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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 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(\("ICPEI"\), ) 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.) 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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 507.90 Td (On March 7, 2017, the Company completed the sale of its European operations. ) Tj ET Q q 0 0 0 rg BT 421.69 507.90 Td (The European operation ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 495.90 Td (results are referred to as discontinued operations in this document. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 471.90 Td (EFH intends to grow its business profitably across Canada by of) Tj ET Q q 0 0 0 rg BT 348.29 471.90 Td (fering a complete and diverse suite of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 459.90 Td (products to its brokers, with an ability to transact ef) Tj ET Q q 0 0 0 rg BT 289.37 459.90 Td (ficiently through modern systems. EFH currently intends ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 447.90 Td (to use any excess capital in addition to capital generated from its operations to fund its growth.) Tj ET Q BT /F2 12.00 Tf ET 1 1 1 rg /GS0 gs 63.00 399.29 174.66 -11.26 re f /GS0 gs q 0 0 0 rg BT 63.00 390.55 Td (FIRST ) Tj ET Q q 0 0 0 rg BT 101.00 390.55 Td (QUARTER ) Tj ET Q q 0 0 0 rg BT 163.66 390.55 Td (HIGHLIGHTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.66 390.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 367.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 367.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 117.47 367.75 Td (operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.08 367.75 Td (loss) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 179.87 367.75 Td ( ) Tj ET Q q 0 0 0 rg BT 182.78 367.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 194.03 367.75 Td ($0.36) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 219.05 367.75 Td ( ) Tj ET Q q 0 0 0 rg BT 221.96 367.75 Td (per ) Tj ET Q q 0 0 0 rg BT 239.33 367.75 Td (share ) Tj ET Q q 0 0 0 rg BT 267.25 367.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 314.63 367.75 Td (to ) Tj ET Q q 0 0 0 rg BT 325.88 367.75 Td (an ) Tj ET Q q 0 0 0 rg BT 339.92 367.75 Td (income ) Tj ET Q q 0 0 0 rg BT 375.07 367.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 386.32 367.75 Td ($0.29) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 411.34 367.75 Td ( ) Tj ET Q q 0 0 0 rg BT 414.25 367.75 Td (per ) Tj ET Q q 0 0 0 rg BT 431.62 367.75 Td (share ) Tj ET Q q 0 0 0 rg BT 459.54 367.75 Td (in ) Tj ET Q q 0 0 0 rg BT 470.24 367.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.05 367.75 Td (first) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 503.16 367.75 Td ( ) Tj ET Q q 0 0 0 rg BT 506.07 367.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 540.66 367.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 353.95 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.25 353.95 Td (, ) Tj ET Q q 0 0 0 rg BT 126.80 353.95 Td (due ) Tj ET Q q 0 0 0 rg BT 146.27 353.95 Td (to ) Tj ET Q q 0 0 0 rg BT 157.38 353.95 Td (weaker ) Tj ET Q q 0 0 0 rg BT 192.40 353.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 251.31 353.95 Td (in ) Tj ET Q q 0 0 0 rg BT 261.88 353.95 Td (both ) Tj ET Q q 0 0 0 rg BT 284.12 353.95 Td (Personal ) Tj ET Q q 0 0 0 rg BT 326.36 353.95 Td (and ) Tj ET Q q 0 0 0 rg BT 345.83 353.95 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 401.94 353.95 Td (Line ) Tj ET Q q 0 0 0 rg BT 423.63 353.95 Td (segments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 331.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 331.15 Td (A) Tj ET Q q 0 0 0 rg BT 105.12 331.15 Td ( ) Tj ET Q q 0 0 0 rg BT 107.36 331.15 Td (combined ) Tj ET Q q 0 0 0 rg BT 152.95 331.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 196.89 331.15 Td (ratio ) Tj ET Q q 0 0 0 rg BT 218.58 331.15 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.16 331.15 Td (109%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 254.74 331.15 Td ( ) Tj ET Q q 0 0 0 rg BT 256.98 331.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 303.68 331.15 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 314.26 331.15 Td (95%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 334.27 331.15 Td ( ) Tj ET Q q 0 0 0 rg BT 336.51 331.15 Td (in ) Tj ET Q q 0 0 0 rg BT 346.53 331.15 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 362.67 331.15 Td (first) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 378.78 331.15 Td ( ) Tj ET Q q 0 0 0 rg BT 381.02 331.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 414.94 331.15 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 425.52 331.15 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.77 331.15 Td (, ) Tj ET Q q 0 0 0 rg BT 452.78 331.15 Td (mainly ) Tj ET Q q 0 0 0 rg BT 483.92 331.15 Td (due ) Tj ET Q q 0 0 0 rg BT 502.84 331.15 Td (to ) Tj ET Q q 0 0 0 rg BT 513.42 331.15 Td (adverse ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 317.35 Td (development ) Tj ET Q q 0 0 0 rg BT 159.04 317.35 Td (on ) Tj ET Q q 0 0 0 rg BT 172.94 317.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 195.72 317.35 Td (year ) Tj ET Q q 0 0 0 rg BT 217.96 317.35 Td (claims.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 294.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 294.55 Td (A) Tj ET Q q 0 0 0 rg BT 105.12 294.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 107.97 294.55 Td (25%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.99 294.55 Td ( ) Tj ET Q q 0 0 0 rg BT 130.84 294.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 171.49 294.55 Td (in ) Tj ET Q q 0 0 0 rg BT 182.13 294.55 Td (direct ) Tj ET Q q 0 0 0 rg BT 209.44 294.55 Td (written ) Tj ET Q q 0 0 0 rg BT 241.75 294.55 Td (premiums ) Tj ET Q q 0 0 0 rg BT 288.50 294.55 Td (over ) Tj ET Q q 0 0 0 rg BT 310.81 294.55 Td (the ) Tj ET Q q 0 0 0 rg BT 327.56 294.55 Td (same ) Tj ET Q q 0 0 0 rg BT 354.87 294.55 Td (period ) Tj ET Q q 0 0 0 rg BT 385.52 294.55 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 396.16 294.55 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 418.41 294.55 Td ( ) Tj ET Q q 0 0 0 rg BT 421.26 294.55 Td (to ) Tj ET Q q 0 0 0 rg BT 432.45 294.55 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.02 294.55 Td (98.9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.48 294.55 Td ( ) Tj ET Q q 0 0 0 rg BT 460.33 294.55 Td (million ) Tj ET Q q 0 0 0 rg BT 491.53 294.55 Td (as ) Tj ET Q q 0 0 0 rg BT 504.94 294.55 Td (a ) Tj ET Q q 0 0 0 rg BT 513.36 294.55 Td (result ) Tj ET Q q 0 0 0 rg BT 540.67 294.55 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 280.75 Td (organic ) Tj ET Q q 0 0 0 rg BT 134.58 280.75 Td (growth ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 167.37 288.03 199.36 -9.38 re f /GS0 gs q 0 0 0 rg BT 167.37 280.75 Td (in ) Tj ET Q q 0 0 0 rg BT 177.93 280.75 Td (Personal ) Tj ET Q q 0 0 0 rg BT 220.18 280.75 Td (and ) Tj ET Q q 0 0 0 rg BT 239.64 280.75 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 295.76 280.75 Td (Lines ) Tj ET Q q 0 0 0 rg BT 322.44 280.75 Td (nationally) Tj ET Q q 0 0 0 rg BT 363.95 280.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 257.95 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 257.95 Td (A) Tj ET Q q 0 0 0 rg BT 105.12 257.95 Td ( ) Tj ET Q q 0 0 0 rg BT 107.36 257.95 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 140.72 257.95 Td (gain ) Tj ET Q q 0 0 0 rg BT 161.86 257.95 Td (on ) Tj ET Q q 0 0 0 rg BT 175.22 257.95 Td (invested ) Tj ET Q q 0 0 0 rg BT 214.71 257.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 245.85 257.95 Td (of ) Tj ET Q q 0 0 0 rg BT 256.43 257.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 261.99 257.95 Td (7.5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 275.89 257.95 Td ( ) Tj ET Q q 0 0 0 rg BT 278.13 257.95 Td (million ) Tj ET Q q 0 0 0 rg BT 308.71 257.95 Td (in ) Tj ET Q q 0 0 0 rg BT 318.73 257.95 Td (the ) Tj ET Q q 0 0 0 rg BT 334.87 257.95 Td (quarter ) Tj ET Q q 0 0 0 rg BT 368.79 257.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 415.50 257.95 Td (to ) Tj ET Q q 0 0 0 rg BT 426.07 257.95 Td (a ) Tj ET Q q 0 0 0 rg BT 433.87 257.95 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 467.23 257.95 Td (gain ) Tj ET Q q 0 0 0 rg BT 488.38 257.95 Td (of ) Tj ET Q q 0 0 0 rg BT 498.96 257.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 504.52 257.95 Td (0.9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 518.42 257.95 Td ( ) Tj ET Q q 0 0 0 rg BT 520.66 257.95 Td (million ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 244.15 Td (in ) Tj ET Q q 0 0 0 rg BT 112.09 244.15 Td (the ) Tj ET Q q 0 0 0 rg BT 131.29 244.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 156.60 244.15 Td (year ) Tj ET Q q 0 0 0 rg BT 181.36 244.15 Td (quarter) Tj ET Q q 0 0 0 rg BT 212.49 244.15 Td (, ) Tj ET Q q 0 0 0 rg BT 220.57 244.15 Td (positively ) Tj ET Q q 0 0 0 rg BT 267.01 244.15 Td (impacted ) Tj ET Q q 0 0 0 rg BT 312.89 244.15 Td (by ) Tj ET Q q 0 0 0 rg BT 328.75 244.15 Td (lower ) Tj ET Q q 0 0 0 rg BT 357.95 244.15 Td (short-term ) Tj ET Q q 0 0 0 rg BT 408.82 244.15 Td (bond ) Tj ET Q q 0 0 0 rg BT 436.37 244.15 Td (yields ) Tj ET Q q 0 0 0 rg BT 467.24 244.15 Td (resulting ) Tj ET Q q 0 0 0 rg BT 510.34 244.15 Td (in ) Tj ET Q q 0 0 0 rg BT 523.43 244.15 Td (better ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 230.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 157.92 230.35 Td (of ) Tj ET Q q 0 0 0 rg BT 169.03 230.35 Td (the ) Tj ET Q q 0 0 0 rg BT 185.71 230.35 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 212.95 230.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 248.52 230.35 Td (and ) Tj ET Q q 0 0 0 rg BT 267.98 230.35 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 312.44 230.35 Td (Share ) Tj ET Q q 0 0 0 rg BT 341.91 230.35 Td (portfolio.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 207.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 207.55 Td (Closing ) Tj ET Q q 0 0 0 rg BT 135.91 207.55 Td (book ) Tj ET Q q 0 0 0 rg BT 161.15 207.55 Td (value ) Tj ET Q q 0 0 0 rg BT 188.62 207.55 Td (per ) Tj ET Q q 0 0 0 rg BT 206.63 207.55 Td (share ) Tj ET Q q 0 0 0 rg BT 235.20 207.55 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.10 207.55 Td ($1) Tj ET Q q 0 0 0 rg BT 257.48 207.55 Td (1.74) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 276.94 207.55 Td (, ) Tj ET Q q 0 0 0 rg BT 283.28 207.55 Td (a ) Tj ET Q q 0 0 0 rg BT 292.40 207.55 Td (decrease ) Tj ET Q q 0 0 0 rg BT 337.10 207.55 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 349.00 207.55 Td ($0.47) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 374.02 207.55 Td ( ) Tj ET Q q 0 0 0 rg BT 377.58 207.55 Td (from ) Tj ET Q q 0 0 0 rg BT 401.14 207.55 Td (the ) Tj ET Q q 0 0 0 rg BT 418.60 207.55 Td (fourth ) Tj ET Q q 0 0 0 rg BT 447.73 207.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 482.97 207.55 Td (of ) Tj ET Q q 0 0 0 rg BT 494.87 207.55 Td (2018. ) Tj ET Q q 0 0 0 rg BT 523.45 207.55 Td (Costs ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 193.75 Td (related ) Tj ET Q q 0 0 0 rg BT 131.81 193.75 Td (to ) Tj ET Q q 0 0 0 rg BT 142.39 193.75 Td (the ) Tj ET Q q 0 0 0 rg BT 158.53 193.75 Td (sale ) Tj ET Q q 0 0 0 rg BT 179.12 193.75 Td (of ) Tj ET Q q 0 0 0 rg BT 189.69 193.75 Td (the ) Tj ET Q q 0 0 0 rg BT 205.83 193.75 Td (Discontinued ) Tj ET Q q 0 0 0 rg BT 265.88 193.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 310.93 193.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 359.87 193.75 Td (reduced ) Tj ET Q q 0 0 0 rg BT 398.25 193.75 Td (the ) Tj ET Q q 0 0 0 rg BT 414.39 193.75 Td (book ) Tj ET Q q 0 0 0 rg BT 438.31 193.75 Td (value ) Tj ET Q q 0 0 0 rg BT 464.46 193.75 Td (per ) Tj ET Q q 0 0 0 rg BT 481.15 193.75 Td (share ) Tj ET Q q 0 0 0 rg BT 508.40 193.75 Td (by ) Tj ET Q q 0 0 0 rg BT 521.20 193.75 Td ($0.26. ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 178.23 184.53 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 170.95 Td (The ) Tj ET Q q 0 0 0 rg BT 91.45 170.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 130.36 170.95 Td (information ) Tj ET Q q 0 0 0 rg BT 182.05 170.95 Td (below ) Tj ET Q q 0 0 0 rg BT 210.40 170.95 Td (compares ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 256.53 178.23 22.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 256.53 170.95 Td (three) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 279.32 178.23 67.26 -9.38 re f /GS0 gs q 0 0 0 rg BT 279.32 170.95 Td ( ) Tj ET Q q 0 0 0 rg BT 281.54 170.95 Td (months ) Tj ET Q q 0 0 0 rg BT 316.55 170.95 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 346.58 178.23 68.93 -9.38 re f /GS0 gs q 0 0 0 rg BT 346.58 170.95 Td (March31, ) Tj ET Q q 0 0 0 rg BT 393.27 170.95 Td (2019) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 415.51 178.23 127.27 -9.38 re f /GS0 gs q 0 0 0 rg BT 415.51 170.95 Td ( ) Tj ET Q q 0 0 0 rg BT 417.73 170.95 Td (results ) Tj ET Q q 0 0 0 rg BT 449.41 170.95 Td (with ) Tj ET Q q 0 0 0 rg BT 469.41 170.95 Td (the ) Tj ET Q q 0 0 0 rg BT 485.53 170.95 Td (same ) Tj ET Q q 0 0 0 rg BT 512.21 170.95 Td (period ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 164.43 10.56 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 157.15 Td (in ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 82.56 164.43 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 82.56 157.15 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 104.81 164.43 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 104.81 157.15 Td (.) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 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 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 737.5 m 282.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 714.5 m 282.5 714.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 737.5 m 351.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 714.5 m 351.5 714.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 737.5 m 420.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 714.5 m 420.5 714.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 737.5 m 480.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 714.5 m 480.5 714.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 737.5 m 540.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 714.5 m 540.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 714.5 m 282.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 696.5 m 282.5 696.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 714.5 m 351.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 696.5 m 351.5 696.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 714.5 m 420.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 696.5 m 420.5 696.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 714.5 m 480.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 696.5 m 480.5 696.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 714.5 m 540.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 696.5 m 540.5 696.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 696.5 m 282.5 696.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 696.5 m 351.5 696.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 696.5 m 420.5 696.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 378.5 m 282.5 378.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 378.5 m 351.5 378.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 378.5 m 420.5 378.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 378.5 m 480.5 378.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 378.5 m 540.5 378.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 316.95 727.90 Td (3 months ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.70 718.90 Td (March 31) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 459.95 719.03 Td (V) Tj ET Q q 0 0 0 rg BT 465.76 719.03 Td (ariance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 700.73 Td (\($ THOUSANDS except per share amounts\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.95 700.90 Td (2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.95 700.90 Td (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.95 700.90 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.95 700.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 685.90 Td (Direct written and assumed premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.45 685.90 Td (98,922) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.40 685.90 Td (79,287) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.40 685.90 Td (19,635) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.95 685.90 Td (25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 685.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 671.20 Td (Net written premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.45 671.70 Td (94,159) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.40 671.70 Td (79,242) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.40 671.70 Td (14,917) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.95 671.70 Td (19) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 671.70 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 656.20 Td (Net earned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.45 656.70 Td (81,661) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.40 656.70 Td (71,522) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.40 656.70 Td (10,139) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.95 656.70 Td (14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 656.70 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 641.20 Td (Net claims incurred) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.45 641.70 Td (61,319) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.40 641.70 Td (41,740) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.40 641.70 Td (19,579) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.95 641.70 Td (47) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 641.70 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 626.20 Td (Net acquisition costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.45 626.70 Td (19,966) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.40 626.70 Td (19,484) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.90 626.70 Td (482) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 626.70 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 626.70 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 611.20 Td (Operating expenses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.45 611.70 Td (10,048) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 611.70 Td (9,051) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.90 611.70 Td (997) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.95 611.70 Td (1) Tj ET Q q 0 0 0 rg BT 523.96 611.70 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 611.70 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 597.20 Td (Underwriting \(loss\) income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.45 597.20 Td (\(9,672) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.00 597.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 597.20 Td (1,247) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.40 597.20 Td (\(10,919) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.95 597.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.95 597.20 Td (\(876) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.00 597.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 582.70 Td (Severance ) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 120.53 586.99 Td (\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.95 582.70 Td (\(10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.00 582.70 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.90 582.70 Td (\(303) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.95 582.70 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.90 582.70 Td (293) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.95 582.70 Td (97) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 582.70 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 567.70 Td (T) Tj ET Q q 0 0 0 rg BT 80.16 567.70 Td (ransaction costs from sale ) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 187.21 571.99 Td (\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.45 567.70 Td (\(3,099) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.00 567.70 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.95 566.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.40 567.70 Td (\(3,099) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.95 567.70 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.00 566.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 552.70 Td (Investment income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.45 552.70 Td (3,691) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 552.70 Td (1,959) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.40 552.70 Td (1,732) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.95 552.70 Td (88) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 552.70 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 537.70 Td (Impact of discount rate on claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.45 537.70 Td (\(2,740) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.00 537.70 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 537.70 Td (2,050) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.40 537.70 Td (\(4,790) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.95 537.70 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.95 537.70 Td (\(234) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.00 537.70 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 523.20 Td (Net \(loss\) income before interest and income taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.45 523.20 Td (\(1) Tj ET Q q 0 0 0 rg BT 317.45 523.20 Td (1,828) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.00 523.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 523.20 Td (4,953) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.40 523.20 Td (\(16,781) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.95 523.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.95 523.20 Td (\(339) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.00 523.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 508.70 Td (Income tax \(recovery\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.45 508.70 Td (\(2,844) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.00 508.70 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.90 508.70 Td (\(689) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.95 508.70 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.40 508.70 Td (\(2,155) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.95 508.70 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.95 508.70 Td (\(313) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.00 508.70 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 493.70 Td (Net \(loss\) income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.45 493.70 Td (\(8,984) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.00 493.70 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 493.70 Td (5,642) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.40 493.70 Td (\(14,626) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.95 493.70 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.95 493.70 Td (\(259) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.00 493.70 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 478.70 Td (Net \(loss\) income attributable to shareholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.45 478.70 Td (\(9,105) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.00 478.70 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 478.70 Td (5,826) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.40 478.70 Td (\(14,931) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.95 478.70 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.95 478.70 Td (\(256) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.00 478.70 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 464.45 Td (Net operating \(loss\) income attributable to) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 455.50 Td (shareholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.45 461.20 Td (\(4,406) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.00 461.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 461.20 Td (3,541) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.40 461.20 Td (\(7,947) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.95 461.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.95 461.20 Td (\(224) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.00 461.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 443.70 Td (Earnings \(loss\) income per share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.00 428.20 Td (Basic) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.45 428.70 Td (\($0.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.00 428.70 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 428.70 Td ($0.49) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.45 428.70 Td (\($1.25\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.95 428.70 Td (\(255) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.00 428.70 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.00 413.20 Td (Diluted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.45 413.70 Td (\($0.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.00 413.70 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 413.70 Td ($0.48) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.45 413.70 Td (\($1.24\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.95 413.70 Td (\(258) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.00 413.70 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 398.