q 0 0 0 rg BT 108.01 648.30 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 156.63 648.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 204.13 648.30 Td (of ) Tj ET Q q 0 0 0 rg BT 217.17 648.30 Td (Prince ) Tj ET Q q 0 0 0 rg BT 250.21 648.30 Td (Edward ) Tj ET Q q 0 0 0 rg BT 288.82 648.30 Td (Island ) Tj ET Q q 0 0 0 rg BT 320.20 648.30 Td (\("ICPEI"\), ) Tj ET Q q 0 0 0 rg BT 367.56 648.30 Td (a ) Tj ET Q q 0 0 0 rg BT 377.82 648.30 Td (provincially ) Tj ET Q q 0 0 0 rg BT 431.98 648.30 Td (regulated ) Tj ET Q q 0 0 0 rg BT 478.38 648.30 Td (P&C ) Tj ET Q q 0 0 0 rg BT 503.64 648.30 Td (insurance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 634.50 Td (company) Tj ET Q q 0 0 0 rg BT 104.83 634.50 Td (. ) Tj ET Q q 0 0 0 rg BT 109.97 634.50 Td ( ) Tj ET Q q 0 0 0 rg BT 112.33 634.50 Td (It ) Tj ET Q q 0 0 0 rg BT 120.25 634.50 Td (has ) Tj ET Q q 0 0 0 rg BT 138.73 634.50 Td (two ) Tj ET Q q 0 0 0 rg BT 156.66 634.50 Td (lines ) Tj ET Q q 0 0 0 rg BT 179.58 634.50 Td (of ) Tj ET Q q 0 0 0 rg BT 190.28 634.50 Td (insurance ) Tj ET Q q 0 0 0 rg BT 236.00 634.50 Td (business ) Tj ET Q q 0 0 0 rg BT 277.83 634.50 Td (in ) Tj ET Q q 0 0 0 rg BT 287.97 634.50 Td (Canada ) Tj ET Q q 0 0 0 rg BT 325.36 634.50 Td ( ) Tj ET Q q 0 0 0 rg BT 333.29 634.50 Td (Personal ) Tj ET Q q 0 0 0 rg BT 375.11 634.50 Td (Lines ) Tj ET Q q 0 0 0 rg BT 401.38 634.50 Td (and ) Tj ET Q q 0 0 0 rg BT 420.42 634.50 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 476.13 634.50 Td (Lines. ) Tj ET Q q 0 0 0 rg BT 505.17 634.50 Td ( ) Tj ET Q q 0 0 0 rg BT 507.53 634.50 Td (Personal ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 620.70 Td (Lines ) Tj ET Q q 0 0 0 rg BT 90.62 620.70 Td (focuses ) Tj ET Q q 0 0 0 rg BT 126.79 620.70 Td (on ) Tj ET Q q 0 0 0 rg BT 139.62 620.70 Td (the ) Tj ET Q q 0 0 0 rg BT 155.24 620.70 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 211.42 620.70 Td (of ) Tj ET Q q 0 0 0 rg BT 221.47 620.70 Td ( ) Tj ET Q q 0 0 0 rg BT 223.18 620.70 Td (non-standard ) Tj ET Q q 0 0 0 rg BT 283.82 620.70 Td (automobile ) Tj ET Q q 0 0 0 rg BT 334.45 620.70 Td (insurance ) Tj ET Q q 0 0 0 rg BT 379.52 620.70 Td (and ) Tj ET Q q 0 0 0 rg BT 397.92 620.70 Td (insurance ) Tj ET Q q 0 0 0 rg BT 442.99 620.70 Td (for ) Tj ET Q q 0 0 0 rg BT 456.37 620.70 Td (motorcycles, ) Tj ET Q q 0 0 0 rg BT 514.20 620.70 Td (antique ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 606.90 Td (and ) Tj ET Q q 0 0 0 rg BT 85.21 606.90 Td (classic ) Tj ET Q q 0 0 0 rg BT 118.75 606.90 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 161.19 606.90 Td (trailers, ) Tj ET Q q 0 0 0 rg BT 197.50 606.90 Td (motor ) Tj ET Q q 0 0 0 rg BT 226.59 606.90 Td (homes, ) Tj ET Q q 0 0 0 rg BT 262.91 606.90 Td (recreational ) Tj ET Q q 0 0 0 rg BT 318.69 606.90 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 358.35 606.90 Td (and ) Tj ET Q q 0 0 0 rg BT 378.56 606.90 Td (personal ) Tj ET Q q 0 0 0 rg BT 420.45 606.90 Td (property) Tj ET Q q 0 0 0 rg BT 456.40 606.90 Td (. ) Tj ET Q q 0 0 0 rg BT 462.70 606.90 Td ( ) Tj ET Q q 0 0 0 rg BT 466.23 606.90 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 523.10 606.90 Td (Lines ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 593.10 Td (designs ) Tj ET Q q 0 0 0 rg BT 101.97 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 121.16 593.10 Td (underwrites ) Tj ET Q q 0 0 0 rg BT 175.35 593.10 Td (specialized ) Tj ET Q q 0 0 0 rg BT 227.33 593.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 273.19 593.10 Td (programs, ) Tj ET Q q 0 0 0 rg BT 320.71 593.10 Td (such ) Tj ET Q q 0 0 0 rg BT 344.33 593.10 Td (as ) Tj ET Q q 0 0 0 rg BT 357.40 593.10 Td (hard-to-place ) Tj ET Q q 0 0 0 rg BT 418.82 593.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 472.44 593.10 Td (property) Tj ET Q q 0 0 0 rg BT 508.38 593.10 Td (, ) Tj ET Q q 0 0 0 rg BT 513.67 593.10 Td (primary ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 579.30 Td (and ) Tj ET Q q 0 0 0 rg BT 84.46 579.30 Td (excess ) Tj ET Q q 0 0 0 rg BT 118.36 579.30 Td (liability) Tj ET Q q 0 0 0 rg BT 147.63 579.30 Td (, ) Tj ET Q q 0 0 0 rg BT 153.19 579.30 Td (creditor ) Tj ET Q q 0 0 0 rg BT 189.31 579.30 Td (insurance, ) Tj ET Q q 0 0 0 rg BT 238.23 579.30 Td (and ) Tj ET Q q 0 0 0 rg BT 257.69 579.30 Td (extended ) Tj ET Q q 0 0 0 rg BT 301.62 579.30 Td (warranty) Tj ET Q q 0 0 0 rg BT 339.22 579.30 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 559.50 Td (The ) Tj ET Q q 0 0 0 rg BT 84.92 559.50 Td (International ) Tj ET Q q 0 0 0 rg BT 142.65 559.50 Td (segment ) Tj ET Q q 0 0 0 rg BT 183.69 559.50 Td (underwrites ) Tj ET Q q 0 0 0 rg BT 238.07 559.50 Td (specialty ) Tj ET Q q 0 0 0 rg BT 279.67 559.50 Td (insurance ) Tj ET Q q 0 0 0 rg BT 325.72 559.50 Td (programs ) Tj ET Q q 0 0 0 rg BT 370.65 559.50 Td (in ) Tj ET Q q 0 0 0 rg BT 381.12 559.50 Td (Europe ) Tj ET Q q 0 0 0 rg BT 416.06 559.50 Td (through ) Tj ET Q q 0 0 0 rg BT 452.66 559.50 Td (Qudos ) Tj ET Q q 0 0 0 rg BT 484.81 559.50 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 530.89 559.50 Td (A/S ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 545.70 Td (\(Qudos\), ) Tj ET Q q 0 0 0 rg BT 113.16 545.70 Td (a ) Tj ET Q q 0 0 0 rg BT 121.32 545.70 Td (majority-owned ) Tj ET Q q 0 0 0 rg BT 191.73 545.70 Td (insurance ) Tj ET Q q 0 0 0 rg BT 237.69 545.70 Td (company) Tj ET Q q 0 0 0 rg BT 277.52 545.70 Td (. ) Tj ET Q q 0 0 0 rg BT 282.90 545.70 Td ( ) Tj ET Q q 0 0 0 rg BT 285.50 545.70 Td (Qudos ) Tj ET Q q 0 0 0 rg BT 317.56 545.70 Td (is ) Tj ET Q q 0 0 0 rg BT 327.39 545.70 Td (domiciled ) Tj ET Q q 0 0 0 rg BT 372.23 545.70 Td (in ) Tj ET Q q 0 0 0 rg BT 382.61 545.70 Td (Denmark ) Tj ET Q q 0 0 0 rg BT 425.78 545.70 Td (and ) Tj ET Q q 0 0 0 rg BT 445.06 545.70 Td (is ) Tj ET Q q 0 0 0 rg BT 454.89 545.70 Td (regulated ) Tj ET Q q 0 0 0 rg BT 499.19 545.70 Td (throughout ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 531.90 Td (the ) Tj ET Q q 0 0 0 rg BT 80.74 531.90 Td (European ) Tj ET Q q 0 0 0 rg BT 125.96 531.90 Td (Union ) Tj ET Q q 0 0 0 rg BT 153.93 531.90 Td (by ) Tj ET Q q 0 0 0 rg BT 166.33 531.90 Td (the ) Tj ET Q q 0 0 0 rg BT 182.07 531.90 Td (Danish ) Tj ET Q q 0 0 0 rg BT 215.04 531.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 256.90 531.90 Td (Supervisory ) Tj ET Q q 0 0 0 rg BT 311.18 531.90 Td (Authority) Tj ET Q q 0 0 0 rg BT 349.90 531.90 Td (. ) Tj ET Q q 0 0 0 rg BT 354.52 531.90 Td ( ) Tj ET Q q 0 0 0 rg BT 356.36 531.90 Td (Products ) Tj ET Q q 0 0 0 rg BT 397.67 531.90 Td (underwritten ) Tj ET Q q 0 0 0 rg BT 454.54 531.90 Td (include ) Tj ET Q q 0 0 0 rg BT 488.07 531.90 Td (non-standard ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 518.10 Td (auto, ) Tj ET Q q 0 0 0 rg BT 89.92 518.10 Td (personal ) Tj ET Q q 0 0 0 rg BT 130.95 518.10 Td (property ) Tj ET Q q 0 0 0 rg BT 170.31 518.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.67 518.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 230.68 518.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 276.72 518.10 Td (for ) Tj ET Q q 0 0 0 rg BT 291.06 518.10 Td (new ) Tj ET Q q 0 0 0 rg BT 312.08 518.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.44 518.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 368.02 518.10 Td (homes. ) Tj ET Q q 0 0 0 rg BT 403.48 518.10 Td ( ) Tj ET Q q 0 0 0 rg BT 406.16 518.10 Td (It ) Tj ET Q q 0 0 0 rg BT 414.39 518.10 Td (commenced ) Tj ET Q q 0 0 0 rg BT 471.53 518.10 Td (writing ) Tj ET Q q 0 0 0 rg BT 503.10 518.10 Td (premiums ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 504.30 Td (in ) Tj ET Q q 0 0 0 rg BT 75.56 504.30 Td (2012 ) Tj ET Q q 0 0 0 rg BT 100.59 504.30 Td (and, ) Tj ET Q q 0 0 0 rg BT 122.83 504.30 Td (to ) Tj ET Q q 0 0 0 rg BT 133.95 504.30 Td (date, ) Tj ET Q q 0 0 0 rg BT 158.96 504.30 Td (the ) Tj ET Q q 0 0 0 rg BT 175.64 504.30 Td (majority ) Tj ET Q q 0 0 0 rg BT 213.43 504.30 Td (of ) Tj ET Q q 0 0 0 rg BT 224.55 504.30 Td (the ) Tj ET Q q 0 0 0 rg BT 241.23 504.30 Td (business ) Tj ET Q q 0 0 0 rg BT 283.47 504.30 Td (written ) Tj ET Q q 0 0 0 rg BT 315.70 504.30 Td (is ) Tj ET Q q 0 0 0 rg BT 325.70 504.30 Td (in ) Tj ET Q q 0 0 0 rg BT 336.26 504.30 Td (the ) Tj ET Q q 0 0 0 rg BT 352.94 504.30 Td (United ) Tj ET Q q 0 0 0 rg BT 384.63 504.30 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 429.65 504.30 Td (Ireland ) Tj ET Q q 0 0 0 rg BT 463.01 504.30 Td (and ) Tj ET Q q 0 0 0 rg BT 482.47 504.30 Td (Scandinavia. ) Tj ET Q BT /F2 12.00 Tf ET 1 1 1 rg /GS0 gs 63.00 488.49 174.66 -11.26 re f /GS0 gs q 0 0 0 rg BT 63.00 479.75 Td (FIRST ) Tj ET Q q 0 0 0 rg BT 101.00 479.75 Td (QUARTER ) Tj ET Q q 0 0 0 rg BT 163.66 479.75 Td (HIGHLIGHTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.66 479.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 459.95 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 459.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 117.47 459.95 Td (operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.08 459.95 Td (loss) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 179.87 459.95 Td ( ) Tj ET Q q 0 0 0 rg BT 182.78 459.95 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 194.03 459.95 Td ($0.33) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 219.05 459.95 Td ( ) Tj ET Q q 0 0 0 rg BT 221.96 459.95 Td (per ) Tj ET Q q 0 0 0 rg BT 239.33 459.95 Td (share ) Tj ET Q q 0 0 0 rg BT 267.25 459.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 314.63 459.95 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 325.88 459.95 Td (an ) Tj ET Q q 0 0 0 rg BT 339.92 459.95 Td (income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.15 459.95 Td ( ) Tj ET Q q 0 0 0 rg BT 375.07 459.95 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 386.32 459.95 Td ($0.17) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 411.34 459.95 Td ( ) Tj ET Q q 0 0 0 rg BT 414.25 459.95 Td (per ) Tj ET Q q 0 0 0 rg BT 431.62 459.95 Td (share ) Tj ET Q q 0 0 0 rg BT 459.54 459.95 Td (in ) Tj ET Q q 0 0 0 rg BT 470.24 459.95 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.05 459.95 Td (first) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 503.16 459.95 Td ( ) Tj ET Q q 0 0 0 rg BT 506.07 459.95 Td (quarter ) Tj ET Q q 0 0 0 rg BT 540.66 459.95 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 446.15 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.25 446.15 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 426.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 426.35 Td (An ) Tj ET Q q 0 0 0 rg BT 114.29 426.35 Td (underwriting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 171.82 426.35 Td (loss) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 189.61 426.35 Td ( ) Tj ET Q q 0 0 0 rg BT 192.66 426.35 Td (of ) Tj ET Q q 0 0 0 rg BT 204.06 426.35 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 209.63 426.35 Td (9.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 223.53 426.35 Td ( ) Tj ET Q q 0 0 0 rg BT 226.59 426.35 Td (million ) Tj ET Q q 0 0 0 rg BT 257.98 426.35 Td (for ) Tj ET Q q 0 0 0 rg BT 272.71 426.35 Td (the ) Tj ET Q q 0 0 0 rg BT 289.67 426.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 324.42 426.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 371.94 426.35 Td (to ) Tj ET Q q 0 0 0 rg BT 383.34 426.35 Td (an ) Tj ET Q q 0 0 0 rg BT 397.53 426.35 Td (underwriting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 455.06 426.35 Td (loss) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 472.84 426.35 Td ( ) Tj ET Q q 0 0 0 rg BT 475.90 426.35 Td (of ) Tj ET Q q 0 0 0 rg BT 487.30 426.35 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 492.86 426.35 Td (3.5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.76 426.35 Td ( ) Tj ET Q q 0 0 0 rg BT 509.82 426.35 Td (million ) Tj ET Q q 0 0 0 rg BT 541.22 426.35 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 412.55 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.68 412.55 Td (first) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 131.79 412.55 Td ( ) Tj ET Q q 0 0 0 rg BT 134.57 412.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 169.03 412.55 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 180.15 412.55 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 202.39 412.55 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 392.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 392.75 Td (A) Tj ET Q q 0 0 0 rg BT 105.12 392.75 Td ( ) Tj ET Q q 0 0 0 rg BT 107.43 392.75 Td (combined ) Tj ET Q q 0 0 0 rg BT 153.10 392.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 197.11 392.75 Td (ratio ) Tj ET Q q 0 0 0 rg BT 218.88 392.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.53 392.75 Td (1) Tj ET Q q 0 0 0 rg BT 234.35 392.75 Td (12%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 254.36 392.75 Td ( ) Tj ET Q q 0 0 0 rg BT 256.67 392.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 303.45 392.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 314.10 392.75 Td (105%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 339.68 392.75 Td ( ) Tj ET Q q 0 0 0 rg BT 341.99 392.75 Td (in ) Tj ET Q q 0 0 0 rg BT 352.09 392.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 368.30 392.75 Td (first) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 384.41 392.75 Td ( ) Tj ET Q q 0 0 0 rg BT 386.72 392.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 420.71 392.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.37 392.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.61 392.75 Td ( ) Tj ET Q q 0 0 0 rg BT 455.92 392.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 496.01 392.75 Td (due ) Tj ET Q q 0 0 0 rg BT 515.01 392.75 Td (to ) Tj ET Q q 0 0 0 rg BT 525.66 392.75 Td (weak ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 378.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 156.84 378.95 Td (in ) Tj ET Q q 0 0 0 rg BT 166.32 378.95 Td (the ) Tj ET Q q 0 0 0 rg BT 181.92 378.95 Td (International ) Tj ET Q q 0 0 0 rg BT 238.66 378.95 Td (segment. ) Tj ET Q q 0 0 0 rg BT 281.38 378.95 Td (The ) Tj ET Q q 0 0 0 rg BT 300.31 378.95 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 344.83 378.95 Td (business ) Tj ET Q q 0 0 0 rg BT 385.99 378.95 Td (remains ) Tj ET Q q 0 0 0 rg BT 423.26 378.95 Td (solid ) Tj ET Q q 0 0 0 rg BT 445.53 378.95 Td (with ) Tj ET Q q 0 0 0 rg BT 465.01 378.95 Td (stable ) Tj ET Q q 0 0 0 rg BT 493.39 378.95 Td (direct ) Tj ET Q q 0 0 0 rg BT 519.55 378.95 Td (written ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 365.15 Td (premiums ) Tj ET Q q 0 0 0 rg BT 145.67 365.15 Td (and ) Tj ET Q q 0 0 0 rg BT 165.14 365.15 Td (improved ) Tj ET Q q 0 0 0 rg BT 209.04 365.15 Td (year-over-year ) Tj ET Q q 0 0 0 rg BT 276.84 365.15 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 334.09 365.15 Td (results. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 345.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 345.35 Td (A) Tj ET Q q 0 0 0 rg BT 105.12 345.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 107.62 345.35 Td (10%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.64 345.35 Td ( ) Tj ET Q q 0 0 0 rg BT 130.14 345.35 Td (decrease ) Tj ET Q q 0 0 0 rg BT 173.78 345.35 Td (in ) Tj ET Q q 0 0 0 rg BT 184.07 345.35 Td (net ) Tj ET Q q 0 0 0 rg BT 200.48 345.35 Td (written ) Tj ET Q q 0 0 0 rg BT 232.43 345.35 Td (premiums ) Tj ET Q q 0 0 0 rg BT 278.84 345.35 Td (over ) Tj ET Q q 0 0 0 rg BT 300.79 345.35 Td (the ) Tj ET Q q 0 0 0 rg BT 317.20 345.35 Td (same ) Tj ET Q q 0 0 0 rg BT 344.16 345.35 Td (period ) Tj ET Q q 0 0 0 rg BT 374.46 345.35 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 384.75 345.35 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.99 345.35 Td ( ) Tj ET Q q 0 0 0 rg BT 409.50 345.35 Td (to ) Tj ET Q q 0 0 0 rg BT 420.34 345.35 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 425.90 345.35 Td (63.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.37 345.35 Td ( ) Tj ET Q q 0 0 0 rg BT 447.87 345.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 481.49 345.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 521.77 345.35 Td (driven ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 331.55 Td (by ) Tj ET Q q 0 0 0 rg BT 112.34 331.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 157.93 331.55 Td (co-insurance ) Tj ET Q q 0 0 0 rg BT 217.96 331.55 Td (and ) Tj ET Q q 0 0 0 rg BT 237.42 331.55 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 292.45 331.55 Td (on ) Tj ET Q q 0 0 0 rg BT 306.35 331.55 Td (motor ) Tj ET Q q 0 0 0 rg BT 334.69 331.55 Td (programs ) Tj ET Q q 0 0 0 rg BT 379.71 331.55 Td (written ) Tj ET Q q 0 0 0 rg BT 411.94 331.55 Td (in ) Tj ET Q q 0 0 0 rg BT 422.50 331.55 Td (the ) Tj ET Q q 0 0 0 rg BT 439.18 331.55 Td (International ) Tj ET Q q 0 0 0 rg BT 497.00 331.55 Td (segment. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 311.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 311.75 Td (T) Tj ET Q q 0 0 0 rg BT 104.00 311.75 Td (otal ) Tj ET Q q 0 0 0 rg BT 122.89 311.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 156.78 311.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 177.32 311.75 Td (on ) Tj ET Q q 0 0 0 rg BT 191.21 311.75 Td (invested ) Tj ET Q q 0 0 0 rg BT 231.22 311.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 262.89 311.75 Td (of ) Tj ET Q q 0 0 0 rg BT 273.99 311.75 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 279.55 311.75 Td (3.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 293.46 311.75 Td ( ) Tj ET Q q 0 0 0 rg BT 296.22 311.75 Td (million ) Tj ET Q q 0 0 0 rg BT 327.32 311.75 Td (in ) Tj ET Q q 0 0 0 rg BT 337.87 311.75 Td (the ) Tj ET Q q 0 0 0 rg BT 354.54 311.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 388.99 311.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 436.22 311.75 Td (to ) Tj ET Q q 0 0 0 rg BT 447.32 311.75 Td (a ) Tj ET Q q 0 0 0 rg BT 455.65 311.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 489.54 311.75 Td (return ) Tj ET Q q 0 0 0 rg BT 518.43 311.75 Td (of ) Tj ET Q q 0 0 0 rg BT 529.53 311.75 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 535.09 311.75 Td (8.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 548.99 311.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 297.95 Td (million ) Tj ET Q q 0 0 0 rg BT 130.12 297.95 Td (in ) Tj ET Q q 0 0 0 rg BT 140.68 297.95 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 157.36 297.95 Td (first) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 173.47 297.95 Td ( ) Tj ET Q q 0 0 0 rg BT 176.25 297.95 Td (quarter ) Tj ET Q q 0 0 0 rg BT 210.71 297.95 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 221.83 297.95 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 244.07 297.95 Td (, ) Tj ET Q q 0 0 0 rg BT 249.63 297.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 290.19 297.95 Td (due ) Tj ET Q q 0 0 0 rg BT 309.65 297.95 Td (to ) Tj ET Q q 0 0 0 rg BT 320.77 297.95 Td (poor ) Tj ET Q q 0 0 0 rg BT 343.56 297.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 402.48 297.95 Td (of ) Tj ET Q q 0 0 0 rg BT 413.59 297.95 Td (the ) Tj ET Q q 0 0 0 rg BT 430.27 297.95 Td (preferred ) Tj ET Q q 0 0 0 rg BT 473.63 297.95 Td (share ) Tj ET Q q 0 0 0 rg BT 501.42 297.95 Td (portfolio.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 278.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 278.15 Td (Book ) Tj ET Q q 0 0 0 rg BT 124.57 278.15 Td (value ) Tj ET Q q 0 0 0 rg BT 151.26 278.15 Td (per ) Tj ET Q q 0 0 0 rg BT 168.49 278.15 Td (share ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 196.28 278.15 Td ($15.16) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 226.87 278.15 Td ( ) Tj ET Q q 0 0 0 rg BT 229.64 278.15 Td (per ) Tj ET Q q 0 0 0 rg BT 246.88 278.15 Td (share, ) Tj ET Q q 0 0 0 rg BT 277.45 278.15 Td (a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 285.79 278.15 Td (decrease) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 326.92 278.15 Td ( ) Tj ET Q q 0 0 0 rg BT 329.70 278.15 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 340.82 278.15 Td (3.7%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 363.61 278.15 Td ( ) Tj ET Q q 0 0 0 rg BT 366.39 278.15 Td (in ) Tj ET Q q 0 0 0 rg BT 376.95 278.15 Td (the ) Tj ET Q q 0 0 0 rg BT 393.63 278.15 Td (quarter) Tj ET Q q 0 0 0 rg BT 424.77 278.15 Td (. ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 263.63 286.47 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 256.35 Td (The ) Tj ET Q q 0 0 0 rg BT 84.34 256.35 Td (following ) Tj ET Q q 0 0 0 rg BT 125.36 256.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 164.16 256.35 Td (information ) Tj ET Q q 0 0 0 rg BT 215.74 256.35 Td (compares ) Tj ET Q q 0 0 0 rg BT 261.75 256.35 Td (three ) Tj ET Q q 0 0 0 rg BT 286.66 256.35 Td (months ) Tj ET Q q 0 0 0 rg BT 321.56 256.35 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 351.47 263.63 68.82 -9.38 re f /GS0 gs q 0 0 0 rg BT 351.47 256.35 Td (March31, ) Tj ET Q q 0 0 0 rg BT 398.05 256.35 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 420.29 263.63 129.49 -9.38 re f /GS0 gs q 0 0 0 rg BT 420.29 256.35 Td (, ) Tj ET Q q 0 0 0 rg BT 425.18 256.35 Td (results ) Tj ET Q q 0 0 0 rg BT 456.74 256.35 Td (with ) Tj ET Q q 0 0 0 rg BT 476.64 256.35 Td (the ) Tj ET Q q 0 0 0 rg BT 492.65 256.35 Td (same ) Tj ET Q q 0 0 0 rg BT 519.21 256.35 Td (period ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 249.83 10.56 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 242.55 Td (in ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 75.56 249.83 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 75.56 242.55 Td (2015) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 97.81 249.83 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 97.81 242.55 Td (.) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 43.70 Td ( ) Tj ET Q q 0 0 0 rg BT 479.00 43.70 Td (Page 5) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 737.5 m 342.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 707.5 m 342.5 707.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 737.5 m 392.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 707.5 m 392.5 707.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 737.5 m 441.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 707.5 m 441.5 707.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 737.5 m 491.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 707.5 m 491.5 707.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 737.5 m 547.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 707.5 m 547.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 707.5 m 342.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 685.5 m 342.5 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 707.5 m 392.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 685.5 m 392.5 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 707.5 m 441.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 685.5 m 441.5 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 707.5 m 491.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 685.5 m 491.5 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 707.5 m 547.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 685.5 m 547.5 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 685.5 m 342.5 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 685.5 m 392.5 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 685.5 m 441.5 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 685.5 m 491.5 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 685.5 m 547.5 685.5 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 70.5 389.5 m 342.5 389.5 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 342.5 389.5 m 392.5 389.5 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 392.5 389.5 m 441.5 389.5 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 389.5 m 491.5 389.5 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 491.5 389.5 m 547.5 389.5 l s BT /F2 9.50 Tf ET q 0 0 0 rg BT 355.55 721.53 Td (3 months ended ) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 370.05 712.03 Td (March 31) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 474.95 712.03 Td (Variance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 73.00 689.73 Td (\($ THOUSANDS except per share amounts\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 356.90 690.03 Td (2016) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 406.40 690.03 Td (2015) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 463.85 690.03 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 514.25 690.03 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.00 674.90 Td (Direct written and assumed premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.40 674.90 Td (94,400) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.40 674.90 Td (90,886) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.40 674.90 Td (3,514) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.90 674.90 Td (4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.00 659.90 Td (Net written premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.40 659.90 Td (63,094) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.40 659.90 Td (69,857) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.40 659.90 Td (\(6,763) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.95 659.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.90 659.90 Td (\(10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 659.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.00 644.90 Td (Net earned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.40 644.90 Td (79,397) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.40 644.90 Td (69,197) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.40 644.90 Td (10,200) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.90 644.90 Td (15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.00 629.90 Td (Net claims incurred) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.40 629.90 Td (57,460) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.40 629.90 Td (44,516) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.40 629.90 Td (12,944) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.90 629.90 Td (29) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.00 614.90 Td (Net acquisition costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.40 614.90 Td (22,138) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.40 614.90 Td (19,651) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.40 614.90 Td (2,487) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.90 614.90 Td (13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.00 599.90 Td (Operating expenses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.40 599.90 Td (9,229) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.40 599.90 Td (8,539) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.90 599.90 Td (690) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.90 599.90 Td (8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.00 585.90 Td (Underwriting \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.40 585.90 Td (\(9,430) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.95 585.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.40 585.90 Td (\(3,509) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.95 585.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.40 585.90 Td (\(5,921) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.95 585.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.90 585.90 Td (\(169) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 585.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.00 570.90 Td (One-time expense) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 146.54 575.19 Td (\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.40 570.90 Td (\(1,984) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.95 570.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.95 570.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.40 570.90 Td (\(1,984) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.95 570.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.95 570.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.00 555.90 Td (Investment income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.40 555.90 Td (5,185) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.40 555.90 Td (5,912) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.90 555.90 Td (\(727) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.95 555.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.90 555.90 Td (\(12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 555.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.00 540.90 Td (Net income \(loss\) before interest and income taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.40 540.90 Td (\(6,229) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.95 540.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.40 540.90 Td (2,403) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.40 540.90 Td (\(8,632) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.95 540.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.90 540.90 Td (\(359) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 540.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.00 525.90 Td (Interest expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.90 525.90 Td (44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.95 525.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.90 525.90 Td (44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.95 525.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.00 510.90 Td (Income taxes \(recovery\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.40 510.90 Td (\(1,724) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.95 510.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.90 510.90 Td (\(754) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.95 510.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.90 510.90 Td (\(970) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.95 510.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.90 510.90 Td (\(129) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 510.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.00 495.90 Td (Net income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.40 495.90 Td (\(4,549) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.95 495.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.40 495.90 Td (3,157) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.40 495.90 Td (\(7,706) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.95 495.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.90 495.90 Td (\(244) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 495.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.00 480.90 Td (Net income \(loss\) attributable to shareholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.40 480.90 Td (\(4,410) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.95 480.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.40 480.90 Td (3,507) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.40 480.90 Td (\(7,917) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.95 480.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.90 480.90 Td (\(226) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 480.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.00 465.90 Td (Net operating income \(loss\) attributable to shareholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.40 466.70 Td (\(4,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.95 466.70 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.40 466.70 Td (2,062) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.40 465.90 Td (\(6,062) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.95 465.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.90 465.90 Td (\(294) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 465.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.00 451.90 Td (Earnings \(loss\) per share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.00 437.45 Td (Basic) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.40 436.90 Td (\($0.38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.95 436.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.40 436.90 Td ($0.30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.45 436.90 Td ($\(0.68\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.90 436.90 Td (\(227) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 436.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.00 422.45 Td (Diluted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.40 421.90 Td (\($0.38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.95 421.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.40 421.90 Td ($0.29) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.45 421.90 Td ($\(0.67\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.90 421.90 Td (\(231) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 421.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.00 408.45 Td (Net ) Tj ET Q q 0 0 0 rg BT 89.51 408.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 129.54 408.45 Td (income ) Tj ET Q q 0 0 0 rg BT 161.05 408.45 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 185.55 408.45 Td (per ) Tj ET Q q 0 0 0 rg BT 201.06 408.45 Td (share ) Tj ET Q q 0 0 0 rg BT 226.07 408.45 Td ( ) Tj ET Q q 0 0 0 rg BT 233.58 408.45 Td (diluted ) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 262.60 412.74 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.40 407.90 Td (\($0.33) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.95 407.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.40 407.90 Td ($0.17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.45 407.90 Td ($\(0.50\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.90 407.90 Td (\(294) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 407.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.00 394.45 Td (T) Tj ET Q q 0 0 0 rg BT 78.16 394.45 Td (railing ) Tj ET Q q 0 0 0 rg BT 104.68 394.45 Td (twelve ) Tj ET Q q 0 0 0 rg BT 132.69 394.45 Td (month ) Tj ET Q q 0 0 0 rg BT 160.20 394.45 Td (return ) Tj ET Q q 0 0 0 rg BT 186.21 394.45 Td (on ) Tj ET Q q 0 0 0 rg BT 198.72 394.45 Td (equity ) Tj ET Q q 0 0 0 rg BT 225.24 394.45 Td (\(ROE\) ) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 253.24 398.74 Td (\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.40 393.90 Td (0.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.95 393.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.40 393.90 Td (9.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.95 393.90 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 65.00 384.05 7.15 -8.45 re f /GS0 gs BT /F3 5.85 Tf ET q 0 0 0 rg BT 65.00 377.49 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.15 379.75 2.50 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.15 373.20 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.65 373.20 Td (Net operating income is defined as underwriting income plus interest and dividend income, net of tax. Net operating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 78.50 361.20 Td (income is adjusted to that attributable to shareholders for per share calculation) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 390.68 361.20 Td (.) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 65.00 356.65 7.15 -8.45 re f /GS0 gs BT /F3 5.85 Tf ET q 0 0 0 rg BT 65.00 350.09 Td (\(2\)) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.15 352.35 186.09 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.15 345.80 Td ( ROE calculated on rolling twelve-month basis.) