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Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 63.00 493.15 Td (statements ) Tj ET Q q 0 0 0 rg BT 111.62 493.15 Td (for ) Tj ET Q q 0 0 0 rg BT 124.85 493.15 Td (the ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 140.21 493.15 Td (third) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 158.69 493.15 Td ( ) Tj ET Q q 0 0 0 rg BT 160.84 493.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 193.09 493.15 Td (of ) Tj ET Q q 0 0 0 rg BT 203.16 493.15 Td (fiscal ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 226.95 493.15 Td (2018) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 248.09 493.15 Td ( ) Tj ET Q q 0 0 0 rg BT 250.23 493.15 Td (and ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 268.23 493.15 Td (2017) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 289.37 493.15 Td (, ) Tj ET Q q 0 0 0 rg BT 294.16 493.15 Td (with ) Tj ET Q q 0 0 0 rg BT 313.20 493.15 Td (the ) Tj ET Q q 0 0 0 rg BT 328.56 493.15 Td (notes ) Tj ET Q q 0 0 0 rg BT 353.95 493.15 Td (to ) Tj ET Q q 0 0 0 rg BT 364.02 493.15 Td (the ) Tj ET Q q 0 0 0 rg BT 379.37 493.15 Td (condensed ) Tj ET Q q 0 0 0 rg BT 428.01 493.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 483.50 493.15 Td (interim ) Tj ET Q q 0 0 0 rg BT 514.16 493.15 Td (financial ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 63.00 480.05 Td (statements, ) Tj ET Q q 0 0 0 rg BT 116.27 480.05 Td (and ) Tj ET Q q 0 0 0 rg BT 136.28 480.05 Td (with ) Tj ET Q q 0 0 0 rg BT 157.34 480.05 Td (management) Tj ET Q q 0 0 0 rg BT 214.73 480.05 Td (s ) Tj ET Q q 0 0 0 rg BT 223.64 480.05 Td (discussion ) Tj ET Q q 0 0 0 rg BT 272.16 480.05 Td (and ) Tj ET Q q 0 0 0 rg BT 292.17 480.05 Td (analysis ) Tj ET Q q 0 0 0 rg BT 330.66 480.05 Td (\(MD&A\) ) Tj ET Q q 0 0 0 rg BT 368.60 480.05 Td (and ) Tj ET Q q 0 0 0 rg BT 388.61 480.05 Td (audited ) Tj ET Q q 0 0 0 rg BT 423.94 480.05 Td (annual ) Tj ET Q q 0 0 0 rg BT 456.63 480.05 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 514.14 480.05 Td (financial ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 63.00 466.95 Td (statements ) Tj ET Q q 0 0 0 rg BT 111.85 466.95 Td (and ) Tj ET Q q 0 0 0 rg BT 130.08 466.95 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 193.72 466.95 Td (notes ) Tj ET Q q 0 0 0 rg BT 219.35 466.95 Td (in ) Tj ET Q q 0 0 0 rg BT 229.12 466.95 Td (the ) Tj ET Q q 0 0 0 rg BT 244.71 466.95 Td (Company) Tj ET Q q 0 0 0 rg BT 287.31 466.95 Td (s ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 294.44 466.95 Td (2017) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 315.58 466.95 Td ( ) Tj ET Q q 0 0 0 rg BT 317.64 466.95 Td (Annual ) Tj ET Q q 0 0 0 rg BT 349.60 466.95 Td (Report. ) Tj ET Q q 0 0 0 rg BT 383.14 466.95 Td (The ) Tj ET Q q 0 0 0 rg BT 401.89 466.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 439.13 466.95 Td (data ) Tj ET Q q 0 0 0 rg BT 460.00 466.95 Td (in ) Tj ET Q q 0 0 0 rg BT 469.78 466.95 Td (this ) Tj ET Q q 0 0 0 rg BT 486.95 466.95 Td (discussion ) Tj ET Q q 0 0 0 rg BT 533.69 466.95 Td (has ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 63.00 453.80 Td (been ) Tj ET Q q 0 0 0 rg BT 87.98 453.80 Td (prepared ) Tj ET Q q 0 0 0 rg BT 129.85 453.80 Td (in ) Tj ET Q q 0 0 0 rg BT 141.09 453.80 Td (accordance ) Tj ET Q q 0 0 0 rg BT 194.05 453.80 Td (with ) Tj ET Q q 0 0 0 rg BT 214.79 453.80 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 240.28 453.80 Td (and ) Tj ET Q q 0 0 0 rg BT 259.97 453.80 Td (has ) Tj ET Q q 0 0 0 rg BT 279.14 453.80 Td (been ) Tj ET Q q 0 0 0 rg BT 304.12 453.80 Td (derived ) Tj ET Q q 0 0 0 rg BT 339.12 453.80 Td (from ) Tj ET Q q 0 0 0 rg BT 361.96 453.80 Td (the ) Tj ET Q q 0 0 0 rg BT 379.02 453.80 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 424.60 453.80 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 481.79 453.80 Td (interim ) Tj ET Q q 0 0 0 rg BT 514.14 453.80 Td (financial ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 63.00 440.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 112.11 440.70 Td (for ) Tj ET Q q 0 0 0 rg BT 125.83 440.70 Td (the ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 141.68 440.70 Td (nine) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 159.64 440.70 Td ( ) Tj ET Q q 0 0 0 rg BT 162.28 440.70 Td (months ) Tj ET Q q 0 0 0 rg BT 196.08 440.70 Td (ended ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 225.13 440.70 Td (September30, ) Tj ET Q q 0 0 0 rg BT 290.09 440.70 Td (2018) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 311.23 440.70 Td ( ) Tj ET Q q 0 0 0 rg BT 313.87 440.70 Td (and ) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 332.36 440.70 Td (2017) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 353.49 440.70 Td (.) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 63.00 425.52 178.01 -8.89 re f /GS0 gs q 0 0 0 rg BT 63.00 418.60 Td (The ) Tj ET Q q 0 0 0 rg BT 81.94 418.60 Td (following ) Tj ET Q q 0 0 0 rg BT 121.49 418.60 Td (commentary ) Tj ET Q q 0 0 0 rg BT 176.32 418.60 Td (is ) Tj ET Q q 0 0 0 rg BT 185.76 418.60 Td (current ) Tj ET Q q 0 0 0 rg BT 217.90 418.60 Td (as ) Tj ET Q q 0 0 0 rg BT 230.51 418.60 Td (of ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 241.01 425.52 83.38 -8.89 re f /GS0 gs q 0 0 0 rg BT 241.01 418.60 Td (November14, ) Tj ET Q q 0 0 0 rg BT 303.25 418.60 Td (2018) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 324.38 425.52 227.26 -8.89 re f /GS0 gs q 0 0 0 rg BT 324.38 418.60 Td (. ) Tj ET Q q 0 0 0 rg BT 329.25 418.60 Td (Additional ) Tj ET Q q 0 0 0 rg BT 373.55 418.60 Td (information ) Tj ET Q q 0 0 0 rg BT 423.12 418.60 Td (relating ) Tj ET Q q 0 0 0 rg BT 456.86 418.60 Td (to ) Tj ET Q q 0 0 0 rg BT 467.35 418.60 Td (EFH ) Tj ET Q q 0 0 0 rg BT 488.93 418.60 Td (is ) Tj ET Q q 0 0 0 rg BT 498.36 418.60 Td (available ) Tj ET Q q 0 0 0 rg BT 538.44 418.60 Td (on ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 63.00 412.42 45.93 -8.89 re f /GS0 gs q 0 0 0 rg BT 63.00 405.50 Td (SEDAR ) Tj ET Q q 0 0 0 rg BT 98.37 405.50 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 108.93359375 404.1455078125 m 175.63037109375 404.1455078125 l s q 0 0 1 rg BT 108.93 405.50 Td (www) Tj ET Q q 0 0 1 rg BT 128.99 405.50 Td (.sedar) Tj ET Q q 0 0 1 rg BT 155.04 405.50 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 175.63 412.42 326.38 -8.89 re f /GS0 gs q 0 0 0 rg BT 175.63 405.50 Td (. ) Tj ET Q q 0 0 0 rg BT 180.91 405.50 Td (Certain ) Tj ET Q q 0 0 0 rg BT 214.18 405.50 Td (totals, ) Tj ET Q q 0 0 0 rg BT 242.16 405.50 Td (subtotals ) Tj ET Q q 0 0 0 rg BT 282.83 405.50 Td (and ) Tj ET Q q 0 0 0 rg BT 301.32 405.50 Td (percentages ) Tj ET Q q 0 0 0 rg BT 356.25 405.50 Td (may ) Tj ET Q q 0 0 0 rg BT 376.83 405.50 Td (not ) Tj ET Q q 0 0 0 rg BT 392.68 405.50 Td (reconcile ) Tj ET Q q 0 0 0 rg BT 433.34 405.50 Td (due ) Tj ET Q q 0 0 0 rg BT 451.83 405.50 Td (to ) Tj ET Q q 0 0 0 rg BT 462.39 405.50 Td (rounding.) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 63.00 390.32 488.64 -8.89 re f /GS0 gs q 0 0 0 rg BT 63.00 383.40 Td (EFH ) Tj ET Q q 0 0 0 rg BT 86.09 383.40 Td (uses ) Tj ET Q q 0 0 0 rg BT 110.24 383.40 Td (both ) Tj ET Q q 0 0 0 rg BT 132.82 383.40 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 158.55 383.40 Td (and ) Tj ET Q q 0 0 0 rg BT 178.49 383.40 Td (certain ) Tj ET Q q 0 0 0 rg BT 211.09 383.40 Td (non-IFRS ) Tj ET Q q 0 0 0 rg BT 255.83 383.40 Td (measures ) Tj ET Q q 0 0 0 rg BT 301.63 383.40 Td (to ) Tj ET Q q 0 0 0 rg BT 313.65 383.40 Td (assess ) Tj ET Q q 0 0 0 rg BT 347.30 383.40 Td (performance. ) Tj ET Q q 0 0 0 rg BT 407.36 383.40 Td (Securities ) Tj ET Q q 0 0 0 rg BT 453.16 383.40 Td (regulators ) Tj ET Q q 0 0 0 rg BT 499.50 383.40 Td (require ) Tj ET Q q 0 0 0 rg BT 533.16 383.40 Td (that ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 63.00 377.17 488.64 -8.89 re f /GS0 gs q 0 0 0 rg BT 63.00 370.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 111.39 370.25 Td (caution ) Tj ET Q q 0 0 0 rg BT 144.48 370.25 Td (readers ) Tj ET Q q 0 0 0 rg BT 179.14 370.25 Td (about ) Tj ET Q q 0 0 0 rg BT 205.37 370.25 Td (non-IFRS ) Tj ET Q q 0 0 0 rg BT 248.47 370.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 292.63 370.25 Td (that ) Tj ET Q q 0 0 0 rg BT 310.93 370.25 Td (do ) Tj ET Q q 0 0 0 rg BT 323.95 370.25 Td (not ) Tj ET Q q 0 0 0 rg BT 339.60 370.25 Td (have ) Tj ET Q q 0 0 0 rg BT 362.66 370.25 Td (a ) Tj ET Q q 0 0 0 rg BT 370.39 370.25 Td (standardized ) Tj ET Q q 0 0 0 rg BT 427.24 370.25 Td (meaning ) Tj ET Q q 0 0 0 rg BT 466.13 370.25 Td (under ) Tj ET Q q 0 0 0 rg BT 492.88 370.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 516.97 370.25 Td (and ) Tj ET Q q 0 0 0 rg BT 535.27 370.25 Td (are ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 63.00 364.07 488.64 -8.89 re f /GS0 gs q 0 0 0 rg BT 63.00 357.15 Td (unlikely ) Tj ET Q q 0 0 0 rg BT 96.08 357.15 Td (to ) Tj ET Q q 0 0 0 rg BT 105.40 357.15 Td (be ) Tj ET Q q 0 0 0 rg BT 117.36 357.15 Td (comparable ) Tj ET Q q 0 0 0 rg BT 168.40 357.15 Td (to ) Tj ET Q q 0 0 0 rg BT 177.72 357.15 Td (similar ) Tj ET Q q 0 0 0 rg BT 206.56 357.15 Td (measures ) Tj ET Q q 0 0 0 rg BT 249.67 357.15 Td (used ) Tj ET Q q 0 0 0 rg BT 271.66 357.15 Td (by ) Tj ET Q q 0 0 0 rg BT 283.09 357.15 Td (other ) Tj ET Q q 0 0 0 rg BT 306.14 357.15 Td (companies. ) Tj ET Q q 0 0 0 rg BT 356.12 357.15 Td (EFH ) Tj ET Q q 0 0 0 rg BT 376.52 357.15 Td (analyzes ) Tj ET Q q 0 0 0 rg BT 415.41 357.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 470.14 357.15 Td (based ) Tj ET Q q 0 0 0 rg BT 497.42 357.15 Td (on ) Tj ET Q q 0 0 0 rg BT 509.38 357.15 Td (operating ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 63.00 350.97 488.64 -8.89 re f /GS0 gs q 0 0 0 rg BT 63.00 344.05 Td (income ) Tj ET Q q 0 0 0 rg BT 98.84 344.05 Td (and ) Tj ET Q q 0 0 0 rg BT 119.91 344.05 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 176.88 344.05 Td (ratios ) Tj ET Q q 0 0 0 rg BT 205.33 344.05 Td (such ) Tj ET Q q 0 0 0 rg BT 230.62 344.05 Td (as ) Tj ET Q q 0 0 0 rg BT 245.87 344.05 Td (combined, ) Tj ET Q q 0 0 0 rg BT 294.92 344.05 Td (expense ) Tj ET Q q 0 0 0 rg BT 336.05 344.05 Td (and ) Tj ET Q q 0 0 0 rg BT 357.12 344.05 Td (loss ) Tj ET Q q 0 0 0 rg BT 379.23 344.05 Td (ratios, ) Tj ET Q q 0 0 0 rg BT 410.32 344.05 Td (which ) Tj ET Q q 0 0 0 rg BT 439.83 344.05 Td (are ) Tj ET Q q 0 0 0 rg BT 458.78 344.05 Td (non-IFRS ) Tj ET Q q 0 0 0 rg BT 504.65 344.05 Td (measures. ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 63.00 337.87 488.65 -8.89 re f /GS0 gs q 0 0 0 rg BT 63.00 330.95 Td (Underwriting ) Tj ET Q q 0 0 0 rg BT 119.16 330.95 Td (income ) Tj ET Q q 0 0 0 rg BT 152.61 330.95 Td (is ) Tj ET Q q 0 0 0 rg BT 162.30 330.95 Td (defined ) Tj ET Q q 0 0 0 rg BT 196.29 330.95 Td (as ) Tj ET Q q 0 0 0 rg BT 209.16 330.95 Td (net ) Tj ET Q q 0 0 0 rg BT 225.19 330.95 Td (earned ) Tj ET Q q 0 0 0 rg BT 257.60 330.95 Td (premiums ) Tj ET Q q 0 0 0 rg BT 302.13 330.95 Td (less ) Tj ET Q q 0 0 0 rg BT 321.85 330.95 Td (net ) Tj ET Q q 0 0 0 rg BT 337.89 330.95 Td (claims ) Tj ET Q q 0 0 0 rg BT 367.63 330.95 Td (incurred, ) Tj ET Q q 0 0 0 rg BT 407.42 330.95 Td (net ) Tj ET Q q 0 0 0 rg BT 423.46 330.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 471.18 330.95 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 517.31 330.95 Td (general ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 63.00 324.77 482.15 -8.89 re f /GS0 gs q 0 0 0 rg BT 63.00 317.85 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 108.95 317.85 Td (integration ) Tj ET Q q 0 0 0 rg BT 155.95 317.85 Td (costs ) Tj ET Q q 0 0 0 rg BT 180.77 317.85 Td (and ) Tj ET Q q 0 0 0 rg BT 199.26 317.85 Td (excludes ) Tj ET Q q 0 0 0 rg BT 239.39 317.85 Td (any ) Tj ET Q q 0 0 0 rg BT 257.35 317.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 287.97 317.85 Td (of ) Tj ET Q q 0 0 0 rg BT 298.53 317.85 Td (change ) Tj ET Q q 0 0 0 rg BT 332.34 317.85 Td (in ) Tj ET Q q 0 0 0 rg BT 342.38 317.85 Td (discount ) Tj ET Q q 0 0 0 rg BT 380.40 317.85 Td (rate ) Tj ET Q q 0 0 0 rg BT 399.41 317.85 Td (on ) Tj ET Q q 0 0 0 rg BT 412.62 317.85 Td (claims ) Tj ET Q q 0 0 0 rg BT 442.18 317.85 Td (and ) Tj ET Q q 0 0 0 rg BT 460.67 317.85 Td (non-recurring ) Tj ET Q q 0 0 0 rg BT 519.81 317.85 Td (items.) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 63.00 302.62 488.64 -8.89 re f /GS0 gs q 0 0 0 rg BT 63.00 295.70 Td (The ) Tj ET Q q 0 0 0 rg BT 82.47 295.70 Td (following ) Tj ET Q q 0 0 0 rg BT 122.54 295.70 Td (discussion ) Tj ET Q q 0 0 0 rg BT 169.99 295.70 Td (contains ) Tj ET Q q 0 0 0 rg BT 208.48 295.70 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 276.53 295.70 Td (information ) Tj ET Q q 0 0 0 rg BT 326.62 295.70 Td (that ) Tj ET Q q 0 0 0 rg BT 345.57 295.70 Td (involves ) Tj ET Q q 0 0 0 rg BT 382.99 295.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 400.87 295.70 Td (and ) Tj ET Q q 0 0 0 rg BT 419.82 295.70 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 476.78 295.70 Td (based ) Tj ET Q q 0 0 0 rg BT 505.77 295.70 Td (on ) Tj ET Q q 0 0 0 rg BT 519.43 295.70 Td (current ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 63.00 289.52 488.65 -8.89 re f /GS0 gs q 0 0 0 rg BT 63.00 282.60 Td (expectations. ) Tj ET Q q 0 0 0 rg BT 122.61 282.60 Td (This ) Tj ET Q q 0 0 0 rg BT 144.19 282.60 Td (information ) Tj ET Q q 0 0 0 rg BT 194.82 282.60 Td (includes, ) Tj ET Q q 0 0 0 rg BT 235.95 282.60 Td (but ) Tj ET Q q 0 0 0 rg BT 252.79 282.60 Td (is ) Tj ET Q q 0 0 0 rg BT 263.28 282.60 Td (not ) Tj ET Q q 0 0 0 rg BT 280.12 282.60 Td (limited ) Tj ET Q q 0 0 0 rg BT 311.21 282.60 Td (to, ) Tj ET Q q 0 0 0 rg BT 325.40 282.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 375.50 282.60 Td (about ) Tj ET Q q 0 0 0 rg BT 402.91 282.60 Td (the ) Tj ET Q q 0 0 0 rg BT 419.75 282.60 Td (operations, ) Tj ET Q q 0 0 0 rg BT 470.39 282.60 Td (business, ) Tj ET Q q 0 0 0 rg BT 514.16 282.60 Td (financial ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 63.00 276.42 445.09 -8.89 re f /GS0 gs q 0 0 0 rg BT 63.00 269.50 Td (condition, ) Tj ET Q q 0 0 0 rg BT 107.60 269.50 Td (priorities, ) Tj ET Q q 0 0 0 rg BT 150.07 269.50 Td (targets, ) Tj ET Q q 0 0 0 rg BT 185.69 269.50 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 223.44 269.50 Td (objectives, ) Tj ET Q q 0 0 0 rg BT 272.25 269.50 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 320.02 269.50 Td (litigation ) Tj ET Q q 0 0 0 rg BT 358.81 269.50 Td (outcomes ) Tj ET Q q 0 0 0 rg BT 403.93 269.50 Td (and ) Tj ET Q q 0 0 0 rg BT 423.71 269.50 Td (outlook ) Tj ET Q q 0 0 0 rg BT 458.28 269.50 Td (of ) Tj ET Q q 0 0 0 rg BT 470.13 269.50 Td (EFH ) Tj ET Q q 0 0 0 rg BT 493.07 269.50 Td (for ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 508.09 276.42 21.13 -8.89 re f /GS0 gs q 0 0 0 rg BT 508.09 269.50 Td (2018) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 529.22 276.42 22.42 -8.89 re f /GS0 gs q 0 0 0 rg BT 529.22 269.50 Td ( ) Tj ET Q q 0 0 0 rg BT 533.15 269.50 Td (and ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 63.00 263.32 85.56 -8.89 re f /GS0 gs q 0 0 0 rg BT 63.00 256.40 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 114.77 256.40 Td (periods.) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 63.00 241.22 488.65 -8.89 re f /GS0 gs q 0 0 0 rg BT 63.00 234.30 Td (This ) Tj ET Q q 0 0 0 rg BT 83.78 234.30 Td (information ) Tj ET Q q 0 0 0 rg BT 133.62 234.30 Td (is ) Tj ET Q q 0 0 0 rg BT 143.32 234.30 Td (based ) Tj ET Q q 0 0 0 rg BT 172.04 234.30 Td (upon ) Tj ET Q q 0 0 0 rg BT 196.01 234.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 227.36 234.30 Td (material ) Tj ET Q q 0 0 0 rg BT 263.99 234.30 Td (factors ) Tj ET Q q 0 0 0 rg BT 295.33 234.30 Td (or ) Tj ET Q q 0 0 0 rg BT 306.62 234.30 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 362.79 234.30 Td (that ) Tj ET Q q 0 0 0 rg BT 381.47 234.30 Td (were ) Tj ET Q q 0 0 0 rg BT 404.90 234.30 Td (applied ) Tj ET Q q 0 0 0 rg BT 438.38 234.30 Td (in ) Tj ET Q q 0 0 0 rg BT 448.61 234.30 Td (drawing ) Tj ET Q q 0 0 0 rg BT 484.72 234.30 Td (a ) Tj ET Q q 0 0 0 rg BT 492.84 234.30 Td (conclusion ) Tj ET Q q 0 0 0 rg BT 540.56 234.30 Td (or ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 63.00 228.07 488.66 -8.89 re f /GS0 gs q 0 0 0 rg BT 63.00 221.15 Td (making ) Tj ET Q q 0 0 0 rg BT 95.75 221.15 Td (a ) Tj ET Q q 0 0 0 rg BT 103.16 221.15 Td (projection ) Tj ET Q q 0 0 0 rg BT 146.47 221.15 Td (as ) Tj ET Q q 0 0 0 rg BT 158.63 221.15 Td (reflected ) Tj ET Q q 0 0 0 rg BT 197.19 221.15 Td (in ) Tj ET Q q 0 0 0 rg BT 206.71 221.15 Td (the ) Tj ET Q q 0 0 0 rg BT 222.04 221.15 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 289.11 221.15 Td (information. ) Tj ET Q q 0 0 0 rg BT 340.87 221.15 Td (By ) Tj ET Q q 0 0 0 rg BT 354.08 221.15 Td (its ) Tj ET Q q 0 0 0 rg BT 365.70 221.15 Td (nature, ) Tj ET Q q 0 0 0 rg BT 397.40 221.15 Td (this ) Tj ET Q q 0 0 0 rg BT 414.31 221.15 Td (information ) Tj ET Q q 0 0 0 rg BT 463.43 221.15 Td (is ) Tj ET Q q 0 0 0 rg BT 472.41 221.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 504.64 221.15 Td (to ) Tj ET Q q 0 0 0 rg BT 514.68 221.15 Td (inherent ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 63.00 214.97 488.65 -8.89 re f /GS0 gs q 0 0 0 rg BT 63.00 208.05 Td (risks ) Tj ET Q q 0 0 0 rg BT 84.91 208.05 Td (and ) Tj ET Q q 0 0 0 rg BT 103.15 208.05 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 159.41 208.05 Td (that ) Tj ET Q q 0 0 0 rg BT 177.65 208.05 Td (may ) Tj ET Q q 0 0 0 rg BT 197.98 208.05 Td (be ) Tj ET Q q 0 0 0 rg BT 210.94 208.05 Td (general ) Tj ET Q q 0 0 0 rg BT 245.02 208.05 Td (or ) Tj ET Q q 0 0 0 rg BT 255.86 208.05 Td (specific. ) Tj ET Q q 0 0 0 rg BT 292.25 208.05 Td (A) Tj ET Q q 0 0 0 rg BT 298.23 208.05 Td ( ) Tj ET Q q 0 0 0 rg BT 300.62 208.05 Td (variety ) Tj ET Q q 0 0 0 rg BT 330.99 208.05 Td (of ) Tj ET Q q 0 0 0 rg BT 341.31 208.05 Td (material ) Tj ET Q q 0 0 0 rg BT 377.49 208.05 Td (factors, ) Tj ET Q q 0 0 0 rg BT 411.03 208.05 Td (many ) Tj ET Q q 0 0 0 rg BT 436.65 208.05 Td (of ) Tj ET Q q 0 0 0 rg BT 446.96 208.05 Td (which ) Tj ET Q q 0 0 0 rg BT 473.64 208.05 Td (are ) Tj ET Q q 0 0 0 rg BT 489.76 208.05 Td (beyond ) Tj ET Q q 0 0 0 rg BT 523.32 208.05 Td (EFH) Tj ET Q q 0 0 0 rg BT 544.26 208.05 Td (s ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 63.00 201.87 488.65 -8.89 re f /GS0 gs q 0 0 0 rg BT 63.00 194.95 Td (control, ) Tj ET Q q 0 0 0 rg BT 96.13 194.95 Td (affect ) Tj ET Q q 0 0 0 rg BT 121.34 194.95 Td (the ) Tj ET Q q 0 0 0 rg BT 136.52 194.95 Td (operations, ) Tj ET Q q 0 0 0 rg BT 185.50 194.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 240.81 194.95 Td (and ) Tj ET Q q 0 0 0 rg BT 258.64 194.95 Td (results ) Tj ET Q q 0 0 0 rg BT 288.59 194.95 Td (of ) Tj ET Q q 0 0 0 rg BT 298.49 194.95 Td (EFH ) Tj ET Q q 0 0 0 rg BT 319.46 194.95 Td (and ) Tj ET Q q 0 0 0 rg BT 337.29 194.95 Td (its ) Tj ET Q q 0 0 0 rg BT 348.77 194.95 Td (business, ) Tj ET Q q 0 0 0 rg BT 390.88 194.95 Td (and ) Tj ET Q q 0 0 0 rg BT 408.70 194.95 Td (could ) Tj ET Q q 0 0 0 rg BT 433.39 194.95 Td (cause ) Tj ET Q q 0 0 0 rg BT 460.71 194.95 Td (actual ) Tj ET Q q 0 0 0 rg BT 488.04 194.95 Td (results ) Tj ET Q q 0 0 0 rg BT 518.00 194.95 Td (to ) Tj ET Q q 0 0 0 rg BT 527.89 194.95 Td (differ ) Tj ET Q BT /F4 9.50 Tf ET 1 1 1 rg /GS0 gs 63.00 188.77 359.07 -8.89 re f /GS0 gs q 0 0 0 rg BT 63.00 181.85 Td (materially ) Tj ET Q q 0 0 0 rg BT 106.29 181.85 Td (from ) Tj ET Q q 0 0 0 rg BT 127.93 181.85 Td (the ) Tj ET Q q 0 0 0 rg BT 143.78 181.85 Td (expectations ) Tj ET Q q 0 0 0 rg BT 199.76 181.85 Td (expressed ) Tj ET Q q 0 0 0 rg BT 246.23 181.85 Td (in ) Tj ET Q q 0 0 0 rg BT 256.26 181.85 Td (any ) Tj ET Q q 0 0 0 rg BT 274.22 181.85 Td (of ) Tj ET Q q 0 0 0 rg BT 284.78 181.85 Td (this ) Tj ET Q q 0 0 0 rg BT 302.21 181.85 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 369.80 181.85 Td (information. ) 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 34.10 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 175.48 34.10 Td (Analysis 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 /F2 12.00 Tf ET q 0 0 0 rg BT 193.02 729.30 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 706.50 Td (EFH ) Tj ET Q q 0 0 0 rg BT 88.02 706.50 Td (operates ) Tj ET Q q 0 0 0 rg BT 129.96 706.50 Td (in ) Tj ET Q q 0 0 0 rg BT 140.77 706.50 Td (the ) Tj ET Q q 0 0 0 rg BT 157.69 706.50 Td (property ) Tj ET Q q 0 0 0 rg BT 197.40 706.50 Td (and ) Tj ET Q q 0 0 0 rg BT 217.10 706.50 Td (casualty ) Tj ET Q q 0 0 0 rg BT 256.81 706.50 Td (\(P&C\) ) Tj ET Q q 0 0 0 rg BT 293.72 706.50 Td (insurance ) Tj ET Q q 0 0 0 rg BT 340.10 706.50 Td (industry ) Tj ET Q q 0 0 0 rg BT 378.13 706.50 Td (in ) Tj ET Q q 0 0 0 rg BT 388.94 706.50 Td (Canada ) Tj ET Q q 0 0 0 rg BT 426.99 706.50 Td (through ) Tj ET Q q 0 0 0 rg BT 463.93 706.50 Td (Echelon ) Tj ET Q q 0 0 0 rg BT 503.09 706.50 Td (Insurance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 692.70 Td (\("Echelon"\), ) Tj ET Q q 0 0 0 rg BT 121.46 692.70 Td (a ) Tj ET Q q 0 0 0 rg BT 130.82 692.70 Td (federally-regulated ) Tj ET Q q 0 0 0 rg BT 217.43 692.70 Td (P&C ) Tj ET Q q 0 0 0 rg BT 241.78 692.70 Td (insurance ) Tj ET Q q 0 0 0 rg BT 288.93 692.70 Td (company ) Tj ET Q q 0 0 0 rg BT 333.30 692.70 Td (and ) Tj ET Q q 0 0 0 rg BT 353.52 692.70 Td (The ) Tj ET Q q 0 0 0 rg BT 374.54 692.70 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 422.25 692.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 468.84 692.70 Td (of ) Tj ET Q q 0 0 0 rg BT 480.96 692.70 Td (Prince ) Tj ET Q q 0 0 0 rg BT 513.10 692.70 Td (Edward ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 678.90 Td (Island ) Tj ET Q q 0 0 0 rg BT 96.26 678.90 Td (\("ICPEI"\), ) Tj ET Q q 0 0 0 rg BT 143.49 678.90 Td (a ) Tj ET Q q 0 0 0 rg BT 153.62 678.90 Td (provincially-regulated ) Tj ET Q q 0 0 0 rg BT 252.69 678.90 Td (P&C ) Tj ET Q q 0 0 0 rg BT 277.82 678.90 Td (insurance ) Tj ET Q q 0 0 0 rg BT 325.75 678.90 Td (company) Tj ET Q q 0 0 0 rg BT 365.59 678.90 Td (. ) Tj ET Q q 0 0 0 rg BT 372.64 678.90 Td (The ) Tj ET Q q 0 0 0 rg BT 394.45 678.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 441.82 678.90 Td (underwrites ) Tj ET Q q 0 0 0 rg BT 498.08 678.90 Td (automobile ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 665.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 110.76 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.85 665.10 Td (other ) Tj ET Q q 0 0 0 rg BT 155.04 665.10 Td (specialty ) Tj ET Q q 0 0 0 rg BT 196.35 665.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 242.11 665.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 285.64 665.10 Td (with ) Tj ET Q q 0 0 0 rg BT 305.83 665.10 Td (a ) Tj ET Q q 0 0 0 rg BT 313.79 665.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 340.09 665.10 Td (on ) Tj ET Q q 0 0 0 rg BT 353.62 665.10 Td (niche ) Tj ET Q q 0 0 0 rg BT 379.93 665.10 Td (under-served ) Tj ET Q q 0 0 0 rg BT 441.25 665.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 481.99 665.10 Td (It ) Tj ET Q q 0 0 0 rg BT 489.95 665.10 Td (has ) Tj ET Q q 0 0 0 rg BT 508.47 665.10 Td (two ) Tj ET Q q 0 0 0 rg BT 526.43 665.10 Td (lines ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 651.30 Td (of ) Tj ET Q q 0 0 0 rg BT 75.97 651.30 Td (insurance ) Tj ET Q q 0 0 0 rg BT 121.97 651.30 Td (business ) Tj ET Q q 0 0 0 rg BT 164.07 651.30 Td ( ) Tj ET Q q 0 0 0 rg BT 172.27 651.30 Td (Personal ) Tj ET Q q 0 0 0 rg BT 214.37 651.30 Td (Lines ) Tj ET Q q 0 0 0 rg BT 240.91 651.30 Td (and ) Tj ET Q q 0 0 0 rg BT 260.23 651.30 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 316.20 651.30 Td (Lines. ) Tj ET Q q 0 0 0 rg BT 345.52 651.30 Td (Personal ) Tj ET Q q 0 0 0 rg BT 387.62 651.30 Td (Lines ) Tj ET Q q 0 0 0 rg BT 414.16 651.30 Td (focuses ) Tj ET Q q 0 0 0 rg BT 451.26 651.30 Td (on ) Tj ET Q q 0 0 0 rg BT 465.02 651.30 Td (the ) Tj ET Q q 0 0 0 rg BT 481.55 651.30 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 538.66 651.30 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 637.50 Td (non-standard ) Tj ET Q q 0 0 0 rg BT 125.84 637.50 Td (automobile ) Tj ET Q q 0 0 0 rg BT 176.66 637.50 Td (insurance ) Tj ET Q q 0 0 0 rg BT 221.93 637.50 Td (and ) Tj ET Q q 0 0 0 rg BT 240.52 637.50 Td (insurance ) Tj ET Q q 0 0 0 rg BT 285.79 637.50 Td (for ) Tj ET Q q 0 0 0 rg BT 299.36 637.50 Td (motorcycles, ) Tj ET Q q 0 0 0 rg BT 357.39 637.50 Td (antique ) Tj ET Q q 0 0 0 rg BT 392.11 637.50 Td (and ) Tj ET Q q 0 0 0 rg BT 410.70 637.50 Td (classic ) Tj ET Q q 0 0 0 rg BT 442.61 637.50 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 483.42 637.50 Td (trailers, ) Tj ET Q q 0 0 0 rg BT 518.11 637.50 Td (motor-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 623.70 Td (homes, ) Tj ET Q q 0 0 0 rg BT 100.85 623.70 Td (recreational ) Tj ET Q q 0 0 0 rg BT 156.16 623.70 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 195.34 623.70 Td (and ) Tj ET Q q 0 0 0 rg BT 215.09 623.70 Td (personal ) Tj ET Q q 0 0 0 rg BT 256.50 623.70 Td (property) Tj ET Q q 0 0 0 rg BT 292.45 623.70 Td (. ) Tj ET Q q 0 0 0 rg BT 298.28 623.70 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 354.68 623.70 Td (Lines ) Tj ET Q q 0 0 0 rg BT 381.64 623.70 Td (designs ) Tj ET Q q 0 0 0 rg BT 419.17 623.70 Td (and ) Tj ET Q q 0 0 0 rg BT 438.91 623.70 Td (underwrites ) Tj ET Q q 0 0 0 rg BT 493.66 623.70 Td (Commercial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 609.90 Td (Property) Tj ET Q q 0 0 0 rg BT 102.05 609.90 Td (, ) Tj ET Q q 0 0 0 rg BT 107.61 609.90 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 163.17 609.90 Td (Automobile, ) Tj ET Q q 0 0 0 rg BT 218.76 609.90 Td (Surety) Tj ET Q q 0 0 0 rg BT 246.92 609.90 Td (, ) Tj ET Q q 0 0 0 rg BT 252.48 609.90 Td (Liability) Tj ET Q q 0 0 0 rg BT 285.08 609.90 Td (, ) Tj ET Q q 0 0 0 rg BT 290.64 609.90 Td (and ) Tj ET Q q 0 0 0 rg BT 310.10 609.90 Td (Specialty ) Tj ET Q q 0 0 0 rg BT 353.46 609.90 Td (Programs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 587.10 Td (On ) Tj ET Q q 0 0 0 rg BT 80.19 587.10 Td (March ) Tj ET Q q 0 0 0 rg BT 109.82 587.10 Td (7, ) Tj ET Q q 0 0 0 rg BT 120.01 587.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 146.89 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.64 587.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 207.29 587.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 255.28 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.03 587.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 291.23 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.42 587.10 Td (its ) Tj ET Q q 0 0 0 rg BT 313.27 587.10 Td (European ) Tj ET Q q 0 0 0 rg BT 358.49 587.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 409.69 587.10 Td (The ) Tj ET Q q 0 0 0 rg BT 428.78 587.10 Td (European ) Tj ET Q q 0 0 0 rg BT 474.00 587.10 Td (operation ) Tj ET Q q 0 0 0 rg BT 517.55 587.10 Td (results ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 573.30 Td (are ) Tj ET Q q 0 0 0 rg BT 82.23 573.30 Td (referred ) Tj ET Q q 0 0 0 rg BT 120.02 573.30 Td (to ) Tj ET Q q 0 0 0 rg BT 131.14 573.30 Td (as ) Tj ET Q q 0 0 0 rg BT 144.48 573.30 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 203.41 573.30 Td (operations ) Tj ET Q q 0 0 0 rg BT 252.89 573.30 Td (in ) Tj ET Q q 0 0 0 rg BT 263.45 573.30 Td (this ) Tj ET Q q 0 0 0 rg BT 281.79 573.30 Td (document.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 550.50 Td (EFH ) Tj ET Q q 0 0 0 rg BT 87.27 550.50 Td (intends ) Tj ET Q q 0 0 0 rg BT 121.79 550.50 Td (to ) Tj ET Q q 0 0 0 rg BT 132.40 550.50 Td (grow ) Tj ET Q q 0 0 0 rg BT 156.34 550.50 Td (its ) Tj ET Q q 0 0 0 rg BT 168.62 550.50 Td (business ) Tj ET Q q 0 0 0 rg BT 210.35 550.50 Td (profitably ) Tj ET Q q 0 0 0 rg BT 253.20 550.50 Td (across ) Tj ET Q q 0 0 0 rg BT 284.93 550.50 Td (Canada ) Tj ET Q q 0 0 0 rg BT 322.23 550.50 Td (by ) Tj ET Q q 0 0 0 rg BT 335.06 550.50 Td (of) Tj ET Q q 0 0 0 rg BT 343.22 550.50 Td (fering ) Tj ET Q q 0 0 0 rg BT 370.50 550.50 Td (a ) Tj ET Q q 0 0 0 rg BT 378.34 550.50 Td (complete ) Tj ET Q q 0 0 0 rg BT 421.18 550.50 Td (and ) Tj ET Q q 0 0 0 rg BT 440.14 550.50 Td (diverse ) Tj ET Q q 0 0 0 rg BT 474.65 550.50 Td (suite ) Tj ET Q q 0 0 0 rg BT 498.04 550.50 Td (of ) Tj ET Q q 0 0 0 rg BT 508.65 550.50 Td (products ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 536.70 Td (to ) Tj ET Q q 0 0 0 rg BT 76.23 536.70 Td (its ) Tj ET Q q 0 0 0 rg BT 89.13 536.70 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 128.15 536.70 Td (with ) Tj ET Q q 0 0 0 rg BT 148.83 536.70 Td (an ) Tj ET Q q 0 0 0 rg BT 162.84 536.70 Td (ability ) Tj ET Q q 0 0 0 rg BT 191.31 536.70 Td (to ) Tj ET Q q 0 0 0 rg BT 202.54 536.70 Td (transact ) Tj ET Q q 0 0 0 rg BT 241.01 536.70 Td (ef) Tj ET Q q 0 0 0 rg BT 249.17 536.70 Td (ficiently ) Tj ET Q q 0 0 0 rg BT 285.41 536.70 Td (through ) Tj ET Q q 0 0 0 rg BT 322.22 536.70 Td (modern ) Tj ET Q q 0 0 0 rg BT 359.02 536.70 Td (systems. ) Tj ET Q q 0 0 0 rg BT 401.36 536.70 Td (EFH ) Tj ET Q q 0 0 0 rg BT 424.26 536.70 Td (currently ) Tj ET Q q 0 0 0 rg BT 465.50 536.70 Td (intends ) Tj ET Q q 0 0 0 rg BT 500.64 536.70 Td (to ) Tj ET Q q 0 0 0 rg BT 511.87 536.70 Td (use ) Tj ET Q q 0 0 0 rg BT 530.89 536.70 Td (any ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 522.90 Td (excess ) Tj ET Q q 0 0 0 rg BT 98.90 522.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 130.59 522.90 Td (in ) Tj ET Q q 0 0 0 rg BT 141.15 522.90 Td (addition ) Tj ET Q q 0 0 0 rg BT 178.96 522.90 Td (to ) Tj ET Q q 0 0 0 rg BT 190.07 522.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 221.76 522.90 Td (generated ) Tj ET Q q 0 0 0 rg BT 269.58 522.90 Td (from ) Tj ET Q q 0 0 0 rg BT 292.35 522.90 Td (its ) Tj ET Q q 0 0 0 rg BT 305.13 522.90 Td (operations ) Tj ET Q q 0 0 0 rg BT 354.61 522.90 Td (to ) Tj ET Q q 0 0 0 rg BT 365.73 522.90 Td (fund ) Tj ET Q q 0 0 0 rg BT 387.97 522.90 Td (its ) Tj ET Q q 0 0 0 rg BT 400.75 522.90 Td (growth.) Tj ET Q BT /F2 12.00 Tf ET 1 1 1 rg /GS0 gs 63.00 497.09 176.66 -11.26 re f /GS0 gs q 0 0 0 rg BT 63.00 488.35 Td (THIRD ) Tj ET Q q 0 0 0 rg BT 103.00 488.35 Td (QUARTER ) Tj ET Q q 0 0 0 rg BT 165.66 488.35 Td (HIGHLIGHTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.66 488.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 465.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 465.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 117.53 465.55 Td (operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.20 465.55 Td (income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 194.43 465.55 Td ( ) Tj ET Q q 0 0 0 rg BT 197.40 465.55 Td (on ) Tj ET Q q 0 0 0 rg BT 211.49 465.55 Td (continued ) Tj ET Q q 0 0 0 rg BT 257.83 465.55 Td (operations ) Tj ET Q q 0 0 0 rg BT 307.50 465.55 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 318.81 465.55 Td ($0.18) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 343.83 465.55 Td ( ) Tj ET Q q 0 0 0 rg BT 346.80 465.55 Td (per ) Tj ET Q q 0 0 0 rg BT 364.22 465.55 Td (share ) Tj ET Q q 0 0 0 rg BT 392.20 465.55 Td (compared ) Tj ET Q q 0 0 0 rg BT 439.64 465.55 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.95 465.55 Td ($0.10) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 475.97 465.55 Td ( ) Tj ET Q q 0 0 0 rg BT 478.94 465.55 Td (per ) Tj ET Q q 0 0 0 rg BT 496.36 465.55 Td (share ) Tj ET Q q 0 0 0 rg BT 524.34 465.55 Td (in ) Tj ET Q q 0 0 0 rg BT 535.10 465.55 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 451.75 Td (third) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.45 451.75 Td ( ) Tj ET Q q 0 0 0 rg BT 121.23 451.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 155.69 451.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.81 451.75 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 189.06 451.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 428.95 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 428.95 Td (A) Tj ET Q q 0 0 0 rg BT 105.12 428.95 Td ( ) Tj ET Q q 0 0 0 rg BT 107.90 428.95 Td (combined ) Tj ET Q q 0 0 0 rg BT 154.03 428.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 198.51 428.95 Td (ratio ) Tj ET Q q 0 0 0 rg BT 220.74 428.95 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 231.86 428.95 Td (98%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 251.88 428.95 Td ( ) Tj ET Q q 0 0 0 rg BT 254.65 428.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 301.90 428.95 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 313.02 428.95 Td (103%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 338.59 428.95 Td ( ) Tj ET Q q 0 0 0 rg BT 341.37 428.95 Td (in ) Tj ET Q q 0 0 0 rg BT 351.93 428.95 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 368.61 428.95 Td (third) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 388.07 428.95 Td ( ) Tj ET Q q 0 0 0 rg BT 390.85 428.95 Td (quarter ) Tj ET Q q 0 0 0 rg BT 425.31 428.95 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.43 428.95 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.67 428.95 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 406.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 406.15 Td (A) Tj ET Q q 0 0 0 rg BT 105.12 406.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 107.68 406.15 Td (35%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.69 406.15 Td ( ) Tj ET Q q 0 0 0 rg BT 130.25 406.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 170.61 406.15 Td (in ) Tj ET Q q 0 0 0 rg BT 180.96 406.15 Td (direct ) Tj ET Q q 0 0 0 rg BT 207.97 406.15 Td (written ) Tj ET Q q 0 0 0 rg BT 239.99 406.15 Td (premiums ) Tj ET Q q 0 0 0 rg BT 286.44 406.15 Td (over ) Tj ET Q q 0 0 0 rg BT 308.46 406.15 Td (the ) Tj ET Q q 0 0 0 rg BT 324.92 406.15 Td (same ) Tj ET Q q 0 0 0 rg BT 351.93 406.15 Td (period ) Tj ET Q q 0 0 0 rg BT 382.29 406.15 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 392.64 406.15 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 414.88 406.15 Td ( ) Tj ET Q q 0 0 0 rg BT 417.44 406.15 Td (to ) Tj ET Q q 0 0 0 rg BT 428.35 406.15 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 433.91 406.15 Td (105.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.93 406.15 Td ( ) Tj ET Q q 0 0 0 rg BT 461.49 406.15 Td (million ) Tj ET Q q 0 0 0 rg BT 492.39 406.15 Td (as ) Tj ET Q q 0 0 0 rg BT 505.52 406.15 Td (a ) Tj ET Q q 0 0 0 rg BT 513.64 406.15 Td (result ) Tj ET Q q 0 0 0 rg BT 540.65 406.15 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 392.35 Td (organic ) Tj ET Q q 0 0 0 rg BT 134.58 392.35 Td (growth ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 167.37 399.63 199.36 -9.38 re f /GS0 gs q 0 0 0 rg BT 167.37 392.35 Td (in ) Tj ET Q q 0 0 0 rg BT 177.93 392.35 Td (Personal ) Tj ET Q q 0 0 0 rg BT 220.18 392.35 Td (and ) Tj ET Q q 0 0 0 rg BT 239.64 392.35 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 295.76 392.35 Td (Lines ) Tj ET Q q 0 0 0 rg BT 322.44 392.35 Td (nationally) Tj ET Q q 0 0 0 rg BT 363.95 392.35 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 369.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 369.55 Td (A) Tj ET Q q 0 0 0 rg BT 105.12 369.55 Td ( ) Tj ET Q q 0 0 0 rg BT 107.42 369.55 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 140.84 369.55 Td (gain ) Tj ET Q q 0 0 0 rg BT 162.04 369.55 Td (on ) Tj ET Q q 0 0 0 rg BT 175.46 369.55 Td (invested ) Tj ET Q q 0 0 0 rg BT 215.01 369.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 246.21 369.55 Td (of ) Tj ET Q q 0 0 0 rg BT 256.84 369.55 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 262.40 369.55 Td (1.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 276.31 369.55 Td ( ) Tj ET Q q 0 0 0 rg BT 278.60 369.55 Td (million ) Tj ET Q q 0 0 0 rg BT 309.24 369.55 Td (in ) Tj ET Q q 0 0 0 rg BT 319.32 369.55 Td (the ) Tj ET Q q 0 0 0 rg BT 335.52 369.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 369.50 369.55 Td (compared ) Tj ET Q q 0 0 0 rg BT 416.27 369.55 Td (to ) Tj ET Q q 0 0 0 rg BT 426.91 369.55 Td (a ) Tj ET Q q 0 0 0 rg BT 434.77 369.55 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 468.19 369.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 488.27 369.55 Td (of ) Tj ET Q q 0 0 0 rg BT 498.91 369.55 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 504.47 369.55 Td (1.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 518.37 369.55 Td ( ) Tj ET Q q 0 0 0 rg BT 520.67 369.55 Td (million ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 355.75 Td (in ) Tj ET Q q 0 0 0 rg BT 109.30 355.75 Td (the ) Tj ET Q q 0 0 0 rg BT 125.72 355.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 148.25 355.75 Td (year ) Tj ET Q q 0 0 0 rg BT 170.22 355.75 Td (quarter) Tj ET Q q 0 0 0 rg BT 201.35 355.75 Td (, ) Tj ET Q q 0 0 0 rg BT 206.65 355.75 Td (as ) Tj ET Q q 0 0 0 rg BT 219.73 355.75 Td (a ) Tj ET Q q 0 0 0 rg BT 227.81 355.75 Td (result ) Tj ET Q q 0 0 0 rg BT 254.78 355.75 Td (of ) Tj ET Q q 0 0 0 rg BT 265.64 355.75 Td (positive ) Tj ET Q q 0 0 0 rg BT 302.07 355.75 Td (returns ) Tj ET Q q 0 0 0 rg BT 335.71 355.75 Td (from ) Tj ET Q q 0 0 0 rg BT 358.23 355.75 Td (both ) Tj ET Q q 0 0 0 rg BT 380.21 355.75 Td (the ) Tj ET Q q 0 0 0 rg BT 396.63 355.75 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 423.60 355.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 458.91 355.75 Td (and ) Tj ET Q q 0 0 0 rg BT 478.12 355.75 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 522.32 355.75 Td (Share ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 341.95 Td (portfolios.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 319.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 319.15 Td (Closing ) Tj ET Q q 0 0 0 rg BT 135.13 319.15 Td (book ) Tj ET Q q 0 0 0 rg BT 159.59 319.15 Td (value ) Tj ET Q q 0 0 0 rg BT 186.28 319.15 Td (per ) Tj ET Q q 0 0 0 rg BT 203.51 319.15 Td (share ) Tj ET Q q 0 0 0 rg BT 231.30 319.15 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 242.42 319.15 Td ($12.89) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 273.00 319.15 Td (, ) Tj ET Q q 0 0 0 rg BT 278.56 319.15 Td (an ) Tj ET Q q 0 0 0 rg BT 292.46 319.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 333.04 319.15 Td (of ) Tj ET Q q 0 0 0 rg BT 344.16 319.15 Td ($0.01 ) Tj ET Q q 0 0 0 rg BT 371.96 319.15 Td (from ) Tj ET Q q 0 0 0 rg BT 394.74 319.15 Td (the ) Tj ET Q q 0 0 0 rg BT 411.42 319.15 Td (second ) Tj ET Q q 0 0 0 rg BT 446.44 319.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 480.90 319.15 Td (of ) Tj ET Q q 0 0 0 rg BT 492.02 319.15 Td (2018. ) 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 34.10 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 175.48 34.10 Td (Analysis Page 5) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 738.03 320.19 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 730.75 Td (The financial information below compares three and nine months ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 383.19 738.03 90.62 -9.38 re f /GS0 gs q 0 0 0 rg BT 383.19 730.75 Td (September30, 2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 473.81 738.03 72.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 473.81 730.75 Td ( results with the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 724.23 68.37 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 716.95 Td (same period in ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 131.37 724.23 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 131.37 716.95 Td (2017) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 153.62 724.23 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 153.62 716.95 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 701.45 m 365.5 701.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 677.45 m 365.5 677.45 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 701.45 m 411.5 701.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 677.45 m 411.5 677.45 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 701.45 m 457.5 701.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 677.45 m 457.5 677.45 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 701.45 m 503.5 701.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 677.45 m 503.5 677.45 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 701.45 m 549.5 701.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 677.45 m 549.5 677.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 677.45 m 365.5 677.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 655.45 m 365.5 655.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 677.45 m 411.5 677.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 655.45 m 411.5 655.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 677.45 m 457.5 677.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 655.45 m 457.5 655.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 677.45 m 503.5 677.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 655.45 m 503.5 655.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 677.45 m 549.5 677.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 655.45 m 549.5 655.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 655.45 m 365.5 655.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 655.45 m 411.5 655.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 655.45 m 457.5 655.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 655.45 m 503.5 655.