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 91.51 398.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 131.54 398.70 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 156.04 398.70 Td (income ) Tj ET Q q 0 0 0 rg BT 187.55 398.70 Td (per ) Tj ET Q q 0 0 0 rg BT 203.06 398.70 Td (share ) Tj ET Q q 0 0 0 rg BT 228.07 398.70 Td ( ) Tj ET Q q 0 0 0 rg BT 235.58 398.70 Td (diluted ) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 264.60 402.99 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.45 398.70 Td (\($0.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.00 398.70 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 398.70 Td ($0.29) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.45 398.70 Td (\($0.65\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.95 398.70 Td (\(224) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.00 398.70 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 383.70 Td (T) Tj ET Q q 0 0 0 rg BT 80.16 383.70 Td (railing ) Tj ET Q q 0 0 0 rg BT 106.68 383.70 Td (twelve ) Tj ET Q q 0 0 0 rg BT 134.69 383.70 Td (month ) Tj ET Q q 0 0 0 rg BT 162.20 383.70 Td (return ) Tj ET Q q 0 0 0 rg BT 188.21 383.70 Td (on ) Tj ET Q q 0 0 0 rg BT 200.72 383.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 227.24 383.70 Td (\(ROE\) ) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 255.24 387.99 Td (\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.45 383.70 Td (\(8.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.00 383.70 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.40 383.70 Td (3.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.95 383.70 Td (%) 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 72.00 363.49 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 80.77 365.75 2.50 -8.45 re f /GS0 gs q 0 0 0 rg BT 80.77 359.20 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.27 359.20 Td (Net operating income is defined as underwriting income plus interest and dividend income, net of tax. Underwriting ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 85.50 347.20 Td (income excludes impact of change in claims discount rates and non-recurring items.) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 419.66 351.97 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.47 347.20 Td (Net investment income ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 85.50 336.40 Td (consists of interest income, dividend income and premium financing charges, less interest expense, as per Note 6 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 85.50 325.60 Td (of the Company's Financial Statements. Net operating income is adjusted to that attributable to shareholders for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 85.50 313.60 Td (per share calculation) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 168.55 313.60 Td (.) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 72.00 298.09 Td (\(2\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.77 293.80 Td ( Severance and transaction costs from sale are not considered part of operating expenses.) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 72.00 283.49 Td (\(3\) ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 87.27 285.75 183.59 -8.45 re f /GS0 gs q 0 0 0 rg BT 87.27 279.20 Td (ROE calculated on rolling twelve-month basis.) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 243.08 102.81 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 235.80 Td (Insurance Operations) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 217.28 236.74 -9.36 re f /GS0 gs q 0 0 0 rg BT 72.00 210.00 Td (Direct Written, Net Written and Net Earned Premiums) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 194.48 26.62 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 187.20 Td (In ) Tj ET Q q 0 0 0 rg BT 82.53 187.20 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 98.62 194.48 16.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 98.62 187.20 Td (first) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 114.73 194.48 46.59 -9.38 re f /GS0 gs q 0 0 0 rg BT 114.73 187.20 Td ( ) Tj ET Q q 0 0 0 rg BT 116.91 187.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 150.79 187.20 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 161.31 194.48 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 161.31 187.20 Td (2019) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 183.56 194.48 107.15 -9.38 re f /GS0 gs q 0 0 0 rg BT 183.56 187.20 Td (, ) Tj ET Q q 0 0 0 rg BT 188.53 187.20 Td (direct ) Tj ET Q q 0 0 0 rg BT 215.17 187.20 Td (written ) Tj ET Q q 0 0 0 rg BT 246.81 187.20 Td (premiums) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 290.71 187.20 Td ( ) Tj ET Q q 0 0 0 rg BT 292.89 187.20 Td (increased ) Tj ET Q q 0 0 0 rg BT 338.44 187.20 Td (by) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 349.00 194.48 2.19 -9.38 re f /GS0 gs q 0 0 0 rg BT 349.00 187.20 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 351.19 194.48 20.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 351.19 187.20 Td (25%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 371.20 194.48 171.58 -9.38 re f /GS0 gs q 0 0 0 rg BT 371.20 187.20 Td (, ) Tj ET Q q 0 0 0 rg BT 376.17 187.20 Td (while ) Tj ET Q q 0 0 0 rg BT 401.15 187.20 Td (net ) Tj ET Q q 0 0 0 rg BT 417.24 187.20 Td (earned ) Tj ET Q q 0 0 0 rg BT 450.56 187.20 Td (premiums ) Tj ET Q q 0 0 0 rg BT 496.65 187.20 Td (increased ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 180.68 13.04 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 173.40 Td (by ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 85.04 180.68 20.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 85.04 173.40 Td (14%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 105.05 180.68 437.74 -9.38 re f /GS0 gs q 0 0 0 rg BT 105.05 173.40 Td ( ) Tj ET Q q 0 0 0 rg BT 107.53 173.40 Td (compared ) Tj ET Q q 0 0 0 rg BT 154.48 173.40 Td (to ) Tj ET Q q 0 0 0 rg BT 165.30 173.40 Td (the ) Tj ET Q q 0 0 0 rg BT 181.68 173.40 Td (same ) Tj ET Q q 0 0 0 rg BT 208.61 173.40 Td (period ) Tj ET Q q 0 0 0 rg BT 238.89 173.40 Td (last ) Tj ET Q q 0 0 0 rg BT 256.93 173.40 Td (year) Tj ET Q q 0 0 0 rg BT 275.83 173.40 Td (. ) Tj ET Q q 0 0 0 rg BT 280.92 173.40 Td (The ) Tj ET Q q 0 0 0 rg BT 300.63 173.40 Td (increase ) Tj ET Q q 0 0 0 rg BT 340.91 173.40 Td (in ) Tj ET Q q 0 0 0 rg BT 351.17 173.40 Td (premium ) Tj ET Q q 0 0 0 rg BT 392.55 173.40 Td (was ) Tj ET Q q 0 0 0 rg BT 412.81 173.40 Td (driven ) Tj ET Q q 0 0 0 rg BT 442.52 173.40 Td (by ) Tj ET Q q 0 0 0 rg BT 455.56 173.40 Td (organic ) Tj ET Q q 0 0 0 rg BT 490.84 173.40 Td (growth ) Tj ET Q q 0 0 0 rg BT 523.33 173.40 Td (and ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 166.88 314.06 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 159.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 92.01 159.60 Td (increases ) Tj ET Q q 0 0 0 rg BT 137.59 159.60 Td (on ) Tj ET Q q 0 0 0 rg BT 151.49 159.60 Td (both ) Tj ET Q q 0 0 0 rg BT 173.73 159.60 Td (Personal ) Tj ET Q q 0 0 0 rg BT 215.97 159.60 Td (Lines ) Tj ET Q q 0 0 0 rg BT 242.66 159.60 Td (and ) Tj ET Q q 0 0 0 rg BT 262.12 159.60 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 318.24 159.60 Td (Lines ) Tj ET Q q 0 0 0 rg BT 344.92 159.60 Td (products.) 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 72.00 738.03 70.02 -9.36 re f /GS0 gs q 0 0 0 rg BT 72.00 730.75 Td (Claims ) Tj ET Q q 0 0 0 rg BT 105.33 730.75 Td (Incurred) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 715.23 100.05 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 707.95 Td (For ) Tj ET Q q 0 0 0 rg BT 89.91 707.95 Td (the ) Tj ET Q q 0 0 0 rg BT 106.73 707.95 Td (quarter ) Tj ET Q q 0 0 0 rg BT 141.33 707.95 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 172.05 715.23 69.62 -9.38 re f /GS0 gs q 0 0 0 rg BT 172.05 707.95 Td (March31, ) Tj ET Q q 0 0 0 rg BT 219.43 707.95 Td (2019) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 241.67 715.23 94.48 -9.38 re f /GS0 gs q 0 0 0 rg BT 241.67 707.95 Td (, ) Tj ET Q q 0 0 0 rg BT 247.37 707.95 Td (net ) Tj ET Q q 0 0 0 rg BT 264.18 707.95 Td (claims ) Tj ET Q q 0 0 0 rg BT 295.43 707.95 Td (expense ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 336.15 715.23 43.36 -9.38 re f /GS0 gs q 0 0 0 rg BT 336.15 707.95 Td (increased) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 379.51 715.23 16.39 -9.38 re f /GS0 gs q 0 0 0 rg BT 379.51 707.95 Td ( ) Tj ET Q q 0 0 0 rg BT 382.42 707.95 Td (by ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 395.90 715.23 20.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 395.90 707.95 Td (47%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 415.92 715.23 33.49 -9.38 re f /GS0 gs q 0 0 0 rg BT 415.92 707.95 Td (, ) Tj ET Q q 0 0 0 rg BT 421.61 707.95 Td (higher) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 449.41 707.95 Td ( ) Tj ET Q q 0 0 0 rg BT 452.32 707.95 Td (than ) Tj ET Q q 0 0 0 rg BT 474.70 707.95 Td (the ) Tj ET Q q 0 0 0 rg BT 491.51 707.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 532.22 707.95 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 694.15 Td (earned ) Tj ET Q q 0 0 0 rg BT 105.92 694.15 Td (premium ) Tj ET Q q 0 0 0 rg BT 147.59 694.15 Td (in ) Tj ET Q q 0 0 0 rg BT 158.15 694.15 Td (the ) Tj ET Q q 0 0 0 rg BT 174.83 694.15 Td (period. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 671.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 91.52 671.35 Td (adverse ) Tj ET Q q 0 0 0 rg BT 131.05 671.35 Td (development ) Tj ET Q q 0 0 0 rg BT 192.26 671.35 Td (on ) Tj ET Q q 0 0 0 rg BT 207.34 671.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 231.30 671.35 Td (year ) Tj ET Q q 0 0 0 rg BT 254.71 671.35 Td (claims ) Tj ET Q q 0 0 0 rg BT 287.00 671.35 Td (of ) Tj ET Q q 0 0 0 rg BT 299.29 671.35 Td ($6.6 ) Tj ET Q q 0 0 0 rg BT 322.71 671.35 Td (million ) Tj ET Q q 0 0 0 rg BT 355.00 671.35 Td (was ) Tj ET Q q 0 0 0 rg BT 376.74 671.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 420.16 671.35 Td (in ) Tj ET Q q 0 0 0 rg BT 431.90 671.35 Td (the ) Tj ET Q q 0 0 0 rg BT 449.76 671.35 Td (first ) Tj ET Q q 0 0 0 rg BT 469.82 671.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 505.46 671.35 Td (of ) Tj ET Q q 0 0 0 rg BT 517.75 671.35 Td (2019 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 657.55 Td (compared ) Tj ET Q q 0 0 0 rg BT 118.31 657.55 Td (to ) Tj ET Q q 0 0 0 rg BT 128.50 657.55 Td (net ) Tj ET Q q 0 0 0 rg BT 144.24 657.55 Td (favorable ) Tj ET Q q 0 0 0 rg BT 187.22 657.55 Td (development ) Tj ET Q q 0 0 0 rg BT 246.33 657.55 Td (of ) Tj ET Q q 0 0 0 rg BT 256.51 657.55 Td ($3.6 ) Tj ET Q q 0 0 0 rg BT 277.82 657.55 Td (million ) Tj ET Q q 0 0 0 rg BT 308.00 657.55 Td (in ) Tj ET Q q 0 0 0 rg BT 317.63 657.55 Td (the ) Tj ET Q q 0 0 0 rg BT 333.37 657.55 Td (same ) Tj ET Q q 0 0 0 rg BT 359.67 657.55 Td (period ) Tj ET Q q 0 0 0 rg BT 389.31 657.55 Td (of ) Tj ET Q q 0 0 0 rg BT 399.49 657.55 Td (2018. ) Tj ET Q q 0 0 0 rg BT 426.24 657.55 Td (The ) Tj ET Q q 0 0 0 rg BT 445.32 657.55 Td (adverse ) Tj ET Q q 0 0 0 rg BT 482.74 657.55 Td (development ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 643.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 112.56 643.75 Td (arose ) Tj ET Q q 0 0 0 rg BT 140.35 643.75 Td (from ) Tj ET Q q 0 0 0 rg BT 163.13 643.75 Td (the ) Tj ET Q q 0 0 0 rg BT 179.81 643.75 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 235.93 643.75 Td (Lines.) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 625.23 76.70 -9.36 re f /GS0 gs q 0 0 0 rg BT 72.00 617.95 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 123.14 617.95 Td (Costs) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 602.43 470.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 595.15 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 123.14 595.15 Td (costs, ) Tj ET Q q 0 0 0 rg BT 152.04 595.15 Td (which ) Tj ET Q q 0 0 0 rg BT 180.38 595.15 Td (consist ) Tj ET Q q 0 0 0 rg BT 214.29 595.15 Td (mainly ) Tj ET Q q 0 0 0 rg BT 245.96 595.15 Td (of ) Tj ET Q q 0 0 0 rg BT 257.08 595.15 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 320.43 595.15 Td (premium ) Tj ET Q q 0 0 0 rg BT 362.10 595.15 Td (taxes ) Tj ET Q q 0 0 0 rg BT 388.79 595.15 Td (and ) Tj ET Q q 0 0 0 rg BT 408.25 595.15 Td (a ) Tj ET Q q 0 0 0 rg BT 416.59 595.15 Td (portion ) Tj ET Q q 0 0 0 rg BT 449.95 595.15 Td (of ) Tj ET Q q 0 0 0 rg BT 461.07 595.15 Td (general ) Tj ET Q q 0 0 0 rg BT 497.21 595.15 Td (expenses ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 588.63 129.57 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 581.35 Td (related ) Tj ET Q q 0 0 0 rg BT 105.09 581.35 Td (to ) Tj ET Q q 0 0 0 rg BT 115.94 581.35 Td (policy ) Tj ET Q q 0 0 0 rg BT 144.02 581.35 Td (acquisitions, ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 201.57 588.63 43.36 -9.38 re f /GS0 gs q 0 0 0 rg BT 201.57 581.35 Td (increased) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 244.93 581.35 Td ( ) Tj ET Q q 0 0 0 rg BT 247.44 581.35 Td (by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 260.51 581.35 Td (2%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 274.97 588.63 18.93 -9.38 re f /GS0 gs q 0 0 0 rg BT 274.97 581.35 Td ( ) Tj ET Q q 0 0 0 rg BT 277.48 581.35 Td (to ) Tj ET Q q 0 0 0 rg BT 288.33 581.35 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 293.90 588.63 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 293.90 581.35 Td (20.0) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 313.36 588.63 124.60 -9.38 re f /GS0 gs q 0 0 0 rg BT 313.36 581.35 Td ( ) Tj ET Q q 0 0 0 rg BT 315.87 581.35 Td (million ) Tj ET Q q 0 0 0 rg BT 346.73 581.35 Td (in ) Tj ET Q q 0 0 0 rg BT 357.02 581.35 Td (the ) Tj ET Q q 0 0 0 rg BT 373.44 581.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 407.64 581.35 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 437.96 588.63 69.22 -9.38 re f /GS0 gs q 0 0 0 rg BT 437.96 581.35 Td (March31, ) Tj ET Q q 0 0 0 rg BT 484.93 581.35 Td (2019) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 507.18 588.63 35.61 -9.38 re f /GS0 gs q 0 0 0 rg BT 507.18 581.35 Td (, ) Tj ET Q q 0 0 0 rg BT 512.47 581.35 Td (due ) Tj ET Q q 0 0 0 rg BT 531.67 581.35 Td (to ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 574.83 251.80 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 567.55 Td (an ) Tj ET Q q 0 0 0 rg BT 85.90 567.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 126.48 567.55 Td (in ) Tj ET Q q 0 0 0 rg BT 137.04 567.55 Td (premiums ) Tj ET Q q 0 0 0 rg BT 183.71 567.55 Td (and ) Tj ET Q q 0 0 0 rg BT 203.18 567.55 Td (change ) Tj ET Q q 0 0 0 rg BT 238.76 567.55 Td (in ) Tj ET Q q 0 0 0 rg BT 249.32 567.55 Td (mix ) Tj ET Q q 0 0 0 rg BT 267.65 567.55 Td (of ) Tj ET Q q 0 0 0 rg BT 278.77 567.55 Td (business. ) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 549.03 90.61 -9.36 re f /GS0 gs q 0 0 0 rg BT 72.00 541.75 Td (Operating ) Tj ET Q q 0 0 0 rg BT 118.69 541.75 Td (Expenses) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 526.23 136.47 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 518.95 Td (Operating ) Tj ET Q q 0 0 0 rg BT 118.04 518.95 Td (expenses ) Tj ET Q q 0 0 0 rg BT 162.98 518.95 Td (increased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 208.47 518.95 Td (1) Tj ET Q q 0 0 0 rg BT 213.29 518.95 Td (1%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 227.74 518.95 Td ( ) Tj ET Q q 0 0 0 rg BT 229.87 518.95 Td (to ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 240.34 526.23 5.56 -9.38 re f /GS0 gs q 0 0 0 rg BT 240.34 518.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 245.90 526.23 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 245.90 518.95 Td (10.0) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 265.36 526.23 58.54 -9.38 re f /GS0 gs q 0 0 0 rg BT 265.36 518.95 Td ( ) Tj ET Q q 0 0 0 rg BT 267.49 518.95 Td (million ) Tj ET Q q 0 0 0 rg BT 297.96 518.95 Td (in ) Tj ET Q q 0 0 0 rg BT 307.87 518.95 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 323.90 526.23 16.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 323.90 518.95 Td (first) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 340.01 526.23 46.41 -9.38 re f /GS0 gs q 0 0 0 rg BT 340.01 518.95 Td ( ) Tj ET Q q 0 0 0 rg BT 342.14 518.95 Td (quarter ) Tj ET Q q 0 0 0 rg BT 375.95 518.95 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 386.42 526.23 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 386.42 518.95 Td (2019) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 408.66 526.23 4.91 -9.38 re f /GS0 gs q 0 0 0 rg BT 408.66 518.95 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 413.57 518.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 453.48 518.95 Td (related ) Tj ET Q q 0 0 0 rg BT 486.18 518.95 Td (to ) Tj ET Q q 0 0 0 rg BT 496.65 518.95 Td (increased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 505.15 Td (salary ) Tj ET Q q 0 0 0 rg BT 101.45 505.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 127.57 505.15 Td (to ) Tj ET Q q 0 0 0 rg BT 138.69 505.15 Td (support ) Tj ET Q q 0 0 0 rg BT 174.82 505.15 Td (the ) Tj ET Q q 0 0 0 rg BT 191.50 505.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 224.29 505.15 Td (in ) Tj ET Q q 0 0 0 rg BT 234.86 505.15 Td (business.) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 486.63 80.03 -9.36 re f /GS0 gs q 0 0 0 rg BT 72.00 479.35 Td (Underwriting Loss) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 463.83 74.83 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 456.55 Td (An ) Tj ET Q q 0 0 0 rg BT 88.29 456.55 Td (underwriting ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 146.83 463.83 17.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 146.83 456.55 Td (loss) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 164.61 463.83 22.03 -9.38 re f /GS0 gs q 0 0 0 rg BT 164.61 456.55 Td ( ) Tj ET Q q 0 0 0 rg BT 168.68 456.55 Td (of ) Tj ET Q q 0 0 0 rg BT 181.08 456.55 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 186.64 456.55 Td (9.7) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 200.54 463.83 248.91 -9.38 re f /GS0 gs q 0 0 0 rg BT 200.54 456.55 Td ( ) Tj ET Q q 0 0 0 rg BT 204.60 456.55 Td (million ) Tj ET Q q 0 0 0 rg BT 237.01 456.55 Td (after ) Tj ET Q q 0 0 0 rg BT 261.08 456.55 Td (corporate ) Tj ET Q q 0 0 0 rg BT 307.39 456.55 Td (expenses ) Tj ET Q q 0 0 0 rg BT 354.26 456.55 Td (was ) Tj ET Q q 0 0 0 rg BT 376.11 456.55 Td (recorded ) Tj ET Q q 0 0 0 rg BT 419.64 456.55 Td (in ) Tj ET Q q 0 0 0 rg BT 431.48 456.55 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 449.45 463.83 16.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 449.45 456.55 Td (first) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 465.56 463.83 52.21 -9.38 re f /GS0 gs q 0 0 0 rg BT 465.56 456.55 Td ( ) Tj ET Q q 0 0 0 rg BT 469.62 456.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 505.37 456.55 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 517.77 463.83 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 517.77 456.55 Td (2019) Tj ET Q BT /F3 10.00 Tf ET BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 450.03 124.23 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 442.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 117.92 442.75 Td (to ) Tj ET Q q 0 0 0 rg BT 127.72 442.75 Td (an ) Tj ET Q q 0 0 0 rg BT 140.30 442.75 Td (underwriting ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 196.23 450.03 32.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 196.23 442.75 Td (income) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 228.46 450.03 16.81 -9.38 re f /GS0 gs q 0 0 0 rg BT 228.46 442.75 Td ( ) Tj ET Q q 0 0 0 rg BT 229.92 442.75 Td (of ) Tj ET Q q 0 0 0 rg BT 239.71 442.75 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 245.27 450.03 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 245.27 442.75 Td (1.2) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 259.18 450.03 120.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 259.18 442.75 Td ( ) Tj ET Q q 0 0 0 rg BT 260.63 442.75 Td (million ) Tj ET Q q 0 0 0 rg BT 290.43 442.75 Td (in ) Tj ET Q q 0 0 0 rg BT 299.67 442.75 Td (the ) Tj ET Q q 0 0 0 rg BT 315.02 442.75 Td (same ) Tj ET Q q 0 0 0 rg BT 340.93 442.75 Td (period ) Tj ET Q q 0 0 0 rg BT 370.18 442.75 Td (in ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 379.42 450.03 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 379.42 442.75 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 401.67 450.03 141.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 401.67 442.75 Td (. ) Tj ET Q q 0 0 0 rg BT 405.90 442.75 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 450.72 442.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 494.42 442.75 Td (expenses, ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 436.23 120.88 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 428.95 Td (the ) Tj ET Q q 0 0 0 rg BT 88.74 428.95 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 146.06 428.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 166.69 428.95 Td (was ) Tj ET Q q 0 0 0 rg BT 187.31 428.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 192.88 436.23 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 192.88 428.95 Td (7.2) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 206.78 436.23 210.07 -9.38 re f /GS0 gs q 0 0 0 rg BT 206.78 428.95 Td ( ) Tj ET Q q 0 0 0 rg BT 209.62 428.95 Td (million ) Tj ET Q q 0 0 0 rg BT 240.80 428.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 288.11 428.95 Td (to ) Tj ET Q q 0 0 0 rg BT 299.30 428.95 Td (an ) Tj ET Q q 0 0 0 rg BT 313.26 428.95 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 370.58 428.95 Td (income ) Tj ET Q q 0 0 0 rg BT 405.66 428.95 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 416.84 428.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 422.40 428.95 Td (3.2) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 436.30 436.23 106.48 -9.38 re f /GS0 gs q 0 0 0 rg BT 436.30 428.95 Td ( ) Tj ET Q q 0 0 0 rg BT 439.15 428.95 Td (million ) Tj ET Q q 0 0 0 rg BT 470.33 428.95 Td (in ) Tj ET Q q 0 0 0 rg BT 480.96 428.95 Td (the ) Tj ET Q q 0 0 0 rg BT 497.70 428.95 Td (prior ) Tj ET Q q 0 0 0 rg BT 520.55 428.95 Td (year ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 422.43 303.55 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 415.15 Td (quarter) Tj ET Q q 0 0 0 rg BT 103.13 415.15 Td (. ) Tj ET Q q 0 0 0 rg BT 110.57 415.15 Td (The ) Tj ET Q q 0 0 0 rg BT 132.78 415.15 Td (decrease ) Tj ET Q q 0 0 0 rg BT 178.90 415.15 Td (in ) Tj ET Q q 0 0 0 rg BT 191.67 415.15 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 251.12 415.15 Td (results ) Tj ET Q q 0 0 0 rg BT 285.56 415.15 Td (was ) Tj ET Q q 0 0 0 rg BT 308.33 415.15 Td (due ) Tj ET Q q 0 0 0 rg BT 329.99 415.15 Td (to ) Tj ET Q q 0 0 0 rg BT 343.31 415.15 Td (weaker) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 375.55 415.15 Td ( ) Tj ET Q q 0 0 0 rg BT 380.53 415.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 441.65 415.15 Td (in ) Tj ET Q q 0 0 0 rg BT 454.42 415.15 Td (both ) Tj ET Q q 0 0 0 rg BT 478.86 415.15 Td (Personal ) Tj ET Q q 0 0 0 rg BT 523.31 415.15 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 401.35 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 128.12 401.35 Td (Line ) Tj ET Q q 0 0 0 rg BT 149.80 401.35 Td (segments.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 375.55 Td (T) Tj ET Q q 0 0 0 rg BT 77.37 375.55 Td (ransaction costs from sale ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 360.03 470.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 352.75 Td (Costs ) Tj ET Q q 0 0 0 rg BT 100.13 352.75 Td (related ) Tj ET Q q 0 0 0 rg BT 133.28 352.75 Td (to ) Tj ET Q q 0 0 0 rg BT 144.19 352.75 Td (the ) Tj ET Q q 0 0 0 rg BT 160.67 352.75 Td (sale ) Tj ET Q q 0 0 0 rg BT 181.58 352.75 Td (of ) Tj ET Q q 0 0 0 rg BT 192.50 352.75 Td (Echelon ) Tj ET Q q 0 0 0 rg BT 231.21 352.75 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 277.70 352.75 Td (of ) Tj ET Q q 0 0 0 rg BT 288.61 352.75 Td ($3.1 ) Tj ET Q q 0 0 0 rg BT 310.64 352.75 Td (million ) Tj ET Q q 0 0 0 rg BT 341.55 352.75 Td (were ) Tj ET Q q 0 0 0 rg BT 365.80 352.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 404.50 352.75 Td (in ) Tj ET Q q 0 0 0 rg BT 414.86 352.75 Td (the ) Tj ET Q q 0 0 0 rg BT 431.33 352.75 Td (period ) Tj ET Q q 0 0 0 rg BT 461.70 352.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 508.74 352.75 Td (to ) Tj ET Q q 0 0 0 rg BT 519.65 352.75 Td (nil ) Tj ET Q q 0 0 0 rg BT 532.23 352.75 Td (in ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 346.23 470.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 338.95 Td (the ) Tj ET Q q 0 0 0 rg BT 87.79 338.95 Td (same ) Tj ET Q q 0 0 0 rg BT 114.13 338.95 Td (period ) Tj ET Q q 0 0 0 rg BT 143.81 338.95 Td (last ) Tj ET Q q 0 0 0 rg BT 161.26 338.95 Td (year) Tj ET Q q 0 0 0 rg BT 180.16 338.95 Td (. ) Tj ET Q q 0 0 0 rg BT 184.71 338.95 Td (The ) Tj ET Q q 0 0 0 rg BT 203.83 338.95 Td (closing ) Tj ET Q q 0 0 0 rg BT 236.84 338.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 262.07 338.95 Td (related ) Tj ET Q q 0 0 0 rg BT 294.53 338.95 Td (to ) Tj ET Q q 0 0 0 rg BT 304.76 338.95 Td (the ) Tj ET Q q 0 0 0 rg BT 320.55 338.95 Td (future ) Tj ET Q q 0 0 0 rg BT 348.00 338.95 Td (closing ) Tj ET Q q 0 0 0 rg BT 381.02 338.95 Td (have ) Tj ET Q q 0 0 0 rg BT 404.59 338.95 Td (all ) Tj ET Q q 0 0 0 rg BT 416.48 338.95 Td (been ) Tj ET Q q 0 0 0 rg BT 440.62 338.95 Td (estimated ) Tj ET Q q 0 0 0 rg BT 485.86 338.95 Td (and ) Tj ET Q q 0 0 0 rg BT 504.43 338.95 Td (accrued ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 332.43 107.86 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 325.15 Td (by ) Tj ET Q q 0 0 0 rg BT 85.34 325.15 Td (the ) Tj ET Q q 0 0 0 rg BT 102.02 325.15 Td (end ) Tj ET Q q 0 0 0 rg BT 121.48 325.15 Td (of ) Tj ET Q q 0 0 0 rg BT 132.60 325.15 Td (the ) Tj ET Q q 0 0 0 rg BT 149.28 325.15 Td (period.