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 65.00 341.25 7.15 -8.45 re f /GS0 gs BT /F3 5.85 Tf ET q 0 0 0 rg BT 65.00 334.69 Td (\(3\)) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.15 336.95 350.21 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.15 330.40 Td ( One time expense of $2.0 million in 2016 is not considered part of operating expenses. ) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 305.88 102.81 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 298.60 Td (Insurance Operations) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 280.08 236.74 -9.36 re f /GS0 gs q 0 0 0 rg BT 65.00 272.80 Td (Direct Written, Net Written and Net Earned Premiums) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 260.28 27.13 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 253.00 Td (In ) Tj ET Q q 0 0 0 rg BT 75.78 253.00 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 92.13 260.28 16.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 92.13 253.00 Td (first) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 108.24 260.28 47.36 -9.38 re f /GS0 gs q 0 0 0 rg BT 108.24 253.00 Td ( ) Tj ET Q q 0 0 0 rg BT 110.68 253.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 144.81 253.00 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 155.60 260.28 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 155.60 253.00 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 177.84 260.28 107.92 -9.38 re f /GS0 gs q 0 0 0 rg BT 177.84 253.00 Td (, ) Tj ET Q q 0 0 0 rg BT 183.07 253.00 Td (direct ) Tj ET Q q 0 0 0 rg BT 209.97 253.00 Td (written ) Tj ET Q q 0 0 0 rg BT 241.86 253.00 Td (premiums) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 285.76 253.00 Td ( ) Tj ET Q q 0 0 0 rg BT 288.20 253.00 Td (increased ) Tj ET Q q 0 0 0 rg BT 334.01 253.00 Td (by) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 344.57 260.28 8.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 344.57 253.00 Td ( ) Tj ET Q q 0 0 0 rg BT 347.02 253.00 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 352.58 260.28 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 352.58 253.00 Td (3.5) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 366.48 260.28 47.34 -9.38 re f /GS0 gs q 0 0 0 rg BT 366.48 253.00 Td ( ) Tj ET Q q 0 0 0 rg BT 368.92 253.00 Td (million, ) Tj ET Q q 0 0 0 rg BT 402.49 253.00 Td (or ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 413.82 260.28 14.45 -9.38 re f /GS0 gs q 0 0 0 rg BT 413.82 253.00 Td (4%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 428.28 260.28 21.57 -9.38 re f /GS0 gs q 0 0 0 rg BT 428.28 253.00 Td (, ) Tj ET Q q 0 0 0 rg BT 433.50 253.00 Td (to ) Tj ET Q q 0 0 0 rg BT 444.28 253.00 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 449.84 260.28 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 449.84 253.00 Td (94.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.31 253.00 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 471.75 260.28 78.03 -9.38 re f /GS0 gs q 0 0 0 rg BT 471.75 253.00 Td (million ) Tj ET Q q 0 0 0 rg BT 502.54 253.00 Td (compared ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 246.48 18.32 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 239.20 Td (to ) Tj ET Q q 0 0 0 rg BT 77.76 239.20 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 83.32 246.48 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 83.32 239.20 Td (90.9) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 102.78 246.48 343.12 -9.38 re f /GS0 gs q 0 0 0 rg BT 102.78 239.20 Td ( ) Tj ET Q q 0 0 0 rg BT 107.20 239.20 Td (million ) Tj ET Q q 0 0 0 rg BT 139.96 239.20 Td (in ) Tj ET Q q 0 0 0 rg BT 152.16 239.20 Td (the ) Tj ET Q q 0 0 0 rg BT 170.48 239.20 Td (same ) Tj ET Q q 0 0 0 rg BT 199.35 239.20 Td (period ) Tj ET Q q 0 0 0 rg BT 231.56 239.20 Td (last ) Tj ET Q q 0 0 0 rg BT 251.54 239.20 Td (year) Tj ET Q q 0 0 0 rg BT 270.44 239.20 Td (. ) Tj ET Q q 0 0 0 rg BT 277.64 239.20 Td (Net ) Tj ET Q q 0 0 0 rg BT 297.62 239.20 Td (written ) Tj ET Q q 0 0 0 rg BT 331.49 239.20 Td (premiums ) Tj ET Q q 0 0 0 rg BT 379.80 239.20 Td (decreased ) Tj ET Q q 0 0 0 rg BT 430.92 239.20 Td (by ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 445.90 246.48 20.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 445.90 239.20 Td (10%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 465.91 246.48 83.87 -9.38 re f /GS0 gs q 0 0 0 rg BT 465.91 239.20 Td ( ) Tj ET Q q 0 0 0 rg BT 470.33 239.20 Td (due ) Tj ET Q q 0 0 0 rg BT 491.43 239.20 Td (to ) Tj ET Q q 0 0 0 rg BT 504.19 239.20 Td (additional ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 232.68 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 225.40 Td (coinsurance ) Tj ET Q q 0 0 0 rg BT 122.19 225.40 Td (and ) Tj ET Q q 0 0 0 rg BT 142.13 225.40 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 197.65 225.40 Td (on ) Tj ET Q q 0 0 0 rg BT 212.04 225.40 Td (primarily ) Tj ET Q q 0 0 0 rg BT 253.08 225.40 Td (UK ) Tj ET Q q 0 0 0 rg BT 270.23 225.40 Td (and ) Tj ET Q q 0 0 0 rg BT 290.18 225.40 Td (Irish ) Tj ET Q q 0 0 0 rg BT 312.34 225.40 Td (motor ) Tj ET Q q 0 0 0 rg BT 341.16 225.40 Td (programs. ) Tj ET Q q 0 0 0 rg BT 389.44 225.40 Td (Net ) Tj ET Q q 0 0 0 rg BT 408.27 225.40 Td (earned ) Tj ET Q q 0 0 0 rg BT 442.67 225.40 Td (premiums ) Tj ET Q q 0 0 0 rg BT 489.83 225.40 Td (increased ) Tj ET Q q 0 0 0 rg BT 536.46 225.40 Td (by ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 218.88 5.56 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 211.60 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 70.56 218.88 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 70.56 211.60 Td (10.2) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 90.02 218.88 57.39 -9.38 re f /GS0 gs q 0 0 0 rg BT 90.02 211.60 Td ( ) Tj ET Q q 0 0 0 rg BT 91.73 211.60 Td (million, ) Tj ET Q q 0 0 0 rg BT 124.55 211.60 Td (or ) Tj ET Q q 0 0 0 rg BT 135.15 211.60 Td (by ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 147.42 218.88 20.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 147.42 211.60 Td (15%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 167.43 218.88 20.09 -9.38 re f /GS0 gs q 0 0 0 rg BT 167.43 211.60 Td (, ) Tj ET Q q 0 0 0 rg BT 171.91 211.60 Td (to ) Tj ET Q q 0 0 0 rg BT 181.96 211.60 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 187.52 218.88 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 187.52 211.60 Td (79.4) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 206.98 218.88 93.53 -9.38 re f /GS0 gs q 0 0 0 rg BT 206.98 211.60 Td ( ) Tj ET Q q 0 0 0 rg BT 208.69 211.60 Td (million ) Tj ET Q q 0 0 0 rg BT 238.73 211.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 284.91 211.60 Td (to ) Tj ET Q q 0 0 0 rg BT 294.95 211.60 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 300.51 218.88 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 300.51 211.60 Td (69.2) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 319.98 218.88 229.80 -9.38 re f /GS0 gs q 0 0 0 rg BT 319.98 211.60 Td ( ) Tj ET Q q 0 0 0 rg BT 321.68 211.60 Td (million ) Tj ET Q q 0 0 0 rg BT 351.73 211.60 Td (in ) Tj ET Q q 0 0 0 rg BT 361.21 211.60 Td (the ) Tj ET Q q 0 0 0 rg BT 376.82 211.60 Td (same ) Tj ET Q q 0 0 0 rg BT 402.98 211.60 Td (period ) Tj ET Q q 0 0 0 rg BT 432.48 211.60 Td (last ) Tj ET Q q 0 0 0 rg BT 449.75 211.60 Td (year) Tj ET Q q 0 0 0 rg BT 468.65 211.60 Td (. ) Tj ET Q q 0 0 0 rg BT 473.02 211.60 Td (The ) Tj ET Q q 0 0 0 rg BT 491.96 211.60 Td (International ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 205.08 247.91 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 197.80 Td (segment ) Tj ET Q q 0 0 0 rg BT 106.13 197.80 Td (accounted ) Tj ET Q q 0 0 0 rg BT 155.06 197.80 Td (for ) Tj ET Q q 0 0 0 rg BT 169.51 197.80 Td (growth ) Tj ET Q q 0 0 0 rg BT 202.30 197.80 Td (in ) Tj ET Q q 0 0 0 rg BT 212.86 197.80 Td (net ) Tj ET Q q 0 0 0 rg BT 229.54 197.80 Td (earned ) Tj ET Q q 0 0 0 rg BT 263.46 197.80 Td (premiums. ) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 179.28 70.02 -9.36 re f /GS0 gs q 0 0 0 rg BT 65.00 172.00 Td (Claims ) Tj ET Q q 0 0 0 rg BT 98.33 172.00 Td (Incurred) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 159.48 95.92 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 152.20 Td (For ) Tj ET Q q 0 0 0 rg BT 81.88 152.20 Td (the ) Tj ET Q q 0 0 0 rg BT 97.67 152.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 131.23 152.20 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 160.92 159.48 68.59 -9.38 re f /GS0 gs q 0 0 0 rg BT 160.92 152.20 Td (March31, ) Tj ET Q q 0 0 0 rg BT 207.27 152.20 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 229.51 159.48 90.35 -9.38 re f /GS0 gs q 0 0 0 rg BT 229.51 152.20 Td (, ) Tj ET Q q 0 0 0 rg BT 234.17 152.20 Td (net ) Tj ET Q q 0 0 0 rg BT 249.96 152.20 Td (claims ) Tj ET Q q 0 0 0 rg BT 280.17 152.20 Td (expense ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 319.86 159.48 43.36 -9.38 re f /GS0 gs q 0 0 0 rg BT 319.86 152.20 Td (increased) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 363.22 159.48 14.33 -9.38 re f /GS0 gs q 0 0 0 rg BT 363.22 152.20 Td ( ) Tj ET Q q 0 0 0 rg BT 365.10 152.20 Td (by ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 377.55 159.48 20.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 377.55 152.20 Td (29%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 397.56 159.48 4.66 -9.38 re f /GS0 gs q 0 0 0 rg BT 397.56 152.20 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 402.22 152.20 Td (primarily ) Tj ET Q q 0 0 0 rg BT 441.88 152.20 Td (driven ) Tj ET Q q 0 0 0 rg BT 471.00 152.20 Td (by ) Tj ET Q q 0 0 0 rg BT 483.44 152.20 Td (weaker ) Tj ET Q q 0 0 0 rg BT 517.56 152.20 Td (results ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 138.40 Td (in ) Tj ET Q q 0 0 0 rg BT 75.56 138.40 Td (the ) Tj ET Q q 0 0 0 rg BT 92.24 138.40 Td (International ) Tj ET Q q 0 0 0 rg BT 150.06 138.40 Td (segment.) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 125.88 127.26 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 118.60 Td (On ) Tj ET Q q 0 0 0 rg BT 81.38 118.60 Td (a ) Tj ET Q q 0 0 0 rg BT 89.99 118.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 149.19 118.60 Td (basis, ) Tj ET Q q 0 0 0 rg BT 178.35 118.60 Td (net) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 192.26 118.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 195.30 118.60 Td (favourable) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 242.00 118.60 Td ( ) Tj ET Q q 0 0 0 rg BT 245.04 118.60 Td (development ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 305.35 125.88 105.26 -9.38 re f /GS0 gs q 0 0 0 rg BT 305.35 118.60 Td (of ) Tj ET Q q 0 0 0 rg BT 316.73 118.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 339.78 118.60 Td (year ) Tj ET Q q 0 0 0 rg BT 362.28 118.60 Td (claims ) Tj ET Q q 0 0 0 rg BT 393.66 118.60 Td (of ) Tj ET Q q 0 0 0 rg BT 405.04 118.60 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 410.61 125.88 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 410.61 118.60 Td (1.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 424.51 118.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 427.55 125.88 122.23 -9.38 re f /GS0 gs q 0 0 0 rg BT 427.55 118.60 Td (million ) Tj ET Q q 0 0 0 rg BT 458.94 118.60 Td (was ) Tj ET Q q 0 0 0 rg BT 479.76 118.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 522.28 118.60 Td (in ) Tj ET Q q 0 0 0 rg BT 533.10 118.60 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 112.08 16.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 104.80 Td (first) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 81.11 112.08 48.36 -9.38 re f /GS0 gs q 0 0 0 rg BT 81.11 104.80 Td ( ) Tj ET Q q 0 0 0 rg BT 83.89 104.80 Td (quarter ) Tj ET Q q 0 0 0 rg BT 118.35 104.80 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 129.47 112.08 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 129.47 104.80 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 151.71 112.08 72.27 -9.38 re f /GS0 gs q 0 0 0 rg BT 151.71 104.80 Td ( ) Tj ET Q q 0 0 0 rg BT 154.49 104.80 Td (compared ) Tj ET Q q 0 0 0 rg BT 201.74 104.80 Td (to ) Tj ET Q q 0 0 0 rg BT 212.86 104.80 Td (ne) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 223.98 104.80 Td (t ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.54 104.80 Td (favourable) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 276.24 104.80 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 279.01 112.08 76.72 -9.38 re f /GS0 gs q 0 0 0 rg BT 279.01 104.80 Td (development ) Tj ET Q q 0 0 0 rg BT 339.05 104.80 Td (of ) Tj ET Q q 0 0 0 rg BT 350.17 104.80 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 355.73 112.08 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 355.73 104.80 Td (2.4) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 369.63 112.08 129.51 -9.38 re f /GS0 gs q 0 0 0 rg BT 369.63 104.80 Td ( ) Tj ET Q q 0 0 0 rg BT 372.41 104.80 Td (million ) Tj ET Q q 0 0 0 rg BT 403.53 104.80 Td (in ) Tj ET Q q 0 0 0 rg BT 414.09 104.80 Td (the ) Tj ET Q q 0 0 0 rg BT 430.77 104.80 Td (same ) Tj ET Q q 0 0 0 rg BT 458.00 104.80 Td (period ) Tj ET Q q 0 0 0 rg BT 488.58 104.80 Td (in ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 499.14 112.08 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 499.14 104.80 Td (2015) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 521.39 112.08 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 521.39 104.80 Td (.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 43.70 Td ( ) Tj ET Q q 0 0 0 rg BT 479.00 43.70 Td (Page 6) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 738.03 76.70 -9.36 re f /GS0 gs q 0 0 0 rg BT 65.00 730.75 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 116.14 730.75 Td (Costs) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 718.23 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 710.95 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 117.14 710.95 Td (costs, ) Tj ET Q q 0 0 0 rg BT 147.04 710.95 Td (which ) Tj ET Q q 0 0 0 rg BT 176.38 710.95 Td (consist ) Tj ET Q q 0 0 0 rg BT 211.28 710.95 Td (mainly ) Tj ET Q q 0 0 0 rg BT 243.96 710.95 Td (of ) Tj ET Q q 0 0 0 rg BT 256.08 710.95 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 320.42 710.95 Td (premium ) Tj ET Q q 0 0 0 rg BT 363.10 710.95 Td (taxes ) Tj ET Q q 0 0 0 rg BT 390.78 710.95 Td (and ) Tj ET Q q 0 0 0 rg BT 411.25 710.95 Td (a ) Tj ET Q q 0 0 0 rg BT 420.59 710.95 Td (portion ) Tj ET Q q 0 0 0 rg BT 454.94 710.95 Td (of ) Tj ET Q q 0 0 0 rg BT 467.06 710.95 Td (general ) Tj ET Q q 0 0 0 rg BT 504.20 710.95 Td (expenses ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 704.43 129.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 697.15 Td (related ) Tj ET Q q 0 0 0 rg BT 98.06 697.15 Td (to ) Tj ET Q q 0 0 0 rg BT 108.89 697.15 Td (policy ) Tj ET Q q 0 0 0 rg BT 136.94 697.15 Td (acquisitions, ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 194.46 704.43 43.36 -9.38 re f /GS0 gs q 0 0 0 rg BT 194.46 697.15 Td (increased) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 237.82 697.15 Td ( ) Tj ET Q q 0 0 0 rg BT 240.31 697.15 Td (by) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 250.87 704.43 2.49 -9.38 re f /GS0 gs q 0 0 0 rg BT 250.87 697.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 253.35 704.43 20.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 253.35 697.15 Td (13%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 273.37 704.43 96.39 -9.38 re f /GS0 gs q 0 0 0 rg BT 273.37 697.15 Td (, ) Tj ET Q q 0 0 0 rg BT 278.63 697.15 Td (in ) Tj ET Q q 0 0 0 rg BT 288.90 697.15 Td (the ) Tj ET Q q 0 0 0 rg BT 305.29 697.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 339.46 697.15 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 369.76 704.43 69.20 -9.38 re f /GS0 gs q 0 0 0 rg BT 369.76 697.15 Td (March31, ) Tj ET Q q 0 0 0 rg BT 416.71 697.15 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 438.95 704.43 110.82 -9.38 re f /GS0 gs q 0 0 0 rg BT 438.95 697.15 Td (, ) Tj ET Q q 0 0 0 rg BT 444.22 697.15 Td (in ) Tj ET Q q 0 0 0 rg BT 454.49 697.15 Td (line ) Tj ET Q q 0 0 0 rg BT 472.54 697.15 Td (with ) Tj ET Q q 0 0 0 rg BT 492.81 697.15 Td (the ) Tj ET Q q 0 0 0 rg BT 509.20 697.15 Td (increase ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 690.63 110.61 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 683.35 Td (in ) Tj ET Q q 0 0 0 rg BT 75.56 683.35 Td (net ) Tj ET Q q 0 0 0 rg BT 92.24 683.35 Td (earned ) Tj ET Q q 0 0 0 rg BT 126.16 683.35 Td (premiums. ) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 664.83 90.61 -9.36 re f /GS0 gs q 0 0 0 rg BT 65.00 657.55 Td (Operating ) Tj ET Q q 0 0 0 rg BT 111.69 657.55 Td (Expenses) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 645.03 89.97 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 637.75 Td (Operating ) Tj ET Q q 0 0 0 rg BT 112.16 637.75 Td (expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 154.97 637.75 Td ( ) Tj ET Q q 0 0 0 rg BT 158.22 637.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 204.82 637.75 Td (by ) Tj ET Q q 0 0 0 rg BT 218.63 637.75 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 224.19 637.75 Td (0.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 238.09 637.75 Td ( ) Tj ET Q q 0 0 0 rg BT 241.34 637.75 Td (million ) Tj ET Q q 0 0 0 rg BT 272.93 637.75 Td (or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 285.06 637.75 Td (8%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 299.52 637.75 Td (, ) Tj ET Q q 0 0 0 rg BT 305.54 637.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 317.13 645.03 5.56 -9.38 re f /GS0 gs q 0 0 0 rg BT 317.13 637.75 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 322.69 645.03 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 322.69 637.75 Td (9.2) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 336.59 645.03 63.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 336.59 637.75 Td ( ) Tj ET Q q 0 0 0 rg BT 339.84 637.75 Td (million ) Tj ET Q q 0 0 0 rg BT 371.43 637.75 Td (in ) Tj ET Q q 0 0 0 rg BT 382.46 637.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 399.60 645.03 16.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 399.60 637.75 Td (first) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 415.71 645.03 49.76 -9.38 re f /GS0 gs q 0 0 0 rg BT 415.71 637.75 Td ( ) Tj ET Q q 0 0 0 rg BT 418.96 637.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 453.89 637.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 465.48 645.03 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 465.48 637.75 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 487.72 645.03 62.08 -9.38 re f /GS0 gs q 0 0 0 rg BT 487.72 637.75 Td ( ) Tj ET Q q 0 0 0 rg BT 490.97 637.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 538.68 637.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 631.23 5.56 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 623.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 70.56 631.23 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 70.56 623.95 Td (8.5) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 84.46 631.23 391.31 -9.38 re f /GS0 gs q 0 0 0 rg BT 84.46 623.95 Td ( ) Tj ET Q q 0 0 0 rg BT 87.24 623.95 Td (million ) Tj ET Q q 0 0 0 rg BT 118.36 623.95 Td (in ) Tj ET Q q 0 0 0 rg BT 128.92 623.95 Td (the ) Tj ET Q q 0 0 0 rg BT 145.60 623.95 Td (comparative ) Tj ET Q q 0 0 0 rg BT 202.85 623.95 Td (quarter) Tj ET Q q 0 0 0 rg BT 233.98 623.95 Td (, ) Tj ET Q q 0 0 0 rg BT 239.54 623.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 280.09 623.95 Td (due ) Tj ET Q q 0 0 0 rg BT 299.56 623.95 Td (to ) Tj ET Q q 0 0 0 rg BT 310.67 623.95 Td (an ) Tj ET Q q 0 0 0 rg BT 324.58 623.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 365.15 623.95 Td (in ) Tj ET Q q 0 0 0 rg BT 375.71 623.95 Td (salaries ) Tj ET Q q 0 0 0 rg BT 412.95 623.95 Td (and ) Tj ET Q q 0 0 0 rg BT 432.41 623.95 Td (benefits. ) Tj ET Q q 0 0 0 rg BT 472.99 623.95 Td ( ) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 605.43 91.70 -9.36 re f /GS0 gs q 0 0 0 rg BT 65.00 598.15 Td (Underwriting Income) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 585.63 58.92 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 578.35 Td (Underwriting ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 123.92 585.63 17.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 123.92 578.35 Td (loss) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 141.70 585.63 19.47 -9.38 re f /GS0 gs q 0 0 0 rg BT 141.70 578.35 Td ( ) Tj ET Q q 0 0 0 rg BT 144.48 578.35 Td (of ) Tj ET Q q 0 0 0 rg BT 155.61 578.35 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 161.17 585.63 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 161.17 578.35 Td (9.4) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 175.07 585.63 123.98 -9.38 re f /GS0 gs q 0 0 0 rg BT 175.07 578.35 Td ( ) Tj ET Q q 0 0 0 rg BT 177.85 578.35 Td (million ) Tj ET Q q 0 0 0 rg BT 208.98 578.35 Td (was ) Tj ET Q q 0 0 0 rg BT 229.54 578.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 271.80 578.35 Td (in ) Tj ET Q q 0 0 0 rg BT 282.36 578.35 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 299.05 585.63 16.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 299.05 578.35 Td (first) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 315.16 585.63 48.38 -9.38 re f /GS0 gs q 0 0 0 rg BT 315.16 578.35 Td ( ) Tj ET Q q 0 0 0 rg BT 317.94 578.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 352.41 578.35 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 363.53 585.63 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 363.53 578.35 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 385.78 585.63 132.32 -9.38 re f /GS0 gs q 0 0 0 rg BT 385.78 578.35 Td ( ) Tj ET Q q 0 0 0 rg BT 388.56 578.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 435.81 578.35 Td (to ) Tj ET Q q 0 0 0 rg BT 446.94 578.35 Td (an ) Tj ET Q q 0 0 0 rg BT 460.84 578.35 Td (underwriting ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 518.10 585.63 17.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 518.10 578.35 Td (loss) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 535.88 585.63 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 535.88 578.35 Td ( ) Tj ET Q q 0 0 0 rg BT 538.67 578.35 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 571.83 5.56 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 564.55 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 70.56 571.83 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 70.56 564.55 Td (3.5) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 84.46 571.83 138.84 -9.38 re f /GS0 gs q 0 0 0 rg BT 84.46 564.55 Td ( ) Tj ET Q q 0 0 0 rg BT 88.57 564.55 Td (million ) Tj ET Q q 0 0 0 rg BT 121.03 564.55 Td (in ) Tj ET Q q 0 0 0 rg BT 132.92 564.55 Td (the ) Tj ET Q q 0 0 0 rg BT 150.93 564.55 Td (same ) Tj ET Q q 0 0 0 rg BT 179.50 564.55 Td (period ) Tj ET Q q 0 0 0 rg BT 211.41 564.55 Td (in ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 223.30 571.83 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 223.30 564.55 Td (2015) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 245.55 571.83 32.08 -9.38 re f /GS0 gs q 0 0 0 rg BT 245.55 564.55 Td (. ) Tj ET Q q 0 0 0 rg BT 252.44 564.55 Td ( ) Tj ET Q q 0 0 0 rg BT 256.28 564.55 Td (The ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 277.63 571.83 41.14 -9.38 re f /GS0 gs q 0 0 0 rg BT 277.63 564.55 Td (decrease) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 318.77 571.83 231.02 -9.38 re f /GS0 gs q 0 0 0 rg BT 318.77 564.55 Td ( ) Tj ET Q q 0 0 0 rg BT 322.88 564.55 Td (was ) Tj ET Q q 0 0 0 rg BT 344.77 564.55 Td (due ) Tj ET Q q 0 0 0 rg BT 365.57 564.55 Td (to ) Tj ET Q q 0 0 0 rg BT 378.02 564.55 Td (an ) Tj ET Q q 0 0 0 rg BT 393.26 564.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 440.73 564.55 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 499.31 564.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 521.21 564.55 Td (in ) Tj ET Q q 0 0 0 rg BT 533.10 564.55 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 558.03 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 550.75 Td (International ) Tj ET Q q 0 0 0 rg BT 122.54 550.75 Td (segment, ) Tj ET Q q 0 0 0 rg BT 166.18 550.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 206.46 550.75 Td (due ) Tj ET Q q 0 0 0 rg BT 225.65 550.75 Td (to ) Tj ET Q q 0 0 0 rg BT 236.50 550.75 Td (current ) Tj ET Q q 0 0 0 rg BT 270.12 550.75 Td (year ) Tj ET Q q 0 0 0 rg BT 292.08 550.75 Td (claims ) Tj ET Q q 0 0 0 rg BT 322.92 550.75 Td (in ) Tj ET Q q 0 0 0 rg BT 333.21 550.75 Td (UK ) Tj ET Q q 0 0 0 rg BT 349.11 550.75 Td (Auto. ) Tj ET Q q 0 0 0 rg BT 374.96 550.75 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 430.81 550.75 Td (lines ) Tj ET Q q 0 0 0 rg BT 453.88 550.75 Td (experienced ) Tj ET Q q 0 0 0 rg BT 510.86 550.75 Td (a ) Tj ET Q q 0 0 0 rg BT 518.93 550.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 539.22 550.75 Td (in ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 544.23 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 536.95 Td (the ) Tj ET Q q 0 0 0 rg BT 81.44 536.95 Td (first ) Tj ET Q q 0 0 0 rg BT 100.08 536.95 Td (quarter ) Tj ET Q q 0 0 0 rg BT 134.30 536.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 181.30 536.95 Td (to ) Tj ET Q q 0 0 0 rg BT 192.18 536.95 Td (an ) Tj ET Q q 0 0 0 rg BT 205.84 536.95 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 262.85 536.95 Td (gain ) Tj ET Q q 0 0 0 rg BT 284.29 536.95 Td (in ) Tj ET Q q 0 0 0 rg BT 294.61 536.95 Td (the ) Tj ET Q q 0 0 0 rg BT 311.04 536.95 Td (prior ) Tj ET Q q 0 0 0 rg BT 333.59 536.95 Td (year ) Tj ET Q q 0 0 0 rg BT 355.57 536.95 Td (due ) Tj ET Q q 0 0 0 rg BT 374.79 536.95 Td (to ) Tj ET Q q 0 0 0 rg BT 385.67 536.95 Td (less ) Tj ET Q q 0 0 0 rg BT 405.99 536.95 Td (positive ) Tj ET Q q 0 0 0 rg BT 442.43 536.95 Td (development ) Tj ET Q q 0 0 0 rg BT 502.23 536.95 Td (on ) Tj ET Q q 0 0 0 rg BT 515.89 536.95 Td (claims. ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 530.43 307.19 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 523.15 Td (These ) Tj ET Q q 0 0 0 rg BT 95.57 523.15 Td (were ) Tj ET Q q 0 0 0 rg BT 120.02 523.15 Td (partially ) Tj ET Q q 0 0 0 rg BT 157.26 523.15 Td (of) Tj ET Q q 0 0 0 rg BT 165.42 523.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 184.32 523.15 Td (by ) Tj ET Q q 0 0 0 rg BT 197.66 523.15 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 254.91 523.15 Td (income ) Tj ET Q q 0 0 0 rg BT 289.92 523.15 Td (in ) Tj ET Q q 0 0 0 rg BT 300.48 523.15 Td (Personal ) Tj ET Q q 0 0 0 rg BT 342.73 523.15 Td (Lines. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 65.00 497.35 Td (Investment Income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 471.55 Td (There was investment income of $) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.29 471.55 Td (5.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 231.19 471.55 Td ( million in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.33 471.55 Td (first) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 308.44 471.55 Td ( quarter of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 356.80 471.55 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 379.04 471.55 Td ( compared to $) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.75 471.55 Td (5.9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.65 471.55 Td ( million in the same ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 457.75 Td (period in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 106.14 457.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 128.38 457.75 Td (, primarily due to lower realized gains in the quarter compared to prior year) Tj ET Q q 0 0 0 rg BT 457.99 457.75 Td (. ) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 439.23 146.93 -9.36 re f /GS0 gs q 0 0 0 rg BT 65.00 431.95 Td (Net Income before Income T) Tj ET Q q 0 0 0 rg BT 190.81 431.95 Td (axes) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 419.43 102.92 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 412.15 Td (For ) Tj ET Q q 0 0 0 rg BT 83.63 412.15 Td (the ) Tj ET Q q 0 0 0 rg BT 101.17 412.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 136.48 412.15 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 167.92 419.43 70.34 -9.38 re f /GS0 gs q 0 0 0 rg BT 167.92 412.15 Td (March31, ) Tj ET Q q 0 0 0 rg BT 216.02 412.15 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 238.27 419.43 23.95 -9.38 re f /GS0 gs q 0 0 0 rg BT 238.27 412.15 Td (, ) Tj ET Q q 0 0 0 rg BT 244.68 412.15 Td (net ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 262.21 419.43 17.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 262.21 412.15 Td (loss) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 280.00 412.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 283.63 419.43 86.50 -9.38 re f /GS0 gs q 0 0 0 rg BT 283.63 412.15 Td (before ) Tj ET Q q 0 0 0 rg BT 315.62 412.15 Td (taxes ) Tj ET Q q 0 0 0 rg BT 343.15 412.15 Td (was ) Tj ET Q q 0 0 0 rg BT 364.57 412.15 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 370.13 419.43 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 370.13 412.15 Td (6.2) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 384.03 419.43 95.68 -9.38 re f /GS0 gs q 0 0 0 rg BT 384.03 412.15 Td ( ) Tj ET Q q 0 0 0 rg BT 387.66 412.15 Td (million ) Tj ET Q q 0 0 0 rg BT 419.63 412.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 467.73 412.15 Td (to ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 479.71 419.43 32.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 479.71 412.15 Td (income) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 511.94 419.43 21.17 -9.38 re f /GS0 gs q 0 0 0 rg BT 511.94 412.15 Td ( ) Tj ET Q q 0 0 0 rg BT 515.58 412.15 Td (of ) Tj ET Q q 0 0 0 rg BT 527.55 412.15 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 533.11 419.43 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 533.11 412.15 Td (2.4) Tj ET Q BT /F3 10.00 Tf ET BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 405.63 58.10 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 398.35 Td (million ) Tj ET Q q 0 0 0 rg BT 96.03 398.35 Td (in ) Tj ET Q q 0 0 0 rg BT 106.51 398.35 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 123.10 405.63 16.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 123.10 398.35 Td (first) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 139.21 405.63 48.10 -9.38 re f /GS0 gs q 0 0 0 rg BT 139.21 398.35 Td ( ) Tj ET Q q 0 0 0 rg BT 141.90 398.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 176.28 398.35 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 187.31 405.63 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 187.31 398.35 Td (2015) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 209.56 405.63 340.23 -9.38 re f /GS0 gs q 0 0 0 rg BT 209.56 398.35 Td (. ) Tj ET Q q 0 0 0 rg BT 214.86 398.35 Td (This ) Tj ET Q q 0 0 0 rg BT 236.44 398.35 Td (was ) Tj ET Q q 0 0 0 rg BT 256.92 398.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 297.39 398.35 Td (due ) Tj ET Q q 0 0 0 rg BT 316.77 398.35 Td (to ) Tj ET Q q 0 0 0 rg BT 327.80 398.35 Td (decreased ) Tj ET Q q 0 0 0 rg BT 377.19 398.35 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 434.36 398.35 Td (income, ) Tj ET Q q 0 0 0 rg BT 472.06 398.35 Td (lower ) Tj ET Q q 0 0 0 rg BT 498.65 398.35 Td (investment ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 391.83 263.48 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 384.55 Td (income ) Tj ET Q q 0 0 0 rg BT 100.01 384.55 Td (and ) Tj ET Q q 0 0 0 rg BT 119.48 384.55 Td (a ) Tj ET Q q 0 0 0 rg BT 127.82 384.55 Td (one-time ) Tj ET Q q 0 0 0 rg BT 169.50 384.55 Td (severance ) Tj ET Q q 0 0 0 rg BT 218.42 384.55 Td (expenses ) Tj ET Q q 0 0 0 rg BT 264.00 384.55 Td (of ) Tj ET Q q 0 0 0 rg BT 275.12 384.55 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 297.36 384.55 Td (million.) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 366.03 61.88 -9.36 re f /GS0 gs q 0 0 0 rg BT 65.00 358.75 Td (Income T) Tj ET Q q 0 0 0 rg BT 105.76 358.75 Td (axes) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 346.23 94.43 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 338.95 Td (For ) Tj ET Q q 0 0 0 rg BT 81.51 338.95 Td (the ) Tj ET Q q 0 0 0 rg BT 96.92 338.95 Td (quarter ) Tj ET Q q 0 0 0 rg BT 130.11 338.95 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 159.43 346.23 68.22 -9.38 re f /GS0 gs q 0 0 0 rg BT 159.43 338.95 Td (March31, ) Tj ET Q q 0 0 0 rg BT 205.40 338.95 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 227.64 346.23 167.30 -9.38 re f /GS0 gs q 0 0 0 rg BT 227.64 338.95 Td (, ) Tj ET Q q 0 0 0 rg BT 231.93 338.95 Td (the ) Tj ET Q q 0 0 0 rg BT 247.34 338.95 Td (provision ) Tj ET Q q 0 0 0 rg BT 288.87 338.95 Td (for ) Tj ET Q q 0 0 0 rg BT 302.05 338.95 Td (income ) Tj ET Q q 0 0 0 rg BT 335.79 338.95 Td (taxes ) Tj ET Q q 0 0 0 rg BT 361.20 338.95 Td (reflects ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 394.94 346.23 45.41 -9.38 re f /GS0 gs q 0 0 0 rg BT 394.94 338.95 Td (a ) Tj ET Q q 0 0 0 rg BT 402.01 338.95 Td (recovery) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 440.35 346.23 16.92 -9.38 re f /GS0 gs q 0 0 0 rg BT 440.35 338.95 Td ( ) Tj ET Q q 0 0 0 rg BT 441.86 338.95 Td (of ) Tj ET Q q 0 0 0 rg BT 451.71 338.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 457.27 346.23 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 457.27 338.95 Td (1.7) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 471.17 346.23 78.60 -9.38 re f /GS0 gs q 0 0 0 rg BT 471.17 338.95 Td ( ) Tj ET Q q 0 0 0 rg BT 472.68 338.95 Td (million ) Tj ET Q q 0 0 0 rg BT 502.53 338.95 Td (compared ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 332.43 11.12 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 325.15 Td (to ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 76.12 332.43 46.68 -9.38 re f /GS0 gs q 0 0 0 rg BT 76.12 325.15 Td (a ) Tj ET Q q 0 0 0 rg BT 84.46 325.15 Td (recovery) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 122.80 332.43 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 122.80 325.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.58 325.15 Td (of ) Tj ET Q q 0 0 0 rg BT 136.70 325.15 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 142.26 332.43 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 142.26 325.15 Td (0.8) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 156.16 332.43 162.85 -9.38 re f /GS0 gs q 0 0 0 rg BT 156.16 325.15 Td ( ) Tj ET Q q 0 0 0 rg BT 158.94 325.15 Td (million ) Tj ET Q q 0 0 0 rg BT 190.06 325.15 Td (for ) Tj ET Q q 0 0 0 rg BT 204.51 325.15 Td (the ) Tj ET Q q 0 0 0 rg BT 221.19 325.15 Td (same ) Tj ET Q q 0 0 0 rg BT 248.42 325.15 Td (period ) Tj ET Q q 0 0 0 rg BT 278.99 325.15 Td (last ) Tj ET Q q 0 0 0 rg BT 297.33 325.15 Td (year) Tj ET Q q 0 0 0 rg BT 316.24 325.15 Td (.) Tj ET Q BT /F2 12.00 Tf ET 1 1 1 rg /GS0 gs 63.00 301.49 230.88 -11.26 re f /GS0 gs q 0 0 0 rg BT 63.00 292.75 Td (SEGMENTED FINANCIAL) Tj ET Q q 0 0 0 rg BT 206.78 292.75 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 265.22 292.75 Td (TION) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 270.03 71.14 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 262.75 Td (Personal Lines) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 252.25 m 273.5 252.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 229.25 m 273.5 229.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 252.25 m 342.5 252.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 229.25 m 342.5 229.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 252.25 m 411.5 252.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 229.25 m 411.5 229.