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 655.45 m 549.5 655.45 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 68.5 361.45 m 365.5 361.45 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 365.5 361.45 m 411.5 361.45 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 411.5 361.45 m 457.5 361.45 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 457.5 361.45 m 503.5 361.45 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 361.45 m 549.5 361.45 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 376.95 690.85 Td (3 months ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.70 681.85 Td (September 30) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.95 690.85 Td (9 months ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.70 681.85 Td (September 30) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 71.00 659.68 Td (\($ THOUSANDS except per share amounts\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 377.90 659.98 Td (2018) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 423.90 659.98 Td (2017) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 469.90 659.98 Td (2018) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 515.90 659.98 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 645.40 Td (Direct written and assumed premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.40 645.85 Td (105,027) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.40 645.85 Td (78,047) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.40 645.85 Td (297,147) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.40 645.85 Td (217,668) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 631.40 Td (Net written premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.40 631.85 Td (100,598) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.40 631.85 Td (72,51) Tj ET Q q 0 0 0 rg BT 443.92 631.85 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.40 631.85 Td (287,064) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.40 631.85 Td (201,572) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 617.40 Td (Net earned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.40 617.85 Td (95,709) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.40 617.85 Td (60,017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.40 617.85 Td (242,51) Tj ET Q q 0 0 0 rg BT 489.93 617.85 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.40 617.85 Td (162,490) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 603.40 Td (Net claims incurred) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.40 603.85 Td (64,760) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.40 603.85 Td (43,313) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.40 603.85 Td (155,497) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.40 603.85 Td (103,989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 589.40 Td (Net acquisition costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.40 589.85 Td (21,910) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.40 589.85 Td (12,836) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.40 589.85 Td (59,051) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.40 589.85 Td (36,821) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 575.40 Td (Operating expenses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.40 575.85 Td (10,534) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.40 575.85 Td (7,296) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.40 575.85 Td (27,847) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.40 575.85 Td (22,915) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 561.85 Td (Underwriting income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.40 561.85 Td (\(1,495) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.95 561.85 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.40 561.85 Td (\(3,428) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.95 561.85 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.90 561.85 Td (1) Tj ET Q q 0 0 0 rg BT 484.91 561.85 Td (16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.40 561.85 Td (\(1,235) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.95 561.85 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 547.85 Td (Severance recovery / \(expense\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.90 547.85 Td (\(48) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.95 547.85 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.90 547.85 Td (\(86) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.95 547.85 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.90 547.85 Td (\(336) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.95 547.85 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.90 547.85 Td (\(175) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.95 547.85 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 533.85 Td (Investment income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.40 533.85 Td (3,028) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.40 533.85 Td (2,416) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.40 533.85 Td (7,746) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.40 533.85 Td (13,880) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 519.85 Td (Impact of discount rate on claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.90 519.85 Td (93) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.40 519.85 Td (2,034) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.40 519.85 Td (4,207) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.40 519.85 Td (2,034) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 505.85 Td (Net income before interest and income taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.40 505.85 Td (1,578) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.90 505.85 Td (936) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.40 505.85 Td (1) Tj ET Q q 0 0 0 rg BT 472.41 505.85 Td (1,733) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.40 505.85 Td (14,504) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 491.85 Td (Interest expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.95 491.85 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.95 491.85 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.95 491.85 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.90 491.85 Td (155) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 477.85 Td (Income tax expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.40 477.85 Td (1,408) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.90 477.85 Td (126) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.40 477.85 Td (1,932) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.40 477.85 Td (2,880) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 463.85 Td (Net income on continued operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.90 463.85 Td (170) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.90 463.85 Td (810) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.40 463.85 Td (9,801) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.40 463.85 Td (1) Tj ET Q q 0 0 0 rg BT 518.41 463.85 Td (1,469) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 449.85 Td (Net income attributable to shareholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.90 449.85 Td (266) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.90 449.85 Td (858) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.40 449.85 Td (10,137) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.40 449.85 Td (1) Tj ET Q q 0 0 0 rg BT 518.41 449.85 Td (1,455) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 435.85 Td (Net operating income attributable to shareholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.40 436.15 Td (2,147) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.40 436.15 Td (1,21) Tj ET Q q 0 0 0 rg BT 442.92 436.15 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.40 435.85 Td (8,624) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.40 436.15 Td (6,865) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 421.85 Td (Earnings per share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 85.00 407.40 Td (Basic) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.40 407.85 Td ($0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.40 407.85 Td ($0.07) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.45 407.85 Td ($0.85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.40 407.85 Td ($0.97) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 85.00 393.40 Td (Diluted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.40 393.85 Td ($0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.40 393.85 Td ($0.07) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.45 393.85 Td ($0.83) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.40 393.85 Td ($0.95) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 380.40 Td (Net ) Tj ET Q q 0 0 0 rg BT 87.51 380.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 127.54 380.40 Td (income ) Tj ET Q q 0 0 0 rg BT 159.05 380.40 Td (per ) Tj ET Q q 0 0 0 rg BT 174.56 380.40 Td (share ) Tj ET Q q 0 0 0 rg BT 199.57 380.40 Td ( ) Tj ET Q q 0 0 0 rg BT 207.08 380.40 Td (diluted ) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 236.10 384.69 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.40 379.85 Td ($0.18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.40 379.85 Td ($0.10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.45 379.85 Td ($0.71) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.40 379.85 Td ($0.57) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 366.40 Td (T) Tj ET Q q 0 0 0 rg BT 76.16 366.40 Td (railing twelve month return on equity \(ROE\) - continuing operations ) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 344.80 370.69 Td (\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.40 365.85 Td (3.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.95 365.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.40 365.85 Td (9.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.95 365.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.40 365.85 Td (3.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.95 365.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.40 365.85 Td (9.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.95 365.85 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 63.00 356.00 7.15 -8.45 re f /GS0 gs BT /F3 5.85 Tf ET q 0 0 0 rg BT 63.00 349.44 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 70.15 351.70 5.19 -8.45 re f /GS0 gs q 0 0 0 rg BT 70.15 345.15 Td ( ) Tj ET Q q 0 0 0 rg BT 71.88 345.15 Td ( ) Tj ET Q q 0 0 0 rg BT 73.61 345.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.34 345.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 91.07 345.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 130.33 345.15 Td (income ) Tj ET Q q 0 0 0 rg BT 161.08 345.15 Td (is ) Tj ET Q q 0 0 0 rg BT 169.31 345.15 Td (defined ) Tj ET Q q 0 0 0 rg BT 200.56 345.15 Td (as ) Tj ET Q q 0 0 0 rg BT 211.80 345.15 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 262.55 345.15 Td (income ) Tj ET Q q 0 0 0 rg BT 293.30 345.15 Td (plus ) Tj ET Q q 0 0 0 rg BT 311.54 345.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 342.78 345.15 Td (and ) Tj ET Q q 0 0 0 rg BT 359.53 345.15 Td (dividend ) Tj ET Q q 0 0 0 rg BT 394.78 345.15 Td (income, ) Tj ET Q q 0 0 0 rg BT 428.02 345.15 Td (net ) Tj ET Q q 0 0 0 rg BT 442.27 345.15 Td (of ) Tj ET Q q 0 0 0 rg BT 451.50 345.15 Td (tax. ) Tj ET Q q 0 0 0 rg BT 467.74 345.15 Td (Underwriting ) Tj ET Q q 0 0 0 rg BT 519.99 345.15 Td (income ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 76.50 333.15 Td (excludes ) Tj ET Q q 0 0 0 rg BT 114.33 333.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 143.15 333.15 Td (of ) Tj ET Q q 0 0 0 rg BT 152.96 333.15 Td (change ) Tj ET Q q 0 0 0 rg BT 184.80 333.15 Td (in ) Tj ET Q q 0 0 0 rg BT 194.11 333.15 Td (claims ) Tj ET Q q 0 0 0 rg BT 221.92 333.15 Td (discount ) Tj ET Q q 0 0 0 rg BT 257.75 333.15 Td (rates, ) Tj ET Q q 0 0 0 rg BT 282.57 333.15 Td (and ) Tj ET Q q 0 0 0 rg BT 299.89 333.15 Td (non-recurring ) Tj ET Q q 0 0 0 rg BT 355.73 333.15 Td (items.) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 379.73 337.92 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.40 333.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 397.71 333.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 443.54 333.15 Td (income ) Tj ET Q q 0 0 0 rg BT 474.86 333.15 Td (consists ) Tj ET Q q 0 0 0 rg BT 509.68 333.15 Td (of ) Tj ET Q q 0 0 0 rg BT 519.49 333.15 Td (interest ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 76.50 322.35 Td (income, ) Tj ET Q q 0 0 0 rg BT 111.17 322.35 Td (dividend ) Tj ET Q q 0 0 0 rg BT 147.86 322.35 Td (income ) Tj ET Q q 0 0 0 rg BT 180.03 322.35 Td (and ) Tj ET Q q 0 0 0 rg BT 198.21 322.35 Td (premium ) Tj ET Q q 0 0 0 rg BT 236.37 322.35 Td (financing ) Tj ET Q q 0 0 0 rg BT 275.56 322.35 Td (charges, ) Tj ET Q q 0 0 0 rg BT 313.24 322.35 Td (less ) Tj ET Q q 0 0 0 rg BT 332.40 322.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 379.08 322.35 Td (expense, ) Tj ET Q q 0 0 0 rg BT 418.77 322.35 Td (as ) Tj ET Q q 0 0 0 rg BT 431.43 322.35 Td (per ) Tj ET Q q 0 0 0 rg BT 447.60 322.35 Td (Note ) Tj ET Q q 0 0 0 rg BT 469.77 322.35 Td (6 ) Tj ET Q q 0 0 0 rg BT 477.94 322.35 Td (of ) Tj ET Q q 0 0 0 rg BT 488.60 322.35 Td (the ) Tj ET Q q 0 0 0 rg BT 504.27 322.35 Td (Company's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 76.50 311.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 131.85 311.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 170.69 311.55 Td (Statements. ) Tj ET Q q 0 0 0 rg BT 221.53 311.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 238.35 311.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 278.70 311.55 Td (income ) Tj ET Q q 0 0 0 rg BT 310.53 311.55 Td (is ) Tj ET Q q 0 0 0 rg BT 319.84 311.55 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 356.69 311.55 Td (to ) Tj ET Q q 0 0 0 rg BT 367.01 311.55 Td (that ) Tj ET Q q 0 0 0 rg BT 384.84 311.55 Td (attributable ) Tj ET Q q 0 0 0 rg BT 432.18 311.55 Td (to ) Tj ET Q q 0 0 0 rg BT 442.51 311.55 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 497.36 311.55 Td (for ) Tj ET Q q 0 0 0 rg BT 510.68 311.55 Td (per ) Tj ET Q q 0 0 0 rg BT 526.50 311.55 Td (share ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 76.50 299.55 Td (calculation) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 119.03 299.55 Td (.) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 63.00 294.95 7.15 -8.45 re f /GS0 gs BT /F3 5.85 Tf ET q 0 0 0 rg BT 63.00 288.39 Td (\(2\)) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 70.15 290.65 191.09 -8.45 re f /GS0 gs q 0 0 0 rg BT 70.15 284.10 Td ( ROE calculated on rolling twelve-month basis.) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 259.58 102.81 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 252.30 Td (Insurance Operations) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 233.78 181.17 -9.36 re f /GS0 gs q 0 0 0 rg BT 63.00 226.50 Td (Direct Written and Net Earned Premiums) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 213.98 27.17 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 206.70 Td (In ) Tj ET Q q 0 0 0 rg BT 73.80 206.70 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 90.17 213.98 19.45 -9.38 re f /GS0 gs q 0 0 0 rg BT 90.17 206.70 Td (third) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 109.62 213.98 47.41 -9.38 re f /GS0 gs q 0 0 0 rg BT 109.62 206.70 Td ( ) Tj ET Q q 0 0 0 rg BT 112.08 206.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 146.23 206.70 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 157.04 213.98 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 157.04 206.70 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 179.28 213.98 107.97 -9.38 re f /GS0 gs q 0 0 0 rg BT 179.28 206.70 Td (, ) Tj ET Q q 0 0 0 rg BT 184.52 206.70 Td (direct ) Tj ET Q q 0 0 0 rg BT 211.44 206.70 Td (written ) Tj ET Q q 0 0 0 rg BT 243.36 206.70 Td (premiums) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.25 206.70 Td ( ) Tj ET Q q 0 0 0 rg BT 289.72 206.70 Td (increased ) Tj ET Q q 0 0 0 rg BT 335.54 206.70 Td (by) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 346.10 213.98 2.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 346.10 206.70 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 348.56 213.98 20.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 348.56 206.70 Td (35%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 368.58 213.98 183.20 -9.38 re f /GS0 gs q 0 0 0 rg BT 368.58 206.70 Td ( ) Tj ET Q q 0 0 0 rg BT 371.04 206.70 Td (while ) Tj ET Q q 0 0 0 rg BT 396.29 206.70 Td (net ) Tj ET Q q 0 0 0 rg BT 412.66 206.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 446.26 206.70 Td (premiums ) Tj ET Q q 0 0 0 rg BT 492.62 206.70 Td (increased ) Tj ET Q q 0 0 0 rg BT 538.44 206.70 Td (by ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 200.18 20.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 192.90 Td (59%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.01 192.90 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 85.91 200.18 465.87 -9.38 re f /GS0 gs q 0 0 0 rg BT 85.91 192.90 Td (compared ) Tj ET Q q 0 0 0 rg BT 133.60 192.90 Td (to ) Tj ET Q q 0 0 0 rg BT 145.16 192.90 Td (the ) Tj ET Q q 0 0 0 rg BT 162.28 192.90 Td (same ) Tj ET Q q 0 0 0 rg BT 189.96 192.90 Td (prior ) Tj ET Q q 0 0 0 rg BT 213.18 192.90 Td (year ) Tj ET Q q 0 0 0 rg BT 235.86 192.90 Td (period. ) Tj ET Q q 0 0 0 rg BT 269.44 192.90 Td (The ) Tj ET Q q 0 0 0 rg BT 289.90 192.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 330.92 192.90 Td (in ) Tj ET Q q 0 0 0 rg BT 341.92 192.90 Td (premium ) Tj ET Q q 0 0 0 rg BT 384.04 192.90 Td (was ) Tj ET Q q 0 0 0 rg BT 405.04 192.90 Td (driven ) Tj ET Q q 0 0 0 rg BT 435.50 192.90 Td (by ) Tj ET Q q 0 0 0 rg BT 449.28 192.90 Td (organic ) Tj ET Q q 0 0 0 rg BT 485.30 192.90 Td (growth ) Tj ET Q q 0 0 0 rg BT 518.53 192.90 Td (in ) Tj ET Q q 0 0 0 rg BT 529.54 192.90 Td (both ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 186.38 381.29 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 179.10 Td (Personal ) Tj ET Q q 0 0 0 rg BT 105.25 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.71 179.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 180.83 179.10 Td (line ) Tj ET Q q 0 0 0 rg BT 199.17 179.10 Td (products ) Tj ET Q q 0 0 0 rg BT 240.30 179.10 Td (supported ) Tj ET Q q 0 0 0 rg BT 287.56 179.10 Td (by ) Tj ET Q q 0 0 0 rg BT 300.90 179.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 357.02 179.10 Td (Line ) Tj ET Q q 0 0 0 rg BT 378.70 179.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 398.71 179.10 Td (increases.) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 166.58 70.02 -9.36 re f /GS0 gs q 0 0 0 rg BT 63.00 159.30 Td (Claims ) Tj ET Q q 0 0 0 rg BT 96.33 159.30 Td (Incurred) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 146.78 97.71 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 139.50 Td (For ) Tj ET Q q 0 0 0 rg BT 80.33 139.50 Td (the ) Tj ET Q q 0 0 0 rg BT 96.56 139.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 130.57 139.50 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 160.71 146.78 90.17 -9.38 re f /GS0 gs q 0 0 0 rg BT 160.71 139.50 Td (September30, ) Tj ET Q q 0 0 0 rg BT 228.63 139.50 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 250.88 146.78 92.14 -9.38 re f /GS0 gs q 0 0 0 rg BT 250.88 139.50 Td (, ) Tj ET Q q 0 0 0 rg BT 255.99 139.50 Td (net ) Tj ET Q q 0 0 0 rg BT 272.22 139.50 Td (claims ) Tj ET Q q 0 0 0 rg BT 302.88 139.50 Td (expense ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 343.02 146.78 43.36 -9.38 re f /GS0 gs q 0 0 0 rg BT 343.02 139.50 Td (increased) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 386.38 146.78 15.22 -9.38 re f /GS0 gs q 0 0 0 rg BT 386.38 139.50 Td ( ) Tj ET Q q 0 0 0 rg BT 388.71 139.50 Td (by ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 401.60 146.78 20.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 401.60 139.50 Td (50%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 421.61 146.78 130.16 -9.38 re f /GS0 gs q 0 0 0 rg BT 421.61 139.50 Td (, ) Tj ET Q q 0 0 0 rg BT 426.72 139.50 Td (less ) Tj ET Q q 0 0 0 rg BT 446.83 139.50 Td (than ) Tj ET Q q 0 0 0 rg BT 468.63 139.50 Td (the ) Tj ET Q q 0 0 0 rg BT 484.86 139.50 Td (increase ) Tj ET Q q 0 0 0 rg BT 524.98 139.50 Td (in ) Tj ET Q q 0 0 0 rg BT 535.09 139.50 Td (net ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 132.98 83.37 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 125.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 96.92 125.70 Td (premiums, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 146.37 125.70 Td (driven ) Tj ET Q q 0 0 0 rg BT 176.38 125.70 Td (by ) Tj ET Q q 0 0 0 rg BT 189.72 125.70 Td (improvements ) Tj ET Q q 0 0 0 rg BT 255.30 125.70 Td (in ) Tj ET Q q 0 0 0 rg BT 265.86 125.70 Td (current ) Tj ET Q q 0 0 0 rg BT 299.76 125.70 Td (year ) Tj ET Q q 0 0 0 rg BT 321.99 125.70 Td (loss ) Tj ET Q q 0 0 0 rg BT 342.56 125.70 Td (ratios ) Tj ET Q q 0 0 0 rg BT 369.79 125.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 417.03 125.70 Td (to ) Tj ET Q q 0 0 0 rg BT 428.15 125.70 Td (the ) Tj ET Q q 0 0 0 rg BT 444.83 125.70 Td (prior ) Tj ET Q q 0 0 0 rg BT 467.61 125.70 Td (period.) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 113.18 15.56 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 105.90 Td (Net) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.56 105.90 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 82.53 105.90 Td (favourable) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 129.23 105.90 Td ( ) Tj ET Q q 0 0 0 rg BT 133.21 105.90 Td (development, ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 197.22 113.18 283.83 -9.38 re f /GS0 gs q 0 0 0 rg BT 197.22 105.90 Td (excluding ) Tj ET Q q 0 0 0 rg BT 243.44 105.90 Td (the ) Tj ET Q q 0 0 0 rg BT 261.31 105.90 Td (impact ) Tj ET Q q 0 0 0 rg BT 294.74 105.90 Td (of ) Tj ET Q q 0 0 0 rg BT 307.05 105.90 Td (discounting, ) Tj ET Q q 0 0 0 rg BT 364.39 105.90 Td (on ) Tj ET Q q 0 0 0 rg BT 379.49 105.90 Td (prior ) Tj ET Q q 0 0 0 rg BT 403.46 105.90 Td (year ) Tj ET Q q 0 0 0 rg BT 426.89 105.90 Td (claims ) Tj ET Q q 0 0 0 rg BT 459.20 105.90 Td ( ) Tj ET Q q 0 0 0 rg BT 463.17 105.90 Td (of ) Tj ET Q q 0 0 0 rg BT 475.48 105.90 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 481.04 113.18 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 481.04 105.90 Td (2.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 494.94 105.90 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 498.92 113.18 52.87 -9.38 re f /GS0 gs q 0 0 0 rg BT 498.92 105.90 Td (million ) Tj ET Q q 0 0 0 rg BT 531.23 105.90 Td (was ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 99.38 67.29 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 92.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 104.51 92.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.34 92.10 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 130.29 99.38 19.45 -9.38 re f /GS0 gs q 0 0 0 rg BT 130.29 92.10 Td (third) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 149.74 99.38 46.16 -9.38 re f /GS0 gs q 0 0 0 rg BT 149.74 92.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.79 92.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 185.52 92.10 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 195.91 99.38 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 195.91 92.10 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 218.15 99.38 70.07 -9.38 re f /GS0 gs q 0 0 0 rg BT 218.15 92.10 Td ( ) Tj ET Q q 0 0 0 rg BT 220.20 92.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 266.71 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.10 92.10 Td (ne) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 288.22 92.10 Td (t ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 293.04 92.10 Td (favourable) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 339.74 92.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 341.79 99.38 75.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 341.79 92.10 Td (development ) Tj ET Q q 0 0 0 rg BT 401.10 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 411.48 92.10 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 417.04 99.38 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 417.04 92.10 Td (12.3) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 436.51 99.38 115.28 -9.38 re f /GS0 gs q 0 0 0 rg BT 436.51 92.10 Td ( ) Tj ET Q q 0 0 0 rg BT 438.55 92.10 Td (million ) Tj ET Q q 0 0 0 rg BT 468.94 92.10 Td (in ) Tj ET Q q 0 0 0 rg BT 478.77 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.71 92.10 Td (same ) Tj ET Q q 0 0 0 rg BT 521.21 92.10 Td (period ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 85.58 10.56 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 78.30 Td (in ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 73.56 85.58 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 73.56 78.30 Td (2017) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 95.81 85.58 5.56 -9.38 re f /GS0 gs q 0 0 0 rg BT 95.81 78.30 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 34.10 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 175.48 34.10 Td (Analysis Page 6) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 738.03 76.70 -9.36 re f /GS0 gs q 0 0 0 rg BT 63.00 730.75 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 114.14 730.75 Td (Costs) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 718.23 488.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 710.95 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 113.11 710.95 Td (costs, ) Tj ET Q q 0 0 0 rg BT 140.99 710.95 Td (which ) Tj ET Q q 0 0 0 rg BT 168.31 710.95 Td (consist ) Tj ET Q q 0 0 0 rg BT 201.19 710.95 Td (mainly ) Tj ET Q q 0 0 0 rg BT 231.84 710.95 Td (of ) Tj ET Q q 0 0 0 rg BT 241.94 710.95 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 304.26 710.95 Td (premium ) Tj ET Q q 0 0 0 rg BT 344.91 710.95 Td (taxes ) Tj ET Q q 0 0 0 rg BT 370.57 710.95 Td (and ) Tj ET Q q 0 0 0 rg BT 389.01 710.95 Td (a ) Tj ET Q q 0 0 0 rg BT 396.32 710.95 Td (portion ) Tj ET Q q 0 0 0 rg BT 428.65 710.95 Td (of ) Tj ET Q q 0 0 0 rg BT 438.75 710.95 Td (general ) Tj ET Q q 0 0 0 rg BT 473.86 710.95 Td (expenses ) Tj ET Q q 0 0 0 rg BT 518.43 710.95 Td (related ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 704.43 99.80 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 697.15 Td (to ) Tj ET Q q 0 0 0 rg BT 74.96 697.15 Td (policy ) Tj ET Q q 0 0 0 rg BT 104.15 697.15 Td (acquisitions, ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 162.80 704.43 43.36 -9.38 re f /GS0 gs q 0 0 0 rg BT 162.80 697.15 Td (increased) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 206.16 697.15 Td ( ) Tj ET Q q 0 0 0 rg BT 209.78 697.15 Td (by) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 220.34 704.43 3.62 -9.38 re f /GS0 gs q 0 0 0 rg BT 220.34 697.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 223.96 704.43 20.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 223.96 697.15 Td (71%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 243.97 704.43 102.06 -9.38 re f /GS0 gs q 0 0 0 rg BT 243.97 697.15 Td (, ) Tj ET Q q 0 0 0 rg BT 250.37 697.15 Td (in ) Tj ET Q q 0 0 0 rg BT 261.78 697.15 Td (the ) Tj ET Q q 0 0 0 rg BT 279.30 697.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 314.60 697.15 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 346.03 704.43 91.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 346.03 697.15 Td (September30, ) Tj ET Q q 0 0 0 rg BT 415.25 697.15 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 437.49 704.43 114.28 -9.38 re f /GS0 gs q 0 0 0 rg BT 437.49 697.15 Td (. ) Tj ET Q q 0 0 0 rg BT 443.66 697.15 Td (This ) Tj ET Q q 0 0 0 rg BT 466.17 697.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 507.59 697.15 Td (is ) Tj ET Q q 0 0 0 rg BT 518.43 697.15 Td (slightly ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 690.63 416.59 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 683.35 Td (higher ) Tj ET Q q 0 0 0 rg BT 93.58 683.35 Td (than ) Tj ET Q q 0 0 0 rg BT 115.82 683.35 Td (the ) Tj ET Q q 0 0 0 rg BT 132.50 683.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 165.29 683.35 Td (in ) Tj ET Q q 0 0 0 rg BT 175.85 683.35 Td (earned ) Tj ET Q q 0 0 0 rg BT 209.77 683.35 Td (premiums ) Tj ET Q q 0 0 0 rg BT 256.44 683.35 Td (due ) Tj ET Q q 0 0 0 rg BT 275.91 683.35 Td (to ) Tj ET Q q 0 0 0 rg BT 287.02 683.35 Td (the ) Tj ET Q q 0 0 0 rg BT 303.70 683.35 Td (change ) Tj ET Q q 0 0 0 rg BT 339.29 683.35 Td (in ) Tj ET Q q 0 0 0 rg BT 349.85 683.35 Td (the ) Tj ET Q q 0 0 0 rg BT 366.53 683.35 Td (Company's ) Tj ET Q q 0 0 0 rg BT 419.02 683.35 Td (business ) Tj ET Q q 0 0 0 rg BT 461.26 683.35 Td (mix.) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 664.83 90.61 -9.36 re f /GS0 gs q 0 0 0 rg BT 63.00 657.55 Td (Operating ) Tj ET Q q 0 0 0 rg BT 109.69 657.55 Td (Expenses) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 645.03 90.20 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 637.75 Td (Operating ) Tj ET Q q 0 0 0 rg BT 110.39 637.75 Td (expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 153.20 637.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 156.67 637.75 Td (increased) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 200.03 637.75 Td ( ) Tj ET Q q 0 0 0 rg BT 203.51 637.75 Td (by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.54 637.75 Td (44%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 237.56 645.03 32.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 237.56 637.75 Td ( ) Tj ET Q q 0 0 0 rg BT 241.03 637.75 Td (in ) Tj ET Q q 0 0 0 rg BT 252.29 637.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 269.66 645.03 19.45 -9.38 re f /GS0 gs q 0 0 0 rg BT 269.66 637.75 Td (third) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 289.12 645.03 50.45 -9.38 re f /GS0 gs q 0 0 0 rg BT 289.12 637.75 Td ( ) Tj ET Q q 0 0 0 rg BT 292.59 637.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 327.75 637.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 339.56 645.03 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 339.56 637.75 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 361.81 645.03 189.96 -9.38 re f /GS0 gs q 0 0 0 rg BT 361.81 637.75 Td ( ) Tj ET Q q 0 0 0 rg BT 365.28 637.75 Td (over ) Tj ET Q q 0 0 0 rg BT 388.21 637.75 Td (the ) Tj ET Q q 0 0 0 rg BT 405.59 637.75 Td (comparative ) Tj ET Q q 0 0 0 rg BT 463.53 637.75 Td (quarter) Tj ET Q q 0 0 0 rg BT 494.66 637.75 Td (, ) Tj ET Q q 0 0 0 rg BT 500.91 637.75 Td (in ) Tj ET Q q 0 0 0 rg BT 512.17 637.75 Td (line ) Tj ET Q q 0 0 0 rg BT 531.21 637.75 Td (with ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 631.23 488.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 623.95 Td (increased ) Tj ET Q q 0 0 0 rg BT 109.35 623.95 Td (premiums. ) Tj ET Q q 0 0 0 rg BT 159.01 623.95 Td (Despite ) Tj ET Q q 0 0 0 rg BT 195.91 623.95 Td (an ) Tj ET Q q 0 0 0 rg BT 210.02 623.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 250.81 623.95 Td (in ) Tj ET Q q 0 0 0 rg BT 261.58 623.95 Td (total ) Tj ET Q q 0 0 0 rg BT 283.47 623.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 328.16 623.95 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 376.74 623.95 Td (the ) Tj ET Q q 0 0 0 rg BT 393.63 623.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 434.43 623.95 Td (ratio ) Tj ET Q q 0 0 0 rg BT 456.87 623.95 Td (was ) Tj ET Q q 0 0 0 rg BT 477.64 623.95 Td (lower ) Tj ET Q q 0 0 0 rg BT 504.53 623.95 Td (compared ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 617.43 488.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 610.15 Td (to ) Tj ET Q q 0 0 0 rg BT 75.88 610.15 Td (the ) Tj ET Q q 0 0 0 rg BT 94.33 610.15 Td (same ) Tj ET Q q 0 0 0 rg BT 123.32 610.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 147.87 610.15 Td (period, ) Tj ET Q q 0 0 0 rg BT 182.99 610.15 Td (which ) Tj ET Q q 0 0 0 rg BT 213.10 610.15 Td (reflects ) Tj ET Q q 0 0 0 rg BT 249.88 610.15 Td (the ) Tj ET Q q 0 0 0 rg BT 268.32 610.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 315.68 610.15 Td (ef) Tj ET Q q 0 0 0 rg BT 323.84 610.15 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 369.51 610.15 Td (realized ) Tj ET Q q 0 0 0 rg BT 409.07 610.15 Td (through ) Tj ET Q q 0 0 0 rg BT 447.53 610.15 Td (the ) Tj ET Q q 0 0 0 rg BT 465.98 610.15 Td (deployment ) Tj ET Q q 0 0 0 rg BT 522.22 610.15 Td (of ) Tj ET Q q 0 0 0 rg BT 535.10 610.15 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 603.63 179.20 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 596.35 Td (Company's ) Tj ET Q q 0 0 0 rg BT 115.49 596.35 Td (policy ) Tj ET Q q 0 0 0 rg BT 143.83 596.35 Td (management ) Tj ET Q q 0 0 0 rg BT 204.98 596.35 Td (system, ) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 242.20 603.63 39.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 242.20 596.35 Td (Passport) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 281.67 603.63 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 281.67 596.35 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 284.45 596.35 Td ( ) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 577.83 91.70 -9.36 re f /GS0 gs q 0 0 0 rg BT 63.00 570.55 Td (Underwriting Income) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 558.03 72.10 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 550.75 Td (An ) Tj ET Q q 0 0 0 rg BT 77.93 550.75 Td (underwriting ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 135.10 558.03 17.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 135.10 550.75 Td (loss) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 152.88 558.03 19.29 -9.38 re f /GS0 gs q 0 0 0 rg BT 152.88 550.75 Td ( ) Tj ET Q q 0 0 0 rg BT 155.57 550.75 Td (of ) Tj ET Q q 0 0 0 rg BT 166.61 550.75 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 172.17 558.03 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 172.17 550.75 Td (1.5) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 186.07 558.03 123.45 -9.38 re f /GS0 gs q 0 0 0 rg BT 186.07 550.75 Td ( ) Tj ET Q q 0 0 0 rg BT 188.77 550.75 Td (million ) Tj ET Q q 0 0 0 rg BT 219.80 550.75 Td (was ) Tj ET Q q 0 0 0 rg BT 240.28 550.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 282.45 550.75 Td (in ) Tj ET Q q 0 0 0 rg BT 292.93 550.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 309.52 558.03 19.45 -9.38 re f /GS0 gs q 0 0 0 rg BT 309.52 550.75 Td (third) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 328.98 558.03 48.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 328.98 550.75 Td ( ) Tj ET Q q 0 0 0 rg BT 331.67 550.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 366.05 550.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 377.09 558.03 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 377.09 550.75 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 399.33 558.03 131.88 -9.38 re f /GS0 gs q 0 0 0 rg BT 399.33 550.75 Td ( ) Tj ET Q q 0 0 0 rg BT 402.03 550.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 449.19 550.75 Td (to ) Tj ET Q q 0 0 0 rg BT 460.23 550.75 Td (an ) Tj ET Q q 0 0 0 rg BT 474.05 550.75 Td (underwriting ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 531.22 558.03 17.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 531.22 550.75 Td (loss) Tj ET Q BT /F3 10.00 Tf ET BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 544.23 16.28 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 536.95 Td (of ) Tj ET Q q 0 0 0 rg BT 73.72 536.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 79.28 544.23 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 79.28 536.95 Td (3.4) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 93.18 544.23 126.70 -9.38 re f /GS0 gs q 0 0 0 rg BT 93.18 536.95 Td ( ) Tj ET Q q 0 0 0 rg BT 95.56 536.95 Td (million ) Tj ET Q q 0 0 0 rg BT 126.28 536.95 Td (in ) Tj ET Q q 0 0 0 rg BT 136.44 536.95 Td (the ) Tj ET Q q 0 0 0 rg BT 152.72 536.95 Td (same ) Tj ET Q q 0 0 0 rg BT 179.55 536.95 Td (period ) Tj ET Q q 0 0 0 rg BT 209.72 536.95 Td (in ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 219.88 544.23 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 219.88 536.95 Td (2017) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 242.13 544.23 309.66 -9.38 re f /GS0 gs q 0 0 0 rg BT 242.13 536.95 Td (, ) Tj ET Q q 0 0 0 rg BT 247.29 536.95 Td (due ) Tj ET Q q 0 0 0 rg BT 266.35 536.95 Td (to ) Tj ET Q q 0 0 0 rg BT 277.07 536.95 Td (improved ) Tj ET Q q 0 0 0 rg BT 320.57 536.95 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 377.42 536.95 Td ( ) Tj ET Q q 0 0 0 rg BT 379.80 536.95 Td (results ) Tj ET Q q 0 0 0 rg BT 411.63 536.95 Td (in ) Tj ET Q q 0 0 0 rg BT 421.79 536.95 Td (Personal ) Tj ET Q q 0 0 0 rg BT 463.64 536.95 Td (Lines. ) Tj ET Q q 0 0 0 rg BT 492.70 536.95 Td (Including ) Tj ET Q q 0 0 0 rg BT 535.11 536.95 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 530.43 488.80 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 523.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 95.98 523.15 Td (of ) Tj ET Q q 0 0 0 rg BT 107.84 523.15 Td (discounting, ) Tj ET Q q 0 0 0 rg BT 164.73 523.15 Td (the ) Tj ET Q q 0 0 0 rg BT 182.15 523.15 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 240.15 523.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 261.45 523.15 Td (was ) Tj ET Q q 0 0 0 rg BT 282.76 523.15 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 305.74 523.15 Td (million ) Tj ET Q q 0 0 0 rg BT 337.60 523.15 Td (which ) Tj ET Q q 0 0 0 rg BT 366.69 523.15 Td (remained ) Tj ET Q q 0 0 0 rg BT 411.90 523.15 Td (flat ) Tj ET Q q 0 0 0 rg BT 428.76 523.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 476.75 523.15 Td (to ) Tj ET Q q 0 0 0 rg BT 488.62 523.15 Td (the ) Tj ET Q q 0 0 0 rg BT 506.04 523.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 529.57 523.15 Td (year ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 516.63 33.91 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 509.35 Td (quarter) Tj ET Q q 0 0 0 rg BT 94.13 509.35 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 483.55 Td (Investment Income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 463.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 114.69 463.75 Td (income ) Tj ET Q q 0 0 0 rg BT 149.70 463.75 Td (was ) Tj ET Q q 0 0 0 rg BT 170.27 463.75 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.83 463.75 Td (3.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 189.73 463.75 Td ( ) Tj ET Q q 0 0 0 rg BT 192.51 463.75 Td (million ) Tj ET Q q 0 0 0 rg BT 223.63 463.75 Td (in ) Tj ET Q q 0 0 0 rg BT 234.19 463.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 250.87 471.03 19.45 -9.38 re f /GS0 gs q 0 0 0 rg BT 250.87 463.75 Td (third) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 270.32 463.75 Td ( ) Tj ET Q q 0 0 0 rg BT 273.10 463.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 307.56 463.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 354.81 463.75 Td (to ) Tj ET Q q 0 0 0 rg BT 365.92 463.75 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 371.49 463.75 Td (2.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 385.39 463.75 Td ( ) Tj ET Q q 0 0 0 rg BT 388.17 463.75 Td (million ) Tj ET Q q 0 0 0 rg BT 419.28 463.75 Td (in ) Tj ET Q q 0 0 0 rg BT 429.85 463.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 446.53 471.03 19.45 -9.38 re f /GS0 gs q 0 0 0 rg BT 446.53 463.75 Td (third) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 465.98 463.75 Td ( ) Tj ET Q q 0 0 0 rg BT 468.76 463.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 503.22 463.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 514.34 463.75 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.58 463.75 Td (. ) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 445.23 146.93 -9.36 re f /GS0 gs q 0 0 0 rg BT 63.00 437.95 Td (Net Income before Income T) Tj ET Q q 0 0 0 rg BT 188.81 437.95 Td (axes) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 425.43 18.23 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 418.15 Td (Net ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 81.23 425.43 32.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 81.23 418.15 Td (income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 113.47 418.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 116.14 425.43 120.20 -9.38 re f /GS0 gs q 0 0 0 rg BT 116.14 418.15 Td (before ) Tj ET Q q 0 0 0 rg BT 147.17 418.15 Td (taxes ) Tj ET Q q 0 0 0 rg BT 173.74 418.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 219.77 418.15 Td (to ) Tj ET Q q 0 0 0 rg BT 230.78 418.15 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 236.34 425.43 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 236.34 418.15 Td (1.6) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 250.24 425.43 60.71 -9.38 re f /GS0 gs q 0 0 0 rg BT 250.24 418.15 Td ( ) Tj ET Q q 0 0 0 rg BT 252.92 418.15 Td (million ) Tj ET Q q 0 0 0 rg BT 283.93 418.15 Td (in ) Tj ET Q q 0 0 0 rg BT 294.38 418.15 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 310.95 425.43 19.45 -9.38 re f /GS0 gs q 0 0 0 rg BT 310.95 418.15 Td (third) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 330.41 425.43 95.18 -9.38 re f /GS0 gs q 0 0 0 rg BT 330.41 418.15 Td ( ) Tj ET Q q 0 0 0 rg BT 333.08 418.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 367.43 418.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 414.57 418.15 Td (to ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 425.58 425.43 32.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 425.58 418.15 Td (income) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 457.82 425.43 19.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 457.82 418.15 Td ( ) Tj ET Q q 0 0 0 rg BT 460.49 418.15 Td (of ) Tj ET Q q 0 0 0 rg BT 471.50 418.15 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 477.07 425.43 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 477.07 418.15 Td (0.9) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 490.97 425.43 60.82 -9.38 re f /GS0 gs q 0 0 0 rg BT 490.97 418.15 Td ( ) Tj ET Q q 0 0 0 rg BT 493.64 418.15 Td (million ) Tj ET Q q 0 0 0 rg BT 524.65 418.15 Td (in ) Tj ET Q q 0 0 0 rg BT 535.10 418.15 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 411.63 19.45 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 404.35 Td (third) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 82.45 411.63 48.36 -9.38 re f /GS0 gs q 0 0 0 rg BT 82.45 404.35 Td ( ) Tj ET Q q 0 0 0 rg BT 85.23 404.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 119.69 404.35 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 130.81 411.63 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 130.81 404.35 Td (2017) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 153.06 411.63 215.64 -9.38 re f /GS0 gs q 0 0 0 rg BT 153.06 404.35 Td (, ) Tj ET Q q 0 0 0 rg BT 158.62 404.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 199.17 404.35 Td (due ) Tj ET Q q 0 0 0 rg BT 218.63 404.35 Td (to ) Tj ET Q q 0 0 0 rg BT 229.75 404.35 Td (improved ) Tj ET Q q 0 0 0 rg BT 273.66 404.35 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 330.91 404.35 Td (income. ) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 385.83 61.88 -9.36 re f /GS0 gs q 0 0 0 rg BT 63.00 378.55 Td (Income T) Tj ET Q q 0 0 0 rg BT 103.76 378.55 Td (axes) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 366.03 100.38 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 358.75 Td (For ) Tj ET Q q 0 0 0 rg BT 81.00 358.75 Td (the ) Tj ET Q q 0 0 0 rg BT 97.89 358.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 132.58 358.75 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 163.38 366.03 90.84 -9.38 re f /GS0 gs q 0 0 0 rg BT 163.38 358.75 Td (September30, ) Tj ET Q q 0 0 0 rg BT 231.97 358.75 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 254.22 366.03 177.71 -9.38 re f /GS0 gs q 0 0 0 rg BT 254.22 358.75 Td (, ) Tj ET Q q 0 0 0 rg BT 259.99 358.75 Td (the ) Tj ET Q q 0 0 0 rg BT 276.89 358.75 Td (provision ) Tj ET Q q 0 0 0 rg BT 319.91 358.75 Td (for ) Tj ET Q q 0 0 0 rg BT 334.57 358.75 Td (income ) Tj ET Q q 0 0 0 rg BT 369.81 358.75 Td (taxes ) Tj ET Q q 0 0 0 rg BT 396.70 358.75 Td (reflects ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 431.93 366.03 51.93 -9.38 re f /GS0 gs q 0 0 0 rg BT 431.93 358.75 Td (an ) Tj ET Q q 0 0 0 rg BT 446.05 358.75 Td (expense) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 483.86 366.03 19.89 -9.38 re f /GS0 gs q 0 0 0 rg BT 483.86 358.75 Td ( ) Tj ET Q q 0 0 0 rg BT 486.86 358.75 Td (of ) Tj ET Q q 0 0 0 rg BT 498.19 358.75 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 503.75 366.03 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 503.75 358.75 Td (1.4) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 517.66 366.03 34.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 517.66 358.75 Td ( ) Tj ET Q q 0 0 0 rg BT 520.65 358.75 Td (million ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 352.23 58.36 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 344.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 110.25 344.95 Td (to ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 121.36 352.23 51.71 -9.38 re f /GS0 gs q 0 0 0 rg BT 121.36 344.95 Td (an ) Tj ET Q q 0 0 0 rg BT 135.27 344.95 Td (expense) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 173.07 352.23 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 173.07 344.95 Td ( ) Tj ET Q q 0 0 0 rg BT 175.85 344.95 Td (of ) Tj ET Q q 0 0 0 rg BT 186.97 344.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 192.53 352.23 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 192.53 344.95 Td (0.1) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 206.43 352.23 165.63 -9.38 re f /GS0 gs q 0 0 0 rg BT 206.43 344.95 Td ( ) Tj ET Q q 0 0 0 rg BT 209.21 344.95 Td (million ) Tj ET Q q 0 0 0 rg BT 240.33 344.95 Td (for ) Tj ET Q q 0 0 0 rg BT 254.78 344.95 Td (the ) Tj ET Q q 0 0 0 rg BT 271.46 344.95 Td (same ) Tj ET Q q 0 0 0 rg BT 298.69 344.95 Td (period ) Tj ET Q q 0 0 0 rg BT 329.26 344.95 Td (last ) Tj ET Q q 0 0 0 rg BT 347.60 344.95 Td (year) Tj ET Q q 0 0 0 rg BT 366.51 344.95 Td (. ) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <>stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 25.10 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 175.48 25.10 Td (Analysis Page 7) Tj ET Q BT /F2 12.00 Tf ET 1 1 1 rg /GS0 gs 63.00 738.04 368.21 -11.26 re f /GS0 gs q 0 0 0 rg BT 63.00 729.30 Td (SEGMENTED FINANCIAL) Tj ET Q q 0 0 0 rg BT 206.78 729.30 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 265.22 729.30 Td (TION \(Continued Operations\)) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 706.58 485.83 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 699.30 Td (The segmented results below exclude corporate expenses and the impact of change in claims discount rates. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 672.30 Td (T) Tj ET Q q 0 0 0 rg BT 68.93 672.30 Td (OT) Tj ET Q q 0 0 0 rg BT 82.07 672.30 Td (AL) Tj ET Q q 0 0 0 rg BT 95.22 672.30 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 132.82 672.30 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 661.8 m 181.5 661.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 639.8 m 181.5 639.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 661.8 m 227.5 661.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 639.8 m 227.5 639.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 661.8 m 273.5 661.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 639.8 m 273.5 639.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 661.8 m 319.5 661.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 639.8 m 319.5 639.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 661.8 m 365.5 661.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 639.8 m 365.5 639.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 661.8 m 411.5 661.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 639.8 m 411.5 639.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 661.8 m 457.5 661.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 639.8 m 457.5 639.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 661.8 m 503.5 661.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 639.8 m 503.5 639.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 661.8 m 549.5 661.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 639.8 m 549.5 639.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 639.8 m 181.5 639.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 639.8 m 227.5 639.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 639.8 m 273.5 639.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 639.8 m 319.5 639.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 639.8 m 365.5 639.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 639.8 m 411.5 639.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 639.8 m 457.5 639.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 639.8 m 503.5 639.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 639.8 m 549.5 639.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 623.8 m 181.5 623.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 623.8 m 227.5 623.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 623.8 m 273.5 623.