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 299.35 Td (Investment Income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 276.55 Td (Investment income was $) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 184.83 276.55 Td (3.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 198.73 276.55 Td ( million compared to $) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 296.55 276.55 Td (2.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 310.45 276.55 Td ( million in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 371.59 276.55 Td (first) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 387.70 276.55 Td ( quarter of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.06 276.55 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.30 276.55 Td (, primarily due to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 262.75 Td (a positive return on the fixed income portfolio.) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 244.23 202.52 -9.36 re f /GS0 gs q 0 0 0 rg BT 72.00 236.95 Td (Net Income before Interest and Income T) Tj ET Q q 0 0 0 rg BT 253.40 236.95 Td (axes) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 221.43 98.36 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 214.15 Td (For ) Tj ET Q q 0 0 0 rg BT 89.49 214.15 Td (the ) Tj ET Q q 0 0 0 rg BT 105.89 214.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 140.06 214.15 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 170.36 221.43 69.20 -9.38 re f /GS0 gs q 0 0 0 rg BT 170.36 214.15 Td (March31, ) Tj ET Q q 0 0 0 rg BT 217.32 214.15 Td (2019) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 239.56 221.43 21.66 -9.38 re f /GS0 gs q 0 0 0 rg BT 239.56 214.15 Td (, ) Tj ET Q q 0 0 0 rg BT 244.83 214.15 Td (net ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 261.23 221.43 17.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 261.23 214.15 Td (loss) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 279.01 214.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 281.50 221.43 137.54 -9.38 re f /GS0 gs q 0 0 0 rg BT 281.50 214.15 Td (before ) Tj ET Q q 0 0 0 rg BT 312.35 214.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 347.63 214.15 Td (and ) Tj ET Q q 0 0 0 rg BT 366.81 214.15 Td (taxes ) Tj ET Q q 0 0 0 rg BT 393.21 214.15 Td (was ) Tj ET Q q 0 0 0 rg BT 413.48 214.15 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 419.04 221.43 18.72 -9.38 re f /GS0 gs q 0 0 0 rg BT 419.04 214.15 Td (1) Tj ET Q q 0 0 0 rg BT 423.86 214.15 Td (1.8) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 437.76 221.43 105.02 -9.38 re f /GS0 gs q 0 0 0 rg BT 437.76 214.15 Td ( ) Tj ET Q q 0 0 0 rg BT 440.25 214.15 Td (million ) Tj ET Q q 0 0 0 rg BT 471.09 214.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 518.05 214.15 Td (to ) Tj ET Q q 0 0 0 rg BT 528.88 214.15 Td (an ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 207.63 32.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 200.35 Td (income) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 104.24 207.63 14.17 -9.38 re f /GS0 gs q 0 0 0 rg BT 104.24 200.35 Td ( ) Tj ET Q q 0 0 0 rg BT 107.15 200.35 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.41 200.35 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.97 200.35 Td (5.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.87 200.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 140.79 207.63 58.77 -9.38 re f /GS0 gs q 0 0 0 rg BT 140.79 200.35 Td (million ) Tj ET Q q 0 0 0 rg BT 172.04 200.35 Td (in ) Tj ET Q q 0 0 0 rg BT 182.74 200.35 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 199.56 207.63 16.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 199.56 200.35 Td (first) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 215.67 207.63 48.77 -9.38 re f /GS0 gs q 0 0 0 rg BT 215.67 200.35 Td ( ) Tj ET Q q 0 0 0 rg BT 218.59 200.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 253.19 200.35 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 264.44 207.63 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 264.44 200.35 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 286.69 207.63 256.09 -9.38 re f /GS0 gs q 0 0 0 rg BT 286.69 200.35 Td (, ) Tj ET Q q 0 0 0 rg BT 292.39 200.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 333.08 200.35 Td (due ) Tj ET Q q 0 0 0 rg BT 352.68 200.35 Td (to ) Tj ET Q q 0 0 0 rg BT 363.94 200.35 Td (reduced ) Tj ET Q q 0 0 0 rg BT 402.99 200.35 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 460.38 200.35 Td (income ) Tj ET Q q 0 0 0 rg BT 495.53 200.35 Td (compared ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 193.83 360.20 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 186.55 Td (to ) Tj ET Q q 0 0 0 rg BT 83.12 186.55 Td (the ) Tj ET Q q 0 0 0 rg BT 99.80 186.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 122.58 186.55 Td (year ) Tj ET Q q 0 0 0 rg BT 144.81 186.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 179.28 186.55 Td (in ) Tj ET Q q 0 0 0 rg BT 189.84 186.55 Td (addition ) Tj ET Q q 0 0 0 rg BT 227.64 186.55 Td (to ) Tj ET Q q 0 0 0 rg BT 238.76 186.55 Td (the ) Tj ET Q q 0 0 0 rg BT 255.44 186.55 Td (one-time ) Tj ET Q q 0 0 0 rg BT 297.13 186.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 323.25 186.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 373.83 186.55 Td (with ) Tj ET Q q 0 0 0 rg BT 394.39 186.55 Td (the ) Tj ET Q q 0 0 0 rg BT 411.07 186.55 Td (sale.) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 171.03 61.88 -9.36 re f /GS0 gs q 0 0 0 rg BT 72.00 163.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 107.57 163.75 Td (T) Tj ET Q q 0 0 0 rg BT 112.76 163.75 Td (axes) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 148.23 101.73 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 140.95 Td (For ) Tj ET Q q 0 0 0 rg BT 90.33 140.95 Td (the ) Tj ET Q q 0 0 0 rg BT 107.57 140.95 Td (quarter ) Tj ET Q q 0 0 0 rg BT 142.58 140.95 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 173.73 148.23 70.04 -9.38 re f /GS0 gs q 0 0 0 rg BT 173.73 140.95 Td (March31, ) Tj ET Q q 0 0 0 rg BT 221.52 140.95 Td (2019) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 243.77 148.23 180.07 -9.38 re f /GS0 gs q 0 0 0 rg BT 243.77 140.95 Td (, ) Tj ET Q q 0 0 0 rg BT 249.88 140.95 Td (the ) Tj ET Q q 0 0 0 rg BT 267.11 140.95 Td (provision ) Tj ET Q q 0 0 0 rg BT 310.47 140.95 Td (for ) Tj ET Q q 0 0 0 rg BT 325.47 140.95 Td (income ) Tj ET Q q 0 0 0 rg BT 361.04 140.95 Td (taxes ) Tj ET Q q 0 0 0 rg BT 388.27 140.95 Td (reflects ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 423.84 148.23 47.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 423.84 140.95 Td (a ) Tj ET Q q 0 0 0 rg BT 432.73 140.95 Td (recovery) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 471.08 148.23 20.57 -9.38 re f /GS0 gs q 0 0 0 rg BT 471.08 140.95 Td ( ) Tj ET Q q 0 0 0 rg BT 474.41 140.95 Td (of ) Tj ET Q q 0 0 0 rg BT 486.08 140.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 491.64 148.23 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 491.64 140.95 Td (2.8) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 505.54 148.23 37.23 -9.38 re f /GS0 gs q 0 0 0 rg BT 505.54 140.95 Td ( ) Tj ET Q q 0 0 0 rg BT 508.88 140.95 Td (million, ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 72.00 134.43 279.49 -9.38 re f /GS0 gs q 0 0 0 rg BT 72.00 127.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 119.11 127.15 Td (to ) Tj ET Q q 0 0 0 rg BT 130.08 127.15 Td (a ) Tj ET Q q 0 0 0 rg BT 138.29 127.15 Td (recovery ) Tj ET Q q 0 0 0 rg BT 179.27 127.15 Td (of ) Tj ET Q q 0 0 0 rg BT 190.25 127.15 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 212.35 127.15 Td (million ) Tj ET Q q 0 0 0 rg BT 243.33 127.15 Td (in ) Tj ET Q q 0 0 0 rg BT 253.75 127.15 Td (the ) Tj ET Q q 0 0 0 rg BT 270.29 127.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 292.93 127.15 Td (year ) Tj ET Q q 0 0 0 rg BT 315.02 127.15 Td (quarter) Tj ET Q q 0 0 0 rg BT 346.16 127.15 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 351.40 127.15 Td (The ) Tj ET Q q 0 0 0 rg BT 371.27 127.15 Td (company's ) Tj ET Q q 0 0 0 rg BT 421.40 127.15 Td (ef) Tj ET Q q 0 0 0 rg BT 429.56 127.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 461.10 127.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 477.07 127.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 496.94 127.15 Td (in ) Tj ET Q q 0 0 0 rg BT 507.37 127.15 Td (the ) Tj ET Q q 0 0 0 rg BT 523.91 127.15 Td (first ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 113.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 106.66 113.35 Td (of ) Tj ET Q q 0 0 0 rg BT 117.97 113.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 143.19 113.35 Td (reflects ) Tj ET Q q 0 0 0 rg BT 178.39 113.35 Td (the ) Tj ET Q q 0 0 0 rg BT 195.26 113.35 Td (recognition ) Tj ET Q q 0 0 0 rg BT 247.16 113.35 Td (of ) Tj ET Q q 0 0 0 rg BT 258.47 113.35 Td (a ) Tj ET Q q 0 0 0 rg BT 267.00 113.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 307.22 113.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 323.53 113.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 350.41 113.35 Td (from ) Tj ET Q q 0 0 0 rg BT 373.38 113.35 Td (the ) Tj ET Q q 0 0 0 rg BT 390.25 113.35 Td (utilization ) Tj ET Q q 0 0 0 rg BT 434.91 113.35 Td (of ) Tj ET Q q 0 0 0 rg BT 446.23 113.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 478.10 113.35 Td (losses ) Tj ET Q q 0 0 0 rg BT 509.42 113.35 Td (though ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 99.55 Td (the ) Tj ET Q q 0 0 0 rg BT 89.98 99.55 Td (transfer ) Tj ET Q q 0 0 0 rg BT 127.96 99.55 Td (of ) Tj ET Q q 0 0 0 rg BT 140.37 99.55 Td (information ) Tj ET Q q 0 0 0 rg BT 193.92 99.55 Td (technology ) Tj ET Q q 0 0 0 rg BT 246.36 99.55 Td (assets. ) Tj ET Q q 0 0 0 rg BT 281.85 99.55 Td (The ) Tj ET Q q 0 0 0 rg BT 303.16 99.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 336.15 99.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 368.57 99.55 Td (arose ) Tj ET Q q 0 0 0 rg BT 397.66 99.55 Td (from ) Tj ET Q q 0 0 0 rg BT 421.73 99.55 Td (the ) Tj ET Q q 0 0 0 rg BT 439.71 99.55 Td (sale ) Tj ET Q q 0 0 0 rg BT 462.13 99.55 Td (of ) Tj ET Q q 0 0 0 rg BT 474.55 99.55 Td (the ) Tj ET Q q 0 0 0 rg BT 492.53 99.55 Td (company's ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 85.75 Td (European ) Tj ET Q q 0 0 0 rg BT 118.15 85.75 Td (and ) Tj ET Q q 0 0 0 rg BT 137.61 85.75 Td (US ) Tj ET Q q 0 0 0 rg BT 154.28 85.75 Td (subsidiaries.) 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 34.10 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 175.48 34.10 Td (Analysis Page 7) Tj ET Q BT /F2 12.00 Tf ET 1 1 1 rg /GS0 gs 63.00 742.54 474.88 -11.26 re f /GS0 gs q 0 0 0 rg BT 63.00 733.80 Td (SEGMENTED FINANCIAL) Tj ET Q q 0 0 0 rg BT 206.78 733.80 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 265.22 733.80 Td (TION \(Continued Operations plus Discontinued ) Tj ET Q BT /F2 12.00 Tf ET 1 1 1 rg /GS0 gs 63.00 728.14 124.69 -11.26 re f /GS0 gs q 0 0 0 rg BT 63.00 719.40 Td (Canadian Operations\)) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 696.68 485.83 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 689.40 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 63.00 662.40 Td (T) Tj ET Q q 0 0 0 rg BT 68.93 662.40 Td (OT) Tj ET Q q 0 0 0 rg BT 82.07 662.40 Td (AL) Tj ET Q q 0 0 0 rg BT 95.22 662.40 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 132.82 662.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 651.9 m 298.5 651.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 629.9 m 298.5 629.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 651.9 m 360.5 651.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 629.9 m 360.5 629.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 651.9 m 423.5 651.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 629.9 m 423.5 629.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 651.9 m 486.5 651.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 629.9 m 486.5 629.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 651.9 m 549.5 651.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 629.9 m 549.5 629.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 629.9 m 298.5 629.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 629.9 m 360.5 629.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 629.9 m 423.5 629.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 629.9 m 486.5 629.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 629.9 m 549.5 629.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 613.9 m 298.5 613.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 613.9 m 360.5 613.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 613.9 m 423.5 613.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 613.9 m 486.5 613.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 613.9 m 549.5 613.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 613.9 m 360.5 613.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 613.9 m 423.5 613.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 613.9 m 549.5 613.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 450.9 m 298.5 450.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 450.9 m 360.5 450.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 450.9 m 423.5 450.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 450.9 m 486.5 450.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 450.9 m 549.5 450.9 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.95 642.85 Td (3 months ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.70 633.85 Td (March 31) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 619.88 Td (\($THOUSANDS\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.95 619.60 Td (2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.45 619.60 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.45 619.88 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.15 619.88 Td (% Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 604.85 Td (Direct written premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.40 604.85 Td (98,922) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.40 604.85 Td (79,287) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.40 604.85 Td (19,635) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.45 604.85 Td (25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 591.85 Td (Net earned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.40 591.85 Td (81,661) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.40 591.85 Td (71,522) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.40 591.85 Td (10,139) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.45 591.85 Td (14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 578.85 Td (Net claims:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 565.85 Td (Current year claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.40 565.85 Td (54,676) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.40 565.85 Td (45,364) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.40 565.85 Td (9,312) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.45 565.85 Td (21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 552.85 Td (Current year loss ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.40 552.85 Td (67.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.95 552.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.40 552.85 Td (63.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.95 552.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 529.30 Td (\(Unfavorable\) / Favourable prior year claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 520.30 Td (development) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.40 530.10 Td (\(6,643) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.95 530.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.40 530.10 Td (3,624) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.40 530.10 Td (\(10,267) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.95 530.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.95 530.10 Td (\(283\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 506.85 Td (T) Tj ET Q q 0 0 0 rg BT 71.00 506.85 Td (otal net claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.40 506.85 Td (61,319) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.40 506.85 Td (41,740) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.40 506.85 Td (19,579) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.45 506.85 Td (47) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 493.85 Td (Loss ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.40 493.85 Td (75.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.95 493.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.40 493.85 Td (58.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.95 493.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 480.85 Td (Expense ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.40 480.85 Td (33.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.95 480.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.40 480.85 Td (37.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.95 480.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 467.85 Td (Combined ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.40 467.85 Td (108.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.95 467.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.40 467.85 Td (95.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.95 467.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 454.85 Td (Underwriting \(loss\) income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.40 454.85 Td (\(7,165) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.95 454.85 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.40 454.85 Td (3,226) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.45 454.85 Td (\(10,391\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.95 454.85 Td (\(322\)) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 431.68 87.61 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 424.40 Td (PERSONAL) Tj ET Q q 0 0 0 rg BT 118.38 424.40 Td ( LINES) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 413.9 m 299.5 413.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 390.9 m 299.5 390.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 413.9 m 362.5 413.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 390.9 m 362.5 390.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 413.9 m 425.5 413.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 390.9 m 425.5 390.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 413.9 m 488.5 413.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 390.9 m 488.5 390.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 413.9 m 551.5 413.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 390.9 m 551.5 390.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 390.9 m 299.5 390.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 390.9 m 362.5 390.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 390.9 m 425.5 390.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 390.9 m 488.5 390.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 390.9 m 551.5 390.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 374.9 m 299.5 374.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 374.9 m 362.5 374.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 374.9 m 425.5 374.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 374.9 m 488.5 374.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 374.9 m 551.5 374.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 374.9 m 362.5 374.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 374.9 m 425.5 374.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 374.9 m 488.5 374.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 374.9 m 551.5 374.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 213.89999999999998 m 299.5 213.89999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 213.89999999999998 m 362.5 213.89999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 213.89999999999998 m 425.5 213.89999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 213.89999999999998 m 488.5 213.89999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 213.89999999999998 m 551.5 213.89999999999998 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.45 404.60 Td (3 months ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 404.20 395.60 Td (March 31) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 380.88 Td (\($THOUSANDS\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 320.45 380.60 Td (2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.45 380.60 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.45 380.88 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.15 380.88 Td (% Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 365.85 Td (Direct written premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.40 365.85 Td (59,108) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 365.85 Td (45,403) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.40 365.85 Td (13,705) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.45 365.85 Td (30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 352.85 Td (Net earned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.40 352.85 Td (46,958) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 352.85 Td (45,820) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.40 352.85 Td (1,138) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.95 352.85 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 339.85 Td (Net claims:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 326.85 Td (Current year claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.40 326.85 Td (38,048) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 326.85 Td (31,620) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.40 326.85 Td (6,428) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.45 326.85 Td (20) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 313.85 Td (Current year loss ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.40 313.85 Td (81.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.95 313.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.40 313.85 Td (69.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.95 313.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 292.30 Td (\(Unfavorable\) / Favourable prior year claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 283.30 Td (development) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.90 292.10 Td (\(418) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.95 292.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.40 292.10 Td (2,345) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.40 292.10 Td (\(2,763) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.95 292.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.95 292.10 Td (\(1) Tj ET Q q 0 0 0 rg BT 516.95 292.10 Td (18\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 269.85 Td (T) Tj ET Q q 0 0 0 rg BT 71.00 269.85 Td (otal net claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.40 269.85 Td (38,466) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 269.85 Td (29,275) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.40 269.85 Td (9,191) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.45 269.85 Td (31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 256.85 Td (Loss ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.40 256.85 Td (81.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.95 256.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.40 256.85 Td (63.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.95 256.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 243.85 Td (Expense ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.40 243.85 Td (29.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.95 243.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.40 243.85 Td (31.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.95 243.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 230.85 Td (Combined ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.40 230.85 Td (1) Tj ET Q q 0 0 0 rg BT 330.41 230.85 Td (10.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.95 230.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.40 230.85 Td (95.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.95 230.85 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 217.85 Td (Underwriting \(loss\) income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.40 217.85 Td (\(5,139) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.95 217.85 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.40 217.85 Td (1,979) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.45 217.85 Td (\(7,1) Tj ET Q q 0 0 0 rg BT 471.96 217.85 Td (18\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.95 217.85 Td (\(360\)) Tj ET Q BT /F1 10.00 Tf ET BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 197.68 58.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 190.40 Td (First quarter) Tj ET Q BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 121.90 197.68 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 121.90 190.40 Td ( ) Tj ET Q BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 124.68 197.68 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 124.68 190.40 Td (2019) Tj ET Q BT /F5 10.00 Tf ET BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 174.88 179.96 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 167.60 Td (Personal ) Tj ET Q q 0 0 0 rg BT 104.77 167.60 Td (Lines ) Tj ET Q q 0 0 0 rg BT 130.98 167.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 172.75 167.60 Td (an ) Tj ET Q q 0 0 0 rg BT 186.18 167.60 Td (underwriting ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 242.96 174.88 17.