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 252.25 m 480.5 252.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 229.25 m 480.5 229.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 252.25 m 549.5 252.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 229.25 m 549.5 229.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 229.25 m 273.5 229.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 229.25 m 342.5 229.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 229.25 m 411.5 229.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 229.25 m 480.5 229.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 229.25 m 549.5 229.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 211.25 m 273.5 211.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 211.25 m 342.5 211.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 211.25 m 411.5 211.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 211.25 m 480.5 211.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 211.25 m 549.5 211.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 211.25 m 342.5 211.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 211.25 m 411.5 211.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 211.25 m 480.5 211.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 211.25 m 549.5 211.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 56.25 m 273.5 56.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 56.25 m 342.5 56.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 56.25 m 411.5 56.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 56.25 m 480.5 56.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 56.25 m 549.5 56.25 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 376.45 242.95 Td (3 months ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.20 233.95 Td (March 31) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 71.00 218.23 Td (\($THOUSANDS\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 297.45 217.95 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.45 217.95 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.60 218.23 Td ($Variance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.95 218.23 Td (%Variance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 201.45 Td (Direct written premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.70 201.45 Td (30,811) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.70 201.45 Td (30,765) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.45 201.45 Td (46) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.00 201.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 186.95 Td (Net earned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.70 186.95 Td (33,360) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.70 186.95 Td (33,038) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.95 186.95 Td (322) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.95 186.95 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 172.65 Td (Net claims:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 307.50 172.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 376.50 172.47 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 158.65 Td (Current year claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.70 158.95 Td (23,699) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.70 158.95 Td (27,716) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.20 158.95 Td (\(4,017\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.45 158.95 Td (\(14\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 144.65 Td (Current year loss ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.70 144.95 Td (71.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.70 144.95 Td (83.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 130.65 Td (Favourable prior year claims development) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.20 130.95 Td (1,767) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.20 130.95 Td (1,203) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.95 130.95 Td (564) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.45 130.95 Td (47) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 116.95 Td (Total net claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.70 116.95 Td (21,932) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.70 116.95 Td (26,513) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.20 116.95 Td (\(4,581\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.45 116.95 Td (\(17\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 102.95 Td (Claims ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.70 102.95 Td (65.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.70 102.95 Td (80.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 88.95 Td (Expense ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.70 88.95 Td (32.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.70 88.95 Td (30.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 74.95 Td (Combined ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.70 74.95 Td (97.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.20 74.95 Td (111.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 60.95 Td (Underwriting income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.95 60.95 Td (743) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.20 60.95 Td (\(3,666\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.20 60.95 Td (4,409) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.95 60.95 Td (120) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 34.70 Td ( ) Tj ET Q q 0 0 0 rg BT 479.00 34.70 Td (Page 7) Tj ET Q BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 747.03 58.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 739.75 Td (First ) Tj ET Q q 0 0 0 rg BT 87.45 739.75 Td (quarter) Tj ET Q BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 121.90 747.03 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 121.90 739.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 124.68 747.03 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 124.68 739.75 Td (2016) Tj ET Q BT /F5 10.00 Tf ET BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 727.23 488.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 719.95 Td (Personal ) Tj ET Q q 0 0 0 rg BT 104.94 719.95 Td (Lines ) Tj ET Q q 0 0 0 rg BT 131.33 719.95 Td (reported ) Tj ET Q q 0 0 0 rg BT 171.05 719.95 Td (an ) Tj ET Q q 0 0 0 rg BT 184.65 719.95 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 241.60 719.95 Td (income ) Tj ET Q q 0 0 0 rg BT 276.31 719.95 Td (of ) Tj ET Q q 0 0 0 rg BT 287.13 719.95 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 309.07 719.95 Td (million ) Tj ET Q q 0 0 0 rg BT 339.89 719.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 386.83 719.95 Td (to ) Tj ET Q q 0 0 0 rg BT 397.65 719.95 Td (an ) Tj ET Q q 0 0 0 rg BT 411.25 719.95 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 468.20 719.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 488.46 719.95 Td ($3.7 ) Tj ET Q q 0 0 0 rg BT 510.40 719.95 Td (million ) Tj ET Q q 0 0 0 rg BT 541.22 719.95 Td (in ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 713.43 239.02 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 706.15 Td (the ) Tj ET Q q 0 0 0 rg BT 79.68 706.15 Td (same ) Tj ET Q q 0 0 0 rg BT 106.91 706.15 Td (period ) Tj ET Q q 0 0 0 rg BT 137.49 706.15 Td (last ) Tj ET Q q 0 0 0 rg BT 155.83 706.15 Td (year) Tj ET Q q 0 0 0 rg BT 174.73 706.15 Td (, ) Tj ET Q q 0 0 0 rg BT 180.29 706.15 Td (an ) Tj ET Q q 0 0 0 rg BT 194.19 706.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 234.76 706.15 Td (of ) Tj ET Q q 0 0 0 rg BT 245.88 706.15 Td ($4.4 ) Tj ET Q q 0 0 0 rg BT 268.12 706.15 Td (million. ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 693.63 138.21 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 686.35 Td (This ) Tj ET Q q 0 0 0 rg BT 84.67 686.35 Td (segment) Tj ET Q q 0 0 0 rg BT 125.07 686.35 Td (s ) Tj ET Q q 0 0 0 rg BT 132.84 686.35 Td (combined ) Tj ET Q q 0 0 0 rg BT 178.98 686.35 Td (ratio ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 201.21 693.63 46.70 -9.38 re f /GS0 gs q 0 0 0 rg BT 201.21 686.35 Td (decreased) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 247.91 693.63 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 247.91 686.35 Td ( ) Tj ET Q q 0 0 0 rg BT 250.69 686.35 Td (to ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 261.81 693.63 20.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 261.81 686.35 Td (98%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 281.82 693.63 215.67 -9.38 re f /GS0 gs q 0 0 0 rg BT 281.82 686.35 Td ( ) Tj ET Q q 0 0 0 rg BT 284.60 686.35 Td (in ) Tj ET Q q 0 0 0 rg BT 295.16 686.35 Td (the ) Tj ET Q q 0 0 0 rg BT 311.84 686.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 346.31 686.35 Td (as ) Tj ET Q q 0 0 0 rg BT 359.65 686.35 Td (a ) Tj ET Q q 0 0 0 rg BT 367.99 686.35 Td (result ) Tj ET Q q 0 0 0 rg BT 395.22 686.35 Td (of ) Tj ET Q q 0 0 0 rg BT 406.33 686.35 Td (the ) Tj ET Q q 0 0 0 rg BT 423.01 686.35 Td (following ) Tj ET Q q 0 0 0 rg BT 464.70 686.35 Td (factors:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 666.55 Td (1. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 666.55 Td (Benign ) Tj ET Q q 0 0 0 rg BT 114.91 666.55 Td (winter ) Tj ET Q q 0 0 0 rg BT 144.36 666.55 Td (driving ) Tj ET Q q 0 0 0 rg BT 176.59 666.55 Td (conditions ) Tj ET Q q 0 0 0 rg BT 224.40 666.55 Td (in ) Tj ET Q q 0 0 0 rg BT 234.96 666.55 Td (Ontario ) Tj ET Q q 0 0 0 rg BT 270.52 666.55 Td (and ) Tj ET Q q 0 0 0 rg BT 289.43 666.55 Td (Atlantic ) Tj ET Q q 0 0 0 rg BT 325.00 666.55 Td (auto, ) Tj ET Q q 0 0 0 rg BT 350.01 666.55 Td (and ) Tj ET Q q 0 0 0 rg BT 369.47 666.55 Td (no ) Tj ET Q q 0 0 0 rg BT 383.37 666.55 Td (large ) Tj ET Q q 0 0 0 rg BT 408.38 666.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 439.50 666.55 Td (in ) Tj ET Q q 0 0 0 rg BT 450.06 666.55 Td (Quebec ) Tj ET Q q 0 0 0 rg BT 487.30 666.55 Td (Auto, ) Tj ET Q q 0 0 0 rg BT 513.43 666.55 Td (resulted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 652.75 Td (in ) Tj ET Q q 0 0 0 rg BT 91.56 652.75 Td (improved ) Tj ET Q q 0 0 0 rg BT 135.47 652.75 Td (auto ) Tj ET Q q 0 0 0 rg BT 157.71 652.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 216.63 652.75 Td (in ) Tj ET Q q 0 0 0 rg BT 227.19 652.75 Td (the ) Tj ET Q q 0 0 0 rg BT 243.87 652.75 Td (first ) Tj ET Q q 0 0 0 rg BT 262.75 652.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 297.22 652.75 Td (of ) Tj ET Q q 0 0 0 rg BT 308.33 652.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 333.36 652.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 380.60 652.75 Td (to ) Tj ET Q q 0 0 0 rg BT 391.72 652.75 Td (2015.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 632.95 Td (2. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 632.95 Td (Improved ) Tj ET Q q 0 0 0 rg BT 125.46 632.95 Td (development ) Tj ET Q q 0 0 0 rg BT 185.50 632.95 Td (on ) Tj ET Q q 0 0 0 rg BT 199.40 632.95 Td (prior ) Tj ET Q q 0 0 0 rg BT 222.19 632.95 Td (period ) Tj ET Q q 0 0 0 rg BT 252.76 632.95 Td (claims ) Tj ET Q q 0 0 0 rg BT 283.88 632.95 Td (in ) Tj ET Q q 0 0 0 rg BT 294.44 632.95 Td (W) Tj ET Q q 0 0 0 rg BT 303.70 632.95 Td (estern ) Tj ET Q q 0 0 0 rg BT 334.27 632.95 Td (personal ) Tj ET Q q 0 0 0 rg BT 375.40 632.95 Td (property) Tj ET Q q 0 0 0 rg BT 411.35 632.95 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 613.15 Td (3. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 613.15 Td (Increased ) Tj ET Q q 0 0 0 rg BT 128.28 613.15 Td (positive ) Tj ET Q q 0 0 0 rg BT 165.56 613.15 Td (development ) Tj ET Q q 0 0 0 rg BT 226.19 613.15 Td (of ) Tj ET Q q 0 0 0 rg BT 237.90 613.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 261.27 613.15 Td (year ) Tj ET Q q 0 0 0 rg BT 284.09 613.15 Td (claims ) Tj ET Q q 0 0 0 rg BT 315.80 613.15 Td (of ) Tj ET Q q 0 0 0 rg BT 327.50 613.15 Td ($1.8 ) Tj ET Q q 0 0 0 rg BT 350.34 613.15 Td (million ) Tj ET Q q 0 0 0 rg BT 382.04 613.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 429.88 613.15 Td (to ) Tj ET Q q 0 0 0 rg BT 441.59 613.15 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 464.42 613.15 Td (million ) Tj ET Q q 0 0 0 rg BT 496.13 613.15 Td (in ) Tj ET Q q 0 0 0 rg BT 507.28 613.15 Td (the ) Tj ET Q q 0 0 0 rg BT 524.55 613.15 Td (same ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 599.35 Td (period ) Tj ET Q q 0 0 0 rg BT 111.58 599.35 Td (in ) Tj ET Q q 0 0 0 rg BT 122.14 599.35 Td (2015. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 569.35 Td (Commercial Lines) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 558.85 m 273.5 558.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 535.85 m 273.5 535.85 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 558.85 m 342.5 558.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 535.85 m 342.5 535.85 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 558.85 m 411.5 558.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 535.85 m 411.5 535.85 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 558.85 m 480.5 558.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 535.85 m 480.5 535.85 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 558.85 m 549.5 558.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 535.85 m 549.5 535.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 535.85 m 273.5 535.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 517.85 m 273.5 517.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 535.85 m 342.5 535.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 517.85 m 342.5 517.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 535.85 m 411.5 535.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 517.85 m 411.5 517.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 535.85 m 480.5 535.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 517.85 m 480.5 517.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 535.85 m 549.5 535.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 517.85 m 549.5 517.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 517.85 m 342.5 517.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 517.85 m 480.5 517.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 517.85 m 549.5 517.85 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 362.85 m 273.5 362.85 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 362.85 m 342.5 362.85 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 362.85 m 411.5 362.85 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 362.85 m 480.5 362.85 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 362.85 m 549.5 362.85 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 376.45 549.55 Td (3 months ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.20 540.55 Td (March 31) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 524.83 Td (\($THOUSANDS\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 297.45 524.55 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.45 524.55 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.80 524.83 Td ($Variance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.45 524.83 Td (%Variance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 508.05 Td (Direct written premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.70 508.05 Td (11,310) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.70 508.05 Td (11,461) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.95 508.05 Td (\(151\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.00 508.05 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 493.55 Td (Net earned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.20 493.55 Td (9,988) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.20 493.55 Td (9,503) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.95 493.55 Td (485) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.95 493.55 Td (5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 479.25 Td (Net claims:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.50 479.55 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.50 479.55 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 465.25 Td (Current year claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.20 465.55 Td (6,672) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.20 465.55 Td (6,493) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.95 465.55 Td (179) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.95 465.55 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 451.25 Td (Current year loss ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.70 451.55 Td (66.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.70 451.55 Td (68.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 437.25 Td (Favourable prior year claims development) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.95 437.55 Td (301) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.20 437.55 Td (1,597) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.20 437.55 Td (\(1,296\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.45 437.55 Td (\(81\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 423.55 Td (Total net claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.20 423.55 Td (6,371) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.20 423.55 Td (4,896) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.20 423.55 Td (1,475) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.45 423.55 Td (30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 409.55 Td (Claims ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.70 409.55 Td (63.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.70 409.55 Td (51.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 395.55 Td (Expense ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.70 395.55 Td (43.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.70 395.55 Td (43.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 381.55 Td (Combined ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.20 381.55 Td (107.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.70 381.55 Td (95.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 367.55 Td (Underwriting income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.95 367.55 Td (\(763\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 367.55 Td (444) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.20 367.55 Td (\(1,207\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.95 367.55 Td (\(272\)) Tj ET Q BT /F1 10.00 Tf ET BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 343.63 58.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 336.35 Td (First quarter) Tj ET Q BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 121.90 343.63 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 121.90 336.35 Td ( ) Tj ET Q BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 124.68 343.63 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 124.68 336.35 Td (2016) Tj ET Q BT /F5 10.00 Tf ET BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 323.83 194.19 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 316.55 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 120.70 316.55 Td (Lines ) Tj ET Q q 0 0 0 rg BT 148.97 316.55 Td (recorded ) Tj ET Q q 0 0 0 rg BT 192.79 316.55 Td (an ) Tj ET Q q 0 0 0 rg BT 208.28 316.55 Td (underwritin) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 257.19 316.55 Td (g ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 267.11 316.55 Td (loss) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 284.89 316.55 Td ( ) Tj ET Q q 0 0 0 rg BT 289.25 316.55 Td (in ) Tj ET Q q 0 0 0 rg BT 301.40 316.55 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 319.66 316.55 Td (first) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 335.76 323.83 53.10 -9.38 re f /GS0 gs q 0 0 0 rg BT 335.76 316.55 Td ( ) Tj ET Q q 0 0 0 rg BT 340.12 316.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 376.17 316.55 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 388.87 323.83 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 388.87 316.55 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 411.11 323.83 26.98 -9.38 re f /GS0 gs q 0 0 0 rg BT 411.11 316.55 Td ( ) Tj ET Q q 0 0 0 rg BT 415.47 316.55 Td (of ) Tj ET Q q 0 0 0 rg BT 428.17 316.55 Td ( ) Tj ET Q q 0 0 0 rg BT 432.53 316.55 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 438.10 323.83 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 438.10 316.55 Td (0.8) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 452.00 323.83 99.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 452.00 316.55 Td ( ) Tj ET Q q 0 0 0 rg BT 456.36 316.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 491.83 316.55 Td (compared ) Tj ET Q q 0 0 0 rg BT 540.66 316.55 Td (to ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 310.03 57.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 302.75 Td (underwriting ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 120.25 310.03 32.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 120.25 302.75 Td (income) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 152.49 310.03 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 152.49 302.75 Td ( ) Tj ET Q q 0 0 0 rg BT 155.27 302.75 Td (of ) Tj ET Q q 0 0 0 rg BT 166.38 302.75 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 171.95 310.03 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 171.95 302.75 Td (0.4) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 185.85 310.03 61.14 -9.38 re f /GS0 gs q 0 0 0 rg BT 185.85 302.75 Td ( ) Tj ET Q q 0 0 0 rg BT 188.63 302.75 Td (million ) Tj ET Q q 0 0 0 rg BT 219.74 302.75 Td (in ) Tj ET Q q 0 0 0 rg BT 230.30 302.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 246.98 310.03 16.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 246.98 302.75 Td (first) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 263.09 310.03 48.36 -9.38 re f /GS0 gs q 0 0 0 rg BT 263.09 302.75 Td ( ) Tj ET Q q 0 0 0 rg BT 265.87 302.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 300.33 302.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 311.45 310.03 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 311.45 302.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 333.70 310.03 5.56 -9.38 re f /GS0 gs q 0 0 0 rg BT 333.70 302.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 339.25 302.75 Td (a ) Tj ET Q q 0 0 0 rg BT 347.59 302.75 Td (decrease) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 388.73 302.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 391.51 310.03 16.68 -9.38 re f /GS0 gs q 0 0 0 rg BT 391.51 302.75 Td (of ) Tj ET Q q 0 0 0 rg BT 402.63 302.75 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 408.19 310.03 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 408.19 302.75 Td (1.2) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 422.09 310.03 33.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 422.09 302.75 Td ( ) Tj ET Q q 0 0 0 rg BT 424.87 302.75 Td (million.) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 290.23 195.47 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 282.95 Td (This segment) Tj ET Q q 0 0 0 rg BT 125.07 282.95 Td (s combined ratio increased to ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 258.47 290.23 25.58 -9.38 re f /GS0 gs q 0 0 0 rg BT 258.47 282.95 Td (108%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 284.04 290.23 215.67 -9.38 re f /GS0 gs q 0 0 0 rg BT 284.04 282.95 Td ( in the quarter as a result of the following factors:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 263.15 Td (1. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 263.15 Td (Large claim reported in W) Tj ET Q q 0 0 0 rg BT 195.31 263.15 Td (estern Canada, of approximately $1.0 million. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 243.35 Td (2. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 243.35 Td (Decreased positive development of prior year claims of $) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 332.79 243.35 Td (0.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 346.69 243.35 Td ( million compared to positive development of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 229.55 Td (prior year claims of $) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 173.81 229.55 Td (1.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 187.71 229.55 Td ( million in the same period in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 317.22 229.55 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 339.46 229.55 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 209.75 Td (3. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 209.75 Td (The above were partially of) Tj ET Q q 0 0 0 rg BT 200.88 209.75 Td (fset by improvements in W) Tj ET Q q 0 0 0 rg BT 318.51 209.75 Td (estern warranty due to lower frequency of claims. ) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 34.70 Td ( ) Tj ET Q q 0 0 0 rg BT 479.00 34.70 Td (Page 8) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 747.03 60.00 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 739.75 Td (International) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 729.25 m 273.5 729.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 706.25 m 273.5 706.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 729.25 m 342.5 729.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 706.25 m 342.5 706.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 729.25 m 411.5 729.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 706.25 m 411.5 706.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 729.25 m 480.5 729.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 706.25 m 480.5 706.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 729.25 m 549.5 729.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 706.25 m 549.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 706.25 m 273.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 706.25 m 342.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 706.25 m 411.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 706.25 m 480.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 706.25 m 549.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 688.25 m 273.5 688.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 688.25 m 342.5 688.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 688.25 m 411.5 688.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 688.25 m 480.5 688.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 688.25 m 549.5 688.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 516.25 m 273.5 516.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 516.25 m 342.5 516.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 516.25 m 411.5 516.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 516.25 m 480.5 516.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 516.25 m 549.5 516.25 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 376.45 719.95 Td (3 months ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.20 710.95 Td (March 31) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 695.23 Td (\($THOUSANDS\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 297.45 694.95 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.45 694.95 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.80 695.23 Td ($Variance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.45 695.23 Td (%Variance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 678.95 Td (Direct written premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.45 678.65 Td (52,279) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.45 678.65 Td (48,660) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.45 678.65 Td (3,619) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.05 678.65 Td (7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 664.95 Td (Net written premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.45 664.65 Td (24,385) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.45 664.65 Td (31,491) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.45 664.65 Td (\(7,106\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.05 664.65 Td (\(23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.10 664.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 650.95 Td (Net earned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.45 650.65 Td (36,049) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.45 650.65 Td (26,656) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.45 650.65 Td (9,393) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.05 650.65 Td (35) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 636.65 Td (Net claims:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 408.00 636.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.00 636.47 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 622.65 Td (Current year claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.45 622.65 Td (28,496) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.45 622.65 Td (12,661) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.45 622.65 Td (15,835) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.05 622.65 Td (125) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 607.65 Td (Current year loss ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.40 607.65 Td (79.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.95 607.65 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.40 607.65 Td (47.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.95 607.65 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 593.65 Td (\(Unfavourable\) prior year claims development) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.90 593.65 Td (\(661) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.95 593.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.90 593.65 Td (\(446) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.95 593.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.95 593.65 Td (\(215\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.05 593.65 Td (\(48) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.10 593.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 579.95 Td (Total net claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.45 579.65 Td (29,157) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.45 579.65 Td (13,107) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.45 579.65 Td (16,050) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.05 579.65 Td (122) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 565.45 Td (Claims ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.40 564.65 Td (80.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.95 564.65 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.40 564.65 Td (49.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.95 564.65 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 550.45 Td (Expense ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.40 549.65 Td (39.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.95 549.65 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.40 549.65 Td (44.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.95 549.65 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 535.45 Td (Combined ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.40 534.65 Td (120.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.95 534.65 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.40 534.65 Td (93.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.95 534.65 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 520.95 Td (Underwriting income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.45 520.65 Td (\(7,374\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.45 520.65 Td (1,825) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.45 520.65 Td (\(9,199\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.05 520.65 Td (\(504) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.10 520.65 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 495.23 58.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 487.95 Td (First ) Tj ET Q q 0 0 0 rg BT 87.45 487.95 Td (quarter) Tj ET Q BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 121.90 495.23 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 121.90 487.95 Td ( ) Tj ET Q BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 124.68 495.23 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 124.68 487.95 Td (2016) Tj ET Q BT /F5 10.00 Tf ET BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 475.43 352.56 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 468.15 Td (The ) Tj ET Q q 0 0 0 rg BT 82.88 468.15 Td (International ) Tj ET Q q 0 0 0 rg BT 140.58 468.15 Td (segment ) Tj ET Q q 0 0 0 rg BT 181.58 468.15 Td (recorded ) Tj ET Q q 0 0 0 rg BT 223.70 468.15 Td ($24.4 ) Tj ET Q q 0 0 0 rg BT 251.38 468.15 Td (million ) Tj ET Q q 0 0 0 rg BT 282.37 468.15 Td (of ) Tj ET Q q 0 0 0 rg BT 293.36 468.15 Td (net ) Tj ET Q q 0 0 0 rg BT 309.92 468.15 Td (written ) Tj ET Q q 0 0 0 rg BT 342.02 468.15 Td (premiums ) Tj ET Q q 0 0 0 rg BT 388.57 468.15 Td (in ) Tj ET Q q 0 0 0 rg BT 399.01 468.15 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 415.56 475.43 16.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 415.56 468.15 Td (first) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 431.67 475.43 47.98 -9.38 re f /GS0 gs q 0 0 0 rg BT 431.67 468.15 Td ( ) Tj ET Q q 0 0 0 rg BT 434.32 468.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 468.66 468.15 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 479.65 475.43 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 479.65 468.15 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 501.90 475.43 49.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 501.90 468.15 Td ( ) Tj ET Q q 0 0 0 rg BT 504.55 468.15 Td (compared ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 461.63 168.61 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 454.35 Td (to ) Tj ET Q q 0 0 0 rg BT 74.49 454.35 Td ($31.5 ) Tj ET Q q 0 0 0 rg BT 102.66 454.35 Td (million ) Tj ET Q q 0 0 0 rg BT 134.15 454.35 Td (in ) Tj ET Q q 0 0 0 rg BT 145.08 454.35 Td (the ) Tj ET Q q 0 0 0 rg BT 162.13 454.35 Td (same ) Tj ET Q q 0 0 0 rg BT 189.73 454.35 Td (period ) Tj ET Q q 0 0 0 rg BT 220.68 454.35 Td (in ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 231.61 461.63 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 231.61 454.35 Td (2015) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 253.86 461.63 11.49 -9.38 re f /GS0 gs q 0 0 0 rg BT 253.86 454.35 Td (, ) Tj ET Q q 0 0 0 rg BT 259.78 454.35 Td (a) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 265.34 454.35 Td ( ) Tj ET Q q 0 0 0 rg BT 268.49 454.35 Td (decrease ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 312.78 461.63 236.21 -9.38 re f /GS0 gs q 0 0 0 rg BT 312.78 454.35 Td (of ) Tj ET Q q 0 0 0 rg BT 324.27 454.35 Td (23%. ) Tj ET Q q 0 0 0 rg BT 350.21 454.35 Td ( ) Tj ET Q q 0 0 0 rg BT 353.15 454.35 Td (The ) Tj ET Q q 0 0 0 rg BT 373.53 454.35 Td (decrease ) Tj ET Q q 0 0 0 rg BT 417.82 454.35 Td (in ) Tj ET Q q 0 0 0 rg BT 428.75 454.35 Td (premiums ) Tj ET Q q 0 0 0 rg BT 475.80 454.35 Td (is ) Tj ET Q q 0 0 0 rg BT 486.17 454.35 Td (due ) Tj ET Q q 0 0 0 rg BT 506.00 454.35 Td (to ) Tj ET Q q 0 0 0 rg BT 517.49 454.35 Td (the ) Tj ET Q q 0 0 0 rg BT 534.54 454.35 Td (de-) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 447.83 407.76 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 440.55 Td (risking ) Tj ET Q q 0 0 0 rg BT 94.62 440.55 Td (ef) Tj ET Q q 0 0 0 rg BT 102.77 440.55 Td (forts ) Tj ET Q q 0 0 0 rg BT 124.94 440.55 Td (initiated ) Tj ET Q q 0 0 0 rg BT 162.13 440.55 Td (at ) Tj ET Q q 0 0 0 rg BT 173.19 440.55 Td (the ) Tj ET Q q 0 0 0 rg BT 189.81 440.55 Td (end ) Tj ET Q q 0 0 0 rg BT 209.21 440.55 Td (of ) Tj ET Q q 0 0 0 rg BT 220.27 440.55 Td (2015 ) Tj ET Q q 0 0 0 rg BT 245.23 440.55 Td (on ) Tj ET Q q 0 0 0 rg BT 259.08 440.55 Td (UK ) Tj ET Q q 0 0 0 rg BT 275.69 440.55 Td (and ) Tj ET Q q 0 0 0 rg BT 295.09 440.55 Td (Irish ) Tj ET Q q 0 0 0 rg BT 316.70 440.55 Td (motor ) Tj ET Q q 0 0 0 rg BT 344.98 440.55 Td (programs. ) Tj ET Q q 0 0 0 rg BT 392.71 440.55 Td ( ) Tj ET Q q 0 0 0 rg BT 394.89 440.55 Td (At ) Tj ET Q q 0 0 0 rg BT 407.06 440.55 Td (the ) Tj ET Q q 0 0 0 rg BT 423.68 440.55 Td (end ) Tj ET Q q 0 0 0 rg BT 443.08 440.55 Td (of ) Tj ET Q q 0 0 0 rg BT 454.14 440.55 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 470.76 447.83 16.