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 623.8 m 319.5 623.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 623.8 m 365.5 623.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 623.8 m 411.5 623.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 623.8 m 457.5 623.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 623.8 m 503.5 623.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 623.8 m 549.5 623.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 623.8 m 227.5 623.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 623.8 m 273.5 623.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 623.8 m 319.5 623.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 623.8 m 365.5 623.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 623.8 m 411.5 623.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 623.8 m 457.5 623.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 623.8 m 503.5 623.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 623.8 m 549.5 623.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 461.8 m 181.5 461.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 461.8 m 227.5 461.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 461.8 m 273.5 461.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 461.8 m 319.5 461.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 461.8 m 365.5 461.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 461.8 m 411.5 461.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 461.8 m 457.5 461.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 461.8 m 503.5 461.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 461.8 m 549.5 461.8 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 238.45 652.75 Td (3 months ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 242.20 643.75 Td (September 30) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 422.45 652.75 Td (9 months ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.20 643.75 Td (September 30) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 629.78 Td (\($THOUSANDS\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 193.95 629.50 Td (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 239.95 629.50 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.95 629.78 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.65 629.78 Td (% Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.95 629.50 Td (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.95 629.50 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.95 629.78 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 507.30 629.78 Td (% Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 614.50 Td (Direct written premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 186.40 614.50 Td (105,027) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.40 614.50 Td (78,047) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 282.00 614.50 Td (26,980) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.95 614.50 Td (35) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.40 614.50 Td (297,147) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.40 614.50 Td (217,668) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.45 614.50 Td (79,479) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 614.50 Td (37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 600.50 Td (Net earned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.40 600.55 Td (95,709) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.40 600.50 Td (60,017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.40 600.50 Td (35,692) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.95 600.50 Td (59) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.40 600.50 Td (242,51) Tj ET Q q 0 0 0 rg BT 397.93 600.50 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.40 600.50 Td (162,490) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.40 600.50 Td (80,021) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 600.50 Td (49) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 586.20 Td (Net claims:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 572.20 Td (Current year claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.40 572.55 Td (66,848) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.40 572.50 Td (55,651) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.40 572.50 Td (1) Tj ET Q q 0 0 0 rg BT 288.41 572.50 Td (1,197) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.95 572.50 Td (20) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.40 572.50 Td (165,873) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.40 572.50 Td (127,454) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.40 572.50 Td (38,419) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 572.50 Td (30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 558.20 Td (Current year loss ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.40 558.55 Td (69.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.95 558.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.40 558.50 Td (92.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.95 558.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.40 558.50 Td (68.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.95 558.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.40 558.50 Td (78.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.95 558.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 544.75 Td (Favourable prior year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 535.75 Td (claims development) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.40 540.55 Td (2,088) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.40 540.50 Td (12,338) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 280.40 540.50 Td (\(10,250) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.95 540.50 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.95 540.50 Td (\(83\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.40 540.50 Td (10,376) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.40 540.50 Td (23,465) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.40 540.50 Td (\(13,089) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.95 540.50 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.95 540.50 Td (\(56\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 522.50 Td (T) Tj ET Q q 0 0 0 rg BT 71.00 522.50 Td (otal net claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.40 522.55 Td (64,760) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.40 522.50 Td (43,313) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.40 522.50 Td (21,447) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.95 522.50 Td (50) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.40 522.50 Td (155,497) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.40 522.50 Td (103,989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.40 522.50 Td (51,508) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 522.50 Td (50) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 508.50 Td (Loss ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.40 508.55 Td (67.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.95 508.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.40 508.50 Td (72.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.95 508.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.40 508.50 Td (64.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.95 508.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.40 508.50 Td (64.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.95 508.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 494.50 Td (Expense ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.40 494.55 Td (30.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.95 494.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.40 494.50 Td (30.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.95 494.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.40 494.50 Td (32.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.95 494.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.40 494.50 Td (33.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.95 494.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 480.50 Td (Combined ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.40 480.55 Td (97.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.95 480.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 236.40 480.50 Td (102.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.95 480.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.40 480.50 Td (96.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.95 480.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.40 480.50 Td (97.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.95 480.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 466.50 Td (Underwriting income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.40 466.55 Td (2,1) Tj ET Q q 0 0 0 rg BT 208.91 466.55 Td (17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.40 466.50 Td (\(1,698) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.95 466.50 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.45 466.50 Td (3,815) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.45 466.50 Td (\(225\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.40 466.50 Td (7,992) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.40 466.50 Td (4,661) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.45 466.50 Td (3,331) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 466.50 Td (71) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 442.58 87.61 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 435.30 Td (PERSONAL) Tj ET Q q 0 0 0 rg BT 118.38 435.30 Td ( LINES) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 424.79999999999995 m 181.5 424.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 401.79999999999995 m 181.5 401.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 424.79999999999995 m 226.5 424.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 401.79999999999995 m 226.5 401.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 424.79999999999995 m 268.5 424.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 401.79999999999995 m 268.5 401.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 424.79999999999995 m 313.5 424.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 401.79999999999995 m 313.5 401.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 424.79999999999995 m 360.5 424.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 401.79999999999995 m 360.5 401.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 424.79999999999995 m 409.5 424.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 401.79999999999995 m 409.5 401.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 424.79999999999995 m 457.5 424.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 401.79999999999995 m 457.5 401.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 424.79999999999995 m 502.5 424.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 401.79999999999995 m 502.5 401.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 424.79999999999995 m 549.5 424.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 401.79999999999995 m 549.5 401.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 401.79999999999995 m 181.5 401.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 401.79999999999995 m 226.5 401.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 401.79999999999995 m 268.5 401.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 401.79999999999995 m 313.5 401.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 401.79999999999995 m 360.5 401.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 401.79999999999995 m 409.5 401.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 401.79999999999995 m 457.5 401.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 401.79999999999995 m 502.5 401.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 401.79999999999995 m 549.5 401.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 385.79999999999995 m 181.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 385.79999999999995 m 226.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 385.79999999999995 m 268.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 385.79999999999995 m 313.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 385.79999999999995 m 360.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 385.79999999999995 m 409.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 385.79999999999995 m 457.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 385.79999999999995 m 502.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 385.79999999999995 m 549.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 385.79999999999995 m 226.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 385.79999999999995 m 268.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 385.79999999999995 m 313.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 385.79999999999995 m 360.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 385.79999999999995 m 409.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 385.79999999999995 m 457.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 385.79999999999995 m 502.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 385.79999999999995 m 549.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 223.79999999999995 m 181.5 223.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 223.79999999999995 m 226.5 223.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 223.79999999999995 m 268.5 223.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 223.79999999999995 m 313.5 223.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 223.79999999999995 m 360.5 223.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 223.79999999999995 m 409.5 223.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 223.79999999999995 m 457.5 223.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 223.79999999999995 m 502.5 223.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 223.79999999999995 m 549.5 223.79999999999995 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 235.95 415.50 Td (3 months ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 239.70 406.50 Td (September 30) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.95 415.50 Td (9 months ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.70 406.50 Td (September 30) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 391.78 Td (\($THOUSANDS\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 193.45 391.50 Td (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 236.95 391.50 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 272.45 391.78 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.15 391.78 Td (% Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.45 391.50 Td (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 422.95 391.50 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.95 391.78 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 507.30 391.78 Td (% Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 376.50 Td (Direct written premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.40 376.55 Td (67,939) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 232.40 376.50 Td (50,397) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.40 376.50 Td (17,542) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.45 376.50 Td (35) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.40 376.50 Td (187,201) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.40 376.50 Td (146,816) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.40 376.50 Td (40,385) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.45 376.50 Td (28) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 362.50 Td (Net earned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.40 362.55 Td (65,258) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 232.40 362.50 Td (43,717) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.40 362.50 Td (21,541) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.45 362.50 Td (49) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.40 362.50 Td (159,922) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.40 362.50 Td (120,028) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.40 362.50 Td (39,894) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.45 362.50 Td (33) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 348.20 Td (Net claims:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 334.20 Td (Current year claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.40 334.55 Td (48,795) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 232.40 334.50 Td (42,596) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 282.40 334.50 Td (6,199) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.45 334.50 Td (15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.40 334.50 Td (1) Tj ET Q q 0 0 0 rg BT 373.41 334.50 Td (16,867) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.40 334.50 Td (100,940) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.40 334.50 Td (15,927) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.45 334.50 Td (16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 320.20 Td (Current year loss ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 194.40 320.55 Td (74.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 211.95 320.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 236.40 320.50 Td (97.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.95 320.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.40 320.50 Td (73.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.95 320.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.40 320.50 Td (84.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.95 320.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 306.75 Td (Favourable prior year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 297.75 Td (claims development) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.40 302.55 Td (5,076) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 232.40 302.50 Td (10,397) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.40 302.50 Td (\(5,321) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.95 302.50 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.45 302.50 Td (\(51\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.40 302.50 Td (10,037) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.40 302.50 Td (19,757) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.40 302.50 Td (\(9,720) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.95 302.50 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 302.50 Td (\(49\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 284.50 Td (T) Tj ET Q q 0 0 0 rg BT 71.00 284.50 Td (otal net claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.40 284.55 Td (43,719) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 232.40 284.50 Td (32,199) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.40 284.50 Td (1) Tj ET Q q 0 0 0 rg BT 282.41 284.50 Td (1,520) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.45 284.50 Td (36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.40 284.50 Td (106,830) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.40 284.50 Td (81,183) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.40 284.50 Td (25,647) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.45 284.50 Td (32) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 270.50 Td (Loss ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 194.40 270.55 Td (67.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 211.95 270.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 236.40 270.50 Td (73.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.95 270.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.40 270.50 Td (66.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.95 270.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.40 270.50 Td (67.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.95 270.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 256.50 Td (Expense ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 194.40 256.55 Td (27.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 211.95 256.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 236.40 256.50 Td (26.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.95 256.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.40 256.50 Td (28.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.95 256.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.40 256.50 Td (29.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.95 256.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 242.50 Td (Combined ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 194.40 242.55 Td (94.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 211.95 242.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.40 242.50 Td (100.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.95 242.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.40 242.50 Td (95.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.95 242.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.40 242.50 Td (97.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.95 242.50 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 228.50 Td (Underwriting income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.40 228.55 Td (3,900) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.90 228.50 Td (\(161) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.95 228.50 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.45 228.50 Td (4,061) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.20 228.50 Td (\(2,522\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.40 228.50 Td (7,520) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.40 228.50 Td (3,079) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.45 228.50 Td (4,441) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.95 228.50 Td (144) Tj ET Q BT /F1 10.00 Tf ET BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 207.58 62.23 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 200.30 Td (Third quarter) Tj ET Q BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 125.23 207.58 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 125.23 200.30 Td ( ) Tj ET Q BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 128.00 207.58 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 128.00 200.30 Td (2018) Tj ET Q BT /F5 10.00 Tf ET BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 184.78 167.36 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 177.50 Td (Personal ) Tj ET Q q 0 0 0 rg BT 104.98 177.50 Td (Lines ) Tj ET Q q 0 0 0 rg BT 131.40 177.50 Td (recorded ) Tj ET Q q 0 0 0 rg BT 173.38 177.50 Td (underwriting ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 230.36 184.78 32.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 230.36 177.50 Td (income) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 262.60 184.78 18.93 -9.38 re f /GS0 gs q 0 0 0 rg BT 262.60 177.50 Td ( ) Tj ET Q q 0 0 0 rg BT 265.11 177.50 Td (of ) Tj ET Q q 0 0 0 rg BT 275.96 177.50 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 281.53 184.78 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 281.53 177.50 Td (3.9) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 295.43 184.78 161.82 -9.38 re f /GS0 gs q 0 0 0 rg BT 295.43 177.50 Td ( ) Tj ET Q q 0 0 0 rg BT 297.94 177.50 Td (million ) Tj ET Q q 0 0 0 rg BT 328.79 177.50 Td (compared ) Tj ET Q q 0 0 0 rg BT 375.77 177.50 Td (to ) Tj ET Q q 0 0 0 rg BT 386.62 177.50 Td (an ) Tj ET Q q 0 0 0 rg BT 400.26 177.50 Td (underwriting ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 457.24 184.78 17.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 457.24 177.50 Td (loss) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 475.03 184.78 18.93 -9.38 re f /GS0 gs q 0 0 0 rg BT 475.03 177.50 Td ( ) Tj ET Q q 0 0 0 rg BT 477.54 177.50 Td (of ) Tj ET Q q 0 0 0 rg BT 488.39 177.50 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 493.95 184.78 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 493.95 177.50 Td (0.2) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 507.85 184.78 43.93 -9.38 re f /GS0 gs q 0 0 0 rg BT 507.85 177.50 Td ( ) Tj ET Q q 0 0 0 rg BT 510.37 177.50 Td (million ) Tj ET Q q 0 0 0 rg BT 541.22 177.50 Td (in ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 170.98 290.23 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 163.70 Td (the ) Tj ET Q q 0 0 0 rg BT 80.25 163.70 Td (same ) Tj ET Q q 0 0 0 rg BT 108.04 163.70 Td (period ) Tj ET Q q 0 0 0 rg BT 139.19 163.70 Td (last ) Tj ET Q q 0 0 0 rg BT 158.09 163.70 Td (year) Tj ET Q q 0 0 0 rg BT 177.00 163.70 Td (. ) Tj ET Q q 0 0 0 rg BT 183.12 163.70 Td (Direct ) Tj ET Q q 0 0 0 rg BT 212.58 163.70 Td (written ) Tj ET Q q 0 0 0 rg BT 245.38 163.70 Td (premiums ) Tj ET Q q 0 0 0 rg BT 292.62 163.70 Td (increased ) Tj ET Q q 0 0 0 rg BT 339.32 163.70 Td (by ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 353.23 170.98 11.12 -9.38 re f /GS0 gs q 0 0 0 rg BT 353.23 163.70 Td (35) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 364.35 170.98 187.42 -9.38 re f /GS0 gs q 0 0 0 rg BT 364.35 163.70 Td (% ) Tj ET Q q 0 0 0 rg BT 376.59 163.70 Td (in ) Tj ET Q q 0 0 0 rg BT 387.72 163.70 Td (the ) Tj ET Q q 0 0 0 rg BT 404.96 163.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 439.99 163.70 Td (due ) Tj ET Q q 0 0 0 rg BT 460.02 163.70 Td (to ) Tj ET Q q 0 0 0 rg BT 471.71 163.70 Td (organic ) Tj ET Q q 0 0 0 rg BT 507.85 163.70 Td (growth ) Tj ET Q q 0 0 0 rg BT 541.21 163.70 Td (in ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 157.18 165.08 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 149.90 Td (Personal ) Tj ET Q q 0 0 0 rg BT 104.69 149.90 Td (Auto, ) Tj ET Q q 0 0 0 rg BT 130.82 149.90 Td (particularly ) Tj ET Q q 0 0 0 rg BT 181.95 149.90 Td (in ) Tj ET Q q 0 0 0 rg BT 192.51 149.90 Td (Ontario.) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 134.38 188.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 127.10 Td (This ) Tj ET Q q 0 0 0 rg BT 84.67 127.10 Td (segment) Tj ET Q q 0 0 0 rg BT 125.07 127.10 Td (s ) Tj ET Q q 0 0 0 rg BT 132.84 127.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 178.98 127.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 201.21 127.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 240.13 127.10 Td (to ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 251.25 134.38 20.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 251.25 127.10 Td (94%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 271.26 134.38 215.67 -9.38 re f /GS0 gs q 0 0 0 rg BT 271.26 127.10 Td ( ) Tj ET Q q 0 0 0 rg BT 274.04 127.10 Td (in ) Tj ET Q q 0 0 0 rg BT 284.60 127.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.28 127.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 335.74 127.10 Td (as ) Tj ET Q q 0 0 0 rg BT 349.08 127.10 Td (a ) Tj ET Q q 0 0 0 rg BT 357.42 127.10 Td (result ) Tj ET Q q 0 0 0 rg BT 384.66 127.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.77 127.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.45 127.10 Td (following ) Tj ET Q q 0 0 0 rg BT 454.14 127.10 Td (factors:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 109.10 Td (1. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 109.10 Td (Stronger ) Tj ET Q q 0 0 0 rg BT 121.84 109.10 Td (motorcycle ) Tj ET Q q 0 0 0 rg BT 172.66 109.10 Td (results ) Tj ET Q q 0 0 0 rg BT 204.60 109.10 Td (nationally ) Tj ET Q q 0 0 0 rg BT 249.33 109.10 Td (due ) Tj ET Q q 0 0 0 rg BT 268.50 109.10 Td (to ) Tj ET Q q 0 0 0 rg BT 279.32 109.10 Td (an ) Tj ET Q q 0 0 0 rg BT 292.93 109.10 Td (improvement ) Tj ET Q q 0 0 0 rg BT 353.21 109.10 Td (in ) Tj ET Q q 0 0 0 rg BT 363.47 109.10 Td (current ) Tj ET Q q 0 0 0 rg BT 397.08 109.10 Td (accident ) Tj ET Q q 0 0 0 rg BT 436.81 109.10 Td (year ) Tj ET Q q 0 0 0 rg BT 458.74 109.10 Td (results ) Tj ET Q q 0 0 0 rg BT 490.68 109.10 Td (over ) Tj ET Q q 0 0 0 rg BT 512.61 109.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.00 109.10 Td (prior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 97.10 Td (year ) Tj ET Q q 0 0 0 rg BT 103.23 97.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 134.36 97.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 79.10 Td (2. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 79.10 Td (Improved ) Tj ET Q q 0 0 0 rg BT 126.29 79.10 Td (personal ) Tj ET Q q 0 0 0 rg BT 168.26 79.10 Td (property ) Tj ET Q q 0 0 0 rg BT 208.56 79.10 Td (results ) Tj ET Q q 0 0 0 rg BT 241.62 79.10 Td (nationally ) Tj ET Q q 0 0 0 rg BT 287.48 79.10 Td (due ) Tj ET Q q 0 0 0 rg BT 307.78 79.10 Td (to ) Tj ET Q q 0 0 0 rg BT 319.73 79.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 359.47 79.10 Td (severity ) Tj ET Q q 0 0 0 rg BT 397.54 79.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.83 79.10 Td (frequency ) Tj ET Q q 0 0 0 rg BT 465.36 79.10 Td (over ) Tj ET Q q 0 0 0 rg BT 488.42 79.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.93 79.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 529.55 79.10 Td (year ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 67.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 112.13 67.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 49.10 Td (3. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 49.10 Td (The ) Tj ET Q q 0 0 0 rg BT 101.01 49.10 Td (above ) Tj ET Q q 0 0 0 rg BT 131.03 49.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 163.82 49.10 Td (were ) Tj ET Q q 0 0 0 rg BT 188.28 49.10 Td (of) Tj ET Q q 0 0 0 rg BT 196.43 49.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 215.33 49.10 Td (by ) Tj ET Q q 0 0 0 rg BT 228.67 49.10 Td (a ) Tj ET Q q 0 0 0 rg BT 237.01 49.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 280.93 49.10 Td (in ) Tj ET Q q 0 0 0 rg BT 291.49 49.10 Td (favourable ) Tj ET Q q 0 0 0 rg BT 340.97 49.10 Td (development ) Tj ET Q q 0 0 0 rg BT 401.00 49.10 Td (on ) Tj ET Q q 0 0 0 rg BT 414.91 49.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 437.69 49.10 Td (year ) Tj ET Q q 0 0 0 rg BT 459.92 49.10 Td (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 25.10 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 175.48 25.10 Td (Analysis Page 8) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 730.75 Td (Y) Tj ET Q q 0 0 0 rg BT 69.30 730.75 Td (ear-to-date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.97 730.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 123.75 738.03 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 123.75 730.75 Td (2018) Tj ET Q BT /F5 10.00 Tf ET BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 715.23 185.35 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 707.95 Td (Personal ) Tj ET Q q 0 0 0 rg BT 105.85 707.95 Td (Lines ) Tj ET Q q 0 0 0 rg BT 133.14 707.95 Td (recorded ) Tj ET Q q 0 0 0 rg BT 175.99 707.95 Td (an ) Tj ET Q q 0 0 0 rg BT 190.50 707.95 Td (underwriting ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 248.35 715.23 32.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 248.35 707.95 Td (income) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 280.59 715.23 20.67 -9.38 re f /GS0 gs q 0 0 0 rg BT 280.59 707.95 Td ( ) Tj ET Q q 0 0 0 rg BT 283.97 707.95 Td (of ) Tj ET Q q 0 0 0 rg BT 295.70 707.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 301.26 715.23 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 301.26 707.95 Td (7.5) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 315.16 715.23 167.04 -9.38 re f /GS0 gs q 0 0 0 rg BT 315.16 707.95 Td ( ) Tj ET Q q 0 0 0 rg BT 318.54 707.95 Td (million ) Tj ET Q q 0 0 0 rg BT 350.27 707.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 398.12 707.95 Td (to ) Tj ET Q q 0 0 0 rg BT 409.84 707.95 Td (an ) Tj ET Q q 0 0 0 rg BT 424.35 707.95 Td (underwriting ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 482.20 715.23 32.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 482.20 707.95 Td (income) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 514.44 715.23 20.67 -9.38 re f /GS0 gs q 0 0 0 rg BT 514.44 707.95 Td ( ) Tj ET Q q 0 0 0 rg BT 517.82 707.95 Td (of ) Tj ET Q q 0 0 0 rg BT 529.55 707.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 535.11 715.23 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 535.11 707.95 Td (3.1) Tj ET Q BT /F3 10.00 Tf ET BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 701.43 158.96 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 694.15 Td (million ) Tj ET Q q 0 0 0 rg BT 94.12 694.15 Td (in ) Tj ET Q q 0 0 0 rg BT 104.68 694.15 Td (the ) Tj ET Q q 0 0 0 rg BT 121.36 694.15 Td (same ) Tj ET Q q 0 0 0 rg BT 148.59 694.15 Td (period ) Tj ET Q q 0 0 0 rg BT 179.17 694.15 Td (last ) Tj ET Q q 0 0 0 rg BT 197.51 694.15 Td (year) Tj ET Q q 0 0 0 rg BT 216.41 694.15 Td (. ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 678.63 51.68 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 671.35 Td (This ) Tj ET Q q 0 0 0 rg BT 84.67 671.35 Td (segme) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 114.68 671.35 Td (nt) Tj ET Q q 0 0 0 rg BT 125.07 671.35 Td (s ) Tj ET Q q 0 0 0 rg BT 132.84 671.35 Td (combined ) Tj ET Q q 0 0 0 rg BT 178.98 671.35 Td (ratio ) Tj ET Q q 0 0 0 rg BT 201.21 671.35 Td (reduced ) Tj ET Q q 0 0 0 rg BT 240.13 671.35 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 251.25 671.35 Td (95%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 271.26 671.35 Td ( ) Tj ET Q q 0 0 0 rg BT 274.04 671.35 Td (for ) Tj ET Q q 0 0 0 rg BT 288.49 671.35 Td (the ) Tj ET Q q 0 0 0 rg BT 305.17 671.35 Td (year ) Tj ET Q q 0 0 0 rg BT 327.40 671.35 Td (as ) Tj ET Q q 0 0 0 rg BT 340.74 671.35 Td (a ) Tj ET Q q 0 0 0 rg BT 349.08 671.35 Td (result ) Tj ET Q q 0 0 0 rg BT 376.31 671.35 Td (of ) Tj ET Q q 0 0 0 rg BT 387.43 671.35 Td (the ) Tj ET Q q 0 0 0 rg BT 404.11 671.35 Td (following ) Tj ET Q q 0 0 0 rg BT 445.80 671.35 Td (factors:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 653.35 Td (1. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 653.35 Td (Strong motorcycle results nationally due to strong current accident year results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 637.35 Td (2. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 637.35 Td (Reduced expense ratio as ef) Tj ET Q q 0 0 0 rg BT 208.12 637.35 Td (ficiencies from the new policy system are realized. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 621.35 Td (3. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 621.35 Td (Of) Tj ET Q q 0 0 0 rg BT 91.38 621.35 Td (fset by reduced favourable development on prior year claims.) Tj ET Q BT /F3 4.00 Tf ET q 0 0 0 rg BT 81.00 610.55 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 586.55 Td (COMMERCIAL) Tj ET Q q 0 0 0 rg BT 131.70 586.55 Td ( LINES) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 576.05 m 173.5 576.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 553.05 m 173.5 553.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 576.05 m 220.5 576.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 553.05 m 220.5 553.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 576.05 m 267.5 576.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 553.05 m 267.5 553.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 576.05 m 314.5 576.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 553.05 m 314.5 553.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 576.05 m 361.5 576.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 553.05 m 361.5 553.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 576.05 m 408.5 576.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 553.05 m 408.5 553.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 576.05 m 455.5 576.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 553.05 m 455.5 553.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 576.05 m 502.5 576.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 553.05 m 502.5 553.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 576.05 m 549.5 576.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 553.05 m 549.5 553.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 553.05 m 173.5 553.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 539.05 m 173.5 539.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 553.05 m 220.5 553.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 539.05 m 220.5 539.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 553.05 m 267.5 553.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 539.05 m 267.5 539.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 553.05 m 314.5 553.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 539.05 m 314.5 539.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 553.05 m 361.5 553.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 539.05 m 361.5 539.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 553.05 m 408.5 553.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 539.05 m 408.5 539.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 553.05 m 455.5 553.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 539.05 m 455.5 539.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 553.05 m 502.5 553.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 539.05 m 502.5 539.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 553.05 m 549.5 553.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 539.05 m 549.5 539.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 539.05 m 220.5 539.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 539.05 m 267.5 539.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 539.05 m 314.5 539.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 539.05 m 361.5 539.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 539.05 m 408.5 539.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 539.05 m 549.5 539.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 369.05 m 173.5 369.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 369.05 m 220.5 369.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 369.05 m 267.5 369.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 369.05 m 314.5 369.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 369.05 m 361.5 369.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 369.05 m 408.5 369.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 369.05 m 455.5 369.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 369.05 m 502.5 369.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 369.05 m 549.5 369.05 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.45 566.75 Td (3 months ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 236.20 557.75 Td (September 30) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.45 566.75 Td (9 months ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.20 557.75 Td (September 30) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 544.03 Td (\($THOUSANDS\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 186.45 543.75 Td (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 233.45 543.75 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 272.45 544.03 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.15 544.03 Td (% Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.45 543.75 Td (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.45 543.75 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.45 544.03 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.15 544.03 Td (% Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 529.75 Td (Direct written premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.70 529.75 Td (37,088) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.70 529.75 Td (27,650) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.20 529.75 Td (9,439) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.45 529.75 Td (34) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.20 529.75 Td (109,946) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.70 529.75 Td (70,852) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.40 529.75 Td (39,094) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.45 529.75 Td (55) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 515.75 Td (Net earned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.70 515.75 Td (30,451) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.70 515.75 Td (16,300) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 276.70 515.75 Td (14,151) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.45 515.75 Td (87) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.70 515.75 Td (82,589) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.00 515.75 Td (42,462) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.40 515.75 Td (40,127) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.45 515.75 Td (95) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 501.45 Td (Net claims:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 487.45 Td (Current year claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.70 487.75 Td (18,053) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.70 487.75 Td (13,055) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.20 487.75 Td (4,998) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.45 487.75 Td (38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.70 487.75 Td (49,006) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.00 487.75 Td (26,513) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.40 487.75 Td (22,493) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.45 487.75 Td (85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 473.45 Td (Current year loss ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 183.70 473.75 Td (59.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 230.70 473.75 Td (80.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.70 473.75 Td (59.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.00 473.75 Td (62.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 460.00 Td (Favourable prior year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 449.25 Td (claims development) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.20 455.75 Td (\(2,988\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 232.20 455.75 Td (1,941) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 276.20 455.75 Td (\(4,929\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.95 455.75 Td (\(254\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 455.75 Td (339) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.00 455.75 Td (3,708) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.40 455.75 Td (\(3,369) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.95 455.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 455.75 Td (\(91\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 437.75 Td (T) Tj ET Q q 0 0 0 rg BT 71.00 437.75 Td (otal net claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.70 437.75 Td (21,041) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.70 437.75 Td (1) Tj ET Q q 0 0 0 rg BT 234.71 437.75 Td (1,1) Tj ET Q q 0 0 0 rg BT 247.22 437.75 Td (14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.20 437.75 Td (9,927) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.45 437.75 Td (89) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.70 437.75 Td (48,667) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.00 437.75 Td (22,806) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.40 437.75 Td (25,861) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.95 437.75 Td (1) Tj ET Q q 0 0 0 rg BT 522.96 437.75 Td (13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 423.75 Td (Loss ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 183.70 423.75 Td (69.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 230.70 423.75 Td (68.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.70 423.75 Td (58.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.00 423.75 Td (53.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 409.75 Td (Expense ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 183.70 409.75 Td (36.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 230.70 409.75 Td (41.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.70 409.75 Td (40.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.00 409.75 Td (42.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 395.75 Td (Combined ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 181.20 395.75 Td (105.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 228.20 395.75 Td (109.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.70 395.75 Td (99.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.00 395.75 Td (96.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 382.00 Td (Underwriting \(loss\) /) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 373.00 Td (income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.20 377.75 Td (\(1,783\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.20 377.75 Td (\(1,537\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.95 377.75 Td (\(246\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.45 377.75 Td (16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 377.75 Td (472) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.00 377.75 Td (1,582) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.40 377.75 Td (\(1,1) Tj ET Q q 0 0 0 rg BT 483.91 377.75 Td (10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.95 377.