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 242.96 167.60 Td (loss) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 260.74 174.88 18.51 -9.38 re f /GS0 gs q 0 0 0 rg BT 260.74 167.60 Td ( ) Tj ET Q q 0 0 0 rg BT 263.04 167.60 Td (of ) Tj ET Q q 0 0 0 rg BT 273.69 167.60 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 279.25 174.88 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 279.25 167.60 Td (5.1) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 293.15 174.88 160.57 -9.38 re f /GS0 gs q 0 0 0 rg BT 293.15 167.60 Td ( ) Tj ET Q q 0 0 0 rg BT 295.45 167.60 Td (million ) Tj ET Q q 0 0 0 rg BT 326.10 167.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 372.87 167.60 Td (to ) Tj ET Q q 0 0 0 rg BT 383.51 167.60 Td (an ) Tj ET Q q 0 0 0 rg BT 396.94 167.60 Td (underwriting ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 453.71 174.88 32.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 453.71 167.60 Td (income) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 485.95 174.88 18.51 -9.38 re f /GS0 gs q 0 0 0 rg BT 485.95 167.60 Td ( ) Tj ET Q q 0 0 0 rg BT 488.25 167.60 Td (of ) Tj ET Q q 0 0 0 rg BT 498.90 167.60 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 504.46 174.88 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 504.46 167.60 Td (2.0) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 518.36 174.88 33.42 -9.38 re f /GS0 gs q 0 0 0 rg BT 518.36 167.60 Td ( ) Tj ET Q q 0 0 0 rg BT 520.67 167.60 Td (million ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 161.08 301.36 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 153.80 Td (in ) Tj ET Q q 0 0 0 rg BT 74.13 153.80 Td (the ) Tj ET Q q 0 0 0 rg BT 91.38 153.80 Td (same ) Tj ET Q q 0 0 0 rg BT 119.17 153.80 Td (period ) Tj ET Q q 0 0 0 rg BT 150.32 153.80 Td (last ) Tj ET Q q 0 0 0 rg BT 169.22 153.80 Td (year) Tj ET Q q 0 0 0 rg BT 188.12 153.80 Td (. ) Tj ET Q q 0 0 0 rg BT 194.25 153.80 Td (Direct ) Tj ET Q q 0 0 0 rg BT 223.71 153.80 Td (written ) Tj ET Q q 0 0 0 rg BT 256.50 153.80 Td (premiums ) Tj ET Q q 0 0 0 rg BT 303.75 153.80 Td (increased ) Tj ET Q q 0 0 0 rg BT 350.45 153.80 Td (by ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 364.36 161.08 11.12 -9.38 re f /GS0 gs q 0 0 0 rg BT 364.36 153.80 Td (30) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 375.48 161.08 176.29 -9.38 re f /GS0 gs q 0 0 0 rg BT 375.48 153.80 Td (% ) Tj ET Q q 0 0 0 rg BT 387.72 153.80 Td (in ) Tj ET Q q 0 0 0 rg BT 398.85 153.80 Td (the ) Tj ET Q q 0 0 0 rg BT 416.09 153.80 Td (quarter ) Tj ET Q q 0 0 0 rg BT 451.12 153.80 Td (due ) Tj ET Q q 0 0 0 rg BT 471.15 153.80 Td (to ) Tj ET Q q 0 0 0 rg BT 482.84 153.80 Td (organic ) Tj ET Q q 0 0 0 rg BT 518.98 153.80 Td (growth ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 147.28 219.02 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 140.00 Td (supported ) Tj ET Q q 0 0 0 rg BT 110.26 140.00 Td (by ) Tj ET Q q 0 0 0 rg BT 123.60 140.00 Td (rate ) Tj ET Q q 0 0 0 rg BT 143.61 140.00 Td (increases ) Tj ET Q q 0 0 0 rg BT 189.18 140.00 Td (in ) Tj ET Q q 0 0 0 rg BT 199.74 140.00 Td (Personal ) Tj ET Q q 0 0 0 rg BT 241.44 140.00 Td (Auto, ) Tj ET Q q 0 0 0 rg BT 267.57 140.00 Td (par) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.02 140.00 Td (ticularly ) Tj ET Q q 0 0 0 rg BT 318.69 140.00 Td (in ) Tj ET Q q 0 0 0 rg BT 329.25 140.00 Td (Ontario.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 117.20 Td (This ) Tj ET Q q 0 0 0 rg BT 84.67 117.20 Td (segment) Tj ET Q q 0 0 0 rg BT 125.07 117.20 Td (s ) Tj ET Q q 0 0 0 rg BT 132.84 117.20 Td (combined ) Tj ET Q q 0 0 0 rg BT 178.98 117.20 Td (ratio ) Tj ET Q q 0 0 0 rg BT 201.21 117.20 Td (increased ) Tj ET Q q 0 0 0 rg BT 247.35 117.20 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 258.47 117.20 Td (1) Tj ET Q q 0 0 0 rg BT 263.29 117.20 Td (1) Tj ET Q q 0 0 0 rg BT 268.11 117.20 Td (1%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.56 117.20 Td ( ) Tj ET Q q 0 0 0 rg BT 285.34 117.20 Td (in ) Tj ET Q q 0 0 0 rg BT 295.90 117.20 Td (the ) Tj ET Q q 0 0 0 rg BT 312.58 117.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 347.04 117.20 Td (as ) Tj ET Q q 0 0 0 rg BT 360.38 117.20 Td (a ) Tj ET Q q 0 0 0 rg BT 368.72 117.20 Td (result ) Tj ET Q q 0 0 0 rg BT 395.95 117.20 Td (of ) Tj ET Q q 0 0 0 rg BT 407.07 117.20 Td (the ) Tj ET Q q 0 0 0 rg BT 423.75 117.20 Td (following ) Tj ET Q q 0 0 0 rg BT 465.44 117.20 Td (factors:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 99.20 Td (1. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 99.20 Td (Poor ) Tj ET Q q 0 0 0 rg BT 104.90 99.20 Td (automobile ) Tj ET Q q 0 0 0 rg BT 156.60 99.20 Td (results ) Tj ET Q q 0 0 0 rg BT 188.83 99.20 Td (in ) Tj ET Q q 0 0 0 rg BT 199.39 99.20 Td (Ontario ) Tj ET Q q 0 0 0 rg BT 234.96 99.20 Td (and ) Tj ET Q q 0 0 0 rg BT 254.43 99.20 Td (Quebec ) Tj ET Q q 0 0 0 rg BT 292.23 99.20 Td (due ) Tj ET Q q 0 0 0 rg BT 311.69 99.20 Td (to ) Tj ET Q q 0 0 0 rg BT 322.81 99.20 Td (an ) Tj ET Q q 0 0 0 rg BT 336.71 99.20 Td (increased ) Tj ET Q q 0 0 0 rg BT 382.85 99.20 Td (average ) Tj ET Q q 0 0 0 rg BT 421.77 99.20 Td (claim ) Tj ET Q q 0 0 0 rg BT 447.88 99.20 Td (cost.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 81.20 Td (2. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 81.20 Td (Less ) Tj ET Q q 0 0 0 rg BT 104.90 81.20 Td (profitable ) Tj ET Q q 0 0 0 rg BT 148.82 81.20 Td (motorcycle ) Tj ET Q q 0 0 0 rg BT 199.94 81.20 Td (and ) Tj ET Q q 0 0 0 rg BT 219.40 81.20 Td (recreational ) Tj ET Q q 0 0 0 rg BT 274.43 81.20 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 308.34 81.20 Td (results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 63.20 Td (3. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 63.20 Td (Adverse ) Tj ET Q q 0 0 0 rg BT 120.46 63.20 Td (development ) Tj ET Q q 0 0 0 rg BT 180.50 63.20 Td (on ) Tj ET Q q 0 0 0 rg BT 194.40 63.20 Td (prior ) Tj ET Q q 0 0 0 rg BT 217.19 63.20 Td (year ) Tj ET Q q 0 0 0 rg BT 239.42 63.20 Td (claims.) Tj ET Q BT /F3 4.00 Tf ET q 0 0 0 rg BT 270.53 63.20 Td ( ) Tj ET Q q 0 0 0 rg BT 271.64 63.20 Td ( ) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 34.10 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 175.48 34.10 Td (Analysis Page 8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 735.25 Td (COMMERCIAL) Tj ET Q q 0 0 0 rg BT 131.70 735.25 Td ( LINES) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 724.75 m 299.5 724.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 701.75 m 299.5 701.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 724.75 m 362.5 724.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 701.75 m 362.5 701.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 724.75 m 425.5 724.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 701.75 m 425.5 701.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 724.75 m 488.5 724.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 701.75 m 488.5 701.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 724.75 m 551.5 724.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 701.75 m 551.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 701.75 m 299.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 687.75 m 299.5 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 701.75 m 362.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 687.75 m 362.5 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 701.75 m 425.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 687.75 m 425.5 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 701.75 m 488.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 687.75 m 488.5 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 701.75 m 551.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 687.75 m 551.5 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 687.75 m 362.5 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 687.75 m 425.5 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 687.75 m 488.5 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 687.75 m 551.5 687.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 513.75 m 299.5 513.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 513.75 m 362.5 513.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 513.75 m 425.5 513.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 513.75 m 488.5 513.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 513.75 m 551.5 513.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.45 715.45 Td (3 months ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 404.20 706.45 Td (March 31) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 692.73 Td (\($THOUSANDS\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 320.45 692.45 Td (2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.45 692.45 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.45 692.73 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.15 692.73 Td (% Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 678.70 Td (Direct written premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.70 678.70 Td (39,814) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.70 678.70 Td (33,884) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.20 678.70 Td (5,930) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.45 678.70 Td (18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 665.70 Td (Net earned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.70 665.70 Td (34,703) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.70 665.70 Td (25,702) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.20 665.70 Td (9,001) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.45 665.70 Td (35) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 652.70 Td (Net claims:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 639.70 Td (Current year claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.70 639.70 Td (16,628) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.70 639.70 Td (13,744) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.20 639.70 Td (2,884) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.45 639.70 Td (21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 626.70 Td (Current year loss ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.70 626.70 Td (47.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.70 626.70 Td (53.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 602.95 Td (\(Unfavorable\) / Favourable prior year claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 592.15 Td (development) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.20 602.95 Td (\(6,225\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.20 602.95 Td (1,279) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.20 602.95 Td (\(7,504\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.95 602.95 Td (\(587\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 578.70 Td (T) Tj ET Q q 0 0 0 rg BT 71.00 578.70 Td (otal net claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.70 578.70 Td (22,853) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.70 578.70 Td (12,465) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.70 578.70 Td (10,388) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.45 578.70 Td (83) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 565.70 Td (Loss ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.70 565.70 Td (65.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.70 565.70 Td (48.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 552.70 Td (Expense ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.70 552.70 Td (39.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.70 552.70 Td (46.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 539.70 Td (Combined ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.20 539.70 Td (105.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.70 539.70 Td (95.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 522.45 Td (Underwriting \(loss\) / income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.20 522.45 Td (\(2,026\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.20 522.45 Td (1,247) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.20 522.45 Td (\(3,273\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.95 522.45 Td (\(262\)) Tj ET Q BT /F1 10.00 Tf ET BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 497.53 58.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 490.25 Td (First quarter) Tj ET Q BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 121.90 497.53 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 121.90 490.25 Td ( ) Tj ET Q BT /F5 10.00 Tf ET 1 1 1 rg /GS0 gs 124.68 497.53 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 124.68 490.25 Td (2019) Tj ET Q BT /F5 10.00 Tf ET BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 474.73 190.43 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 467.45 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 119.76 467.45 Td (Lines ) Tj ET Q q 0 0 0 rg BT 147.09 467.45 Td (recorded ) Tj ET Q q 0 0 0 rg BT 189.98 467.45 Td (an ) Tj ET Q q 0 0 0 rg BT 204.52 467.45 Td (underwritin) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 253.43 467.45 Td (g ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 262.42 467.45 Td (loss) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 280.20 467.45 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 283.62 474.73 17.32 -9.38 re f /GS0 gs q 0 0 0 rg BT 283.62 467.45 Td (of ) Tj ET Q q 0 0 0 rg BT 295.38 467.45 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 300.94 474.73 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 300.94 467.45 Td (2.0) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 314.85 474.73 220.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 314.85 467.45 Td ( ) Tj ET Q q 0 0 0 rg BT 318.27 467.45 Td (million ) Tj ET Q q 0 0 0 rg BT 350.03 467.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 397.92 467.45 Td (to ) Tj ET Q q 0 0 0 rg BT 409.68 467.45 Td (an ) Tj ET Q q 0 0 0 rg BT 424.22 467.45 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 482.12 467.45 Td (income ) Tj ET Q q 0 0 0 rg BT 517.77 467.45 Td (of ) Tj ET Q q 0 0 0 rg BT 529.54 467.45 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 535.10 474.73 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 535.10 467.45 Td (1.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.00 467.45 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 460.93 330.85 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 453.65 Td (million ) Tj ET Q q 0 0 0 rg BT 94.50 453.65 Td (in ) Tj ET Q q 0 0 0 rg BT 105.45 453.65 Td (the ) Tj ET Q q 0 0 0 rg BT 122.51 453.65 Td (same ) Tj ET Q q 0 0 0 rg BT 150.13 453.65 Td (period ) Tj ET Q q 0 0 0 rg BT 181.09 453.65 Td (last ) Tj ET Q q 0 0 0 rg BT 199.81 453.65 Td (year) Tj ET Q q 0 0 0 rg BT 218.71 453.65 Td (. ) Tj ET Q q 0 0 0 rg BT 224.65 453.65 Td (Direct ) Tj ET Q q 0 0 0 rg BT 253.93 453.65 Td (written ) Tj ET Q q 0 0 0 rg BT 286.54 453.65 Td (premiums ) Tj ET Q q 0 0 0 rg BT 333.60 453.65 Td (increased ) Tj ET Q q 0 0 0 rg BT 380.12 453.65 Td (by ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 393.85 460.93 11.12 -9.38 re f /GS0 gs q 0 0 0 rg BT 393.85 453.65 Td (18) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 404.97 460.93 146.81 -9.38 re f /GS0 gs q 0 0 0 rg BT 404.97 453.65 Td (% ) Tj ET Q q 0 0 0 rg BT 417.02 453.65 Td (in ) Tj ET Q q 0 0 0 rg BT 427.97 453.65 Td (the ) Tj ET Q q 0 0 0 rg BT 445.03 453.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 479.88 453.65 Td (primarily ) Tj ET Q q 0 0 0 rg BT 520.82 453.65 Td (due ) Tj ET Q q 0 0 0 rg BT 540.67 453.65 Td (to ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 447.13 454.11 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 439.85 Td (organic ) Tj ET Q q 0 0 0 rg BT 98.58 439.85 Td (growth ) Tj ET Q q 0 0 0 rg BT 131.37 439.85 Td (in ) Tj ET Q q 0 0 0 rg BT 141.93 439.85 Td (commercial ) Tj ET Q q 0 0 0 rg BT 195.83 439.85 Td (auto ) Tj ET Q q 0 0 0 rg BT 218.07 439.85 Td (and ) Tj ET Q q 0 0 0 rg BT 237.53 439.85 Td (commercial ) Tj ET Q q 0 0 0 rg BT 291.43 439.85 Td (property ) Tj ET Q q 0 0 0 rg BT 330.89 439.85 Td (and ) Tj ET Q q 0 0 0 rg BT 350.35 439.85 Td (trucking, ) Tj ET Q q 0 0 0 rg BT 390.92 439.85 Td (supported ) Tj ET Q q 0 0 0 rg BT 438.18 439.85 Td (by ) Tj ET Q q 0 0 0 rg BT 451.52 439.85 Td (rate ) Tj ET Q q 0 0 0 rg BT 471.53 439.85 Td (increases.) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 424.33 135.30 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 417.05 Td (This segment's combined ratio) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 198.30 417.05 Td ( increased to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 258.34 417.05 Td (106%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 283.91 417.05 Td ( in) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 294.47 424.33 84.49 -9.38 re f /GS0 gs q 0 0 0 rg BT 294.47 417.05 Td ( the quarter as a re) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 378.97 417.05 Td (sult of the following factors:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 401.05 Td (1. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 401.05 Td (W) Tj ET Q q 0 0 0 rg BT 90.26 401.05 Td (eaker results on the warranty and surety products due to strengthening of prior year reserves.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 385.05 Td (2. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 385.05 Td (Adverse prior year claims development.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 369.05 Td (3. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 369.05 Td (Of) Tj ET Q q 0 0 0 rg BT 91.38 369.05 Td (fset by improved results in the trucking product due to rate increases. ) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 34.10 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 175.48 34.10 Td (Analysis Page 9) 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 179.5 696 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 680 m 179.5 680 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 696 m 225.5 696 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 680 m 225.5 680 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 696 m 271.5 696 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 680 m 271.5 680 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 696 m 317.5 696 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 680 m 317.5 680 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 696 m 363.5 696 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 680 m 363.5 680 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 696 m 410.5 696 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 680 m 410.5 680 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 696 m 456.5 696 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 680 m 456.5 680 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 696 m 502.5 696 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 680 m 502.5 680 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 696 m 548.5 696 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 680 m 548.5 680 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 658 m 179.5 658 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 680 m 225.5 680 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 658 m 225.5 658 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 680 m 271.5 680 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 658 m 271.5 658 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 680 m 317.5 680 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 658 m 317.5 658 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 680 m 363.5 680 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 680 m 410.5 680 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 680 m 456.5 680 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 680 m 502.5 680 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 680 m 548.5 680 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 658 m 225.5 658 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 658 m 271.5 658 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 658 m 317.5 658 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 658 m 363.5 658 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 658 m 410.5 658 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 658 m 456.5 658 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 658 m 502.5 658 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 658 m 548.5 658 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 291 m 179.5 291 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 291 m 225.5 291 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 291 m 271.5 291 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 291 m 317.5 291 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 291 m 363.5 291 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 291 m 410.5 291 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 291 m 456.5 291 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 291 m 502.5 291 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 291 m 548.5 291 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 191.95 684.40 Td (2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.45 684.40 Td (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.95 684.40 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 670.23 Td (\($ THOUSANDS except per) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 66.00 662.23 Td (share amounts\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 195.95 666.70 Td (Q1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 241.95 666.70 Td (Q4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.95 666.70 Td (Q3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.95 666.70 Td (Q2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.45 666.70 Td (Q1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.95 666.70 Td (Q4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.95 666.70 Td (Q3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.95 666.70 Td (Q2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 648.95 Td (Direct written and assumed) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 639.95 Td (premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.40 640.45 Td (98,922) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.40 640.40 Td (88,285) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 276.40 640.40 Td (105,027) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.40 640.40 Td (1) Tj ET Q q 0 0 0 rg BT 327.41 640.40 Td (12,833) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.40 640.40 Td (79,287) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.40 640.40 Td (68,050) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.40 640.40 Td (78,047) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.40 640.40 Td (85,035) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 626.95 Td (Net earned premiums and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 617.95 Td (other revenue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.40 618.45 Td (81,661) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.40 618.40 Td (82,124) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.40 618.40 Td (95,709) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.40 618.40 Td (75,280) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.40 618.40 Td (71,522) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.40 618.40 Td (64,906) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.40 618.40 Td (60,017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.40 618.40 Td (53,448) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 604.40 Td (Underwriting \(loss\) income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.40 604.45 Td (\(9,672) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 216.95 604.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.40 604.40 Td (\(1,721) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.95 604.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.40 604.40 Td (\(1,495) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.95 604.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.90 604.40 Td (364) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.40 604.40 Td (1,247) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.40 604.40 Td (\(1) Tj ET Q q 0 0 0 rg BT 425.40 604.40 Td (1,208) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.95 604.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.40 604.40 Td (\(3,428) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.95 604.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.40 604.40 Td (1,477) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 590.95 Td (Impact of change in net) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 581.95 Td (claims discount rate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.40 582.45 Td (\(2,740) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 216.95 582.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.40 582.40 Td (1,806) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 298.90 582.40 Td (93) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.40 582.40 Td (2,039) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.40 582.40 Td (2,050) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.40 582.40 Td (1,220) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.40 582.40 Td (2,034) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.95 582.40 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 568.40 Td (Investment income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 194.40 568.45 Td (3,691) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 244.90 568.40 Td (\(593) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.95 568.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.40 568.40 Td (3,028) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.40 568.40 Td (2,759) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.40 568.40 Td (1,959) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.40 568.40 Td (3,316) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.40 568.40 Td (2,416) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.40 568.40 Td (2,977) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 546.40 Td (Severance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 203.90 546.45 Td (\(10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 216.95 546.