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 470.76 440.55 Td (first) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 486.87 447.83 64.92 -9.38 re f /GS0 gs q 0 0 0 rg BT 486.87 440.55 Td ( ) Tj ET Q q 0 0 0 rg BT 489.59 440.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 523.99 440.55 Td (2016, ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 434.03 230.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 80.66 426.75 Td (International ) Tj ET Q q 0 0 0 rg BT 139.46 426.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 181.57 426.75 Td (wrote ) Tj ET Q q 0 0 0 rg BT 209.79 426.75 Td (programs ) Tj ET Q q 0 0 0 rg BT 255.78 426.75 Td (through ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 293.46 426.75 Td (24 ) Tj ET Q q 0 0 0 rg BT 308.34 426.75 Td (Managing ) Tj ET Q q 0 0 0 rg BT 356.02 426.75 Td (General ) Tj ET Q q 0 0 0 rg BT 394.61 426.75 Td (Agents ) Tj ET Q q 0 0 0 rg BT 429.50 426.75 Td (\(MGAs\), ) Tj ET Q q 0 0 0 rg BT 470.48 426.75 Td (mainly ) Tj ET Q q 0 0 0 rg BT 503.13 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 514.67 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 532.33 426.75 Td (UK, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 412.95 Td (Ireland ) Tj ET Q q 0 0 0 rg BT 96.35 412.95 Td (and ) Tj ET Q q 0 0 0 rg BT 115.82 412.95 Td (Scandinavia.) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 400.43 273.30 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 393.15 Td (The ) Tj ET Q q 0 0 0 rg BT 83.47 393.15 Td (International ) Tj ET Q q 0 0 0 rg BT 141.75 393.15 Td (segment ) Tj ET Q q 0 0 0 rg BT 183.35 393.15 Td (recorded ) Tj ET Q q 0 0 0 rg BT 226.06 393.15 Td (an ) Tj ET Q q 0 0 0 rg BT 240.42 393.15 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 298.13 393.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 319.16 393.15 Td (of ) Tj ET Q q 0 0 0 rg BT 330.74 393.15 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 336.30 400.43 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 336.30 393.15 Td (7.4) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 350.20 400.43 62.99 -9.38 re f /GS0 gs q 0 0 0 rg BT 350.20 393.15 Td ( ) Tj ET Q q 0 0 0 rg BT 353.44 393.15 Td (million ) Tj ET Q q 0 0 0 rg BT 385.02 393.15 Td (in ) Tj ET Q q 0 0 0 rg BT 396.05 393.15 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 413.19 400.43 16.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 413.19 393.15 Td (first) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 429.30 400.43 122.48 -9.38 re f /GS0 gs q 0 0 0 rg BT 429.30 393.15 Td ( ) Tj ET Q q 0 0 0 rg BT 432.54 393.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 467.46 393.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 492.95 393.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 540.66 393.15 Td (to ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 385.23 54.47 -10.00 re f /GS0 gs q 0 0 0 rg BT 63.00 377.95 Td (underwriting) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.47 377.95 Td ( ) Tj ET Q q 0 0 0 rg BT 120.25 377.95 Td (income) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 152.49 385.23 19.46 -10.00 re f /GS0 gs q 0 0 0 rg BT 152.49 377.95 Td ( ) Tj ET Q q 0 0 0 rg BT 155.27 377.95 Td (of ) Tj ET Q q 0 0 0 rg BT 166.38 377.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 171.95 385.23 13.90 -10.00 re f /GS0 gs q 0 0 0 rg BT 171.95 377.95 Td (1.8) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 185.85 385.23 157.30 -10.00 re f /GS0 gs q 0 0 0 rg BT 185.85 377.95 Td ( ) Tj ET Q q 0 0 0 rg BT 188.63 377.95 Td (million ) Tj ET Q q 0 0 0 rg BT 219.74 377.95 Td (in ) Tj ET Q q 0 0 0 rg BT 230.30 377.95 Td (the ) Tj ET Q q 0 0 0 rg BT 246.98 377.95 Td (comparable ) Tj ET Q q 0 0 0 rg BT 302.01 377.95 Td (period ) Tj ET Q q 0 0 0 rg BT 332.59 377.95 Td (in ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 343.15 385.23 22.25 -10.00 re f /GS0 gs q 0 0 0 rg BT 343.15 377.95 Td (2015) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 365.40 385.23 110.42 -10.00 re f /GS0 gs q 0 0 0 rg BT 365.40 377.95 Td (. ) Tj ET Q q 0 0 0 rg BT 370.95 377.95 Td ( ) Tj ET Q q 0 0 0 rg BT 373.55 377.95 Td (This ) Tj ET Q q 0 0 0 rg BT 395.22 377.95 Td (was ) Tj ET Q q 0 0 0 rg BT 415.78 377.95 Td (as ) Tj ET Q q 0 0 0 rg BT 429.12 377.95 Td (a ) Tj ET Q q 0 0 0 rg BT 437.46 377.95 Td (result ) Tj ET Q q 0 0 0 rg BT 464.69 377.95 Td (of:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 475.81 377.95 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 358.15 Td (1. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 358.15 Td (Poor ) Tj ET Q q 0 0 0 rg BT 103.89 358.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 161.79 358.15 Td (in ) Tj ET Q q 0 0 0 rg BT 171.34 358.15 Td (UK ) Tj ET Q q 0 0 0 rg BT 187.00 358.15 Td (and ) Tj ET Q q 0 0 0 rg BT 205.45 358.15 Td (Irish ) Tj ET Q q 0 0 0 rg BT 226.10 358.15 Td (motor ) Tj ET Q q 0 0 0 rg BT 253.43 358.15 Td (binders, ) Tj ET Q q 0 0 0 rg BT 290.77 358.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 330.31 358.15 Td (due ) Tj ET Q q 0 0 0 rg BT 348.76 358.15 Td (to ) Tj ET Q q 0 0 0 rg BT 358.87 358.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 403.99 358.15 Td (frequency ) Tj ET Q q 0 0 0 rg BT 449.67 358.15 Td (of ) Tj ET Q q 0 0 0 rg BT 459.78 358.15 Td (claims ) Tj ET Q q 0 0 0 rg BT 489.88 358.15 Td (in ) Tj ET Q q 0 0 0 rg BT 499.43 358.15 Td (the ) Tj ET Q q 0 0 0 rg BT 515.09 358.15 Td (quarter) Tj ET Q q 0 0 0 rg BT 546.23 358.15 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 338.35 Td (2. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 338.35 Td (The ) Tj ET Q q 0 0 0 rg BT 99.80 338.35 Td (UK ) Tj ET Q q 0 0 0 rg BT 115.25 338.35 Td (and ) Tj ET Q q 0 0 0 rg BT 133.50 338.35 Td (Irish ) Tj ET Q q 0 0 0 rg BT 153.96 338.35 Td (motor ) Tj ET Q q 0 0 0 rg BT 181.08 338.35 Td (claims ) Tj ET Q q 0 0 0 rg BT 210.98 338.35 Td (were ) Tj ET Q q 0 0 0 rg BT 234.22 338.35 Td (partially ) Tj ET Q q 0 0 0 rg BT 270.24 338.35 Td (of) Tj ET Q q 0 0 0 rg BT 278.40 338.35 Td (fset ) Tj ET Q q 0 0 0 rg BT 296.08 338.35 Td (by ) Tj ET Q q 0 0 0 rg BT 308.21 338.35 Td (continued ) Tj ET Q q 0 0 0 rg BT 353.14 338.35 Td (strong ) Tj ET Q q 0 0 0 rg BT 382.50 338.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 440.20 338.35 Td (in ) Tj ET Q q 0 0 0 rg BT 449.55 338.35 Td (W) Tj ET Q q 0 0 0 rg BT 458.61 338.35 Td (arranty ) Tj ET Q q 0 0 0 rg BT 491.30 338.35 Td (that ) Tj ET Q q 0 0 0 rg BT 509.54 338.35 Td (recorded ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 324.55 Td (a ) Tj ET Q q 0 0 0 rg BT 89.34 324.55 Td (93% ) Tj ET Q q 0 0 0 rg BT 112.13 324.55 Td (combined ) Tj ET Q q 0 0 0 rg BT 158.27 324.55 Td (ratio ) Tj ET Q q 0 0 0 rg BT 180.50 324.55 Td (for ) Tj ET Q q 0 0 0 rg BT 194.95 324.55 Td (the ) Tj ET Q q 0 0 0 rg BT 211.63 324.55 Td (quarter) Tj ET Q q 0 0 0 rg BT 242.76 324.55 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 304.75 Td (3. ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 81.00 312.03 306.83 -9.38 re f /GS0 gs q 0 0 0 rg BT 81.00 304.75 Td (Poor ) Tj ET Q q 0 0 0 rg BT 104.90 304.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 163.82 304.75 Td (in ) Tj ET Q q 0 0 0 rg BT 174.38 304.75 Td (personal ) Tj ET Q q 0 0 0 rg BT 215.52 304.75 Td (property ) Tj ET Q q 0 0 0 rg BT 254.98 304.75 Td (due ) Tj ET Q q 0 0 0 rg BT 274.44 304.75 Td (to ) Tj ET Q q 0 0 0 rg BT 285.56 304.75 Td (flood ) Tj ET Q q 0 0 0 rg BT 310.02 304.75 Td (claims ) Tj ET Q q 0 0 0 rg BT 341.14 304.75 Td (in ) Tj ET Q q 0 0 0 rg BT 351.70 304.75 Td (Ireland. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 284.95 Td (W) Tj ET Q q 0 0 0 rg BT 72.26 284.95 Td (e ) Tj ET Q q 0 0 0 rg BT 80.78 284.95 Td (continue ) Tj ET Q q 0 0 0 rg BT 121.55 284.95 Td (to ) Tj ET Q q 0 0 0 rg BT 132.86 284.95 Td (make ) Tj ET Q q 0 0 0 rg BT 160.27 284.95 Td (progress ) Tj ET Q q 0 0 0 rg BT 202.14 284.95 Td (on ) Tj ET Q q 0 0 0 rg BT 216.23 284.95 Td (the ) Tj ET Q q 0 0 0 rg BT 233.09 284.95 Td (previously ) Tj ET Q q 0 0 0 rg BT 281.07 284.95 Td (announced ) Tj ET Q q 0 0 0 rg BT 333.53 284.95 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 390.96 284.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 431.73 284.95 Td (to ) Tj ET Q q 0 0 0 rg BT 443.04 284.95 Td (improve ) Tj ET Q q 0 0 0 rg BT 481.57 284.95 Td (profitability ) Tj ET Q q 0 0 0 rg BT 532.33 284.95 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 271.15 Td (the ) Tj ET Q q 0 0 0 rg BT 79.85 271.15 Td (coinsurance ) Tj ET Q q 0 0 0 rg BT 136.73 271.15 Td (and ) Tj ET Q q 0 0 0 rg BT 156.37 271.15 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 211.57 271.15 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 255.65 271.15 Td (to ) Tj ET Q q 0 0 0 rg BT 266.94 271.15 Td (rebalance ) Tj ET Q q 0 0 0 rg BT 313.82 271.15 Td (the ) Tj ET Q q 0 0 0 rg BT 330.67 271.15 Td (risks ) Tj ET Q q 0 0 0 rg BT 354.18 271.15 Td (of ) Tj ET Q q 0 0 0 rg BT 365.47 271.15 Td (the ) Tj ET Q q 0 0 0 rg BT 382.33 271.15 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 423.63 271.15 Td ( ) Tj ET Q q 0 0 0 rg BT 426.59 271.15 Td (W) Tj ET Q q 0 0 0 rg BT 435.84 271.15 Td (e ) Tj ET Q q 0 0 0 rg BT 444.36 271.15 Td (have ) Tj ET Q q 0 0 0 rg BT 469.00 271.15 Td (also ) Tj ET Q q 0 0 0 rg BT 490.29 271.15 Td (initiated ) Tj ET Q q 0 0 0 rg BT 527.71 271.15 Td (a ) Tj ET Q q 0 0 0 rg BT 536.23 271.15 Td (full ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 257.35 Td (claims ) Tj ET Q q 0 0 0 rg BT 94.27 257.35 Td (review ) Tj ET Q q 0 0 0 rg BT 126.11 257.35 Td (on ) Tj ET Q q 0 0 0 rg BT 140.17 257.35 Td (the ) Tj ET Q q 0 0 0 rg BT 157.00 257.35 Td (UK ) Tj ET Q q 0 0 0 rg BT 173.83 257.35 Td (and ) Tj ET Q q 0 0 0 rg BT 193.45 257.35 Td (Irish ) Tj ET Q q 0 0 0 rg BT 215.28 257.35 Td (auto ) Tj ET Q q 0 0 0 rg BT 237.68 257.35 Td (programs. ) Tj ET Q q 0 0 0 rg BT 285.05 257.35 Td (A) Tj ET Q q 0 0 0 rg BT 291.17 257.35 Td ( ) Tj ET Q q 0 0 0 rg BT 294.11 257.35 Td (decision ) Tj ET Q q 0 0 0 rg BT 333.73 257.35 Td (on ) Tj ET Q q 0 0 0 rg BT 347.79 257.35 Td (the ) Tj ET Q q 0 0 0 rg BT 364.63 257.35 Td (continuity ) Tj ET Q q 0 0 0 rg BT 409.81 257.35 Td (of ) Tj ET Q q 0 0 0 rg BT 421.09 257.35 Td (these ) Tj ET Q q 0 0 0 rg BT 448.49 257.35 Td (programs ) Tj ET Q q 0 0 0 rg BT 493.66 257.35 Td (will ) Tj ET Q q 0 0 0 rg BT 510.49 257.35 Td (be ) Tj ET Q q 0 0 0 rg BT 524.55 257.35 Td (taken ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 243.55 Td (shortly) Tj ET Q q 0 0 0 rg BT 91.71 243.55 Td (.) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 34.70 Td ( ) Tj ET Q q 0 0 0 rg BT 479.00 34.70 Td (Page 9) Tj ET Q BT /F2 12.00 Tf ET 1 1 1 rg /GS0 gs 63.00 747.04 216.46 -11.26 re f /GS0 gs q 0 0 0 rg BT 63.00 738.30 Td (SUMMAR) Tj ET Q q 0 0 0 rg BT 116.55 738.30 Td (Y) Tj ET Q q 0 0 0 rg BT 124.34 738.30 Td ( ) Tj ET Q q 0 0 0 rg BT 127.67 738.30 Td (OF ) Tj ET Q q 0 0 0 rg BT 147.67 738.30 Td (QUARTERL) Tj ET Q q 0 0 0 rg BT 213.23 738.30 Td (Y) Tj ET Q q 0 0 0 rg BT 221.02 738.30 Td ( ) Tj ET Q q 0 0 0 rg BT 224.35 738.30 Td (RESUL) Tj ET Q q 0 0 0 rg BT 264.13 738.30 Td (TS) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 727.58 272.15 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 720.30 Td (A) Tj ET Q q 0 0 0 rg BT 69.12 720.30 Td ( ) Tj ET Q q 0 0 0 rg BT 71.90 720.30 Td (summary ) Tj ET Q q 0 0 0 rg BT 115.79 720.30 Td (of ) Tj ET Q q 0 0 0 rg BT 126.91 720.30 Td (the ) Tj ET Q q 0 0 0 rg BT 143.59 720.30 Td (Company) Tj ET Q q 0 0 0 rg BT 188.42 720.30 Td (s ) Tj ET Q q 0 0 0 rg BT 196.20 720.30 Td (last ) Tj ET Q q 0 0 0 rg BT 214.54 720.30 Td (eight ) Tj ET Q q 0 0 0 rg BT 239.01 720.30 Td (quarters ) Tj ET Q q 0 0 0 rg BT 278.47 720.30 Td (is ) Tj ET Q q 0 0 0 rg BT 288.47 720.30 Td (as ) Tj ET Q q 0 0 0 rg BT 301.81 720.30 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 709.8 m 217.5 709.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 695.8 m 217.5 695.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 709.8 m 258.5 709.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 695.8 m 258.5 695.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 709.8 m 300.5 709.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 695.8 m 300.5 695.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 709.8 m 341.5 709.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 695.8 m 341.5 695.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 709.8 m 383.5 709.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 695.8 m 383.5 695.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 709.8 m 424.5 709.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 695.8 m 424.5 695.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 709.8 m 466.5 709.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 695.8 m 466.5 695.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 709.8 m 507.5 709.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 695.8 m 507.5 695.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 709.8 m 549.5 709.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 695.8 m 549.5 695.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 674.8 m 217.5 674.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 695.8 m 258.5 695.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 674.8 m 258.5 674.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 695.8 m 300.5 695.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 674.8 m 300.5 674.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 695.8 m 341.5 695.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 674.8 m 341.5 674.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 695.8 m 383.5 695.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 674.8 m 383.5 674.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 674.8 m 424.5 674.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 674.8 m 466.5 674.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 674.8 m 507.5 674.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 674.8 m 549.5 674.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 674.8 m 258.5 674.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 674.8 m 300.5 674.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 674.8 m 341.5 674.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 674.8 m 383.5 674.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 674.8 m 424.5 674.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 419.8 m 217.5 419.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 419.8 m 258.5 419.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 419.8 m 300.5 419.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 419.8 m 341.5 419.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 419.8 m 383.5 419.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 419.8 m 424.5 419.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 419.8 m 466.5 419.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 419.8 m 507.5 419.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 419.8 m 549.5 419.8 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.45 700.20 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.95 700.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.45 700.20 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 687.03 Td (\($ THOUSANDS EXCEPT PER SHARE) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 679.03 Td (DATA\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 231.45 679.20 Td (Q1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.95 679.20 Td (Q4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.45 679.20 Td (Q3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.95 679.20 Td (Q2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.45 679.20 Td (Q1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.95 679.20 Td (Q4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.45 679.20 Td (Q3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.95 679.20 Td (Q2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 665.20 Td (Direct written and assumed) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 656.20 Td (premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.45 656.20 Td (94,400) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.45 656.20 Td (135,282) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.45 656.20 Td (131,164) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.45 656.20 Td (137,759) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.45 656.20 Td (90,886) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.45 656.20 Td (78,832) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.45 656.20 Td (104,876) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.45 656.20 Td (101,428) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 642.20 Td (Net earned premiums and other) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 633.20 Td (revenue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.45 633.20 Td (79,397) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.45 633.20 Td (81,503) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.45 633.20 Td (84,186) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.45 633.20 Td (76,025) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.45 633.20 Td (69,197) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.45 633.20 Td (77,491) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.45 633.20 Td (76,560) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.45 633.20 Td (61,885) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 619.20 Td (Underwriting income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.45 619.20 Td (\(9,430) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.00 619.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.45 619.20 Td (\(3,591) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 297.00 619.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.95 619.20 Td (\(678) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 619.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.45 619.20 Td (1,679) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.45 619.20 Td (\(3,509) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.00 619.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.45 619.20 Td (7,584) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.95 619.20 Td (122) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.45 619.20 Td (\(3,311) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.00 619.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 605.20 Td (Income \(loss\) before interest) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 596.20 Td (expense and income taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.45 596.20 Td (\(6,229) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.00 596.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.45 596.20 Td (5,207) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.45 596.20 Td (\(4,133) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 596.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.45 596.20 Td (5,146) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.45 596.20 Td (2,403) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.45 596.20 Td (10,804) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.45 596.20 Td (6,466) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.95 596.20 Td (\(154) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.00 596.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 582.20 Td (Net income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.45 582.20 Td (\(4,549) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.00 582.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.45 582.20 Td (3,682) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.45 582.20 Td (\(3,732) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 582.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.45 582.20 Td (5,111) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.45 582.20 Td (3,157) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.45 582.20 Td (8,403) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.45 582.20 Td (5,536) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.95 582.20 Td (\(603) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.00 582.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 568.20 Td (Net operating income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.45 568.20 Td (\(4,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.00 568.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.95 568.20 Td (151) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.45 568.20 Td (1,754) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.45 568.20 Td (5,081) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.45 568.20 Td (2,062) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.45 568.20 Td (9,005) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.45 568.20 Td (3,944) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.95 568.20 Td (263) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 554.20 Td (Earnings \(loss\) per adjusted share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.50 554.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.00 554.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 554.37 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 78.00 540.20 Td (\(a\) Basic) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 223.20 540.20 Td (\($0.38\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.70 540.20 Td ($0.30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.20 540.20 Td (\($0.31\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.70 540.20 Td ($0.41) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.20 540.20 Td ($0.30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.70 540.20 Td ($0.70) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.20 540.20 Td ($0.42) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.70 540.20 Td ($0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 78.00 526.20 Td (\(b\) Diluted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 223.20 526.20 Td (\($0.38\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.70 526.20 Td ($0.30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.20 526.20 Td (\($0.31\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.70 526.20 Td ($0.40) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.20 526.20 Td ($0.29) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.70 526.20 Td ($0.68) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.20 526.20 Td ($0.41) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.70 526.20 Td ($0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 512.20 Td (Net operating income \(loss\) per) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 503.20 Td (share - diluted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 223.20 503.20 Td (\($0.33\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.70 503.20 Td ($0.01) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.20 503.20 Td ($0.15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.70 503.20 Td ($0.42) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.20 503.20 Td ($0.17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.70 503.20 Td ($0.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.20 503.20 Td ($0.33) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.70 503.20 Td ($0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 480.20 Td (Selected financial ratios) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.50 480.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.00 480.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 480.37 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 78.00 466.20 Td (Loss ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.70 466.20 Td (72.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.20 466.20 Td (64.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.70 466.20 Td (61.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.20 466.20 Td (58.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.70 466.20 Td (64.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.20 466.20 Td (51.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.70 466.20 Td (60.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.20 466.20 Td (65.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 78.00 452.20 Td (Expense ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.70 452.20 Td (39.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.20 452.20 Td (40.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.70 452.20 Td (39.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.20 452.20 Td (39.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.70 452.20 Td (40.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.20 452.20 Td (39.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.70 452.20 Td (39.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.20 452.20 Td (39.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 78.00 438.20 Td (Combined ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 222.20 438.20 Td (111.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 263.70 438.20 Td (104.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.20 438.20 Td (100.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.20 438.20 Td (97.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.20 438.20 Td (105.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.20 438.20 Td (90.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.70 438.20 Td (99.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.70 438.20 Td (105.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 424.20 Td (Book value per share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 223.70 424.20 Td ($15.16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.20 424.20 Td ($15.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.70 424.20 Td ($15.55) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.20 424.20 Td ($16.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.70 424.20 Td ($16.11) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.20 424.20 Td ($15.82) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.70 424.20 Td ($15.19) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.20 424.20 Td ($14.99) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 407.78 488.77 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 400.50 Td (The ) Tj ET Q q 0 0 0 rg BT 81.93 400.50 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 122.54 400.50 Td (results ) Tj ET Q q 0 0 0 rg BT 153.69 400.50 Td (reflect ) Tj ET Q q 0 0 0 rg BT 182.62 400.50 Td (the ) Tj ET Q q 0 0 0 rg BT 198.22 400.50 Td (seasonality ) Tj ET Q q 0 0 0 rg BT 249.95 400.50 Td (of ) Tj ET Q q 0 0 0 rg BT 259.99 400.50 Td (the ) Tj ET Q q 0 0 0 rg BT 275.59 400.50 Td (Company's ) Tj ET Q q 0 0 0 rg BT 327.00 400.50 Td (business. ) Tj ET Q q 0 0 0 rg BT 370.94 400.50 Td ( ) Tj ET Q q 0 0 0 rg BT 372.64 400.50 Td (While ) Tj ET Q q 0 0 0 rg BT 399.35 400.50 Td (net ) Tj ET Q q 0 0 0 rg BT 414.95 400.50 Td (earned ) Tj ET Q q 0 0 0 rg BT 447.79 400.50 Td (premiums ) Tj ET Q q 0 0 0 rg BT 493.38 400.50 Td (are ) Tj ET Q q 0 0 0 rg BT 509.54 400.50 Td (relatively ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 393.98 488.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 386.70 Td (stable ) Tj ET Q q 0 0 0 rg BT 93.16 386.70 Td (from ) Tj ET Q q 0 0 0 rg BT 116.64 386.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 151.81 386.70 Td (to ) Tj ET Q q 0 0 0 rg BT 163.63 386.70 Td (quarter) Tj ET Q q 0 0 0 rg BT 194.76 386.70 Td (, ) Tj ET Q q 0 0 0 rg BT 201.02 386.70 Td (except ) Tj ET Q q 0 0 0 rg BT 233.96 386.70 Td (for ) Tj ET Q q 0 0 0 rg BT 249.11 386.70 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 333.75 386.70 Td (growth, ) Tj ET Q q 0 0 0 rg BT 370.02 386.70 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 427.97 386.70 Td (results ) Tj ET Q q 0 0 0 rg BT 460.90 386.70 Td (vary ) Tj ET Q q 0 0 0 rg BT 483.27 386.70 Td (significantly ) Tj ET Q q 0 0 0 rg BT 538.44 386.70 Td (by ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 380.18 275.54 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 372.90 Td (quarter ) Tj ET Q q 0 0 0 rg BT 97.46 372.90 Td (as ) Tj ET Q q 0 0 0 rg BT 110.80 372.90 Td (they ) Tj ET Q q 0 0 0 rg BT 132.48 372.90 Td (are ) Tj ET Q q 0 0 0 rg BT 149.71 372.90 Td (af) Tj ET Q q 0 0 0 rg BT 157.87 372.90 Td (fected ) Tj ET Q q 0 0 0 rg BT 187.89 372.90 Td (by ) Tj ET Q q 0 0 0 rg BT 201.23 372.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 241.82 372.90 Td (in ) Tj ET Q q 0 0 0 rg BT 252.38 372.90 Td (weather ) Tj ET Q q 0 0 0 rg BT 290.73 372.90 Td (conditions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 348.90 Td (Net Operating Income) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 335.4 m 386.5 335.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 311.4 m 386.5 311.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 335.4 m 466.5 335.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 311.4 m 466.5 311.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 335.4 m 546.5 335.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 311.4 m 546.5 311.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 311.4 m 386.5 311.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 296.4 m 386.5 296.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 311.4 m 466.5 311.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 296.4 m 466.5 296.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 311.4 m 546.5 311.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 296.4 m 546.5 296.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 266.4 m 386.5 266.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 266.4 m 466.5 266.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 266.4 m 546.5 266.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 236.39999999999998 m 386.5 236.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 236.39999999999998 m 466.5 236.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 236.39999999999998 m 546.5 236.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 206.39999999999998 m 386.5 206.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 206.39999999999998 m 466.5 206.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 206.39999999999998 m 546.5 206.39999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 176.39999999999998 m 386.5 176.39999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 176.39999999999998 m 466.5 176.39999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 176.39999999999998 m 546.5 176.39999999999998 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.95 324.80 Td (3 months ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.70 315.80 Td (March 31) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 67.00 303.08 Td (\($ THOUSANDS except per share amounts\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.95 301.35 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.95 301.35 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 287.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 83.51 287.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 129.53 287.35 Td (income ) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 161.04 291.64 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.45 285.80 Td (3,725) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.45 285.80 Td (3,932) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 272.35 Td (Underwriting ) Tj ET Q q 0 0 0 rg BT 120.02 272.35 Td (income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.45 271.35 Td (\(9,430) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.00 271.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.45 271.35 Td (\(3,509) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.00 271.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 257.35 Td (Pre-tax ) Tj ET Q q 0 0 0 rg BT 98.51 257.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 138.54 257.35 Td (income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.45 257.35 Td (\(5,705) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.00 257.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.95 257.35 Td (423) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 242.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 99.01 242.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 113.52 242.35 Td (\(recovery\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.45 242.35 Td (\(1,566) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.00 242.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.45 242.35 Td (\(1,289) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.00 242.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 227.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 83.51 227.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 123.54 227.35 Td (income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.45 227.35 Td (\(4,139) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.00 227.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.45 227.35 Td (1,712) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 212.35 Td (Minority ) Tj ET Q q 0 0 0 rg BT 101.00 212.35 Td (interest) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.95 211.35 Td (\(139) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.00 211.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 211.35 Td (\(350) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.00 211.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 197.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 83.51 197.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 123.54 197.35 Td (income ) Tj ET Q q 0 0 0 rg BT 155.05 197.35 Td (attributable ) Tj ET Q q 0 0 0 rg BT 202.08 197.35 Td (to ) Tj ET Q q 0 0 0 rg BT 212.09 197.35 Td (shareholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.45 197.35 Td (\(4,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.00 197.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.45 197.35 Td (2,062) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 182.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 83.51 182.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 123.54 182.35 Td (income ) Tj ET Q q 0 0 0 rg BT 155.05 182.35 Td (per ) Tj ET Q q 0 0 0 rg BT 170.56 182.35 Td (share ) Tj ET Q q 0 0 0 rg BT 195.57 182.35 Td (- ) Tj ET Q q 0 0 0 rg BT 201.07 182.35 Td (diluted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.45 182.35 Td ($\(0.33\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.45 182.35 Td ($0.17) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 65.00 166.67 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.75 161.90 Td (Net investment income consists of interest income, dividend income and premium financing charges, less interest ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.00 151.10 Td (expense, as per Note 6.) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 25.70 Td ( ) Tj ET Q q 0 0 0 rg BT 479.00 25.70 Td (Page 10) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 63.00 729.30 Td (BALANCE SHEET ) Tj ET Q q 0 0 0 rg BT 167.89 729.30 Td (ANAL) Tj ET Q q 0 0 0 rg BT 200.12 729.30 Td (YSIS) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 710.78 488.78 -9.36 re f /GS0 gs q 0 0 0 rg BT 63.00 703.50 Td (The ) Tj ET Q q 0 0 0 rg BT 81.79 703.50 Td (Balance ) Tj ET Q q 0 0 0 rg BT 119.50 703.50 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 147.19 703.50 Td (analysis ) Tj ET Q q 0 0 0 rg BT 184.88 703.50 Td (that ) Tj ET Q q 0 0 0 rg BT 203.12 703.50 Td (follows ) Tj ET Q q 0 0 0 rg BT 235.25 703.50 Td (should ) Tj ET Q q 0 0 0 rg BT 266.28 703.50 Td (be ) Tj ET Q q 0 0 0 rg BT 278.97 703.50 Td (read ) Tj ET Q q 0 0 0 rg BT 300.55 703.50 Td (in ) Tj ET Q q 0 0 0 rg BT 309.89 703.50 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 362.05 703.50 Td (with ) Tj ET Q q 0 0 0 rg BT 381.39 703.50 Td (the ) Tj ET Q q 0 0 0 rg BT 396.86 703.50 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 442.35 703.50 Td (condensed ) Tj ET Q q 0 0 0 rg BT 492.85 703.50 Td (consolidated ) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 696.98 122.29 -9.36 re f /GS0 gs q 0 0 0 rg BT 63.00 689.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 102.47 689.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 154.16 689.70 Td (for ) Tj ET Q q 0 0 0 rg BT 168.61 689.70 Td (the ) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 185.29 696.98 16.11 -9.36 re f /GS0 gs q 0 0 0 rg BT 185.29 689.70 Td (first) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 201.39 696.98 48.36 -9.36 re f /GS0 gs q 0 0 0 rg BT 201.39 689.70 Td ( ) Tj ET Q q 0 0 0 rg BT 204.17 689.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 238.63 689.70 Td (of ) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 249.75 696.98 22.25 -9.36 re f /GS0 gs q 0 0 0 rg BT 249.75 689.70 Td (2016) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 272.00 696.98 85.62 -9.36 re f /GS0 gs q 0 0 0 rg BT 272.00 689.70 Td (, ) Tj ET Q q 0 0 0 rg BT 277.56 689.70 Td (and ) Tj ET Q q 0 0 0 rg BT 297.02 689.70 Td (notes ) Tj ET Q q 0 0 0 rg BT 324.26 689.70 Td (therein.) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 665.18 120.02 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 657.90 Td (Balance ) Tj ET Q q 0 0 0 rg BT 106.13 657.90 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 136.14 657.90 Td (Highlights) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 643.38 363.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 636.10 Td (Selected ) Tj ET Q q 0 0 0 rg BT 106.69 636.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 144.50 636.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 171.74 636.10 Td (highlights ) Tj ET Q q 0 0 0 rg BT 216.77 636.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.24 636.10 Td (book ) Tj ET Q q 0 0 0 rg BT 260.70 636.10 Td (value ) Tj ET Q q 0 0 0 rg BT 287.38 636.10 Td (per ) Tj ET Q q 0 0 0 rg BT 304.61 636.10 Td (share ) Tj ET Q q 0 0 0 rg BT 332.41 636.10 Td (details ) Tj ET Q q 0 0 0 rg BT 364.09 636.10 Td (are ) Tj ET Q q 0 0 0 rg BT 381.32 636.10 Td (as ) Tj ET Q q 0 0 0 rg BT 394.66 636.10 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 620.6 m 351.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 597.6 m 351.5 597.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 620.6 m 436.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 597.6 m 436.5 597.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 620.6 m 461.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 597.6 m 461.5 597.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 620.6 m 540.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 597.6 m 540.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 597.6 m 461.5 597.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 457.6 m 351.5 457.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 457.6 m 436.5 457.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 457.6 m 461.5 457.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 457.6 m 540.5 457.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 68.00 601.83 Td (\($ THOUSANDS except per share amounts\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 360.45 611.00 Td (As at March 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.45 602.00 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.45 611.00 Td (As at December) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.95 602.00 Td (31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 588.00 Td (Cash and short-term deposits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.45 588.00 Td (30,733) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.00 588.00 Td (23,373) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 574.00 Td (Investments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.45 574.00 Td (497,027) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 574.00 Td (513,099) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 560.00 Td (Total assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.45 560.00 Td (902,335) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 560.00 Td (923,049) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 546.00 Td (Provision for unpaid claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.45 546.00 Td (421,768) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 546.00 Td (397,214) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 532.00 Td (Unearned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.45 532.00 Td (231,275) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 532.00 Td (260,073) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 518.00 Td (Total equity attributable to shareholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.45 518.00 Td (177,531) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 518.00 Td (184,700) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 504.00 Td (Book value per share) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 153.05 508.29 Td ( \(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.00 504.00 Td ($15.16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.00 504.00 Td ($15.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 490.00 Td (MCT Ratio - Echelon Insurance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.00 490.00 Td (225%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.00 490.00 Td (241%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 476.00 Td ( - ICPEI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.00 476.00 Td (291%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.00 476.00 Td (289%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 462.00 Td (Solvency II - Qudos) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.00 462.00 Td (118%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.00 462.00 Td (122%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.50 Tf ET 1 1 1 rg /GS0 gs 65.00 450.29 8.29 -7.98 re f /GS0 gs BT /F3 5.52 Tf ET q 0 0 0 rg BT 65.00 444.10 Td (\(1\) ) Tj ET Q BT /F3 8.50 Tf ET 1 1 1 rg /GS0 gs 73.29 446.24 292.66 -7.98 re f /GS0 gs q 0 0 0 rg BT 73.29 440.05 Td (Shareholders) Tj ET Q q 0 0 0 rg BT 125.42 440.05 Td ( ) Tj ET Q q 0 0 0 rg BT 127.78 440.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 152.83 440.05 Td (divided ) Tj ET Q q 0 0 0 rg BT 182.13 440.05 Td (by ) Tj ET Q q 0 0 0 rg BT 193.47 440.05 Td (the ) Tj ET Q q 0 0 0 rg BT 207.65 440.05 Td (number ) Tj ET Q q 0 0 0 rg BT 238.83 440.05 Td (of ) Tj ET Q q 0 0 0 rg BT 248.28 440.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 276.16 440.05 Td (issued ) Tj ET Q q 0 0 0 rg BT 303.09 440.05 Td (and ) Tj ET Q q 0 0 0 rg BT 319.63 440.05 Td (outstanding.) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 430.33 58.35 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 423.05 Td (Investments) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 410.53 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 403.25 Td (EFH ) Tj ET Q q 0 0 0 rg BT 88.09 403.25 Td (has ) Tj ET Q q 0 0 0 rg BT 107.30 403.25 Td (an ) Tj ET Q q 0 0 0 rg BT 121.51 403.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 172.96 403.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 201.61 403.25 Td (that ) Tj ET Q q 0 0 0 rg BT 221.38 403.25 Td (seeks ) Tj ET Q q 0 0 0 rg BT 250.59 403.25 Td (to ) Tj ET Q q 0 0 0 rg BT 262.02 403.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 297.91 403.25 Td (a ) Tj ET Q q 0 0 0 rg BT 306.56 403.25 Td (stable ) Tj ET Q q 0 0 0 rg BT 336.33 403.25 Td (income ) Tj ET Q q 0 0 0 rg BT 371.66 403.25 Td (base ) Tj ET Q q 0 0 0 rg BT 396.43 403.25 Td (to ) Tj ET Q q 0 0 0 rg BT 407.86 403.25 Td (support ) Tj ET Q q 0 0 0 rg BT 444.30 403.25 Td (EFH) Tj ET Q q 0 0 0 rg BT 466.34 403.25 Td (s ) Tj ET Q q 0 0 0 rg BT 474.43 403.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 515.31 403.25 Td (without ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 396.73 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 389.45 Td (incurring ) Tj ET Q q 0 0 0 rg BT 106.35 389.45 Td (an ) Tj ET Q q 0 0 0 rg BT 120.47 389.45 Td (undue ) Tj ET Q q 0 0 0 rg BT 151.28 389.45 Td (level ) Tj ET Q q 0 0 0 rg BT 174.85 389.45 Td (of ) Tj ET Q q 0 0 0 rg BT 186.19 389.45 Td (investment ) Tj ET Q q 0 0 0 rg BT 237.55 389.45 Td (risk. ) Tj ET Q q 0 0 0 rg BT 258.88 389.45 Td ( ) Tj ET Q q 0 0 0 rg BT 261.88 389.45 Td (In ) Tj ET Q q 0 0 0 rg BT 273.22 389.45 Td (addition ) Tj ET Q q 0 0 0 rg BT 311.25 389.45 Td (to ) Tj ET Q q 0 0 0 rg BT 322.59 389.45 Td (this ) Tj ET Q q 0 0 0 rg BT 341.15 389.45 Td (risk-return ) Tj ET Q q 0 0 0 rg BT 389.16 389.45 Td (analysis, ) Tj ET Q q 0 0 0 rg BT 431.07 389.45 Td (the ) Tj ET Q q 0 0 0 rg BT 447.97 389.45 Td (chosen ) Tj ET Q q 0 0 0 rg BT 483.22 389.45 Td (asset ) Tj ET Q q 0 0 0 rg BT 510.12 389.45 Td (mix ) Tj ET Q q 0 0 0 rg BT 528.67 389.45 Td (also ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 382.93 262.92 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 375.65 Td (considers ) Tj ET Q q 0 0 0 rg BT 110.58 375.65 Td (the ) Tj ET Q q 0 0 0 rg BT 127.26 375.65 Td (amount ) Tj ET Q q 0 0 0 rg BT 163.39 375.65 Td (of ) Tj ET Q q 0 0 0 rg BT 174.51 375.65 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 221.75 375.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 253.44 375.65 Td (that ) Tj ET Q q 0 0 0 rg BT 272.90 375.65 Td (is ) Tj ET Q q 0 0 0 rg BT 282.90 375.65 Td (required. ) Tj ET Q q 0 0 0 rg BT 325.14 375.65 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 363.13 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 355.85 Td (EFH) Tj ET Q q 0 0 0 rg BT 87.04 355.85 Td (s ) Tj ET Q q 0 0 0 rg BT 93.80 355.85 Td (investment ) Tj ET Q q 0 0 0 rg BT 143.91 355.85 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 181.25 355.85 Td (is ) Tj ET Q q 0 0 0 rg BT 190.23 355.85 Td (invested ) Tj ET Q q 0 0 0 rg BT 229.24 355.85 Td (in ) Tj ET Q q 0 0 0 rg BT 238.78 355.85 Td (well-established, ) Tj ET Q q 0 0 0 rg BT 314.46 355.85 Td (active ) Tj ET Q q 0 0 0 rg BT 342.35 355.85 Td (and ) Tj ET Q q 0 0 0 rg BT 360.79 355.85 Td (liquid ) Tj ET Q q 0 0 0 rg BT 385.90 355.85 Td (markets ) Tj ET Q q 0 0 0 rg BT 423.22 355.85 Td (in ) Tj ET Q q 0 0 0 rg BT 432.76 355.85 Td (Canada, ) Tj ET Q q 0 0 0 rg BT 472.33 355.85 Td (the ) Tj ET Q q 0 0 0 rg BT 487.99 355.85 Td (United ) Tj ET Q q 0 0 0 rg BT 518.65 355.85 Td (States ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 349.33 441.33 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 342.05 Td (and ) Tj ET Q q 0 0 0 rg BT 84.46 342.05 Td (Europe. ) Tj ET Q q 0 0 0 rg BT 122.27 342.05 Td ( ) Tj ET Q q 0 0 0 rg BT 125.04 342.05 Td (Fair ) Tj ET Q q 0 0 0 rg BT 145.04 342.05 Td (value ) Tj ET Q q 0 0 0 rg BT 171.73 342.05 Td (for ) Tj ET Q q 0 0 0 rg BT 186.18 342.05 Td (most ) Tj ET Q q 0 0 0 rg BT 210.63 342.05 Td (investments ) Tj ET Q q 0 0 0 rg BT 266.76 342.05 Td (is ) Tj ET Q q 0 0 0 rg BT 276.76 342.05 Td (determined ) Tj ET Q q 0 0 0 rg BT 329.57 342.05 Td (by ) Tj ET Q q 0 0 0 rg BT 342.91 342.05 Td (reference ) Tj ET Q q 0 0 0 rg BT 387.93 342.05 Td (to ) Tj ET Q q 0 0 0 rg BT 399.05 342.05 Td (observable ) Tj ET Q q 0 0 0 rg BT 450.75 342.05 Td (market ) Tj ET Q q 0 0 0 rg BT 484.09 342.05 Td (data.) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 43.70 Td ( ) Tj ET Q q 0 0 0 rg BT 479.00 43.70 Td (Page 1) Tj ET Q q 0 0 0 rg BT 503.76 43.70 Td (1) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 738.03 120.60 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 730.75 Td (Fair V) Tj ET Q q 0 0 0 rg BT 92.24 730.75 Td (alue of Investments) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 710.95 Td (The ) Tj ET Q q 0 0 0 rg BT 87.93 710.95 Td (following ) Tj ET Q q 0 0 0 rg BT 132.53 710.95 Td (table ) Tj ET Q q 0 0 0 rg BT 159.91 710.95 Td (sets ) Tj ET Q q 0 0 0 rg BT 183.95 710.95 Td (forth ) Tj ET Q q 0 0 0 rg BT 209.65 710.95 Td (EFH) Tj ET Q q 0 0 0 rg BT 231.69 710.95 Td (s ) Tj ET Q q 0 0 0 rg BT 242.39 710.95 Td (invested ) Tj ET Q q 0 0 0 rg BT 285.33 710.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 319.92 710.95 Td (as ) Tj ET Q q 0 0 0 rg BT 336.18 710.95 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 350.21 710.95 Td (March31, ) Tj ET Q q 0 0 0 rg BT 400.37 710.95 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 422.62 710.95 Td (, ) Tj ET Q q 0 0 0 rg BT 431.09 710.95 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.47 710.95 Td (December31, ) Tj ET Q q 0 0 0 rg BT 521.97 710.95 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.22 710.95 Td (. ) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 700.45 m 283.5 700.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 686.45 m 283.5 686.45 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 700.45 m 373.5 700.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 686.45 m 373.5 686.45 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 700.45 m 415.5 700.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 686.45 m 415.5 686.45 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 700.45 m 502.5 700.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 686.45 m 502.5 686.45 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 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rg BT 347.45 234.85 Td (4,114) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.90 234.85 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.95 234.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.45 234.85 Td (10,668) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.90 234.85 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 234.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 220.85 Td (Total available-for-sale) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.45 220.85 Td (460,152) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.45 220.85 Td (474,355) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 206.85 Td (Fair value through profit or loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 192.85 Td (Preferred shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.45 192.85 Td (36,553) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.45 192.85 Td (38,400) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 177.85 Td (Preferred shares lent through securities lending) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 168.85 Td (program) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.95 168.85 Td (322) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.95 168.85 Td (344) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 154.85 Td (Total Preferred shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.45 154.85 Td (36,875) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.90 154.85 Td (7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.95 154.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.45 154.85 Td (38,744) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.90 154.85 Td (8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 154.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 140.85 Td (T) Tj ET Q q 0 0 0 rg BT 72.50 140.85 Td (otal ) Tj ET Q q 0 0 0 rg BT 89.51 140.85 Td (investments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.45 140.85 Td (497,027) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.90 140.85 Td (100) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.95 140.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.45 140.85 Td (513,099) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.90 140.85 Td (100) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 140.85 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 118.43 216.92 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 111.15 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 121.31 111.15 Td (Assets and Provisions for Losses) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 98.63 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 91.35 Td (EFH ) Tj ET Q q 0 0 0 rg BT 88.11 91.35 Td (has ) Tj ET Q q 0 0 0 rg BT 107.34 91.35 Td (an ) Tj ET Q q 0 0 0 rg BT 121.58 91.35 Td (established ) Tj ET Q q 0 0 0 rg BT 175.28 91.35 Td (policy ) Tj ET Q q 0 0 0 rg BT 203.96 91.35 Td (to ) Tj ET Q q 0 0 0 rg BT 215.41 91.35 Td (write ) Tj ET Q q 0 0 0 rg BT 239.63 91.35 Td (down ) Tj ET Q q 0 0 0 rg BT 266.65 91.35 Td (or ) Tj ET Q q 0 0 0 rg BT 278.65 91.35 Td (make ) Tj ET Q q 0 0 0 rg BT 306.22 91.35 Td (a ) Tj ET Q q 0 0 0 rg BT 314.89 91.35 Td (provision ) Tj ET Q q 0 0 0 rg BT 358.02 91.35 Td (for ) Tj ET Q q 0 0 0 rg BT 372.80 91.35 Td (any ) Tj ET Q q 0 0 0 rg BT 392.03 91.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 443.50 91.35 Td (with ) Tj ET Q q 0 0 0 rg BT 464.39 91.35 Td (objective ) Tj ET Q q 0 0 0 rg BT 506.97 91.35 Td (evidence ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 84.83 192.88 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 77.55 Td (that ) Tj ET Q q 0 0 0 rg BT 84.46 77.55 Td (the ) Tj ET Q q 0 0 0 rg BT 101.14 77.55 Td (value ) Tj ET Q q 0 0 0 rg BT 127.82 77.55 Td (of ) Tj ET Q q 0 0 0 rg BT 138.94 77.55 Td (the ) Tj ET Q q 0 0 0 rg BT 155.62 77.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 206.75 77.55 Td (is ) Tj ET Q q 0 0 0 rg BT 216.75 77.55 Td (impaired.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 57.75 Td (There ) Tj ET Q q 0 0 0 rg BT 93.90 57.75 Td (was ) Tj ET Q q 0 0 0 rg BT 114.46 57.75 Td (no ) Tj ET Q q 0 0 0 rg BT 128.36 57.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 180.60 57.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 201.16 57.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 252.86 57.75 Td (during ) Tj ET Q q 0 0 0 rg BT 283.44 57.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.12 57.75 Td (three ) Tj ET Q q 0 0 0 rg BT 325.69 57.75 Td (months ) Tj ET Q q 0 0 0 rg BT 361.26 57.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 391.85 57.75 Td (March ) Tj ET Q q 0 0 0 rg BT 422.41 57.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 439.09 57.75 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 461.33 57.75 Td ( ) Tj ET Q q 0 0 0 rg BT 464.11 57.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 483.57 57.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 505.82 57.75 Td (.) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 43.70 Td ( ) Tj ET Q q 0 0 0 rg BT 479.00 43.70 Td (Page 12) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 738.03 83.52 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 730.75 Td (A) Tj ET Q q 0 0 0 rg BT 71.12 730.75 Td ( ) Tj ET Q q 0 0 0 rg BT 74.52 730.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 102.38 730.75 Td (unrealized) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 148.52 730.75 Td ( ) Tj ET Q q 0 0 0 rg BT 151.93 730.75 Td (loss) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 169.71 738.03 20.71 -9.38 re f /GS0 gs q 0 0 0 rg BT 169.71 730.75 Td ( ) Tj ET Q q 0 0 0 rg BT 173.12 730.75 Td (of ) Tj ET Q q 0 0 0 rg BT 184.86 730.75 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 190.42 738.03 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 190.42 730.75 Td (4.3) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 204.33 738.03 38.48 -9.38 re f /GS0 gs q 0 0 0 rg BT 204.33 730.75 Td ( ) Tj ET Q q 0 0 0 rg BT 207.73 730.75 Td (million ) Tj ET Q q 0 0 0 rg BT 239.48 730.75 Td (\() Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 242.81 738.03 70.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 242.81 730.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 290.67 730.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 312.92 738.03 12.37 -9.38 re f /GS0 gs q 0 0 0 rg BT 312.92 730.75 Td ( ) Tj ET Q q 0 0 0 rg BT 316.33 730.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 325.29 730.75 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.85 730.75 Td (3.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 344.76 730.75 Td ( ) Tj ET Q q 0 0 0 rg BT 348.16 730.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 376.50 738.03 126.05 -9.38 re f /GS0 gs q 0 0 0 rg BT 376.50 730.75 Td (\) ) Tj ET Q q 0 0 0 rg BT 383.24 730.75 Td (on ) Tj ET Q q 0 0 0 rg BT 397.76 730.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 454.52 730.75 Td (held ) Tj ET Q q 0 0 0 rg BT 476.84 730.75 Td (as ) Tj ET Q q 0 0 0 rg BT 490.80 730.75 Td (at ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 502.55 738.03 47.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 502.55 730.75 Td (March31, ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 724.23 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 716.95 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 87.25 724.23 181.16 -9.38 re f /GS0 gs q 0 0 0 rg BT 87.25 716.95 Td (, ) Tj ET Q q 0 0 0 rg BT 92.19 716.95 Td (is ) Tj ET Q q 0 0 0 rg BT 101.57 716.95 Td (recorded, ) Tj ET Q q 0 0 0 rg BT 145.98 716.95 Td (net ) Tj ET Q q 0 0 0 rg BT 162.04 716.95 Td (of ) Tj ET Q q 0 0 0 rg BT 172.54 716.95 Td (tax, ) Tj ET Q q 0 0 0 rg BT 190.82 716.95 Td (in ) Tj ET Q q 0 0 0 rg BT 200.76 716.95 Td (the ) Tj ET Q q 0 0 0 rg BT 216.83 716.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 252.34 716.95 Td (of ) Tj ET Q q 0 0 0 rg BT 262.84 716.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 268.40 724.23 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 268.40 716.95 Td (3.2) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 282.30 724.23 35.99 -9.38 re f /GS0 gs q 0 0 0 rg BT 282.30 716.95 Td ( ) Tj ET Q q 0 0 0 rg BT 284.47 716.95 Td (million ) Tj ET Q q 0 0 0 rg BT 314.97 716.95 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 318.30 716.95 Td (March31, ) Tj ET Q q 0 0 0 rg BT 364.92 716.95 Td (2015) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 387.17 724.23 15.45 -9.38 re f /GS0 gs q 0 0 0 rg BT 387.17 716.95 Td ( ) Tj ET Q q 0 0 0 rg BT 389.33 716.95 Td ( ) Tj ET Q q 0 0 0 rg BT 397.05 716.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 402.61 724.23 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 402.61 716.95 Td (2.4) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 416.51 724.23 133.26 -9.38 re f /GS0 gs q 0 0 0 rg BT 416.51 716.95 Td ( ) Tj ET Q q 0 0 0 rg BT 418.67 716.95 Td (million\) ) Tj ET Q q 0 0 0 rg BT 452.51 716.95 Td (in ) Tj ET Q q 0 0 0 rg BT 462.02 716.95 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 521.99 716.95 Td (Other ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 710.43 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 703.15 Td (Comprehensive ) Tj ET Q q 0 0 0 rg BT 137.79 703.15 Td (Income. ) Tj ET Q q 0 0 0 rg BT 176.12 703.15 Td ( ) Tj ET Q q 0 0 0 rg BT 178.70 703.15 Td (The ) Tj ET Q q 0 0 0 rg BT 198.69 703.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 244.24 703.15 Td (has ) Tj ET Q q 0 0 0 rg BT 263.13 703.15 Td (concluded, ) Tj ET Q q 0 0 0 rg BT 314.25 703.15 Td (based ) Tj ET Q q 0 0 0 rg BT 344.26 703.15 Td (on ) Tj ET Q q 0 0 0 rg BT 358.14 703.15 Td (its ) Tj ET Q q 0 0 0 rg BT 370.90 703.15 Td (review) Tj ET Q q 0 0 0 rg BT 399.24 703.15 Td (, ) Tj ET Q q 0 0 0 rg BT 404.78 703.15 Td (that ) Tj ET Q q 0 0 0 rg BT 424.21 703.15 Td (these ) Tj ET Q q 0 0 0 rg BT 451.43 703.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 468.08 703.15 Td (value ) Tj ET Q q 0 0 0 rg BT 494.75 703.15 Td (deficiencies ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 696.63 382.99 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 689.35 Td (do ) Tj ET Q q 0 0 0 rg BT 78.90 689.35 Td (not ) Tj ET Q q 0 0 0 rg BT 95.58 689.35 Td (meet ) Tj ET Q q 0 0 0 rg BT 120.59 689.35 Td (the ) Tj ET Q q 0 0 0 rg BT 137.27 689.35 Td (criteria ) Tj ET Q q 0 0 0 rg BT 170.05 689.35 Td (for ) Tj ET Q q 0 0 0 rg BT 184.50 689.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 236.74 689.35 Td (and ) Tj ET Q q 0 0 0 rg BT 256.20 689.35 Td (they ) Tj ET Q q 0 0 0 rg BT 277.88 689.35 Td (will ) Tj ET Q q 0 0 0 rg BT 294.55 689.35 Td (be ) Tj ET Q q 0 0 0 rg BT 308.45 689.35 Td (monitored ) Tj ET Q q 0 0 0 rg BT 355.69 689.35 Td (on ) Tj ET Q q 0 0 0 rg BT 369.59 689.35 Td (an ) Tj ET Q q 0 0 0 rg BT 383.50 689.35 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 421.87 689.35 Td (basis.) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 670.83 114.49 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 663.55 Td (Fixed Income Securities) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 651.03 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 643.75 Td (EFH ) Tj ET Q q 0 0 0 rg BT 87.31 643.75 Td (holds ) Tj ET Q q 0 0 0 rg BT 113.52 643.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 136.96 643.75 Td (income ) Tj ET Q q 0 0 0 rg BT 171.50 643.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 216.05 643.75 Td (to ) Tj ET Q q 0 0 0 rg BT 226.70 643.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 261.80 643.75 Td (a ) Tj ET Q q 0 0 0 rg BT 269.67 643.75 Td (steady) Tj ET Q q 0 0 0 rg BT 298.39 643.75 Td (, ) Tj ET Q q 0 0 0 rg BT 303.48 643.75 Td (predictable ) Tj ET Q q 0 0 0 rg BT 354.71 643.75 Td (level ) Tj ET Q q 0 0 0 rg BT 377.59 643.75 Td (of ) Tj ET Q q 0 0 0 rg BT 388.24 643.75 Td (income ) Tj ET Q q 0 0 0 rg BT 422.78 643.75 Td (with ) Tj ET Q q 0 0 0 rg BT 442.87 643.75 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 494.67 643.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 530.32 643.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 637.23 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 629.95 Td (minimal ) Tj ET Q q 0 0 0 rg BT 103.04 629.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 122.19 629.95 Td (of ) Tj ET Q q 0 0 0 rg BT 134.13 629.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 155.51 629.95 Td (and ) Tj ET Q q 0 0 0 rg BT 175.79 629.95 Td (a ) Tj ET Q q 0 0 0 rg BT 184.95 629.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 209.67 629.95 Td (sum ) Tj ET Q q 0 0 0 rg BT 232.15 629.95 Td (at ) Tj ET Q q 0 0 0 rg BT 244.09 629.95 Td (maturity) Tj ET Q q 0 0 0 rg BT 278.91 629.95 Td (. ) Tj ET Q q 0 0 0 rg BT 285.28 629.95 Td ( ) Tj ET Q q 0 0 0 rg BT 288.88 629.95 Td (EFH) Tj ET Q q 0 0 0 rg BT 310.92 629.95 Td (s ) Tj ET Q q 0 0 0 rg BT 319.52 629.95 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 358.69 629.95 Td (is ) Tj ET Q q 0 0 0 rg BT 369.51 629.95 Td (diversified ) Tj ET Q q 0 0 0 rg BT 418.12 629.95 Td (by ) Tj ET Q q 0 0 0 rg BT 432.28 629.95 Td (selecting ) Tj ET Q q 0 0 0 rg BT 475.34 629.95 Td (various ) Tj ET Q q 0 0 0 rg BT 511.18 629.95 Td (types ) Tj ET Q q 0 0 0 rg BT 538.67 629.95 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 623.43 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 616.15 Td (government ) Tj ET Q q 0 0 0 rg BT 121.23 616.15 Td (and ) Tj ET Q q 0 0 0 rg BT 141.35 616.15 Td (corporate ) Tj ET Q q 0 0 0 rg BT 187.02 616.15 Td (bonds. ) Tj ET Q q 0 0 0 rg BT 220.47 616.15 Td ( ) Tj ET Q q 0 0 0 rg BT 223.90 616.15 Td (Constraints ) Tj ET Q q 0 0 0 rg BT 277.90 616.15 Td (on ) Tj ET Q q 0 0 0 rg BT 292.45 616.15 Td (types ) Tj ET Q q 0 0 0 rg BT 319.78 616.15 Td (of ) Tj ET Q q 0 0 0 rg BT 331.54 616.15 Td (issuers ) Tj ET Q q 0 0 0 rg BT 366.65 616.15 Td (take ) Tj ET Q q 0 0 0 rg BT 388.97 616.15 Td (liquidity) Tj ET Q q 0 0 0 rg BT 421.58 616.15 Td (, ) Tj ET Q q 0 0 0 rg BT 427.79 616.15 Td (diversification ) Tj ET Q q 0 0 0 rg BT 491.79 616.15 Td (and ) Tj ET Q q 0 0 0 rg BT 511.91 616.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 530.88 616.15 Td (into ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 609.63 203.42 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 602.35 Td (account ) Tj ET Q q 0 0 0 rg BT 102.80 602.35 Td (by ) Tj ET Q q 0 0 0 rg BT 116.14 602.35 Td (limiting ) Tj ET Q q 0 0 0 rg BT 150.04 602.35 Td (the ) Tj ET Q q 0 0 0 rg BT 166.72 602.35 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 205.07 602.35 Td (mix ) Tj ET Q q 0 0 0 rg BT 223.40 602.35 Td (by ) Tj ET Q q 0 0 0 rg BT 236.74 602.35 Td (issuer) Tj ET Q q 0 0 0 rg BT 262.87 602.35 Td (. ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 589.83 89.70 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 582.55 Td (EFH) Tj ET Q q 0 0 0 rg BT 87.04 582.55 Td (s ) Tj ET Q q 0 0 0 rg BT 94.46 582.55 Td (bond ) Tj ET Q q 0 0 0 rg BT 119.12 582.55 Td (portfolio) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 154.70 582.55 Td ( ) Tj ET Q q 0 0 0 rg BT 157.11 582.55 Td (has ) Tj ET Q q 0 0 0 rg BT 175.65 582.55 Td (a ) Tj ET Q q 0 0 0 rg BT 183.63 582.55 Td (high ) Tj ET Q q 0 0 0 rg BT 204.95 582.55 Td (overall ) Tj ET Q q 0 0 0 rg BT 236.82 582.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 263.69 582.55 Td (quality ) Tj ET Q q 0 0 0 rg BT 295.02 582.55 Td (with ) Tj ET Q q 0 0 0 rg BT 315.21 582.55 Td (an ) Tj ET Q q 0 0 0 rg BT 328.75 582.55 Td (average ) Tj ET Q q 0 0 0 rg BT 367.31 582.55 Td (rating ) Tj ET Q q 0 0 0 rg BT 394.74 582.55 Td (of ) Tj ET Q q 0 0 0 rg BT 405.01 582.55 Td (A. ) Tj ET Q q 0 0 0 rg BT 416.72 582.55 Td (The ) Tj ET Q q 0 0 0 rg BT 436.37 582.55 Td (preferred ) Tj ET Q q 0 0 0 rg BT 479.36 582.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 511.79 582.55 Td (have ) Tj ET Q q 0 0 0 rg BT 535.89 582.55 Td (an ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 568.75 Td (average ) Tj ET Q q 0 0 0 rg BT 103.92 568.75 Td (rating ) Tj ET Q q 0 0 0 rg BT 131.71 568.75 Td (of ) Tj ET Q q 0 0 0 rg BT 142.83 568.75 Td (P2. ) Tj ET Q q 0 0 0 rg BT 160.43 568.75 Td (The ) Tj ET Q q 0 0 0 rg BT 180.44 568.75 Td (duration ) Tj ET Q q 0 0 0 rg BT 219.36 568.75 Td (of ) Tj ET Q q 0 0 0 rg BT 230.48 568.75 Td (the ) Tj ET Q q 0 0 0 rg BT 247.16 568.75 Td (bond ) Tj ET Q q 0 0 0 rg BT 272.18 568.75 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 310.54 568.75 Td (is ) Tj ET Q q 0 0 0 rg BT 320.54 568.75 Td (3.1 ) Tj ET Q q 0 0 0 rg BT 337.22 568.75 Td (years.) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 556.23 339.41 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 548.95 Td (The ) Tj ET Q q 0 0 0 rg BT 85.01 548.95 Td (chart ) Tj ET Q q 0 0 0 rg BT 110.02 548.95 Td (below ) Tj ET Q q 0 0 0 rg BT 138.93 548.95 Td (set ) Tj ET Q q 0 0 0 rg BT 155.04 548.95 Td (forth ) Tj ET Q q 0 0 0 rg BT 177.83 548.95 Td (EFH) Tj ET Q q 0 0 0 rg BT 199.87 548.95 Td (s ) Tj ET Q q 0 0 0 rg BT 207.65 548.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 231.55 548.95 Td (income ) Tj ET Q q 0 0 0 rg BT 266.57 548.95 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 304.92 548.95 Td (by ) Tj ET Q q 0 0 0 rg BT 318.26 548.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 345.49 548.95 Td (quality ) Tj ET Q q 0 0 0 rg BT 377.18 548.95 Td (as ) Tj ET Q q 0 0 0 rg BT 390.52 548.95 Td (at ) Tj ET Q q 0 0 0 rg BT 401.64 548.95 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 404.41 556.23 69.49 -9.38 re f /GS0 gs q 0 0 0 rg BT 404.41 548.95 Td (March31, ) Tj ET Q q 0 0 0 rg BT 451.66 548.95 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 473.90 556.23 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 473.90 548.95 Td (.) Tj ET Q /GS0 gs q 412.00 0 0 292.00 100.00 226.15 cm /I2 Do Q BT /F1 10.00 Tf ET endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 43.70 Td ( ) Tj ET Q q 0 0 0 rg BT 479.00 43.70 Td (Page 13) Tj ET Q /GS0 gs q 408.00 0 0 287.00 102.00 446.00 cm /I3 Do Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 440.28 124.13 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 433.00 Td (Sector Mix by ) Tj ET Q q 0 0 0 rg BT 132.43 433.00 Td (Asset Class) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 422.28 281.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 415.00 Td (The following table shows sector exposure by asset class as at ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 346.25 422.28 69.49 -9.38 re f /GS0 gs q 0 0 0 rg BT 346.25 415.00 Td (March31, 2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 415.74 422.28 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 415.74 415.00 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 404.5 m 223.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 370.5 m 223.5 370.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 404.5 m 305.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 370.5 m 305.5 370.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 404.5 m 387.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 370.5 m 387.5 370.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 404.5 m 469.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 370.5 m 469.5 370.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 404.5 m 551.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 370.5 m 551.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 203.5 m 223.5 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 203.5 m 305.5 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 203.5 m 387.5 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 203.5 m 469.5 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 203.5 m 551.5 203.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 188.5 m 223.5 188.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 173.5 m 223.5 173.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 188.5 m 305.5 188.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 173.5 m 305.5 173.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 188.5 m 387.5 188.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 173.5 m 387.5 173.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 188.5 m 469.5 188.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 173.5 m 469.5 173.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 188.5 m 551.5 188.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 173.5 m 551.5 173.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 68.00 374.90 Td (Sector) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 235.20 392.90 Td (Fixed Income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 237.95 383.90 Td (Securities &) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 234.25 374.90 Td (Pooled Funds) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 309.70 374.90 Td (Preferred Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.20 374.90 Td (Common Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.55 374.90 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 359.90 Td (Financial Services) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.95 359.90 Td (38%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.95 359.90 Td (62%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.95 359.90 Td (26%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.95 359.90 Td (40%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 344.90 Td (Government) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.95 344.90 Td (30%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.45 344.