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 377.75 Td (\(70\)) Tj ET Q BT /F1 10.00 Tf ET BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 352.83 62.23 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 345.55 Td (Third quarter) Tj ET Q BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 125.23 352.83 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 125.23 345.55 Td ( ) Tj ET Q BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 128.00 352.83 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 128.00 345.55 Td (2018) Tj ET Q BT /F5 10.00 Tf ET BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 330.03 186.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 322.75 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 118.68 322.75 Td (Lines ) Tj ET Q q 0 0 0 rg BT 144.93 322.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 186.73 322.75 Td (an ) Tj ET Q q 0 0 0 rg BT 200.20 322.75 Td (underwritin) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 249.11 322.75 Td (g ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 257.01 322.75 Td (loss) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 274.79 322.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 277.13 330.03 16.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 277.13 322.75 Td (of ) Tj ET Q q 0 0 0 rg BT 287.81 322.75 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 293.38 330.03 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 293.38 322.75 Td (1.8) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 307.28 330.03 197.15 -9.38 re f /GS0 gs q 0 0 0 rg BT 307.28 322.75 Td ( ) Tj ET Q q 0 0 0 rg BT 309.62 322.75 Td (million ) Tj ET Q q 0 0 0 rg BT 340.30 322.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 387.11 322.75 Td (to ) Tj ET Q q 0 0 0 rg BT 397.79 322.75 Td (an ) Tj ET Q q 0 0 0 rg BT 411.25 322.75 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 468.06 322.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 488.19 322.75 Td (of ) Tj ET Q q 0 0 0 rg BT 498.87 322.75 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 504.43 330.03 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 504.43 322.75 Td (1.5) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 518.33 330.03 33.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 518.33 322.75 Td ( ) Tj ET Q q 0 0 0 rg BT 520.67 322.75 Td (million ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 316.23 296.62 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 308.95 Td (in ) Tj ET Q q 0 0 0 rg BT 73.70 308.95 Td (the ) Tj ET Q q 0 0 0 rg BT 90.51 308.95 Td (same ) Tj ET Q q 0 0 0 rg BT 117.88 308.95 Td (period ) Tj ET Q q 0 0 0 rg BT 148.59 308.95 Td (last ) Tj ET Q q 0 0 0 rg BT 167.07 308.95 Td (year) Tj ET Q q 0 0 0 rg BT 185.97 308.95 Td (. ) Tj ET Q q 0 0 0 rg BT 191.66 308.95 Td (Direct ) Tj ET Q q 0 0 0 rg BT 220.69 308.95 Td (written ) Tj ET Q q 0 0 0 rg BT 253.06 308.95 Td (premiums ) Tj ET Q q 0 0 0 rg BT 299.87 308.95 Td (increased ) Tj ET Q q 0 0 0 rg BT 346.14 308.95 Td (by ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 359.62 316.23 11.12 -9.38 re f /GS0 gs q 0 0 0 rg BT 359.62 308.95 Td (34) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 370.74 316.23 181.04 -9.38 re f /GS0 gs q 0 0 0 rg BT 370.74 308.95 Td (% ) Tj ET Q q 0 0 0 rg BT 382.54 308.95 Td (in ) Tj ET Q q 0 0 0 rg BT 393.24 308.95 Td (the ) Tj ET Q q 0 0 0 rg BT 410.06 308.95 Td (quarter ) Tj ET Q q 0 0 0 rg BT 444.66 308.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 485.35 308.95 Td (due ) Tj ET Q q 0 0 0 rg BT 504.95 308.95 Td (to ) Tj ET Q q 0 0 0 rg BT 516.20 308.95 Td (organic ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 302.43 360.53 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 295.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 95.79 295.15 Td (in ) Tj ET Q q 0 0 0 rg BT 106.35 295.15 Td (commercial ) Tj ET Q q 0 0 0 rg BT 160.25 295.15 Td (auto ) Tj ET Q q 0 0 0 rg BT 182.49 295.15 Td (and ) Tj ET Q q 0 0 0 rg BT 201.96 295.15 Td (commercial ) Tj ET Q q 0 0 0 rg BT 255.85 295.15 Td (property) Tj ET Q q 0 0 0 rg BT 291.79 295.15 Td (, ) Tj ET Q q 0 0 0 rg BT 297.35 295.15 Td (supported ) Tj ET Q q 0 0 0 rg BT 344.61 295.15 Td (by ) Tj ET Q q 0 0 0 rg BT 357.95 295.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 377.96 295.15 Td (increases.) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 279.63 193.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 272.35 Td (This segment's combined ratio improved to ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 256.11 279.63 25.58 -9.38 re f /GS0 gs q 0 0 0 rg BT 256.11 272.35 Td (106%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 281.68 279.63 25.56 -9.38 re f /GS0 gs q 0 0 0 rg BT 281.68 272.35 Td ( from ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 307.24 279.63 25.58 -9.38 re f /GS0 gs q 0 0 0 rg BT 307.24 272.35 Td (109%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 332.81 279.63 186.21 -9.38 re f /GS0 gs q 0 0 0 rg BT 332.81 272.35 Td ( in the prior year quarter as a result of the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 265.83 74.48 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 258.55 Td (following factors:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 240.55 Td (1. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 240.55 Td (Improved results in the commercial auto products in the period as our rate increases materialize.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 222.55 Td (2. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 222.55 Td (Reduced expense ratio due to the change in the mix of business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 204.55 Td (3. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 204.55 Td (Of) Tj ET Q q 0 0 0 rg BT 91.38 204.55 Td (fset by adverse development on prior year claims. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 181.75 Td (Y) Tj ET Q q 0 0 0 rg BT 69.30 181.75 Td (ear-to-date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.97 181.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 123.75 189.03 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 123.75 181.75 Td (2018) Tj ET Q BT /F5 10.00 Tf ET BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 166.23 189.72 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 158.95 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 119.58 158.95 Td (Lines ) Tj ET Q q 0 0 0 rg BT 146.73 158.95 Td (recorded ) Tj ET Q q 0 0 0 rg BT 189.44 158.95 Td (an ) Tj ET Q q 0 0 0 rg BT 203.81 158.95 Td (underwritin) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 252.72 158.95 Td (g ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 261.53 158.95 Td (income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 293.76 158.95 Td ( ) Tj ET Q q 0 0 0 rg BT 297.01 158.95 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 308.59 166.23 5.56 -9.38 re f /GS0 gs q 0 0 0 rg BT 308.59 158.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 314.15 158.95 Td (0.5) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 328.05 166.23 37.61 -9.38 re f /GS0 gs q 0 0 0 rg BT 328.05 158.95 Td ( ) Tj ET Q q 0 0 0 rg BT 331.30 158.95 Td (million, ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 365.66 166.23 49.94 -9.38 re f /GS0 gs q 0 0 0 rg BT 365.66 158.95 Td (a ) Tj ET Q q 0 0 0 rg BT 374.46 158.95 Td (decrease) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.60 158.95 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 418.85 166.23 17.15 -9.38 re f /GS0 gs q 0 0 0 rg BT 418.85 158.95 Td (of ) Tj ET Q q 0 0 0 rg BT 430.43 158.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 435.99 158.95 Td (1.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 449.89 158.95 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 453.14 166.23 98.66 -9.38 re f /GS0 gs q 0 0 0 rg BT 453.14 158.95 Td (million ) Tj ET Q q 0 0 0 rg BT 484.72 158.95 Td (over ) Tj ET Q q 0 0 0 rg BT 507.42 158.95 Td (the ) Tj ET Q q 0 0 0 rg BT 524.56 158.95 Td (same ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 152.43 224.20 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 145.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 85.90 145.15 Td (period. ) Tj ET Q q 0 0 0 rg BT 119.36 145.15 Td (Direct ) Tj ET Q q 0 0 0 rg BT 148.37 145.15 Td (written ) Tj ET Q q 0 0 0 rg BT 180.71 145.15 Td (premiums ) Tj ET Q q 0 0 0 rg BT 227.50 145.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 273.75 145.15 Td (by ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 287.20 152.43 11.12 -9.38 re f /GS0 gs q 0 0 0 rg BT 287.20 145.15 Td (55) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 298.33 152.43 253.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 298.33 145.15 Td (% ) Tj ET Q q 0 0 0 rg BT 310.11 145.15 Td (for ) Tj ET Q q 0 0 0 rg BT 324.67 145.15 Td (the ) Tj ET Q q 0 0 0 rg BT 341.46 145.15 Td (year ) Tj ET Q q 0 0 0 rg BT 363.81 145.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 404.48 145.15 Td (due ) Tj ET Q q 0 0 0 rg BT 424.05 145.15 Td (to ) Tj ET Q q 0 0 0 rg BT 435.28 145.15 Td (the ) Tj ET Q q 0 0 0 rg BT 452.07 145.15 Td (launch ) Tj ET Q q 0 0 0 rg BT 484.43 145.15 Td (of ) Tj ET Q q 0 0 0 rg BT 495.66 145.15 Td (Commercial ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 138.63 110.08 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 131.35 Td (Auto ) Tj ET Q q 0 0 0 rg BT 86.35 131.35 Td (and ) Tj ET Q q 0 0 0 rg BT 105.81 131.35 Td (Surety ) Tj ET Q q 0 0 0 rg BT 137.49 131.35 Td (in ) Tj ET Q q 0 0 0 rg BT 148.05 131.35 Td (2016.) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 115.83 205.35 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 108.55 Td (This segment's combined ratio deteriorated to ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 268.35 115.83 20.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 268.35 108.55 Td (99%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 288.36 115.83 86.72 -9.38 re f /GS0 gs q 0 0 0 rg BT 288.36 108.55 Td ( for the year due to:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 88.75 Td (1. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 88.75 Td (W) Tj ET Q q 0 0 0 rg BT 90.26 88.75 Td (eaker results from commercial auto compared to the same period in the prior year) Tj ET Q q 0 0 0 rg BT 450.98 88.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 68.95 Td (2. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 68.95 Td (W) Tj ET Q q 0 0 0 rg BT 90.26 68.95 Td (eaker results in warranty compared to the same period in the prior year) Tj ET Q q 0 0 0 rg BT 403.74 68.95 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 49.15 Td (3. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 49.15 Td (Of) Tj ET Q q 0 0 0 rg BT 91.38 49.15 Td (fset by improved performance in commercial property) Tj ET Q q 0 0 0 rg BT 326.83 49.15 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 25.10 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 175.48 25.10 Td (Analysis Page 9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 730.75 Td (Discontinued Operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 707.95 Td (On ) Tj ET Q q 0 0 0 rg BT 78.60 707.95 Td (August ) Tj ET Q q 0 0 0 rg BT 112.56 707.95 Td (4, ) Tj ET Q q 0 0 0 rg BT 123.72 707.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 151.57 707.95 Td (Echelon ) Tj ET Q q 0 0 0 rg BT 190.53 707.95 Td (entered ) Tj ET Q q 0 0 0 rg BT 227.27 707.95 Td (into ) Tj ET Q q 0 0 0 rg BT 246.22 707.95 Td (a ) Tj ET Q q 0 0 0 rg BT 254.60 707.95 Td (definitive ) Tj ET Q q 0 0 0 rg BT 296.89 707.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 323.05 707.95 Td (purchase ) Tj ET Q q 0 0 0 rg BT 367.02 707.95 Td (agreement ) Tj ET Q q 0 0 0 rg BT 417.65 707.95 Td (to ) Tj ET Q q 0 0 0 rg BT 428.81 707.95 Td (sell ) Tj ET Q q 0 0 0 rg BT 446.64 707.95 Td (its ) Tj ET Q q 0 0 0 rg BT 459.46 707.95 Td (European ) Tj ET Q q 0 0 0 rg BT 505.65 707.95 Td (insurance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 694.15 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 110.15 694.15 Td (to ) Tj ET Q q 0 0 0 rg BT 120.61 694.15 Td (New ) Tj ET Q q 0 0 0 rg BT 142.75 694.15 Td (Nordic ) Tj ET Q q 0 0 0 rg BT 173.77 694.15 Td (Odin ) Tj ET Q q 0 0 0 rg BT 197.02 694.15 Td (Guernsey ) Tj ET Q q 0 0 0 rg BT 242.50 694.15 Td (Limited ) Tj ET Q q 0 0 0 rg BT 276.86 694.15 Td (\(NNGL\), ) Tj ET Q q 0 0 0 rg BT 316.21 694.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 350.02 694.15 Td (to ) Tj ET Q q 0 0 0 rg BT 360.49 694.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 407.08 694.15 Td (approval. ) Tj ET Q q 0 0 0 rg BT 450.35 694.15 Td (On ) Tj ET Q q 0 0 0 rg BT 465.82 694.15 Td (February ) Tj ET Q q 0 0 0 rg BT 507.96 694.15 Td (28, ) Tj ET Q q 0 0 0 rg BT 523.99 694.15 Td (2017, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 680.35 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 112.78 680.35 Td (approval ) Tj ET Q q 0 0 0 rg BT 156.44 680.35 Td (was ) Tj ET Q q 0 0 0 rg BT 179.53 680.35 Td (received ) Tj ET Q q 0 0 0 rg BT 222.64 680.35 Td (from ) Tj ET Q q 0 0 0 rg BT 247.95 680.35 Td (the ) Tj ET Q q 0 0 0 rg BT 267.16 680.35 Td (Danish ) Tj ET Q q 0 0 0 rg BT 303.59 680.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 348.92 680.35 Td (Supervisory ) Tj ET Q q 0 0 0 rg BT 405.97 680.35 Td (Authority) Tj ET Q q 0 0 0 rg BT 444.69 680.35 Td (, ) Tj ET Q q 0 0 0 rg BT 452.78 680.35 Td (which ) Tj ET Q q 0 0 0 rg BT 483.66 680.35 Td (completed ) Tj ET Q q 0 0 0 rg BT 535.10 680.35 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 666.55 Td (necessary ) Tj ET Q q 0 0 0 rg BT 111.24 666.55 Td (approvals ) Tj ET Q q 0 0 0 rg BT 157.27 666.55 Td (required ) Tj ET Q q 0 0 0 rg BT 196.63 666.55 Td (for ) Tj ET Q q 0 0 0 rg BT 210.97 666.55 Td (the ) Tj ET Q q 0 0 0 rg BT 227.54 666.55 Td (sale. ) Tj ET Q q 0 0 0 rg BT 251.16 666.55 Td (The ) Tj ET Q q 0 0 0 rg BT 271.06 666.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 316.52 666.55 Td (completed ) Tj ET Q q 0 0 0 rg BT 365.33 666.55 Td (the ) Tj ET Q q 0 0 0 rg BT 381.90 666.55 Td (sale ) Tj ET Q q 0 0 0 rg BT 402.91 666.55 Td (on ) Tj ET Q q 0 0 0 rg BT 416.70 666.55 Td (March ) Tj ET Q q 0 0 0 rg BT 447.16 666.55 Td (7, ) Tj ET Q q 0 0 0 rg BT 458.16 666.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 485.86 666.55 Td (and ) Tj ET Q q 0 0 0 rg BT 505.21 666.55 Td (retains ) Tj ET Q q 0 0 0 rg BT 537.89 666.55 Td (no ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 652.75 Td (residual ) Tj ET Q q 0 0 0 rg BT 100.68 652.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 146.70 652.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 164.91 652.75 Td (or ) Tj ET Q q 0 0 0 rg BT 176.46 652.75 Td (other ) Tj ET Q q 0 0 0 rg BT 201.92 652.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 241.27 652.75 Td (risk, ) Tj ET Q q 0 0 0 rg BT 262.26 652.75 Td (other ) Tj ET Q q 0 0 0 rg BT 287.71 652.75 Td (than ) Tj ET Q q 0 0 0 rg BT 309.83 652.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 336.95 652.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 355.16 652.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 405.63 652.75 Td (with ) Tj ET Q q 0 0 0 rg BT 426.07 652.75 Td (the ) Tj ET Q q 0 0 0 rg BT 442.63 652.75 Td (loan ) Tj ET Q q 0 0 0 rg BT 464.20 652.75 Td (receivable ) Tj ET Q q 0 0 0 rg BT 512.44 652.75 Td (from ) Tj ET Q q 0 0 0 rg BT 535.10 652.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 638.95 Td (sale. ) Tj ET Q q 0 0 0 rg BT 86.72 638.95 Td (The ) Tj ET Q q 0 0 0 rg BT 106.73 638.95 Td (loan ) Tj ET Q q 0 0 0 rg BT 128.42 638.95 Td (was ) Tj ET Q q 0 0 0 rg BT 148.98 638.95 Td (repaid ) Tj ET Q q 0 0 0 rg BT 179.55 638.95 Td (on ) Tj ET Q q 0 0 0 rg BT 193.45 638.95 Td (June ) Tj ET Q q 0 0 0 rg BT 217.92 638.95 Td (29, ) Tj ET Q q 0 0 0 rg BT 234.60 638.95 Td (2018.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 610.15 Td (On ) Tj ET Q q 0 0 0 rg BT 79.45 610.15 Td (October ) Tj ET Q q 0 0 0 rg BT 118.13 610.15 Td (29, ) Tj ET Q q 0 0 0 rg BT 135.14 610.15 Td (2018, ) Tj ET Q q 0 0 0 rg BT 163.27 610.15 Td (the ) Tj ET Q q 0 0 0 rg BT 180.29 610.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 226.19 610.15 Td (filed ) Tj ET Q q 0 0 0 rg BT 247.65 610.15 Td (a ) Tj ET Q q 0 0 0 rg BT 256.32 610.15 Td (Statement ) Tj ET Q q 0 0 0 rg BT 305.01 610.15 Td (of ) Tj ET Q q 0 0 0 rg BT 316.46 610.15 Td (Defence ) Tj ET Q q 0 0 0 rg BT 356.81 610.15 Td (in ) Tj ET Q q 0 0 0 rg BT 367.71 610.15 Td (response ) Tj ET Q q 0 0 0 rg BT 411.95 610.15 Td (to ) Tj ET Q q 0 0 0 rg BT 423.40 610.15 Td (a ) Tj ET Q q 0 0 0 rg BT 432.07 610.15 Td (claim ) Tj ET Q q 0 0 0 rg BT 458.52 610.15 Td (filed ) Tj ET Q q 0 0 0 rg BT 479.97 610.15 Td (with ) Tj ET Q q 0 0 0 rg BT 500.86 610.15 Td (the ) Tj ET Q q 0 0 0 rg BT 517.87 610.15 Td (Danish ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 596.35 Td (Institute ) Tj ET Q q 0 0 0 rg BT 101.52 596.35 Td (of ) Tj ET Q q 0 0 0 rg BT 112.66 596.35 Td (Arbitration ) Tj ET Q q 0 0 0 rg BT 161.73 596.35 Td (by ) Tj ET Q q 0 0 0 rg BT 175.79 596.35 Td (New ) Tj ET Q q 0 0 0 rg BT 199.29 596.35 Td (Nordic ) Tj ET Q q 0 0 0 rg BT 230.99 596.35 Td (Advisors ) Tj ET Q q 0 0 0 rg BT 272.83 596.35 Td (Limited ) Tj ET Q q 0 0 0 rg BT 308.56 596.35 Td (\(NNAL\).) Tj ET Q q 0 0 0 rg BT 347.27 596.35 Td (The ) Tj ET Q q 0 0 0 rg BT 368.00 596.35 Td (claim ) Tj ET Q q 0 0 0 rg BT 394.83 596.35 Td (by ) Tj ET Q q 0 0 0 rg BT 408.89 596.35 Td (NNAL) Tj ET Q q 0 0 0 rg BT 435.19 596.35 Td ( ) Tj ET Q q 0 0 0 rg BT 438.69 596.35 Td (relates ) Tj ET Q q 0 0 0 rg BT 472.20 596.35 Td (to ) Tj ET Q q 0 0 0 rg BT 484.03 596.35 Td (the ) Tj ET Q q 0 0 0 rg BT 501.43 596.35 Td (sale ) Tj ET Q q 0 0 0 rg BT 523.27 596.35 Td (of ) Tj ET Q q 0 0 0 rg BT 535.11 596.35 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 582.55 Td (Company) Tj ET Q q 0 0 0 rg BT 107.84 582.55 Td (s ) Tj ET Q q 0 0 0 rg BT 115.64 582.55 Td (European ) Tj ET Q q 0 0 0 rg BT 161.81 582.55 Td (Operations ) Tj ET Q q 0 0 0 rg BT 213.53 582.55 Td (to ) Tj ET Q q 0 0 0 rg BT 224.67 582.55 Td (NNGL. ) Tj ET Q q 0 0 0 rg BT 257.86 582.55 Td (The ) Tj ET Q q 0 0 0 rg BT 277.89 582.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 323.49 582.55 Td (denies ) Tj ET Q q 0 0 0 rg BT 355.76 582.55 Td (all ) Tj ET Q q 0 0 0 rg BT 368.57 582.55 Td (allegations ) Tj ET Q q 0 0 0 rg BT 419.19 582.55 Td (made ) Tj ET Q q 0 0 0 rg BT 447.00 582.55 Td (against ) Tj ET Q q 0 0 0 rg BT 482.05 582.55 Td (it ) Tj ET Q q 0 0 0 rg BT 489.85 582.55 Td (by ) Tj ET Q q 0 0 0 rg BT 503.22 582.55 Td (NNAL) Tj ET Q q 0 0 0 rg BT 529.52 582.55 Td ( ) Tj ET Q q 0 0 0 rg BT 532.32 582.55 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 568.75 Td (believes ) Tj ET Q q 0 0 0 rg BT 102.47 568.75 Td (there ) Tj ET Q q 0 0 0 rg BT 128.04 568.75 Td (is ) Tj ET Q q 0 0 0 rg BT 138.04 568.75 Td (no ) Tj ET Q q 0 0 0 rg BT 151.94 568.75 Td (merit ) Tj ET Q q 0 0 0 rg BT 176.94 568.75 Td (to ) Tj ET Q q 0 0 0 rg BT 188.06 568.75 Td (NNAL) Tj ET Q q 0 0 0 rg BT 214.18 568.75 Td () Tj ET Q q 0 0 0 rg BT 216.22 568.75 Td (s ) Tj ET Q q 0 0 0 rg BT 224.00 568.75 Td (claim ) Tj ET Q q 0 0 0 rg BT 250.11 568.75 Td (for ) Tj ET Q q 0 0 0 rg BT 264.56 568.75 Td (45.8 ) Tj ET Q q 0 0 0 rg BT 292.37 568.75 Td (millionin ) Tj ET Q q 0 0 0 rg BT 334.04 568.75 Td (damages. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 545.95 Td (Please ) Tj ET Q q 0 0 0 rg BT 96.35 545.95 Td (refer ) Tj ET Q q 0 0 0 rg BT 119.69 545.95 Td (to ) Tj ET Q q 0 0 0 rg BT 130.81 545.95 Td (Note ) Tj ET Q q 0 0 0 rg BT 154.71 545.95 Td (7 ) Tj ET Q q 0 0 0 rg BT 163.05 545.95 Td (and ) Tj ET Q q 0 0 0 rg BT 182.52 545.95 Td (Note ) Tj ET Q q 0 0 0 rg BT 206.42 545.95 Td (17 ) Tj ET Q q 0 0 0 rg BT 220.32 545.95 Td (of ) Tj ET Q q 0 0 0 rg BT 231.44 545.95 Td (the ) Tj ET Q q 0 0 0 rg BT 248.12 545.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 290.92 545.95 Td (Statements ) Tj ET Q q 0 0 0 rg BT 344.27 545.95 Td (for ) Tj ET Q q 0 0 0 rg BT 358.72 545.95 Td (further ) Tj ET Q q 0 0 0 rg BT 390.40 545.95 Td (details.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 523.15 Td (Subsequent Event) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 494.35 Td (On ) Tj ET Q q 0 0 0 rg BT 79.84 494.35 Td (November ) Tj ET Q q 0 0 0 rg BT 129.47 494.35 Td (9, ) Tj ET Q q 0 0 0 rg BT 141.32 494.35 Td (2018, ) Tj ET Q q 0 0 0 rg BT 169.84 494.35 Td (the ) Tj ET Q q 0 0 0 rg BT 187.25 494.35 Td (Company ) Tj ET Q q 0 0 0 rg BT 233.55 494.35 Td (entered ) Tj ET Q q 0 0 0 rg BT 270.97 494.35 Td (into ) Tj ET Q q 0 0 0 rg BT 290.59 494.35 Td (a ) Tj ET Q q 0 0 0 rg BT 299.66 494.35 Td (definitive ) Tj ET Q q 0 0 0 rg BT 342.63 494.35 Td (agreement ) Tj ET Q q 0 0 0 rg BT 393.94 494.35 Td (to ) Tj ET Q q 0 0 0 rg BT 405.78 494.35 Td (sell ) Tj ET Q q 0 0 0 rg BT 424.29 494.35 Td (Echelon, ) Tj ET Q q 0 0 0 rg BT 466.71 494.35 Td (it's ) Tj ET Q q 0 0 0 rg BT 482.12 494.35 Td (main ) Tj ET Q q 0 0 0 rg BT 507.30 494.35 Td (operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 480.55 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 110.74 480.55 Td (and ) Tj ET Q q 0 0 0 rg BT 130.15 480.55 Td (it's ) Tj ET Q q 0 0 0 rg BT 144.78 480.55 Td (unregulated ) Tj ET Q q 0 0 0 rg BT 200.33 480.55 Td (warranty ) Tj ET Q q 0 0 0 rg BT 241.39 480.55 Td (business ) Tj ET Q q 0 0 0 rg BT 283.58 480.55 Td (to ) Tj ET Q q 0 0 0 rg BT 294.65 480.55 Td (CAA) Tj ET Q q 0 0 0 rg BT 314.66 480.55 Td ( ) Tj ET Q q 0 0 0 rg BT 317.38 480.55 Td (Club ) Tj ET Q q 0 0 0 rg BT 340.67 480.55 Td (Group ) Tj ET Q q 0 0 0 rg BT 371.18 480.55 Td (\("CAA"\) ) Tj ET Q q 0 0 0 rg BT 408.23 480.55 Td (for ) Tj ET Q q 0 0 0 rg BT 422.62 480.55 Td ($175 ) Tj ET Q q 0 0 0 rg BT 447.59 480.55 Td (million. ) Tj ET Q q 0 0 0 rg BT 481.25 480.55 Td (The ) Tj ET Q q 0 0 0 rg BT 501.21 480.55 Td (agreement ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 466.75 Td (is ) Tj ET Q q 0 0 0 rg BT 73.60 466.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 108.67 466.75 Td (to ) Tj ET Q q 0 0 0 rg BT 120.38 466.75 Td (include ) Tj ET Q q 0 0 0 rg BT 155.45 466.75 Td (the ) Tj ET Q q 0 0 0 rg BT 172.73 466.75 Td (approval ) Tj ET Q q 0 0 0 rg BT 214.47 466.75 Td (of ) Tj ET Q q 0 0 0 rg BT 226.19 466.75 Td (at ) Tj ET Q q 0 0 0 rg BT 237.91 466.75 Td (least ) Tj ET Q q 0 0 0 rg BT 262.41 466.75 Td (66) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 273.54 471.52 Td (2/3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.57 466.75 Td (% ) Tj ET Q q 0 0 0 rg BT 294.84 466.75 Td (of ) Tj ET Q q 0 0 0 rg BT 306.56 466.75 Td (EFH ) Tj ET Q q 0 0 0 rg BT 329.94 466.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 391.13 466.75 Td (as ) Tj ET Q q 0 0 0 rg BT 405.07 466.75 Td (well ) Tj ET Q q 0 0 0 rg BT 425.68 466.75 Td (as ) Tj ET Q q 0 0 0 rg BT 439.62 466.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 487.47 466.75 Td (approval. ) Tj ET Q q 0 0 0 rg BT 531.76 466.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 452.95 Td (voting ) Tj ET Q q 0 0 0 rg BT 92.29 452.95 Td (is ) Tj ET Q q 0 0 0 rg BT 102.11 452.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 145.30 452.95 Td (to ) Tj ET Q q 0 0 0 rg BT 156.24 452.95 Td (be ) Tj ET Q q 0 0 0 rg BT 169.97 452.95 Td (held ) Tj ET Q q 0 0 0 rg BT 191.47 452.95 Td (in ) Tj ET Q q 0 0 0 rg BT 201.86 452.95 Td (January ) Tj ET Q q 0 0 0 rg BT 240.04 452.95 Td (2019 ) Tj ET Q q 0 0 0 rg BT 264.89 452.95 Td (at ) Tj ET Q q 0 0 0 rg BT 275.83 452.95 Td (a ) Tj ET Q q 0 0 0 rg BT 283.99 452.95 Td (special ) Tj ET Q q 0 0 0 rg BT 317.72 452.95 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 378.14 452.95 Td (meeting. ) Tj ET Q q 0 0 0 rg BT 418.92 452.95 Td (The ) Tj ET Q q 0 0 0 rg BT 438.76 452.95 Td (Company ) Tj ET Q q 0 0 0 rg BT 484.16 452.95 Td (has ) Tj ET Q q 0 0 0 rg BT 502.88 452.95 Td (committed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 439.15 Td (to ) Tj ET Q q 0 0 0 rg BT 75.24 439.15 Td (deliver ) Tj ET Q q 0 0 0 rg BT 108.59 439.15 Td (Echelon ) Tj ET Q q 0 0 0 rg BT 148.63 439.15 Td (to ) Tj ET Q q 0 0 0 rg BT 160.87 439.15 Td (CAA) Tj ET Q q 0 0 0 rg BT 180.88 439.15 Td ( ) Tj ET Q q 0 0 0 rg BT 184.77 439.15 Td (with ) Tj ET Q q 0 0 0 rg BT 206.45 439.15 Td (a ) Tj ET Q q 0 0 0 rg BT 215.91 439.15 Td (Minimum ) Tj ET Q q 0 0 0 rg BT 260.37 439.15 Td (Capital ) Tj ET Q q 0 0 0 rg BT 295.14 439.15 Td (T) Tj ET Q q 0 0 0 rg BT 300.14 439.15 Td (est ) Tj ET Q q 0 0 0 rg BT 317.38 439.15 Td (ratio ) Tj ET Q q 0 0 0 rg BT 340.73 439.15 Td (of ) Tj ET Q q 0 0 0 rg BT 352.96 439.15 Td (220% ) Tj ET Q q 0 0 0 rg BT 382.44 439.15 Td (at ) Tj ET Q q 0 0 0 rg BT 394.67 439.15 Td (the ) Tj ET Q q 0 0 0 rg BT 412.47 439.15 Td (closing ) Tj ET Q q 0 0 0 rg BT 447.50 439.15 Td (of ) Tj ET Q q 0 0 0 rg BT 459.74 439.15 Td (the ) Tj ET Q q 0 0 0 rg BT 477.53 439.15 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 531.76 439.15 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 425.35 Td (agreement ) Tj ET Q q 0 0 0 rg BT 113.62 425.35 Td (follows ) Tj ET Q q 0 0 0 rg BT 147.00 425.35 Td (an ) Tj ET Q q 0 0 0 rg BT 160.94 425.35 Td (extensive ) Tj ET Q q 0 0 0 rg BT 206.00 425.35 Td (strategic ) Tj ET Q q 0 0 0 rg BT 246.60 425.35 Td (review ) Tj ET Q q 0 0 0 rg BT 278.31 425.35 Td (process ) Tj ET Q q 0 0 0 rg BT 316.14 425.35 Td (overseen ) Tj ET Q q 0 0 0 rg BT 360.09 425.35 Td (by ) Tj ET Q q 0 0 0 rg BT 373.47 425.35 Td (a ) Tj ET Q q 0 0 0 rg BT 381.84 425.35 Td (committee ) Tj ET Q q 0 0 0 rg BT 430.78 425.35 Td (of ) Tj ET Q q 0 0 0 rg BT 441.93 425.35 Td (the ) Tj ET Q q 0 0 0 rg BT 458.65 425.35 Td (Company's ) Tj ET Q q 0 0 0 rg BT 511.17 425.35 Td (Board ) Tj ET Q q 0 0 0 rg BT 540.67 425.35 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 411.55 Td (Directors. ) 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 34.10 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 175.48 34.10 Td (Analysis Page 10) Tj ET Q BT /F2 12.00 Tf ET 1 1 1 rg /GS0 gs 63.00 738.04 216.46 -11.26 re f /GS0 gs q 0 0 0 rg BT 63.00 729.30 Td (SUMMAR) Tj ET Q q 0 0 0 rg BT 116.55 729.30 Td (Y) Tj ET Q q 0 0 0 rg BT 124.34 729.30 Td ( ) Tj ET Q q 0 0 0 rg BT 127.67 729.30 Td (OF ) Tj ET Q q 0 0 0 rg BT 147.67 729.30 Td (QUARTERL) Tj ET Q q 0 0 0 rg BT 213.23 729.30 Td (Y) Tj ET Q q 0 0 0 rg BT 221.02 729.30 Td ( ) Tj ET Q q 0 0 0 rg BT 224.35 729.30 Td (RESUL) Tj ET Q q 0 0 0 rg BT 264.13 729.30 Td (TS) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 713.78 405.00 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 706.50 Td (A) Tj ET Q q 0 0 0 rg BT 69.12 706.50 Td ( ) Tj ET Q q 0 0 0 rg BT 71.90 706.50 Td (summary ) Tj ET Q q 0 0 0 rg BT 115.79 706.50 Td (of ) Tj ET Q q 0 0 0 rg BT 126.91 706.50 Td (the ) Tj ET Q q 0 0 0 rg BT 143.59 706.50 Td (Company) Tj ET Q q 0 0 0 rg BT 188.42 706.50 Td (s ) Tj ET Q q 0 0 0 rg BT 196.20 706.50 Td (last ) Tj ET Q q 0 0 0 rg BT 214.54 706.50 Td (eight ) Tj ET Q q 0 0 0 rg BT 239.01 706.50 Td (quarters ) Tj ET Q q 0 0 0 rg BT 278.47 706.50 Td (\(after ) Tj ET Q q 0 0 0 rg BT 304.59 706.50 Td (all ) Tj ET Q q 0 0 0 rg BT 317.37 706.50 Td (corporate ) Tj ET Q q 0 0 0 rg BT 362.39 706.50 Td (expenses\) ) Tj ET Q q 0 0 0 rg BT 411.31 706.50 Td (is ) Tj ET Q q 0 0 0 rg BT 421.31 706.50 Td (as ) Tj ET Q q 0 0 0 rg BT 434.65 706.50 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 696 m 197.5 696 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 682 m 197.5 682 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 696 m 243.5 696 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 682 m 243.5 682 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 696 m 289.5 696 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 682 m 289.5 682 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 696 m 333.5 696 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 682 m 333.5 682 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 696 m 377.5 696 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 682 m 377.5 682 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 696 m 420.5 696 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 682 m 420.5 682 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 696 m 463.5 696 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 682 m 463.5 682 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 696 m 506.5 696 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 682 m 506.5 682 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 696 m 549.5 696 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 682 m 549.5 682 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 661 m 197.5 661 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 682 m 243.5 682 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 661 m 243.5 661 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 682 m 289.5 682 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 682 m 333.5 682 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 682 m 377.5 682 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 682 m 420.5 682 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 682 m 463.5 682 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 682 m 506.5 682 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 682 m 549.5 682 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 661 m 549.5 661 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 661 m 243.5 661 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 661 m 289.5 661 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 661 m 333.5 661 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 661 m 377.5 661 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 661 m 420.5 661 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 661 m 463.5 661 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 661 m 506.5 661 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 661 m 549.5 661 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 352 m 197.5 352 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 352 m 243.5 352 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 352 m 289.5 352 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 352 m 333.5 352 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 352 m 377.5 352 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 352 m 420.5 352 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 352 m 463.5 352 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 352 m 506.5 352 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 352 m 549.5 352 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 254.95 686.40 Td (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.45 686.40 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.45 686.40 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 673.23 Td (\($ THOUSANDS except per share) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 665.23 Td (amounts\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 213.95 665.40 Td (Q3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 259.95 665.40 Td (Q2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.95 665.40 Td (Q1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.95 665.40 Td (Q4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.45 665.40 Td (Q3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 665.40 Td (Q2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.45 665.40 Td (Q1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.45 665.40 Td (Q4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 651.95 Td (Direct written and assumed) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 642.95 Td (premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.40 643.40 Td (105,027) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 248.40 643.40 Td (1) Tj ET Q q 0 0 0 rg BT 253.41 643.40 Td (12,833) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 297.40 643.40 Td (79,287) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.40 643.40 Td (68,050) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.40 643.40 Td (78,047) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.40 643.40 Td (85,035) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.40 643.40 Td (54,586) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.40 643.40 Td (49,403) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 629.95 Td (Net earned premiums and other) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 620.95 Td (revenue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 207.40 621.40 Td (95,709) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.40 621.40 Td (75,280) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 297.40 621.40 Td (71,522) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.40 621.40 Td (64,906) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.40 621.40 Td (60,017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.40 621.40 Td (53,448) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.40 621.40 Td (49,025) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.40 621.40 Td (46,013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 607.40 Td (Underwriting income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.40 607.40 Td (\(1,495) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.95 607.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.90 607.40 Td (364) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.40 607.40 Td (1,247) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.40 607.40 Td (\(1) Tj ET Q q 0 0 0 rg BT 346.40 607.40 Td (1,208) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 607.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.40 607.40 Td (\(3,428) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.95 607.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.40 607.40 Td (1,477) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.90 607.40 Td (716) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.40 607.40 Td (2,555) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 593.95 Td (Impact of change in net claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 584.95 Td (discount rate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.90 585.40 Td (93) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.40 585.40 Td (2,039) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.40 585.40 Td (2,050) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.40 585.40 Td (1,220) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 585.40 Td (2,034) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.95 585.40 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.95 585.40 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.40 585.40 Td (\(1,370) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.95 585.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 571.40 Td (Investment Income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.40 571.40 Td (3,028) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.40 571.40 Td (2,759) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.40 571.40 Td (1,959) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.40 571.40 Td (3,316) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 571.40 Td (2,416) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.40 571.40 Td (2,977) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.40 571.40 Td (8,487) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.40 571.40 Td (3,159) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 557.40 Td (One time recovery \(expense\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.90 557.40 Td (\(48) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.95 557.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.90 557.40 Td (15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.90 557.40 Td (\(303) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.95 557.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.90 557.40 Td (\(87) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 557.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.90 557.40 Td (\(86) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.95 557.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.90 557.40 Td (\(89) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.95 557.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.95 557.40 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.90 557.40 Td (\(769) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.95 557.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 543.95 Td (Income \(loss\) before interest) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 534.95 Td (expense and income taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.40 535.40 Td (1,578) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.40 535.40 Td (5,177) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.40 535.40 Td (4,953) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.40 535.40 Td (\(6,759) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 535.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.90 535.40 Td (936) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.40 535.40 Td (4,365) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.40 535.40 Td (9,203) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.40 535.40 Td (3,575) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 521.40 Td (Net income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 219.90 521.40 Td (170) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.40 521.40 Td (3,964) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.40 521.40 Td (5,642) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.40 521.40 Td (\(4,826) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 521.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.90 521.40 Td (810) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.40 521.40 Td (3,193) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.40 521.40 Td (7,466) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.40 521.40 Td (2,602) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 507.40 Td (Net operating income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.40 507.40 Td (2,147) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.40 507.40 Td (2,935) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.40 507.40 Td (3,541) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.40 507.40 Td (\(6,252) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 507.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 507.40 Td (1,21) Tj ET Q q 0 0 0 rg BT 406.92 507.40 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.40 507.40 Td (3.338) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.40 507.40 Td (2,316) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.40 507.40 Td (4,857) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 493.95 Td (Earnings \(loss\) per adjusted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 484.95 Td (share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 78.00 471.40 Td (\(a\) Basic) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.40 471.40 Td ($0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.40 471.40 Td ($0.34) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.40 471.40 Td ($0.49) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.40 471.40 Td (\($0.42) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 471.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 471.40 Td ($0.07) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.40 471.40 Td ($0.27) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.40 471.40 Td ($0.63) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.40 471.40 Td ($0.22) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 78.00 457.40 Td (\(b\) Diluted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.40 457.40 Td ($0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.40 457.40 Td ($0.33) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.40 457.40 Td ($0.48) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.40 457.40 Td (\($0.42) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 457.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 457.40 Td ($0.07) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.40 457.40 Td ($0.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.40 457.40 Td ($0.62) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.40 457.40 Td ($0.22) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 443.95 Td (Net operating income \(loss\) per) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 434.95 Td (share - diluted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.40 435.40 Td ($0.18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.40 435.40 Td ($0.24) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.40 435.40 Td ($0.29) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.40 435.40 Td (\($0.51) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 435.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 435.40 Td ($0.10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.40 435.40 Td ($0.28) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.40 435.40 Td ($0.19) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.40 435.40 Td ($0.40) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 412.40 Td (Selected financial ratios) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 78.00 398.40 Td (Loss ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 211.40 398.40 Td (67.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 228.95 398.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.40 398.40 Td (65.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.95 398.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 301.40 398.40 Td (58.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.95 398.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.40 398.40 Td (81.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.95 398.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.40 398.40 Td (72.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.95 398.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.40 398.40 Td (59.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.95 398.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.40 398.40 Td (58.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.95 398.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.40 398.40 Td (55.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.95 398.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 78.00 384.40 Td (Expense ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 211.40 384.40 Td (33.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 228.95 384.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.40 384.40 Td (34.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.95 384.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 301.40 384.40 Td (39.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.95 384.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.40 384.40 Td (35.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.95 384.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.40 384.40 Td (33.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.95 384.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.40 384.40 Td (37.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.95 384.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.40 384.40 Td (39.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.95 384.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.40 384.40 Td (38.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.95 384.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 78.00 370.40 Td (Combined ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.40 370.40 Td (101.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 228.95 370.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.40 370.40 Td (99.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.95 370.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 301.40 370.40 Td (98.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.95 370.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.40 370.40 Td (1) Tj ET Q q 0 0 0 rg BT 345.41 370.40 Td (17.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.95 370.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.40 370.40 Td (105.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.95 370.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.40 370.40 Td (97.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.95 370.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.40 370.40 Td (98.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.95 370.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.40 370.40 Td (94.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.95 370.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 356.40 Td (Book value per share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.45 356.40 Td ($12.89) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.45 356.40 Td ($12.88) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.45 356.40 Td ($12.47) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.45 356.40 Td ($12.01) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.45 356.40 Td ($12.14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.45 356.40 Td ($12.25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.45 356.40 Td ($12.10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.45 356.40 Td ($1) Tj ET Q q 0 0 0 rg BT 522.46 356.40 Td (1.70) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 336.98 488.77 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 329.70 Td (The ) Tj ET Q q 0 0 0 rg BT 81.93 329.70 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 122.54 329.70 Td (results ) Tj ET Q q 0 0 0 rg BT 153.69 329.70 Td (reflect ) Tj ET Q q 0 0 0 rg BT 182.62 329.70 Td (the ) Tj ET Q q 0 0 0 rg BT 198.22 329.70 Td (seasonality ) Tj ET Q q 0 0 0 rg BT 249.95 329.70 Td (of ) Tj ET Q q 0 0 0 rg BT 259.99 329.70 Td (the ) Tj ET Q q 0 0 0 rg BT 275.59 329.70 Td (Company's ) Tj ET Q q 0 0 0 rg BT 327.00 329.70 Td (business. ) Tj ET Q q 0 0 0 rg BT 370.94 329.70 Td ( ) Tj ET Q q 0 0 0 rg BT 372.64 329.70 Td (While ) Tj ET Q q 0 0 0 rg BT 399.35 329.70 Td (net ) Tj ET Q q 0 0 0 rg BT 414.95 329.