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.40 546.40 Td (\(1,703) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.95 546.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.90 546.40 Td (\(48) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.95 546.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.90 546.40 Td (15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.90 546.40 Td (\(303) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.95 546.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.90 546.40 Td (\(87) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.95 546.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.90 546.40 Td (\(86) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.95 546.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.90 546.40 Td (\(89) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.95 546.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 514.40 Td (T) Tj ET Q q 0 0 0 rg BT 71.33 514.40 Td (ransaction costs from sale) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.40 514.45 Td (\(3,099) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 216.95 514.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.40 514.40 Td (\(5,941) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.95 514.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.95 514.40 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.95 514.40 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.95 514.40 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.95 514.40 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.95 514.40 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.95 514.40 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 500.40 Td (\(Loss\) income before) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 491.40 Td (interest expense and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 482.40 Td (income taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 186.40 482.45 Td (\(1) Tj ET Q q 0 0 0 rg BT 194.40 482.45 Td (1,828) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 216.95 482.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.40 482.40 Td (\(8,152) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.95 482.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.40 482.40 Td (1,578) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.40 482.40 Td (5,177) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.40 482.40 Td (4,953) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.40 482.40 Td (\(6,759) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.95 482.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.90 482.40 Td (936) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.40 482.40 Td (4,365) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 468.40 Td (Net \(loss\) income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.40 468.45 Td (\(8,984) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 216.95 468.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.40 468.40 Td (\(7,426) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.95 468.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.90 468.40 Td (170) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.40 468.40 Td (3,964) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.40 468.40 Td (5,642) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.40 468.40 Td (\(4,826) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.95 468.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.90 468.40 Td (810) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.40 468.40 Td (3,193) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 454.95 Td (Net operating \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 445.95 Td (income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.40 446.45 Td (\(4,406) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 216.95 446.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.40 446.40 Td (2,292) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.40 446.40 Td (2,147) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.40 446.40 Td (2,935) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.40 446.40 Td (3,541) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.40 446.40 Td (\(6,252) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.95 446.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.40 446.40 Td (1,21) Tj ET Q q 0 0 0 rg BT 488.92 446.40 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.45 446.40 Td (3,338) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 432.95 Td (Earnings \(loss\) per) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 423.95 Td (adjusted share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 78.00 410.40 Td (\(a\) Basic) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.40 410.45 Td (\($0.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 216.95 410.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.40 410.40 Td (\($0.65) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.95 410.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.40 410.40 Td ($0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.40 410.40 Td ($0.34) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.40 410.40 Td ($0.49) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.40 410.40 Td (\($0.42) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.95 410.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.40 410.40 Td ($0.07) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.40 410.40 Td ($0.27) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 78.00 396.40 Td (\(b\) Diluted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.40 396.45 Td (\($0.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 216.95 396.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.40 396.40 Td (\($0.65) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.95 396.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.40 396.40 Td ($0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.40 396.40 Td ($0.33) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.40 396.40 Td ($0.48) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.40 396.40 Td (\($0.42) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.95 396.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.40 396.40 Td ($0.07) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.40 396.40 Td ($0.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 382.95 Td (Net operating \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 373.95 Td (income per share - diluted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.40 374.45 Td (\($0.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 216.95 374.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.40 374.40 Td ($0.19) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.40 374.40 Td ($0.18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.40 374.40 Td ($0.24) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.40 374.40 Td ($0.29) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.40 374.40 Td (\($0.51) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.95 374.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.40 374.40 Td ($0.10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.40 374.40 Td ($0.28) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 351.40 Td (Selected financial ratios) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 78.00 337.40 Td (Loss ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.40 337.45 Td (75.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.95 337.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.40 337.40 Td (67.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 256.95 337.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 285.40 337.40 Td (67.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.95 337.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.40 337.40 Td (65.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.95 337.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.40 337.40 Td (58.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.95 337.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.40 337.40 Td (81.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.95 337.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.40 337.40 Td (72.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.95 337.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.40 337.40 Td (59.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 337.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 78.00 323.40 Td (Expense ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.40 323.45 Td (36.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.95 323.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.40 323.40 Td (34.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 256.95 323.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 285.40 323.40 Td (33.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.95 323.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.40 323.40 Td (34.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.95 323.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.40 323.40 Td (39.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.95 323.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.40 323.40 Td (35.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.95 323.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.40 323.40 Td (33.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.95 323.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.40 323.40 Td (37.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 323.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 78.00 309.40 Td (Combined ratio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.40 309.45 Td (1) Tj ET Q q 0 0 0 rg BT 193.41 309.45 Td (1) Tj ET Q q 0 0 0 rg BT 198.41 309.45 Td (1.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.95 309.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.40 309.40 Td (102.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 256.95 309.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 280.40 309.40 Td (101.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.95 309.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.40 309.40 Td (99.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.95 309.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.40 309.40 Td (98.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.95 309.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.40 309.40 Td (1) Tj ET Q q 0 0 0 rg BT 424.41 309.40 Td (17.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.95 309.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.40 309.40 Td (105.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.95 309.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.40 309.40 Td (97.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 309.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 295.40 Td (Book value per share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.45 295.40 Td ($1) Tj ET Q q 0 0 0 rg BT 198.46 295.40 Td (1.74) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.45 295.40 Td ($12.21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 280.45 295.40 Td ($12.89) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.45 295.40 Td ($12.88) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 295.40 Td ($12.47) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.45 295.40 Td ($12.01) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.45 295.40 Td ($12.14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 295.40 Td ($12.25) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 275.98 488.77 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 268.70 Td (The ) Tj ET Q q 0 0 0 rg BT 81.93 268.70 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 122.54 268.70 Td (results ) Tj ET Q q 0 0 0 rg BT 153.69 268.70 Td (reflect ) Tj ET Q q 0 0 0 rg BT 182.62 268.70 Td (the ) Tj ET Q q 0 0 0 rg BT 198.22 268.70 Td (seasonality ) Tj ET Q q 0 0 0 rg BT 249.95 268.70 Td (of ) Tj ET Q q 0 0 0 rg BT 259.99 268.70 Td (the ) Tj ET Q q 0 0 0 rg BT 275.59 268.70 Td (Company's ) Tj ET Q q 0 0 0 rg BT 327.00 268.70 Td (business. ) Tj ET Q q 0 0 0 rg BT 370.94 268.70 Td ( ) Tj ET Q q 0 0 0 rg BT 372.64 268.70 Td (While ) Tj ET Q q 0 0 0 rg BT 399.35 268.70 Td (net ) Tj ET Q q 0 0 0 rg BT 414.95 268.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 447.79 268.70 Td (premiums ) Tj ET Q q 0 0 0 rg BT 493.38 268.70 Td (are ) Tj ET Q q 0 0 0 rg BT 509.54 268.70 Td (relatively ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 262.18 488.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 254.90 Td (stable ) Tj ET Q q 0 0 0 rg BT 93.43 254.90 Td (from ) Tj ET Q q 0 0 0 rg BT 117.17 254.90 Td (quarter ) Tj ET Q q 0 0 0 rg BT 152.59 254.90 Td (to ) Tj ET Q q 0 0 0 rg BT 164.68 254.90 Td (quarter) Tj ET Q q 0 0 0 rg BT 195.81 254.90 Td (, ) Tj ET Q q 0 0 0 rg BT 202.33 254.90 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 260.54 254.90 Td (results ) Tj ET Q q 0 0 0 rg BT 293.74 254.90 Td (may ) Tj ET Q q 0 0 0 rg BT 316.37 254.90 Td (vary ) Tj ET Q q 0 0 0 rg BT 339.00 254.90 Td (significantly ) Tj ET Q q 0 0 0 rg BT 394.44 254.90 Td (by ) Tj ET Q q 0 0 0 rg BT 408.74 254.90 Td (quarter ) Tj ET Q q 0 0 0 rg BT 444.17 254.90 Td (as ) Tj ET Q q 0 0 0 rg BT 458.47 254.90 Td (they ) Tj ET Q q 0 0 0 rg BT 481.11 254.90 Td (are ) Tj ET Q q 0 0 0 rg BT 499.31 254.90 Td (af) Tj ET Q q 0 0 0 rg BT 507.47 254.90 Td (fected ) Tj ET Q q 0 0 0 rg BT 538.45 254.90 Td (by ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 248.38 281.08 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 241.10 Td (seasonality) Tj ET Q q 0 0 0 rg BT 112.29 241.10 Td (, ) Tj ET Q q 0 0 0 rg BT 117.84 241.10 Td (as ) Tj ET Q q 0 0 0 rg BT 131.18 241.10 Td (described ) Tj ET Q q 0 0 0 rg BT 177.32 241.10 Td (in ) Tj ET Q q 0 0 0 rg BT 187.88 241.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 211.78 241.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 220.12 241.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.24 241.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.92 241.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 290.72 241.10 Td (Statements.) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 230.60000000000002 m 410.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 215.60000000000002 m 410.5 215.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 230.60000000000002 m 478.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 230.60000000000002 m 546.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 215.60000000000002 m 410.5 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 200.60000000000002 m 410.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 215.60000000000002 m 478.5 215.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 215.60000000000002 m 546.5 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 200.60000000000002 m 410.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 200.60000000000002 m 478.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 200.60000000000002 m 546.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 186.60000000000002 m 410.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 186.60000000000002 m 478.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 186.60000000000002 m 546.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 144.60000000000002 m 410.5 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 144.60000000000002 m 478.5 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 144.60000000000002 m 546.5 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 116.60000000000002 m 410.5 116.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 116.60000000000002 m 478.5 116.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 116.60000000000002 m 546.5 116.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 88.60000000000002 m 410.5 88.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 88.60000000000002 m 478.5 88.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 88.60000000000002 m 546.5 88.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 60.60000000000002 m 410.5 60.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 60.60000000000002 m 478.5 60.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 60.60000000000002 m 546.5 60.60000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 422.20 220.80 Td (3 months ended March 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.95 205.80 Td (2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.95 205.80 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 67.00 192.28 Td (\($ THOUSANDS except per share amounts\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 177.00 Td (Net investment income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 177.00 Td (3,745) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.45 177.00 Td (3,146) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 163.55 Td (Underwriting \(loss\) income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.45 162.55 Td (\(9,672) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.00 162.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.45 163.55 Td (1,247) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 149.55 Td (Add: CA) Tj ET Q q 0 0 0 rg BT 100.18 149.55 Td (T) Tj ET Q q 0 0 0 rg BT 105.27 149.55 Td ( losses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.95 148.55 Td (304) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.00 149.55 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 135.55 Td (Pre-tax operating \(loss\) income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.45 135.55 Td (\(5,623) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.00 135.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.45 135.55 Td (4,393) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 120.55 Td (Income tax) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.45 120.55 Td (1,338) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.45 121.55 Td (\(1,036) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.00 121.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 107.55 Td (Net operating \(loss\) income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.45 107.55 Td (\(4,285) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.00 107.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.45 107.55 Td (3,357) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 92.55 Td (Minority interest) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.95 92.55 Td (\(121) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.00 92.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.95 93.55 Td (184) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 79.55 Td (Net operating \(loss\) income attributable to shareholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.45 79.55 Td (\(4,406) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.00 79.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.45 79.55 Td (3,541) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 65.55 Td (Net operating \(loss\) income per share - diluted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.45 65.55 Td ($\(0.36\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.45 65.55 Td ($0.29) Tj ET Q BT /F1 10.00 Tf ET 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 q 0 0 0 rg BT 63.00 729.30 Td (BALANCE SHEET ) Tj ET Q q 0 0 0 rg BT 167.89 729.30 Td (ANAL) Tj ET Q q 0 0 0 rg BT 200.12 729.30 Td (YSIS) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 713.78 488.79 -9.36 re f /GS0 gs q 0 0 0 rg BT 63.00 706.50 Td (The ) Tj ET Q q 0 0 0 rg BT 82.72 706.50 Td (Balance ) Tj ET Q q 0 0 0 rg BT 121.35 706.50 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 149.98 706.50 Td (analysis ) Tj ET Q q 0 0 0 rg BT 188.60 706.50 Td (that ) Tj ET Q q 0 0 0 rg BT 207.77 706.50 Td (follows ) Tj ET Q q 0 0 0 rg BT 240.83 706.50 Td (should ) Tj ET Q q 0 0 0 rg BT 272.79 706.50 Td (be ) Tj ET Q q 0 0 0 rg BT 286.40 706.50 Td (read ) Tj ET Q q 0 0 0 rg BT 308.91 706.50 Td (in ) Tj ET Q q 0 0 0 rg BT 319.19 706.50 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 372.27 706.50 Td (with ) Tj ET Q q 0 0 0 rg BT 392.54 706.50 Td (the ) Tj ET Q q 0 0 0 rg BT 408.94 706.50 Td (condensed ) Tj ET Q q 0 0 0 rg BT 460.36 706.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 519.01 706.50 Td (interim ) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 699.98 122.29 -9.36 re f /GS0 gs q 0 0 0 rg BT 63.00 692.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 102.47 692.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 154.16 692.70 Td (for ) Tj ET Q q 0 0 0 rg BT 168.61 692.70 Td (the ) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 185.29 699.98 16.11 -9.36 re f /GS0 gs q 0 0 0 rg BT 185.29 692.70 Td (first) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 201.39 699.98 48.36 -9.36 re f /GS0 gs q 0 0 0 rg BT 201.39 692.70 Td ( ) Tj ET Q q 0 0 0 rg BT 204.17 692.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 238.63 692.70 Td (of ) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 249.75 699.98 22.25 -9.36 re f /GS0 gs q 0 0 0 rg BT 249.75 692.70 Td (2019) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 272.00 699.98 85.62 -9.36 re f /GS0 gs q 0 0 0 rg BT 272.00 692.70 Td (, ) Tj ET Q q 0 0 0 rg BT 277.56 692.70 Td (and ) Tj ET Q q 0 0 0 rg BT 297.02 692.70 Td (notes ) Tj ET Q q 0 0 0 rg BT 324.26 692.70 Td (therein.) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 671.18 120.02 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 663.90 Td (Balance ) Tj ET Q q 0 0 0 rg BT 104.13 663.90 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 134.14 663.90 Td (Highlights) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 649.38 363.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 642.10 Td (Selected ) Tj ET Q q 0 0 0 rg BT 104.69 642.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 142.50 642.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 169.74 642.10 Td (highlights ) Tj ET Q q 0 0 0 rg BT 214.77 642.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.24 642.10 Td (book ) Tj ET Q q 0 0 0 rg BT 258.70 642.10 Td (value ) Tj ET Q q 0 0 0 rg BT 285.38 642.10 Td (per ) Tj ET Q q 0 0 0 rg BT 302.61 642.10 Td (share ) Tj ET Q q 0 0 0 rg BT 330.41 642.10 Td (details ) Tj ET Q q 0 0 0 rg BT 362.09 642.10 Td (are ) Tj ET Q q 0 0 0 rg BT 379.32 642.10 Td (as ) Tj ET Q q 0 0 0 rg BT 392.66 642.10 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 622.6 m 348.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 596.6 m 348.5 596.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 622.6 m 448.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 596.6 m 448.5 596.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 622.6 m 548.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 596.6 m 548.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 596.6 m 448.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 596.6 m 548.5 596.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 461.6 m 348.5 461.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 461.6 m 448.5 461.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 461.6 m 548.5 461.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 68.00 607.58 Td (\($ THOUSANDS except per share amounts\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.95 611.80 Td (As at) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.95 602.80 Td (March 31, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.95 611.80 Td (As at) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.90 602.80 Td (December 31, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 586.00 Td (Cash and short-term deposits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.40 586.00 Td (122,877) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.40 586.00 Td (129,604) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 571.00 Td (Investments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.40 571.00 Td (337,231) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.40 571.00 Td (328,238) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 556.00 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 556.00 Td (otal assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.40 556.00 Td (689,227) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.40 556.00 Td (668,216) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 541.00 Td (Provision for unpaid claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.40 541.00 Td (289,291) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.40 541.00 Td (278,01) Tj ET Q q 0 0 0 rg BT 534.93 541.00 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 526.00 Td (Unearned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.40 526.00 Td (221,298) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.40 526.00 Td (209,327) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 511.00 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 511.00 Td (otal equity attributable to shareholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.40 511.00 Td (140,436) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.40 511.00 Td (145,667) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 496.00 Td (Book value per share) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 153.05 500.29 Td ( \(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.45 496.00 Td ($1) Tj ET Q q 0 0 0 rg BT 421.46 496.00 Td (1.74) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 496.00 Td ($12.21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 481.00 Td (MCT) Tj ET Q q 0 0 0 rg BT 87.41 481.00 Td ( Ratio - Echelon Insurance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.90 481.00 Td (215) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.95 481.00 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.90 481.00 Td (221) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 481.00 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 466.00 Td ( - ICPEI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.90 466.00 Td (407) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.95 466.00 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.90 466.00 Td (370) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 466.00 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.50 Tf ET 1 1 1 rg /GS0 gs 65.00 454.29 8.29 -7.98 re f /GS0 gs BT /F3 5.52 Tf ET q 0 0 0 rg BT 65.00 448.10 Td (\(1\) ) Tj ET Q BT /F3 8.50 Tf ET 1 1 1 rg /GS0 gs 73.29 450.24 295.02 -7.98 re f /GS0 gs q 0 0 0 rg BT 73.29 444.05 Td ( ) Tj ET Q q 0 0 0 rg BT 75.65 444.05 Td (Shareholders) Tj ET Q q 0 0 0 rg BT 127.78 444.05 Td ( ) Tj ET Q q 0 0 0 rg BT 130.15 444.