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.45 344.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.95 344.90 Td (28%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 327.90 Td (Infrastructure) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.45 327.90 Td (9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.45 327.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.45 327.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 327.90 Td (8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 312.90 Td (Telecomunication) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.45 312.90 Td (7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.45 312.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.95 312.90 Td (15%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 312.90 Td (6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 297.90 Td (Consumer Discretionary) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.45 297.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.45 297.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.95 297.90 Td (15%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 297.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 282.90 Td (Energy) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.45 282.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.45 282.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.95 282.90 Td (13%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 282.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 267.90 Td (Industrial Products) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.45 267.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.45 267.90 Td (6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.45 267.90 Td (7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 267.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 252.90 Td (Pipelines) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.45 252.90 Td (2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.95 252.90 Td (15%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.45 252.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 252.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 237.90 Td (Utilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.45 237.90 Td (1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.95 237.90 Td (17%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.95 237.90 Td (12%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 237.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 222.90 Td (Technology) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.45 222.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.45 222.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.45 222.90 Td (7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.45 222.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 207.90 Td (Other) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.45 207.90 Td (4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.45 207.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.45 207.90 Td (5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 207.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 192.90 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.45 192.90 Td (100%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.45 192.90 Td (100%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.45 192.90 Td (100%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.45 192.90 Td (100%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 177.90 Td (T) Tj ET Q q 0 0 0 rg BT 72.50 177.90 Td (otal ) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 89.51 182.19 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 96.66 177.90 Td ( \($ ) Tj ET Q q 0 0 0 rg BT 109.50 177.90 Td (Thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 244.00 177.90 Td ($455,054) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 177.90 Td ($36,875) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.00 177.90 Td ($4,114) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 177.90 Td ($496,043) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 65.00 153.89 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.40 149.60 Td (Fixed income securities & pooled funds do not include any cash being carried by the pooled funds, $1.0 million as at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.00 137.20 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.54 137.20 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 118.68 117.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 111.40 Td (Common ) Tj ET Q q 0 0 0 rg BT 111.11 111.40 Td (Share ) Tj ET Q q 0 0 0 rg BT 141.68 111.40 Td (Portfolio) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 85.60 Td (As ) Tj ET Q q 0 0 0 rg BT 79.24 85.60 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.14 85.60 Td (March31, ) Tj ET Q q 0 0 0 rg BT 137.17 85.60 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 159.42 85.60 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 164.76 85.60 Td (62%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 184.78 85.60 Td ( ) Tj ET Q q 0 0 0 rg BT 187.35 85.60 Td (of ) Tj ET Q q 0 0 0 rg BT 198.25 85.60 Td (the ) Tj ET Q q 0 0 0 rg BT 214.72 85.60 Td (common ) Tj ET Q q 0 0 0 rg BT 255.63 85.60 Td (share ) Tj ET Q q 0 0 0 rg BT 283.21 85.60 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 321.36 85.60 Td (was ) Tj ET Q q 0 0 0 rg BT 341.71 85.60 Td (invested ) Tj ET Q q 0 0 0 rg BT 381.52 85.60 Td (in ) Tj ET Q q 0 0 0 rg BT 391.87 85.60 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 437.25 85.60 Td (equities ) Tj ET Q q 0 0 0 rg BT 474.28 85.60 Td (with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 494.63 85.60 Td (38%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 514.65 85.60 Td ( ) Tj ET Q q 0 0 0 rg BT 517.22 85.60 Td (in ) Tj ET Q q 0 0 0 rg BT 527.57 85.60 Td (U.S. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 71.80 Td (equities. ) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 43.70 Td ( ) Tj ET Q q 0 0 0 rg BT 479.00 43.70 Td (Page 14) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 738.03 139.50 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 730.75 Td (Recoverable ) Tj ET Q q 0 0 0 rg BT 127.26 730.75 Td (from ) Tj ET Q q 0 0 0 rg BT 152.26 730.75 Td (Reinsurers) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 715.25 m 288.5 715.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 693.25 m 288.5 693.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 715.25 m 418.5 715.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 715.25 m 548.5 715.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 693.25 m 288.5 693.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 693.25 m 418.5 693.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 693.25 m 548.5 693.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 667.25 m 288.5 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 667.25 m 418.5 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 667.25 m 548.5 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 667.25 m 288.5 667.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 654.25 m 288.5 654.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 667.25 m 418.5 667.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 654.25 m 418.5 654.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 667.25 m 548.5 667.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 654.25 m 548.5 654.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 68.00 697.48 Td (\($ THOUSANDS\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.70 697.65 Td (As at March 31, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.20 697.65 Td (As at December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 684.20 Td (Reinsurers share of unpaid claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.70 684.20 Td (107,248) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.20 684.20 Td (90,158) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 671.20 Td (Reinsurers share of unearned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.20 671.20 Td (78,274) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.20 671.20 Td (89,953) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 658.20 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.70 658.20 Td (185,522) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.70 658.20 Td (180,111) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 628.95 Td (As ) Tj ET Q q 0 0 0 rg BT 79.26 628.95 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.19 628.95 Td (March31, ) Tj ET Q q 0 0 0 rg BT 137.24 628.95 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 159.48 628.95 Td (, ) Tj ET Q q 0 0 0 rg BT 164.85 628.95 Td (the ) Tj ET Q q 0 0 0 rg BT 181.34 628.95 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 236.18 628.95 Td (from ) Tj ET Q q 0 0 0 rg BT 258.77 628.95 Td (reinsurers ) Tj ET Q q 0 0 0 rg BT 305.81 628.95 Td (increased ) Tj ET Q q 0 0 0 rg BT 351.76 628.95 Td (by ) Tj ET Q q 0 0 0 rg BT 364.91 628.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 370.47 628.95 Td (5.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 384.38 628.95 Td ( ) Tj ET Q q 0 0 0 rg BT 386.96 628.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 420.67 628.95 Td (or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 432.15 628.95 Td (3%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.60 628.95 Td (, ) Tj ET Q q 0 0 0 rg BT 451.97 628.95 Td (to ) Tj ET Q q 0 0 0 rg BT 462.90 628.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.46 628.95 Td (185.5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.48 628.95 Td ( ) Tj ET Q q 0 0 0 rg BT 496.07 628.95 Td (million ) Tj ET Q q 0 0 0 rg BT 527.00 628.95 Td (from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 615.15 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.56 615.15 Td (180.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.59 615.15 Td ( ) Tj ET Q q 0 0 0 rg BT 100.78 615.15 Td (million ) Tj ET Q q 0 0 0 rg BT 133.32 615.15 Td (as ) Tj ET Q q 0 0 0 rg BT 148.08 615.15 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 160.61 615.15 Td (December31, ) Tj ET Q q 0 0 0 rg BT 227.62 615.15 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 249.86 615.15 Td (. ) Tj ET Q q 0 0 0 rg BT 256.84 615.15 Td ( ) Tj ET Q q 0 0 0 rg BT 260.76 615.15 Td (The ) Tj ET Q q 0 0 0 rg BT 282.19 615.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 324.19 615.15 Td (was ) Tj ET Q q 0 0 0 rg BT 346.17 615.15 Td (due ) Tj ET Q q 0 0 0 rg BT 367.05 615.15 Td (to ) Tj ET Q q 0 0 0 rg BT 379.58 615.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 427.14 615.15 Td (reinsured ) Tj ET Q q 0 0 0 rg BT 473.03 615.15 Td (premiums ) Tj ET Q q 0 0 0 rg BT 521.12 615.15 Td (in ) Tj ET Q q 0 0 0 rg BT 533.10 615.15 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 601.35 Td (International ) Tj ET Q q 0 0 0 rg BT 124.82 601.35 Td (segment. ) Tj ET Q q 0 0 0 rg BT 169.74 601.35 Td ( ) Tj ET Q q 0 0 0 rg BT 172.78 601.35 Td (All ) Tj ET Q q 0 0 0 rg BT 187.67 601.35 Td (reinsurers, ) Tj ET Q q 0 0 0 rg BT 238.70 601.35 Td (with ) Tj ET Q q 0 0 0 rg BT 260.26 601.35 Td (balances ) Tj ET Q q 0 0 0 rg BT 304.08 601.35 Td (due, ) Tj ET Q q 0 0 0 rg BT 327.33 601.35 Td (have ) Tj ET Q q 0 0 0 rg BT 352.80 601.35 Td (a ) Tj ET Q q 0 0 0 rg BT 362.14 601.35 Td (rating ) Tj ET Q q 0 0 0 rg BT 390.94 601.35 Td (of ) Tj ET Q q 0 0 0 rg BT 403.07 601.35 Td ( ) Tj ET Q q 0 0 0 rg BT 406.10 601.35 Td (A ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 422.12 606.12 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 424.58 601.35 Td (or ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 437.25 608.63 112.53 -9.38 re f /GS0 gs q 0 0 0 rg BT 437.25 601.35 Td (above ) Tj ET Q q 0 0 0 rg BT 468.29 601.35 Td (as ) Tj ET Q q 0 0 0 rg BT 482.63 601.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 536.45 601.35 Td (by ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 594.83 483.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 587.55 Td (Standard ) Tj ET Q q 0 0 0 rg BT 109.82 587.55 Td (& ) Tj ET Q q 0 0 0 rg BT 119.73 587.55 Td (Poor) Tj ET Q q 0 0 0 rg BT 141.22 587.55 Td () Tj ET Q q 0 0 0 rg BT 143.26 587.55 Td (s ) Tj ET Q q 0 0 0 rg BT 151.50 587.55 Td (and ) Tj ET Q q 0 0 0 rg BT 170.78 587.55 Td (A.M. ) Tj ET Q q 0 0 0 rg BT 194.57 587.55 Td (Best, ) Tj ET Q q 0 0 0 rg BT 220.60 587.55 Td (except ) Tj ET Q q 0 0 0 rg BT 253.30 587.55 Td (for ) Tj ET Q q 0 0 0 rg BT 268.21 587.55 Td (several ) Tj ET Q q 0 0 0 rg BT 303.68 587.55 Td (Specialty ) Tj ET Q q 0 0 0 rg BT 347.49 587.55 Td (Programs ) Tj ET Q q 0 0 0 rg BT 394.07 587.55 Td (distributors ) Tj ET Q q 0 0 0 rg BT 446.22 587.55 Td (who ) Tj ET Q q 0 0 0 rg BT 467.80 587.55 Td (share ) Tj ET Q q 0 0 0 rg BT 496.05 587.55 Td (a ) Tj ET Q q 0 0 0 rg BT 504.85 587.55 Td (portion ) Tj ET Q q 0 0 0 rg BT 538.66 587.55 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 581.03 310.13 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 573.75 Td (the ) Tj ET Q q 0 0 0 rg BT 82.68 573.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 101.01 573.75 Td (with ) Tj ET Q q 0 0 0 rg BT 121.57 573.75 Td (EFH, ) Tj ET Q q 0 0 0 rg BT 147.13 573.75 Td (for ) Tj ET Q q 0 0 0 rg BT 161.58 573.75 Td (whom ) Tj ET Q q 0 0 0 rg BT 191.03 573.75 Td (the ) Tj ET Q q 0 0 0 rg BT 207.71 573.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 253.29 573.75 Td (holds ) Tj ET Q q 0 0 0 rg BT 279.97 573.75 Td (deposits ) Tj ET Q q 0 0 0 rg BT 319.99 573.75 Td (as ) Tj ET Q q 0 0 0 rg BT 333.33 573.75 Td (collateral.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 549.75 Td (Accounts Receivable) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 534.25 m 292.5 534.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 512.25 m 292.5 512.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 534.25 m 417.5 534.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 534.25 m 536.5 534.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 512.25 m 292.5 512.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 512.25 m 417.5 512.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 512.25 m 536.5 512.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 473.25 m 292.5 473.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 473.25 m 417.5 473.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 473.25 m 536.5 473.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 473.25 m 292.5 473.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 460.25 m 292.5 460.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 473.25 m 417.5 473.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 460.25 m 417.5 460.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 473.25 m 536.5 473.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 460.25 m 536.5 460.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 68.00 516.48 Td (\($ THOUSANDS\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 310.20 516.65 Td (As at March 31, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.70 516.65 Td (As at December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 503.20 Td (Agents and brokers) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.70 503.20 Td (58,722) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.70 503.20 Td (78,849) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 490.20 Td (Premium financing receivables) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.70 490.20 Td (17,980) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.70 490.20 Td (18,355) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 477.20 Td (Other) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.70 477.20 Td (10,089) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.20 477.20 Td (8,096) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 464.20 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.70 464.20 Td (86,791) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.20 464.20 Td (105,300) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 442.23 186.30 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 434.95 Td (Premium ) Tj ET Q q 0 0 0 rg BT 107.12 434.95 Td (financing ) Tj ET Q q 0 0 0 rg BT 149.26 434.95 Td (receivables ) Tj ET Q q 0 0 0 rg BT 201.95 434.95 Td (represents ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 251.30 442.23 28.35 -9.38 re f /GS0 gs q 0 0 0 rg BT 251.30 434.95 Td (20.7%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 279.66 442.23 109.39 -9.38 re f /GS0 gs q 0 0 0 rg BT 279.66 434.95 Td ( ) Tj ET Q q 0 0 0 rg BT 281.77 434.95 Td (of ) Tj ET Q q 0 0 0 rg BT 292.22 434.95 Td (total ) Tj ET Q q 0 0 0 rg BT 313.23 434.95 Td (receivables ) Tj ET Q q 0 0 0 rg BT 365.92 434.95 Td (as ) Tj ET Q q 0 0 0 rg BT 378.60 434.95 Td (at ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 389.05 442.23 68.82 -9.38 re f /GS0 gs q 0 0 0 rg BT 389.05 434.95 Td (March31, ) Tj ET Q q 0 0 0 rg BT 435.62 434.95 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 457.87 442.23 91.92 -9.38 re f /GS0 gs q 0 0 0 rg BT 457.87 434.95 Td (. ) Tj ET Q q 0 0 0 rg BT 462.76 434.95 Td ( ) Tj ET Q q 0 0 0 rg BT 464.87 434.95 Td (Premium ) Tj ET Q q 0 0 0 rg BT 506.98 434.95 Td (financing ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 428.43 50.58 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 421.15 Td (receivables) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 116.58 421.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.43 421.15 Td (decreased) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 167.13 428.43 21.59 -9.38 re f /GS0 gs q 0 0 0 rg BT 167.13 421.15 Td ( ) Tj ET Q q 0 0 0 rg BT 170.97 421.15 Td (to ) Tj ET Q q 0 0 0 rg BT 183.15 421.15 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 188.72 428.43 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 188.72 421.15 Td (18.0) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 208.18 428.43 48.21 -9.38 re f /GS0 gs q 0 0 0 rg BT 208.18 421.15 Td ( ) Tj ET Q q 0 0 0 rg BT 212.02 421.15 Td (million ) Tj ET Q q 0 0 0 rg BT 244.21 421.15 Td (at ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 256.39 428.43 70.55 -9.38 re f /GS0 gs q 0 0 0 rg BT 256.39 421.15 Td (March31, ) Tj ET Q q 0 0 0 rg BT 304.70 421.15 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 326.95 428.43 36.03 -9.38 re f /GS0 gs q 0 0 0 rg BT 326.95 421.15 Td (, ) Tj ET Q q 0 0 0 rg BT 333.57 421.15 Td (from ) Tj ET Q q 0 0 0 rg BT 357.41 421.15 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 362.98 428.43 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 362.98 421.15 Td (18.4) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 382.44 428.43 48.21 -9.38 re f /GS0 gs q 0 0 0 rg BT 382.44 421.15 Td ( ) Tj ET Q q 0 0 0 rg BT 386.28 421.15 Td (million ) Tj ET Q q 0 0 0 rg BT 418.47 421.15 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 430.65 421.15 Td (December31, ) Tj ET Q q 0 0 0 rg BT 497.30 421.15 Td (2015) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 519.55 428.43 10.31 -9.38 re f /GS0 gs q 0 0 0 rg BT 519.55 421.15 Td (. ) Tj ET Q q 0 0 0 rg BT 526.17 421.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.77 421.15 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 407.35 Td (decrease ) Tj ET Q q 0 0 0 rg BT 110.31 407.35 Td (in ) Tj ET Q q 0 0 0 rg BT 121.26 407.35 Td (agent ) Tj ET Q q 0 0 0 rg BT 149.45 407.35 Td (a) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 155.01 414.63 128.28 -9.38 re f /GS0 gs q 0 0 0 rg BT 155.01 407.35 Td (nd ) Tj ET Q q 0 0 0 rg BT 169.30 407.35 Td (broker ) Tj ET Q q 0 0 0 rg BT 200.81 407.35 Td (receivables ) Tj ET Q q 0 0 0 rg BT 254.56 407.35 Td (from ) Tj ET Q q 0 0 0 rg BT 277.73 407.35 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 283.29 414.63 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 283.29 407.35 Td (78.8) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 302.75 414.63 45.63 -9.38 re f /GS0 gs q 0 0 0 rg BT 302.75 407.35 Td ( ) Tj ET Q q 0 0 0 rg BT 305.92 407.35 Td (million ) Tj ET Q q 0 0 0 rg BT 337.43 407.35 Td (in ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 348.38 414.63 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 348.38 407.35 Td (2015) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 370.62 414.63 20.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 370.62 407.35 Td ( ) Tj ET Q q 0 0 0 rg BT 373.79 407.35 Td (to ) Tj ET Q q 0 0 0 rg BT 385.30 407.35 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 390.86 414.63 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 390.86 407.35 Td (58.7) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 410.32 414.63 45.63 -9.38 re f /GS0 gs q 0 0 0 rg BT 410.32 407.35 Td ( ) Tj ET Q q 0 0 0 rg BT 413.49 407.35 Td (million ) Tj ET Q q 0 0 0 rg BT 445.00 407.35 Td (in ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 455.95 414.63 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 455.95 407.35 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 478.19 414.63 71.59 -9.38 re f /GS0 gs q 0 0 0 rg BT 478.19 407.35 Td ( ) Tj ET Q q 0 0 0 rg BT 481.36 407.35 Td (was ) Tj ET Q q 0 0 0 rg BT 502.31 407.35 Td (a ) Tj ET Q q 0 0 0 rg BT 511.04 407.35 Td (result ) Tj ET Q q 0 0 0 rg BT 538.66 407.35 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 400.83 11.12 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 393.55 Td (de) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.12 393.55 Td (creased ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 115.48 400.83 186.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 115.48 393.55 Td (balances ) Tj ET Q q 0 0 0 rg BT 158.29 393.55 Td (due ) Tj ET Q q 0 0 0 rg BT 177.75 393.55 Td (to ) Tj ET Q q 0 0 0 rg BT 188.87 393.55 Td (Qudos ) Tj ET Q q 0 0 0 rg BT 221.11 393.55 Td (agents ) Tj ET Q q 0 0 0 rg BT 253.91 393.55 Td (& ) Tj ET Q q 0 0 0 rg BT 263.36 393.55 Td (brokers. ) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 375.03 133.91 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 367.75 Td (Provision ) Tj ET Q q 0 0 0 rg BT 113.34 367.75 Td (for ) Tj ET Q q 0 0 0 rg BT 129.45 367.75 Td (Unpaid ) Tj ET Q q 0 0 0 rg BT 166.12 367.75 Td (Claims) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 355.23 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 347.95 Td (EFH ) Tj ET Q q 0 0 0 rg BT 88.03 347.95 Td (establishes ) Tj ET Q q 0 0 0 rg BT 141.08 347.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 161.90 347.95 Td (reserves ) Tj ET Q q 0 0 0 rg BT 203.27 347.95 Td (to ) Tj ET Q q 0 0 0 rg BT 214.64 347.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 250.46 347.95 Td (for ) Tj ET Q q 0 0 0 rg BT 265.16 347.95 Td (future ) Tj ET Q q 0 0 0 rg BT 293.76 347.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 335.14 347.95 Td (required ) Tj ET Q q 0 0 0 rg BT 374.86 347.95 Td (to ) Tj ET Q q 0 0 0 rg BT 386.23 347.95 Td (pay ) Tj ET Q q 0 0 0 rg BT 405.38 347.95 Td (claims ) Tj ET Q q 0 0 0 rg BT 436.74 347.95 Td (related ) Tj ET Q q 0 0 0 rg BT 470.34 347.95 Td (to ) Tj ET Q q 0 0 0 rg BT 481.71 347.95 Td (insured ) Tj ET Q q 0 0 0 rg BT 517.54 347.95 Td (events ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 341.43 483.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 334.15 Td (that ) Tj ET Q q 0 0 0 rg BT 85.34 334.15 Td (have ) Tj ET Q q 0 0 0 rg BT 109.69 334.15 Td (occurred ) Tj ET Q q 0 0 0 rg BT 151.26 334.15 Td (and ) Tj ET Q q 0 0 0 rg BT 170.60 334.15 Td (been ) Tj ET Q q 0 0 0 rg BT 195.51 334.15 Td (reported ) Tj ET Q q 0 0 0 rg BT 235.42 334.15 Td (but ) Tj ET Q q 0 0 0 rg BT 251.98 334.15 Td (have ) Tj ET Q q 0 0 0 rg BT 276.33 334.15 Td (not ) Tj ET Q q 0 0 0 rg BT 292.89 334.15 Td (yet ) Tj ET Q q 0 0 0 rg BT 308.89 334.15 Td (been ) Tj ET Q q 0 0 0 rg BT 333.80 334.15 Td (settled, ) Tj ET Q q 0 0 0 rg BT 368.70 334.15 Td (and ) Tj ET Q q 0 0 0 rg BT 388.05 334.15 Td (related ) Tj ET Q q 0 0 0 rg BT 421.29 334.15 Td (to ) Tj ET Q q 0 0 0 rg BT 432.29 334.15 Td (events ) Tj ET Q q 0 0 0 rg BT 464.41 334.15 Td (that ) Tj ET Q q 0 0 0 rg BT 483.75 334.15 Td (have ) Tj ET Q q 0 0 0 rg BT 508.10 334.15 Td (occurred ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 327.63 483.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 320.35 Td (but ) Tj ET Q q 0 0 0 rg BT 83.86 320.35 Td (have ) Tj ET Q q 0 0 0 rg BT 109.51 320.35 Td (not ) Tj ET Q q 0 0 0 rg BT 127.37 320.35 Td (yet ) Tj ET Q q 0 0 0 rg BT 144.67 320.35 Td (been ) Tj ET Q q 0 0 0 rg BT 170.88 320.35 Td (reported ) Tj ET Q q 0 0 0 rg BT 212.09 320.35 Td (to ) Tj ET Q q 0 0 0 rg BT 224.39 320.35 Td (EFH. ) Tj ET Q q 0 0 0 rg BT 251.13 320.35 Td ( ) Tj ET Q q 0 0 0 rg BT 255.09 320.35 Td (Provision ) Tj ET Q q 0 0 0 rg BT 300.18 320.35 Td (for ) Tj ET Q q 0 0 0 rg BT 315.81 320.35 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 349.80 320.35 Td (claims ) Tj ET Q q 0 0 0 rg BT 382.10 320.35 Td (consists ) Tj ET Q q 0 0 0 rg BT 422.18 320.35 Td (of ) Tj ET Q q 0 0 0 rg BT 434.48 320.35 Td (the ) Tj ET Q q 0 0 0 rg BT 452.35 320.35 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 501.35 320.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 538.66 320.35 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 313.83 483.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 306.55 Td (individual ) Tj ET Q q 0 0 0 rg BT 110.89 306.55 Td (case ) Tj ET Q q 0 0 0 rg BT 135.20 306.55 Td (reserves ) Tj ET Q q 0 0 0 rg BT 176.73 306.55 Td (established ) Tj ET Q q 0 0 0 rg BT 230.52 306.55 Td (and ) Tj ET Q q 0 0 0 rg BT 250.39 306.55 Td (management) Tj ET Q q 0 0 0 rg BT 310.80 306.55 Td (s ) Tj ET Q q 0 0 0 rg BT 318.99 306.55 Td (estimate ) Tj ET Q q 0 0 0 rg BT 359.98 306.55 Td (of ) Tj ET Q q 0 0 0 rg BT 371.51 306.55 Td (claims ) Tj ET Q q 0 0 0 rg BT 403.03 306.55 Td (incurred ) Tj ET Q q 0 0 0 rg BT 442.35 306.55 Td (but ) Tj ET Q q 0 0 0 rg BT 459.44 306.55 Td (not ) Tj ET Q q 0 0 0 rg BT 476.54 306.55 Td (reported, ) Tj ET Q q 0 0 0 rg BT 519.75 306.55 Td (based ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 300.03 483.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 292.75 Td (on ) Tj ET Q q 0 0 0 rg BT 80.59 292.75 Td (the ) Tj ET Q q 0 0 0 rg BT 97.97 292.75 Td (volume ) Tj ET Q q 0 0 0 rg BT 133.68 292.75 Td (of ) Tj ET Q q 0 0 0 rg BT 145.49 292.75 Td (business ) Tj ET Q q 0 0 0 rg BT 188.43 292.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 230.24 292.75 Td (in ) Tj ET Q q 0 0 0 rg BT 241.50 292.75 Td (force ) Tj ET Q q 0 0 0 rg BT 267.20 292.75 Td (and ) Tj ET Q q 0 0 0 rg BT 287.36 292.75 Td (historical ) Tj ET Q q 0 0 0 rg BT 330.29 292.75 Td (claims ) Tj ET Q q 0 0 0 rg BT 362.09 292.75 Td (experience ) Tj ET Q q 0 0 0 rg BT 414.49 292.75 Td (and ) Tj ET Q q 0 0 0 rg BT 434.64 292.75 Td (are ) Tj ET Q q 0 0 0 rg BT 452.57 292.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 506.07 292.75 Td (by ) Tj ET Q q 0 0 0 rg BT 520.10 292.75 Td (EFH's ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 286.23 483.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 278.95 Td (appointed ) Tj ET Q q 0 0 0 rg BT 112.87 278.95 Td (actuary) Tj ET Q q 0 0 0 rg BT 144.92 278.95 Td (. ) Tj ET Q q 0 0 0 rg BT 150.64 278.95 Td ( ) Tj ET Q q 0 0 0 rg BT 153.59 278.95 Td (Provisions ) Tj ET Q q 0 0 0 rg BT 202.66 278.95 Td (for ) Tj ET Q q 0 0 0 rg BT 217.27 278.95 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 250.24 278.95 Td (claims ) Tj ET Q q 0 0 0 rg BT 281.52 278.95 Td (are ) Tj ET Q q 0 0 0 rg BT 298.91 278.95 Td (discounted ) Tj ET Q q 0 0 0 rg BT 350.23 278.95 Td (to ) Tj ET Q q 0 0 0 rg BT 361.51 278.95 Td (present ) Tj ET Q q 0 0 0 rg BT 397.80 278.95 Td (value. ) Tj ET Q q 0 0 0 rg BT 427.43 278.95 Td ( ) Tj ET Q q 0 0 0 rg BT 430.18 278.95 Td (The ) Tj ET Q q 0 0 0 rg BT 450.36 278.95 Td (discount ) Tj ET Q q 0 0 0 rg BT 490.54 278.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 510.72 278.95 Td (used ) Tj ET Q q 0 0 0 rg BT 535.35 278.95 Td (for ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 272.43 69.49 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 265.15 Td (March31, ) Tj ET Q q 0 0 0 rg BT 113.24 265.15 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 135.49 272.43 22.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 135.49 265.15 Td ( ) Tj ET Q q 0 0 0 rg BT 138.27 265.15 Td (and ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 157.73 272.43 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 157.73 265.15 Td (2015) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 179.97 272.43 110.06 -9.38 re f /GS0 gs q 0 0 0 rg BT 179.97 265.15 Td ( ) Tj ET Q q 0 0 0 rg BT 182.75 265.15 Td (for ) Tj ET Q q 0 0 0 rg BT 197.20 265.15 Td (the ) Tj ET Q q 0 0 0 rg BT 213.88 265.15 Td (following ) Tj ET Q q 0 0 0 rg BT 255.57 265.15 Td (entities:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 233.64999999999998 m 309.5 233.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 233.64999999999998 m 426.5 233.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 233.64999999999998 m 546.5 233.64999999999998 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.00 238.05 Td (Entity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.20 238.05 Td (As at March 31, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.20 238.05 Td (As at December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 223.05 Td (Echelon Insurance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.70 223.05 Td (2.44%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.20 223.05 Td (2.44%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 208.05 Td (ICPEI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.70 208.05 Td (1.63%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.20 208.05 Td (1.63%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 193.05 Td (Qudos) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.70 193.05 Td (0.27%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.20 193.05 Td (0.27%) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 163.35 Td (Share ) Tj ET Q q 0 0 0 rg BT 95.57 163.35 Td (Capital) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 145.35 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.57 145.35 Td (May3, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.60 145.35 Td (, there were 1) Tj ET Q q 0 0 0 rg BT 206.00 145.35 Td (1,713,510 common shares issued and outstanding. ) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 43.70 Td ( ) Tj ET Q q 0 0 0 rg BT 479.00 43.70 Td (Page 15) Tj ET Q BT /F2 12.00 Tf ET 1 1 1 rg /GS0 gs 65.00 738.04 232.89 -11.26 re f /GS0 gs q 0 0 0 rg BT 65.00 729.30 Td (LIQUIDITY) Tj ET Q q 0 0 0 rg BT 124.12 729.30 Td ( ) Tj ET Q q 0 0 0 rg BT 127.00 729.30 Td (AND CAPIT) Tj ET Q q 0 0 0 rg BT 191.45 729.30 Td (AL) Tj ET Q q 0 0 0 rg BT 207.22 729.30 Td ( MANAGEMENT) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 716.78 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 709.50 Td (The ) Tj ET Q q 0 0 0 rg BT 86.90 709.50 Td (purpose ) Tj ET Q q 0 0 0 rg BT 127.71 709.50 Td (of ) Tj ET Q q 0 0 0 rg BT 140.72 709.50 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 178.73 709.50 Td (management ) Tj ET Q q 0 0 0 rg BT 241.77 709.50 Td (is ) Tj ET Q q 0 0 0 rg BT 253.66 709.50 Td (to ) Tj ET Q q 0 0 0 rg BT 266.67 709.50 Td (ensure ) Tj ET Q q 0 0 0 rg BT 301.92 709.50 Td (there ) Tj ET Q q 0 0 0 rg BT 329.38 709.50 Td (is ) Tj ET Q q 0 0 0 rg BT 341.27 709.50 Td (suf) Tj ET Q q 0 0 0 rg BT 354.43 709.50 Td (ficient ) Tj ET Q q 0 0 0 rg BT 385.22 709.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 411.01 709.50 Td (to ) Tj ET Q q 0 0 0 rg BT 424.02 709.50 Td (meet ) Tj ET Q q 0 0 0 rg BT 450.92 709.50 Td (all ) Tj ET Q q 0 0 0 rg BT 465.60 709.50 Td (of ) Tj ET Q q 0 0 0 rg BT 478.60 709.50 Td (EFH) Tj ET Q q 0 0 0 rg BT 500.65 709.50 Td (s ) Tj ET Q q 0 0 0 rg BT 510.31 709.50 Td (financial ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 702.98 484.77 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 695.70 Td (commitments ) Tj ET Q q 0 0 0 rg BT 127.08 695.70 Td (and ) Tj ET Q q 0 0 0 rg BT 146.40 695.70 Td (obligations ) Tj ET Q q 0 0 0 rg BT 196.84 695.70 Td (as ) Tj ET Q q 0 0 0 rg BT 210.03 695.70 Td (they ) Tj ET Q q 0 0 0 rg BT 231.56 695.70 Td (come ) Tj ET Q q 0 0 0 rg BT 258.64 695.70 Td (due. ) Tj ET Q q 0 0 0 rg BT 280.73 695.70 Td ( ) Tj ET Q q 0 0 0 rg BT 283.36 695.70 Td (EFH ) Tj ET Q q 0 0 0 rg BT 305.99 695.70 Td (believes ) Tj ET Q q 0 0 0 rg BT 345.31 695.70 Td (that ) Tj ET Q q 0 0 0 rg BT 364.62 695.70 Td (it ) Tj ET Q q 0 0 0 rg BT 372.25 695.70 Td (has ) Tj ET Q q 0 0 0 rg BT 391.00 695.70 Td (the ) Tj ET Q q 0 0 0 rg BT 407.53 695.70 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 447.94 695.70 Td (to ) Tj ET Q q 0 0 0 rg BT 458.91 695.70 Td (obtain, ) Tj ET Q q 0 0 0 rg BT 491.57 695.70 Td (from ) Tj ET Q q 0 0 0 rg BT 514.20 695.70 Td (internal ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 689.18 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 681.90 Td (sources, ) Tj ET Q q 0 0 0 rg BT 106.65 681.90 Td (the ) Tj ET Q q 0 0 0 rg BT 124.41 681.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 152.74 681.90 Td (needed ) Tj ET Q q 0 0 0 rg BT 189.96 681.90 Td (to ) Tj ET Q q 0 0 0 rg BT 202.16 681.90 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 226.03 681.90 Td (its ) Tj ET Q q 0 0 0 rg BT 239.89 681.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 264.87 681.90 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 329.87 681.90 Td (during ) Tj ET Q q 0 0 0 rg BT 361.52 681.90 Td (the ) Tj ET Q q 0 0 0 rg BT 379.28 681.90 Td (following ) Tj ET Q q 0 0 0 rg BT 422.05 681.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 462.60 681.90 Td (year ) Tj ET Q q 0 0 0 rg BT 485.92 681.90 Td (and ) Tj ET Q q 0 0 0 rg BT 506.46 681.90 Td (to ) Tj ET Q q 0 0 0 rg BT 518.66 681.90 Td (satisfy ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 675.38 140.07 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 668.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 112.25 668.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 143.93 668.10 Td (requirements.) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 655.58 260.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 648.30 Td (Contractual ) Tj ET Q q 0 0 0 rg BT 118.05 648.30 Td (obligations ) Tj ET Q q 0 0 0 rg BT 167.78 648.30 Td (include ) Tj ET Q q 0 0 0 rg BT 201.39 648.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 245.01 648.30 Td (leases, ) Tj ET Q q 0 0 0 rg BT 278.61 648.30 Td (for ) Tj ET Q q 0 0 0 rg BT 292.20 648.30 Td (which ) Tj ET Q q 0 0 0 rg BT 319.68 648.30 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 325.24 655.58 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 325.24 648.30 Td (1.3) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 339.14 655.58 67.70 -9.38 re f /GS0 gs q 0 0 0 rg BT 339.14 648.30 Td ( ) Tj ET Q q 0 0 0 rg BT 341.06 648.30 Td (million ) Tj ET Q q 0 0 0 rg BT 371.32 648.30 Td (is ) Tj ET Q q 0 0 0 rg BT 380.45 648.30 Td (due ) Tj ET Q q 0 0 0 rg BT 399.06 648.30 Td (in) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.84 648.30 Td ( ) Tj ET Q q 0 0 0 rg BT 408.76 648.30 Td (less ) Tj ET Q q 0 0 0 rg BT 428.46 648.30 Td (than ) Tj ET Q q 0 0 0 rg BT 449.84 648.30 Td (a ) Tj ET Q q 0 0 0 rg BT 457.31 648.30 Td (year) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 476.77 655.58 26.08 -9.38 re f /GS0 gs q 0 0 0 rg BT 476.77 648.30 Td ( ) Tj ET Q q 0 0 0 rg BT 478.68 648.30 Td (and ) Tj ET Q q 0 0 0 rg BT 497.29 648.30 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 502.85 655.58 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 502.85 648.30 Td (8.7) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 516.75 655.58 33.04 -9.38 re f /GS0 gs q 0 0 0 rg BT 516.75 648.30 Td ( ) Tj ET Q q 0 0 0 rg BT 518.67 648.30 Td (million ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 641.78 144.53 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 634.50 Td (is ) Tj ET Q q 0 0 0 rg BT 75.00 634.50 Td (due ) Tj ET Q q 0 0 0 rg BT 94.46 634.50 Td (over ) Tj ET Q q 0 0 0 rg BT 116.69 634.50 Td (the ) Tj ET Q q 0 0 0 rg BT 133.37 634.50 Td (next ) Tj ET Q q 0 0 0 rg BT 155.05 634.50 Td (nine ) Tj ET Q q 0 0 0 rg BT 176.74 634.50 Td (years. ) Tj ET Q q 0 0 0 rg BT 206.75 634.50 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 621.98 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 614.70 Td (EFH ) Tj ET Q q 0 0 0 rg BT 88.60 614.70 Td (is ) Tj ET Q q 0 0 0 rg BT 99.42 614.