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 447.79 329.70 Td (premiums ) Tj ET Q q 0 0 0 rg BT 493.38 329.70 Td (are ) Tj ET Q q 0 0 0 rg BT 509.54 329.70 Td (relatively ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 323.18 488.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 315.90 Td (stable ) Tj ET Q q 0 0 0 rg BT 93.43 315.90 Td (from ) Tj ET Q q 0 0 0 rg BT 117.17 315.90 Td (quarter ) Tj ET Q q 0 0 0 rg BT 152.59 315.90 Td (to ) Tj ET Q q 0 0 0 rg BT 164.68 315.90 Td (quarter) Tj ET Q q 0 0 0 rg BT 195.81 315.90 Td (, ) Tj ET Q q 0 0 0 rg BT 202.33 315.90 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 260.54 315.90 Td (results ) Tj ET Q q 0 0 0 rg BT 293.74 315.90 Td (may ) Tj ET Q q 0 0 0 rg BT 316.37 315.90 Td (vary ) Tj ET Q q 0 0 0 rg BT 339.00 315.90 Td (significantly ) Tj ET Q q 0 0 0 rg BT 394.44 315.90 Td (by ) Tj ET Q q 0 0 0 rg BT 408.74 315.90 Td (quarter ) Tj ET Q q 0 0 0 rg BT 444.17 315.90 Td (as ) Tj ET Q q 0 0 0 rg BT 458.47 315.90 Td (they ) Tj ET Q q 0 0 0 rg BT 481.11 315.90 Td (are ) Tj ET Q q 0 0 0 rg BT 499.31 315.90 Td (af) Tj ET Q q 0 0 0 rg BT 507.47 315.90 Td (fected ) Tj ET Q q 0 0 0 rg BT 538.45 315.90 Td (by ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 309.38 281.08 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 302.10 Td (seasonality) Tj ET Q q 0 0 0 rg BT 112.29 302.10 Td (, ) Tj ET Q q 0 0 0 rg BT 117.84 302.10 Td (as ) Tj ET Q q 0 0 0 rg BT 131.18 302.10 Td (described ) Tj ET Q q 0 0 0 rg BT 177.32 302.10 Td (in ) Tj ET Q q 0 0 0 rg BT 187.88 302.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 211.78 302.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 220.12 302.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.24 302.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.92 302.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 290.72 302.10 Td (Statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 273.30 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 65.5 262.79999999999995 m 267.5 262.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 238.79999999999995 m 267.5 238.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 262.79999999999995 m 337.5 262.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 238.79999999999995 m 337.5 238.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 262.79999999999995 m 407.5 262.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 238.79999999999995 m 407.5 238.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 262.79999999999995 m 477.5 262.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 238.79999999999995 m 477.5 238.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 262.79999999999995 m 547.5 262.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 238.79999999999995 m 547.5 238.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 238.79999999999995 m 267.5 238.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 225.79999999999995 m 267.5 225.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 238.79999999999995 m 337.5 238.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 225.79999999999995 m 337.5 225.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 238.79999999999995 m 407.5 238.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 225.79999999999995 m 407.5 225.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 238.79999999999995 m 477.5 238.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 225.79999999999995 m 477.5 225.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 238.79999999999995 m 547.5 238.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 225.79999999999995 m 547.5 225.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 225.79999999999995 m 337.5 225.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 225.79999999999995 m 407.5 225.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 186.79999999999995 m 267.5 186.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 186.79999999999995 m 337.5 186.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 186.79999999999995 m 407.5 186.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 186.79999999999995 m 477.5 186.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 186.79999999999995 m 547.5 186.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 160.79999999999995 m 267.5 160.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 160.79999999999995 m 337.5 160.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 160.79999999999995 m 407.5 160.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 160.79999999999995 m 477.5 160.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 160.79999999999995 m 547.5 160.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 134.79999999999995 m 267.5 134.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 134.79999999999995 m 337.5 134.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 134.79999999999995 m 407.5 134.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 134.79999999999995 m 477.5 134.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 134.79999999999995 m 547.5 134.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 108.79999999999995 m 267.5 108.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 108.79999999999995 m 337.5 108.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 108.79999999999995 m 407.5 108.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 108.79999999999995 m 477.5 108.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 108.79999999999995 m 547.5 108.79999999999995 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.95 252.20 Td (3 months ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 306.70 243.20 Td (September 30) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.95 252.20 Td (9 months ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.70 243.20 Td (September 30) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 68.00 230.48 Td (\($ THOUSANDS except per share amounts\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.95 228.75 Td (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.95 228.75 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.95 228.75 Td (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.95 228.75 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 216.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 84.51 216.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 130.53 216.75 Td (income ) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 162.04 221.04 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.45 216.75 Td (3,61) Tj ET Q q 0 0 0 rg BT 328.97 216.75 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.45 216.75 Td (2,851) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.45 216.75 Td (10,171) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.45 216.75 Td (7,595) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 203.75 Td (Underwriting ) Tj ET Q q 0 0 0 rg BT 121.02 203.75 Td (income ) Tj ET Q q 0 0 0 rg BT 152.53 203.75 Td (\(loss\) ) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 177.03 208.04 Td (\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.45 202.75 Td (\(1,495) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.00 202.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.45 202.75 Td (\(3,428) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.00 202.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.95 202.75 Td (1) Tj ET Q q 0 0 0 rg BT 462.96 202.75 Td (16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 202.75 Td (\(1,235) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.00 202.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 190.75 Td (Add: ) Tj ET Q q 0 0 0 rg BT 89.01 190.75 Td (Catastrophe ) Tj ET Q q 0 0 0 rg BT 140.54 190.75 Td (losses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.95 189.75 Td (577) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.45 189.75 Td (2,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.95 189.75 Td (577) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.45 189.75 Td (2,604) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 177.75 Td (Pre-tax ) Tj ET Q q 0 0 0 rg BT 99.51 177.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 139.54 177.75 Td (income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.45 177.75 Td (2,692) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.45 177.75 Td (1,423) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.45 177.75 Td (10,864) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.45 177.75 Td (8,964) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 164.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 100.01 164.75 Td (tax ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.95 163.75 Td (\(641) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.00 163.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.95 163.75 Td (\(260) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.00 163.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 164.75 Td (\(2,576) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.00 164.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 164.75 Td (\(2,085) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.00 164.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 151.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 84.51 151.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 124.54 151.75 Td (income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.45 151.75 Td (2,051) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.45 151.75 Td (1,163) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.45 151.75 Td (8,288) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.45 151.75 Td (6,879) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 138.75 Td (Minority ) Tj ET Q q 0 0 0 rg BT 102.00 138.75 Td (interest) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.95 137.75 Td (96) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.95 137.75 Td (48) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.95 137.75 Td (336) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.95 137.75 Td (\(14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.00 137.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 125.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 84.48 125.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 124.49 125.75 Td (income ) Tj ET Q q 0 0 0 rg BT 155.98 125.75 Td (attributable ) Tj ET Q q 0 0 0 rg BT 202.99 125.75 Td (to ) Tj ET Q q 0 0 0 rg BT 212.97 125.75 Td (shareholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.45 125.75 Td (2,147) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.45 125.75 Td (1,21) Tj ET Q q 0 0 0 rg BT 397.97 125.75 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.45 125.75 Td (8,624) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.45 125.75 Td (6,865) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 112.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 84.51 112.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 124.54 112.75 Td (income ) Tj ET Q q 0 0 0 rg BT 156.05 112.75 Td (per ) Tj ET Q q 0 0 0 rg BT 171.56 112.75 Td (share ) Tj ET Q q 0 0 0 rg BT 196.57 112.75 Td (- ) Tj ET Q q 0 0 0 rg BT 202.07 112.75 Td (diluted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.45 112.75 Td ($0.18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.45 112.75 Td ($0.10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.45 112.75 Td ($0.71) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.45 112.75 Td ($0.57) 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 96.07 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.75 91.30 Td (Net investment income consists of interest income, dividend income and premium financing charges, less investment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.00 80.50 Td (expense, as per Note 6 of the Company's Financial Statements.) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 65.00 67.27 Td (\(2\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.75 62.50 Td (Underwriting income excludes impact of change in claims discount rates, and non-recurring items.) 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 34.10 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 175.48 34.10 Td (Analysis Page 1) Tj ET Q q 0 0 0 rg BT 523.42 34.10 Td (1) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 63.00 696.90 Td (BALANCE SHEET ) Tj ET Q q 0 0 0 rg BT 167.89 696.90 Td (ANAL) Tj ET Q q 0 0 0 rg BT 200.12 696.90 Td (YSIS) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 681.38 488.79 -9.36 re f /GS0 gs q 0 0 0 rg BT 63.00 674.10 Td (The ) Tj ET Q q 0 0 0 rg BT 82.72 674.10 Td (Balance ) Tj ET Q q 0 0 0 rg BT 121.35 674.10 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 149.98 674.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 188.60 674.10 Td (that ) Tj ET Q q 0 0 0 rg BT 207.77 674.10 Td (follows ) Tj ET Q q 0 0 0 rg BT 240.83 674.10 Td (should ) Tj ET Q q 0 0 0 rg BT 272.79 674.10 Td (be ) Tj ET Q q 0 0 0 rg BT 286.40 674.10 Td (read ) Tj ET Q q 0 0 0 rg BT 308.91 674.10 Td (in ) Tj ET Q q 0 0 0 rg BT 319.19 674.10 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 372.27 674.10 Td (with ) Tj ET Q q 0 0 0 rg BT 392.54 674.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.94 674.10 Td (condensed ) Tj ET Q q 0 0 0 rg BT 460.36 674.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 519.01 674.10 Td (interim ) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 667.58 122.29 -9.36 re f /GS0 gs q 0 0 0 rg BT 63.00 660.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 102.47 660.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 154.16 660.30 Td (for ) Tj ET Q q 0 0 0 rg BT 168.61 660.30 Td (the ) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 185.29 667.58 19.45 -9.36 re f /GS0 gs q 0 0 0 rg BT 185.29 660.30 Td (third) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 204.74 667.58 48.36 -9.36 re f /GS0 gs q 0 0 0 rg BT 204.74 660.30 Td ( ) Tj ET Q q 0 0 0 rg BT 207.52 660.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 241.98 660.30 Td (of ) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 253.10 667.58 22.25 -9.36 re f /GS0 gs q 0 0 0 rg BT 253.10 660.30 Td (2018) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 275.34 667.58 85.62 -9.36 re f /GS0 gs q 0 0 0 rg BT 275.34 660.30 Td (, ) Tj ET Q q 0 0 0 rg BT 280.90 660.30 Td (and ) Tj ET Q q 0 0 0 rg BT 300.36 660.30 Td (notes ) Tj ET Q q 0 0 0 rg BT 327.60 660.30 Td (therein.) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 638.78 120.02 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 631.50 Td (Balance ) Tj ET Q q 0 0 0 rg BT 104.13 631.50 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 134.14 631.50 Td (Highlights) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 616.98 363.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 609.70 Td (Selected ) Tj ET Q q 0 0 0 rg BT 104.69 609.70 Td (balance ) Tj ET Q q 0 0 0 rg BT 142.50 609.70 Td (sheet ) Tj ET Q q 0 0 0 rg BT 169.74 609.70 Td (highlights ) Tj ET Q q 0 0 0 rg BT 214.77 609.70 Td (and ) Tj ET Q q 0 0 0 rg BT 234.24 609.70 Td (book ) Tj ET Q q 0 0 0 rg BT 258.70 609.70 Td (value ) Tj ET Q q 0 0 0 rg BT 285.38 609.70 Td (per ) Tj ET Q q 0 0 0 rg BT 302.61 609.70 Td (share ) Tj ET Q q 0 0 0 rg BT 330.41 609.70 Td (details ) Tj ET Q q 0 0 0 rg BT 362.09 609.70 Td (are ) Tj ET Q q 0 0 0 rg BT 379.32 609.70 Td (as ) Tj ET Q q 0 0 0 rg BT 392.66 609.70 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 590.2 m 358.5 590.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 567.2 m 358.5 567.2 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 590.2 m 452.5 590.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 567.2 m 452.5 567.2 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 590.2 m 545.5 590.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 567.2 m 545.5 567.2 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 441.2 m 358.5 441.2 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 441.2 m 452.5 441.2 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 441.2 m 545.5 441.2 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 571.43 Td (\($ THOUSANDS except per share amounts\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.95 580.60 Td (As at September 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.95 571.60 Td (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.95 580.60 Td (As at December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.45 571.60 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 557.60 Td (Cash and short-term deposits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.40 557.60 Td (73,937) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.00 557.60 Td (44,459) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 543.60 Td (Investments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.40 543.60 Td (381,166) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.00 543.60 Td (370,933) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 529.60 Td (T) Tj ET Q q 0 0 0 rg BT 71.00 529.60 Td (otal assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.40 529.60 Td (667,790) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.00 529.60 Td (590,586) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 515.60 Td (Provision for unpaid claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.40 515.60 Td (276,385) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.00 515.60 Td (262,966) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 501.60 Td (Unearned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.40 501.60 Td (207,776) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.00 501.60 Td (160,577) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 487.60 Td (T) Tj ET Q q 0 0 0 rg BT 71.00 487.60 Td (otal equity attributable to shareholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.40 487.60 Td (153,678) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.00 487.60 Td (142,822) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 473.60 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 151.05 477.89 Td ( \(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.45 473.60 Td ($12.89) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.00 473.60 Td ($12.01) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 459.60 Td (MCT) Tj ET Q q 0 0 0 rg BT 85.41 459.60 Td ( Ratio - Echelon Insurance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.90 459.60 Td (231) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.95 459.60 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.00 459.60 Td (212%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 445.60 Td ( - ICPEI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.90 445.60 Td (297) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.95 445.60 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.00 445.60 Td (355%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.50 Tf ET 1 1 1 rg /GS0 gs 63.00 433.94 8.29 -7.98 re f /GS0 gs BT /F3 5.52 Tf ET q 0 0 0 rg BT 63.00 427.75 Td (\(1\) ) Tj ET Q BT /F3 8.50 Tf ET 1 1 1 rg /GS0 gs 71.29 429.89 292.66 -7.98 re f /GS0 gs q 0 0 0 rg BT 71.29 423.70 Td (Shareholders) Tj ET Q q 0 0 0 rg BT 123.42 423.70 Td ( ) Tj ET Q q 0 0 0 rg BT 125.78 423.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 150.83 423.70 Td (divided ) Tj ET Q q 0 0 0 rg BT 180.13 423.70 Td (by ) Tj ET Q q 0 0 0 rg BT 191.47 423.70 Td (the ) Tj ET Q q 0 0 0 rg BT 205.65 423.70 Td (number ) Tj ET Q q 0 0 0 rg BT 236.83 423.70 Td (of ) Tj ET Q q 0 0 0 rg BT 246.28 423.70 Td (shares ) Tj ET Q q 0 0 0 rg BT 274.16 423.70 Td (issued ) Tj ET Q q 0 0 0 rg BT 301.09 423.70 Td (and ) Tj ET Q q 0 0 0 rg BT 317.63 423.70 Td (outstanding.) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 402.18 58.35 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 394.90 Td (Investments) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 380.18 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 372.90 Td (EFH ) Tj ET Q q 0 0 0 rg BT 87.27 372.90 Td (has ) Tj ET Q q 0 0 0 rg BT 105.66 372.90 Td (an ) Tj ET Q q 0 0 0 rg BT 119.05 372.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 169.67 372.90 Td (policy ) Tj ET Q q 0 0 0 rg BT 197.50 372.90 Td (that ) Tj ET Q q 0 0 0 rg BT 216.45 372.90 Td (seeks ) Tj ET Q q 0 0 0 rg BT 244.84 372.90 Td (to ) Tj ET Q q 0 0 0 rg BT 255.45 372.90 Td (provide ) Tj ET Q q 0 0 0 rg BT 290.51 372.90 Td (a ) Tj ET Q q 0 0 0 rg BT 298.34 372.90 Td (stable ) Tj ET Q q 0 0 0 rg BT 327.29 372.90 Td (income ) Tj ET Q q 0 0 0 rg BT 361.79 372.90 Td (base ) Tj ET Q q 0 0 0 rg BT 385.75 372.90 Td (to ) Tj ET Q q 0 0 0 rg BT 396.35 372.90 Td (support ) Tj ET Q q 0 0 0 rg BT 431.98 372.90 Td (EFH) Tj ET Q q 0 0 0 rg BT 454.02 372.90 Td (s ) Tj ET Q q 0 0 0 rg BT 461.28 372.90 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 501.34 372.90 Td (in ) Tj ET Q q 0 0 0 rg BT 511.39 372.90 Td (line ) Tj ET Q q 0 0 0 rg BT 529.23 372.90 Td (with ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 367.18 484.77 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 359.90 Td (its ) Tj ET Q q 0 0 0 rg BT 77.85 359.90 Td (risk ) Tj ET Q q 0 0 0 rg BT 96.25 359.90 Td (appetite ) Tj ET Q q 0 0 0 rg BT 134.68 359.90 Td (and ) Tj ET Q q 0 0 0 rg BT 154.22 359.90 Td (tolerance. ) Tj ET Q q 0 0 0 rg BT 200.98 359.90 Td (In ) Tj ET Q q 0 0 0 rg BT 212.17 359.90 Td (addition ) Tj ET Q q 0 0 0 rg BT 250.05 359.90 Td (to ) Tj ET Q q 0 0 0 rg BT 261.24 359.90 Td (this ) Tj ET Q q 0 0 0 rg BT 279.65 359.90 Td (risk-return ) Tj ET Q q 0 0 0 rg BT 327.50 359.90 Td (analysis, ) Tj ET Q q 0 0 0 rg BT 369.25 359.90 Td (the ) Tj ET Q q 0 0 0 rg BT 386.00 359.90 Td (chosen ) Tj ET Q q 0 0 0 rg BT 421.10 359.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 447.85 359.90 Td (mix ) Tj ET Q q 0 0 0 rg BT 466.25 359.90 Td (also ) Tj ET Q q 0 0 0 rg BT 487.44 359.90 Td (considers ) Tj ET Q q 0 0 0 rg BT 533.09 359.90 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 354.18 197.89 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 346.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 101.13 346.90 Td (of ) Tj ET Q q 0 0 0 rg BT 112.25 346.90 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 159.50 346.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 191.18 346.90 Td (that ) Tj ET Q q 0 0 0 rg BT 210.64 346.90 Td (is ) Tj ET Q q 0 0 0 rg BT 220.64 346.90 Td (required. ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 335.18 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 327.90 Td (EFH) Tj ET Q q 0 0 0 rg BT 87.04 327.90 Td (s ) Tj ET Q q 0 0 0 rg BT 94.08 327.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 144.46 327.90 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 182.08 327.90 Td (is ) Tj ET Q q 0 0 0 rg BT 191.33 327.90 Td (invested ) Tj ET Q q 0 0 0 rg BT 230.61 327.90 Td (in ) Tj ET Q q 0 0 0 rg BT 240.43 327.90 Td (accordance ) Tj ET Q q 0 0 0 rg BT 294.16 327.90 Td (with ) Tj ET Q q 0 0 0 rg BT 313.98 327.90 Td (its ) Tj ET Q q 0 0 0 rg BT 326.02 327.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 376.41 327.90 Td (policy) Tj ET Q q 0 0 0 rg BT 401.23 327.90 Td (. ) Tj ET Q q 0 0 0 rg BT 406.04 327.90 Td (Fair ) Tj ET Q q 0 0 0 rg BT 425.30 327.90 Td (values ) Tj ET Q q 0 0 0 rg BT 456.24 327.90 Td (for ) Tj ET Q q 0 0 0 rg BT 469.95 327.90 Td (most ) Tj ET Q q 0 0 0 rg BT 493.65 327.90 Td (investments ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 322.18 246.80 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 314.90 Td (are ) Tj ET Q q 0 0 0 rg BT 82.23 314.90 Td (determined ) Tj ET Q q 0 0 0 rg BT 135.04 314.90 Td (by ) Tj ET Q q 0 0 0 rg BT 148.38 314.90 Td (reference ) Tj ET Q q 0 0 0 rg BT 193.40 314.90 Td (to ) Tj ET Q q 0 0 0 rg BT 204.52 314.90 Td (observable ) Tj ET Q q 0 0 0 rg BT 256.22 314.90 Td (market ) Tj ET Q q 0 0 0 rg BT 289.56 314.90 Td (data.) 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 34.10 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 175.48 34.10 Td (Analysis Page 12) 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 ) Tj ET Q q 0 0 0 rg BT 86.12 730.75 Td (V) Tj ET Q q 0 0 0 rg BT 92.24 730.75 Td (alue ) Tj ET Q q 0 0 0 rg BT 115.02 730.75 Td (of ) Tj ET Q q 0 0 0 rg BT 127.24 730.75 Td (Investments) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 711.75 Td (The ) Tj ET Q q 0 0 0 rg BT 85.01 711.75 Td (following ) Tj ET Q q 0 0 0 rg BT 126.70 711.75 Td (table ) Tj ET Q q 0 0 0 rg BT 151.16 711.75 Td (sets ) Tj ET Q q 0 0 0 rg BT 172.28 711.75 Td (forth ) Tj ET Q q 0 0 0 rg BT 195.07 711.75 Td (EFH) Tj ET Q q 0 0 0 rg BT 217.11 711.75 Td (s ) Tj ET Q q 0 0 0 rg BT 224.89 711.75 Td (invested ) Tj ET Q q 0 0 0 rg BT 264.91 711.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 296.59 711.75 Td (as ) Tj ET Q q 0 0 0 rg BT 309.93 711.75 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 321.05 711.75 Td (September30, ) Tj ET Q q 0 0 0 rg BT 389.42 711.75 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 411.67 711.75 Td ( ) Tj ET Q q 0 0 0 rg BT 414.45 711.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 433.91 711.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 499.50 711.75 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.74 711.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 691.95 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 681.45 m 309.5 681.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 667.45 m 309.5 667.45 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 681.45 m 400.5 681.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 667.45 m 400.5 667.45 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 681.45 m 430.5 681.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 667.45 m 430.5 667.45 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 681.45 m 518.5 681.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 667.45 m 518.5 667.45 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 681.45 m 547.5 681.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 667.45 m 547.5 667.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 642.45 m 309.5 642.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 667.45 m 400.5 667.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 642.45 m 400.5 642.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 642.45 m 430.5 642.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 667.45 m 518.5 667.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 642.45 m 518.5 642.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 667.45 m 547.5 667.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 642.45 m 547.5 642.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 564.45 m 309.5 564.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 564.45 m 400.5 564.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 564.45 m 430.5 564.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 564.45 m 518.5 564.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 564.45 m 547.5 564.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 551.45 m 309.5 551.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 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s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 200.45000000000005 m 547.5 200.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 187.45000000000005 m 309.5 187.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 187.45000000000005 m 400.5 187.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 187.45000000000005 m 430.5 187.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 187.45000000000005 m 518.5 187.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 187.45000000000005 m 547.5 187.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 161.45000000000005 m 309.5 161.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 161.45000000000005 m 400.5 161.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 161.45000000000005 m 430.5 161.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 161.45000000000005 m 518.5 161.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 161.45000000000005 m 547.5 161.45000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 148.45000000000005 m 309.5 148.45000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 148.45000000000005 m 400.5 148.45000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 148.45000000000005 m 430.5 148.45000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 148.45000000000005 m 518.5 148.45000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 148.45000000000005 m 547.5 148.45000000000005 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 68.00 671.85 Td (\($ ) Tj ET Q q 0 0 0 rg BT 78.50 671.85 Td (Thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 404.45 671.85 Td (Fair values) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 68.00 646.85 Td (A) Tj ET Q q 0 0 0 rg BT 74.17 646.85 Td (vailable-for-sale) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.95 657.65 Td (As at) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.95 646.85 Td (September 30, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.50 655.85 Td (% of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 404.55 646.85 Td (T) Tj ET Q q 0 0 0 rg BT 409.71 646.85 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 492.95 657.65 Td (As at) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.90 646.85 Td (December 31, 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 523.00 655.85 Td (% of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.05 646.85 Td (T) Tj ET Q q 0 0 0 rg BT 526.88 646.85 Td (otal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 633.40 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 92.51 633.40 Td (income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.00 620.40 Td (Canadian) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 607.40 Td (Federal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.45 607.40 Td (52,144) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.45 607.40 Td (39,408) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 594.40 Td (Provincial) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.45 594.40 Td (44,473) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.45 594.40 Td (29,883) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 581.40 Td (Municipal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.45 581.40 Td (1,069) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.95 581.40 Td (14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 568.40 Td (Corporate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.45 568.40 Td (129,631) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.45 568.40 Td (127,701) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.45 555.40 Td (227,317) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.45 555.40 Td (197,006) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 542.40 Td (Fixed income lent through securities lending program) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 529.40 Td (Federal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.45 529.40 Td (47,993) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.45 529.40 Td (63,864) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 516.40 Td (Provincial) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.45 516.40 Td (5,415) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.45 516.40 Td (17,564) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 503.40 Td (Municipal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.45 503.40 Td (1,307) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.45 503.40 Td (1,322) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 490.40 Td (Corporate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.45 490.40 Td (8,406) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.45 490.40 Td (8,535) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.45 477.40 Td (63,121) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.45 477.40 Td (91,285) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 464.40 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 101.02 464.40 Td (fixed ) Tj ET Q q 0 0 0 rg BT 122.53 464.40 Td (income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.00 451.40 Td (Government) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.95 451.40 Td (645) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.00 451.40 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.00 438.40 Td (Corporate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.45 438.40 Td (7,070) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.45 438.40 Td (2,014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.45 425.40 Td (7,715) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.45 425.40 Td (2,014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 412.40 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 100.50 412.40 Td (fixed ) Tj ET Q q 0 0 0 rg BT 121.49 412.40 Td (income ) Tj ET Q q 0 0 0 rg BT 152.49 412.40 Td (lent ) Tj ET Q q 0 0 0 rg BT 168.98 412.40 Td (through ) Tj ET Q q 0 0 0 rg BT 201.49 412.40 Td (securities ) Tj ET Q q 0 0 0 rg BT 241.48 412.40 Td (lending ) Tj ET Q q 0 0 0 rg BT 272.49 412.40 Td (program) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 399.40 Td (Corporate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.95 399.40 Td (579) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.00 399.40 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 386.40 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 386.40 Td (otal ) Tj ET Q q 0 0 0 rg BT 89.51 386.40 Td (fixed ) Tj ET Q q 0 0 0 rg BT 111.02 386.40 Td (income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.45 386.40 Td (298,732) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.90 386.40 Td (66) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.95 386.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.45 386.40 Td (290,305) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.90 386.40 Td (70) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 386.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 373.40 Td (Corporate value pooled fund) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.45 373.40 Td (5,063) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.00 373.40 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 360.40 Td (Money ) Tj ET Q q 0 0 0 rg BT 97.51 360.40 Td (market ) Tj ET Q q 0 0 0 rg BT 127.52 360.40 Td (pooled ) Tj ET Q q 0 0 0 rg BT 157.05 360.40 Td (funds) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.95 360.40 Td (401) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.45 360.40 Td (1,014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 347.40 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 113.01 347.40 Td (fixed ) Tj ET Q q 0 0 0 rg BT 134.52 347.40 Td (income ) Tj ET Q q 0 0 0 rg BT 166.03 347.40 Td (and ) Tj ET Q q 0 0 0 rg BT 183.55 347.40 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 224.07 347.40 Td (pooled ) Tj ET Q q 0 0 0 rg BT 253.60 347.40 Td (funds) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.45 347.40 Td (14,419) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.45 347.40 Td (19,303) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 334.40 Td (Specialty ) Tj ET Q q 0 0 0 rg BT 107.02 334.40 Td (pooled ) Tj ET Q q 0 0 0 rg BT 136.55 334.40 Td (fund) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.45 334.40 Td (7,463) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.45 334.40 Td (7,385) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 321.40 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 321.40 Td (otal ) Tj ET Q q 0 0 0 rg BT 89.51 321.40 Td (pooled ) Tj ET Q q 0 0 0 rg BT 119.04 321.40 Td (funds) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.45 321.40 Td (27,346) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.90 321.40 Td (6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.95 321.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.45 321.40 Td (28,557) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.90 321.40 Td (7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 321.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 308.40 Td (Common ) Tj ET Q q 0 0 0 rg BT 107.01 308.40 Td (shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 295.40 Td (Canadian) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.45 295.40 Td (1,120) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.95 295.40 Td (889) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 282.40 Td (Foreign) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.45 282.40 Td (1,647) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.45 282.40 Td (1,043) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 269.40 Td (Global Equity Pooled Fund) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.45 269.40 Td (7,863) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.45 269.40 Td (7,385) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 256.40 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 256.40 Td (otal common shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.45 256.40 Td (10,630) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.90 256.40 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.95 256.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.45 256.40 Td (9,317) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.90 256.40 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 256.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 243.40 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 243.40 Td (otal available for sale) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.45 243.40 Td (336,708) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.45 243.40 Td (328,179) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 230.40 Td (Fair value through profit or loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 217.40 Td (Preferred shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.45 217.40 Td (44,458) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.45 217.40 Td (42,754) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 204.40 Td (Preferred shares lent through securities lending program) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 204.40 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.00 204.40 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 191.40 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 191.40 Td (otal preferred shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.45 191.40 Td (44,458) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.90 191.40 Td (10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.95 191.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.45 191.40 Td (42,754) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.90 191.40 Td (10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 191.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 178.40 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 178.40 Td (otal ) Tj ET Q q 0 0 0 rg BT 89.51 178.40 Td (investments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.45 178.40 Td (381,166) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.90 178.40 Td (84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.95 178.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.45 178.40 Td (370,933) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.90 178.40 Td (89) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 178.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 165.40 Td (Cash ) Tj ET Q q 0 0 0 rg BT 91.51 165.40 Td (and ) Tj ET Q q 0 0 0 rg BT 109.03 165.40 Td (short-term ) Tj ET Q q 0 0 0 rg BT 152.53 165.40 Td (deposits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.45 165.40 Td (73,937) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.90 165.40 Td (16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.95 165.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.45 165.40 Td (44,459) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.90 165.40 Td (1) Tj ET Q q 0 0 0 rg BT 533.91 165.40 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 165.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 152.40 Td (T) Tj ET Q q 0 0 0 rg BT 72.50 152.40 Td (otal investments including cash and short-term deposits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.45 152.40 Td (455,103) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.90 152.40 Td (100) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.95 152.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.45 152.40 Td (415,392) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.90 152.40 Td (100) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 152.40 Td (%) Tj ET 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 34.10 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 175.48 34.10 Td (Analysis Page 13) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 738.03 216.92 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 730.75 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 121.31 730.75 Td (Assets and Provisions for Losses) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 718.23 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 710.95 Td (EFH ) Tj ET Q q 0 0 0 rg BT 88.11 710.95 Td (has ) Tj ET Q q 0 0 0 rg BT 107.34 710.95 Td (an ) Tj ET Q q 0 0 0 rg BT 121.58 710.95 Td (established ) Tj ET Q q 0 0 0 rg BT 175.28 710.95 Td (policy ) Tj ET Q q 0 0 0 rg BT 203.96 710.95 Td (to ) Tj ET Q q 0 0 0 rg BT 215.41 710.95 Td (write ) Tj ET Q q 0 0 0 rg BT 239.63 710.95 Td (down ) Tj ET Q q 0 0 0 rg BT 266.65 710.95 Td (or ) Tj ET Q q 0 0 0 rg BT 278.65 710.95 Td (make ) Tj ET Q q 0 0 0 rg BT 306.22 710.95 Td (a ) Tj ET Q q 0 0 0 rg BT 314.89 710.95 Td (provision ) Tj ET Q q 0 0 0 rg BT 358.02 710.95 Td (for ) Tj ET Q q 0 0 0 rg BT 372.80 710.95 Td (any ) Tj ET Q q 0 0 0 rg BT 392.03 710.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 443.50 710.95 Td (with ) Tj ET Q q 0 0 0 rg BT 464.39 710.95 Td (objective ) Tj ET Q q 0 0 0 rg BT 506.97 710.95 Td (evidence ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 704.43 192.88 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 697.15 Td (that ) Tj ET Q q 0 0 0 rg BT 84.46 697.15 Td (the ) Tj ET Q q 0 0 0 rg BT 101.14 697.15 Td (value ) Tj ET Q q 0 0 0 rg BT 127.82 697.15 Td (of ) Tj ET Q q 0 0 0 rg BT 138.94 697.15 Td (the ) Tj ET Q q 0 0 0 rg BT 155.62 697.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 206.75 697.15 Td (is ) Tj ET Q q 0 0 0 rg BT 216.75 697.15 Td (impaired.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 677.35 Td ($173,000 ) Tj ET Q q 0 0 0 rg BT 109.28 677.35 Td (of ) Tj ET Q q 0 0 0 rg BT 120.19 677.35 Td (impairments ) Tj ET Q q 0 0 0 rg BT 177.22 677.35 Td (were ) Tj ET Q q 0 0 0 rg BT 201.46 677.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 252.96 677.35 Td (during ) Tj ET Q q 0 0 0 rg BT 283.33 677.35 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 299.80 677.35 Td (nine ) Tj ET Q q 0 0 0 rg BT 321.27 677.35 Td (months ) Tj ET Q q 0 0 0 rg BT 356.64 677.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 387.02 677.35 Td (September ) Tj ET Q q 0 0 0 rg BT 438.50 677.35 Td (30, ) Tj ET Q q 0 0 0 rg BT 454.98 677.35 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.22 677.35 Td ( ) Tj ET Q q 0 0 0 rg BT 479.79 677.35 Td (and ) Tj ET Q q 0 0 0 rg BT 499.05 677.35 Td (nil ) Tj ET Q q 0 0 0 rg BT 511.62 677.35 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.98 677.35 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.22 677.35 Td (.) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 664.83 86.92 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 657.55 Td (A) Tj ET Q q 0 0 0 rg BT 71.12 657.55 Td ( ) Tj ET Q q 0 0 0 rg BT 76.22 657.55 Td (gross ) Tj ET Q q 0 0 0 rg BT 105.78 657.55 Td (unrealized) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 151.92 657.55 Td ( ) Tj ET Q q 0 0 0 rg BT 157.03 657.55 Td (loss) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 174.81 664.83 24.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 174.81 657.55 Td ( ) Tj ET Q q 0 0 0 rg BT 179.92 657.55 Td (of ) Tj ET Q q 0 0 0 rg BT 193.36 657.55 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 198.92 664.83 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 198.92 657.55 Td (4.1) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 212.82 664.83 112.12 -9.38 re f /GS0 gs q 0 0 0 rg BT 212.82 657.55 Td ( ) Tj ET Q q 0 0 0 rg BT 217.93 657.55 Td (million ) Tj ET Q q 0 0 0 rg BT 251.37 657.55 Td (\(December ) Tj ET Q q 0 0 0 rg BT 305.93 657.55 Td (31, ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 324.94 664.83 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 324.94 657.55 Td (2017) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 347.19 664.83 15.77 -9.38 re f /GS0 gs q 0 0 0 rg BT 347.19 657.55 Td ( ) Tj ET Q q 0 0 0 rg BT 352.29 657.