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 155.19 444.05 Td (divided ) Tj ET Q q 0 0 0 rg BT 184.49 444.05 Td (by ) Tj ET Q q 0 0 0 rg BT 195.83 444.05 Td (the ) Tj ET Q q 0 0 0 rg BT 210.01 444.05 Td (number ) Tj ET Q q 0 0 0 rg BT 241.19 444.05 Td (of ) Tj ET Q q 0 0 0 rg BT 250.64 444.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 278.52 444.05 Td (issued ) Tj ET Q q 0 0 0 rg BT 305.45 444.05 Td (and ) Tj ET Q q 0 0 0 rg BT 321.99 444.05 Td (outstanding.) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 422.53 58.35 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 415.25 Td (Investments) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 400.53 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 393.25 Td (EFH ) Tj ET Q q 0 0 0 rg BT 87.27 393.25 Td (has ) Tj ET Q q 0 0 0 rg BT 105.66 393.25 Td (an ) Tj ET Q q 0 0 0 rg BT 119.05 393.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 169.67 393.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 197.50 393.25 Td (that ) Tj ET Q q 0 0 0 rg BT 216.45 393.25 Td (seeks ) Tj ET Q q 0 0 0 rg BT 244.84 393.25 Td (to ) Tj ET Q q 0 0 0 rg BT 255.45 393.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 290.51 393.25 Td (a ) Tj ET Q q 0 0 0 rg BT 298.34 393.25 Td (stable ) Tj ET Q q 0 0 0 rg BT 327.29 393.25 Td (income ) Tj ET Q q 0 0 0 rg BT 361.79 393.25 Td (base ) Tj ET Q q 0 0 0 rg BT 385.75 393.25 Td (to ) Tj ET Q q 0 0 0 rg BT 396.35 393.25 Td (support ) Tj ET Q q 0 0 0 rg BT 431.98 393.25 Td (EFH) Tj ET Q q 0 0 0 rg BT 454.02 393.25 Td (s ) Tj ET Q q 0 0 0 rg BT 461.28 393.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 501.34 393.25 Td (in ) Tj ET Q q 0 0 0 rg BT 511.39 393.25 Td (line ) Tj ET Q q 0 0 0 rg BT 529.23 393.25 Td (with ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 387.53 484.77 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 380.25 Td (its ) Tj ET Q q 0 0 0 rg BT 77.85 380.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 96.25 380.25 Td (appetite ) Tj ET Q q 0 0 0 rg BT 134.68 380.25 Td (and ) Tj ET Q q 0 0 0 rg BT 154.22 380.25 Td (tolerance. ) Tj ET Q q 0 0 0 rg BT 200.98 380.25 Td (In ) Tj ET Q q 0 0 0 rg BT 212.17 380.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 250.05 380.25 Td (to ) Tj ET Q q 0 0 0 rg BT 261.24 380.25 Td (this ) Tj ET Q q 0 0 0 rg BT 279.65 380.25 Td (risk-return ) Tj ET Q q 0 0 0 rg BT 327.50 380.25 Td (analysis, ) Tj ET Q q 0 0 0 rg BT 369.25 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 386.00 380.25 Td (chosen ) Tj ET Q q 0 0 0 rg BT 421.10 380.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 447.85 380.25 Td (mix ) Tj ET Q q 0 0 0 rg BT 466.25 380.25 Td (also ) Tj ET Q q 0 0 0 rg BT 487.44 380.25 Td (considers ) Tj ET Q q 0 0 0 rg BT 533.09 380.25 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 374.53 197.89 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 367.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 101.13 367.25 Td (of ) Tj ET Q q 0 0 0 rg BT 112.25 367.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 159.50 367.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 191.18 367.25 Td (that ) Tj ET Q q 0 0 0 rg BT 210.64 367.25 Td (is ) Tj ET Q q 0 0 0 rg BT 220.64 367.25 Td (required. ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 355.53 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 348.25 Td (EFH) Tj ET Q q 0 0 0 rg BT 87.04 348.25 Td (s ) Tj ET Q q 0 0 0 rg BT 94.08 348.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 144.46 348.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 182.08 348.25 Td (is ) Tj ET Q q 0 0 0 rg BT 191.33 348.25 Td (invested ) Tj ET Q q 0 0 0 rg BT 230.61 348.25 Td (in ) Tj ET Q q 0 0 0 rg BT 240.43 348.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 294.16 348.25 Td (with ) Tj ET Q q 0 0 0 rg BT 313.98 348.25 Td (its ) Tj ET Q q 0 0 0 rg BT 326.02 348.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 376.41 348.25 Td (policy) Tj ET Q q 0 0 0 rg BT 401.23 348.25 Td (. ) Tj ET Q q 0 0 0 rg BT 406.04 348.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 425.30 348.25 Td (values ) Tj ET Q q 0 0 0 rg BT 456.24 348.25 Td (for ) Tj ET Q q 0 0 0 rg BT 469.95 348.25 Td (most ) Tj ET Q q 0 0 0 rg BT 493.65 348.25 Td (investments ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 342.53 246.80 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 335.25 Td (are ) Tj ET Q q 0 0 0 rg BT 82.23 335.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 135.04 335.25 Td (by ) Tj ET Q q 0 0 0 rg BT 148.38 335.25 Td (reference ) Tj ET Q q 0 0 0 rg BT 193.40 335.25 Td (to ) Tj ET Q q 0 0 0 rg BT 204.52 335.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 256.22 335.25 Td (market ) Tj ET Q q 0 0 0 rg BT 289.56 335.25 Td (data.) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 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 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 88.13 711.75 Td (following ) Tj ET Q q 0 0 0 rg BT 132.93 711.75 Td (table ) Tj ET Q q 0 0 0 rg BT 160.51 711.75 Td (sets ) Tj ET Q q 0 0 0 rg BT 184.74 711.75 Td (forth ) Tj ET Q q 0 0 0 rg BT 210.64 711.75 Td (EFH) Tj ET Q q 0 0 0 rg BT 232.69 711.75 Td (s ) Tj ET Q q 0 0 0 rg BT 243.58 711.75 Td (invested ) Tj ET Q q 0 0 0 rg BT 286.72 711.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 321.51 711.75 Td (as ) Tj ET Q q 0 0 0 rg BT 337.97 711.75 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 352.20 711.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 402.56 711.75 Td (2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 424.80 711.75 Td ( ) Tj ET Q q 0 0 0 rg BT 430.70 711.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.28 711.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 521.98 711.75 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.22 711.75 Td (. ) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 701.25 m 315.5 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 687.25 m 315.5 687.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 701.25 m 385.5 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 687.25 m 385.5 687.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 701.25 m 431.5 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 687.25 m 431.5 687.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 701.25 m 501.5 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 687.25 m 501.5 687.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 701.25 m 547.5 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 687.25 m 547.5 687.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 649.25 m 315.5 649.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 687.25 m 385.5 687.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 649.25 m 385.5 649.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 649.25 m 431.5 649.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 687.25 m 501.5 687.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 649.25 m 501.5 649.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 687.25 m 547.5 687.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 649.25 m 547.5 649.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 559.25 m 315.5 559.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 559.25 m 385.5 559.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 559.25 m 431.5 559.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 559.25 m 501.5 559.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 559.25 m 547.5 559.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 544.25 m 315.5 544.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 544.25 m 385.5 544.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 544.25 m 431.5 544.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 544.25 m 501.5 544.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 544.25 m 547.5 544.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 469.25 m 315.5 469.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 469.25 m 385.5 469.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 469.25 m 431.5 469.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 469.25 m 501.5 469.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 469.25 m 547.5 469.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 469.25 m 315.5 469.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 454.25 m 315.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 469.25 m 385.5 469.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 454.25 m 385.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 469.25 m 431.5 469.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 454.25 m 431.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 469.25 m 501.5 469.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 454.25 m 501.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 469.25 m 547.5 469.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 454.25 m 547.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 409.25 m 315.5 409.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 409.25 m 385.5 409.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 409.25 m 431.5 409.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 409.25 m 501.5 409.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 409.25 m 547.5 409.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 409.25 m 315.5 409.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 394.25 m 315.5 394.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 409.25 m 385.5 409.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 394.25 m 385.5 394.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 409.25 m 431.5 409.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 394.25 m 431.5 394.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 409.25 m 501.5 409.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 394.25 m 501.5 394.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 409.25 m 547.5 409.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 394.25 m 547.5 394.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 379.25 m 315.5 379.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 379.25 m 385.5 379.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 394.25 m 431.5 394.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 379.25 m 431.5 379.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 379.25 m 501.5 379.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 379.25 m 547.5 379.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 319.25 m 315.5 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 319.25 m 385.5 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 319.25 m 431.5 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 319.25 m 501.5 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 319.25 m 547.5 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 319.25 m 315.5 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 304.25 m 315.5 304.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 319.25 m 385.5 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 304.25 m 385.5 304.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 319.25 m 431.5 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 304.25 m 431.5 304.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 319.25 m 501.5 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 304.25 m 501.5 304.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 319.25 m 547.5 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 304.25 m 547.5 304.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 244.25 m 315.5 244.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 244.25 m 385.5 244.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 244.25 m 431.5 244.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 244.25 m 501.5 244.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 244.25 m 547.5 244.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 244.25 m 315.5 244.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 229.25 m 315.5 229.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 244.25 m 385.5 244.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 229.25 m 385.5 229.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 244.25 m 431.5 244.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 229.25 m 431.5 229.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 244.25 m 501.5 244.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 229.25 m 501.5 229.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 244.25 m 547.5 244.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 229.25 m 547.5 229.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 214.25 m 315.5 214.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 214.25 m 385.5 214.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 214.25 m 431.5 214.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 214.25 m 501.5 214.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 214.25 m 547.5 214.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 169.25 m 315.5 169.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 169.25 m 385.5 169.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 169.25 m 431.5 169.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 169.25 m 501.5 169.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 169.25 m 547.5 169.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 154.25 m 315.5 154.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 154.25 m 385.5 154.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 154.25 m 431.5 154.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 154.25 m 501.5 154.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 154.25 m 547.5 154.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 124.25 m 315.5 124.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 124.25 m 385.5 124.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 124.25 m 431.5 124.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 124.25 m 501.5 124.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 124.25 m 547.5 124.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 109.25 m 315.5 109.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 109.25 m 385.5 109.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 109.25 m 431.5 109.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 109.25 m 501.5 109.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 109.25 m 547.5 109.25 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 68.00 691.65 Td (\($ ) Tj ET Q q 0 0 0 rg BT 78.50 691.65 Td (Thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.45 691.65 Td (Fair values) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 68.00 653.65 Td (A) Tj ET Q q 0 0 0 rg BT 74.17 653.65 Td (vailable-for-sale) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.95 676.70 Td (As at) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 340.45 665.90 Td (March 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.95 655.15 Td (2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.50 670.45 Td (% of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.55 661.45 Td (T) Tj ET Q q 0 0 0 rg BT 402.71 661.45 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.95 676.70 Td (As at) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.45 665.90 Td (December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.95 655.15 Td (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 514.50 670.45 Td (% of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 513.55 661.45 Td (T) Tj ET Q q 0 0 0 rg BT 518.38 661.45 Td (otal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 638.65 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 92.51 638.65 Td (income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.00 623.65 Td (Canadian) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 608.65 Td (Federal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.45 608.65 Td (24,662) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.45 608.65 Td (37,789) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 593.65 Td (Provincial) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.45 593.65 Td (18,059) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.45 593.65 Td (28,346) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 578.65 Td (Municipal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.95 578.65 Td (873) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.95 578.65 Td (856) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 563.65 Td (Corporate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 563.65 Td (124,147) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.45 563.65 Td (124,140) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 548.65 Td (167,741) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.45 548.65 Td (191,131) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 533.65 Td (Fixed income lent through securities lending program) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 518.65 Td (Federal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.45 518.65 Td (61,532) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.45 518.65 Td (35,721) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 503.65 Td (Provincial) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.45 503.65 Td (14,551) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 503.65 Td (3,867) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 488.65 Td (Municipal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.95 488.65 Td (21) Tj ET Q q 0 0 0 rg BT 376.96 488.65 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.95 488.65 Td (210) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 473.65 Td (Corporate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.45 473.65 Td (7,924) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.45 473.65 Td (1) Tj ET Q q 0 0 0 rg BT 475.46 473.65 Td (1,797) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.45 458.65 Td (84,218) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.45 458.65 Td (51,595) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 443.65 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 101.02 443.65 Td (fixed ) Tj ET Q q 0 0 0 rg BT 122.53 443.65 Td (income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.00 428.65 Td (Government) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.00 428.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.95 428.65 Td (682) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.00 413.65 Td (Corporate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.45 413.65 Td (12,808) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 413.65 Td (8,795) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.45 398.65 Td (12,808) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 398.65 Td (9,477) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 383.65 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 383.65 Td (otal ) Tj ET Q q 0 0 0 rg BT 89.51 383.65 Td (fixed ) Tj ET Q q 0 0 0 rg BT 111.02 383.65 Td (income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 383.65 Td (264,767) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.95 383.65 Td (58%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.45 383.65 Td (252,203) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.95 383.65 Td (55%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 368.65 Td (Corporate value pooled fund) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.45 368.65 Td (5,085) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 368.65 Td (4,998) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 353.65 Td (Money ) Tj ET Q q 0 0 0 rg BT 97.51 353.65 Td (market ) Tj ET Q q 0 0 0 rg BT 127.52 353.65 Td (pooled ) Tj ET Q q 0 0 0 rg BT 157.05 353.65 Td (funds) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.95 353.65 Td (476) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.95 353.65 Td (459) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 338.65 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 113.01 338.65 Td (fixed ) Tj ET Q q 0 0 0 rg BT 134.52 338.65 Td (income ) Tj ET Q q 0 0 0 rg BT 166.03 338.65 Td (and ) Tj ET Q q 0 0 0 rg BT 183.55 338.65 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 224.07 338.65 Td (pooled ) Tj ET Q q 0 0 0 rg BT 253.60 338.65 Td (funds) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.45 338.65 Td (13,339) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.45 338.65 Td (14,610) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 323.65 Td (Specialty ) Tj ET Q q 0 0 0 rg BT 107.02 323.65 Td (pooled ) Tj ET Q q 0 0 0 rg BT 136.55 323.65 Td (fund) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.45 323.65 Td (6,404) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 323.65 Td (6,789) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 308.65 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 308.65 Td (otal ) Tj ET Q q 0 0 0 rg BT 89.51 308.65 Td (pooled ) Tj ET Q q 0 0 0 rg BT 119.04 308.65 Td (funds) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.45 308.65 Td (25,304) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.45 308.65 Td (5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.45 308.65 Td (26,856) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 308.65 Td (6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 293.65 Td (Common ) Tj ET Q q 0 0 0 rg BT 107.01 293.65 Td (shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 278.65 Td (Canadian) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.45 278.65 Td (1,296) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 278.65 Td (1,138) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 263.65 Td (Foreign) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.45 263.65 Td (2,128) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 263.65 Td (1,481) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 248.65 Td (Global Equity Pooled Fund) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.45 248.65 Td (8,068) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 248.65 Td (7,417) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 233.65 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 233.65 Td (otal common shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.45 233.65 Td (1) Tj ET Q q 0 0 0 rg BT 359.46 233.65 Td (1,492) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.45 233.65 Td (2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.45 233.65 Td (10,036) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 233.65 Td (2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 218.65 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 218.65 Td (otal available for sale) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 218.65 Td (301,563) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.45 218.65 Td (289,095) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 203.65 Td (Fair value through profit or loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 188.65 Td (Preferred shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.45 188.65 Td (35,553) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.45 188.65 Td (38,922) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.00 173.65 Td (Preferred shares lent through securities lending program) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.95 173.65 Td (1) Tj ET Q q 0 0 0 rg BT 371.96 173.65 Td (15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.95 173.65 Td (221) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 158.65 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 158.65 Td (otal preferred shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.45 158.65 Td (35,668) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.45 158.65 Td (8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.45 158.65 Td (39,143) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 158.65 Td (9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 143.65 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 143.65 Td (otal ) Tj ET Q q 0 0 0 rg BT 89.51 143.65 Td (investments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 143.65 Td (337,231) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.95 143.65 Td (73%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.45 143.65 Td (328,238) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.95 143.65 Td (72%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 128.65 Td (Cash ) Tj ET Q q 0 0 0 rg BT 91.51 128.65 Td (and ) Tj ET Q q 0 0 0 rg BT 109.03 128.65 Td (short-term ) Tj ET Q q 0 0 0 rg BT 152.53 128.65 Td (deposits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 128.65 Td (122,877) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.95 128.65 Td (27%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.45 128.65 Td (129,604) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.95 128.65 Td (28%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 113.65 Td (T) Tj ET Q q 0 0 0 rg BT 72.50 113.65 Td (otal investments including cash and short-term deposits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 113.65 Td (460,108) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.45 113.65 Td (100%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.45 113.65 Td (457,842) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.45 113.65 Td (100%) Tj ET Q BT /F1 10.00 Tf ET 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 65.00 738.03 216.92 -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 (No ) Tj ET Q q 0 0 0 rg BT 80.56 677.35 Td (impairments ) Tj ET Q q 0 0 0 rg BT 137.80 677.35 Td (were ) Tj ET Q q 0 0 0 rg BT 162.25 677.