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 140.80 614.70 Td (a ) Tj ET Q q 0 0 0 rg BT 149.96 614.70 Td (holding ) Tj ET Q q 0 0 0 rg BT 185.81 614.70 Td (company ) Tj ET Q q 0 0 0 rg BT 229.98 614.70 Td (and, ) Tj ET Q q 0 0 0 rg BT 253.05 614.70 Td (as ) Tj ET Q q 0 0 0 rg BT 267.21 614.70 Td (such, ) Tj ET Q q 0 0 0 rg BT 294.71 614.70 Td (has ) Tj ET Q q 0 0 0 rg BT 314.43 614.70 Td (limited ) Tj ET Q q 0 0 0 rg BT 346.92 614.70 Td (direct ) Tj ET Q q 0 0 0 rg BT 374.98 614.70 Td (operations ) Tj ET Q q 0 0 0 rg BT 425.27 614.70 Td (of ) Tj ET Q q 0 0 0 rg BT 437.21 614.70 Td (its ) Tj ET Q q 0 0 0 rg BT 450.81 614.70 Td (own. ) Tj ET Q q 0 0 0 rg BT 475.54 614.70 Td ( ) Tj ET Q q 0 0 0 rg BT 479.13 614.70 Td (EFH) Tj ET Q q 0 0 0 rg BT 501.18 614.70 Td (s ) Tj ET Q q 0 0 0 rg BT 509.77 614.70 Td (principal ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 608.18 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 600.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 96.56 600.90 Td (are ) Tj ET Q q 0 0 0 rg BT 113.66 600.90 Td (the ) Tj ET Q q 0 0 0 rg BT 130.22 600.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 162.89 600.90 Td (of ) Tj ET Q q 0 0 0 rg BT 173.88 600.90 Td (its ) Tj ET Q q 0 0 0 rg BT 186.54 600.90 Td (insurance ) Tj ET Q q 0 0 0 rg BT 232.55 600.90 Td (and ) Tj ET Q q 0 0 0 rg BT 251.89 600.90 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 306.80 600.90 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 365.03 600.90 Td ( ) Tj ET Q q 0 0 0 rg BT 367.16 600.90 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 418.11 600.90 Td (, ) Tj ET Q q 0 0 0 rg BT 423.54 600.90 Td (its ) Tj ET Q q 0 0 0 rg BT 436.20 600.90 Td (future ) Tj ET Q q 0 0 0 rg BT 464.42 600.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 488.20 600.90 Td (flows ) Tj ET Q q 0 0 0 rg BT 513.64 600.90 Td (depend ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 594.38 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 77.39 587.10 Td (part ) Tj ET Q q 0 0 0 rg BT 99.24 587.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 126.09 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.61 587.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 195.35 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.30 587.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 255.16 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 276.46 587.10 Td (other ) Tj ET Q q 0 0 0 rg BT 303.86 587.10 Td (statutorily ) Tj ET Q q 0 0 0 rg BT 351.26 587.10 Td (permissible ) Tj ET Q q 0 0 0 rg BT 406.45 587.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 464.42 587.10 Td (from ) Tj ET Q q 0 0 0 rg BT 489.03 587.10 Td (its ) Tj ET Q q 0 0 0 rg BT 503.64 587.10 Td (insurance ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 580.58 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 573.30 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 123.97 573.30 Td ( ) Tj ET Q q 0 0 0 rg BT 127.13 573.30 Td (The ) Tj ET Q q 0 0 0 rg BT 147.75 573.30 Td (ability ) Tj ET Q q 0 0 0 rg BT 176.70 573.30 Td (to ) Tj ET Q q 0 0 0 rg BT 188.42 573.30 Td (pay ) Tj ET Q q 0 0 0 rg BT 207.93 573.30 Td (such ) Tj ET Q q 0 0 0 rg BT 232.44 573.30 Td (dividends ) Tj ET Q q 0 0 0 rg BT 278.07 573.30 Td (and ) Tj ET Q q 0 0 0 rg BT 298.14 573.30 Td (to ) Tj ET Q q 0 0 0 rg BT 309.87 573.30 Td (make ) Tj ET Q q 0 0 0 rg BT 337.71 573.30 Td (such ) Tj ET Q q 0 0 0 rg BT 362.21 573.30 Td (other ) Tj ET Q q 0 0 0 rg BT 388.39 573.30 Td (distributions ) Tj ET Q q 0 0 0 rg BT 445.14 573.30 Td (is ) Tj ET Q q 0 0 0 rg BT 455.74 573.30 Td (limited ) Tj ET Q q 0 0 0 rg BT 488.02 573.30 Td (by ) Tj ET Q q 0 0 0 rg BT 501.97 573.30 Td (applicable ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 566.78 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 559.50 Td (laws ) Tj ET Q q 0 0 0 rg BT 88.20 559.50 Td (and ) Tj ET Q q 0 0 0 rg BT 108.07 559.50 Td (regulations ) Tj ET Q q 0 0 0 rg BT 160.19 559.50 Td (of ) Tj ET Q q 0 0 0 rg BT 171.72 559.50 Td (the ) Tj ET Q q 0 0 0 rg BT 188.81 559.50 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 244.24 559.50 Td (in ) Tj ET Q q 0 0 0 rg BT 255.22 559.50 Td (which ) Tj ET Q q 0 0 0 rg BT 283.98 559.50 Td (the ) Tj ET Q q 0 0 0 rg BT 301.07 559.50 Td (insurance ) Tj ET Q q 0 0 0 rg BT 347.62 559.50 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 403.62 559.50 Td (are ) Tj ET Q q 0 0 0 rg BT 421.26 559.50 Td (domiciled, ) Tj ET Q q 0 0 0 rg BT 469.47 559.50 Td (which ) Tj ET Q q 0 0 0 rg BT 498.23 559.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 533.11 559.50 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 552.98 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 545.70 Td (insurance ) Tj ET Q q 0 0 0 rg BT 111.20 545.70 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 166.85 545.70 Td (to ) Tj ET Q q 0 0 0 rg BT 178.03 545.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 225.34 545.70 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 272.65 545.70 Td (restrictions. ) Tj ET Q q 0 0 0 rg BT 326.61 545.70 Td ( ) Tj ET Q q 0 0 0 rg BT 329.27 545.70 Td (These ) Tj ET Q q 0 0 0 rg BT 359.91 545.70 Td (laws ) Tj ET Q q 0 0 0 rg BT 382.75 545.70 Td (and ) Tj ET Q q 0 0 0 rg BT 402.28 545.70 Td (regulations ) Tj ET Q q 0 0 0 rg BT 454.04 545.70 Td (require, ) Tj ET Q q 0 0 0 rg BT 490.79 545.70 Td (among ) Tj ET Q q 0 0 0 rg BT 524.21 545.70 Td (other ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 539.18 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 531.90 Td (things, ) Tj ET Q q 0 0 0 rg BT 96.69 531.90 Td (that ) Tj ET Q q 0 0 0 rg BT 115.60 531.90 Td (the ) Tj ET Q q 0 0 0 rg BT 131.74 531.90 Td (insurance ) Tj ET Q q 0 0 0 rg BT 177.33 531.90 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 232.36 531.90 Td (maintain ) Tj ET Q q 0 0 0 rg BT 272.39 531.90 Td (minimum ) Tj ET Q q 0 0 0 rg BT 315.17 531.90 Td (solvency ) Tj ET Q q 0 0 0 rg BT 356.31 531.90 Td (requirements ) Tj ET Q q 0 0 0 rg BT 416.90 531.90 Td (and ) Tj ET Q q 0 0 0 rg BT 435.82 531.90 Td (may ) Tj ET Q q 0 0 0 rg BT 456.94 531.90 Td (also ) Tj ET Q q 0 0 0 rg BT 477.51 531.90 Td (limit ) Tj ET Q q 0 0 0 rg BT 497.52 531.90 Td (the ) Tj ET Q q 0 0 0 rg BT 513.65 531.90 Td (amount ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 525.38 265.70 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 518.10 Td (of ) Tj ET Q q 0 0 0 rg BT 76.12 518.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 121.15 518.10 Td (that ) Tj ET Q q 0 0 0 rg BT 140.61 518.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.29 518.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 203.42 518.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 259.00 518.10 Td (can ) Tj ET Q q 0 0 0 rg BT 277.91 518.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 296.81 518.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.92 518.10 Td (EFH.) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 499.58 97.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 492.30 Td (Capital ) Tj ET Q q 0 0 0 rg BT 101.12 492.30 Td (Management) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 477.78 167.86 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 470.50 Td (The ) Tj ET Q q 0 0 0 rg BT 87.55 470.50 Td (total ) Tj ET Q q 0 0 0 rg BT 111.77 470.50 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 174.90 470.50 Td (of ) Tj ET Q q 0 0 0 rg BT 188.56 470.50 Td (EFH ) Tj ET Q q 0 0 0 rg BT 213.88 470.50 Td (at ) Tj ET Q q 0 0 0 rg BT 227.54 470.50 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 232.86 477.78 72.03 -9.38 re f /GS0 gs q 0 0 0 rg BT 232.86 470.50 Td (March31, ) Tj ET Q q 0 0 0 rg BT 282.64 470.50 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 304.89 477.78 36.76 -9.38 re f /GS0 gs q 0 0 0 rg BT 304.89 470.50 Td (, ) Tj ET Q q 0 0 0 rg BT 312.99 470.50 Td (was ) Tj ET Q q 0 0 0 rg BT 336.09 470.50 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 341.65 477.78 25.02 -9.38 re f /GS0 gs q 0 0 0 rg BT 341.65 470.50 Td (181.5) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 366.67 477.78 107.99 -9.38 re f /GS0 gs q 0 0 0 rg BT 366.67 470.50 Td ( ) Tj ET Q q 0 0 0 rg BT 371.99 470.50 Td (million ) Tj ET Q q 0 0 0 rg BT 405.65 470.50 Td (compared ) Tj ET Q q 0 0 0 rg BT 455.44 470.50 Td (to ) Tj ET Q q 0 0 0 rg BT 469.10 470.50 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 474.66 477.78 25.02 -9.38 re f /GS0 gs q 0 0 0 rg BT 474.66 470.50 Td (188.7) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 499.69 477.78 50.10 -9.38 re f /GS0 gs q 0 0 0 rg BT 499.69 470.50 Td ( ) Tj ET Q q 0 0 0 rg BT 505.00 470.50 Td (million ) Tj ET Q q 0 0 0 rg BT 538.66 470.50 Td (at ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 463.98 87.83 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 456.70 Td (December31, ) Tj ET Q q 0 0 0 rg BT 130.59 456.70 Td (2015) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 152.83 463.98 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 152.83 456.70 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 436.90 Td (The ) Tj ET Q q 0 0 0 rg BT 86.78 436.90 Td (Minimum ) Tj ET Q q 0 0 0 rg BT 131.89 436.90 Td (Capital ) Tj ET Q q 0 0 0 rg BT 167.27 436.90 Td (T) Tj ET Q q 0 0 0 rg BT 172.27 436.90 Td (est ) Tj ET Q q 0 0 0 rg BT 190.17 436.90 Td (\(MCT\) ) Tj ET Q q 0 0 0 rg BT 223.04 436.90 Td (ratio ) Tj ET Q q 0 0 0 rg BT 247.04 436.90 Td (of ) Tj ET Q q 0 0 0 rg BT 259.93 436.90 Td (the ) Tj ET Q q 0 0 0 rg BT 278.38 436.90 Td (Company's ) Tj ET Q q 0 0 0 rg BT 332.64 436.90 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 380.01 436.90 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 424.28 436.90 Td (, ) Tj ET Q q 0 0 0 rg BT 431.61 436.90 Td (Echelon ) Tj ET Q q 0 0 0 rg BT 472.30 436.90 Td (Insurance, ) Tj ET Q q 0 0 0 rg BT 523.55 436.90 Td (as ) Tj ET Q q 0 0 0 rg BT 538.66 436.90 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 423.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 111.73 423.10 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 133.98 423.10 Td (, ) Tj ET Q q 0 0 0 rg BT 139.02 423.10 Td (was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 159.07 423.10 Td (225%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 184.65 423.10 Td (, ) Tj ET Q q 0 0 0 rg BT 189.70 423.10 Td (which ) Tj ET Q q 0 0 0 rg BT 217.53 423.10 Td (comfortably ) Tj ET Q q 0 0 0 rg BT 271.48 423.10 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 311.00 423.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.17 423.10 Td (supervisory ) Tj ET Q q 0 0 0 rg BT 380.56 423.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 427.30 423.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 458.47 423.10 Td (level ) Tj ET Q q 0 0 0 rg BT 481.31 423.10 Td (required ) Tj ET Q q 0 0 0 rg BT 520.27 423.10 Td (by ) Tj ET Q q 0 0 0 rg BT 533.10 423.10 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 409.30 Td (Of) Tj ET Q q 0 0 0 rg BT 75.38 409.30 Td (fice ) Tj ET Q q 0 0 0 rg BT 94.95 409.30 Td (of ) Tj ET Q q 0 0 0 rg BT 107.30 409.30 Td (the ) Tj ET Q q 0 0 0 rg BT 125.21 409.30 Td (Superintendent ) Tj ET Q q 0 0 0 rg BT 197.05 409.30 Td (of ) Tj ET Q q 0 0 0 rg BT 209.40 409.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 253.43 409.30 Td (Institutions ) Tj ET Q q 0 0 0 rg BT 305.24 409.30 Td (\(OSFI\). ) Tj ET Q q 0 0 0 rg BT 342.03 409.30 Td (ICPEI's ) Tj ET Q q 0 0 0 rg BT 379.07 409.30 Td (MCT) Tj ET Q q 0 0 0 rg BT 400.55 409.30 Td ( ) Tj ET Q q 0 0 0 rg BT 404.56 409.30 Td (ratio ) Tj ET Q q 0 0 0 rg BT 428.02 409.30 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 440.37 409.30 Td (291%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 465.95 409.30 Td ( ) Tj ET Q q 0 0 0 rg BT 469.96 409.30 Td (was ) Tj ET Q q 0 0 0 rg BT 491.75 409.30 Td (in ) Tj ET Q q 0 0 0 rg BT 503.54 409.30 Td (excess ) Tj ET Q q 0 0 0 rg BT 538.68 409.30 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 395.50 Td (provincial ) Tj ET Q q 0 0 0 rg BT 110.08 395.50 Td (supervisory ) Tj ET Q q 0 0 0 rg BT 164.06 395.50 Td (targets. ) Tj ET Q q 0 0 0 rg BT 200.06 395.50 Td (The ) Tj ET Q q 0 0 0 rg BT 220.14 395.50 Td (Company's ) Tj ET Q q 0 0 0 rg BT 272.69 395.50 Td (European ) Tj ET Q q 0 0 0 rg BT 318.90 395.50 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 363.18 395.50 Td (, ) Tj ET Q q 0 0 0 rg BT 368.80 395.50 Td (Qudos, ) Tj ET Q q 0 0 0 rg BT 403.88 395.50 Td (had ) Tj ET Q q 0 0 0 rg BT 423.41 395.50 Td (a ) Tj ET Q q 0 0 0 rg BT 431.82 395.50 Td (Danish ) Tj ET Q q 0 0 0 rg BT 465.79 395.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 508.65 395.50 Td (Services ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 381.70 Td (Authority ) Tj ET Q q 0 0 0 rg BT 106.90 381.70 Td (\(DKFSA\) ) Tj ET Q q 0 0 0 rg BT 149.34 381.70 Td (Individual ) Tj ET Q q 0 0 0 rg BT 194.02 381.70 Td (Solvency ) Tj ET Q q 0 0 0 rg BT 237.04 381.70 Td (ratio ) Tj ET Q q 0 0 0 rg BT 258.93 381.70 Td (of ) Tj ET Q q 0 0 0 rg BT 269.70 381.70 Td (1) Tj ET Q q 0 0 0 rg BT 274.52 381.70 Td (18%, ) Tj ET Q q 0 0 0 rg BT 299.75 381.70 Td (as ) Tj ET Q q 0 0 0 rg BT 312.75 381.70 Td (at ) Tj ET Q q 0 0 0 rg BT 323.53 381.70 Td (March ) Tj ET Q q 0 0 0 rg BT 353.75 381.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 370.08 381.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 397.54 381.70 Td (in ) Tj ET Q q 0 0 0 rg BT 407.76 381.70 Td (excess ) Tj ET Q q 0 0 0 rg BT 441.32 381.70 Td (of ) Tj ET Q q 0 0 0 rg BT 452.10 381.70 Td (the ) Tj ET Q q 0 0 0 rg BT 468.44 381.70 Td (DKFSA) Tj ET Q q 0 0 0 rg BT 501.23 381.70 Td ( ) Tj ET Q q 0 0 0 rg BT 503.66 381.70 Td (minimum. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 367.90 Td (In ) Tj ET Q q 0 0 0 rg BT 77.68 367.90 Td (addition ) Tj ET Q q 0 0 0 rg BT 117.05 367.90 Td (to ) Tj ET Q q 0 0 0 rg BT 129.73 367.90 Td (excess ) Tj ET Q q 0 0 0 rg BT 165.19 367.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 198.44 367.90 Td (at ) Tj ET Q q 0 0 0 rg BT 211.11 367.90 Td (Echelon ) Tj ET Q q 0 0 0 rg BT 251.59 367.90 Td (Insurance, ) Tj ET Q q 0 0 0 rg BT 302.63 367.90 Td (the ) Tj ET Q q 0 0 0 rg BT 320.87 367.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 368.00 367.90 Td (has ) Tj ET Q q 0 0 0 rg BT 388.47 367.90 Td (approximately ) Tj ET Q q 0 0 0 rg BT 455.06 367.90 Td ($5 ) Tj ET Q q 0 0 0 rg BT 470.52 367.90 Td (million ) Tj ET Q q 0 0 0 rg BT 503.20 367.90 Td (of ) Tj ET Q q 0 0 0 rg BT 515.88 367.90 Td (excess ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 354.10 Td (deployable ) Tj ET Q q 0 0 0 rg BT 116.15 354.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 147.84 354.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 187.86 354.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.42 354.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 224.55 354.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 256.23 354.10 Td (in ) Tj ET Q q 0 0 0 rg BT 266.79 354.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.47 354.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 318.50 354.10 Td (company) Tj ET Q q 0 0 0 rg BT 358.33 354.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 328.30 Td (Normal ) Tj ET Q q 0 0 0 rg BT 102.23 328.30 Td (Course ) Tj ET Q q 0 0 0 rg BT 139.46 328.30 Td (Issuer ) Tj ET Q q 0 0 0 rg BT 171.70 328.30 Td (Bid ) Tj ET Q q 0 0 0 rg BT 190.59 328.30 Td (\(NCIB\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 308.50 Td (On ) Tj ET Q q 0 0 0 rg BT 80.50 308.50 Td (August ) Tj ET Q q 0 0 0 rg BT 114.33 308.50 Td (19, ) Tj ET Q q 0 0 0 rg BT 130.92 308.50 Td (2014, ) Tj ET Q q 0 0 0 rg BT 158.64 308.50 Td (the ) Tj ET Q q 0 0 0 rg BT 175.24 308.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 220.73 308.50 Td (received ) Tj ET Q q 0 0 0 rg BT 261.22 308.50 Td (approval ) Tj ET Q q 0 0 0 rg BT 302.27 308.50 Td (from ) Tj ET Q q 0 0 0 rg BT 324.97 308.50 Td (the ) Tj ET Q q 0 0 0 rg BT 341.39 308.50 Td (TSX ) Tj ET Q q 0 0 0 rg BT 363.53 308.50 Td (to ) Tj ET Q q 0 0 0 rg BT 374.57 308.50 Td (commence ) Tj ET Q q 0 0 0 rg BT 426.17 308.50 Td (an ) Tj ET Q q 0 0 0 rg BT 439.98 308.50 Td (NCIB ) Tj ET Q q 0 0 0 rg BT 466.57 308.50 Td (to ) Tj ET Q q 0 0 0 rg BT 477.60 308.50 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 530.33 308.50 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 294.70 Td (cancel ) Tj ET Q q 0 0 0 rg BT 97.35 294.70 Td (up ) Tj ET Q q 0 0 0 rg BT 111.93 294.70 Td (to ) Tj ET Q q 0 0 0 rg BT 123.71 294.70 Td (703,792 ) Tj ET Q q 0 0 0 rg BT 163.31 294.70 Td (common ) Tj ET Q q 0 0 0 rg BT 205.10 294.70 Td (shares, ) Tj ET Q q 0 0 0 rg BT 241.34 294.70 Td (representing ) Tj ET Q q 0 0 0 rg BT 300.38 294.70 Td (10% ) Tj ET Q q 0 0 0 rg BT 323.85 294.70 Td (of ) Tj ET Q q 0 0 0 rg BT 335.63 294.70 Td (its ) Tj ET Q q 0 0 0 rg BT 349.08 294.70 Td (public ) Tj ET Q q 0 0 0 rg BT 378.66 294.70 Td (float ) Tj ET Q q 0 0 0 rg BT 401.01 294.70 Td (issued ) Tj ET Q q 0 0 0 rg BT 433.36 294.70 Td (and ) Tj ET Q q 0 0 0 rg BT 453.50 294.70 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 508.65 294.70 Td (common ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 280.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 97.79 280.90 Td (at ) Tj ET Q q 0 0 0 rg BT 108.91 280.90 Td (that ) Tj ET Q q 0 0 0 rg BT 128.37 280.90 Td (time. ) Tj ET Q q 0 0 0 rg BT 152.64 280.90 Td (This ) Tj ET Q q 0 0 0 rg BT 174.31 280.90 Td (was ) Tj ET Q q 0 0 0 rg BT 194.87 280.90 Td (in ) Tj ET Q q 0 0 0 rg BT 205.43 280.90 Td (force ) Tj ET Q q 0 0 0 rg BT 230.44 280.90 Td (until ) Tj ET Q q 0 0 0 rg BT 251.01 280.90 Td (August ) Tj ET Q q 0 0 0 rg BT 284.92 280.90 Td (20, ) Tj ET Q q 0 0 0 rg BT 301.60 280.90 Td (2015.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 261.10 Td (On ) Tj ET Q q 0 0 0 rg BT 81.07 261.10 Td (October ) Tj ET Q q 0 0 0 rg BT 119.37 261.10 Td (8, ) Tj ET Q q 0 0 0 rg BT 130.44 261.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 158.19 261.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.82 261.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 220.34 261.10 Td (received ) Tj ET Q q 0 0 0 rg BT 260.87 261.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 301.96 261.10 Td (from ) Tj ET Q q 0 0 0 rg BT 324.68 261.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.14 261.10 Td (TSX ) Tj ET Q q 0 0 0 rg BT 363.31 261.10 Td (to ) Tj ET Q q 0 0 0 rg BT 374.38 261.10 Td (commence ) Tj ET Q q 0 0 0 rg BT 426.01 261.10 Td (an ) Tj ET Q q 0 0 0 rg BT 439.87 261.10 Td (NCIB ) Tj ET Q q 0 0 0 rg BT 466.49 261.10 Td (to ) Tj ET Q q 0 0 0 rg BT 477.55 261.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 530.31 261.10 Td (and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 247.30 Td (cancel ) Tj ET Q q 0 0 0 rg BT 96.68 247.30 Td (up ) Tj ET Q q 0 0 0 rg BT 110.59 247.30 Td (to ) Tj ET Q q 0 0 0 rg BT 121.70 247.30 Td (619,265 ) Tj ET Q q 0 0 0 rg BT 160.63 247.30 Td (common ) Tj ET Q q 0 0 0 rg BT 204.53 247.30 Td (shares, ) Tj ET Q q 0 0 0 rg BT 240.10 247.30 Td (representing ) Tj ET Q q 0 0 0 rg BT 298.47 247.30 Td (10% ) Tj ET Q q 0 0 0 rg BT 321.26 247.30 Td (of ) Tj ET Q q 0 0 0 rg BT 332.38 247.30 Td (its ) Tj ET Q q 0 0 0 rg BT 345.16 247.30 Td (public ) Tj ET Q q 0 0 0 rg BT 374.07 247.30 Td (float ) Tj ET Q q 0 0 0 rg BT 395.75 247.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 427.43 247.30 Td (and ) Tj ET Q q 0 0 0 rg BT 446.89 247.30 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 501.38 247.30 Td (common) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 233.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 97.79 233.50 Td (at ) Tj ET Q q 0 0 0 rg BT 108.91 233.50 Td (that ) Tj ET Q q 0 0 0 rg BT 128.37 233.50 Td (time. ) Tj ET Q q 0 0 0 rg BT 152.64 233.50 Td (This ) Tj ET Q q 0 0 0 rg BT 174.31 233.50 Td (is ) Tj ET Q q 0 0 0 rg BT 184.31 233.50 Td (in ) Tj ET Q q 0 0 0 rg BT 194.87 233.50 Td (force ) Tj ET Q q 0 0 0 rg BT 219.88 233.50 Td (until ) Tj ET Q q 0 0 0 rg BT 241.00 233.50 Td (October ) Tj ET Q q 0 0 0 rg BT 279.35 233.50 Td (7, ) Tj ET Q q 0 0 0 rg BT 290.47 233.50 Td (2016.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 213.70 Td (In ) Tj ET Q q 0 0 0 rg BT 76.40 213.70 Td (the ) Tj ET Q q 0 0 0 rg BT 93.36 213.70 Td (first ) Tj ET Q q 0 0 0 rg BT 112.53 213.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 147.27 213.70 Td (of ) Tj ET Q q 0 0 0 rg BT 158.67 213.70 Td (2016 ) Tj ET Q q 0 0 0 rg BT 183.97 213.70 Td (there ) Tj ET Q q 0 0 0 rg BT 209.83 213.70 Td (were ) Tj ET Q q 0 0 0 rg BT 234.56 213.70 Td (46,900 ) Tj ET Q q 0 0 0 rg BT 268.21 213.70 Td (common ) Tj ET Q q 0 0 0 rg BT 309.61 213.70 Td (shares ) Tj ET Q q 0 0 0 rg BT 342.68 213.70 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 401.33 213.70 Td (at ) Tj ET Q q 0 0 0 rg BT 412.73 213.70 Td (an ) Tj ET Q q 0 0 0 rg BT 426.91 213.70 Td (average ) Tj ET Q q 0 0 0 rg BT 466.11 213.70 Td (cost ) Tj ET Q q 0 0 0 rg BT 487.51 213.70 Td (of ) Tj ET Q q 0 0 0 rg BT 498.91 213.70 Td ($13.23 ) Tj ET Q q 0 0 0 rg BT 532.55 213.70 Td (per ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 199.90 Td (share ) Tj ET Q q 0 0 0 rg BT 93.20 199.90 Td (for ) Tj ET Q q 0 0 0 rg BT 108.05 199.90 Td (a ) Tj ET Q q 0 0 0 rg BT 116.80 199.90 Td (total ) Tj ET Q q 0 0 0 rg BT 138.88 199.90 Td (consideration ) Tj ET Q q 0 0 0 rg BT 201.55 199.90 Td (of ) Tj ET Q q 0 0 0 rg BT 213.07 199.90 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 235.72 199.90 Td (million. ) Tj ET Q q 0 0 0 rg BT 270.02 199.90 Td (From ) Tj ET Q q 0 0 0 rg BT 296.54 199.90 Td (October ) Tj ET Q q 0 0 0 rg BT 335.29 199.90 Td (8 ) Tj ET Q q 0 0 0 rg BT 344.04 199.90 Td (to ) Tj ET Q q 0 0 0 rg BT 355.56 199.90 Td (May ) Tj ET Q q 0 0 0 rg BT 377.64 199.90 Td (2, ) Tj ET Q q 0 0 0 rg BT 389.16 199.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 417.37 199.90 Td (the ) Tj ET Q q 0 0 0 rg BT 434.46 199.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 480.44 199.90 Td (purchased ) Tj ET Q q 0 0 0 rg BT 530.32 199.90 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 186.10 Td (cancelled ) Tj ET Q q 0 0 0 rg BT 109.86 186.10 Td (1) Tj ET Q q 0 0 0 rg BT 114.68 186.10 Td (15,700 ) Tj ET Q q 0 0 0 rg BT 147.87 186.10 Td (common ) Tj ET Q q 0 0 0 rg BT 188.82 186.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 221.44 186.10 Td (under ) Tj ET Q q 0 0 0 rg BT 249.62 186.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.13 186.10 Td (NCIB ) Tj ET Q q 0 0 0 rg BT 292.63 186.10 Td (program ) Tj ET Q q 0 0 0 rg BT 332.47 186.10 Td (at ) Tj ET Q q 0 0 0 rg BT 343.41 186.10 Td (an ) Tj ET Q q 0 0 0 rg BT 357.14 186.10 Td (average ) Tj ET Q q 0 0 0 rg BT 395.89 186.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 416.83 186.10 Td (of ) Tj ET Q q 0 0 0 rg BT 427.78 186.10 Td ($13.65 ) Tj ET Q q 0 0 0 rg BT 460.97 186.10 Td (per ) Tj ET Q q 0 0 0 rg BT 478.03 186.10 Td (share ) Tj ET Q q 0 0 0 rg BT 505.65 186.10 Td (for ) Tj ET Q q 0 0 0 rg BT 519.93 186.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.09 186.10 Td (total ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 172.30 Td (consideration ) Tj ET Q q 0 0 0 rg BT 127.26 172.30 Td (of ) Tj ET Q q 0 0 0 rg BT 138.38 172.30 Td ($1.6 ) Tj ET Q q 0 0 0 rg BT 160.62 172.30 Td (million.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 146.50 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 125.00 146.50 Td (Events) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 65.00 126.70 Td (Capital ) Tj ET Q q 0 0 0 rg BT 98.91 126.70 Td (Injection) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 106.90 Td (On ) Tj ET Q q 0 0 0 rg BT 81.10 106.90 Td (April ) Tj ET Q q 0 0 0 rg BT 104.56 106.90 Td (19, ) Tj ET Q q 0 0 0 rg BT 121.91 106.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 150.38 106.90 Td (the ) Tj ET Q q 0 0 0 rg BT 167.74 106.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 213.98 106.90 Td (injected ) Tj ET Q q 0 0 0 rg BT 251.90 106.90 Td ($7.5 ) Tj ET Q q 0 0 0 rg BT 274.81 106.90 Td (million ) Tj ET Q q 0 0 0 rg BT 306.60 106.90 Td (to ) Tj ET Q q 0 0 0 rg BT 318.39 106.90 Td (Qudos ) Tj ET Q q 0 0 0 rg BT 351.30 106.90 Td (to ) Tj ET Q q 0 0 0 rg BT 363.09 106.90 Td (strengthen ) Tj ET Q q 0 0 0 rg BT 413.80 106.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 446.16 106.90 Td (ratios. ) Tj ET Q q 0 0 0 rg BT 476.61 106.90 Td (The ) Tj ET Q q 0 0 0 rg BT 497.29 106.90 Td (Company's ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 93.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 113.36 93.10 Td (stake ) Tj ET Q q 0 0 0 rg BT 140.04 93.10 Td (has ) Tj ET Q q 0 0 0 rg BT 158.94 93.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 205.08 93.10 Td (to ) Tj ET Q q 0 0 0 rg BT 216.20 93.10 Td (97.9%. ) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 43.70 Td ( ) Tj ET Q q 0 0 0 rg BT 479.00 43.70 Td (Page 16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 730.75 Td (T) Tj ET Q q 0 0 0 rg BT 70.56 730.75 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 129.47 730.75 Td (with ) Tj ET Q q 0 0 0 rg BT 152.24 730.75 Td (Related ) Tj ET Q q 0 0 0 rg BT 191.14 730.75 Td (Parties) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 710.95 Td (EFH ) Tj ET Q q 0 0 0 rg BT 87.21 710.95 Td (has ) Tj ET Q q 0 0 0 rg BT 105.55 710.95 Td (entered ) Tj ET Q q 0 0 0 rg BT 141.67 710.95 Td (into ) Tj ET Q q 0 0 0 rg BT 160.01 710.95 Td (transactions ) Tj ET Q q 0 0 0 rg BT 216.14 710.95 Td (with ) Tj ET Q q 0 0 0 rg BT 235.99 710.95 Td (The ) Tj ET Q q 0 0 0 rg BT 255.43 710.95 Td (Co-operators ) Tj ET Q q 0 0 0 rg BT 316.00 710.95 Td (Group ) Tj ET Q q 0 0 0 rg BT 346.00 710.95 Td (Limited ) Tj ET Q q 0 0 0 rg BT 380.45 710.95 Td (\("Co-operators"\), ) Tj ET Q q 0 0 0 rg BT 457.56 710.95 Td (which ) Tj ET Q q 0 0 0 rg BT 485.34 710.95 Td (is ) Tj ET Q q 0 0 0 rg BT 494.77 710.95 Td (a ) Tj ET Q q 0 0 0 rg BT 502.54 710.95 Td (significant ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 697.15 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 120.61 697.15 Td (of ) Tj ET Q q 0 0 0 rg BT 131.74 697.15 Td (EFH. ) Tj ET Q q 0 0 0 rg BT 157.13 697.15 Td (These ) Tj ET Q q 0 0 0 rg BT 187.72 697.15 Td (transactions ) Tj ET Q q 0 0 0 rg BT 244.43 697.15 Td (are ) Tj ET Q q 0 0 0 rg BT 261.68 697.15 Td (carried ) Tj ET Q q 0 0 0 rg BT 295.04 697.15 Td (out ) Tj ET Q q 0 0 0 rg BT 311.73 697.15 Td (in ) Tj ET Q q 0 0 0 rg BT 322.31 697.15 Td (the ) Tj ET Q q 0 0 0 rg BT 339.01 697.15 Td (normal ) Tj ET Q q 0 0 0 rg BT 372.37 697.15 Td (course ) Tj ET Q q 0 0 0 rg BT 405.18 697.15 Td (of ) Tj ET Q q 0 0 0 rg BT 416.31 697.15 Td (operations ) Tj ET Q q 0 0 0 rg BT 465.81 697.15 Td (and ) Tj ET Q q 0 0 0 rg BT 485.28 697.15 Td (are ) Tj ET Q q 0 0 0 rg BT 502.53 697.15 Td (measured ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 683.35 Td (at ) Tj ET Q q 0 0 0 rg BT 77.53 683.35 Td (arms ) Tj ET Q q 0 0 0 rg BT 103.95 683.35 Td (length ) Tj ET Q q 0 0 0 rg BT 135.39 683.35 Td (which ) Tj ET Q q 0 0 0 rg BT 165.15 683.35 Td (approximates ) Tj ET Q q 0 0 0 rg BT 229.37 683.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 247.46 683.35 Td (value. ) Tj ET Q q 0 0 0 rg BT 278.06 683.35 Td (The ) Tj ET Q q 0 0 0 rg BT 299.49 683.35 Td (transactions ) Tj ET Q q 0 0 0 rg BT 357.60 683.35 Td (principally ) Tj ET Q q 0 0 0 rg BT 406.26 683.35 Td (consist ) Tj ET Q q 0 0 0 rg BT 441.57 683.35 Td (of ) Tj ET Q q 0 0 0 rg BT 454.11 683.35 Td (an ) Tj ET Q q 0 0 0 rg BT 469.42 683.35 Td (agent ) Tj ET Q q 0 0 0 rg BT 498.64 683.35 Td (distribution ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 669.55 Td (channel, ) Tj ET Q q 0 0 0 rg BT 105.59 669.55 Td (support ) Tj ET Q q 0 0 0 rg BT 141.72 669.55 Td (services ) Tj ET Q q 0 0 0 rg BT 181.17 669.55 Td (and ) Tj ET Q q 0 0 0 rg BT 200.63 669.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 251.77 669.55 Td (management.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 65.00 635.00 Td (ACCOUNTING POLICIES) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 616.48 479.19 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 609.20 Td (The unaudited condensed consolidated interim financial statements have been prepared in accordance with ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 602.68 469.69 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 595.40 Td (IFRS and in compliance with IAS 34 Interim Financial Reporting. Please refer to note 3 of the unaudited ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 588.88 330.76 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 581.60 Td (condensed consolidated interim financial statements for the quarter ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 395.76 588.88 69.49 -9.38 re f /GS0 gs q 0 0 0 rg BT 395.76 581.60 Td (March31, 2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 465.24 588.88 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 465.24 581.60 Td (.) Tj ET Q BT /F2 12.00 Tf ET 1 1 1 rg /GS0 gs 65.00 555.74 184.23 -11.26 re f /GS0 gs q 0 0 0 rg BT 65.00 547.00 Td (CONTROLS ) Tj ET Q q 0 0 0 rg BT 135.22 547.00 Td (AND ) Tj ET Q q 0 0 0 rg BT 164.55 547.00 Td (PROCEDURES) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 528.48 160.07 -9.36 re f /GS0 gs q 0 0 0 rg BT 65.00 521.20 Td (Disclosure Controls and Procedures) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 508.68 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 501.40 Td (Our ) Tj ET Q q 0 0 0 rg BT 83.51 501.40 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 130.37 501.40 Td (controls ) Tj ET Q q 0 0 0 rg BT 167.23 501.40 Td (and ) Tj ET Q q 0 0 0 rg BT 185.76 501.40 Td (procedures ) Tj ET Q q 0 0 0 rg BT 237.63 501.40 Td (are ) Tj ET Q q 0 0 0 rg BT 253.92 501.40 Td (designed ) Tj ET Q q 0 0 0 rg BT 296.36 501.40 Td (to ) Tj ET Q q 0 0 0 rg BT 306.54 501.40 Td (provide ) Tj ET Q q 0 0 0 rg BT 341.18 501.40 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 392.50 501.40 Td (assurance ) Tj ET Q q 0 0 0 rg BT 440.48 501.40 Td (that ) Tj ET Q q 0 0 0 rg BT 459.01 501.40 Td (information ) Tj ET Q q 0 0 0 rg BT 510.32 501.40 Td (required ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 494.88 484.80 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 487.60 Td (to ) Tj ET Q q 0 0 0 rg BT 76.43 487.60 Td (be ) Tj ET Q q 0 0 0 rg BT 90.65 487.60 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 135.43 487.60 Td (by ) Tj ET Q q 0 0 0 rg BT 149.08 487.60 Td (EFH ) Tj ET Q q 0 0 0 rg BT 172.17 487.60 Td (is ) Tj ET Q q 0 0 0 rg BT 182.49 487.60 Td (recorded, ) Tj ET Q q 0 0 0 rg BT 227.82 487.60 Td (processed, ) Tj ET Q q 0 0 0 rg BT 279.83 487.60 Td (summarized ) Tj ET Q q 0 0 0 rg BT 337.38 487.60 Td (and ) Tj ET Q q 0 0 0 rg BT 357.16 487.60 Td (reported ) Tj ET Q q 0 0 0 rg BT 397.50 487.60 Td (in ) Tj ET Q q 0 0 0 rg BT 408.37 487.60 Td (a ) Tj ET Q q 0 0 0 rg BT 417.02 487.60 Td (timely ) Tj ET Q q 0 0 0 rg BT 446.23 487.60 Td (manner) Tj ET Q q 0 0 0 rg BT 479.58 487.60 Td (. ) Tj ET Q q 0 0 0 rg BT 485.45 487.60 Td ( ) Tj ET Q q 0 0 0 rg BT 488.34 487.60 Td (This ) Tj ET Q q 0 0 0 rg BT 510.33 487.60 Td (includes ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 481.08 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 473.80 Td (controls ) Tj ET Q q 0 0 0 rg BT 103.55 473.80 Td (and ) Tj ET Q q 0 0 0 rg BT 123.77 473.80 Td (procedures ) Tj ET Q q 0 0 0 rg BT 177.34 473.80 Td (that ) Tj ET Q q 0 0 0 rg BT 197.55 473.80 Td (are ) Tj ET Q q 0 0 0 rg BT 215.54 473.80 Td (designed ) Tj ET Q q 0 0 0 rg BT 259.67 473.80 Td (to ) Tj ET Q q 0 0 0 rg BT 271.55 473.80 Td (ensure ) Tj ET Q q 0 0 0 rg BT 305.66 473.80 Td (that ) Tj ET Q q 0 0 0 rg BT 325.88 473.80 Td (information ) Tj ET Q q 0 0 0 rg BT 378.88 473.80 Td (is ) Tj ET Q q 0 0 0 rg BT 389.64 473.80 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 449.88 473.80 Td (and ) Tj ET Q q 0 0 0 rg BT 470.10 473.80 Td (communicated ) Tj ET Q q 0 0 0 rg BT 538.66 473.80 Td (to ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 467.28 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 460.00 Td (management, ) Tj ET Q q 0 0 0 rg BT 130.84 460.00 Td (including ) Tj ET Q q 0 0 0 rg BT 175.01 460.00 Td (the ) Tj ET Q q 0 0 0 rg BT 193.61 460.00 Td (Chief ) Tj ET Q q 0 0 0 rg BT 221.65 460.00 Td (Executive ) Tj ET Q q 0 0 0 rg BT 269.70 460.00 Td (Of) Tj ET Q q 0 0 0 rg BT 280.07 460.00 Td (ficer ) Tj ET Q q 0 0 0 rg BT 303.66 460.00 Td (and ) Tj ET Q q 0 0 0 rg BT 325.04 460.00 Td (Chief ) Tj ET Q q 0 0 0 rg BT 353.08 460.00 Td (Financial ) Tj ET Q q 0 0 0 rg BT 397.79 460.00 Td (Of) Tj ET Q q 0 0 0 rg BT 408.17 460.00 Td (ficer) Tj ET Q q 0 0 0 rg BT 426.51 460.00 Td (, ) Tj ET Q q 0 0 0 rg BT 433.98 460.00 Td (to ) Tj ET Q q 0 0 0 rg BT 447.02 460.00 Td (allow ) Tj ET Q q 0 0 0 rg BT 474.50 460.00 Td (timely ) Tj ET Q q 0 0 0 rg BT 505.31 460.00 Td (decisions ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 453.48 132.29 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 446.20 Td (regarding ) Tj ET Q q 0 0 0 rg BT 110.03 446.20 Td (required ) Tj ET Q q 0 0 0 rg BT 149.50 446.20 Td (disclosure.) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 433.68 25.40 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 426.40 Td (As ) Tj ET Q q 0 0 0 rg BT 79.37 426.40 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 90.40 433.68 69.40 -9.38 re f /GS0 gs q 0 0 0 rg BT 90.40 426.40 Td (March31, ) Tj ET Q q 0 0 0 rg BT 137.56 426.40 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 159.81 433.68 389.99 -9.38 re f /GS0 gs q 0 0 0 rg BT 159.81 426.40 Td (, ) Tj ET Q q 0 0 0 rg BT 165.28 426.40 Td (an ) Tj ET Q q 0 0 0 rg BT 179.10 426.40 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 227.39 426.40 Td (was ) Tj ET Q q 0 0 0 rg BT 247.86 426.40 Td (carried ) Tj ET Q q 0 0 0 rg BT 281.13 426.40 Td (out, ) Tj ET Q q 0 0 0 rg BT 300.50 426.40 Td (under ) Tj ET Q q 0 0 0 rg BT 328.77 426.40 Td (the ) Tj ET Q q 0 0 0 rg BT 345.37 426.40 Td (supervision ) Tj ET Q q 0 0 0 rg BT 398.65 426.40 Td (of ) Tj ET Q q 0 0 0 rg BT 409.68 426.40 Td (the ) Tj ET Q q 0 0 0 rg BT 426.28 426.40 Td (Chief ) Tj ET Q q 0 0 0 rg BT 452.32 426.40 Td (Executive ) Tj ET Q q 0 0 0 rg BT 498.37 426.40 Td (Of) Tj ET Q q 0 0 0 rg BT 508.75 426.40 Td (ficer ) Tj ET Q q 0 0 0 rg BT 530.34 426.40 Td (and ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 419.88 484.77 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 412.60 Td (Chief ) Tj ET Q q 0 0 0 rg BT 91.52 412.