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 362.96 657.55 Td ($3.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.42 657.55 Td ( ) Tj ET Q q 0 0 0 rg BT 387.52 657.55 Td (million) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 415.86 664.83 133.92 -9.38 re f /GS0 gs q 0 0 0 rg BT 415.86 657.55 Td (\) ) Tj ET Q q 0 0 0 rg BT 424.30 657.55 Td (on ) Tj ET Q q 0 0 0 rg BT 440.53 657.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 498.98 657.55 Td (held ) Tj ET Q q 0 0 0 rg BT 523.00 657.55 Td (as ) Tj ET Q q 0 0 0 rg BT 538.66 657.55 Td (at ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 651.03 90.62 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 643.75 Td (September30, ) Tj ET Q q 0 0 0 rg BT 133.38 643.75 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 155.62 651.03 187.37 -9.38 re f /GS0 gs q 0 0 0 rg BT 155.62 643.75 Td (, ) Tj ET Q q 0 0 0 rg BT 161.18 643.75 Td (is ) Tj ET Q q 0 0 0 rg BT 171.19 643.75 Td (recorded, ) Tj ET Q q 0 0 0 rg BT 216.22 643.75 Td (net ) Tj ET Q q 0 0 0 rg BT 232.90 643.75 Td (of ) Tj ET Q q 0 0 0 rg BT 244.02 643.75 Td (tax, ) Tj ET Q q 0 0 0 rg BT 262.92 643.75 Td (in ) Tj ET Q q 0 0 0 rg BT 273.49 643.75 Td (the ) Tj ET Q q 0 0 0 rg BT 290.17 643.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 326.31 643.75 Td (of ) Tj ET Q q 0 0 0 rg BT 337.43 643.75 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 342.99 651.03 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 342.99 643.75 Td (3.0) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 356.89 651.03 97.27 -9.38 re f /GS0 gs q 0 0 0 rg BT 356.89 643.75 Td ( ) Tj ET Q q 0 0 0 rg BT 359.68 643.75 Td (million ) Tj ET Q q 0 0 0 rg BT 390.80 643.75 Td (\(December ) Tj ET Q q 0 0 0 rg BT 443.04 643.75 Td (31) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.16 643.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.72 643.75 Td (2017) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 481.97 651.03 11.13 -9.38 re f /GS0 gs q 0 0 0 rg BT 481.97 643.75 Td ( ) Tj ET Q q 0 0 0 rg BT 484.75 643.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.09 643.75 Td ($2.4) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 512.56 651.03 37.23 -9.38 re f /GS0 gs q 0 0 0 rg BT 512.56 643.75 Td ( ) Tj ET Q q 0 0 0 rg BT 515.34 643.75 Td (million\) ) 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 (in ) Tj ET Q q 0 0 0 rg BT 75.15 629.95 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 135.92 629.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 163.89 629.95 Td (Comprehensive ) Tj ET Q q 0 0 0 rg BT 236.88 629.95 Td (Income. ) Tj ET Q q 0 0 0 rg BT 275.22 629.95 Td (The ) Tj ET Q q 0 0 0 rg BT 295.41 629.95 Td (Company ) Tj ET Q q 0 0 0 rg BT 341.17 629.95 Td (has ) Tj ET Q q 0 0 0 rg BT 360.25 629.95 Td (concluded, ) Tj ET Q q 0 0 0 rg BT 411.58 629.95 Td (based ) Tj ET Q q 0 0 0 rg BT 441.78 629.95 Td (on ) Tj ET Q q 0 0 0 rg BT 455.86 629.95 Td (its ) Tj ET Q q 0 0 0 rg BT 468.82 629.95 Td (review) Tj ET Q q 0 0 0 rg BT 497.17 629.95 Td (, ) Tj ET Q q 0 0 0 rg BT 502.91 629.95 Td (that ) Tj ET Q q 0 0 0 rg BT 522.54 629.95 Td (these ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 623.43 481.37 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 616.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 81.67 616.15 Td (value ) Tj ET Q q 0 0 0 rg BT 108.35 616.15 Td (deficiencies ) Tj ET Q q 0 0 0 rg BT 163.38 616.15 Td (do ) Tj ET Q q 0 0 0 rg BT 177.29 616.15 Td (not ) Tj ET Q q 0 0 0 rg BT 193.96 616.15 Td (meet ) Tj ET Q q 0 0 0 rg BT 218.97 616.15 Td (the ) Tj ET Q q 0 0 0 rg BT 235.65 616.15 Td (criteria ) Tj ET Q q 0 0 0 rg BT 268.44 616.15 Td (for ) Tj ET Q q 0 0 0 rg BT 282.89 616.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 335.12 616.15 Td (and ) Tj ET Q q 0 0 0 rg BT 354.58 616.15 Td (they ) Tj ET Q q 0 0 0 rg BT 376.26 616.15 Td (will ) Tj ET Q q 0 0 0 rg BT 392.93 616.15 Td (be ) Tj ET Q q 0 0 0 rg BT 406.83 616.15 Td (monitored ) Tj ET Q q 0 0 0 rg BT 454.08 616.15 Td (on ) Tj ET Q q 0 0 0 rg BT 467.98 616.15 Td (an ) Tj ET Q q 0 0 0 rg BT 481.88 616.15 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 520.25 616.15 Td (basis.) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 597.63 114.49 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 590.35 Td (Fixed Income Securities) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 577.83 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 570.55 Td (EFH ) Tj ET Q q 0 0 0 rg BT 87.31 570.55 Td (holds ) Tj ET Q q 0 0 0 rg BT 113.52 570.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 136.96 570.55 Td (income ) Tj ET Q q 0 0 0 rg BT 171.50 570.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 216.05 570.55 Td (to ) Tj ET Q q 0 0 0 rg BT 226.70 570.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 261.80 570.55 Td (a ) Tj ET Q q 0 0 0 rg BT 269.67 570.55 Td (steady) Tj ET Q q 0 0 0 rg BT 298.39 570.55 Td (, ) Tj ET Q q 0 0 0 rg BT 303.48 570.55 Td (predictable ) Tj ET Q q 0 0 0 rg BT 354.71 570.55 Td (level ) Tj ET Q q 0 0 0 rg BT 377.59 570.55 Td (of ) Tj ET Q q 0 0 0 rg BT 388.24 570.55 Td (income ) Tj ET Q q 0 0 0 rg BT 422.78 570.55 Td (with ) Tj ET Q q 0 0 0 rg BT 442.87 570.55 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 494.67 570.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 530.32 570.55 Td (and ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 564.03 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 556.75 Td (minimal ) Tj ET Q q 0 0 0 rg BT 103.24 556.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 122.59 556.75 Td (of ) Tj ET Q q 0 0 0 rg BT 134.73 556.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 156.31 556.75 Td (and ) Tj ET Q q 0 0 0 rg BT 176.79 556.75 Td (a ) Tj ET Q q 0 0 0 rg BT 186.14 556.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 211.06 556.75 Td (sum ) Tj ET Q q 0 0 0 rg BT 233.75 556.75 Td (at ) Tj ET Q q 0 0 0 rg BT 245.89 556.75 Td (maturity) Tj ET Q q 0 0 0 rg BT 280.71 556.75 Td (. ) Tj ET Q q 0 0 0 rg BT 287.28 556.75 Td (EFH) Tj ET Q q 0 0 0 rg BT 309.32 556.75 Td (s ) Tj ET Q q 0 0 0 rg BT 318.12 556.75 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 357.49 556.75 Td (is ) Tj ET Q q 0 0 0 rg BT 368.51 556.75 Td (diversified ) Tj ET Q q 0 0 0 rg BT 417.32 556.75 Td (by ) Tj ET Q q 0 0 0 rg BT 431.68 556.75 Td (selecting ) Tj ET Q q 0 0 0 rg BT 474.94 556.75 Td (various ) Tj ET Q q 0 0 0 rg BT 510.98 556.75 Td (types ) Tj ET Q q 0 0 0 rg BT 538.67 556.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 550.23 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 542.95 Td (government ) Tj ET Q q 0 0 0 rg BT 121.48 542.95 Td (and ) Tj ET Q q 0 0 0 rg BT 141.83 542.95 Td (corporate ) Tj ET Q q 0 0 0 rg BT 187.75 542.95 Td (bonds. ) Tj ET Q q 0 0 0 rg BT 221.45 542.95 Td (Constraints ) Tj ET Q q 0 0 0 rg BT 275.69 542.95 Td (on ) Tj ET Q q 0 0 0 rg BT 290.49 542.95 Td (types ) Tj ET Q q 0 0 0 rg BT 318.06 542.95 Td (of ) Tj ET Q q 0 0 0 rg BT 330.07 542.95 Td (issuers ) Tj ET Q q 0 0 0 rg BT 365.42 542.95 Td (take ) Tj ET Q q 0 0 0 rg BT 387.99 542.95 Td (liquidity) Tj ET Q q 0 0 0 rg BT 420.60 542.95 Td (, ) Tj ET Q q 0 0 0 rg BT 427.04 542.95 Td (diversification ) Tj ET Q q 0 0 0 rg BT 491.30 542.95 Td (and ) Tj ET Q q 0 0 0 rg BT 511.65 542.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 530.88 542.95 Td (into ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 536.43 203.42 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 529.15 Td (account ) Tj ET Q q 0 0 0 rg BT 102.80 529.15 Td (by ) Tj ET Q q 0 0 0 rg BT 116.14 529.15 Td (limiting ) Tj ET Q q 0 0 0 rg BT 150.04 529.15 Td (the ) Tj ET Q q 0 0 0 rg BT 166.72 529.15 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 205.07 529.15 Td (mix ) Tj ET Q q 0 0 0 rg BT 223.40 529.15 Td (by ) Tj ET Q q 0 0 0 rg BT 236.74 529.15 Td (issuer) Tj ET Q q 0 0 0 rg BT 262.87 529.15 Td (. ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 516.63 90.47 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 509.35 Td (EFH) Tj ET Q q 0 0 0 rg BT 87.04 509.35 Td (s ) Tj ET Q q 0 0 0 rg BT 94.84 509.35 Td (bond ) Tj ET Q q 0 0 0 rg BT 119.89 509.35 Td (portfolio) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 155.47 509.35 Td ( ) Tj ET Q q 0 0 0 rg BT 158.27 509.35 Td (has ) Tj ET Q q 0 0 0 rg BT 177.20 509.35 Td (a ) Tj ET Q q 0 0 0 rg BT 185.56 509.35 Td (high ) Tj ET Q q 0 0 0 rg BT 207.27 509.35 Td (overall ) Tj ET Q q 0 0 0 rg BT 239.53 509.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 266.79 509.35 Td (quality ) Tj ET Q q 0 0 0 rg BT 298.50 509.35 Td (with ) Tj ET Q q 0 0 0 rg BT 319.08 509.35 Td (an ) Tj ET Q q 0 0 0 rg BT 333.01 509.35 Td (average ) Tj ET Q q 0 0 0 rg BT 371.95 509.35 Td (rating ) Tj ET Q q 0 0 0 rg BT 399.77 509.35 Td (of ) Tj ET Q q 0 0 0 rg BT 410.35 509.35 Td (AA. ) Tj ET Q q 0 0 0 rg BT 429.09 509.35 Td (The ) Tj ET Q q 0 0 0 rg BT 449.12 509.35 Td (preferred ) Tj ET Q q 0 0 0 rg BT 492.50 509.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 525.32 509.35 Td (have ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 495.55 Td (an ) Tj ET Q q 0 0 0 rg BT 78.90 495.55 Td (average ) Tj ET Q q 0 0 0 rg BT 117.82 495.55 Td (rating ) Tj ET Q q 0 0 0 rg BT 145.61 495.55 Td (of ) Tj ET Q q 0 0 0 rg BT 156.73 495.55 Td (P2. ) Tj ET Q q 0 0 0 rg BT 174.34 495.55 Td (The ) Tj ET Q q 0 0 0 rg BT 194.35 495.55 Td (duration ) Tj ET Q q 0 0 0 rg BT 233.26 495.55 Td (of ) Tj ET Q q 0 0 0 rg BT 244.38 495.55 Td (the ) Tj ET Q q 0 0 0 rg BT 261.06 495.55 Td (bond ) Tj ET Q q 0 0 0 rg BT 286.08 495.55 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 324.44 495.55 Td (is ) Tj ET Q q 0 0 0 rg BT 334.44 495.55 Td (2.8 ) Tj ET Q q 0 0 0 rg BT 351.12 495.55 Td (years.) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 483.03 416.41 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 475.75 Td (The ) Tj ET Q q 0 0 0 rg BT 84.51 475.75 Td (charts ) Tj ET Q q 0 0 0 rg BT 114.01 475.75 Td (below ) Tj ET Q q 0 0 0 rg BT 142.42 475.75 Td (show ) Tj ET Q q 0 0 0 rg BT 168.04 475.75 Td (EFH) Tj ET Q q 0 0 0 rg BT 190.08 475.75 Td (s ) Tj ET Q q 0 0 0 rg BT 197.35 475.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 220.75 475.75 Td (income ) Tj ET Q q 0 0 0 rg BT 255.26 475.75 Td (and ) Tj ET Q q 0 0 0 rg BT 274.22 475.75 Td (preferred ) Tj ET Q q 0 0 0 rg BT 317.07 475.75 Td (share ) Tj ET Q q 0 0 0 rg BT 344.36 475.75 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 387.21 475.75 Td (by ) Tj ET Q q 0 0 0 rg BT 400.05 475.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 426.78 475.75 Td (quality ) Tj ET Q q 0 0 0 rg BT 457.96 475.75 Td (as ) Tj ET Q q 0 0 0 rg BT 470.79 475.75 Td (at ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 481.41 483.03 68.37 -9.38 re f /GS0 gs q 0 0 0 rg BT 481.41 475.75 Td (September30, ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 469.23 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 461.95 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 87.25 469.23 151.75 -9.38 re f /GS0 gs q 0 0 0 rg BT 87.25 461.95 Td ( ) Tj ET Q q 0 0 0 rg BT 90.02 461.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 137.27 461.95 Td (to ) Tj ET Q q 0 0 0 rg BT 148.39 461.95 Td (December ) Tj ET Q q 0 0 0 rg BT 197.29 461.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 213.97 461.95 Td (2017.) Tj ET Q /GS0 gs q 240.00 0 0 325.00 65.00 125.95 cm /I2 Do Q /GS0 gs q 240.00 0 0 325.00 305.00 125.95 cm /I3 Do Q BT /F1 10.00 Tf ET endstream endobj 29 0 obj <> endobj 30 0 obj <>stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 34.10 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 175.48 34.10 Td (Analysis Page 14) Tj ET Q /GS0 gs q 240.00 0 0 305.00 65.00 428.00 cm /I4 Do Q /GS0 gs q 240.00 0 0 305.00 305.00 428.00 cm /I5 Do Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 404.28 124.13 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 397.00 Td (Sector Mix by ) Tj ET Q q 0 0 0 rg BT 132.43 397.00 Td (Asset Class) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 386.28 281.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 379.00 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 346.25 386.28 90.62 -9.38 re f /GS0 gs q 0 0 0 rg BT 346.25 379.00 Td (September30, 2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 436.87 386.28 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 436.87 379.00 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 368.5 m 223.5 368.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 334.5 m 223.5 334.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 368.5 m 305.5 368.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 334.5 m 305.5 334.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 368.5 m 387.5 368.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 334.5 m 387.5 334.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 368.5 m 469.5 368.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 334.5 m 469.5 334.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 368.5 m 551.5 368.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 334.5 m 551.5 334.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 167.5 m 223.5 167.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 152.5 m 223.5 152.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 167.5 m 305.5 167.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 152.5 m 305.5 152.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 167.5 m 387.5 167.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 152.5 m 387.5 152.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 167.5 m 469.5 167.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 152.5 m 469.5 152.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 167.5 m 551.5 167.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 152.5 m 551.5 152.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 137.5 m 223.5 137.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 137.5 m 305.5 137.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 137.5 m 387.5 137.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 137.5 m 469.5 137.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 137.5 m 551.5 137.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 68.00 338.90 Td (Sector) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 235.20 356.90 Td (Fixed Income ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 237.95 347.90 Td (Securities & ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 229.40 338.90 Td (Pooled Funds ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 291.40 343.19 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 325.95 347.90 Td (Preferred) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.95 338.90 Td (Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.50 347.90 Td (Common) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.95 338.90 Td (Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.55 338.90 Td (T) Tj ET Q q 0 0 0 rg BT 504.38 338.90 Td (otal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 323.90 Td (Government) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.95 323.90 Td (49%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.50 323.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.50 323.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.95 323.90 Td (42%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 308.90 Td (Financial Services) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.95 308.90 Td (26%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.95 308.90 Td (51%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.95 308.90 Td (12%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.95 308.90 Td (27%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 291.90 Td (Infrastructure) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.95 291.90 Td (10%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.50 291.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.50 291.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 291.90 Td (8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 276.90 Td (Industrial Products) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.45 276.90 Td (4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.95 276.90 Td (13%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.95 276.90 Td (18%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 276.90 Td (5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 261.90 Td (Utilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.50 261.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.95 261.90 Td (31%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.45 261.90 Td (2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 261.90 Td (4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 246.90 Td (Energy) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.45 246.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.50 246.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.45 246.90 Td (1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 246.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 231.90 Td (Pipelines) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.45 231.90 Td (2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.45 231.90 Td (5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.50 231.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 231.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 216.90 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 216.90 Td (elecommunication) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.45 216.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.50 216.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.45 216.90 Td (6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 216.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 201.90 Td (Consumer Discretionary) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.50 201.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.50 201.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.95 201.90 Td (30%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 201.90 Td (1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 186.90 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 186.90 Td (echnology) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.50 186.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.50 186.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.95 186.90 Td (17%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 186.90 Td (1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 171.90 Td (Other) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.45 171.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.50 171.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.95 171.90 Td (14%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 171.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 156.90 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 156.90 Td (otal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.45 156.90 Td (100%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.45 156.90 Td (100%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.45 156.90 Td (100%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.45 156.90 Td (100%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 141.90 Td (T) Tj ET Q q 0 0 0 rg BT 72.50 141.90 Td (otal \(thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 244.00 141.90 Td ($325,690) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 141.90 Td ($44,458) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.00 141.90 Td ($10,630) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 141.90 Td ($380,778) 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 65.00 120.74 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.40 116.45 Td (Fixed income securities and pooled funds do not include any cash being carried by the pooled funds, $0.4 million as at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 105.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 105.65 Td (September30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.56 105.65 Td (. ) 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 34.10 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 175.48 34.10 Td (Analysis Page 15) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 738.03 117.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 730.75 Td (Common ) Tj ET Q q 0 0 0 rg BT 111.11 730.75 Td (Share ) Tj ET Q q 0 0 0 rg BT 141.68 730.75 Td (Portfolio) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 704.95 Td (As ) Tj ET Q q 0 0 0 rg BT 79.45 704.95 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.57 704.95 Td (September30, ) Tj ET Q q 0 0 0 rg BT 158.94 704.95 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 181.19 704.95 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 186.74 704.95 Td (1) Tj ET Q q 0 0 0 rg BT 191.56 704.95 Td (1%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 206.02 704.95 Td ( ) Tj ET Q q 0 0 0 rg BT 208.79 704.95 Td (of ) Tj ET Q q 0 0 0 rg BT 219.91 704.95 Td (the ) Tj ET Q q 0 0 0 rg BT 236.59 704.95 Td (common ) Tj ET Q q 0 0 0 rg BT 277.71 704.95 Td (share ) Tj ET Q q 0 0 0 rg BT 305.51 704.95 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 343.86 704.95 Td (was ) Tj ET Q q 0 0 0 rg BT 364.42 704.95 Td (invested ) Tj ET Q q 0 0 0 rg BT 404.45 704.95 Td (in ) Tj ET Q q 0 0 0 rg BT 415.01 704.95 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 460.60 704.95 Td (equities. ) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 686.43 139.50 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 679.15 Td (Recoverable ) Tj ET Q q 0 0 0 rg BT 127.26 679.15 Td (from ) Tj ET Q q 0 0 0 rg BT 152.26 679.15 Td (Reinsurers) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 668.65 m 288.5 668.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 654.65 m 288.5 654.65 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 668.65 m 417.5 668.65 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 668.65 m 547.5 668.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 654.65 m 288.5 654.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 654.65 m 417.5 654.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 654.65 m 547.5 654.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 628.65 m 288.5 628.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 628.65 m 417.5 628.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 628.65 m 547.5 628.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 628.65 m 288.5 628.65 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 615.65 m 288.5 615.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 628.65 m 417.5 628.65 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 615.65 m 417.5 615.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 628.65 m 547.5 628.65 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 615.65 m 547.5 615.65 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 68.00 658.88 Td (\($ THOUSANDS\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 298.20 659.05 Td (As at September 30, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.20 659.05 Td (As at December 31, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 645.60 Td (Reinsurers) Tj ET Q q 0 0 0 rg BT 113.35 645.60 Td ( share of unpaid claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.70 645.60 Td (20,715) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.20 645.60 Td (23,471) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 632.60 Td (Reinsurers) Tj ET Q q 0 0 0 rg BT 113.35 632.60 Td ( share of unearned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.70 632.60 Td (12,603) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.70 632.60 Td (9,957) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 619.60 Td (T) Tj ET Q q 0 0 0 rg BT 72.50 619.60 Td (otal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.70 619.60 Td (33,318) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.20 619.60 Td (33,428) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 590.35 Td (As ) Tj ET Q q 0 0 0 rg BT 80.27 590.35 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 92.21 590.35 Td (September30, ) Tj ET Q q 0 0 0 rg BT 161.41 590.35 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.65 590.35 Td (, ) Tj ET Q q 0 0 0 rg BT 190.03 590.35 Td (the ) Tj ET Q q 0 0 0 rg BT 207.53 590.35 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 263.39 590.35 Td (from ) Tj ET Q q 0 0 0 rg BT 286.99 590.35 Td (reinsurers ) Tj ET Q q 0 0 0 rg BT 335.04 590.35 Td (decreased ) Tj ET Q q 0 0 0 rg BT 385.34 590.35 Td (by ) Tj ET Q q 0 0 0 rg BT 399.51 590.35 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.07 590.35 Td (0.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 418.97 590.35 Td ( ) Tj ET Q q 0 0 0 rg BT 422.57 590.35 Td (million ) Tj ET Q q 0 0 0 rg BT 454.51 590.35 Td (to ) Tj ET Q q 0 0 0 rg BT 466.45 590.35 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 472.01 590.35 Td (33.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.48 590.35 Td ( ) Tj ET Q q 0 0 0 rg BT 495.08 590.35 Td (million ) Tj ET Q q 0 0 0 rg BT 527.02 590.35 Td (from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 576.55 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.56 576.55 Td (33.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 91.02 576.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.06 576.55 Td (million ) Tj ET Q q 0 0 0 rg BT 123.43 576.55 Td (as ) Tj ET Q q 0 0 0 rg BT 136.03 576.55 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 146.40 576.55 Td (December31, ) Tj ET Q q 0 0 0 rg BT 211.24 576.55 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 233.49 576.55 Td (. ) Tj ET Q q 0 0 0 rg BT 238.17 576.55 Td (The ) Tj ET Q q 0 0 0 rg BT 257.43 576.55 Td (reinsurers ) Tj ET Q q 0 0 0 rg BT 303.92 576.55 Td (share ) Tj ET Q q 0 0 0 rg BT 330.97 576.55 Td (of ) Tj ET Q q 0 0 0 rg BT 341.35 576.55 Td (unearned ) Tj ET Q q 0 0 0 rg BT 385.64 576.55 Td (premium ) Tj ET Q q 0 0 0 rg BT 426.57 576.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 471.96 576.55 Td (due ) Tj ET Q q 0 0 0 rg BT 490.68 576.55 Td (to ) Tj ET Q q 0 0 0 rg BT 501.06 576.55 Td (the ) Tj ET Q q 0 0 0 rg BT 516.99 576.55 Td (growth ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 562.75 Td (in ) Tj ET Q q 0 0 0 rg BT 76.86 562.75 Td (business ) Tj ET Q q 0 0 0 rg BT 119.41 562.75 Td (while ) Tj ET Q q 0 0 0 rg BT 145.28 562.75 Td (the ) Tj ET Q q 0 0 0 rg BT 162.26 562.75 Td (decrease ) Tj ET Q q 0 0 0 rg BT 206.48 562.75 Td (in ) Tj ET Q q 0 0 0 rg BT 217.35 562.75 Td (reinsurers ) Tj ET Q q 0 0 0 rg BT 264.89 562.75 Td (share ) Tj ET Q q 0 0 0 rg BT 292.98 562.75 Td (of ) Tj ET Q q 0 0 0 rg BT 304.40 562.75 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 337.51 562.75 Td (claims ) Tj ET Q q 0 0 0 rg BT 368.93 562.75 Td (was ) Tj ET Q q 0 0 0 rg BT 389.79 562.75 Td (due ) Tj ET Q q 0 0 0 rg BT 409.56 562.75 Td (to ) Tj ET Q q 0 0 0 rg BT 420.98 562.75 Td (a ) Tj ET Q q 0 0 0 rg BT 429.62 562.75 Td (a ) Tj ET Q q 0 0 0 rg BT 438.27 562.75 Td (reduction ) Tj ET Q q 0 0 0 rg BT 482.48 562.75 Td (in ) Tj ET Q q 0 0 0 rg BT 493.35 562.75 Td (older ) Tj ET Q q 0 0 0 rg BT 518.67 562.75 Td (claims ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 548.95 Td (with ) Tj ET Q q 0 0 0 rg BT 86.24 548.95 Td (higher ) Tj ET Q q 0 0 0 rg BT 116.50 548.95 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 171.21 548.95 Td (rates. ) Tj ET Q q 0 0 0 rg BT 198.19 548.95 Td (All ) Tj ET Q q 0 0 0 rg BT 211.76 548.95 Td (reinsurers, ) Tj ET Q q 0 0 0 rg BT 261.45 548.95 Td (with ) Tj ET Q q 0 0 0 rg BT 281.69 548.95 Td (balances ) Tj ET Q q 0 0 0 rg BT 324.18 548.95 Td (due, ) Tj ET Q q 0 0 0 rg BT 346.10 548.95 Td (have ) Tj ET Q q 0 0 0 rg BT 370.24 548.95 Td (a ) Tj ET Q q 0 0 0 rg BT 378.26 548.95 Td (rating ) Tj ET Q q 0 0 0 rg BT 405.74 548.95 Td (of ) Tj ET Q q 0 0 0 rg BT 416.05 548.95 Td (A) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 428.28 553.72 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.88 548.95 Td (or ) Tj ET Q q 0 0 0 rg BT 441.22 548.95 Td (above ) Tj ET Q q 0 0 0 rg BT 470.93 548.95 Td (as ) Tj ET Q q 0 0 0 rg BT 483.95 548.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 536.44 548.95 Td (by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 535.15 Td (Standard ) Tj ET Q q 0 0 0 rg BT 109.82 535.15 Td (& ) Tj ET Q q 0 0 0 rg BT 119.73 535.15 Td (Poor) Tj ET Q q 0 0 0 rg BT 141.22 535.15 Td () Tj ET Q q 0 0 0 rg BT 143.26 535.15 Td (s ) Tj ET Q q 0 0 0 rg BT 151.50 535.15 Td (and ) Tj ET Q q 0 0 0 rg BT 170.78 535.15 Td (A.M. ) Tj ET Q q 0 0 0 rg BT 194.57 535.15 Td (Best, ) Tj ET Q q 0 0 0 rg BT 220.60 535.15 Td (except ) Tj ET Q q 0 0 0 rg BT 253.30 535.15 Td (for ) Tj ET Q q 0 0 0 rg BT 268.21 535.15 Td (several ) Tj ET Q q 0 0 0 rg BT 303.68 535.15 Td (Specialty ) Tj ET Q q 0 0 0 rg BT 347.49 535.15 Td (Programs ) Tj ET Q q 0 0 0 rg BT 394.07 535.15 Td (distributors ) Tj ET Q q 0 0 0 rg BT 446.22 535.15 Td (who ) Tj ET Q q 0 0 0 rg BT 467.80 535.15 Td (share ) Tj ET Q q 0 0 0 rg BT 496.05 535.15 Td (a ) Tj ET Q q 0 0 0 rg BT 504.85 535.15 Td (portion ) Tj ET Q q 0 0 0 rg BT 538.66 535.15 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 521.35 Td (the ) Tj ET Q q 0 0 0 rg BT 82.68 521.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 101.01 521.35 Td (with ) Tj ET Q q 0 0 0 rg BT 121.57 521.35 Td (EFH, ) Tj ET Q q 0 0 0 rg BT 147.13 521.35 Td (for ) Tj ET Q q 0 0 0 rg BT 161.58 521.35 Td (whom ) Tj ET Q q 0 0 0 rg BT 191.03 521.35 Td (the) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 204.93 528.63 171.20 -9.38 re f /GS0 gs q 0 0 0 rg BT 204.93 521.35 Td ( ) Tj ET Q q 0 0 0 rg BT 207.71 521.35 Td (Company ) Tj ET Q q 0 0 0 rg BT 253.29 521.35 Td (holds ) Tj ET Q q 0 0 0 rg BT 279.97 521.35 Td (deposits ) Tj ET Q q 0 0 0 rg BT 319.99 521.35 Td (as ) Tj ET Q q 0 0 0 rg BT 333.33 521.35 Td (collateral.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 497.35 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 65.5 481.85 m 294.5 481.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 467.85 m 294.5 467.85 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 481.85 m 428.5 481.85 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 481.85 m 547.5 481.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 467.85 m 294.5 467.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 467.85 m 428.5 467.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 467.85 m 547.5 467.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 428.85 m 294.5 428.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 428.85 m 428.5 428.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 428.85 m 547.5 428.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 428.85 m 294.5 428.85 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 415.85 m 294.5 415.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 428.85 m 428.5 428.85 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 415.85 m 428.5 415.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 428.85 m 547.5 428.85 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 415.85 m 547.5 415.85 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 68.00 472.08 Td (\($ THOUSANDS\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 306.70 472.25 Td (As at September 30, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.70 472.25 Td (As at December 31, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 458.80 Td (Premium financing receivables) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.20 458.80 Td (72,899) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.70 458.80 Td (53,538) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 445.80 Td (Agents and brokers) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.20 445.80 Td (28,091) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.70 445.80 Td (17,215) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 432.80 Td (Other) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.70 432.80 Td (6,359) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.20 432.80 Td (4,869) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 419.80 Td (T) Tj ET Q q 0 0 0 rg BT 72.50 419.80 Td (otal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.70 419.80 Td (107,349) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.70 419.80 Td (75,622) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 397.83 179.55 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 390.55 Td (Premium ) Tj ET Q q 0 0 0 rg BT 106.68 390.55 Td (financing ) Tj ET Q q 0 0 0 rg BT 148.38 390.55 Td (receivables ) Tj ET Q q 0 0 0 rg BT 200.63 390.55 Td (represent ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 244.55 397.83 20.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 244.55 390.55 Td (68%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 264.57 397.83 106.76 -9.38 re f /GS0 gs q 0 0 0 rg BT 264.57 390.55 Td ( ) Tj ET Q q 0 0 0 rg BT 266.24 390.55 Td (of ) Tj ET Q q 0 0 0 rg BT 276.25 390.55 Td (total ) Tj ET Q q 0 0 0 rg BT 296.83 390.55 Td (receivables ) Tj ET Q q 0 0 0 rg BT 349.08 390.55 Td (as ) Tj ET Q q 0 0 0 rg BT 361.32 390.55 Td (at ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 371.33 397.83 89.51 -9.38 re f /GS0 gs q 0 0 0 rg BT 371.33 390.55 Td (September30, ) Tj ET Q q 0 0 0 rg BT 438.60 390.55 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 460.84 397.83 88.94 -9.38 re f /GS0 gs q 0 0 0 rg BT 460.84 390.55 Td (. ) Tj ET Q q 0 0 0 rg BT 465.29 390.55 Td (Premium ) Tj ET Q q 0 0 0 rg BT 506.97 390.55 Td (financing ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 384.03 50.58 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 376.75 Td (receivables) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 116.58 376.75 Td ( ) Tj ET Q q 0 0 0 rg BT 119.45 376.75 Td (increased) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 162.81 384.03 19.64 -9.38 re f /GS0 gs q 0 0 0 rg BT 162.81 376.75 Td ( ) Tj ET Q q 0 0 0 rg BT 165.68 376.75 Td (to ) Tj ET Q q 0 0 0 rg BT 176.89 376.75 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 182.45 384.03 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 182.45 376.75 Td (72.9) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 201.92 384.03 45.29 -9.38 re f /GS0 gs q 0 0 0 rg BT 201.92 376.75 Td ( ) Tj ET Q q 0 0 0 rg BT 204.79 376.75 Td (million ) Tj ET Q q 0 0 0 rg BT 236.00 376.75 Td (at ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 247.21 384.03 90.71 -9.38 re f /GS0 gs q 0 0 0 rg BT 247.21 376.75 Td (September30, ) Tj ET Q q 0 0 0 rg BT 315.67 376.75 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 337.92 384.03 34.08 -9.38 re f /GS0 gs q 0 0 0 rg BT 337.92 376.75 Td (, ) Tj ET Q q 0 0 0 rg BT 343.57 376.75 Td (from ) Tj ET Q q 0 0 0 rg BT 366.44 376.75 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 372.00 384.03 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 372.00 376.75 Td (53.5) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 391.46 384.03 45.29 -9.38 re f /GS0 gs q 0 0 0 rg BT 391.46 376.75 Td ( ) Tj ET Q q 0 0 0 rg BT 394.33 376.75 Td (million ) Tj ET Q q 0 0 0 rg BT 425.55 376.75 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.76 376.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 502.43 376.75 Td (2017) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 524.68 384.03 25.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 524.68 376.75 Td (, ) Tj ET Q q 0 0 0 rg BT 530.33 376.75 Td (due ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 370.23 359.76 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 362.95 Td (to ) Tj ET Q q 0 0 0 rg BT 76.35 362.95 Td (the ) Tj ET Q q 0 0 0 rg BT 92.26 362.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 124.28 362.95 Td (in ) Tj ET Q q 0 0 0 rg BT 134.07 362.95 Td (direct ) Tj ET Q q 0 0 0 rg BT 160.53 362.95 Td (bill ) Tj ET Q q 0 0 0 rg BT 174.77 362.95 Td (premiums. ) Tj ET Q q 0 0 0 rg BT 223.05 362.95 Td (Agent ) Tj ET Q q 0 0 0 rg BT 251.19 362.95 Td (and ) Tj ET Q q 0 0 0 rg BT 269.88 362.95 Td (broker ) Tj ET Q q 0 0 0 rg BT 300.23 362.95 Td (receivables ) Tj ET Q q 0 0 0 rg BT 352.82 362.95 Td (increased ) Tj ET Q q 0 0 0 rg BT 398.19 362.95 Td (from ) Tj ET Q q 0 0 0 rg BT 420.20 362.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 425.76 370.23 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 425.76 362.95 Td (17.2) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 445.22 370.23 42.15 -9.38 re f /GS0 gs q 0 0 0 rg BT 445.22 362.95 Td ( ) Tj ET Q q 0 0 0 rg BT 447.23 362.95 Td (million ) Tj ET Q q 0 0 0 rg BT 477.58 362.95 Td (in ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 487.37 370.23 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 487.37 362.95 Td (2017) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 509.62 370.23 17.92 -9.38 re f /GS0 gs q 0 0 0 rg BT 509.62 362.95 Td ( ) Tj ET Q q 0 0 0 rg BT 511.62 362.95 Td (to ) Tj ET Q q 0 0 0 rg BT 521.97 362.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 527.53 370.23 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 527.53 362.95 Td (28.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.00 362.95 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 356.43 41.68 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 349.15 Td (million ) Tj ET Q q 0 0 0 rg BT 97.12 349.15 Td (in ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 107.68 356.43 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 107.68 349.15 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 129.93 356.43 183.42 -9.38 re f /GS0 gs q 0 0 0 rg BT 129.93 349.15 Td ( ) Tj ET Q q 0 0 0 rg BT 132.70 349.15 Td (due ) Tj ET Q q 0 0 0 rg BT 152.17 349.15 Td (to ) Tj ET Q q 0 0 0 rg BT 163.29 349.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 196.08 349.15 Td (in ) Tj ET Q q 0 0 0 rg BT 206.64 349.15 Td (broker ) Tj ET Q q 0 0 0 rg BT 237.76 349.15 Td (billed ) Tj ET Q q 0 0 0 rg BT 263.89 349.15 Td (premiums. ) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 330.63 133.91 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 323.35 Td (Provision ) Tj ET Q q 0 0 0 rg BT 113.34 323.35 Td (for ) Tj ET Q q 0 0 0 rg BT 129.45 323.35 Td (Unpaid ) Tj ET Q q 0 0 0 rg BT 166.12 323.35 Td (Claims) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 310.83 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 303.55 Td (EFH ) Tj ET Q q 0 0 0 rg BT 88.03 303.55 Td (establishes ) Tj ET Q q 0 0 0 rg BT 141.08 303.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 161.90 303.55 Td (reserves ) Tj ET Q q 0 0 0 rg BT 203.27 303.55 Td (to ) Tj ET Q q 0 0 0 rg BT 214.64 303.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 250.46 303.55 Td (for ) Tj ET Q q 0 0 0 rg BT 265.16 303.55 Td (future ) Tj ET Q q 0 0 0 rg BT 293.76 303.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 335.14 303.55 Td (required ) Tj ET Q q 0 0 0 rg BT 374.86 303.55 Td (to ) Tj ET Q q 0 0 0 rg BT 386.23 303.55 Td (pay ) Tj ET Q q 0 0 0 rg BT 405.38 303.55 Td (claims ) Tj ET Q q 0 0 0 rg BT 436.74 303.55 Td (related ) Tj ET Q q 0 0 0 rg BT 470.34 303.55 Td (to ) Tj ET Q q 0 0 0 rg BT 481.71 303.55 Td (insured ) Tj ET Q q 0 0 0 rg BT 517.54 303.55 Td (events ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 297.03 483.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 289.75 Td (that ) Tj ET Q q 0 0 0 rg BT 85.34 289.75 Td (have ) Tj ET Q q 0 0 0 rg BT 109.69 289.75 Td (occurred ) Tj ET Q q 0 0 0 rg BT 151.26 289.75 Td (and ) Tj ET Q q 0 0 0 rg BT 170.60 289.75 Td (been ) Tj ET Q q 0 0 0 rg BT 195.51 289.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 235.42 289.75 Td (but ) Tj ET Q q 0 0 0 rg BT 251.98 289.75 Td (have ) Tj ET Q q 0 0 0 rg BT 276.33 289.75 Td (not ) Tj ET Q q 0 0 0 rg BT 292.89 289.75 Td (yet ) Tj ET Q q 0 0 0 rg BT 308.89 289.75 Td (been ) Tj ET Q q 0 0 0 rg BT 333.80 289.75 Td (settled, ) Tj ET Q q 0 0 0 rg BT 368.70 289.75 Td (and ) Tj ET Q q 0 0 0 rg BT 388.05 289.75 Td (related ) Tj ET Q q 0 0 0 rg BT 421.29 289.75 Td (to ) Tj ET Q q 0 0 0 rg BT 432.29 289.75 Td (events ) Tj ET Q q 0 0 0 rg BT 464.41 289.75 Td (that ) Tj ET Q q 0 0 0 rg BT 483.75 289.75 Td (have ) Tj ET Q q 0 0 0 rg BT 508.10 289.75 Td (occurred ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 283.23 483.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 275.95 Td (but ) Tj ET Q q 0 0 0 rg BT 81.55 275.95 Td (have ) Tj ET Q q 0 0 0 rg BT 104.88 275.95 Td (not ) Tj ET Q q 0 0 0 rg BT 120.42 275.95 Td (yet ) Tj ET Q q 0 0 0 rg BT 135.41 275.95 Td (been ) Tj ET Q q 0 0 0 rg BT 159.30 275.95 Td (reported ) Tj ET Q q 0 0 0 rg BT 198.19 275.95 Td (to ) Tj ET Q q 0 0 0 rg BT 208.18 275.95 Td (EFH. ) Tj ET Q q 0 0 0 rg BT 232.60 275.95 Td (Provision ) Tj ET Q q 0 0 0 rg BT 275.38 275.95 Td (for ) Tj ET Q q 0 0 0 rg BT 288.69 275.95 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 320.37 275.95 Td (claims ) Tj ET Q q 0 0 0 rg BT 350.35 275.95 Td (consists ) Tj ET Q q 0 0 0 rg BT 388.11 275.95 Td (of ) Tj ET Q q 0 0 0 rg BT 398.10 275.95 Td (the ) Tj ET Q q 0 0 0 rg BT 413.65 275.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 460.33 275.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 495.33 275.95 Td (of ) Tj ET Q q 0 0 0 rg BT 505.32 275.95 Td (individual ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 269.43 483.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 262.15 Td (case ) Tj ET Q q 0 0 0 rg BT 88.85 262.15 Td (reserves ) Tj ET Q q 0 0 0 rg BT 128.92 262.15 Td (established ) Tj ET Q q 0 0 0 rg BT 181.24 262.15 Td (and ) Tj ET Q q 0 0 0 rg BT 199.66 262.15 Td (management) Tj ET Q q 0 0 0 rg BT 260.07 262.15 Td (s ) Tj ET Q q 0 0 0 rg BT 266.80 262.15 Td (estimate ) Tj ET Q q 0 0 0 rg BT 306.32 262.15 Td (of ) Tj ET Q q 0 0 0 rg BT 316.39 262.15 Td (claims ) Tj ET Q q 0 0 0 rg BT 346.45 262.15 Td (incurred ) Tj ET Q q 0 0 0 rg BT 384.31 262.15 Td (but ) Tj ET Q q 0 0 0 rg BT 399.94 262.15 Td (not ) Tj ET Q q 0 0 0 rg BT 415.57 262.15 Td (reported, ) Tj ET Q q 0 0 0 rg BT 457.32 262.15 Td (based ) Tj ET Q q 0 0 0 rg BT 486.29 262.15 Td (on ) Tj ET Q q 0 0 0 rg BT 499.14 262.15 Td (the ) Tj ET Q q 0 0 0 rg BT 514.77 262.15 Td (volume ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 255.63 486.56 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 248.35 Td (of ) Tj ET Q q 0 0 0 rg BT 76.61 248.35 Td (business ) Tj ET Q q 0 0 0 rg BT 118.35 248.35 Td (currently ) Tj ET Q q 0 0 0 rg BT 158.96 248.35 Td (in ) Tj ET Q q 0 0 0 rg BT 169.01 248.35 Td (force ) Tj ET Q q 0 0 0 rg BT 193.51 248.35 Td (and ) Tj ET Q q 0 0 0 rg BT 212.47 248.35 Td (historical ) Tj ET Q q 0 0 0 rg BT 254.20 248.35 Td (claims ) Tj ET Q q 0 0 0 rg BT 284.80 248.35 Td (experience ) Tj ET Q q 0 0 0 rg BT 335.99 248.35 Td (and ) Tj ET Q q 0 0 0 rg BT 354.95 248.35 Td (are ) Tj ET Q q 0 0 0 rg BT 371.67 248.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 423.97 248.35 Td (by ) Tj ET Q q 0 0 0 rg BT 436.80 248.35 Td (EFH's ) Tj ET Q q 0 0 0 rg BT 465.98 248.35 Td (appointed ) Tj ET Q q 0 0 0 rg BT 512.18 248.35 Td (actuary) Tj ET Q q 0 0 0 rg BT 544.23 248.35 Td (. ) Tj ET Q q 0 0 0 rg BT 549.78 248.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 241.83 264.52 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 234.55 Td (Provisions ) Tj ET Q q 0 0 0 rg BT 114.04 234.55 Td (for ) Tj ET Q q 0 0 0 rg BT 127.62 234.55 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 159.56 234.55 Td (claims ) Tj ET Q q 0 0 0 rg BT 189.80 234.55 Td (are ) Tj ET Q q 0 0 0 rg BT 206.17 234.55 Td (discounted ) Tj ET Q q 0 0 0 rg BT 256.45 234.55 Td (to ) Tj ET Q q 0 0 0 rg BT 266.70 234.55 Td (present ) Tj ET Q q 0 0 0 rg BT 301.96 234.55 Td (value. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.43 234.55 Td (The ) Tj ET Q q 0 0 0 rg BT 349.57 234.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 394.28 234.55 Td (determines ) Tj ET Q q 0 0 0 rg BT 445.66 234.55 Td (the ) Tj ET Q q 0 0 0 rg BT 461.47 234.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 500.63 234.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 519.77 234.55 Td (based ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 220.75 Td (on ) Tj ET Q q 0 0 0 rg BT 80.84 220.75 Td (the ) Tj ET Q q 0 0 0 rg BT 98.46 220.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 142.77 220.75 Td (return ) Tj ET Q q 0 0 0 rg BT 172.61 220.75 Td (on ) Tj ET Q q 0 0 0 rg BT 187.45 220.75 Td (its ) Tj ET Q q 0 0 0 rg BT 201.17 220.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 253.24 220.75 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 292.53 220.75 Td (of ) Tj ET Q q 0 0 0 rg BT 304.59 220.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 337.21 220.75 Td (with ) Tj ET Q q 0 0 0 rg BT 358.71 220.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 413.02 220.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 472.88 220.75 Td (for ) Tj ET Q q 0 0 0 rg BT 488.27 220.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 524.78 220.75 Td (rates ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 206.95 Td (relating ) Tj ET Q q 0 0 0 rg BT 100.61 206.95 Td (to ) Tj ET Q q 0 0 0 rg BT 110.75 206.95 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 169.81 206.95 Td (of ) Tj ET Q q 0 0 0 rg BT 179.96 206.95 Td (maturing ) Tj ET Q q 0 0 0 rg BT 220.67 206.95 Td (investments. ) Tj ET Q q 0 0 0 rg BT 278.50 206.95 Td (The ) Tj ET Q q 0 0 0 rg BT 297.54 206.