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 213.95 677.35 Td (during ) Tj ET Q q 0 0 0 rg BT 244.53 677.35 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 261.21 677.35 Td (three ) Tj ET Q q 0 0 0 rg BT 286.78 677.35 Td (months ) Tj ET Q q 0 0 0 rg BT 322.35 677.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 352.93 677.35 Td (March ) Tj ET Q q 0 0 0 rg BT 383.50 677.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 400.18 677.35 Td (2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 422.42 677.35 Td ( ) Tj ET Q q 0 0 0 rg BT 425.20 677.35 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 444.66 677.35 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 466.91 677.35 Td (.) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 664.83 81.42 -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 73.47 657.55 Td (gross ) Tj ET Q q 0 0 0 rg BT 100.27 657.55 Td (unrealized) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 146.42 657.55 Td ( ) Tj ET Q q 0 0 0 rg BT 148.77 657.55 Td (loss) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 166.55 664.83 133.61 -9.38 re f /GS0 gs q 0 0 0 rg BT 166.55 657.55 Td ( ) Tj ET Q q 0 0 0 rg BT 168.90 657.55 Td (of ) Tj ET Q q 0 0 0 rg BT 179.59 657.55 Td ($1.5 ) Tj ET Q q 0 0 0 rg BT 201.41 657.55 Td (million ) Tj ET Q q 0 0 0 rg BT 232.10 657.55 Td (\(December ) Tj ET Q q 0 0 0 rg BT 283.91 657.55 Td (31, ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 300.16 664.83 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 300.16 657.55 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 322.40 664.83 10.26 -9.38 re f /GS0 gs q 0 0 0 rg BT 322.40 657.55 Td ( ) Tj ET Q q 0 0 0 rg BT 324.76 657.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 332.67 657.55 Td ($3.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 352.13 657.55 Td ( ) Tj ET Q q 0 0 0 rg BT 354.48 657.55 Td (million) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 382.82 664.83 119.72 -9.38 re f /GS0 gs q 0 0 0 rg BT 382.82 657.55 Td (\) ) Tj ET Q q 0 0 0 rg BT 388.50 657.55 Td (on ) Tj ET Q q 0 0 0 rg BT 401.98 657.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 457.68 657.55 Td (held ) Tj ET Q q 0 0 0 rg BT 478.94 657.55 Td (as ) Tj ET Q q 0 0 0 rg BT 491.85 657.55 Td (at ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 502.54 664.83 47.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 502.54 657.55 Td (March31, ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 651.03 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 643.75 Td (2019) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 87.25 651.03 297.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 87.25 643.75 Td (, ) Tj ET Q q 0 0 0 rg BT 92.69 643.75 Td (is ) Tj ET Q q 0 0 0 rg BT 102.58 643.75 Td (recorded, ) Tj ET Q q 0 0 0 rg BT 147.49 643.75 Td (net ) Tj ET Q q 0 0 0 rg BT 164.05 643.75 Td (of ) Tj ET Q q 0 0 0 rg BT 175.06 643.75 Td (tax, ) Tj ET Q q 0 0 0 rg BT 193.84 643.75 Td (in ) Tj ET Q q 0 0 0 rg BT 204.29 643.75 Td (the ) Tj ET Q q 0 0 0 rg BT 220.85 643.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 256.87 643.75 Td (of ) Tj ET Q q 0 0 0 rg BT 267.88 643.75 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 290.00 643.75 Td (million ) Tj ET Q q 0 0 0 rg BT 321.01 643.75 Td (\(December ) Tj ET Q q 0 0 0 rg BT 373.13 643.75 Td (31) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 384.25 643.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.70 643.75 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 411.94 651.03 10.89 -9.38 re f /GS0 gs q 0 0 0 rg BT 411.94 643.75 Td ( ) Tj ET Q q 0 0 0 rg BT 414.61 643.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 422.83 643.75 Td ($2.3) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 442.30 651.03 107.50 -9.38 re f /GS0 gs q 0 0 0 rg BT 442.30 643.75 Td ( ) Tj ET Q q 0 0 0 rg BT 444.96 643.75 Td (million\) ) Tj ET Q q 0 0 0 rg BT 479.29 643.75 Td (in ) Tj ET Q q 0 0 0 rg BT 489.21 643.75 Td (Accumulated ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 637.23 138.95 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 629.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 92.79 629.95 Td (Comprehensive ) Tj ET Q q 0 0 0 rg BT 165.60 629.95 Td (Income. ) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 611.43 114.49 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 604.15 Td (Fixed Income Securities) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 591.63 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 584.35 Td (EFH ) Tj ET Q q 0 0 0 rg BT 87.31 584.35 Td (holds ) Tj ET Q q 0 0 0 rg BT 113.52 584.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 136.96 584.35 Td (income ) Tj ET Q q 0 0 0 rg BT 171.50 584.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 216.05 584.35 Td (to ) Tj ET Q q 0 0 0 rg BT 226.70 584.35 Td (provide ) Tj ET Q q 0 0 0 rg BT 261.80 584.35 Td (a ) Tj ET Q q 0 0 0 rg BT 269.67 584.35 Td (steady) Tj ET Q q 0 0 0 rg BT 298.39 584.35 Td (, ) Tj ET Q q 0 0 0 rg BT 303.48 584.35 Td (predictable ) Tj ET Q q 0 0 0 rg BT 354.71 584.35 Td (level ) Tj ET Q q 0 0 0 rg BT 377.59 584.35 Td (of ) Tj ET Q q 0 0 0 rg BT 388.24 584.35 Td (income ) Tj ET Q q 0 0 0 rg BT 422.78 584.35 Td (with ) Tj ET Q q 0 0 0 rg BT 442.87 584.35 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 494.67 584.35 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 530.32 584.35 Td (and ) 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 (minimal ) Tj ET Q q 0 0 0 rg BT 103.24 570.55 Td (risk ) Tj ET Q q 0 0 0 rg BT 122.59 570.55 Td (of ) Tj ET Q q 0 0 0 rg BT 134.73 570.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 156.31 570.55 Td (and ) Tj ET Q q 0 0 0 rg BT 176.79 570.55 Td (a ) Tj ET Q q 0 0 0 rg BT 186.14 570.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 211.06 570.55 Td (sum ) Tj ET Q q 0 0 0 rg BT 233.75 570.55 Td (at ) Tj ET Q q 0 0 0 rg BT 245.89 570.55 Td (maturity) Tj ET Q q 0 0 0 rg BT 280.71 570.55 Td (. ) Tj ET Q q 0 0 0 rg BT 287.28 570.55 Td (EFH) Tj ET Q q 0 0 0 rg BT 309.32 570.55 Td (s ) Tj ET Q q 0 0 0 rg BT 318.12 570.55 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 357.49 570.55 Td (is ) Tj ET Q q 0 0 0 rg BT 368.51 570.55 Td (diversified ) Tj ET Q q 0 0 0 rg BT 417.32 570.55 Td (by ) Tj ET Q q 0 0 0 rg BT 431.68 570.55 Td (selecting ) Tj ET Q q 0 0 0 rg BT 474.94 570.55 Td (various ) Tj ET Q q 0 0 0 rg BT 510.98 570.55 Td (types ) Tj ET Q q 0 0 0 rg BT 538.67 570.55 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 564.03 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 556.75 Td (government ) Tj ET Q q 0 0 0 rg BT 121.48 556.75 Td (and ) Tj ET Q q 0 0 0 rg BT 141.83 556.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 187.75 556.75 Td (bonds. ) Tj ET Q q 0 0 0 rg BT 221.45 556.75 Td (Constraints ) Tj ET Q q 0 0 0 rg BT 275.69 556.75 Td (on ) Tj ET Q q 0 0 0 rg BT 290.49 556.75 Td (types ) Tj ET Q q 0 0 0 rg BT 318.06 556.75 Td (of ) Tj ET Q q 0 0 0 rg BT 330.07 556.75 Td (issuers ) Tj ET Q q 0 0 0 rg BT 365.42 556.75 Td (take ) Tj ET Q q 0 0 0 rg BT 387.99 556.75 Td (liquidity) Tj ET Q q 0 0 0 rg BT 420.60 556.75 Td (, ) Tj ET Q q 0 0 0 rg BT 427.04 556.75 Td (diversification ) Tj ET Q q 0 0 0 rg BT 491.30 556.75 Td (and ) Tj ET Q q 0 0 0 rg BT 511.65 556.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 530.88 556.75 Td (into ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 550.23 203.42 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 542.95 Td (account ) Tj ET Q q 0 0 0 rg BT 102.80 542.95 Td (by ) Tj ET Q q 0 0 0 rg BT 116.14 542.95 Td (limiting ) Tj ET Q q 0 0 0 rg BT 150.04 542.95 Td (the ) Tj ET Q q 0 0 0 rg BT 166.72 542.95 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 205.07 542.95 Td (mix ) Tj ET Q q 0 0 0 rg BT 223.40 542.95 Td (by ) Tj ET Q q 0 0 0 rg BT 236.74 542.95 Td (issuer) Tj ET Q q 0 0 0 rg BT 262.87 542.95 Td (. ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 530.43 90.47 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 523.15 Td (EFH) Tj ET Q q 0 0 0 rg BT 87.04 523.15 Td (s ) Tj ET Q q 0 0 0 rg BT 94.84 523.15 Td (bond ) Tj ET Q q 0 0 0 rg BT 119.89 523.15 Td (portfolio) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 155.47 523.15 Td ( ) Tj ET Q q 0 0 0 rg BT 158.27 523.15 Td (has ) Tj ET Q q 0 0 0 rg BT 177.20 523.15 Td (a ) Tj ET Q q 0 0 0 rg BT 185.56 523.15 Td (high ) Tj ET Q q 0 0 0 rg BT 207.27 523.15 Td (overall ) Tj ET Q q 0 0 0 rg BT 239.53 523.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 266.79 523.15 Td (quality ) Tj ET Q q 0 0 0 rg BT 298.50 523.15 Td (with ) Tj ET Q q 0 0 0 rg BT 319.08 523.15 Td (an ) Tj ET Q q 0 0 0 rg BT 333.01 523.15 Td (average ) Tj ET Q q 0 0 0 rg BT 371.95 523.15 Td (rating ) Tj ET Q q 0 0 0 rg BT 399.77 523.15 Td (of ) Tj ET Q q 0 0 0 rg BT 410.35 523.15 Td (AA. ) Tj ET Q q 0 0 0 rg BT 429.09 523.15 Td (The ) Tj ET Q q 0 0 0 rg BT 449.12 523.15 Td (preferred ) Tj ET Q q 0 0 0 rg BT 492.50 523.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 525.32 523.15 Td (have ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 509.35 Td (an ) Tj ET Q q 0 0 0 rg BT 78.90 509.35 Td (average ) Tj ET Q q 0 0 0 rg BT 117.82 509.35 Td (rating ) Tj ET Q q 0 0 0 rg BT 145.61 509.35 Td (of ) Tj ET Q q 0 0 0 rg BT 156.73 509.35 Td (P2. ) Tj ET Q q 0 0 0 rg BT 174.34 509.35 Td (The ) Tj ET Q q 0 0 0 rg BT 194.35 509.35 Td (duration ) Tj ET Q q 0 0 0 rg BT 233.26 509.35 Td (of ) Tj ET Q q 0 0 0 rg BT 244.38 509.35 Td (the ) Tj ET Q q 0 0 0 rg BT 261.06 509.35 Td (bond ) Tj ET Q q 0 0 0 rg BT 286.08 509.35 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 324.44 509.35 Td (is ) Tj ET Q q 0 0 0 rg BT 334.44 509.35 Td (2.4 ) Tj ET Q q 0 0 0 rg BT 351.12 509.35 Td (years.) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 496.83 413.22 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 489.55 Td (The ) Tj ET Q q 0 0 0 rg BT 84.31 489.55 Td (charts ) Tj ET Q q 0 0 0 rg BT 113.61 489.55 Td (below ) Tj ET Q q 0 0 0 rg BT 141.82 489.55 Td (show ) Tj ET Q q 0 0 0 rg BT 167.24 489.55 Td (EFH) Tj ET Q q 0 0 0 rg BT 189.28 489.55 Td (s ) Tj ET Q q 0 0 0 rg BT 196.35 489.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 219.55 489.55 Td (income ) Tj ET Q q 0 0 0 rg BT 253.87 489.55 Td (and ) Tj ET Q q 0 0 0 rg BT 272.63 489.55 Td (preferred ) Tj ET Q q 0 0 0 rg BT 315.28 489.55 Td (share ) Tj ET Q q 0 0 0 rg BT 342.37 489.55 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 385.02 489.55 Td (by ) Tj ET Q q 0 0 0 rg BT 397.66 489.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 424.19 489.55 Td (quality ) Tj ET Q q 0 0 0 rg BT 455.17 489.55 Td (as ) Tj ET Q q 0 0 0 rg BT 467.81 489.55 Td (at ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 478.22 496.83 68.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 478.22 489.55 Td (March31, ) Tj ET Q q 0 0 0 rg BT 524.76 489.55 Td (2019) Tj ET Q BT /F3 10.00 Tf ET BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 483.03 148.97 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 475.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 112.25 475.75 Td (to ) Tj ET Q q 0 0 0 rg BT 123.36 475.75 Td (December ) Tj ET Q q 0 0 0 rg BT 172.27 475.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 188.95 475.75 Td (2018.) Tj ET Q /GS0 gs q 240.00 0 0 325.00 65.00 119.95 cm /I2 Do Q /GS0 gs q 240.00 0 0 325.00 305.00 119.95 cm /I3 Do Q BT /F1 10.00 Tf ET endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 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 /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 69.49 -9.38 re f /GS0 gs q 0 0 0 rg BT 346.25 379.00 Td (March31, 2019) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 415.74 386.28 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 415.74 379.00 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 65.5 169.5 m 223.5 169.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 154.5 m 223.5 154.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 169.5 m 305.5 169.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 154.5 m 305.5 154.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 169.5 m 387.5 169.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 154.5 m 387.5 154.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 169.5 m 469.5 169.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 154.5 m 469.5 154.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 169.5 m 551.5 169.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 154.5 m 551.5 154.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 139.5 m 223.5 139.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 139.5 m 305.5 139.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 139.5 m 387.5 139.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 139.5 m 469.5 139.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 139.5 m 551.5 139.5 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 (44%) 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 (38%) 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 (29%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.95 308.90 Td (48%) 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 (30%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 293.90 Td (Infrastructure) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.95 293.90 Td (10%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.50 293.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.50 293.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 293.90 Td (8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 278.90 Td (Industrial Products) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.45 278.90 Td (4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.95 278.90 Td (13%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.95 278.90 Td (18%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 278.90 Td (6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 263.90 Td (Utilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.50 263.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.95 263.90 Td (33%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.45 263.90 Td (2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 263.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 248.90 Td (Energy) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.45 248.90 Td (4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.50 248.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.45 248.90 Td (1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 248.90 Td (4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 233.90 Td (Pipelines) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.45 233.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.45 233.90 Td (6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.50 233.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 233.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 218.90 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 218.90 Td (elecommunication) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.45 218.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.50 218.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.95 218.90 Td (14%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 218.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 203.90 Td (Consumer Discretionary) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.50 203.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.50 203.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.95 203.90 Td (24%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 203.90 Td (1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 188.90 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 188.90 Td (echnology) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.50 188.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.50 188.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.95 188.90 Td (15%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 188.90 Td (1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 173.90 Td (Other) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.45 173.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.50 173.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.95 173.90 Td (14%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 173.90 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 158.90 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 158.90 Td (otal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.45 158.90 Td (100%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.45 158.90 Td (100%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.45 158.90 Td (100%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.45 158.90 Td (100%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 143.90 Td (T) Tj ET Q q 0 0 0 rg BT 72.50 143.90 Td (otal \(thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 244.00 143.90 Td ($288,597) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 143.90 Td ($35,668) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.00 143.90 Td ($1) Tj ET Q q 0 0 0 rg BT 424.01 143.90 Td (1,492) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 143.90 Td ($335,757) 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 65.00 122.74 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.40 118.45 Td (Fixed income securities and pooled funds do not include any cash being carried by the pooled funds, $1.5 million as at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 107.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 107.65 Td (March31, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 137.54 107.65 Td (. ) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 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 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 Share Portfolio) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 712.75 Td (As at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.57 712.75 Td (March31, 2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 160.05 712.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 165.61 712.75 Td (1) Tj ET Q q 0 0 0 rg BT 170.43 712.75 Td (1%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 184.88 712.75 Td ( of the common share portfolio was invested in Canadian equities. ) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 694.23 139.50 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 686.95 Td (Recoverable ) Tj ET Q q 0 0 0 rg BT 127.26 686.95 Td (from ) Tj ET Q q 0 0 0 rg BT 152.26 686.95 Td (Reinsurers) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 676.45 m 315.5 676.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 660.45 m 315.5 660.45 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 676.45 m 431.5 676.45 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 676.45 m 547.5 676.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 660.45 m 315.5 660.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 660.45 m 431.5 660.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 660.45 m 547.5 660.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 630.45 m 315.5 630.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 630.45 m 431.5 630.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 630.45 m 547.5 630.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 630.45 m 315.5 630.45 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 615.45 m 315.5 615.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 630.45 m 431.5 630.45 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 615.45 m 431.5 615.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 630.45 m 547.5 630.45 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 615.45 m 547.5 615.45 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 68.00 664.68 Td (\($ THOUSANDS\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 328.70 664.85 Td (As at March 31, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.20 664.85 Td (As at December 31, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 649.85 Td (Reinsurers) Tj ET Q q 0 0 0 rg BT 113.35 649.85 Td ( share of unpaid claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.20 649.85 Td (16,684) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.20 649.85 Td (16,921) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 634.85 Td (Reinsurers) Tj ET Q q 0 0 0 rg BT 113.35 634.85 Td ( share of unearned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.20 634.85 Td (1) Tj ET Q q 0 0 0 rg BT 364.21 634.85 Td (1,448) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.20 634.85 Td (1) Tj ET Q q 0 0 0 rg BT 480.21 634.85 Td (1,975) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 619.85 Td (T) Tj ET Q q 0 0 0 rg BT 72.50 619.85 Td (otal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.20 619.85 Td (28,132) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.20 619.85 Td (28,896) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 590.15 Td (As ) Tj ET Q q 0 0 0 rg BT 79.80 590.15 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 91.27 590.15 Td (March31, ) Tj ET Q q 0 0 0 rg BT 138.87 590.15 Td (2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 161.11 590.15 Td (, ) Tj ET Q q 0 0 0 rg BT 167.02 590.15 Td (the ) Tj ET Q q 0 0 0 rg BT 184.05 590.15 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 239.43 590.15 Td (from ) Tj ET Q q 0 0 0 rg BT 262.57 590.15 Td (reinsurers ) Tj ET Q q 0 0 0 rg BT 310.15 590.15 Td (decreased ) Tj ET Q q 0 0 0 rg BT 359.98 590.15 Td (by ) Tj ET Q q 0 0 0 rg BT 373.68 590.15 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 396.27 590.15 Td (million ) Tj ET Q q 0 0 0 rg BT 427.74 590.15 Td (to ) Tj ET Q q 0 0 0 rg BT 439.21 590.15 Td ($28.1 ) Tj ET Q q 0 0 0 rg BT 467.37 590.15 Td (million ) Tj ET Q q 0 0 0 rg BT 498.84 590.15 Td (from ) Tj ET Q q 0 0 0 rg BT 521.97 590.15 Td ($28.9 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 576.35 Td (million ) Tj ET Q q 0 0 0 rg BT 97.07 576.35 Td (as ) Tj ET Q q 0 0 0 rg BT 110.36 576.35 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.43 576.35 Td (December31, ) Tj ET Q q 0 0 0 rg BT 186.97 576.35 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 209.22 576.35 Td (. ) Tj ET Q q 0 0 0 rg BT 214.55 576.35 Td (The ) Tj ET Q q 0 0 0 rg BT 234.51 576.35 Td (reinsurers ) Tj ET Q q 0 0 0 rg BT 281.70 576.35 Td (share ) Tj ET Q q 0 0 0 rg BT 309.45 576.35 Td (of ) Tj ET Q q 0 0 0 rg BT 320.52 576.35 Td (unearned ) Tj ET Q q 0 0 0 rg BT 365.51 576.35 Td (premium ) Tj ET Q q 0 0 0 rg BT 407.14 576.35 Td (decreased ) Tj ET Q q 0 0 0 rg BT 456.57 576.35 Td (due ) Tj ET Q q 0 0 0 rg BT 475.98 576.35 Td (to ) Tj ET Q q 0 0 0 rg BT 487.05 576.35 Td (a ) Tj ET Q q 0 0 0 rg BT 495.35 576.35 Td (reduction ) Tj ET Q q 0 0 0 rg BT 539.21 576.35 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 562.55 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 120.46 562.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 144.91 562.55 Td (partially ) Tj ET Q q 0 0 0 rg BT 181.58 562.55 Td (of) Tj ET Q q 0 0 0 rg BT 189.74 562.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 208.07 562.55 Td (by ) Tj ET Q q 0 0 0 rg BT 220.84 562.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 253.07 562.55 Td (in ) Tj ET Q q 0 0 0 rg BT 263.06 562.55 Td (business, ) Tj ET Q q 0 0 0 rg BT 307.52 562.55 Td (while ) Tj ET Q q 0 0 0 rg BT 332.52 562.55 Td (the ) Tj ET Q q 0 0 0 rg BT 348.64 562.55 Td (decrease ) Tj ET Q q 0 0 0 rg BT 391.99 562.55 Td (in ) Tj ET Q q 0 0 0 rg BT 401.98 562.55 Td (reinsurers ) Tj ET Q q 0 0 0 rg BT 448.65 562.55 Td (share ) Tj ET Q q 0 0 0 rg BT 475.88 562.55 Td (of ) Tj ET Q q 0 0 0 rg BT 486.43 562.55 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 518.67 562.55 Td (claims ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 548.75 Td (was ) Tj ET Q q 0 0 0 rg BT 87.10 548.75 Td (due ) Tj ET Q q 0 0 0 rg BT 107.11 548.75 Td (to ) Tj ET Q q 0 0 0 rg BT 118.77 548.75 Td (a ) Tj ET Q q 0 0 0 rg BT 127.65 548.75 Td (a ) Tj ET Q q 0 0 0 rg BT 136.53 548.75 Td (reduction ) Tj ET Q q 0 0 0 rg BT 180.99 548.75 Td (in ) Tj ET Q q 0 0 0 rg BT 192.10 548.75 Td (older ) Tj ET Q q 0 0 0 rg BT 217.65 548.75 Td (claims ) Tj ET Q q 0 0 0 rg BT 249.31 548.75 Td (with ) Tj ET Q q 0 0 0 rg BT 270.41 548.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 297.63 548.75 Td (ceded ) Tj ET Q q 0 0 0 rg BT 328.20 548.75 Td (retention ) Tj ET Q q 0 0 0 rg BT 370.44 548.75 Td (rates. ) Tj ET Q q 0 0 0 rg BT 398.11 548.75 Td (All ) Tj ET Q q 0 0 0 rg BT 412.54 548.75 Td (reinsurers, ) Tj ET Q q 0 0 0 rg BT 463.10 548.75 Td (with ) Tj ET Q q 0 0 0 rg BT 484.20 548.75 Td (balances ) Tj ET Q q 0 0 0 rg BT 527.55 548.75 Td (due, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 534.95 Td (have ) Tj ET Q q 0 0 0 rg BT 90.48 534.95 Td (a ) Tj ET Q q 0 0 0 rg BT 98.85 534.95 Td (rating ) Tj ET Q q 0 0 0 rg BT 126.66 534.95 Td (of ) Tj ET Q q 0 0 0 rg BT 137.24 534.95 Td (A) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 149.48 539.72 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 151.30 534.95 Td (or ) Tj ET Q q 0 0 0 rg BT 162.99 534.95 Td (above ) Tj ET Q q 0 0 0 rg BT 193.03 534.95 Td (as ) Tj ET Q q 0 0 0 rg BT 206.39 534.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 259.22 534.95 Td (by ) Tj ET Q q 0 0 0 rg BT 272.58 534.95 Td (Standard ) Tj ET Q q 0 0 0 rg BT 315.97 534.95 Td (& ) Tj ET Q q 0 0 0 rg BT 325.44 534.95 Td (Poor) Tj ET Q q 0 0 0 rg BT 346.93 534.95 Td () Tj ET Q q 0 0 0 rg BT 348.98 534.95 Td (s ) Tj ET Q q 0 0 0 rg BT 356.77 534.95 Td (and ) Tj ET Q q 0 0 0 rg BT 375.70 534.95 Td (A.M. ) Tj ET Q q 0 0 0 rg BT 399.06 534.95 Td (Best, ) Tj ET Q q 0 0 0 rg BT 424.65 534.95 Td (except ) Tj ET Q q 0 0 0 rg BT 456.91 534.95 Td (for ) Tj ET Q q 0 0 0 rg BT 471.38 534.95 Td (several ) Tj ET Q q 0 0 0 rg BT 506.42 534.95 Td (Specialty ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 521.15 Td (Programs ) Tj ET Q q 0 0 0 rg BT 113.12 521.15 Td (distributors ) Tj ET Q q 0 0 0 rg BT 165.80 521.15 Td (who ) Tj ET Q q 0 0 0 rg BT 187.91 521.15 Td (share ) Tj ET Q q 0 0 0 rg BT 216.70 521.15 Td (a ) Tj ET Q q 0 0 0 rg BT 226.04 521.15 Td (portion ) Tj ET Q q 0 0 0 rg BT 260.39 521.15 Td (of ) Tj ET Q q 0 0 0 rg BT 272.50 521.15 Td (the ) Tj ET Q q 0 0 0 rg BT 290.17 521.