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 134.72 412.60 Td (Of) Tj ET Q q 0 0 0 rg BT 145.10 412.60 Td (ficer) Tj ET Q q 0 0 0 rg BT 163.44 412.60 Td (, ) Tj ET Q q 0 0 0 rg BT 169.40 412.60 Td (of ) Tj ET Q q 0 0 0 rg BT 180.92 412.60 Td (the ) Tj ET Q q 0 0 0 rg BT 198.00 412.60 Td (ef) Tj ET Q q 0 0 0 rg BT 206.16 412.60 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 259.36 412.60 Td (of ) Tj ET Q q 0 0 0 rg BT 270.88 412.60 Td (the ) Tj ET Q q 0 0 0 rg BT 287.96 412.60 Td (Company) Tj ET Q q 0 0 0 rg BT 332.80 412.60 Td (s ) Tj ET Q q 0 0 0 rg BT 340.98 412.60 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 389.18 412.60 Td (controls ) Tj ET Q q 0 0 0 rg BT 427.37 412.60 Td (and ) Tj ET Q q 0 0 0 rg BT 447.24 412.60 Td (procedures ) Tj ET Q q 0 0 0 rg BT 500.45 412.60 Td (as ) Tj ET Q q 0 0 0 rg BT 514.19 412.60 Td (defined ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 406.08 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 398.80 Td (under ) Tj ET Q q 0 0 0 rg BT 94.48 398.80 Td (Multilateral ) Tj ET Q q 0 0 0 rg BT 146.74 398.80 Td (Instrument ) Tj ET Q q 0 0 0 rg BT 197.89 398.80 Td (52-109. ) Tj ET Q q 0 0 0 rg BT 235.71 398.80 Td ( ) Tj ET Q q 0 0 0 rg BT 239.62 398.80 Td (Based ) Tj ET Q q 0 0 0 rg BT 271.88 398.80 Td (on ) Tj ET Q q 0 0 0 rg BT 286.91 398.80 Td (that ) Tj ET Q q 0 0 0 rg BT 307.50 398.80 Td (evaluation, ) Tj ET Q q 0 0 0 rg BT 359.77 398.80 Td (the ) Tj ET Q q 0 0 0 rg BT 377.58 398.80 Td (Chief ) Tj ET Q q 0 0 0 rg BT 404.83 398.80 Td (Executive ) Tj ET Q q 0 0 0 rg BT 452.10 398.80 Td (Of) Tj ET Q q 0 0 0 rg BT 462.47 398.80 Td (ficer ) Tj ET Q q 0 0 0 rg BT 485.27 398.80 Td (and ) Tj ET Q q 0 0 0 rg BT 505.86 398.80 Td (the ) Tj ET Q q 0 0 0 rg BT 523.67 398.80 Td (Chief ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 392.28 448.22 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 385.00 Td (Financial ) Tj ET Q q 0 0 0 rg BT 107.80 385.00 Td (Of) Tj ET Q q 0 0 0 rg BT 118.17 385.00 Td (ficer ) Tj ET Q q 0 0 0 rg BT 139.84 385.00 Td (concluded ) Tj ET Q q 0 0 0 rg BT 188.21 385.00 Td (that ) Tj ET Q q 0 0 0 rg BT 207.67 385.00 Td (the ) Tj ET Q q 0 0 0 rg BT 224.35 385.00 Td (design ) Tj ET Q q 0 0 0 rg BT 256.60 385.00 Td (of ) Tj ET Q q 0 0 0 rg BT 267.71 385.00 Td (these ) Tj ET Q q 0 0 0 rg BT 294.96 385.00 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 342.75 385.00 Td (controls ) Tj ET Q q 0 0 0 rg BT 380.55 385.00 Td (and ) Tj ET Q q 0 0 0 rg BT 400.01 385.00 Td (procedures ) Tj ET Q q 0 0 0 rg BT 452.82 385.00 Td (was ) Tj ET Q q 0 0 0 rg BT 473.38 385.00 Td (ef) Tj ET Q q 0 0 0 rg BT 481.54 385.00 Td (fective.) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 366.48 184.54 -9.36 re f /GS0 gs q 0 0 0 rg BT 65.00 359.20 Td (Internal ) Tj ET Q q 0 0 0 rg BT 101.13 359.20 Td (Controls ) Tj ET Q q 0 0 0 rg BT 141.15 359.20 Td (over ) Tj ET Q q 0 0 0 rg BT 163.38 359.20 Td (Financial ) Tj ET Q q 0 0 0 rg BT 206.18 359.20 Td (Reporting) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 346.68 106.73 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 339.40 Td (As ) Tj ET Q q 0 0 0 rg BT 79.34 339.40 Td (at ) Tj ET Q q 0 0 0 rg BT 90.34 339.40 Td (the ) Tj ET Q q 0 0 0 rg BT 106.91 339.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 141.26 339.40 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 171.73 346.68 69.37 -9.38 re f /GS0 gs q 0 0 0 rg BT 171.73 339.40 Td (March31, ) Tj ET Q q 0 0 0 rg BT 218.86 339.40 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 241.11 346.68 308.67 -9.38 re f /GS0 gs q 0 0 0 rg BT 241.11 339.40 Td (, ) Tj ET Q q 0 0 0 rg BT 246.55 339.40 Td (the ) Tj ET Q q 0 0 0 rg BT 263.12 339.40 Td (Chief ) Tj ET Q q 0 0 0 rg BT 289.13 339.40 Td (Executive ) Tj ET Q q 0 0 0 rg BT 335.15 339.40 Td (Of) Tj ET Q q 0 0 0 rg BT 345.52 339.40 Td (ficer ) Tj ET Q q 0 0 0 rg BT 367.08 339.40 Td (and ) Tj ET Q q 0 0 0 rg BT 386.43 339.40 Td (the ) Tj ET Q q 0 0 0 rg BT 403.00 339.40 Td (Chief ) Tj ET Q q 0 0 0 rg BT 429.01 339.40 Td (Financial ) Tj ET Q q 0 0 0 rg BT 471.69 339.40 Td (Of) Tj ET Q q 0 0 0 rg BT 482.07 339.40 Td (ficer ) Tj ET Q q 0 0 0 rg BT 503.63 339.40 Td (evaluated ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 332.88 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 325.60 Td (the ) Tj ET Q q 0 0 0 rg BT 82.88 325.60 Td (design ) Tj ET Q q 0 0 0 rg BT 116.32 325.60 Td (of ) Tj ET Q q 0 0 0 rg BT 128.63 325.60 Td (the ) Tj ET Q q 0 0 0 rg BT 146.50 325.60 Td (Company) Tj ET Q q 0 0 0 rg BT 191.34 325.60 Td (s ) Tj ET Q q 0 0 0 rg BT 200.32 325.60 Td (internal ) Tj ET Q q 0 0 0 rg BT 237.09 325.60 Td (control ) Tj ET Q q 0 0 0 rg BT 271.08 325.60 Td (over ) Tj ET Q q 0 0 0 rg BT 294.50 325.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 335.17 325.60 Td (reporting. ) Tj ET Q q 0 0 0 rg BT 381.39 325.60 Td ( ) Tj ET Q q 0 0 0 rg BT 385.36 325.60 Td (Based ) Tj ET Q q 0 0 0 rg BT 417.69 325.60 Td (on ) Tj ET Q q 0 0 0 rg BT 432.79 325.60 Td (that ) Tj ET Q q 0 0 0 rg BT 453.44 325.60 Td (evaluation, ) Tj ET Q q 0 0 0 rg BT 505.78 325.60 Td (the ) Tj ET Q q 0 0 0 rg BT 523.66 325.60 Td (Chief ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 319.08 437.53 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 311.80 Td (Executive ) Tj ET Q q 0 0 0 rg BT 110.92 311.80 Td (Of) Tj ET Q q 0 0 0 rg BT 121.29 311.80 Td (ficer ) Tj ET Q q 0 0 0 rg BT 142.75 311.80 Td (and ) Tj ET Q q 0 0 0 rg BT 161.99 311.80 Td (the ) Tj ET Q q 0 0 0 rg BT 178.46 311.80 Td (Chief ) Tj ET Q q 0 0 0 rg BT 204.37 311.80 Td (Financial ) Tj ET Q q 0 0 0 rg BT 246.95 311.80 Td (Of) Tj ET Q q 0 0 0 rg BT 257.32 311.80 Td (ficer ) Tj ET Q q 0 0 0 rg BT 278.78 311.80 Td (concluded ) Tj ET Q q 0 0 0 rg BT 326.93 311.80 Td (that ) Tj ET Q q 0 0 0 rg BT 346.17 311.80 Td (the ) Tj ET Q q 0 0 0 rg BT 362.64 311.80 Td (design ) Tj ET Q q 0 0 0 rg BT 394.67 311.80 Td (of ) Tj ET Q q 0 0 0 rg BT 405.57 311.80 Td (internal ) Tj ET Q q 0 0 0 rg BT 440.93 311.80 Td (controls ) Tj ET Q q 0 0 0 rg BT 478.51 311.80 Td (as ) Tj ET Q q 0 0 0 rg BT 491.63 311.80 Td (at ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 502.53 319.08 47.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 502.53 311.80 Td (March31, ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 305.28 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 298.00 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 87.25 305.28 462.54 -9.38 re f /GS0 gs q 0 0 0 rg BT 87.25 298.00 Td (, ) Tj ET Q q 0 0 0 rg BT 93.97 298.00 Td (was ) Tj ET Q q 0 0 0 rg BT 115.70 298.00 Td (ef) Tj ET Q q 0 0 0 rg BT 123.86 298.00 Td (fective ) Tj ET Q q 0 0 0 rg BT 156.71 298.00 Td (to ) Tj ET Q q 0 0 0 rg BT 168.99 298.00 Td (provide ) Tj ET Q q 0 0 0 rg BT 205.74 298.00 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 259.17 298.00 Td (assurance ) Tj ET Q q 0 0 0 rg BT 309.25 298.00 Td (regarding ) Tj ET Q q 0 0 0 rg BT 355.45 298.00 Td (the ) Tj ET Q q 0 0 0 rg BT 373.29 298.00 Td (reliability ) Tj ET Q q 0 0 0 rg BT 416.14 298.00 Td (of ) Tj ET Q q 0 0 0 rg BT 428.43 298.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 469.06 298.00 Td (reporting ) Tj ET Q q 0 0 0 rg BT 512.48 298.00 Td (and ) Tj ET Q q 0 0 0 rg BT 533.11 298.00 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 291.48 363.52 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 284.20 Td (preparation ) Tj ET Q q 0 0 0 rg BT 118.37 284.20 Td (of ) Tj ET Q q 0 0 0 rg BT 129.49 284.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 168.96 284.20 Td (statements ) Tj ET Q q 0 0 0 rg BT 220.64 284.20 Td (for ) Tj ET Q q 0 0 0 rg BT 235.09 284.20 Td (external ) Tj ET Q q 0 0 0 rg BT 273.45 284.20 Td (purposes ) Tj ET Q q 0 0 0 rg BT 317.36 284.20 Td (in ) Tj ET Q q 0 0 0 rg BT 327.92 284.20 Td (accordance ) Tj ET Q q 0 0 0 rg BT 382.40 284.20 Td (with ) Tj ET Q q 0 0 0 rg BT 402.96 284.20 Td (IFRS.) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 271.68 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 264.40 Td (There ) Tj ET Q q 0 0 0 rg BT 93.12 264.40 Td (have ) Tj ET Q q 0 0 0 rg BT 116.79 264.40 Td (been ) Tj ET Q q 0 0 0 rg BT 141.03 264.40 Td (no ) Tj ET Q q 0 0 0 rg BT 154.15 264.40 Td (changes ) Tj ET Q q 0 0 0 rg BT 193.95 264.40 Td (in ) Tj ET Q q 0 0 0 rg BT 203.72 264.40 Td (the ) Tj ET Q q 0 0 0 rg BT 219.62 264.40 Td (Company) Tj ET Q q 0 0 0 rg BT 264.46 264.40 Td (s ) Tj ET Q q 0 0 0 rg BT 271.45 264.40 Td (internal ) Tj ET Q q 0 0 0 rg BT 306.24 264.40 Td (control ) Tj ET Q q 0 0 0 rg BT 338.25 264.40 Td (over ) Tj ET Q q 0 0 0 rg BT 359.69 264.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 398.38 264.40 Td (reporting ) Tj ET Q q 0 0 0 rg BT 439.84 264.40 Td (during ) Tj ET Q q 0 0 0 rg BT 469.63 264.40 Td (the ) Tj ET Q q 0 0 0 rg BT 485.52 264.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 519.20 264.40 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 257.88 68.68 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 250.60 Td (March31, ) Tj ET Q q 0 0 0 rg BT 111.43 250.60 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 133.68 257.88 416.10 -9.38 re f /GS0 gs q 0 0 0 rg BT 133.68 250.60 Td (, ) Tj ET Q q 0 0 0 rg BT 138.42 250.60 Td (that ) Tj ET Q q 0 0 0 rg BT 157.07 250.60 Td (have ) Tj ET Q q 0 0 0 rg BT 180.72 250.60 Td (materially ) Tj ET Q q 0 0 0 rg BT 225.48 250.60 Td (af) Tj ET Q q 0 0 0 rg BT 233.64 250.60 Td (fected ) Tj ET Q q 0 0 0 rg BT 262.85 250.60 Td (or ) Tj ET Q q 0 0 0 rg BT 273.71 250.60 Td (are ) Tj ET Q q 0 0 0 rg BT 290.13 250.60 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 341.02 250.60 Td (likely ) Tj ET Q q 0 0 0 rg BT 365.21 250.60 Td (to ) Tj ET Q q 0 0 0 rg BT 375.52 250.60 Td (materially ) Tj ET Q q 0 0 0 rg BT 420.28 250.60 Td (af) Tj ET Q q 0 0 0 rg BT 428.44 250.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 446.52 250.60 Td (the ) Tj ET Q q 0 0 0 rg BT 462.39 250.60 Td (Company) Tj ET Q q 0 0 0 rg BT 507.23 250.60 Td (s ) Tj ET Q q 0 0 0 rg BT 514.20 250.60 Td (internal ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 244.08 136.74 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 236.80 Td (control ) Tj ET Q q 0 0 0 rg BT 97.79 236.80 Td (over ) Tj ET Q q 0 0 0 rg BT 120.02 236.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 159.49 236.80 Td (reporting.) Tj ET Q BT /F2 12.00 Tf ET 1 1 1 rg /GS0 gs 65.00 210.99 326.67 -11.26 re f /GS0 gs q 0 0 0 rg BT 65.00 202.25 Td (CRITICAL) Tj ET Q q 0 0 0 rg BT 120.78 202.25 Td ( ) Tj ET Q q 0 0 0 rg BT 123.66 202.25 Td (ACCOUNTING ESTIMA) Tj ET Q q 0 0 0 rg BT 252.77 202.25 Td (TES ) Tj ET Q q 0 0 0 rg BT 279.00 202.25 Td (AND JUDGEMENTS) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 183.73 374.92 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 176.45 Td (For ) Tj ET Q q 0 0 0 rg BT 83.29 176.45 Td (a ) Tj ET Q q 0 0 0 rg BT 92.14 176.45 Td (description ) Tj ET Q q 0 0 0 rg BT 143.79 176.45 Td (of ) Tj ET Q q 0 0 0 rg BT 155.42 176.45 Td (EFH) Tj ET Q q 0 0 0 rg BT 177.46 176.45 Td (s ) Tj ET Q q 0 0 0 rg BT 185.75 176.45 Td (accounting ) Tj ET Q q 0 0 0 rg BT 237.41 176.45 Td (policies, ) Tj ET Q q 0 0 0 rg BT 276.83 176.45 Td (which ) Tj ET Q q 0 0 0 rg BT 305.68 176.45 Td (are ) Tj ET Q q 0 0 0 rg BT 323.42 176.45 Td (on ) Tj ET Q q 0 0 0 rg BT 337.84 176.45 Td (an ) Tj ET Q q 0 0 0 rg BT 352.25 176.45 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 378.32 176.45 Td (basis, ) Tj ET Q q 0 0 0 rg BT 407.73 176.45 Td (refer ) Tj ET Q q 0 0 0 rg BT 431.58 176.45 Td (to) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 1 1 1 rg /GS0 gs 439.92 183.73 3.29 -9.38 re f /GS0 gs q 0 1 0 rg BT 439.92 176.45 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 1 1 1 rg /GS0 gs 443.21 183.73 106.58 -9.38 re f /GS0 gs q 0 0 0 rg BT 443.21 176.45 Td (note ) Tj ET Q q 0 0 0 rg BT 465.96 176.45 Td (3 ) Tj ET Q q 0 0 0 rg BT 474.81 176.45 Td (in ) Tj ET Q q 0 0 0 rg BT 485.89 176.45 Td (the ) Tj ET Q q 0 0 0 rg BT 503.08 176.45 Td (unaudited ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 169.93 334.41 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 162.65 Td (condensed ) Tj ET Q q 0 0 0 rg BT 117.11 162.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 176.45 162.65 Td (interim ) Tj ET Q q 0 0 0 rg BT 209.64 162.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 249.51 162.65 Td (statements ) Tj ET Q q 0 0 0 rg BT 301.61 162.65 Td (for ) Tj ET Q q 0 0 0 rg BT 316.46 162.65 Td (the ) Tj ET Q q 0 0 0 rg BT 333.55 162.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 368.42 162.65 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 399.41 169.93 69.89 -9.38 re f /GS0 gs q 0 0 0 rg BT 399.41 162.65 Td (March31, ) Tj ET Q q 0 0 0 rg BT 447.06 162.65 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 469.30 169.93 80.48 -9.38 re f /GS0 gs q 0 0 0 rg BT 469.30 162.65 Td (. ) Tj ET Q q 0 0 0 rg BT 475.26 162.65 Td ( ) Tj ET Q q 0 0 0 rg BT 477.82 162.65 Td (A) Tj ET Q q 0 0 0 rg BT 483.93 162.65 Td ( ) Tj ET Q q 0 0 0 rg BT 487.12 162.65 Td (description ) Tj ET Q q 0 0 0 rg BT 538.66 162.65 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 156.13 482.00 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 148.85 Td (EFH) Tj ET Q q 0 0 0 rg BT 87.04 148.85 Td (s ) Tj ET Q q 0 0 0 rg BT 93.83 148.85 Td (critical ) Tj ET Q q 0 0 0 rg BT 123.95 148.85 Td (accounting ) Tj ET Q q 0 0 0 rg BT 174.11 148.85 Td (estimates ) Tj ET Q q 0 0 0 rg BT 218.69 148.85 Td (and ) Tj ET Q q 0 0 0 rg BT 237.16 148.85 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 295.09 148.85 Td (is ) Tj ET Q q 0 0 0 rg BT 304.10 148.85 Td (also ) Tj ET Q q 0 0 0 rg BT 324.23 148.85 Td (detailed ) Tj ET Q q 0 0 0 rg BT 361.05 148.85 Td (in ) Tj ET Q q 0 0 0 rg BT 370.62 148.85 Td (note ) Tj ET Q q 0 0 0 rg BT 391.87 148.85 Td (4 ) Tj ET Q q 0 0 0 rg BT 399.22 148.85 Td (of ) Tj ET Q q 0 0 0 rg BT 409.35 148.85 Td (the ) Tj ET Q q 0 0 0 rg BT 425.04 148.85 Td (interim ) Tj ET Q q 0 0 0 rg BT 456.83 148.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 495.31 148.85 Td (statements.) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 32.70 Td ( ) Tj ET Q q 0 0 0 rg BT 479.00 32.70 Td (Page 17) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 63.00 740.30 Td (GLOSSAR) Tj ET Q q 0 0 0 rg BT 121.89 740.30 Td (Y) Tj ET Q q 0 0 0 rg BT 129.68 740.30 Td ( ) Tj ET Q q 0 0 0 rg BT 133.01 740.30 Td (OF ) Tj ET Q q 0 0 0 rg BT 153.01 740.30 Td (SELECTED ) Tj ET Q q 0 0 0 rg BT 220.35 740.30 Td (INSURANCE ) Tj ET Q q 0 0 0 rg BT 295.03 740.30 Td (TERMS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 716.30 Td (Cede ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.50 716.30 Td (means ) Tj ET Q q 0 0 0 rg BT 133.57 716.30 Td (the ) Tj ET Q q 0 0 0 rg BT 150.52 716.30 Td (act ) Tj ET Q q 0 0 0 rg BT 166.91 716.30 Td (of ) Tj ET Q q 0 0 0 rg BT 178.30 716.30 Td (an ) Tj ET Q q 0 0 0 rg BT 192.47 716.30 Td (insurer ) Tj ET Q q 0 0 0 rg BT 226.09 716.30 Td (transferring ) Tj ET Q q 0 0 0 rg BT 279.71 716.30 Td (or ) Tj ET Q q 0 0 0 rg BT 291.65 716.30 Td (assigning ) Tj ET Q q 0 0 0 rg BT 336.96 716.30 Td (part ) Tj ET Q q 0 0 0 rg BT 357.24 716.30 Td (or ) Tj ET Q q 0 0 0 rg BT 369.18 716.30 Td (all ) Tj ET Q q 0 0 0 rg BT 382.23 716.30 Td (of ) Tj ET Q q 0 0 0 rg BT 393.62 716.30 Td (the ) Tj ET Q q 0 0 0 rg BT 410.57 716.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 429.17 716.30 Td (on ) Tj ET Q q 0 0 0 rg BT 443.35 716.30 Td (an ) Tj ET Q q 0 0 0 rg BT 457.52 716.30 Td (insurance ) Tj ET Q q 0 0 0 rg BT 503.93 716.30 Td (policy ) Tj ET Q q 0 0 0 rg BT 532.55 716.30 Td (written ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 704.30 Td (by ) Tj ET Q q 0 0 0 rg BT 76.34 704.30 Td (it ) Tj ET Q q 0 0 0 rg BT 84.12 704.30 Td (to ) Tj ET Q q 0 0 0 rg BT 95.24 704.30 Td (a ) Tj ET Q q 0 0 0 rg BT 103.58 704.30 Td (reinsurer ) Tj ET Q q 0 0 0 rg BT 145.81 704.30 Td (by ) Tj ET Q q 0 0 0 rg BT 159.15 704.30 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 210.85 704.30 Td (insurance ) Tj ET Q q 0 0 0 rg BT 256.99 704.30 Td (from ) Tj ET Q q 0 0 0 rg BT 279.77 704.30 Td (such ) Tj ET Q q 0 0 0 rg BT 303.67 704.30 Td (reinsurer ) Tj ET Q q 0 0 0 rg BT 345.91 704.30 Td (to ) Tj ET Q q 0 0 0 rg BT 357.02 704.30 Td (cover ) Tj ET Q q 0 0 0 rg BT 384.25 704.30 Td (the ) Tj ET Q q 0 0 0 rg BT 400.93 704.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 419.26 704.30 Td (or ) Tj ET Q q 0 0 0 rg BT 430.93 704.30 Td (part ) Tj ET Q q 0 0 0 rg BT 450.94 704.30 Td (thereof.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 686.30 Td (Combined ) Tj ET Q q 0 0 0 rg BT 119.26 686.30 Td (ratio ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 148.31 686.30 Td (of ) Tj ET Q q 0 0 0 rg BT 159.02 686.30 Td (an ) Tj ET Q q 0 0 0 rg BT 172.52 686.30 Td (insurer ) Tj ET Q q 0 0 0 rg BT 205.46 686.30 Td (for ) Tj ET Q q 0 0 0 rg BT 219.51 686.30 Td (any ) Tj ET Q q 0 0 0 rg BT 238.01 686.30 Td (period ) Tj ET Q q 0 0 0 rg BT 268.18 686.30 Td (means ) Tj ET Q q 0 0 0 rg BT 300.57 686.30 Td (the ) Tj ET Q q 0 0 0 rg BT 316.85 686.30 Td (sum ) Tj ET Q q 0 0 0 rg BT 338.11 686.30 Td (of ) Tj ET Q q 0 0 0 rg BT 348.83 686.30 Td (the ) Tj ET Q q 0 0 0 rg BT 365.11 686.30 Td (loss ) Tj ET Q q 0 0 0 rg BT 385.27 686.30 Td (ratio ) Tj ET Q q 0 0 0 rg BT 407.09 686.30 Td (and ) Tj ET Q q 0 0 0 rg BT 426.15 686.30 Td (the ) Tj ET Q q 0 0 0 rg BT 442.43 686.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 482.61 686.30 Td (ratio ) Tj ET Q q 0 0 0 rg BT 504.44 686.30 Td (of ) Tj ET Q q 0 0 0 rg BT 515.16 686.30 Td (the ) Tj ET Q q 0 0 0 rg BT 531.44 686.30 Td (insurer ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 674.30 Td (for ) Tj ET Q q 0 0 0 rg BT 77.45 674.30 Td (such ) Tj ET Q q 0 0 0 rg BT 101.35 674.30 Td (period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 656.30 Td (Direct ) Tj ET Q q 0 0 0 rg BT 98.25 656.30 Td (written ) Tj ET Q q 0 0 0 rg BT 132.93 656.30 Td (premiums ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 187.63 656.30 Td (of ) Tj ET Q q 0 0 0 rg BT 197.87 656.30 Td (an ) Tj ET Q q 0 0 0 rg BT 210.90 656.30 Td (insurer ) Tj ET Q q 0 0 0 rg BT 243.37 656.30 Td (for ) Tj ET Q q 0 0 0 rg BT 256.94 656.30 Td (any ) Tj ET Q q 0 0 0 rg BT 274.96 656.30 Td (period ) Tj ET Q q 0 0 0 rg BT 304.67 656.30 Td (means ) Tj ET Q q 0 0 0 rg BT 336.58 656.30 Td (the ) Tj ET Q q 0 0 0 rg BT 352.39 656.30 Td (total ) Tj ET Q q 0 0 0 rg BT 373.19 656.30 Td (premiums ) Tj ET Q q 0 0 0 rg BT 418.99 656.30 Td (on ) Tj ET Q q 0 0 0 rg BT 432.02 656.30 Td (insurance, ) Tj ET Q q 0 0 0 rg BT 480.06 656.30 Td (including ) Tj ET Q q 0 0 0 rg BT 521.44 656.30 Td (assumed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 644.30 Td (reinsurance, ) Tj ET Q q 0 0 0 rg BT 120.81 644.30 Td (written ) Tj ET Q q 0 0 0 rg BT 153.04 644.30 Td (by ) Tj ET Q q 0 0 0 rg BT 166.38 644.30 Td (the ) Tj ET Q q 0 0 0 rg BT 183.06 644.30 Td (insurer ) Tj ET Q q 0 0 0 rg BT 216.40 644.30 Td (during ) Tj ET Q q 0 0 0 rg BT 246.98 644.30 Td (such ) Tj ET Q q 0 0 0 rg BT 270.88 644.30 Td (period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 626.30 Td (Expense ) Tj ET Q q 0 0 0 rg BT 111.31 626.30 Td (ratio ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 140.16 626.30 Td (for ) Tj ET Q q 0 0 0 rg BT 154.00 626.30 Td (any ) Tj ET Q q 0 0 0 rg BT 172.30 626.30 Td (period ) Tj ET Q q 0 0 0 rg BT 202.28 626.30 Td (means ) Tj ET Q q 0 0 0 rg BT 234.47 626.30 Td (the ) Tj ET Q q 0 0 0 rg BT 250.55 626.30 Td (sum ) Tj ET Q q 0 0 0 rg BT 271.62 626.30 Td (of ) Tj ET Q q 0 0 0 rg BT 282.14 626.30 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 329.90 626.30 Td (including ) Tj ET Q q 0 0 0 rg BT 371.55 626.30 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 434.29 626.30 Td (premium ) Tj ET Q q 0 0 0 rg BT 475.37 626.30 Td (taxes ) Tj ET Q q 0 0 0 rg BT 501.45 626.30 Td (and ) Tj ET Q q 0 0 0 rg BT 520.31 626.30 Td (operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 614.30 Td (expenses ) Tj ET Q q 0 0 0 rg BT 108.59 614.30 Td (incurred, ) Tj ET Q q 0 0 0 rg BT 150.27 614.30 Td (expressed ) Tj ET Q q 0 0 0 rg BT 199.19 614.30 Td (as ) Tj ET Q q 0 0 0 rg BT 212.53 614.30 Td (a ) Tj ET Q q 0 0 0 rg BT 220.87 614.30 Td (percentage ) Tj ET Q q 0 0 0 rg BT 273.68 614.30 Td (of ) Tj ET Q q 0 0 0 rg BT 284.80 614.30 Td (net ) Tj ET Q q 0 0 0 rg BT 301.48 614.30 Td (earned ) Tj ET Q q 0 0 0 rg BT 335.40 614.30 Td (premiums.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 596.30 Td (Loss ) Tj ET Q q 0 0 0 rg BT 94.33 596.30 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 150.67 596.30 Td (expenses ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 204.24 596.30 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.13 596.30 Td (LAE ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 249.12 596.30 Td (means ) Tj ET Q q 0 0 0 rg BT 282.13 596.30 Td (the ) Tj ET Q q 0 0 0 rg BT 299.02 596.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 339.82 596.30 Td (of ) Tj ET Q q 0 0 0 rg BT 351.15 596.30 Td (settling ) Tj ET Q q 0 0 0 rg BT 385.83 596.30 Td (claims, ) Tj ET Q q 0 0 0 rg BT 419.94 596.30 Td (including ) Tj ET Q q 0 0 0 rg BT 462.40 596.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 495.41 596.30 Td (legal ) Tj ET Q q 0 0 0 rg BT 519.53 596.30 Td (and ) Tj ET Q q 0 0 0 rg BT 539.21 596.30 Td (other ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 584.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 84.68 584.30 Td (and ) Tj ET Q q 0 0 0 rg BT 104.14 584.30 Td (the ) Tj ET Q q 0 0 0 rg BT 120.82 584.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 161.41 584.30 Td (of ) Tj ET Q q 0 0 0 rg BT 172.53 584.30 Td (administering ) Tj ET Q q 0 0 0 rg BT 234.78 584.30 Td (the ) Tj ET Q q 0 0 0 rg BT 251.46 584.30 Td (claims ) Tj ET Q q 0 0 0 rg BT 282.57 584.30 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 334.26 584.30 Td (process.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 566.30 Td (Loss ) Tj ET Q q 0 0 0 rg BT 93.46 566.30 Td (ratio ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 122.25 566.30 Td (for ) Tj ET Q q 0 0 0 rg BT 136.03 566.30 Td (any ) Tj ET Q q 0 0 0 rg BT 154.27 566.30 Td (period ) Tj ET Q q 0 0 0 rg BT 184.19 566.30 Td (means ) Tj ET Q q 0 0 0 rg BT 216.32 566.30 Td (the ) Tj ET Q q 0 0 0 rg BT 232.34 566.30 Td (sum ) Tj ET Q q 0 0 0 rg BT 253.35 566.30 Td (of ) Tj ET Q q 0 0 0 rg BT 263.81 566.30 Td (claims ) Tj ET Q q 0 0 0 rg BT 294.26 566.30 Td (and ) Tj ET Q q 0 0 0 rg BT 313.06 566.30 Td (claims ) Tj ET Q q 0 0 0 rg BT 343.51 566.30 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 394.55 566.30 Td (expenses ) Tj ET Q q 0 0 0 rg BT 439.47 566.30 Td (incurred, ) Tj ET Q q 0 0 0 rg BT 480.50 566.30 Td (net ) Tj ET Q q 0 0 0 rg BT 496.52 566.30 Td (of ) Tj ET Q q 0 0 0 rg BT 506.97 566.30 Td (reinsurance, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 554.30 Td (expressed ) Tj ET Q q 0 0 0 rg BT 111.92 554.30 Td (as ) Tj ET Q q 0 0 0 rg BT 125.26 554.30 Td (a ) Tj ET Q q 0 0 0 rg BT 133.60 554.30 Td (percentage ) Tj ET Q q 0 0 0 rg BT 186.41 554.30 Td (of ) Tj ET Q q 0 0 0 rg BT 197.53 554.30 Td (net ) Tj ET Q q 0 0 0 rg BT 214.21 554.30 Td (earned ) Tj ET Q q 0 0 0 rg BT 248.13 554.30 Td (premiums.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 536.30 Td (Minimum ) Tj ET Q q 0 0 0 rg BT 116.30 536.30 Td (Capital ) Tj ET Q q 0 0 0 rg BT 154.06 536.30 Td (T) Tj ET Q q 0 0 0 rg BT 159.43 536.30 Td (est) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 178.88 536.30 Td ( ) Tj ET Q q 0 0 0 rg BT 183.30 536.30 Td (means ) Tj ET Q q 0 0 0 rg BT 217.73 536.30 Td (the ) Tj ET Q q 0 0 0 rg BT 236.05 536.30 Td (OSFI) Tj ET Q q 0 0 0 rg BT 261.43 536.30 Td (s ) Tj ET Q q 0 0 0 rg BT 270.85 536.30 Td (Minimum ) Tj ET Q q 0 0 0 rg BT 315.82 536.30 Td (Capital ) Tj ET Q q 0 0 0 rg BT 351.08 536.30 Td (T) Tj ET Q q 0 0 0 rg BT 356.08 536.30 Td (est ) Tj ET Q q 0 0 0 rg BT 373.84 536.30 Td (\(MCT\) ) Tj ET Q q 0 0 0 rg BT 406.58 536.30 Td (Guideline ) Tj ET Q q 0 0 0 rg BT 453.24 536.30 Td (under ) Tj ET Q q 0 0 0 rg BT 483.24 536.30 Td (which ) Tj ET Q q 0 0 0 rg BT 513.22 536.30 Td (a ) Tj ET Q q 0 0 0 rg BT 523.20 536.30 Td (federally ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 524.30 Td (regulated ) Tj ET Q q 0 0 0 rg BT 107.48 524.30 Td (insurer ) Tj ET Q q 0 0 0 rg BT 140.82 524.30 Td (is ) Tj ET Q q 0 0 0 rg BT 150.82 524.30 Td (measured ) Tj ET Q q 0 0 0 rg BT 198.07 524.30 Td (for ) Tj ET Q q 0 0 0 rg BT 212.52 524.30 Td (the ) Tj ET Q q 0 0 0 rg BT 229.20 524.30 Td (adequacy ) Tj ET Q q 0 0 0 rg BT 275.34 524.30 Td (of ) Tj ET Q q 0 0 0 rg BT 286.46 524.30 Td (its ) Tj ET Q q 0 0 0 rg BT 299.24 524.30 Td (capital.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 506.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 86.48 506.30 Td (earned ) Tj ET Q q 0 0 0 rg BT 121.63 506.30 Td (premiums ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 176.78 506.30 Td (of ) Tj ET Q q 0 0 0 rg BT 187.49 506.30 Td (an ) Tj ET Q q 0 0 0 rg BT 200.97 506.30 Td (insurer ) Tj ET Q q 0 0 0 rg BT 233.90 506.30 Td (means ) Tj ET Q q 0 0 0 rg BT 266.28 506.30 Td (the ) Tj ET Q q 0 0 0 rg BT 282.54 506.30 Td (portion ) Tj ET Q q 0 0 0 rg BT 315.48 506.30 Td (of ) Tj ET Q q 0 0 0 rg BT 326.18 506.30 Td (the ) Tj ET Q q 0 0 0 rg BT 342.44 506.30 Td (written ) Tj ET Q q 0 0 0 rg BT 374.26 506.30 Td (premium ) Tj ET Q q 0 0 0 rg BT 415.52 506.30 Td (equal ) Tj ET Q q 0 0 0 rg BT 442.34 506.30 Td (to ) Tj ET Q q 0 0 0 rg BT 453.05 506.30 Td (the ) Tj ET Q q 0 0 0 rg BT 469.31 506.30 Td (expired ) Tj ET Q q 0 0 0 rg BT 504.47 506.30 Td (portion ) Tj ET Q q 0 0 0 rg BT 537.41 506.30 Td (of ) Tj ET Q q 0 0 0 rg BT 548.11 506.30 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 494.30 Td (time ) Tj ET Q q 0 0 0 rg BT 84.67 494.30 Td (for ) Tj ET Q q 0 0 0 rg BT 99.12 494.30 Td (which ) Tj ET Q q 0 0 0 rg BT 127.46 494.30 Td (insurance ) Tj ET Q q 0 0 0 rg BT 173.60 494.30 Td (or ) Tj ET Q q 0 0 0 rg BT 185.27 494.30 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 240.30 494.30 Td (was ) Tj ET Q q 0 0 0 rg BT 260.86 494.30 Td (in ) Tj ET Q q 0 0 0 rg BT 271.42 494.30 Td (ef) Tj ET Q q 0 0 0 rg BT 279.58 494.30 Td (fect.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 476.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 86.18 476.30 Td (Operating ) Tj ET Q q 0 0 0 rg BT 135.48 476.30 Td (Income ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 177.56 476.30 Td (means ) Tj ET Q q 0 0 0 rg BT 209.65 476.30 Td (net ) Tj ET Q q 0 0 0 rg BT 225.62 476.30 Td (income ) Tj ET Q q 0 0 0 rg BT 259.92 476.30 Td (plus ) Tj ET Q q 0 0 0 rg BT 280.34 476.30 Td (or ) Tj ET Q q 0 0 0 rg BT 291.30 476.30 Td (minus ) Tj ET Q q 0 0 0 rg BT 320.05 476.30 Td (the ) Tj ET Q q 0 0 0 rg BT 336.02 476.30 Td (after ) Tj ET Q q 0 0 0 rg BT 358.10 476.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 373.51 476.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 405.03 476.30 Td (of ) Tj ET Q q 0 0 0 rg BT 415.44 476.30 Td (change ) Tj ET Q q 0 0 0 rg BT 450.32 476.30 Td (in ) Tj ET Q q 0 0 0 rg BT 460.17 476.30 Td (discount ) Tj ET Q q 0 0 0 rg BT 499.49 476.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 518.79 476.30 Td (on ) Tj ET Q q 0 0 0 rg BT 531.98 476.30 Td (unpaid ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 464.30 Td (claims, ) Tj ET Q q 0 0 0 rg BT 96.73 464.30 Td (realized ) Tj ET Q q 0 0 0 rg BT 134.37 464.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 165.34 464.30 Td (or ) Tj ET Q q 0 0 0 rg BT 176.85 464.30 Td (gains ) Tj ET Q q 0 0 0 rg BT 203.37 464.30 Td (on ) Tj ET Q q 0 0 0 rg BT 217.12 464.30 Td (sale ) Tj ET Q q 0 0 0 rg BT 238.08 464.30 Td (of ) Tj ET Q q 0 0 0 rg BT 249.04 464.30 Td (investments, ) Tj ET Q q 0 0 0 rg BT 307.79 464.30 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 366.56 464.30 Td (operations, ) Tj ET Q q 0 0 0 rg BT 418.66 464.30 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 467.42 464.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 483.94 464.30 Td (value ) Tj ET Q q 0 0 0 rg BT 510.46 464.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 550.89 464.30 Td (on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 452.30 Td (FVTPL) Tj ET Q q 0 0 0 rg BT 93.75 452.30 Td ( ) Tj ET Q q 0 0 0 rg BT 96.53 452.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 152.66 452.30 Td (and ) Tj ET Q q 0 0 0 rg BT 172.12 452.30 Td (one ) Tj ET Q q 0 0 0 rg BT 191.58 452.30 Td (time ) Tj ET Q q 0 0 0 rg BT 213.25 452.30 Td (non ) Tj ET Q q 0 0 0 rg BT 232.72 452.30 Td (recurring ) Tj ET Q q 0 0 0 rg BT 274.95 452.30 Td (charges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 434.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 86.89 434.30 Td (written ) Tj ET Q q 0 0 0 rg BT 122.45 434.30 Td (premiums ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 178.02 434.30 Td (of ) Tj ET Q q 0 0 0 rg BT 189.14 434.30 Td (an ) Tj ET Q q 0 0 0 rg BT 203.04 434.30 Td (insurer ) Tj ET Q q 0 0 0 rg BT 236.38 434.30 Td (means ) Tj ET Q q 0 0 0 rg BT 269.18 434.30 Td (direct ) Tj ET Q q 0 0 0 rg BT 296.41 434.30 Td (written ) Tj ET Q q 0 0 0 rg BT 328.64 434.30 Td (premiums ) Tj ET Q q 0 0 0 rg BT 375.31 434.30 Td (less ) Tj ET Q q 0 0 0 rg BT 395.88 434.30 Td (amounts ) Tj ET Q q 0 0 0 rg BT 437.01 434.30 Td (ceded ) Tj ET Q q 0 0 0 rg BT 467.03 434.30 Td (to ) Tj ET Q q 0 0 0 rg BT 478.15 434.30 Td (reinsurers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 414.50 Td (Producers ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 125.24 414.50 Td (refers ) Tj ET Q q 0 0 0 rg BT 153.58 414.50 Td (to, ) Tj ET Q q 0 0 0 rg BT 167.48 414.50 Td (collectively) Tj ET Q q 0 0 0 rg BT 215.08 414.50 Td (, ) Tj ET Q q 0 0 0 rg BT 220.64 414.50 Td (insurance ) Tj ET Q q 0 0 0 rg BT 266.78 414.50 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 305.68 414.50 Td (agents ) Tj ET Q q 0 0 0 rg BT 338.48 414.50 Td (and ) Tj ET Q q 0 0 0 rg BT 357.95 414.50 Td (managing ) Tj ET Q q 0 0 0 rg BT 404.65 414.50 Td (general ) Tj ET Q q 0 0 0 rg BT 440.78 414.50 Td (agencies) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 480.81 414.50 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 396.50 Td (Reinsurance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.13 396.50 Td (means ) Tj ET Q q 0 0 0 rg BT 167.25 396.50 Td (an ) Tj ET Q q 0 0 0 rg BT 180.48 396.50 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 239.28 396.50 Td (in ) Tj ET Q q 0 0 0 rg BT 249.17 396.50 Td (which ) Tj ET Q q 0 0 0 rg BT 276.84 396.50 Td (an ) Tj ET Q q 0 0 0 rg BT 290.07 396.50 Td (insurance ) Tj ET Q q 0 0 0 rg BT 335.54 396.50 Td (company) Tj ET Q q 0 0 0 rg BT 375.37 396.50 Td (, ) Tj ET Q q 0 0 0 rg BT 380.25 396.50 Td (the ) Tj ET Q q 0 0 0 rg BT 396.26 396.50 Td (reinsurer) Tj ET Q q 0 0 0 rg BT 435.17 396.50 Td (, ) Tj ET Q q 0 0 0 rg BT 440.05 396.50 Td (agrees ) Tj ET Q q 0 0 0 rg BT 472.73 396.50 Td (to ) Tj ET Q q 0 0 0 rg BT 483.18 396.50 Td (indemnify ) Tj ET Q q 0 0 0 rg BT 528.08 396.50 Td (another ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 384.50 Td (insurance ) Tj ET Q q 0 0 0 rg BT 109.60 384.50 Td (or ) Tj ET Q q 0 0 0 rg BT 121.74 384.50 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 177.23 384.50 Td (company) Tj ET Q q 0 0 0 rg BT 217.06 384.50 Td (, ) Tj ET Q q 0 0 0 rg BT 223.08 384.50 Td (the ) Tj ET Q q 0 0 0 rg BT 240.23 384.50 Td (ceding ) Tj ET Q q 0 0 0 rg BT 272.94 384.50 Td (company) Tj ET Q q 0 0 0 rg BT 312.77 384.50 Td (, ) Tj ET Q q 0 0 0 rg BT 318.79 384.50 Td (against ) Tj ET Q q 0 0 0 rg BT 354.28 384.50 Td (all ) Tj ET Q q 0 0 0 rg BT 367.53 384.50 Td (or ) Tj ET Q q 0 0 0 rg BT 379.66 384.50 Td (a ) Tj ET Q q 0 0 0 rg BT 388.46 384.50 Td (portion ) Tj ET Q q 0 0 0 rg BT 422.28 384.50 Td (of ) Tj ET Q q 0 0 0 rg BT 433.86 384.50 Td (the ) Tj ET Q q 0 0 0 rg BT 451.01 384.50 Td (insurance ) Tj ET Q q 0 0 0 rg BT 497.61 384.50 Td (or ) Tj ET Q q 0 0 0 rg BT 509.74 384.50 Td (reinsurance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 372.50 Td (risks ) Tj ET Q q 0 0 0 rg BT 86.33 372.50 Td (underwritten ) Tj ET Q q 0 0 0 rg BT 144.14 372.50 Td (by ) Tj ET Q q 0 0 0 rg BT 157.48 372.50 Td (the ) Tj ET Q q 0 0 0 rg BT 174.16 372.50 Td (ceding ) Tj ET Q q 0 0 0 rg BT 206.40 372.50 Td (company ) Tj ET Q q 0 0 0 rg BT 249.76 372.50 Td (under ) Tj ET Q q 0 0 0 rg BT 278.11 372.50 Td (one ) Tj ET Q q 0 0 0 rg BT 297.58 372.50 Td (or ) Tj ET Q q 0 0 0 rg BT 309.25 372.50 Td (more ) Tj ET Q q 0 0 0 rg BT 334.81 372.50 Td (policies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 354.50 Td (Return ) Tj ET Q q 0 0 0 rg BT 103.70 354.50 Td (on ) Tj ET Q q 0 0 0 rg BT 119.40 354.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 157.33 354.50 Td (or ) Tj ET Q q 0 0 0 rg BT 170.82 354.50 Td (ROE ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 205.97 354.50 Td (for ) Tj ET Q q 0 0 0 rg BT 221.12 354.50 Td (a ) Tj ET Q q 0 0 0 rg BT 230.17 354.50 Td (period ) Tj ET Q q 0 0 0 rg BT 261.45 354.50 Td (means ) Tj ET Q q 0 0 0 rg BT 294.94 354.50 Td (net ) Tj ET Q q 0 0 0 rg BT 312.33 354.50 Td (income ) Tj ET Q q 0 0 0 rg BT 348.04 354.50 Td (expressed ) Tj ET Q q 0 0 0 rg BT 397.67 354.50 Td (as ) Tj ET Q q 0 0 0 rg BT 411.71 354.50 Td (a ) Tj ET Q q 0 0 0 rg BT 420.75 354.50 Td (percentage ) Tj ET Q q 0 0 0 rg BT 474.27 354.50 Td (of ) Tj ET Q q 0 0 0 rg BT 486.10 354.50 Td (the ) Tj ET Q q 0 0 0 rg BT 503.48 354.50 Td (average ) Tj ET Q q 0 0 0 rg BT 543.10 354.50 Td (total ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 342.50 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 118.59 342.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 148.05 342.50 Td (in ) Tj ET Q q 0 0 0 rg BT 158.62 342.50 Td (that ) Tj ET Q q 0 0 0 rg BT 178.07 342.50 Td (period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 324.50 Td (Underwriting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.76 324.50 Td (means ) Tj ET Q q 0 0 0 rg BT 170.88 324.50 Td (the ) Tj ET Q q 0 0 0 rg BT 187.88 324.50 Td (assumption ) Tj ET Q q 0 0 0 rg BT 242.11 324.50 Td (of ) Tj ET Q q 0 0 0 rg BT 253.55 324.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 272.20 324.50 Td (for ) Tj ET Q q 0 0 0 rg BT 286.97 324.50 Td (designated ) Tj ET Q q 0 0 0 rg BT 339.00 324.50 Td (loss ) Tj ET Q q 0 0 0 rg BT 359.88 324.50 Td (or ) Tj ET Q q 0 0 0 rg BT 371.87 324.50 Td (damage ) Tj ET Q q 0 0 0 rg BT 411.11 324.50 Td (by ) Tj ET Q q 0 0 0 rg BT 424.77 324.50 Td (issuing ) Tj ET Q q 0 0 0 rg BT 459.00 324.50 Td (a ) Tj ET Q q 0 0 0 rg BT 467.66 324.50 Td (policy ) Tj ET Q q 0 0 0 rg BT 496.32 324.50 Td (of ) Tj ET Q q 0 0 0 rg BT 507.76 324.50 Td (insurance ) Tj ET Q q 0 0 0 rg BT 554.22 324.50 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 312.50 Td (respect ) Tj ET Q q 0 0 0 rg BT 98.57 312.50 Td (thereof.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 294.50 Td (Unearned ) Tj ET Q q 0 0 0 rg BT 118.41 294.50 Td (premiums ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.49 294.50 Td (means ) Tj ET Q q 0 0 0 rg BT 209.80 294.50 Td (the ) Tj ET Q q 0 0 0 rg BT 227.99 294.50 Td (portion ) Tj ET Q q 0 0 0 rg BT 262.85 294.50 Td (of ) Tj ET Q q 0 0 0 rg BT 275.48 294.50 Td (premiums ) Tj ET Q q 0 0 0 rg BT 323.67 294.50 Td (received ) Tj ET Q q 0 0 0 rg BT 365.75 294.50 Td (relating ) Tj ET Q q 0 0 0 rg BT 402.84 294.50 Td (to ) Tj ET Q q 0 0 0 rg BT 415.47 294.50 Td (the ) Tj ET Q q 0 0 0 rg BT 433.66 294.50 Td (period ) Tj ET Q q 0 0 0 rg BT 465.75 294.50 Td (of ) Tj ET Q q 0 0 0 rg BT 478.38 294.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 498.22 294.50 Td (in ) Tj ET Q q 0 0 0 rg BT 510.29 294.50 Td (subsequent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 282.50 Td (accounting ) Tj ET Q q 0 0 0 rg BT 114.15 282.50 Td (periods ) Tj ET Q q 0 0 0 rg BT 149.72 282.50 Td (and ) Tj ET Q q 0 0 0 rg BT 169.19 282.50 Td (which ) Tj ET Q q 0 0 0 rg BT 197.53 282.50 Td (is ) Tj ET Q q 0 0 0 rg BT 207.53 282.50 Td (deferred ) Tj ET Q q 0 0 0 rg BT 247.56 282.50 Td (to ) Tj ET Q q 0 0 0 rg BT 258.67 282.50 Td (such ) Tj ET Q q 0 0 0 rg BT 282.58 282.50 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 337.06 282.50 Td (accounting ) Tj ET Q q 0 0 0 rg BT 388.21 282.50 Td (periods.) Tj ET Q endstream endobj 37 0 obj <> /View <>>>>> endobj 38 0 obj <> /View <>>>>> endobj 39 0 obj <> endobj 40 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;