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 347.70 206.95 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 385.08 206.95 Td (has ) Tj ET Q q 0 0 0 rg BT 403.02 206.95 Td (experienced ) Tj ET Q q 0 0 0 rg BT 459.31 206.95 Td (an ) Tj ET Q q 0 0 0 rg BT 472.24 206.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 511.85 206.95 Td (in ) Tj ET Q q 0 0 0 rg BT 521.44 206.95 Td (yields ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 193.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 113.57 193.15 Td (to ) Tj ET Q q 0 0 0 rg BT 125.00 193.15 Td (December ) Tj ET Q q 0 0 0 rg BT 174.23 193.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 191.23 193.15 Td (2017. ) Tj ET Q q 0 0 0 rg BT 219.15 193.15 Td (The ) Tj ET Q q 0 0 0 rg BT 239.48 193.15 Td (discount) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 276.73 200.43 67.98 -9.38 re f /GS0 gs q 0 0 0 rg BT 276.73 193.15 Td ( ) Tj ET Q q 0 0 0 rg BT 279.83 193.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 305.16 193.15 Td (used ) Tj ET Q q 0 0 0 rg BT 329.94 193.15 Td (for ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 344.71 200.43 90.94 -9.38 re f /GS0 gs q 0 0 0 rg BT 344.71 193.15 Td (September30, ) Tj ET Q q 0 0 0 rg BT 413.40 193.15 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 435.65 200.43 89.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 435.65 193.15 Td ( ) Tj ET Q q 0 0 0 rg BT 438.75 193.15 Td (and ) Tj ET Q q 0 0 0 rg BT 458.53 193.15 Td (December ) Tj ET Q q 0 0 0 rg BT 507.76 193.15 Td (31, ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 524.76 200.43 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 524.76 193.15 Td (2017) Tj ET Q BT /F3 10.00 Tf ET BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 186.63 153.42 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 179.35 Td (for ) Tj ET Q q 0 0 0 rg BT 80.45 179.35 Td (the ) Tj ET Q q 0 0 0 rg BT 97.13 179.35 Td (following ) Tj ET Q q 0 0 0 rg BT 138.82 179.35 Td (entities ) Tj ET Q q 0 0 0 rg BT 173.28 179.35 Td (are ) Tj ET Q q 0 0 0 rg BT 190.51 179.35 Td (below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 147.85000000000002 m 309.5 147.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 147.85000000000002 m 426.5 147.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 147.85000000000002 m 546.5 147.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 147.85000000000002 m 546.5 147.85000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.00 152.25 Td (Entity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.20 152.25 Td (As at September 30, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.20 152.25 Td (As at December 31, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 137.25 Td (Echelon Insurance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.70 137.25 Td (3.50%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.20 137.25 Td (2.65%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 122.25 Td (ICPEI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.70 122.25 Td (3.45%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.20 122.25 Td (2.80%) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 92.55 Td (Share ) Tj ET Q q 0 0 0 rg BT 95.57 92.55 Td (Capital) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 74.55 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.57 74.55 Td (November14, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 178.40 74.55 Td (, there were 1) Tj ET Q q 0 0 0 rg BT 238.80 74.55 Td (1,923,906 common shares issued and outstanding. ) 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 34.10 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 175.48 34.10 Td (Analysis Page 16) 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 65.00 713.78 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 706.50 Td (The ) Tj ET Q q 0 0 0 rg BT 86.90 706.50 Td (purpose ) Tj ET Q q 0 0 0 rg BT 127.71 706.50 Td (of ) Tj ET Q q 0 0 0 rg BT 140.72 706.50 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 178.73 706.50 Td (management ) Tj ET Q q 0 0 0 rg BT 241.77 706.50 Td (is ) Tj ET Q q 0 0 0 rg BT 253.66 706.50 Td (to ) Tj ET Q q 0 0 0 rg BT 266.67 706.50 Td (ensure ) Tj ET Q q 0 0 0 rg BT 301.92 706.50 Td (there ) Tj ET Q q 0 0 0 rg BT 329.38 706.50 Td (is ) Tj ET Q q 0 0 0 rg BT 341.27 706.50 Td (suf) Tj ET Q q 0 0 0 rg BT 354.43 706.50 Td (ficient ) Tj ET Q q 0 0 0 rg BT 385.22 706.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 411.01 706.50 Td (to ) Tj ET Q q 0 0 0 rg BT 424.02 706.50 Td (meet ) Tj ET Q q 0 0 0 rg BT 450.92 706.50 Td (all ) Tj ET Q q 0 0 0 rg BT 465.60 706.50 Td (of ) Tj ET Q q 0 0 0 rg BT 478.60 706.50 Td (EFH) Tj ET Q q 0 0 0 rg BT 500.65 706.50 Td (s ) Tj ET Q q 0 0 0 rg BT 510.31 706.50 Td (financial ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 699.98 484.77 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 692.70 Td (commitments ) Tj ET Q q 0 0 0 rg BT 127.24 692.70 Td (and ) Tj ET Q q 0 0 0 rg BT 146.71 692.70 Td (obligations ) Tj ET Q q 0 0 0 rg BT 197.30 692.70 Td (as ) Tj ET Q q 0 0 0 rg BT 210.65 692.70 Td (they ) Tj ET Q q 0 0 0 rg BT 232.33 692.70 Td (come ) Tj ET Q q 0 0 0 rg BT 259.57 692.70 Td (due. ) Tj ET Q q 0 0 0 rg BT 281.81 692.70 Td (EFH ) Tj ET Q q 0 0 0 rg BT 304.60 692.70 Td (believes ) Tj ET Q q 0 0 0 rg BT 344.07 692.70 Td (that ) Tj ET Q q 0 0 0 rg BT 363.54 692.70 Td (it ) Tj ET Q q 0 0 0 rg BT 371.32 692.70 Td (has ) Tj ET Q q 0 0 0 rg BT 390.23 692.70 Td (the ) Tj ET Q q 0 0 0 rg BT 406.91 692.70 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 447.48 692.70 Td (to ) Tj ET Q q 0 0 0 rg BT 458.61 692.70 Td (obtain, ) Tj ET Q q 0 0 0 rg BT 491.41 692.70 Td (from ) Tj ET Q q 0 0 0 rg BT 514.20 692.70 Td (internal ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 686.18 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 678.90 Td (sources, ) Tj ET Q q 0 0 0 rg BT 106.65 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 124.41 678.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 152.74 678.90 Td (needed ) Tj ET Q q 0 0 0 rg BT 189.96 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 202.16 678.90 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 226.03 678.90 Td (its ) Tj ET Q q 0 0 0 rg BT 239.89 678.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 264.87 678.90 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 329.87 678.90 Td (during ) Tj ET Q q 0 0 0 rg BT 361.52 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 379.28 678.90 Td (following ) Tj ET Q q 0 0 0 rg BT 422.05 678.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 462.60 678.90 Td (year ) Tj ET Q q 0 0 0 rg BT 485.92 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 506.46 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 518.66 678.90 Td (satisfy ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 672.38 140.07 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 665.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 112.25 665.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 143.93 665.10 Td (requirements.) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 649.58 260.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 642.30 Td (Contractual ) Tj ET Q q 0 0 0 rg BT 118.05 642.30 Td (obligations ) Tj ET Q q 0 0 0 rg BT 167.78 642.30 Td (include ) Tj ET Q q 0 0 0 rg BT 201.39 642.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 245.01 642.30 Td (leases, ) Tj ET Q q 0 0 0 rg BT 278.61 642.30 Td (for ) Tj ET Q q 0 0 0 rg BT 292.20 642.30 Td (which ) Tj ET Q q 0 0 0 rg BT 319.68 642.30 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 325.24 649.58 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 325.24 642.30 Td (2.3) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 339.14 649.58 67.70 -9.38 re f /GS0 gs q 0 0 0 rg BT 339.14 642.30 Td ( ) Tj ET Q q 0 0 0 rg BT 341.06 642.30 Td (million ) Tj ET Q q 0 0 0 rg BT 371.32 642.30 Td (is ) Tj ET Q q 0 0 0 rg BT 380.45 642.30 Td (due ) Tj ET Q q 0 0 0 rg BT 399.06 642.30 Td (in) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.84 642.30 Td ( ) Tj ET Q q 0 0 0 rg BT 408.76 642.30 Td (less ) Tj ET Q q 0 0 0 rg BT 428.46 642.30 Td (than ) Tj ET Q q 0 0 0 rg BT 449.84 642.30 Td (a ) Tj ET Q q 0 0 0 rg BT 457.31 642.30 Td (year) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 476.77 649.58 26.08 -9.38 re f /GS0 gs q 0 0 0 rg BT 476.77 642.30 Td ( ) Tj ET Q q 0 0 0 rg BT 478.68 642.30 Td (and ) Tj ET Q q 0 0 0 rg BT 497.29 642.30 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 502.85 649.58 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 502.85 642.30 Td (9.9) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 516.75 649.58 33.04 -9.38 re f /GS0 gs q 0 0 0 rg BT 516.75 642.30 Td ( ) Tj ET Q q 0 0 0 rg BT 518.67 642.30 Td (million ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 635.78 144.53 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 628.50 Td (is ) Tj ET Q q 0 0 0 rg BT 75.00 628.50 Td (due ) Tj ET Q q 0 0 0 rg BT 94.46 628.50 Td (over ) Tj ET Q q 0 0 0 rg BT 116.69 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 133.37 628.50 Td (next ) Tj ET Q q 0 0 0 rg BT 155.05 628.50 Td (eight ) Tj ET Q q 0 0 0 rg BT 179.52 628.50 Td (years. ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 612.98 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 605.70 Td (EFH ) Tj ET Q q 0 0 0 rg BT 86.99 605.70 Td (is ) Tj ET Q q 0 0 0 rg BT 96.21 605.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 135.98 605.70 Td (a ) Tj ET Q q 0 0 0 rg BT 143.53 605.70 Td (holding ) Tj ET Q q 0 0 0 rg BT 177.78 605.70 Td (company ) Tj ET Q q 0 0 0 rg BT 220.34 605.70 Td (and, ) Tj ET Q q 0 0 0 rg BT 241.80 605.70 Td (as ) Tj ET Q q 0 0 0 rg BT 254.35 605.70 Td (such, ) Tj ET Q q 0 0 0 rg BT 280.25 605.70 Td (has ) Tj ET Q q 0 0 0 rg BT 298.36 605.70 Td (limited ) Tj ET Q q 0 0 0 rg BT 329.25 605.70 Td (direct ) Tj ET Q q 0 0 0 rg BT 355.70 605.70 Td (operations ) Tj ET Q q 0 0 0 rg BT 404.39 605.70 Td (of ) Tj ET Q q 0 0 0 rg BT 414.72 605.70 Td (its ) Tj ET Q q 0 0 0 rg BT 426.72 605.70 Td (own. ) Tj ET Q q 0 0 0 rg BT 449.83 605.70 Td (EFH) Tj ET Q q 0 0 0 rg BT 471.87 605.70 Td (s ) Tj ET Q q 0 0 0 rg BT 478.87 605.70 Td (principal ) Tj ET Q q 0 0 0 rg BT 518.10 605.70 Td (assets ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 599.18 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 591.90 Td (are ) Tj ET Q q 0 0 0 rg BT 82.35 591.90 Td (the ) Tj ET Q q 0 0 0 rg BT 99.16 591.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 132.07 591.90 Td (of ) Tj ET Q q 0 0 0 rg BT 143.31 591.90 Td (its ) Tj ET Q q 0 0 0 rg BT 156.21 591.90 Td (insurance ) Tj ET Q q 0 0 0 rg BT 202.47 591.90 Td (and ) Tj ET Q q 0 0 0 rg BT 222.06 591.90 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 277.21 591.90 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 335.11 591.90 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 386.06 591.90 Td (, ) Tj ET Q q 0 0 0 rg BT 391.74 591.90 Td (its ) Tj ET Q q 0 0 0 rg BT 404.64 591.90 Td (future ) Tj ET Q q 0 0 0 rg BT 433.11 591.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 457.13 591.90 Td (flows ) Tj ET Q q 0 0 0 rg BT 482.82 591.90 Td (depend ) Tj ET Q q 0 0 0 rg BT 519.09 591.90 Td (in ) Tj ET Q q 0 0 0 rg BT 529.77 591.90 Td (part ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 585.38 487.55 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 578.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 89.86 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.38 578.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 155.12 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.08 578.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 210.94 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 230.24 578.10 Td (other ) Tj ET Q q 0 0 0 rg BT 255.65 578.10 Td (statutorily ) Tj ET Q q 0 0 0 rg BT 301.06 578.10 Td (permissible ) Tj ET Q q 0 0 0 rg BT 354.24 578.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 410.21 578.10 Td (from ) Tj ET Q q 0 0 0 rg BT 432.83 578.10 Td (its ) Tj ET Q q 0 0 0 rg BT 445.44 578.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 491.42 578.10 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 549.78 578.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 571.58 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 564.30 Td (The ) Tj ET Q q 0 0 0 rg BT 83.75 564.30 Td (ability ) Tj ET Q q 0 0 0 rg BT 110.83 564.30 Td (to ) Tj ET Q q 0 0 0 rg BT 120.69 564.30 Td (pay ) Tj ET Q q 0 0 0 rg BT 138.33 564.30 Td (such ) Tj ET Q q 0 0 0 rg BT 160.97 564.30 Td (dividends ) Tj ET Q q 0 0 0 rg BT 204.73 564.30 Td (and ) Tj ET Q q 0 0 0 rg BT 222.94 564.30 Td (to ) Tj ET Q q 0 0 0 rg BT 232.79 564.30 Td (make ) Tj ET Q q 0 0 0 rg BT 258.76 564.30 Td (such ) Tj ET Q q 0 0 0 rg BT 281.40 564.30 Td (other ) Tj ET Q q 0 0 0 rg BT 305.71 564.30 Td (distributions ) Tj ET Q q 0 0 0 rg BT 360.59 564.30 Td (is ) Tj ET Q q 0 0 0 rg BT 369.33 564.30 Td (limited ) Tj ET Q q 0 0 0 rg BT 399.74 564.30 Td (by ) Tj ET Q q 0 0 0 rg BT 411.82 564.30 Td (applicable ) Tj ET Q q 0 0 0 rg BT 458.37 564.30 Td (laws ) Tj ET Q q 0 0 0 rg BT 479.89 564.30 Td (and ) Tj ET Q q 0 0 0 rg BT 498.09 564.30 Td (regulations ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 557.78 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 550.50 Td (of ) Tj ET Q q 0 0 0 rg BT 76.01 550.50 Td (the ) Tj ET Q q 0 0 0 rg BT 92.57 550.50 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 147.48 550.50 Td (in ) Tj ET Q q 0 0 0 rg BT 157.93 550.50 Td (which ) Tj ET Q q 0 0 0 rg BT 186.16 550.50 Td (the ) Tj ET Q q 0 0 0 rg BT 202.73 550.50 Td (insurance ) Tj ET Q q 0 0 0 rg BT 248.75 550.50 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 304.22 550.50 Td (are ) Tj ET Q q 0 0 0 rg BT 321.34 550.50 Td (domiciled, ) Tj ET Q q 0 0 0 rg BT 369.02 550.50 Td (which ) Tj ET Q q 0 0 0 rg BT 397.26 550.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 431.61 550.50 Td (the ) Tj ET Q q 0 0 0 rg BT 448.17 550.50 Td (insurance ) Tj ET Q q 0 0 0 rg BT 494.20 550.50 Td (subsidiaries ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 543.98 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 536.70 Td (to ) Tj ET Q q 0 0 0 rg BT 75.46 536.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 122.05 536.70 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 168.63 536.70 Td (restrictions. ) Tj ET Q q 0 0 0 rg BT 221.74 536.70 Td (These ) Tj ET Q q 0 0 0 rg BT 251.65 536.70 Td (laws ) Tj ET Q q 0 0 0 rg BT 273.77 536.70 Td (and ) Tj ET Q q 0 0 0 rg BT 292.58 536.70 Td (regulations ) Tj ET Q q 0 0 0 rg BT 343.62 536.70 Td (require, ) Tj ET Q q 0 0 0 rg BT 379.64 536.70 Td (among ) Tj ET Q q 0 0 0 rg BT 412.34 536.70 Td (other ) Tj ET Q q 0 0 0 rg BT 437.25 536.70 Td (things, ) Tj ET Q q 0 0 0 rg BT 468.83 536.70 Td (that ) Tj ET Q q 0 0 0 rg BT 487.63 536.70 Td (the ) Tj ET Q q 0 0 0 rg BT 503.65 536.70 Td (insurance ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 530.18 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 522.90 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 121.62 522.90 Td (maintain ) Tj ET Q q 0 0 0 rg BT 163.24 522.90 Td (minimum ) Tj ET Q q 0 0 0 rg BT 207.61 522.90 Td (solvency ) Tj ET Q q 0 0 0 rg BT 250.34 522.90 Td (requirements ) Tj ET Q q 0 0 0 rg BT 312.52 522.90 Td (and ) Tj ET Q q 0 0 0 rg BT 333.02 522.90 Td (may ) Tj ET Q q 0 0 0 rg BT 355.73 522.90 Td (also ) Tj ET Q q 0 0 0 rg BT 377.89 522.90 Td (limit ) Tj ET Q q 0 0 0 rg BT 399.49 522.90 Td (the ) Tj ET Q q 0 0 0 rg BT 417.21 522.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 454.38 522.90 Td (of ) Tj ET Q q 0 0 0 rg BT 466.54 522.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 512.61 522.90 Td (that ) Tj ET Q q 0 0 0 rg BT 533.11 522.90 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 516.38 173.42 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 509.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 111.14 509.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 166.72 509.10 Td (can ) Tj ET Q q 0 0 0 rg BT 185.62 509.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 204.52 509.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.64 509.10 Td (EFH.) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 487.58 97.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 480.30 Td (Capital ) Tj ET Q q 0 0 0 rg BT 101.12 480.30 Td (Management) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 464.78 156.21 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 457.50 Td (The ) Tj ET Q q 0 0 0 rg BT 86.50 457.50 Td (total ) Tj ET Q q 0 0 0 rg BT 109.66 457.50 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 171.74 457.50 Td (of ) Tj ET Q q 0 0 0 rg BT 184.34 457.50 Td (EFH ) Tj ET Q q 0 0 0 rg BT 208.61 457.50 Td (at ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 221.21 464.78 92.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 221.21 457.50 Td (September30, ) Tj ET Q q 0 0 0 rg BT 291.07 457.50 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 313.32 464.78 34.65 -9.38 re f /GS0 gs q 0 0 0 rg BT 313.32 457.50 Td (, ) Tj ET Q q 0 0 0 rg BT 320.36 457.50 Td (was ) Tj ET Q q 0 0 0 rg BT 342.41 457.50 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 347.97 464.78 25.02 -9.38 re f /GS0 gs q 0 0 0 rg BT 347.97 457.50 Td (157.2) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 373.00 464.78 103.77 -9.38 re f /GS0 gs q 0 0 0 rg BT 373.00 457.50 Td ( ) Tj ET Q q 0 0 0 rg BT 377.26 457.50 Td (million ) Tj ET Q q 0 0 0 rg BT 409.87 457.50 Td (compared ) Tj ET Q q 0 0 0 rg BT 458.60 457.50 Td (to ) Tj ET Q q 0 0 0 rg BT 471.20 457.50 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 476.76 464.78 25.02 -9.38 re f /GS0 gs q 0 0 0 rg BT 476.76 457.50 Td (146.7) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 501.79 464.78 50.77 -9.38 re f /GS0 gs q 0 0 0 rg BT 501.79 457.50 Td ( ) Tj ET Q q 0 0 0 rg BT 506.05 457.50 Td (million ) Tj ET Q q 0 0 0 rg BT 538.66 457.50 Td (at ) Tj ET Q q 0 0 0 rg BT 549.78 457.50 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 450.98 87.83 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 443.70 Td (December31, ) Tj ET Q q 0 0 0 rg BT 130.59 443.70 Td (2017) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 152.83 450.98 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 152.83 443.70 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 420.90 Td (The ) Tj ET Q q 0 0 0 rg BT 85.15 420.90 Td (Minimum ) Tj ET Q q 0 0 0 rg BT 128.62 420.90 Td (Capital ) Tj ET Q q 0 0 0 rg BT 162.48 420.90 Td (T) Tj ET Q q 0 0 0 rg BT 167.48 420.90 Td (est ) Tj ET Q q 0 0 0 rg BT 183.73 420.90 Td (\(MCT\) ) Tj ET Q q 0 0 0 rg BT 214.97 420.90 Td (ratio ) Tj ET Q q 0 0 0 rg BT 237.34 420.90 Td (of ) Tj ET Q q 0 0 0 rg BT 248.60 420.90 Td (the ) Tj ET Q q 0 0 0 rg BT 265.41 420.90 Td (Company's ) Tj ET Q q 0 0 0 rg BT 318.04 420.90 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 362.31 420.90 Td (, ) Tj ET Q q 0 0 0 rg BT 368.01 420.90 Td (Echelon ) Tj ET Q q 0 0 0 rg BT 407.06 420.90 Td (Insurance, ) Tj ET Q q 0 0 0 rg BT 456.67 420.90 Td (as ) Tj ET Q q 0 0 0 rg BT 470.15 420.90 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 481.41 420.90 Td (September30, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 407.10 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 87.25 407.10 Td (, ) Tj ET Q q 0 0 0 rg BT 92.82 407.10 Td (was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 113.40 407.10 Td (231%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 138.98 407.10 Td (, ) Tj ET Q q 0 0 0 rg BT 144.55 407.10 Td (which ) Tj ET Q q 0 0 0 rg BT 172.91 407.10 Td (comfortably ) Tj ET Q q 0 0 0 rg BT 227.39 407.10 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 267.43 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.13 407.10 Td (supervisory ) Tj ET Q q 0 0 0 rg BT 338.06 407.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 385.32 407.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 417.02 407.10 Td (level ) Tj ET Q q 0 0 0 rg BT 440.38 407.10 Td (required ) Tj ET Q q 0 0 0 rg BT 479.87 407.10 Td (by ) Tj ET Q q 0 0 0 rg BT 493.23 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 509.92 407.10 Td (Of) Tj ET Q q 0 0 0 rg BT 520.30 407.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 538.66 407.10 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 393.30 Td (the ) Tj ET Q q 0 0 0 rg BT 82.65 393.30 Td (Superintendent ) Tj ET Q q 0 0 0 rg BT 154.22 393.30 Td (of ) Tj ET Q q 0 0 0 rg BT 166.31 393.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 210.08 393.30 Td (Institutions ) Tj ET Q q 0 0 0 rg BT 261.62 393.30 Td (\(OSFI\). ) Tj ET Q q 0 0 0 rg BT 298.14 393.30 Td (ICPEI's ) Tj ET Q q 0 0 0 rg BT 334.92 393.30 Td (MCT) Tj ET Q q 0 0 0 rg BT 356.40 393.30 Td ( ) Tj ET Q q 0 0 0 rg BT 360.14 393.30 Td (ratio ) Tj ET Q q 0 0 0 rg BT 383.34 393.30 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 395.42 393.30 Td (297%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.00 393.30 Td ( ) Tj ET Q q 0 0 0 rg BT 424.75 393.30 Td (was ) Tj ET Q q 0 0 0 rg BT 446.28 393.30 Td (in ) Tj ET Q q 0 0 0 rg BT 457.80 393.30 Td (excess ) Tj ET Q q 0 0 0 rg BT 492.67 393.30 Td (of ) Tj ET Q q 0 0 0 rg BT 504.76 393.30 Td (provincial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 379.50 Td (supervisory ) Tj ET Q q 0 0 0 rg BT 121.39 379.50 Td (targets. ) Tj ET Q q 0 0 0 rg BT 158.95 379.50 Td (As ) Tj ET Q q 0 0 0 rg BT 175.88 379.50 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 189.48 379.50 Td (September30, ) Tj ET Q q 0 0 0 rg BT 260.34 379.50 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.58 379.50 Td (, ) Tj ET Q q 0 0 0 rg BT 290.62 379.50 Td (the ) Tj ET Q q 0 0 0 rg BT 309.78 379.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 357.84 379.50 Td (has ) Tj ET Q q 0 0 0 rg BT 379.22 379.50 Td (approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.73 379.50 Td ($28) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 463.42 379.50 Td ( ) Tj ET Q q 0 0 0 rg BT 468.68 379.50 Td (million ) Tj ET Q q 0 0 0 rg BT 502.28 379.50 Td (of ) Tj ET Q q 0 0 0 rg BT 515.88 379.50 Td (excess ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 365.70 Td (deployable ) Tj ET Q q 0 0 0 rg BT 116.15 365.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 147.84 365.70 Td (invested ) Tj ET Q q 0 0 0 rg BT 187.86 365.70 Td (in ) Tj ET Q q 0 0 0 rg BT 198.42 365.70 Td (equities ) Tj ET Q q 0 0 0 rg BT 235.67 365.70 Td (and ) Tj ET Q q 0 0 0 rg BT 255.13 365.70 Td (liquid ) Tj ET Q q 0 0 0 rg BT 281.26 365.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 312.94 365.70 Td (in ) Tj ET Q q 0 0 0 rg BT 323.50 365.70 Td (the ) Tj ET Q q 0 0 0 rg BT 340.18 365.70 Td (holding ) Tj ET Q q 0 0 0 rg BT 375.21 365.70 Td (company) Tj ET Q q 0 0 0 rg BT 415.04 365.70 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 65.00 331.15 Td (ACCOUNTING POLICIES) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 315.63 479.19 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 308.35 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 65.00 301.83 468.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 294.55 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 65.00 288.03 330.76 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 280.75 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 395.76 288.03 90.62 -9.38 re f /GS0 gs q 0 0 0 rg BT 395.76 280.75 Td (September30, 2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 486.38 288.03 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 486.38 280.75 Td (.) Tj ET Q BT /F2 12.00 Tf ET 1 1 1 rg /GS0 gs 65.00 254.89 184.23 -11.26 re f /GS0 gs q 0 0 0 rg BT 65.00 246.15 Td (CONTROLS ) Tj ET Q q 0 0 0 rg BT 135.22 246.15 Td (AND ) Tj ET Q q 0 0 0 rg BT 164.55 246.15 Td (PROCEDURES) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 230.63 160.07 -9.36 re f /GS0 gs q 0 0 0 rg BT 65.00 223.35 Td (Disclosure Controls and Procedures) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 207.83 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 200.55 Td (The ) Tj ET Q q 0 0 0 rg BT 87.22 200.55 Td (Company's ) Tj ET Q q 0 0 0 rg BT 141.91 200.55 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 191.92 200.55 Td (controls ) Tj ET Q q 0 0 0 rg BT 231.92 200.55 Td (and ) Tj ET Q q 0 0 0 rg BT 253.59 200.55 Td (procedures ) Tj ET Q q 0 0 0 rg BT 308.60 200.55 Td (are ) Tj ET Q q 0 0 0 rg BT 328.04 200.55 Td (designed ) Tj ET Q q 0 0 0 rg BT 373.62 200.55 Td (to ) Tj ET Q q 0 0 0 rg BT 386.94 200.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 424.73 200.55 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 479.19 200.55 Td (assurance ) Tj ET Q q 0 0 0 rg BT 530.32 200.55 Td (that ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 194.03 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 186.75 Td (information ) Tj ET Q q 0 0 0 rg BT 118.33 186.75 Td (required ) Tj ET Q q 0 0 0 rg BT 158.88 186.75 Td (to ) Tj ET Q q 0 0 0 rg BT 171.08 186.75 Td (be ) Tj ET Q q 0 0 0 rg BT 186.06 186.75 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 231.61 186.75 Td (by ) Tj ET Q q 0 0 0 rg BT 246.04 186.75 Td (EFH ) Tj ET Q q 0 0 0 rg BT 269.90 186.75 Td (is ) Tj ET Q q 0 0 0 rg BT 280.98 186.75 Td (recorded, ) Tj ET Q q 0 0 0 rg BT 327.09 186.75 Td (processed, ) Tj ET Q q 0 0 0 rg BT 379.86 186.75 Td (summarized ) Tj ET Q q 0 0 0 rg BT 438.18 186.75 Td (and ) Tj ET Q q 0 0 0 rg BT 458.73 186.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 499.83 186.75 Td (in ) Tj ET Q q 0 0 0 rg BT 511.48 186.75 Td (a ) Tj ET Q q 0 0 0 rg BT 520.90 186.75 Td (timely ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 180.23 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 172.95 Td (manner) Tj ET Q q 0 0 0 rg BT 98.35 172.95 Td (. ) Tj ET Q q 0 0 0 rg BT 104.34 172.95 Td (This ) Tj ET Q q 0 0 0 rg BT 126.67 172.95 Td (includes ) Tj ET Q q 0 0 0 rg BT 166.79 172.95 Td (controls ) Tj ET Q q 0 0 0 rg BT 205.24 172.95 Td (and ) Tj ET Q q 0 0 0 rg BT 225.36 172.95 Td (procedures ) Tj ET Q q 0 0 0 rg BT 278.82 172.95 Td (that ) Tj ET Q q 0 0 0 rg BT 298.93 172.95 Td (are ) Tj ET Q q 0 0 0 rg BT 316.82 172.95 Td (designed ) Tj ET Q q 0 0 0 rg BT 360.85 172.95 Td (to ) Tj ET Q q 0 0 0 rg BT 372.62 172.95 Td (ensure ) Tj ET Q q 0 0 0 rg BT 406.63 172.95 Td (that ) Tj ET Q q 0 0 0 rg BT 426.74 172.95 Td (information ) Tj ET Q q 0 0 0 rg BT 479.64 172.95 Td (is ) Tj ET Q q 0 0 0 rg BT 490.30 172.95 Td (accumulated ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 166.43 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 159.15 Td (and ) Tj ET Q q 0 0 0 rg BT 84.71 159.15 Td (communicated ) Tj ET Q q 0 0 0 rg BT 152.77 159.15 Td (to ) Tj ET Q q 0 0 0 rg BT 164.14 159.15 Td (management, ) Tj ET Q q 0 0 0 rg BT 228.31 159.15 Td (including ) Tj ET Q q 0 0 0 rg BT 270.81 159.15 Td (the ) Tj ET Q q 0 0 0 rg BT 287.74 159.15 Td (Chief ) Tj ET Q q 0 0 0 rg BT 314.11 159.15 Td (Executive ) Tj ET Q q 0 0 0 rg BT 360.50 159.15 Td (Of) Tj ET Q q 0 0 0 rg BT 370.87 159.15 Td (ficer ) Tj ET Q q 0 0 0 rg BT 392.79 159.15 Td (and ) Tj ET Q q 0 0 0 rg BT 412.50 159.15 Td (Interim ) Tj ET Q q 0 0 0 rg BT 446.09 159.15 Td (Chief ) Tj ET Q q 0 0 0 rg BT 472.47 159.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 515.51 159.15 Td (Of) Tj ET Q q 0 0 0 rg BT 525.89 159.15 Td (ficer) Tj ET Q q 0 0 0 rg BT 544.23 159.15 Td (, ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 152.63 242.34 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 145.35 Td (to ) Tj ET Q q 0 0 0 rg BT 76.12 145.35 Td (allow ) Tj ET Q q 0 0 0 rg BT 101.68 145.35 Td (timely ) Tj ET Q q 0 0 0 rg BT 130.58 145.35 Td (decisions ) Tj ET Q q 0 0 0 rg BT 175.04 145.35 Td (regarding ) Tj ET Q q 0 0 0 rg BT 220.07 145.35 Td (required ) Tj ET Q q 0 0 0 rg BT 259.54 145.35 Td (disclosure.) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 129.83 25.18 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 122.55 Td (As ) Tj ET Q q 0 0 0 rg BT 79.26 122.55 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 90.18 129.83 90.43 -9.38 re f /GS0 gs q 0 0 0 rg BT 90.18 122.55 Td (September30, ) Tj ET Q q 0 0 0 rg BT 158.36 122.55 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 180.61 129.83 369.18 -9.38 re f /GS0 gs q 0 0 0 rg BT 180.61 122.55 Td (, ) Tj ET Q q 0 0 0 rg BT 185.97 122.55 Td (an ) Tj ET Q q 0 0 0 rg BT 199.68 122.55 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 247.86 122.55 Td (was ) Tj ET Q q 0 0 0 rg BT 268.23 122.55 Td (carried ) Tj ET Q q 0 0 0 rg BT 301.38 122.55 Td (out, ) Tj ET Q q 0 0 0 rg BT 320.64 122.55 Td (under ) Tj ET Q q 0 0 0 rg BT 348.80 122.55 Td (the ) Tj ET Q q 0 0 0 rg BT 365.29 122.55 Td (supervision ) Tj ET Q q 0 0 0 rg BT 418.46 122.55 Td (of ) Tj ET Q q 0 0 0 rg BT 429.38 122.55 Td (the ) Tj ET Q q 0 0 0 rg BT 445.87 122.55 Td (Chief ) Tj ET Q q 0 0 0 rg BT 471.80 122.55 Td (Executive ) Tj ET Q q 0 0 0 rg BT 517.74 122.55 Td (Of) Tj ET Q q 0 0 0 rg BT 528.12 122.55 Td (ficer ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 116.03 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 108.75 Td (and ) Tj ET Q q 0 0 0 rg BT 84.59 108.75 Td (Interim ) Tj ET Q q 0 0 0 rg BT 118.05 108.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 144.30 108.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 187.22 108.75 Td (Of) Tj ET Q q 0 0 0 rg BT 197.60 108.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 215.94 108.75 Td (, ) Tj ET Q q 0 0 0 rg BT 221.62 108.75 Td (of ) Tj ET Q q 0 0 0 rg BT 232.86 108.75 Td (the ) Tj ET Q q 0 0 0 rg BT 249.67 108.75 Td (ef) Tj ET Q q 0 0 0 rg BT 257.83 108.75 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 310.76 108.75 Td (of ) Tj ET Q q 0 0 0 rg BT 322.00 108.75 Td (the ) Tj ET Q q 0 0 0 rg BT 338.80 108.75 Td (Company) Tj ET Q q 0 0 0 rg BT 383.64 108.75 Td (s ) Tj ET Q q 0 0 0 rg BT 391.55 108.75 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 439.47 108.75 Td (controls ) Tj ET Q q 0 0 0 rg BT 477.39 108.75 Td (and ) Tj ET Q q 0 0 0 rg BT 496.97 108.75 Td (procedures ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 102.23 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 94.95 Td (as ) Tj ET Q q 0 0 0 rg BT 78.13 94.95 Td (defined ) Tj ET Q q 0 0 0 rg BT 113.51 94.95 Td (under ) Tj ET Q q 0 0 0 rg BT 141.66 94.95 Td (Multilateral ) Tj ET Q q 0 0 0 rg BT 192.58 94.95 Td (Instrument ) Tj ET Q q 0 0 0 rg BT 242.40 94.95 Td (52-109. ) Tj ET Q q 0 0 0 rg BT 278.89 94.95 Td (Based ) Tj ET Q q 0 0 0 rg BT 309.81 94.95 Td (on ) Tj ET Q q 0 0 0 rg BT 323.51 94.95 Td (that ) Tj ET Q q 0 0 0 rg BT 342.76 94.95 Td (evaluation, ) Tj ET Q q 0 0 0 rg BT 393.70 94.95 Td (the ) Tj ET Q q 0 0 0 rg BT 410.17 94.95 Td (Chief ) Tj ET Q q 0 0 0 rg BT 436.09 94.95 Td (Executive ) Tj ET Q q 0 0 0 rg BT 482.02 94.95 Td (Of) Tj ET Q q 0 0 0 rg BT 492.39 94.95 Td (ficer ) Tj ET Q q 0 0 0 rg BT 513.86 94.95 Td (and ) Tj ET Q q 0 0 0 rg BT 533.12 94.95 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 88.43 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 81.15 Td (Interim ) Tj ET Q q 0 0 0 rg BT 99.55 81.15 Td (Chief ) Tj ET Q q 0 0 0 rg BT 126.88 81.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 170.89 81.15 Td (Of) Tj ET Q q 0 0 0 rg BT 181.27 81.15 Td (ficer ) Tj ET Q q 0 0 0 rg BT 204.15 81.15 Td (concluded ) Tj ET Q q 0 0 0 rg BT 253.73 81.15 Td (that ) Tj ET Q q 0 0 0 rg BT 274.39 81.15 Td (the ) Tj ET Q q 0 0 0 rg BT 292.28 81.15 Td (design ) Tj ET Q q 0 0 0 rg BT 325.74 81.15 Td (of ) Tj ET Q q 0 0 0 rg BT 338.07 81.15 Td (these ) Tj ET Q q 0 0 0 rg BT 366.52 81.15 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 415.53 81.15 Td (controls ) Tj ET Q q 0 0 0 rg BT 454.53 81.15 Td (and ) Tj ET Q q 0 0 0 rg BT 475.20 81.15 Td (procedures ) Tj ET Q q 0 0 0 rg BT 529.22 81.15 Td (was ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 74.63 39.84 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 67.35 Td (ef) Tj ET Q q 0 0 0 rg BT 73.16 67.35 Td (fective.) 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 34.10 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 175.48 34.10 Td (Analysis Page 17) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 738.03 184.54 -9.36 re f /GS0 gs q 0 0 0 rg BT 65.00 730.75 Td (Internal ) Tj ET Q q 0 0 0 rg BT 101.13 730.75 Td (Controls ) Tj ET Q q 0 0 0 rg BT 141.15 730.75 Td (over ) Tj ET Q q 0 0 0 rg BT 163.38 730.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 206.18 730.75 Td (Reporting) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 715.23 104.13 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 707.95 Td (As ) Tj ET Q q 0 0 0 rg BT 78.82 707.95 Td (at ) Tj ET Q q 0 0 0 rg BT 89.30 707.95 Td (the ) Tj ET Q q 0 0 0 rg BT 105.35 707.95 Td (quarter ) Tj ET Q q 0 0 0 rg BT 139.18 707.95 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 169.13 715.23 89.99 -9.38 re f /GS0 gs q 0 0 0 rg BT 169.13 707.95 Td (September30, ) Tj ET Q q 0 0 0 rg BT 236.88 707.95 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 259.12 715.23 290.66 -9.38 re f /GS0 gs q 0 0 0 rg BT 259.12 707.95 Td (, ) Tj ET Q q 0 0 0 rg BT 264.05 707.95 Td (the ) Tj ET Q q 0 0 0 rg BT 280.09 707.95 Td (Chief ) Tj ET Q q 0 0 0 rg BT 305.58 707.95 Td (Executive ) Tj ET Q q 0 0 0 rg BT 351.08 707.95 Td (Of) Tj ET Q q 0 0 0 rg BT 361.46 707.95 Td (ficer ) Tj ET Q q 0 0 0 rg BT 382.50 707.95 Td (and ) Tj ET Q q 0 0 0 rg BT 401.33 707.95 Td (the ) Tj ET Q q 0 0 0 rg BT 417.38 707.95 Td (Interim ) Tj ET Q q 0 0 0 rg BT 450.08 707.95 Td (Chief ) Tj ET Q q 0 0 0 rg BT 475.57 707.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 517.74 707.95 Td (Of) Tj ET Q q 0 0 0 rg BT 528.12 707.95 Td (ficer ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 701.43 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 694.15 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 111.27 694.15 Td (the ) Tj ET Q q 0 0 0 rg BT 128.08 694.15 Td (design ) Tj ET Q q 0 0 0 rg BT 160.45 694.15 Td (of ) Tj ET Q q 0 0 0 rg BT 171.70 694.15 Td (the ) Tj ET Q q 0 0 0 rg BT 188.50 694.15 Td (Company) Tj ET Q q 0 0 0 rg BT 233.34 694.15 Td (s ) Tj ET Q q 0 0 0 rg BT 241.24 694.15 Td (internal ) Tj ET Q q 0 0 0 rg BT 276.95 694.15 Td (control ) Tj ET Q q 0 0 0 rg BT 309.87 694.15 Td (over ) Tj ET Q q 0 0 0 rg BT 332.22 694.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 371.82 694.15 Td (reporting. ) Tj ET Q q 0 0 0 rg BT 416.97 694.15 Td (Based ) Tj ET Q q 0 0 0 rg BT 448.23 694.15 Td (on ) Tj ET Q q 0 0 0 rg BT 462.25 694.15 Td (that ) Tj ET Q q 0 0 0 rg BT 481.84 694.15 Td (evaluation, ) Tj ET Q q 0 0 0 rg BT 533.11 694.15 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 687.63 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 680.35 Td (Chief ) Tj ET Q q 0 0 0 rg BT 90.84 680.35 Td (Executive ) Tj ET Q q 0 0 0 rg BT 136.69 680.35 Td (Of) Tj ET Q q 0 0 0 rg BT 147.06 680.35 Td (ficer ) Tj ET Q q 0 0 0 rg BT 168.45 680.35 Td (and ) Tj ET Q q 0 0 0 rg BT 187.63 680.35 Td (the ) Tj ET Q q 0 0 0 rg BT 204.03 680.35 Td (Interim ) Tj ET Q q 0 0 0 rg BT 237.08 680.35 Td (Chief ) Tj ET Q q 0 0 0 rg BT 262.92 680.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 305.44 680.35 Td (Of) Tj ET Q q 0 0 0 rg BT 315.81 680.35 Td (ficer ) Tj ET Q q 0 0 0 rg BT 337.20 680.35 Td (concluded ) Tj ET Q q 0 0 0 rg BT 385.28 680.35 Td (that ) Tj ET Q q 0 0 0 rg BT 404.46 680.35 Td (the ) Tj ET Q q 0 0 0 rg BT 420.85 680.35 Td (design ) Tj ET Q q 0 0 0 rg BT 452.82 680.35 Td (of ) Tj ET Q q 0 0 0 rg BT 463.65 680.35 Td (internal ) Tj ET Q q 0 0 0 rg BT 498.94 680.35 Td (controls ) Tj ET Q q 0 0 0 rg BT 536.45 680.35 Td (as ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 673.83 12.29 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 666.55 Td (at ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 77.29 673.83 91.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 77.29 666.55 Td (September30, ) Tj ET Q q 0 0 0 rg BT 146.84 666.55 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 169.08 673.83 380.69 -9.38 re f /GS0 gs q 0 0 0 rg BT 169.08 666.55 Td (, ) Tj ET Q q 0 0 0 rg BT 175.81 666.55 Td (was ) Tj ET Q q 0 0 0 rg BT 197.54 666.55 Td (ef) Tj ET Q q 0 0 0 rg BT 205.70 666.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 238.55 666.55 Td (to ) Tj ET Q q 0 0 0 rg BT 250.84 666.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 287.59 666.55 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 341.03 666.55 Td (assurance ) Tj ET Q q 0 0 0 rg BT 391.11 666.55 Td (regarding ) Tj ET Q q 0 0 0 rg BT 437.31 666.55 Td (the ) Tj ET Q q 0 0 0 rg BT 455.17 666.55 Td (reliability ) Tj ET Q q 0 0 0 rg BT 498.02 666.55 Td (of ) Tj ET Q q 0 0 0 rg BT 510.31 666.55 Td (financial ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 660.03 441.91 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 652.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 107.25 652.75 Td (and ) Tj ET Q q 0 0 0 rg BT 126.71 652.75 Td (the ) Tj ET Q q 0 0 0 rg BT 143.39 652.75 Td (preparation ) Tj ET Q q 0 0 0 rg BT 196.76 652.75 Td (of ) Tj ET Q q 0 0 0 rg BT 207.88 652.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 247.34 652.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 299.03 652.75 Td (for ) Tj ET Q q 0 0 0 rg BT 313.48 652.75 Td (external ) Tj ET Q q 0 0 0 rg BT 351.84 652.75 Td (purposes ) Tj ET Q q 0 0 0 rg BT 395.75 652.75 Td (in ) Tj ET Q q 0 0 0 rg BT 406.31 652.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 460.79 652.75 Td (with ) Tj ET Q q 0 0 0 rg BT 481.35 652.75 Td (IFRS.) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 637.23 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 629.95 Td (A) Tj ET Q q 0 0 0 rg BT 71.12 629.95 Td ( ) Tj ET Q q 0 0 0 rg BT 74.87 629.95 Td (new ) Tj ET Q q 0 0 0 rg BT 96.98 629.95 Td (policy ) Tj ET Q q 0 0 0 rg BT 126.30 629.95 Td (management ) Tj ET Q q 0 0 0 rg BT 188.42 629.95 Td (system ) Tj ET Q q 0 0 0 rg BT 223.85 629.95 Td (is ) Tj ET Q q 0 0 0 rg BT 234.83 629.95 Td (being ) Tj ET Q q 0 0 0 rg BT 263.05 629.95 Td (rolled ) Tj ET Q q 0 0 0 rg BT 291.27 629.95 Td (out ) Tj ET Q q 0 0 0 rg BT 308.92 629.95 Td (across ) Tj ET Q q 0 0 0 rg BT 342.13 629.95 Td (the ) Tj ET Q q 0 0 0 rg BT 359.79 629.95 Td (country ) Tj ET Q q 0 0 0 rg BT 396.34 629.95 Td (and ) Tj ET Q q 0 0 0 rg BT 416.78 629.95 Td (management ) Tj ET Q q 0 0 0 rg BT 478.91 629.95 Td (is ) Tj ET Q q 0 0 0 rg BT 489.89 629.95 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 530.33 629.95 Td (that ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 623.43 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 616.15 Td (suf) Tj ET Q q 0 0 0 rg BT 78.16 616.15 Td (ficient ) Tj ET Q q 0 0 0 rg BT 106.55 616.15 Td (internal ) Tj ET Q q 0 0 0 rg BT 141.63 616.15 Td (controls ) Tj ET Q q 0 0 0 rg BT 178.91 616.15 Td (over ) Tj ET Q q 0 0 0 rg BT 200.64 616.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 239.60 616.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 281.34 616.15 Td (are ) Tj ET Q q 0 0 0 rg BT 298.07 616.15 Td (in ) Tj ET Q q 0 0 0 rg BT 308.12 616.15 Td (place ) Tj ET Q q 0 0 0 rg BT 334.30 616.15 Td (during ) Tj ET Q q 0 0 0 rg BT 364.37 616.15 Td (the ) Tj ET Q q 0 0 0 rg BT 380.54 616.15 Td (transition ) Tj ET Q q 0 0 0 rg BT 423.39 616.15 Td (and ) Tj ET Q q 0 0 0 rg BT 442.35 616.15 Td (partial ) Tj ET Q q 0 0 0 rg BT 471.86 616.15 Td (completion ) Tj ET Q q 0 0 0 rg BT 522.49 616.15 Td (of ) Tj ET Q q 0 0 0 rg BT 533.10 616.15 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 609.63 32.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 602.35 Td (project.) Tj ET Q BT /F2 12.00 Tf ET 1 1 1 rg /GS0 gs 65.00 576.54 326.67 -11.26 re f /GS0 gs q 0 0 0 rg BT 65.00 567.80 Td (CRITICAL) Tj ET Q q 0 0 0 rg BT 120.78 567.80 Td ( ) Tj ET Q q 0 0 0 rg BT 123.66 567.80 Td (ACCOUNTING ESTIMA) Tj ET Q q 0 0 0 rg BT 252.77 567.80 Td (TES ) Tj ET Q q 0 0 0 rg BT 279.00 567.80 Td (AND JUDGEMENTS) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 552.28 376.65 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 545.00 Td (For ) Tj ET Q q 0 0 0 rg BT 81.41 545.00 Td (a ) Tj ET Q q 0 0 0 rg BT 90.39 545.00 Td (description ) Tj ET Q q 0 0 0 rg BT 142.16 545.00 Td (of ) Tj ET Q q 0 0 0 rg BT 153.91 545.00 Td (EFH) Tj ET Q q 0 0 0 rg BT 175.95 545.00 Td (s ) Tj ET Q q 0 0 0 rg BT 184.37 545.00 Td (accounting ) Tj ET Q q 0 0 0 rg BT 236.15 545.00 Td (policies, ) Tj ET Q q 0 0 0 rg BT 275.69 545.00 Td (which ) Tj ET Q q 0 0 0 rg BT 304.67 545.00 Td (are ) Tj ET Q q 0 0 0 rg BT 322.54 545.00 Td (on ) Tj ET Q q 0 0 0 rg BT 337.07 545.00 Td (an ) Tj ET Q q 0 0 0 rg BT 351.61 545.00 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 377.80 545.00 Td (basis, ) Tj ET Q q 0 0 0 rg BT 407.34 545.00 Td (refer ) Tj ET Q q 0 0 0 rg BT 431.31 545.00 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 439.65 552.28 3.41 -9.38 re f /GS0 gs q 0 1 0 rg BT 439.65 545.00 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 443.06 552.28 108.73 -9.38 re f /GS0 gs q 0 0 0 rg BT 443.06 545.00 Td (Note ) Tj ET Q q 0 0 0 rg BT 467.60 545.00 Td (3 ) Tj ET Q q 0 0 0 rg BT 476.57 545.00 Td (in ) Tj ET Q q 0 0 0 rg BT 487.77 545.00 Td (the ) Tj ET Q q 0 0 0 rg BT 505.08 545.00 Td (unaudited ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 538.48 332.56 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 531.20 Td (condensed ) Tj ET Q q 0 0 0 rg BT 114.91 531.20 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 174.04 531.20 Td (interim ) Tj ET Q q 0 0 0 rg BT 207.02 531.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 246.69 531.20 Td (statements ) Tj ET Q q 0 0 0 rg BT 298.58 531.20 Td (for ) Tj ET Q q 0 0 0 rg BT 313.23 531.20 Td (the ) Tj ET Q q 0 0 0 rg BT 330.11 531.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 364.78 531.20 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 395.56 538.48 90.82 -9.38 re f /GS0 gs q 0 0 0 rg BT 395.56 531.20 Td (September30, ) Tj ET Q q 0 0 0 rg BT 464.14 531.20 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 486.38 538.48 65.40 -9.38 re f /GS0 gs q 0 0 0 rg BT 486.38 531.20 Td (. ) Tj ET Q q 0 0 0 rg BT 491.55 531.20 Td (A) Tj ET Q q 0 0 0 rg BT 497.67 531.20 Td ( ) Tj ET Q q 0 0 0 rg BT 500.65 531.20 Td (description ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 524.68 488.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 517.40 Td (of ) Tj ET Q q 0 0 0 rg BT 75.98 517.40 Td (EFH) Tj ET Q q 0 0 0 rg BT 98.02 517.40 Td (s ) Tj ET Q q 0 0 0 rg BT 107.67 517.40 Td (critical ) Tj ET Q q 0 0 0 rg BT 140.65 517.40 Td (accounting ) Tj ET Q q 0 0 0 rg BT 193.66 517.40 Td (estimates ) Tj ET Q q 0 0 0 rg BT 241.10 517.40 Td (and ) Tj ET Q q 0 0 0 rg BT 262.43 517.40 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 323.21 517.40 Td (is ) Tj ET Q q 0 0 0 rg BT 335.07 517.40 Td (also ) Tj ET Q q 0 0 0 rg BT 358.06 517.40 Td (detailed ) Tj ET Q q 0 0 0 rg BT 397.74 517.40 Td (in ) Tj ET Q q 0 0 0 rg BT 410.16 517.40 Td (Note ) Tj ET Q q 0 0 0 rg BT 435.93 517.40 Td (4 ) Tj ET Q q 0 0 0 rg BT 446.14 517.40 Td (of ) Tj ET Q q 0 0 0 rg BT 459.12 517.40 Td (the ) Tj ET Q q 0 0 0 rg BT 477.67 517.40 Td (interim ) Tj ET Q q 0 0 0 rg BT 512.31 517.40 Td (financial ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 510.88 51.69 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 503.60 Td (statements.) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <>stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 34.10 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 175.48 34.10 Td (Analysis Page 18) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 63.00 729.30 Td (GLOSSAR) Tj ET Q q 0 0 0 rg BT 121.89 729.30 Td (Y) Tj ET Q q 0 0 0 rg BT 129.68 729.30 Td ( ) Tj ET Q q 0 0 0 rg BT 133.01 729.30 Td (OF ) Tj ET Q q 0 0 0 rg BT 153.01 729.30 Td (SELECTED ) Tj ET Q q 0 0 0 rg BT 220.35 729.30 Td (INSURANCE ) Tj ET Q q 0 0 0 rg BT 295.03 729.30 Td (TERMS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 705.30 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 127.85 705.30 Td (costs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 158.97 705.30 Td ( ) Tj ET Q q 0 0 0 rg BT 164.38 705.30 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 230.35 705.30 Td (premium ) Tj ET Q q 0 0 0 rg BT 274.65 705.30 Td (taxes ) Tj ET Q q 0 0 0 rg BT 303.95 705.30 Td (and ) Tj ET Q q 0 0 0 rg BT 326.04 705.30 Td (a ) Tj ET Q q 0 0 0 rg BT 337.01 705.30 Td (portion ) Tj ET Q q 0 0 0 rg BT 372.99 705.30 Td (of ) Tj ET Q q 0 0 0 rg BT 386.73 705.30 Td (general ) Tj ET Q q 0 0 0 rg BT 425.50 705.30 Td (expenses ) Tj ET Q q 0 0 0 rg BT 473.71 705.30 Td (related ) Tj ET Q q 0 0 0 rg BT 509.69 705.30 Td (to ) Tj ET Q q 0 0 0 rg BT 523.43 705.30 Td (policy ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 693.30 Td (acquisitions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 669.30 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 126.10 669.30 Td (Expense ) Tj ET Q q 0 0 0 rg BT 170.90 669.30 Td (ratio ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 201.23 669.30 Td (for ) Tj ET Q q 0 0 0 rg BT 216.56 669.30 Td (any ) Tj ET Q q 0 0 0 rg BT 236.35 669.30 Td (period ) Tj ET Q q 0 0 0 rg BT 267.81 669.30 Td (means ) Tj ET Q q 0 0 0 rg BT 301.48 669.30 Td (the ) Tj ET Q q 0 0 0 rg BT 319.05 669.30 Td (sum ) Tj ET Q q 0 0 0 rg BT 341.60 669.30 Td (of ) Tj ET Q q 0 0 0 rg BT 353.60 669.30 Td (the ) Tj ET Q q 0 0 0 rg BT 371.16 669.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 422.08 669.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 449.08 669.30 Td (divided ) Tj ET Q q 0 0 0 rg BT 484.43 669.30 Td (by ) Tj ET Q q 0 0 0 rg BT 498.65 669.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 517.88 669.30 Td (earned ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 657.30 Td (premiums.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 633.30 Td (Broker ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.77 633.30 Td (an ) Tj ET Q q 0 0 0 rg BT 123.42 633.30 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 181.98 633.30 Td (who ) Tj ET Q q 0 0 0 rg BT 203.85 633.30 Td (negotiates ) Tj ET Q q 0 0 0 rg BT 253.53 633.30 Td (policies ) Tj ET Q q 0 0 0 rg BT 290.42 633.30 Td (of ) Tj ET Q q 0 0 0 rg BT 302.29 633.30 Td (insurance ) Tj ET Q q 0 0 0 rg BT 349.18 633.30 Td (or ) Tj ET Q q 0 0 0 rg BT 361.61 633.30 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 417.39 633.30 Td (with ) Tj ET Q q 0 0 0 rg BT 438.71 633.30 Td (insurers ) Tj ET Q q 0 0 0 rg BT 477.80 633.30 Td (on ) Tj ET Q q 0 0 0 rg BT 492.46 633.30 Td (behalf ) Tj ET Q q 0 0 0 rg BT 523.24 633.30 Td (of ) Tj ET Q q 0 0 0 rg BT 535.11 633.30 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 621.30 Td (insured ) Tj ET Q q 0 0 0 rg BT 98.35 621.30 Td (or ) Tj ET Q q 0 0 0 rg BT 109.79 621.30 Td (reinsured, ) Tj ET Q q 0 0 0 rg BT 156.81 621.30 Td (receiving ) Tj ET Q q 0 0 0 rg BT 199.38 621.30 Td (a ) Tj ET Q q 0 0 0 rg BT 207.49 621.30 Td (commission ) Tj ET Q q 0 0 0 rg BT 262.83 621.30 Td (from ) Tj ET Q q 0 0 0 rg BT 285.38 621.30 Td (the ) Tj ET Q q 0 0 0 rg BT 301.83 621.30 Td (insurer ) Tj ET Q q 0 0 0 rg BT 334.95 621.30 Td (or ) Tj ET Q q 0 0 0 rg BT 346.39 621.30 Td (the ) Tj ET Q q 0 0 0 rg BT 362.84 621.30 Td (reinsurer ) Tj ET Q q 0 0 0 rg BT 404.85 621.30 Td (for ) Tj ET Q q 0 0 0 rg BT 419.07 621.30 Td (placement ) Tj ET Q q 0 0 0 rg BT 467.76 621.30 Td (and ) Tj ET Q q 0 0 0 rg BT 486.99 621.30 Td (other ) Tj ET Q q 0 0 0 rg BT 512.33 621.30 Td (services ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 609.30 Td (rendered.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 585.30 Td ("Catastrophe ) Tj ET Q q 0 0 0 rg BT 129.10 585.30 Td (event" ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.98 585.30 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.88 585.30 Td ("CA) Tj ET Q q 0 0 0 rg BT 193.33 585.30 Td (T ) Tj ET Q q 0 0 0 rg BT 202.45 585.30 Td (event" ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 236.33 585.30 Td (refers ) Tj ET Q q 0 0 0 rg BT 264.90 585.30 Td (to ) Tj ET Q q 0 0 0 rg BT 276.26 585.30 Td (a ) Tj ET Q q 0 0 0 rg BT 284.83 585.30 Td (group ) Tj ET Q q 0 0 0 rg BT 313.42 585.30 Td (of ) Tj ET Q q 0 0 0 rg BT 324.78 585.30 Td (claims ) Tj ET Q q 0 0 0 rg BT 356.13 585.30 Td (from ) Tj ET Q q 0 0 0 rg BT 379.14 585.30 Td (a ) Tj ET Q q 0 0 0 rg BT 387.72 585.30 Td (specific ) Tj ET Q q 0 0 0 rg BT 424.08 585.30 Td (event ) Tj ET Q q 0 0 0 rg BT 451.55 585.30 Td (considered ) Tj ET Q q 0 0 0 rg BT 503.49 585.30 Td (to ) Tj ET Q q 0 0 0 rg BT 514.84 585.30 Td (be ) Tj ET Q q 0 0 0 rg BT 528.98 585.30 Td (non-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 573.30 Td (recurring ) Tj ET Q q 0 0 0 rg BT 105.24 573.30 Td (and ) Tj ET Q q 0 0 0 rg BT 124.70 573.30 Td (therefore ) Tj ET Q q 0 0 0 rg BT 167.50 573.30 Td (not ) Tj ET Q q 0 0 0 rg BT 184.18 573.30 Td (reflective ) Tj ET Q q 0 0 0 rg BT 226.97 573.30 Td (of ) Tj ET Q q 0 0 0 rg BT 238.09 573.30 Td (normal ) Tj ET Q q 0 0 0 rg BT 271.44 573.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 315.92 573.30 Td (performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 549.30 Td (Catastrophe ) Tj ET Q q 0 0 0 rg BT 130.68 549.30 Td (reinsurance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 196.71 549.30 Td (a ) Tj ET Q q 0 0 0 rg BT 206.61 549.30 Td (form ) Tj ET Q q 0 0 0 rg BT 230.94 549.30 Td (of ) Tj ET Q q 0 0 0 rg BT 243.62 549.30 Td (insurance, ) Tj ET Q q 0 0 0 rg BT 294.09 549.30 Td (which ) Tj ET Q q 0 0 0 rg BT 323.99 549.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 360.01 549.30 Td (to ) Tj ET Q q 0 0 0 rg BT 372.69 549.30 Td (specified ) Tj ET Q q 0 0 0 rg BT 416.49 549.30 Td (limits, ) Tj ET Q q 0 0 0 rg BT 446.38 549.30 Td (indemnifies ) Tj ET Q q 0 0 0 rg BT 501.29 549.30 Td (the ) Tj ET Q q 0 0 0 rg BT 519.53 549.30 Td (ceding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 537.30 Td (company ) Tj ET Q q 0 0 0 rg BT 106.83 537.30 Td (for ) Tj ET Q q 0 0 0 rg BT 121.75 537.30 Td (the ) Tj ET Q q 0 0 0 rg BT 138.90 537.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 175.51 537.30 Td (of ) Tj ET Q q 0 0 0 rg BT 187.10 537.30 Td (loss ) Tj ET Q q 0 0 0 rg BT 208.14 537.30 Td (in ) Tj ET Q q 0 0 0 rg BT 219.17 537.30 Td (excess ) Tj ET Q q 0 0 0 rg BT 253.55 537.30 Td (of ) Tj ET Q q 0 0 0 rg BT 265.14 537.30 Td (a ) Tj ET Q q 0 0 0 rg BT 273.95 537.30 Td (specified ) Tj ET Q q 0 0 0 rg BT 316.67 537.30 Td (retention ) Tj ET Q q 0 0 0 rg BT 358.84 537.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 395.45 537.30 Td (with ) Tj ET Q q 0 0 0 rg BT 416.48 537.30 Td (respect ) Tj ET Q q 0 0 0 rg BT 452.53 537.30 Td (to ) Tj ET Q q 0 0 0 rg BT 464.12 537.30 Td (an ) Tj ET Q q 0 0 0 rg BT 478.49 537.30 Td (accumulation ) Tj ET Q q 0 0 0 rg BT 540.67 537.30 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 525.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 94.12 525.30 Td (resulting ) Tj ET Q q 0 0 0 rg BT 134.70 525.30 Td (from ) Tj ET Q q 0 0 0 rg BT 157.48 525.30 Td (a ) Tj ET Q q 0 0 0 rg BT 165.82 525.30 Td (CA) Tj ET Q q 0 0 0 rg BT 178.97 525.30 Td (T) Tj ET Q q 0 0 0 rg BT 184.89 525.30 Td ( ) Tj ET Q q 0 0 0 rg BT 187.67 525.30 Td (event.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.91 525.30 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 501.30 Td (Cede ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.99 501.30 Td (means ) Tj ET Q q 0 0 0 rg BT 132.55 501.30 Td (the ) Tj ET Q q 0 0 0 rg BT 148.99 501.30 Td (act ) Tj ET Q q 0 0 0 rg BT 164.87 501.30 Td (of ) Tj ET Q q 0 0 0 rg BT 175.75 501.30 Td (an ) Tj ET Q q 0 0 0 rg BT 189.41 501.30 Td (insurer ) Tj ET Q q 0 0 0 rg BT 222.52 501.30 Td (transferring ) Tj ET Q q 0 0 0 rg BT 275.63 501.30 Td (or ) Tj ET Q q 0 0 0 rg BT 287.06 501.30 Td (assigning ) Tj ET Q q 0 0 0 rg BT 331.85 501.30 Td (part ) Tj ET Q q 0 0 0 rg BT 351.62 501.30 Td (or ) Tj ET Q q 0 0 0 rg BT 363.05 501.30 Td (all ) Tj ET Q q 0 0 0 rg BT 375.60 501.30 Td (of ) Tj ET Q q 0 0 0 rg BT 386.48 501.30 Td (the ) Tj ET Q q 0 0 0 rg BT 402.92 501.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 421.01 501.30 Td (of ) Tj ET Q q 0 0 0 rg BT 431.89 501.30 Td (an ) Tj ET Q q 0 0 0 rg BT 445.55 501.30 Td (insurance ) Tj ET Q q 0 0 0 rg BT 491.45 501.30 Td (policy ) Tj ET Q q 0 0 0 rg BT 519.56 501.30 Td (written ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 489.30 Td (by ) Tj ET Q q 0 0 0 rg BT 76.34 489.30 Td (it ) Tj ET Q q 0 0 0 rg BT 84.12 489.30 Td (to ) Tj ET Q q 0 0 0 rg BT 95.24 489.30 Td (a ) Tj ET Q q 0 0 0 rg BT 103.58 489.30 Td (reinsurer ) Tj ET Q q 0 0 0 rg BT 145.81 489.30 Td (by ) Tj ET Q q 0 0 0 rg BT 159.15 489.30 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 210.85 489.30 Td (insurance ) Tj ET Q q 0 0 0 rg BT 256.99 489.30 Td (from ) Tj ET Q q 0 0 0 rg BT 279.77 489.30 Td (such ) Tj ET Q q 0 0 0 rg BT 303.67 489.30 Td (reinsurer ) Tj ET Q q 0 0 0 rg BT 345.91 489.30 Td (to ) Tj ET Q q 0 0 0 rg BT 357.02 489.30 Td (cover ) Tj ET Q q 0 0 0 rg BT 384.25 489.30 Td (the ) Tj ET Q q 0 0 0 rg BT 400.93 489.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 419.26 489.30 Td (or ) Tj ET Q q 0 0 0 rg BT 430.93 489.30 Td (part ) Tj ET Q q 0 0 0 rg BT 450.94 489.30 Td (thereof.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 465.30 Td (Ceded ) Tj ET Q q 0 0 0 rg BT 100.08 465.30 Td (earned ) Tj ET Q q 0 0 0 rg BT 134.40 465.30 Td (premiums ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 188.72 465.30 Td (means ) Tj ET Q q 0 0 0 rg BT 220.26 465.30 Td (ceded ) Tj ET Q q 0 0 0 rg BT 249.03 465.30 Td (written ) Tj ET Q q 0 0 0 rg BT 280.00 465.30 Td (premium ) Tj ET Q q 0 0 0 rg BT 320.42 465.30 Td (during ) Tj ET Q q 0 0 0 rg BT 349.74 465.30 Td (the ) Tj ET Q q 0 0 0 rg BT 365.17 465.30 Td (period, ) Tj ET Q q 0 0 0 rg BT 397.27 465.30 Td (plus ) Tj ET Q q 0 0 0 rg BT 417.14 465.30 Td (the ) Tj ET Q q 0 0 0 rg BT 432.56 465.30 Td (ceded ) Tj ET Q q 0 0 0 rg BT 461.33 465.30 Td (unearned ) Tj ET Q q 0 0 0 rg BT 505.11 465.30 Td (premiums ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 453.30 Td (reserve ) Tj ET Q q 0 0 0 rg BT 99.12 453.30 Td (at ) Tj ET Q q 0 0 0 rg BT 110.24 453.30 Td (the ) Tj ET Q q 0 0 0 rg BT 126.92 453.30 Td (beginning ) Tj ET Q q 0 0 0 rg BT 173.07 453.30 Td (of ) Tj ET Q q 0 0 0 rg BT 184.19 453.30 Td (the ) Tj ET Q q 0 0 0 rg BT 200.87 453.30 Td (period, ) Tj ET Q q 0 0 0 rg BT 234.23 453.30 Td (less ) Tj ET Q q 0 0 0 rg BT 254.79 453.30 Td (the ) Tj ET Q q 0 0 0 rg BT 271.47 453.30 Td (ceded ) Tj ET Q q 0 0 0 rg BT 301.49 453.30 Td (unearned ) Tj ET Q q 0 0 0 rg BT 346.53 453.30 Td (premiums ) Tj ET Q q 0 0 0 rg BT 393.21 453.30 Td (reserve ) Tj ET Q q 0 0 0 rg BT 429.33 453.30 Td (at ) Tj ET Q q 0 0 0 rg BT 440.45 453.30 Td (the ) Tj ET Q q 0 0 0 rg BT 457.13 453.30 Td (end ) Tj ET Q q 0 0 0 rg BT 476.59 453.30 Td (of ) Tj ET Q q 0 0 0 rg BT 487.71 453.30 Td (the ) Tj ET Q q 0 0 0 rg BT 504.39 453.30 Td (period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.96 453.30 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 429.30 Td (Ceded ) Tj ET Q q 0 0 0 rg BT 100.65 429.30 Td (written ) Tj ET Q q 0 0 0 rg BT 135.52 429.30 Td (premiums ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 190.41 429.30 Td (of ) Tj ET Q q 0 0 0 rg BT 200.84 429.30 Td (an ) Tj ET Q q 0 0 0 rg BT 214.05 429.30 Td (insurer ) Tj ET Q q 0 0 0 rg BT 246.71 429.30 Td (for ) Tj ET Q q 0 0 0 rg BT 260.47 429.30 Td (any ) Tj ET Q q 0 0 0 rg BT 278.69 429.30 Td (period ) Tj ET Q q 0 0 0 rg BT 308.58 429.30 Td (means ) Tj ET Q q 0 0 0 rg BT 340.69 429.30 Td (the ) Tj ET Q q 0 0 0 rg BT 356.68 429.30 Td (total ) Tj ET Q q 0 0 0 rg BT 377.67 429.30 Td (insurance ) Tj ET Q q 0 0 0 rg BT 423.12 429.30 Td (premiums ) Tj ET Q q 0 0 0 rg BT 469.11 429.30 Td (written ) Tj ET Q q 0 0 0 rg BT 500.66 429.30 Td (transferred ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 417.30 Td (by ) Tj ET Q q 0 0 0 rg BT 76.34 417.30 Td (the ) Tj ET Q q 0 0 0 rg BT 93.02 417.30 Td (insurer ) Tj ET Q q 0 0 0 rg BT 126.36 417.30 Td (to ) Tj ET Q q 0 0 0 rg BT 137.48 417.30 Td (a ) Tj ET Q q 0 0 0 rg BT 145.82 417.30 Td (reinsurer ) Tj ET Q q 0 0 0 rg BT 188.06 417.30 Td (during ) Tj ET Q q 0 0 0 rg BT 218.63 417.30 Td (such ) Tj ET Q q 0 0 0 rg BT 242.54 417.30 Td (period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 393.30 Td (Claim ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.54 393.30 Td (the ) Tj ET Q q 0 0 0 rg BT 120.76 393.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 157.43 393.30 Td (owed ) Tj ET Q q 0 0 0 rg BT 184.65 393.30 Td (by ) Tj ET Q q 0 0 0 rg BT 198.52 393.30 Td (an ) Tj ET Q q 0 0 0 rg BT 212.96 393.30 Td (insurer ) Tj ET Q q 0 0 0 rg BT 246.84 393.30 Td (or ) Tj ET Q q 0 0 0 rg BT 259.04 393.30 Td (reinsurer ) Tj ET Q q 0 0 0 rg BT 301.81 393.30 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 344.04 393.30 Td (to ) Tj ET Q q 0 0 0 rg BT 355.69 393.30 Td (a ) Tj ET Q q 0 0 0 rg BT 364.57 393.30 Td (policy ) Tj ET Q q 0 0 0 rg BT 393.45 393.30 Td (of ) Tj ET Q q 0 0 0 rg BT 405.10 393.30 Td (insurance ) Tj ET Q q 0 0 0 rg BT 451.77 393.30 Td (or ) Tj ET Q q 0 0 0 rg BT 463.98 393.30 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 519.54 393.30 Td (arising ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 381.30 Td (from ) Tj ET Q q 0 0 0 rg BT 85.78 381.30 Td (the ) Tj ET Q q 0 0 0 rg BT 102.46 381.30 Td (loss ) Tj ET Q q 0 0 0 rg BT 123.02 381.30 Td (relating ) Tj ET Q q 0 0 0 rg BT 158.60 381.30 Td (to ) Tj ET Q q 0 0 0 rg BT 169.71 381.30 Td (an ) Tj ET Q q 0 0 0 rg BT 183.62 381.30 Td (insured ) Tj ET Q q 0 0 0 rg BT 219.19 381.30 Td (event.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 357.30 Td (Claims development ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 173.03 357.30 Td (a non-IFRS measure representing the change in reserve balance on unpaid claims ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 345.30 Td (through the process of adjudication from the initial estimate to the ultimate amount paid. ) Tj ET Q q 0 0 0 rg BT 453.04 345.30 Td (The dif) Tj ET Q q 0 0 0 rg BT 483.43 345.30 Td (ference ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 333.30 Td (between prior year end estimates of ultimate undiscounted claim costs and the current estimates for the same ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 321.30 Td (block of claims. ) Tj ET Q q 0 0 0 rg BT 133.58 321.30 Td (A) Tj ET Q q 0 0 0 rg BT 139.70 321.30 Td ( favourable development represents a reduction in the estimated ultimate claim costs during ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 309.30 Td (the period for that block of claims. ) Tj ET Q q 0 0 0 rg BT 214.74 309.30 Td (An unfavourable development represents an increase in the estimated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 297.30 Td (ultimate claims costs during the period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.86 297.30 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 273.30 Td (Combined ) Tj ET Q q 0 0 0 rg BT 120.26 273.30 Td (ratio ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.30 273.30 Td (of ) Tj ET Q q 0 0 0 rg BT 162.01 273.30 Td (an ) Tj ET Q q 0 0 0 rg BT 176.51 273.30 Td (insurer ) Tj ET Q q 0 0 0 rg BT 210.45 273.30 Td (for ) Tj ET Q q 0 0 0 rg BT 225.49 273.30 Td (any ) Tj ET Q q 0 0 0 rg BT 244.99 273.30 Td (period ) Tj ET Q q 0 0 0 rg BT 276.16 273.30 Td (means ) Tj ET Q q 0 0 0 rg BT 309.54 273.30 Td (the ) Tj ET Q q 0 0 0 rg BT 326.82 273.30 Td (sum ) Tj ET Q q 0 0 0 rg BT 349.08 273.30 Td (of ) Tj ET Q q 0 0 0 rg BT 360.79 273.30 Td (the ) Tj ET Q q 0 0 0 rg BT 378.07 273.30 Td (loss ) Tj ET Q q 0 0 0 rg BT 399.22 273.30 Td (ratio ) Tj ET Q q 0 0 0 rg BT 422.05 273.30 Td (and ) Tj ET Q q 0 0 0 rg BT 442.11 273.30 Td (the ) Tj ET Q q 0 0 0 rg BT 459.38 273.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 500.56 273.30 Td (ratio ) Tj ET Q q 0 0 0 rg BT 523.39 273.30 Td (of ) Tj ET Q q 0 0 0 rg BT 535.10 273.30 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 261.30 Td (insurer ) Tj ET Q q 0 0 0 rg BT 96.34 261.30 Td (for ) Tj ET Q q 0 0 0 rg BT 110.79 261.30 Td (such ) Tj ET Q q 0 0 0 rg BT 134.69 261.30 Td (period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 237.30 Td (Direct ) Tj ET Q q 0 0 0 rg BT 99.94 237.30 Td (written ) Tj ET Q q 0 0 0 rg BT 136.31 237.30 Td (premiums ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 192.69 237.30 Td (of ) Tj ET Q q 0 0 0 rg BT 204.63 237.30 Td (an ) Tj ET Q q 0 0 0 rg BT 219.34 237.30 Td (insurer ) Tj ET Q q 0 0 0 rg BT 253.50 237.30 Td (for ) Tj ET Q q 0 0 0 rg BT 268.76 237.30 Td (any ) Tj ET Q q 0 0 0 rg BT 288.48 237.30 Td (period ) Tj ET Q q 0 0 0 rg BT 319.87 237.30 Td (means ) Tj ET Q q 0 0 0 rg BT 353.47 237.30 Td (the ) Tj ET Q q 0 0 0 rg BT 370.97 237.30 Td (total ) Tj ET Q q 0 0 0 rg BT 393.46 237.30 Td (insurance ) Tj ET Q q 0 0 0 rg BT 440.41 237.30 Td (premiums ) Tj ET Q q 0 0 0 rg BT 487.90 237.30 Td (written ) Tj ET Q q 0 0 0 rg BT 520.95 237.30 Td (by ) Tj ET Q q 0 0 0 rg BT 535.10 237.30 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 225.30 Td (insurer ) Tj ET Q q 0 0 0 rg BT 96.34 225.30 Td (during ) Tj ET Q q 0 0 0 rg BT 126.92 225.30 Td (such ) Tj ET Q q 0 0 0 rg BT 150.82 225.30 Td (period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 201.30 Td (Expense ) Tj ET Q q 0 0 0 rg BT 111.73 201.30 Td (ratio ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 140.99 201.30 Td (for ) Tj ET Q q 0 0 0 rg BT 155.25 201.30 Td (any ) Tj ET Q q 0 0 0 rg BT 173.96 201.30 Td (period ) Tj ET Q q 0 0 0 rg BT 204.35 201.30 Td (means ) Tj ET Q q 0 0 0 rg BT 236.96 201.30 Td (the ) Tj ET Q q 0 0 0 rg BT 253.46 201.30 Td (sum ) Tj ET Q q 0 0 0 rg BT 274.94 201.30 Td (of ) Tj ET Q q 0 0 0 rg BT 285.87 201.30 Td (the ) Tj ET Q q 0 0 0 rg BT 302.37 201.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 352.21 201.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 392.61 201.30 Td (ratio ) Tj ET Q q 0 0 0 rg BT 414.65 201.30 Td (and ) Tj ET Q q 0 0 0 rg BT 433.93 201.30 Td (the ) Tj ET Q q 0 0 0 rg BT 450.42 201.30 Td (general ) Tj ET Q q 0 0 0 rg BT 486.38 201.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 526.78 201.30 Td (ratio.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 177.30 Td (Frequency ) Tj ET Q q 0 0 0 rg BT 121.05 177.30 Td (of ) Tj ET Q q 0 0 0 rg BT 132.97 177.30 Td (claims ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 171.59 177.30 Td (the ) Tj ET Q q 0 0 0 rg BT 187.97 177.30 Td (ratio ) Tj ET Q q 0 0 0 rg BT 209.91 177.30 Td (of ) Tj ET Q q 0 0 0 rg BT 220.73 177.30 Td (the ) Tj ET Q q 0 0 0 rg BT 237.12 177.30 Td (number ) Tj ET Q q 0 0 0 rg BT 273.50 177.30 Td (of ) Tj ET Q q 0 0 0 rg BT 284.33 177.30 Td (claims ) Tj ET Q q 0 0 0 rg BT 315.14 177.30 Td (files ) Tj ET Q q 0 0 0 rg BT 335.41 177.30 Td (opened ) Tj ET Q q 0 0 0 rg BT 371.26 177.30 Td (in ) Tj ET Q q 0 0 0 rg BT 381.53 177.30 Td (a ) Tj ET Q q 0 0 0 rg BT 389.57 177.30 Td (period ) Tj ET Q q 0 0 0 rg BT 419.85 177.30 Td (to ) Tj ET Q q 0 0 0 rg BT 430.67 177.30 Td (the ) Tj ET Q q 0 0 0 rg BT 447.06 177.30 Td (total ) Tj ET Q q 0 0 0 rg BT 468.44 177.30 Td (number ) Tj ET Q q 0 0 0 rg BT 504.83 177.30 Td (of ) Tj ET Q q 0 0 0 rg BT 515.65 177.30 Td (policies ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 165.30 Td (in ) Tj ET Q q 0 0 0 rg BT 73.56 165.30 Td (force. ) Tj ET Q q 0 0 0 rg BT 100.80 165.30 Td (A) Tj ET Q q 0 0 0 rg BT 106.92 165.30 Td ( ) Tj ET Q q 0 0 0 rg BT 109.69 165.30 Td (measure ) Tj ET Q q 0 0 0 rg BT 151.38 165.30 Td (of ) Tj ET Q q 0 0 0 rg BT 162.50 165.30 Td (how ) Tj ET Q q 0 0 0 rg BT 183.62 165.30 Td (often ) Tj ET Q q 0 0 0 rg BT 208.64 165.30 Td (a ) Tj ET Q q 0 0 0 rg BT 216.98 165.30 Td (claim ) Tj ET Q q 0 0 0 rg BT 243.09 165.30 Td (is ) Tj ET Q q 0 0 0 rg BT 253.09 165.30 Td (reported ) Tj ET Q q 0 0 0 rg BT 293.12 165.30 Td (as ) Tj ET Q q 0 0 0 rg BT 306.46 165.30 Td (a ) Tj ET Q q 0 0 0 rg BT 314.80 165.30 Td (function ) Tj ET Q q 0 0 0 rg BT 352.60 165.30 Td (of ) Tj ET Q q 0 0 0 rg BT 363.72 165.30 Td (policies ) Tj ET Q q 0 0 0 rg BT 399.85 165.30 Td (in ) Tj ET Q q 0 0 0 rg BT 410.41 165.30 Td (force.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.42 165.30 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 141.30 Td (General ) Tj ET Q q 0 0 0 rg BT 106.85 141.30 Td (Expense ) Tj ET Q q 0 0 0 rg BT 149.60 141.30 Td (ratio ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 177.88 141.30 Td (for ) Tj ET Q q 0 0 0 rg BT 191.17 141.30 Td (any ) Tj ET Q q 0 0 0 rg BT 208.90 141.30 Td (period ) Tj ET Q q 0 0 0 rg BT 238.31 141.30 Td (means ) Tj ET Q q 0 0 0 rg BT 269.94 141.30 Td (the ) Tj ET Q q 0 0 0 rg BT 285.45 141.30 Td (sum ) Tj ET Q q 0 0 0 rg BT 305.96 141.30 Td (of ) Tj ET Q q 0 0 0 rg BT 315.91 141.30 Td (all ) Tj ET Q q 0 0 0 rg BT 327.53 141.30 Td (general ) Tj ET Q q 0 0 0 rg BT 362.50 141.30 Td (expenses ) Tj ET Q q 0 0 0 rg BT 406.92 141.30 Td (divided ) Tj ET Q q 0 0 0 rg BT 440.22 141.30 Td (by ) Tj ET Q q 0 0 0 rg BT 452.40 141.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 469.57 141.30 Td (earned ) Tj ET Q q 0 0 0 rg BT 502.32 141.30 Td (premiums.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 117.30 Td (Gross ) Tj ET Q q 0 0 0 rg BT 99.46 117.30 Td (earned ) Tj ET Q q 0 0 0 rg BT 134.81 117.30 Td (premiums ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 190.15 117.30 Td (means ) Tj ET Q q 0 0 0 rg BT 222.72 117.30 Td (written ) Tj ET Q q 0 0 0 rg BT 254.73 117.30 Td (premium ) Tj ET Q q 0 0 0 rg BT 296.19 117.30 Td (during ) Tj ET Q q 0 0 0 rg BT 326.54 117.30 Td (the ) Tj ET Q q 0 0 0 rg BT 343.00 117.30 Td (period, ) Tj ET Q q 0 0 0 rg BT 376.13 117.30 Td (plus ) Tj ET Q q 0 0 0 rg BT 397.03 117.30 Td (the ) Tj ET Q q 0 0 0 rg BT 413.49 117.30 Td (unearned ) Tj ET Q q 0 0 0 rg BT 458.30 117.30 Td (premiums ) Tj ET Q q 0 0 0 rg BT 504.75 117.30 Td (reserve ) Tj ET Q q 0 0 0 rg BT 540.65 117.30 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 105.30 Td (the ) Tj ET Q q 0 0 0 rg BT 79.68 105.30 Td (beginning ) Tj ET Q q 0 0 0 rg BT 125.83 105.30 Td (of ) Tj ET Q q 0 0 0 rg BT 136.95 105.30 Td (the ) Tj ET Q q 0 0 0 rg BT 153.63 105.30 Td (period, ) Tj ET Q q 0 0 0 rg BT 186.98 105.30 Td (less ) Tj ET Q q 0 0 0 rg BT 207.55 105.30 Td (the ) Tj ET Q q 0 0 0 rg BT 224.23 105.30 Td (unearned ) Tj ET Q q 0 0 0 rg BT 269.26 105.30 Td (premiums ) Tj ET Q q 0 0 0 rg BT 315.94 105.30 Td (reserve ) Tj ET Q q 0 0 0 rg BT 352.06 105.30 Td (at ) Tj ET Q q 0 0 0 rg BT 363.18 105.30 Td (the ) Tj ET Q q 0 0 0 rg BT 379.86 105.30 Td (end ) Tj ET Q q 0 0 0 rg BT 399.32 105.30 Td (of ) Tj ET Q q 0 0 0 rg BT 410.44 105.30 Td (the ) Tj ET Q q 0 0 0 rg BT 427.12 105.30 Td (period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.70 105.30 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 81.30 Td (Incurred ) Tj ET Q q 0 0 0 rg BT 110.81 81.30 Td (but ) Tj ET Q q 0 0 0 rg BT 129.15 81.30 Td (not ) Tj ET Q q 0 0 0 rg BT 147.49 81.30 Td (reported ) Tj ET Q q 0 0 0 rg BT 190.85 81.30 Td (\(IBNR\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.75 81.30 Td (the ) Tj ET Q q 0 0 0 rg BT 246.45 81.30 Td (estimate ) Tj ET Q q 0 0 0 rg BT 287.03 81.30 Td (of ) Tj ET Q q 0 0 0 rg BT 298.17 81.30 Td (claims ) Tj ET Q q 0 0 0 rg BT 329.30 81.30 Td (incurred ) Tj ET Q q 0 0 0 rg BT 368.22 81.30 Td (but ) Tj ET Q q 0 0 0 rg BT 384.92 81.30 Td (not ) Tj ET Q q 0 0 0 rg BT 401.62 81.30 Td (yet ) Tj ET Q q 0 0 0 rg BT 417.75 81.30 Td (reported ) Tj ET Q q 0 0 0 rg BT 457.80 81.30 Td (by ) Tj ET Q q 0 0 0 rg BT 471.15 81.30 Td (policyholders ) Tj ET Q q 0 0 0 rg BT 532.31 81.30 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 69.30 Td (not ) Tj ET Q q 0 0 0 rg BT 79.68 69.30 Td (enough ) Tj ET Q q 0 0 0 rg BT 115.83 69.30 Td (case ) Tj ET Q q 0 0 0 rg BT 139.73 69.30 Td (reserve.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.85 69.30 Td ( ) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <>stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 34.10 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 175.48 34.10 Td (Analysis Page 19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 730.75 Td (Large ) Tj ET Q q 0 0 0 rg BT 98.01 730.75 Td (Loss) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 126.35 730.75 Td ( ) Tj ET Q q 0 0 0 rg BT 129.13 730.75 Td (is ) Tj ET Q q 0 0 0 rg BT 139.13 730.75 Td (a ) Tj ET Q q 0 0 0 rg BT 147.47 730.75 Td (single ) Tj ET Q q 0 0 0 rg BT 176.37 730.75 Td (claim ) Tj ET Q q 0 0 0 rg BT 202.49 730.75 Td (in ) Tj ET Q q 0 0 0 rg BT 213.05 730.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 246.95 730.75 Td (of ) Tj ET Q q 0 0 0 rg BT 258.07 730.75 Td ($100,000.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 708.75 Td (Line ) Tj ET Q q 0 0 0 rg BT 91.33 708.75 Td (of ) Tj ET Q q 0 0 0 rg BT 103.55 708.75 Td (business ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 154.68 708.75 Td (the ) Tj ET Q q 0 0 0 rg BT 171.36 708.75 Td (major ) Tj ET Q q 0 0 0 rg BT 199.14 708.75 Td (product ) Tj ET Q q 0 0 0 rg BT 235.28 708.75 Td (groupings ) Tj ET Q q 0 0 0 rg BT 281.97 708.75 Td (of) Tj ET Q q 0 0 0 rg BT 290.13 708.75 Td (fered ) Tj ET Q q 0 0 0 rg BT 315.71 708.75 Td (to ) Tj ET Q q 0 0 0 rg BT 326.82 708.75 Td (the ) Tj ET Q q 0 0 0 rg BT 343.50 708.75 Td (public.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 684.75 Td (Market ) Tj ET Q q 0 0 0 rg BT 103.69 684.75 Td (yield ) Tj ET Q q 0 0 0 rg BT 129.94 684.75 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 186.73 684.75 Td (\(MY) Tj ET Q q 0 0 0 rg BT 204.15 684.75 Td (A\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 223.15 684.75 Td (a ) Tj ET Q q 0 0 0 rg BT 232.17 684.75 Td (non-IFRS ) Tj ET Q q 0 0 0 rg BT 278.42 684.75 Td (measure ) Tj ET Q q 0 0 0 rg BT 320.78 684.75 Td (representing ) Tj ET Q q 0 0 0 rg BT 379.83 684.75 Td (the ) Tj ET Q q 0 0 0 rg BT 397.19 684.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 430.10 684.75 Td (of ) Tj ET Q q 0 0 0 rg BT 441.90 684.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 483.16 684.75 Td (in ) Tj ET Q q 0 0 0 rg BT 494.40 684.75 Td (the ) Tj ET Q q 0 0 0 rg BT 511.76 684.75 Td (discount ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 672.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 82.83 672.75 Td (on ) Tj ET Q q 0 0 0 rg BT 96.54 672.75 Td (claims ) Tj ET Q q 0 0 0 rg BT 127.47 672.75 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 170.64 672.75 Td (the ) Tj ET Q q 0 0 0 rg BT 187.13 672.75 Td (provision ) Tj ET Q q 0 0 0 rg BT 229.74 672.75 Td (for ) Tj ET Q q 0 0 0 rg BT 244.01 672.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 282.18 672.75 Td (deviation ) Tj ET Q q 0 0 0 rg BT 324.80 672.75 Td (\(PF) Tj ET Q q 0 0 0 rg BT 340.36 672.75 Td (ADs\) ) Tj ET Q q 0 0 0 rg BT 365.17 672.75 Td (and ) Tj ET Q q 0 0 0 rg BT 384.45 672.75 Td (other ) Tj ET Q q 0 0 0 rg BT 409.84 672.75 Td (discounting ) Tj ET Q q 0 0 0 rg BT 463.02 672.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 521.75 672.75 Td (based ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 660.75 Td (on ) Tj ET Q q 0 0 0 rg BT 76.90 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 93.58 660.75 Td (change ) Tj ET Q q 0 0 0 rg BT 129.17 660.75 Td (in ) Tj ET Q q 0 0 0 rg BT 139.73 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 156.41 660.75 Td (market-based ) Tj ET Q q 0 0 0 rg BT 220.32 660.75 Td (yield ) Tj ET Q q 0 0 0 rg BT 243.67 660.75 Td (of ) Tj ET Q q 0 0 0 rg BT 254.79 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 271.47 660.75 Td (underlying ) Tj ET Q q 0 0 0 rg BT 320.39 660.75 Td (assets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.07 660.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 636.75 Td (Minimum ) Tj ET Q q 0 0 0 rg BT 114.18 636.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 149.81 636.75 Td (T) Tj ET Q q 0 0 0 rg BT 155.18 636.75 Td (est ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 176.92 636.75 Td (means ) Tj ET Q q 0 0 0 rg BT 209.23 636.75 Td (the ) Tj ET Q q 0 0 0 rg BT 225.42 636.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 272.18 636.75 Td (guideline ) Tj ET Q q 0 0 0 rg BT 314.50 636.75 Td (under ) Tj ET Q q 0 0 0 rg BT 342.37 636.75 Td (which ) Tj ET Q q 0 0 0 rg BT 370.23 636.75 Td (a ) Tj ET Q q 0 0 0 rg BT 378.08 636.75 Td (federally ) Tj ET Q q 0 0 0 rg BT 418.17 636.75 Td (regulated ) Tj ET Q q 0 0 0 rg BT 462.16 636.75 Td (insurer ) Tj ET Q q 0 0 0 rg BT 495.02 636.75 Td (is ) Tj ET Q q 0 0 0 rg BT 504.53 636.75 Td (measured ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 624.75 Td (for ) Tj ET Q q 0 0 0 rg BT 77.45 624.75 Td (the ) Tj ET Q q 0 0 0 rg BT 94.13 624.75 Td (adequacy ) Tj ET Q q 0 0 0 rg BT 140.28 624.75 Td (of ) Tj ET Q q 0 0 0 rg BT 151.39 624.75 Td (its ) Tj ET Q q 0 0 0 rg BT 164.17 624.75 Td (capital.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.86 624.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 600.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 86.89 600.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 122.46 600.75 Td (premiums ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 178.03 600.75 Td (of ) Tj ET Q q 0 0 0 rg BT 189.15 600.75 Td (an ) Tj ET Q q 0 0 0 rg BT 203.05 600.75 Td (insurer ) Tj ET Q q 0 0 0 rg BT 236.40 600.75 Td (is ) Tj ET Q q 0 0 0 rg BT 246.40 600.75 Td (the ) Tj ET Q q 0 0 0 rg BT 263.08 600.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 290.31 600.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 324.23 600.75 Td (premiums ) Tj ET Q q 0 0 0 rg BT 370.90 600.75 Td (less ) Tj ET Q q 0 0 0 rg BT 391.46 600.75 Td (the ) Tj ET Q q 0 0 0 rg BT 408.14 600.75 Td (ceded ) Tj ET Q q 0 0 0 rg BT 438.17 600.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 472.08 600.75 Td (premiums.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.76 600.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 576.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 88.28 576.75 Td (Operating ) Tj ET Q q 0 0 0 rg BT 139.67 576.75 Td (Income ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.85 576.75 Td (means ) Tj ET Q q 0 0 0 rg BT 218.03 576.75 Td (net ) Tj ET Q q 0 0 0 rg BT 236.10 576.75 Td (income ) Tj ET Q q 0 0 0 rg BT 272.50 576.75 Td (plus ) Tj ET Q q 0 0 0 rg BT 295.01 576.75 Td (or ) Tj ET Q q 0 0 0 rg BT 308.07 576.75 Td (minus ) Tj ET Q q 0 0 0 rg BT 338.91 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 356.97 576.75 Td (after ) Tj ET Q q 0 0 0 rg BT 381.15 576.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 398.66 576.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 432.28 576.75 Td (of ) Tj ET Q q 0 0 0 rg BT 444.78 576.75 Td (change ) Tj ET Q q 0 0 0 rg BT 481.75 576.75 Td (in ) Tj ET Q q 0 0 0 rg BT 493.70 576.75 Td (market ) Tj ET Q q 0 0 0 rg BT 528.43 576.75 Td (yield ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 564.75 Td (adjustment, ) Tj ET Q q 0 0 0 rg BT 118.90 564.75 Td (realized ) Tj ET Q q 0 0 0 rg BT 158.12 564.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 190.67 564.75 Td (or ) Tj ET Q q 0 0 0 rg BT 203.76 564.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 231.87 564.75 Td (on ) Tj ET Q q 0 0 0 rg BT 247.20 564.75 Td (sale ) Tj ET Q q 0 0 0 rg BT 269.74 564.75 Td (of ) Tj ET Q q 0 0 0 rg BT 282.29 564.75 Td (investments, ) Tj ET Q q 0 0 0 rg BT 342.62 564.75 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 402.98 564.75 Td (operations, ) Tj ET Q q 0 0 0 rg BT 456.66 564.75 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 507.00 564.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 525.10 564.75 Td (value ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 552.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 103.59 552.75 Td (on ) Tj ET Q q 0 0 0 rg BT 117.49 552.75 Td (FVTPL) Tj ET Q q 0 0 0 rg BT 148.23 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 151.01 552.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 207.15 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 226.61 552.75 Td (one ) Tj ET Q q 0 0 0 rg BT 246.07 552.75 Td (time ) Tj ET Q q 0 0 0 rg BT 267.74 552.75 Td (non ) Tj ET Q q 0 0 0 rg BT 287.20 552.75 Td (recurring ) Tj ET Q q 0 0 0 rg BT 329.44 552.75 Td (charges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.79 552.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 528.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 85.66 528.75 Td (written ) Tj ET Q q 0 0 0 rg BT 119.98 528.75 Td (premiums ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 174.32 528.75 Td (of ) Tj ET Q q 0 0 0 rg BT 184.21 528.75 Td (an ) Tj ET Q q 0 0 0 rg BT 196.87 528.75 Td (insurer ) Tj ET Q q 0 0 0 rg BT 228.99 528.75 Td (for ) Tj ET Q q 0 0 0 rg BT 242.20 528.75 Td (any ) Tj ET Q q 0 0 0 rg BT 259.87 528.75 Td (period ) Tj ET Q q 0 0 0 rg BT 289.21 528.75 Td (means ) Tj ET Q q 0 0 0 rg BT 320.77 528.75 Td (direct ) Tj ET Q q 0 0 0 rg BT 346.77 528.75 Td (written ) Tj ET Q q 0 0 0 rg BT 377.77 528.75 Td (premiums ) Tj ET Q q 0 0 0 rg BT 423.21 528.75 Td (less ) Tj ET Q q 0 0 0 rg BT 442.54 528.75 Td (ceded ) Tj ET Q q 0 0 0 rg BT 471.33 528.75 Td (written ) Tj ET Q q 0 0 0 rg BT 502.33 528.75 Td (premiums.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 504.75 Td (Property ) Tj ET Q q 0 0 0 rg BT 111.36 504.75 Td (and ) Tj ET Q q 0 0 0 rg BT 131.38 504.75 Td (casualty ) Tj ET Q q 0 0 0 rg BT 173.65 504.75 Td (\(P&C\) ) Tj ET Q q 0 0 0 rg BT 203.66 504.75 Td (insurance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 258.15 504.75 Td (all ) Tj ET Q q 0 0 0 rg BT 270.39 504.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 315.99 504.75 Td (excluding ) Tj ET Q q 0 0 0 rg BT 360.49 504.75 Td (life ) Tj ET Q q 0 0 0 rg BT 375.51 504.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 421.11 504.75 Td (and ) Tj ET Q q 0 0 0 rg BT 440.04 504.75 Td (governmental ) Tj ET Q q 0 0 0 rg BT 502.87 504.75 Td (insurance. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 492.75 Td (Also ) Tj ET Q q 0 0 0 rg BT 85.23 492.75 Td (known ) Tj ET Q q 0 0 0 rg BT 116.92 492.75 Td (as ) Tj ET Q q 0 0 0 rg BT 130.26 492.75 Td (general ) Tj ET Q q 0 0 0 rg BT 166.39 492.75 Td (insurance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.53 492.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 468.75 Td (Provision ) Tj ET Q q 0 0 0 rg BT 117.21 468.75 Td (for ) Tj ET Q q 0 0 0 rg BT 134.19 468.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 175.65 468.75 Td (deviation ) Tj ET Q q 0 0 0 rg BT 223.19 468.75 Td (\(PF) Tj ET Q q 0 0 0 rg BT 238.75 468.75 Td (AD\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 265.17 468.75 Td (margins ) Tj ET Q q 0 0 0 rg BT 304.38 468.75 Td (that ) Tj ET Q q 0 0 0 rg BT 324.71 468.75 Td (are ) Tj ET Q q 0 0 0 rg BT 342.81 468.75 Td (added ) Tj ET Q q 0 0 0 rg BT 374.27 468.75 Td (to ) Tj ET Q q 0 0 0 rg BT 386.26 468.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 407.69 468.75 Td (reserves ) Tj ET Q q 0 0 0 rg BT 449.68 468.75 Td (to ) Tj ET Q q 0 0 0 rg BT 461.67 468.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 498.11 468.75 Td (for ) Tj ET Q q 0 0 0 rg BT 513.43 468.75 Td (adverse ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 456.75 Td (deviation ) Tj ET Q q 0 0 0 rg BT 106.34 456.75 Td (from ) Tj ET Q q 0 0 0 rg BT 129.64 456.75 Td (claims ) Tj ET Q q 0 0 0 rg BT 161.29 456.75 Td (reserve ) Tj ET Q q 0 0 0 rg BT 197.94 456.75 Td (estimates; ) Tj ET Q q 0 0 0 rg BT 246.82 456.75 Td (this ) Tj ET Q q 0 0 0 rg BT 265.69 456.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 305.68 456.75 Td (provisions ) Tj ET Q q 0 0 0 rg BT 354.01 456.75 Td (covering ) Tj ET Q q 0 0 0 rg BT 395.12 456.75 Td (claims ) Tj ET Q q 0 0 0 rg BT 426.76 456.75 Td (development ) Tj ET Q q 0 0 0 rg BT 487.33 456.75 Td (variability ) Tj ET Q q 0 0 0 rg BT 532.32 456.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 444.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 86.33 444.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 136.92 444.75 Td (with ) Tj ET Q q 0 0 0 rg BT 157.48 444.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 193.05 444.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 213.06 444.75 Td (and ) Tj ET Q q 0 0 0 rg BT 232.52 444.75 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 287.55 444.75 Td (recoveries.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.46 444.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 420.75 Td (Reinsurance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.39 420.75 Td (means ) Tj ET Q q 0 0 0 rg BT 167.77 420.75 Td (an ) Tj ET Q q 0 0 0 rg BT 181.26 420.75 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 240.32 420.75 Td (in ) Tj ET Q q 0 0 0 rg BT 250.47 420.75 Td (which ) Tj ET Q q 0 0 0 rg BT 278.40 420.75 Td (an ) Tj ET Q q 0 0 0 rg BT 291.89 420.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 337.61 420.75 Td (company ) Tj ET Q q 0 0 0 rg BT 380.55 420.75 Td (agrees ) Tj ET Q q 0 0 0 rg BT 413.49 420.75 Td (to ) Tj ET Q q 0 0 0 rg BT 424.20 420.75 Td (indemnify ) Tj ET Q q 0 0 0 rg BT 469.36 420.75 Td (another ) Tj ET Q q 0 0 0 rg BT 505.64 420.75 Td (insurance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 408.75 Td (or ) Tj ET Q q 0 0 0 rg BT 74.29 408.75 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 128.94 408.75 Td (company ) Tj ET Q q 0 0 0 rg BT 171.91 408.75 Td (against ) Tj ET Q q 0 0 0 rg BT 206.55 408.75 Td (all ) Tj ET Q q 0 0 0 rg BT 218.95 408.75 Td (or ) Tj ET Q q 0 0 0 rg BT 230.24 408.75 Td (a ) Tj ET Q q 0 0 0 rg BT 238.20 408.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 271.17 408.75 Td (of ) Tj ET Q q 0 0 0 rg BT 281.91 408.75 Td (the ) Tj ET Q q 0 0 0 rg BT 298.21 408.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 343.97 408.75 Td (or ) Tj ET Q q 0 0 0 rg BT 355.25 408.75 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 409.90 408.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 432.85 408.75 Td (underwritten ) Tj ET Q q 0 0 0 rg BT 490.28 408.75 Td (by ) Tj ET Q q 0 0 0 rg BT 503.24 408.75 Td (the ) Tj ET Q q 0 0 0 rg BT 519.53 408.75 Td (ceding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 396.75 Td (company ) Tj ET Q q 0 0 0 rg BT 106.35 396.75 Td (under ) Tj ET Q q 0 0 0 rg BT 134.71 396.75 Td (one ) Tj ET Q q 0 0 0 rg BT 154.17 396.75 Td (or ) Tj ET Q q 0 0 0 rg BT 165.84 396.75 Td (more ) Tj ET Q q 0 0 0 rg BT 191.40 396.75 Td (policies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 372.75 Td (Retention ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.78 372.75 Td (has ) Tj ET Q q 0 0 0 rg BT 140.57 372.75 Td (two ) Tj ET Q q 0 0 0 rg BT 158.80 372.75 Td (meanings: ) Tj ET Q q 0 0 0 rg BT 207.60 372.75 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 222.49 372.75 Td (in ) Tj ET Q q 0 0 0 rg BT 232.95 372.75 Td (respect ) Tj ET Q q 0 0 0 rg BT 268.41 372.75 Td (of ) Tj ET Q q 0 0 0 rg BT 279.42 372.75 Td (reinsurance, ) Tj ET Q q 0 0 0 rg BT 337.11 372.75 Td (the ) Tj ET Q q 0 0 0 rg BT 353.68 372.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 389.71 372.75 Td (of ) Tj ET Q q 0 0 0 rg BT 400.71 372.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 418.94 372.75 Td (not ) Tj ET Q q 0 0 0 rg BT 435.50 372.75 Td (ceded ) Tj ET Q q 0 0 0 rg BT 465.42 372.75 Td (to ) Tj ET Q q 0 0 0 rg BT 476.43 372.75 Td (reinsurers; ) Tj ET Q q 0 0 0 rg BT 526.33 372.75 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 541.22 372.75 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 360.75 Td (respect ) Tj ET Q q 0 0 0 rg BT 98.57 360.75 Td (to ) Tj ET Q q 0 0 0 rg BT 109.69 360.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 145.82 360.75 Td (in ) Tj ET Q q 0 0 0 rg BT 156.38 360.75 Td (force, ) Tj ET Q q 0 0 0 rg BT 184.17 360.75 Td (the ) Tj ET Q q 0 0 0 rg BT 200.85 360.75 Td (number ) Tj ET Q q 0 0 0 rg BT 237.53 360.75 Td (of ) Tj ET Q q 0 0 0 rg BT 248.65 360.75 Td (policyholders ) Tj ET Q q 0 0 0 rg BT 309.79 360.75 Td (who ) Tj ET Q q 0 0 0 rg BT 330.92 360.75 Td (renew ) Tj ET Q q 0 0 0 rg BT 360.93 360.75 Td (for ) Tj ET Q q 0 0 0 rg BT 375.38 360.75 Td (a ) Tj ET Q q 0 0 0 rg BT 383.72 360.75 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 438.21 360.75 Td (term.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.98 360.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 336.75 Td (Return ) Tj ET Q q 0 0 0 rg BT 102.98 336.75 Td (on ) Tj ET Q q 0 0 0 rg BT 117.96 336.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 155.17 336.75 Td (or ) Tj ET Q q 0 0 0 rg BT 167.93 336.75 Td (ROE ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 202.36 336.75 Td (for ) Tj ET Q q 0 0 0 rg BT 216.79 336.75 Td (a ) Tj ET Q q 0 0 0 rg BT 225.11 336.75 Td (period ) Tj ET Q q 0 0 0 rg BT 255.67 336.75 Td (means ) Tj ET Q q 0 0 0 rg BT 288.45 336.75 Td (net ) Tj ET Q q 0 0 0 rg BT 305.11 336.75 Td (income ) Tj ET Q q 0 0 0 rg BT 340.11 336.75 Td (expressed ) Tj ET Q q 0 0 0 rg BT 389.00 336.75 Td (as ) Tj ET Q q 0 0 0 rg BT 402.33 336.75 Td (a ) Tj ET Q q 0 0 0 rg BT 410.65 336.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 463.45 336.75 Td (of ) Tj ET Q q 0 0 0 rg BT 474.55 336.75 Td (the ) Tj ET Q q 0 0 0 rg BT 491.21 336.75 Td (average ) Tj ET Q q 0 0 0 rg BT 530.11 336.75 Td (total ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 324.75 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 118.59 324.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 148.05 324.75 Td (in ) Tj ET Q q 0 0 0 rg BT 158.62 324.75 Td (that ) Tj ET Q q 0 0 0 rg BT 178.07 324.75 Td (period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 300.75 Td (Underwriting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.63 300.75 Td (means ) Tj ET Q q 0 0 0 rg BT 170.61 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 187.48 300.75 Td (assumption ) Tj ET Q q 0 0 0 rg BT 241.59 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 252.89 300.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 271.41 300.75 Td (for ) Tj ET Q q 0 0 0 rg BT 286.05 300.75 Td (designated ) Tj ET Q q 0 0 0 rg BT 337.95 300.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 358.70 300.75 Td (or ) Tj ET Q q 0 0 0 rg BT 370.55 300.75 Td (damage ) Tj ET Q q 0 0 0 rg BT 409.66 300.75 Td (by ) Tj ET Q q 0 0 0 rg BT 423.19 300.75 Td (issuing ) Tj ET Q q 0 0 0 rg BT 457.28 300.75 Td (a ) Tj ET Q q 0 0 0 rg BT 465.81 300.75 Td (policy ) Tj ET Q q 0 0 0 rg BT 494.34 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 505.65 300.75 Td (insurance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 288.75 Td (in ) Tj ET Q q 0 0 0 rg BT 73.56 288.75 Td (respect ) Tj ET Q q 0 0 0 rg BT 109.13 288.75 Td (thereof.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 264.75 Td (Underwriting ) Tj ET Q q 0 0 0 rg BT 132.10 264.75 Td (income ) Tj ET Q q 0 0 0 rg BT 169.54 264.75 Td (or ) Tj ET Q q 0 0 0 rg BT 181.98 264.75 Td (loss ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 209.42 264.75 Td (a ) Tj ET Q q 0 0 0 rg BT 217.42 264.75 Td (non-IFRS ) Tj ET Q q 0 0 0 rg BT 262.65 264.75 Td (measure ) Tj ET Q q 0 0 0 rg BT 303.99 264.75 Td (calculating ) Tj ET Q q 0 0 0 rg BT 353.68 264.75 Td (the ) Tj ET Q q 0 0 0 rg BT 370.01 264.75 Td (profit ) Tj ET Q q 0 0 0 rg BT 394.68 264.75 Td (or ) Tj ET Q q 0 0 0 rg BT 406.01 264.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 426.22 264.75 Td (from ) Tj ET Q q 0 0 0 rg BT 448.66 264.75 Td (the ) Tj ET Q q 0 0 0 rg BT 465.00 264.75 Td (activity ) Tj ET Q q 0 0 0 rg BT 497.99 264.75 Td (of ) Tj ET Q q 0 0 0 rg BT 508.77 264.75 Td (taking ) Tj ET Q q 0 0 0 rg BT 537.89 264.75 Td (on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 252.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 109.14 252.75 Td (risks, ) Tj ET Q q 0 0 0 rg BT 135.25 252.75 Td (excluding ) Tj ET Q q 0 0 0 rg BT 180.28 252.75 Td (the ) Tj ET Q q 0 0 0 rg BT 196.96 252.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 229.19 252.75 Td (of ) Tj ET Q q 0 0 0 rg BT 240.30 252.75 Td (the ) Tj ET Q q 0 0 0 rg BT 256.98 252.75 Td (market ) Tj ET Q q 0 0 0 rg BT 290.32 252.75 Td (yield ) Tj ET Q q 0 0 0 rg BT 313.67 252.75 Td (adjustment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.36 252.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 228.75 Td (Unearned ) Tj ET Q q 0 0 0 rg BT 116.64 228.75 Td (commissions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 188.07 228.75 Td (means ) Tj ET Q q 0 0 0 rg BT 220.60 228.75 Td (the ) Tj ET Q q 0 0 0 rg BT 237.02 228.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 270.12 228.75 Td (of ) Tj ET Q q 0 0 0 rg BT 280.97 228.75 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 335.74 228.75 Td (commissions ) Tj ET Q q 0 0 0 rg BT 396.05 228.75 Td (within ) Tj ET Q q 0 0 0 rg BT 424.13 228.75 Td (a ) Tj ET Q q 0 0 0 rg BT 432.21 228.75 Td (policy ) Tj ET Q q 0 0 0 rg BT 460.30 228.75 Td (term ) Tj ET Q q 0 0 0 rg BT 482.82 228.75 Td (which ) Tj ET Q q 0 0 0 rg BT 510.90 228.75 Td (have ) Tj ET Q q 0 0 0 rg BT 535.10 228.75 Td (not ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 216.75 Td (yet ) Tj ET Q q 0 0 0 rg BT 79.12 216.75 Td (earned.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 192.75 Td (Unearned ) Tj ET Q q 0 0 0 rg BT 116.90 192.75 Td (premiums ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 172.47 192.75 Td (means ) Tj ET Q q 0 0 0 rg BT 205.27 192.75 Td (the ) Tj ET Q q 0 0 0 rg BT 221.95 192.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 255.30 192.75 Td (of ) Tj ET Q q 0 0 0 rg BT 266.42 192.75 Td (premiums ) Tj ET Q q 0 0 0 rg BT 313.09 192.75 Td (within ) Tj ET Q q 0 0 0 rg BT 341.44 192.75 Td (a ) Tj ET Q q 0 0 0 rg BT 349.78 192.75 Td (policy ) Tj ET Q q 0 0 0 rg BT 378.12 192.75 Td (term ) Tj ET Q q 0 0 0 rg BT 400.90 192.75 Td (which ) Tj ET Q q 0 0 0 rg BT 429.25 192.75 Td (have ) Tj ET Q q 0 0 0 rg BT 453.71 192.75 Td (not ) Tj ET Q q 0 0 0 rg BT 470.39 192.75 Td (yet ) Tj ET Q q 0 0 0 rg BT 486.51 192.75 Td (earned.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 168.75 Td (Unearned ) Tj ET Q q 0 0 0 rg BT 117.00 168.75 Td (premiums ) Tj ET Q q 0 0 0 rg BT 167.67 168.75 Td (recoverable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 231.69 168.75 Td (means ) Tj ET Q q 0 0 0 rg BT 264.58 168.75 Td (the ) Tj ET Q q 0 0 0 rg BT 281.35 168.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 314.80 168.75 Td (of ) Tj ET Q q 0 0 0 rg BT 326.02 168.75 Td (ceded ) Tj ET Q q 0 0 0 rg BT 356.14 168.75 Td (written ) Tj ET Q q 0 0 0 rg BT 388.47 168.75 Td (premiums ) Tj ET Q q 0 0 0 rg BT 435.24 168.75 Td (within ) Tj ET Q q 0 0 0 rg BT 463.68 168.75 Td (a ) Tj ET Q q 0 0 0 rg BT 472.11 168.75 Td (policy ) Tj ET Q q 0 0 0 rg BT 500.55 168.75 Td (term ) Tj ET Q q 0 0 0 rg BT 523.43 168.75 Td (which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 156.75 Td (have ) Tj ET Q q 0 0 0 rg BT 87.46 156.75 Td (not ) Tj ET Q q 0 0 0 rg BT 104.14 156.75 Td (yet ) Tj ET Q q 0 0 0 rg BT 120.26 156.75 Td (earned.) Tj ET Q endstream endobj 41 0 obj <>/View<>>>>> endobj 42 0 obj <>/View<>>>>> endobj 43 0 obj <> endobj 44 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>|;