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 309.50 521.15 Td (with ) Tj ET Q q 0 0 0 rg BT 331.05 521.15 Td (EFH, ) Tj ET Q q 0 0 0 rg BT 357.60 521.15 Td (for ) Tj ET Q q 0 0 0 rg BT 373.05 521.15 Td (whom ) Tj ET Q q 0 0 0 rg BT 403.50 521.15 Td (the ) Tj ET Q q 0 0 0 rg BT 421.17 521.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 467.74 521.15 Td (holds ) Tj ET Q q 0 0 0 rg BT 495.42 521.15 Td (deposits ) Tj ET Q q 0 0 0 rg BT 536.44 521.15 Td (as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 507.35 Td (collateral.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 483.35 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 65.5 467.85 m 315.5 467.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 451.85 m 315.5 451.85 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 467.85 m 431.5 467.85 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 467.85 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 65.5 451.85 m 315.5 451.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 451.85 m 431.5 451.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 451.85 m 547.5 451.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 406.85 m 315.5 406.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 406.85 m 431.5 406.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 406.85 m 547.5 406.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 406.85 m 315.5 406.85 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 391.85 m 315.5 391.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 406.85 m 431.5 406.85 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 391.85 m 431.5 391.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 406.85 m 547.5 406.85 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 391.85 m 547.5 391.85 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 68.00 456.08 Td (\($ THOUSANDS\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 328.70 456.25 Td (As at March 31, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.20 456.25 Td (As at December 31, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 441.25 Td (Premium financing receivables) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.20 441.25 Td (76,310) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.20 441.25 Td (74,300) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 426.25 Td (Agents and brokers) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.20 426.25 Td (25,721) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.20 426.25 Td (24,093) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 411.25 Td (Other) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.70 411.25 Td (6,129) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.70 411.25 Td (5,964) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 396.25 Td (T) Tj ET Q q 0 0 0 rg BT 72.50 396.25 Td (otal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.70 396.25 Td (108,160) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.70 396.25 Td (104,357) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 373.83 186.06 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 366.55 Td (Premium ) Tj ET Q q 0 0 0 rg BT 108.30 366.55 Td (financing ) Tj ET Q q 0 0 0 rg BT 151.63 366.55 Td (receivables ) Tj ET Q q 0 0 0 rg BT 205.51 366.55 Td (represent ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 251.06 373.83 20.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 251.06 366.55 Td (71%) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 271.07 373.83 116.52 -9.38 re f /GS0 gs q 0 0 0 rg BT 271.07 366.55 Td ( ) Tj ET Q q 0 0 0 rg BT 274.37 366.55 Td (of ) Tj ET Q q 0 0 0 rg BT 286.01 366.55 Td (total ) Tj ET Q q 0 0 0 rg BT 308.21 366.55 Td (receivables ) Tj ET Q q 0 0 0 rg BT 362.09 366.55 Td (as ) Tj ET Q q 0 0 0 rg BT 375.95 366.55 Td (at ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 387.59 373.83 70.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 387.59 366.55 Td (March31, ) Tj ET Q q 0 0 0 rg BT 435.35 366.55 Td (2019) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 457.60 373.83 92.19 -9.38 re f /GS0 gs q 0 0 0 rg BT 457.60 366.55 Td (. ) Tj ET Q q 0 0 0 rg BT 463.68 366.55 Td (Premium ) Tj ET Q q 0 0 0 rg BT 506.98 366.55 Td (financing ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 360.03 50.58 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 352.75 Td (receivables) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 116.58 352.75 Td ( ) Tj ET Q q 0 0 0 rg BT 119.02 352.75 Td (increased) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 162.38 360.03 18.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 162.38 352.75 Td ( ) Tj ET Q q 0 0 0 rg BT 164.82 352.75 Td (to ) Tj ET Q q 0 0 0 rg BT 175.61 352.75 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 181.17 360.03 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 181.17 352.75 Td (76.3) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 200.63 360.03 44.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 200.63 352.75 Td ( ) Tj ET Q q 0 0 0 rg BT 203.07 352.75 Td (million ) Tj ET Q q 0 0 0 rg BT 233.85 352.75 Td (at ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 244.64 360.03 69.15 -9.38 re f /GS0 gs q 0 0 0 rg BT 244.64 352.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 291.54 352.75 Td (2019) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 313.79 360.03 33.22 -9.38 re f /GS0 gs q 0 0 0 rg BT 313.79 352.75 Td (, ) Tj ET Q q 0 0 0 rg BT 319.01 352.75 Td (from ) Tj ET Q q 0 0 0 rg BT 341.45 352.75 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 347.01 360.03 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 347.01 352.75 Td (74.3) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 366.47 360.03 44.01 -9.38 re f /GS0 gs q 0 0 0 rg BT 366.47 352.75 Td ( ) Tj ET Q q 0 0 0 rg BT 368.92 352.75 Td (million ) Tj ET Q q 0 0 0 rg BT 399.70 352.75 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 410.48 352.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 475.73 352.75 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 497.97 360.03 51.81 -9.38 re f /GS0 gs q 0 0 0 rg BT 497.97 352.75 Td (, ) Tj ET Q q 0 0 0 rg BT 503.19 352.75 Td (due ) Tj ET Q q 0 0 0 rg BT 522.32 352.75 Td (to ) Tj ET Q q 0 0 0 rg BT 533.10 352.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 346.23 351.45 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 338.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 99.68 338.95 Td (in ) Tj ET Q q 0 0 0 rg BT 111.14 338.95 Td (direct ) Tj ET Q q 0 0 0 rg BT 139.26 338.95 Td (bill ) Tj ET Q q 0 0 0 rg BT 155.16 338.95 Td (premiums. ) Tj ET Q q 0 0 0 rg BT 204.77 338.95 Td (Agent ) Tj ET Q q 0 0 0 rg BT 234.57 338.95 Td (and ) Tj ET Q q 0 0 0 rg BT 254.93 338.95 Td (broker ) Tj ET Q q 0 0 0 rg BT 286.94 338.95 Td (receivables ) Tj ET Q q 0 0 0 rg BT 341.19 338.95 Td (increased ) Tj ET Q q 0 0 0 rg BT 388.22 338.95 Td (from ) Tj ET Q q 0 0 0 rg BT 411.89 338.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 417.45 346.23 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 417.45 338.95 Td (24.1) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 436.91 346.23 47.13 -9.38 re f /GS0 gs q 0 0 0 rg BT 436.91 338.95 Td ( ) Tj ET Q q 0 0 0 rg BT 440.58 338.95 Td (million ) Tj ET Q q 0 0 0 rg BT 472.59 338.95 Td (in ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 484.05 346.23 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 484.05 338.95 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 506.29 346.23 21.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 506.29 338.95 Td ( ) Tj ET Q q 0 0 0 rg BT 509.96 338.95 Td (to ) Tj ET Q q 0 0 0 rg BT 521.97 338.95 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 527.53 346.23 19.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 527.53 338.95 Td (25.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.00 338.95 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 332.43 41.68 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 325.15 Td (million ) Tj ET Q q 0 0 0 rg BT 97.12 325.15 Td (in ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 107.68 332.43 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 107.68 325.15 Td (2019) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 129.93 332.43 183.42 -9.38 re f /GS0 gs q 0 0 0 rg BT 129.93 325.15 Td ( ) Tj ET Q q 0 0 0 rg BT 132.70 325.15 Td (due ) Tj ET Q q 0 0 0 rg BT 152.17 325.15 Td (to ) Tj ET Q q 0 0 0 rg BT 163.29 325.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 196.08 325.15 Td (in ) Tj ET Q q 0 0 0 rg BT 206.64 325.15 Td (broker ) Tj ET Q q 0 0 0 rg BT 237.76 325.15 Td (billed ) Tj ET Q q 0 0 0 rg BT 263.89 325.15 Td (premiums. ) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 306.63 133.91 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 299.35 Td (Provision ) Tj ET Q q 0 0 0 rg BT 113.34 299.35 Td (for ) Tj ET Q q 0 0 0 rg BT 129.45 299.35 Td (Unpaid ) Tj ET Q q 0 0 0 rg BT 166.12 299.35 Td (Claims) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 286.83 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 279.55 Td (EFH ) Tj ET Q q 0 0 0 rg BT 88.03 279.55 Td (establishes ) Tj ET Q q 0 0 0 rg BT 141.08 279.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 161.90 279.55 Td (reserves ) Tj ET Q q 0 0 0 rg BT 203.27 279.55 Td (to ) Tj ET Q q 0 0 0 rg BT 214.64 279.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 250.46 279.55 Td (for ) Tj ET Q q 0 0 0 rg BT 265.16 279.55 Td (future ) Tj ET Q q 0 0 0 rg BT 293.76 279.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 335.14 279.55 Td (required ) Tj ET Q q 0 0 0 rg BT 374.86 279.55 Td (to ) Tj ET Q q 0 0 0 rg BT 386.23 279.55 Td (pay ) Tj ET Q q 0 0 0 rg BT 405.38 279.55 Td (claims ) Tj ET Q q 0 0 0 rg BT 436.74 279.55 Td (related ) Tj ET Q q 0 0 0 rg BT 470.34 279.55 Td (to ) Tj ET Q q 0 0 0 rg BT 481.71 279.55 Td (insured ) Tj ET Q q 0 0 0 rg BT 517.54 279.55 Td (events ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 273.03 483.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 265.75 Td (that ) Tj ET Q q 0 0 0 rg BT 85.34 265.75 Td (have ) Tj ET Q q 0 0 0 rg BT 109.69 265.75 Td (occurred ) Tj ET Q q 0 0 0 rg BT 151.26 265.75 Td (and ) Tj ET Q q 0 0 0 rg BT 170.60 265.75 Td (been ) Tj ET Q q 0 0 0 rg BT 195.51 265.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 235.42 265.75 Td (but ) Tj ET Q q 0 0 0 rg BT 251.98 265.75 Td (have ) Tj ET Q q 0 0 0 rg BT 276.33 265.75 Td (not ) Tj ET Q q 0 0 0 rg BT 292.89 265.75 Td (yet ) Tj ET Q q 0 0 0 rg BT 308.89 265.75 Td (been ) Tj ET Q q 0 0 0 rg BT 333.80 265.75 Td (settled, ) Tj ET Q q 0 0 0 rg BT 368.70 265.75 Td (and ) Tj ET Q q 0 0 0 rg BT 388.05 265.75 Td (related ) Tj ET Q q 0 0 0 rg BT 421.29 265.75 Td (to ) Tj ET Q q 0 0 0 rg BT 432.29 265.75 Td (events ) Tj ET Q q 0 0 0 rg BT 464.41 265.75 Td (that ) Tj ET Q q 0 0 0 rg BT 483.75 265.75 Td (have ) Tj ET Q q 0 0 0 rg BT 508.10 265.75 Td (occurred ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 259.23 483.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 251.95 Td (but ) Tj ET Q q 0 0 0 rg BT 81.55 251.95 Td (have ) Tj ET Q q 0 0 0 rg BT 104.88 251.95 Td (not ) Tj ET Q q 0 0 0 rg BT 120.42 251.95 Td (yet ) Tj ET Q q 0 0 0 rg BT 135.41 251.95 Td (been ) Tj ET Q q 0 0 0 rg BT 159.30 251.95 Td (reported ) Tj ET Q q 0 0 0 rg BT 198.19 251.95 Td (to ) Tj ET Q q 0 0 0 rg BT 208.18 251.95 Td (EFH. ) Tj ET Q q 0 0 0 rg BT 232.60 251.95 Td (Provision ) Tj ET Q q 0 0 0 rg BT 275.38 251.95 Td (for ) Tj ET Q q 0 0 0 rg BT 288.69 251.95 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 320.37 251.95 Td (claims ) Tj ET Q q 0 0 0 rg BT 350.35 251.95 Td (consists ) Tj ET Q q 0 0 0 rg BT 388.11 251.95 Td (of ) Tj ET Q q 0 0 0 rg BT 398.10 251.95 Td (the ) Tj ET Q q 0 0 0 rg BT 413.65 251.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 460.33 251.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 495.33 251.95 Td (of ) Tj ET Q q 0 0 0 rg BT 505.32 251.95 Td (individual ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 245.43 483.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 238.15 Td (case ) Tj ET Q q 0 0 0 rg BT 88.85 238.15 Td (reserves ) Tj ET Q q 0 0 0 rg BT 128.92 238.15 Td (established ) Tj ET Q q 0 0 0 rg BT 181.24 238.15 Td (and ) Tj ET Q q 0 0 0 rg BT 199.66 238.15 Td (management) Tj ET Q q 0 0 0 rg BT 260.07 238.15 Td (s ) Tj ET Q q 0 0 0 rg BT 266.80 238.15 Td (estimate ) Tj ET Q q 0 0 0 rg BT 306.32 238.15 Td (of ) Tj ET Q q 0 0 0 rg BT 316.39 238.15 Td (claims ) Tj ET Q q 0 0 0 rg BT 346.45 238.15 Td (incurred ) Tj ET Q q 0 0 0 rg BT 384.31 238.15 Td (but ) Tj ET Q q 0 0 0 rg BT 399.94 238.15 Td (not ) Tj ET Q q 0 0 0 rg BT 415.57 238.15 Td (reported, ) Tj ET Q q 0 0 0 rg BT 457.32 238.15 Td (based ) Tj ET Q q 0 0 0 rg BT 486.29 238.15 Td (on ) Tj ET Q q 0 0 0 rg BT 499.14 238.15 Td (the ) Tj ET Q q 0 0 0 rg BT 514.77 238.15 Td (volume ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 231.63 486.56 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 224.35 Td (of ) Tj ET Q q 0 0 0 rg BT 76.61 224.35 Td (business ) Tj ET Q q 0 0 0 rg BT 118.35 224.35 Td (currently ) Tj ET Q q 0 0 0 rg BT 158.96 224.35 Td (in ) Tj ET Q q 0 0 0 rg BT 169.01 224.35 Td (force ) Tj ET Q q 0 0 0 rg BT 193.51 224.35 Td (and ) Tj ET Q q 0 0 0 rg BT 212.47 224.35 Td (historical ) Tj ET Q q 0 0 0 rg BT 254.20 224.35 Td (claims ) Tj ET Q q 0 0 0 rg BT 284.80 224.35 Td (experience ) Tj ET Q q 0 0 0 rg BT 335.99 224.35 Td (and ) Tj ET Q q 0 0 0 rg BT 354.95 224.35 Td (are ) Tj ET Q q 0 0 0 rg BT 371.67 224.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 423.97 224.35 Td (by ) Tj ET Q q 0 0 0 rg BT 436.80 224.35 Td (EFH's ) Tj ET Q q 0 0 0 rg BT 465.98 224.35 Td (appointed ) Tj ET Q q 0 0 0 rg BT 512.18 224.35 Td (actuary) Tj ET Q q 0 0 0 rg BT 544.23 224.35 Td (. ) Tj ET Q q 0 0 0 rg BT 549.78 224.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 217.83 264.52 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 210.55 Td (Provisions ) Tj ET Q q 0 0 0 rg BT 114.04 210.55 Td (for ) Tj ET Q q 0 0 0 rg BT 127.62 210.55 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 159.56 210.55 Td (claims ) Tj ET Q q 0 0 0 rg BT 189.80 210.55 Td (are ) Tj ET Q q 0 0 0 rg BT 206.17 210.55 Td (discounted ) Tj ET Q q 0 0 0 rg BT 256.45 210.55 Td (to ) Tj ET Q q 0 0 0 rg BT 266.70 210.55 Td (present ) Tj ET Q q 0 0 0 rg BT 301.96 210.55 Td (value. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.43 210.55 Td (The ) Tj ET Q q 0 0 0 rg BT 349.57 210.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 394.28 210.55 Td (determines ) Tj ET Q q 0 0 0 rg BT 445.66 210.55 Td (the ) Tj ET Q q 0 0 0 rg BT 461.47 210.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 500.63 210.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 519.77 210.55 Td (based ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 196.75 Td (on ) Tj ET Q q 0 0 0 rg BT 80.84 196.75 Td (the ) Tj ET Q q 0 0 0 rg BT 98.46 196.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 142.77 196.75 Td (return ) Tj ET Q q 0 0 0 rg BT 172.61 196.75 Td (on ) Tj ET Q q 0 0 0 rg BT 187.45 196.75 Td (its ) Tj ET Q q 0 0 0 rg BT 201.17 196.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 253.24 196.75 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 292.53 196.75 Td (of ) Tj ET Q q 0 0 0 rg BT 304.59 196.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 337.21 196.75 Td (with ) Tj ET Q q 0 0 0 rg BT 358.71 196.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 413.02 196.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 472.88 196.75 Td (for ) Tj ET Q q 0 0 0 rg BT 488.27 196.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 524.78 196.75 Td (rates ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 182.95 Td (relating ) Tj ET Q q 0 0 0 rg BT 100.77 182.95 Td (to ) Tj ET Q q 0 0 0 rg BT 111.07 182.95 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 170.29 182.95 Td (of ) Tj ET Q q 0 0 0 rg BT 180.60 182.95 Td (maturing ) Tj ET Q q 0 0 0 rg BT 221.47 182.95 Td (investments. ) Tj ET Q q 0 0 0 rg BT 279.44 182.95 Td (The ) Tj ET Q q 0 0 0 rg BT 298.64 182.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 348.97 182.95 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 386.51 182.95 Td (has ) Tj ET Q q 0 0 0 rg BT 404.60 182.95 Td (experienced ) Tj ET Q q 0 0 0 rg BT 461.05 182.95 Td (a ) Tj ET Q q 0 0 0 rg BT 468.58 182.95 Td (decrease ) Tj ET Q q 0 0 0 rg BT 511.69 182.95 Td (in ) Tj ET Q q 0 0 0 rg BT 521.44 182.95 Td (yields ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 169.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 112.94 169.15 Td (to ) Tj ET Q q 0 0 0 rg BT 123.75 169.15 Td (December ) Tj ET Q q 0 0 0 rg BT 172.35 169.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 188.72 169.15 Td (2018. ) Tj ET Q q 0 0 0 rg BT 216.05 169.15 Td (The ) Tj ET Q q 0 0 0 rg BT 235.75 169.15 Td (discount) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 273.00 176.43 65.47 -9.38 re f /GS0 gs q 0 0 0 rg BT 273.00 169.15 Td ( ) Tj ET Q q 0 0 0 rg BT 275.47 169.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 300.17 169.15 Td (used ) Tj ET Q q 0 0 0 rg BT 324.33 169.15 Td (for ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 338.47 176.43 69.18 -9.38 re f /GS0 gs q 0 0 0 rg BT 338.47 169.15 Td (March31, ) Tj ET Q q 0 0 0 rg BT 385.40 169.15 Td (2019) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 407.65 176.43 86.59 -9.38 re f /GS0 gs q 0 0 0 rg BT 407.65 169.15 Td ( ) Tj ET Q q 0 0 0 rg BT 410.12 169.15 Td (and ) Tj ET Q q 0 0 0 rg BT 429.27 169.15 Td (December ) Tj ET Q q 0 0 0 rg BT 477.87 169.15 Td (31, ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 494.24 176.43 22.25 -9.38 re f /GS0 gs q 0 0 0 rg BT 494.24 169.15 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 516.49 176.43 33.29 -9.38 re f /GS0 gs q 0 0 0 rg BT 516.49 169.15 Td ( ) Tj ET Q q 0 0 0 rg BT 518.96 169.15 Td (for ) Tj ET Q q 0 0 0 rg BT 533.10 169.15 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 66.00 162.63 122.29 -9.38 re f /GS0 gs q 0 0 0 rg BT 66.00 155.35 Td (following ) Tj ET Q q 0 0 0 rg BT 107.69 155.35 Td (entities ) Tj ET Q q 0 0 0 rg BT 142.15 155.35 Td (are ) Tj ET Q q 0 0 0 rg BT 159.38 155.35 Td (below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 122.85000000000002 m 309.5 122.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 122.85000000000002 m 426.5 122.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 122.85000000000002 m 546.5 122.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 122.85000000000002 m 546.5 122.85000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.00 127.25 Td (Entity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.20 127.25 Td (As at March 31, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.20 127.25 Td (As at December 31, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 112.25 Td (Echelon Insurance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.70 112.25 Td (3.22%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.20 112.25 Td (3.78%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 97.25 Td (ICPEI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.70 97.25 Td (3.18%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.20 97.25 Td (3.67%) Tj ET Q BT /F1 10.00 Tf ET 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 q 0 0 0 rg BT 65.00 730.75 Td (Share ) Tj ET Q q 0 0 0 rg BT 95.57 730.75 Td (Capital) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 712.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.57 712.75 Td (May14, 2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 151.16 712.75 Td (, there were 1) Tj ET Q q 0 0 0 rg BT 211.56 712.75 Td (1,964,923 common shares issued and outstanding. ) Tj ET Q BT /F2 12.00 Tf ET 1 1 1 rg /GS0 gs 65.00 686.94 232.89 -11.26 re f /GS0 gs q 0 0 0 rg BT 65.00 678.20 Td (LIQUIDITY) Tj ET Q q 0 0 0 rg BT 124.12 678.20 Td ( ) Tj ET Q q 0 0 0 rg BT 127.00 678.20 Td (AND CAPIT) Tj ET Q q 0 0 0 rg BT 191.45 678.20 Td (AL) Tj ET Q q 0 0 0 rg BT 207.22 678.20 Td ( MANAGEMENT) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 662.68 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 655.40 Td (The ) Tj ET Q q 0 0 0 rg BT 86.90 655.40 Td (purpose ) Tj ET Q q 0 0 0 rg BT 127.71 655.40 Td (of ) Tj ET Q q 0 0 0 rg BT 140.72 655.40 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 178.73 655.40 Td (management ) Tj ET Q q 0 0 0 rg BT 241.77 655.40 Td (is ) Tj ET Q q 0 0 0 rg BT 253.66 655.40 Td (to ) Tj ET Q q 0 0 0 rg BT 266.67 655.40 Td (ensure ) Tj ET Q q 0 0 0 rg BT 301.92 655.40 Td (there ) Tj ET Q q 0 0 0 rg BT 329.38 655.40 Td (is ) Tj ET Q q 0 0 0 rg BT 341.27 655.40 Td (suf) Tj ET Q q 0 0 0 rg BT 354.43 655.40 Td (ficient ) Tj ET Q q 0 0 0 rg BT 385.22 655.40 Td (cash ) Tj ET Q q 0 0 0 rg BT 411.01 655.40 Td (to ) Tj ET Q q 0 0 0 rg BT 424.02 655.40 Td (meet ) Tj ET Q q 0 0 0 rg BT 450.92 655.40 Td (all ) Tj ET Q q 0 0 0 rg BT 465.60 655.40 Td (of ) Tj ET Q q 0 0 0 rg BT 478.60 655.40 Td (EFH) Tj ET Q q 0 0 0 rg BT 500.65 655.40 Td (s ) Tj ET Q q 0 0 0 rg BT 510.31 655.40 Td (financial ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 648.88 484.77 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 641.60 Td (commitments ) Tj ET Q q 0 0 0 rg BT 127.24 641.60 Td (and ) Tj ET Q q 0 0 0 rg BT 146.71 641.60 Td (obligations ) Tj ET Q q 0 0 0 rg BT 197.30 641.60 Td (as ) Tj ET Q q 0 0 0 rg BT 210.65 641.60 Td (they ) Tj ET Q q 0 0 0 rg BT 232.33 641.60 Td (come ) Tj ET Q q 0 0 0 rg BT 259.57 641.60 Td (due. ) Tj ET Q q 0 0 0 rg BT 281.81 641.60 Td (EFH ) Tj ET Q q 0 0 0 rg BT 304.60 641.60 Td (believes ) Tj ET Q q 0 0 0 rg BT 344.07 641.60 Td (that ) Tj ET Q q 0 0 0 rg BT 363.54 641.60 Td (it ) Tj ET Q q 0 0 0 rg BT 371.32 641.60 Td (has ) Tj ET Q q 0 0 0 rg BT 390.23 641.60 Td (the ) Tj ET Q q 0 0 0 rg BT 406.91 641.60 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 447.48 641.60 Td (to ) Tj ET Q q 0 0 0 rg BT 458.61 641.60 Td (obtain, ) Tj ET Q q 0 0 0 rg BT 491.41 641.60 Td (from ) Tj ET Q q 0 0 0 rg BT 514.20 641.60 Td (internal ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 635.08 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 627.80 Td (sources, ) Tj ET Q q 0 0 0 rg BT 106.65 627.80 Td (the ) Tj ET Q q 0 0 0 rg BT 124.41 627.80 Td (funds ) Tj ET Q q 0 0 0 rg BT 152.74 627.80 Td (needed ) Tj ET Q q 0 0 0 rg BT 189.96 627.80 Td (to ) Tj ET Q q 0 0 0 rg BT 202.16 627.80 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 226.03 627.80 Td (its ) Tj ET Q q 0 0 0 rg BT 239.89 627.80 Td (cash ) Tj ET Q q 0 0 0 rg BT 264.87 627.80 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 329.87 627.80 Td (during ) Tj ET Q q 0 0 0 rg BT 361.52 627.80 Td (the ) Tj ET Q q 0 0 0 rg BT 379.28 627.80 Td (following ) Tj ET Q q 0 0 0 rg BT 422.05 627.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 462.60 627.80 Td (year ) Tj ET Q q 0 0 0 rg BT 485.92 627.80 Td (and ) Tj ET Q q 0 0 0 rg BT 506.46 627.80 Td (to ) Tj ET Q q 0 0 0 rg BT 518.66 627.80 Td (satisfy ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 621.28 140.07 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 614.00 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 112.25 614.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 143.93 614.00 Td (requirements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 591.20 Td (Contractual ) Tj ET Q q 0 0 0 rg BT 118.05 591.20 Td (obligations ) Tj ET Q q 0 0 0 rg BT 167.78 591.20 Td (include ) Tj ET Q q 0 0 0 rg BT 201.39 591.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 245.01 591.20 Td (leases, ) Tj ET Q q 0 0 0 rg BT 278.61 591.20 Td (for ) Tj ET Q q 0 0 0 rg BT 292.20 591.20 Td (which ) Tj ET Q q 0 0 0 rg BT 319.68 591.20 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 325.24 591.20 Td (2.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 339.14 591.20 Td ( ) Tj ET Q q 0 0 0 rg BT 341.06 591.20 Td (million ) Tj ET Q q 0 0 0 rg BT 371.32 591.20 Td (is ) Tj ET Q q 0 0 0 rg BT 380.45 591.20 Td (due ) Tj ET Q q 0 0 0 rg BT 399.06 591.20 Td (in ) Tj ET Q q 0 0 0 rg BT 408.76 591.20 Td (less ) Tj ET Q q 0 0 0 rg BT 428.46 591.20 Td (than ) Tj ET Q q 0 0 0 rg BT 449.84 591.20 Td (a ) Tj ET Q q 0 0 0 rg BT 457.31 591.20 Td (year ) Tj ET Q q 0 0 0 rg BT 478.68 591.20 Td (and ) Tj ET Q q 0 0 0 rg BT 497.29 591.20 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 502.85 591.20 Td (8.9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 516.75 591.20 Td ( ) Tj ET Q q 0 0 0 rg BT 518.67 591.20 Td (million ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 577.40 Td (is ) Tj ET Q q 0 0 0 rg BT 75.00 577.40 Td (due ) Tj ET Q q 0 0 0 rg BT 94.46 577.40 Td (over ) Tj ET Q q 0 0 0 rg BT 116.69 577.40 Td (the ) Tj ET Q q 0 0 0 rg BT 133.37 577.40 Td (next ) Tj ET Q q 0 0 0 rg BT 155.05 577.40 Td (eight ) Tj ET Q q 0 0 0 rg BT 179.52 577.40 Td (years. ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 561.88 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 554.60 Td (EFH ) Tj ET Q q 0 0 0 rg BT 86.99 554.60 Td (is ) Tj ET Q q 0 0 0 rg BT 96.21 554.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 135.98 554.60 Td (a ) Tj ET Q q 0 0 0 rg BT 143.53 554.60 Td (holding ) Tj ET Q q 0 0 0 rg BT 177.78 554.60 Td (company ) Tj ET Q q 0 0 0 rg BT 220.34 554.60 Td (and, ) Tj ET Q q 0 0 0 rg BT 241.80 554.60 Td (as ) Tj ET Q q 0 0 0 rg BT 254.35 554.60 Td (such, ) Tj ET Q q 0 0 0 rg BT 280.25 554.60 Td (has ) Tj ET Q q 0 0 0 rg BT 298.36 554.60 Td (limited ) Tj ET Q q 0 0 0 rg BT 329.25 554.60 Td (direct ) Tj ET Q q 0 0 0 rg BT 355.70 554.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 404.39 554.60 Td (of ) Tj ET Q q 0 0 0 rg BT 414.72 554.60 Td (its ) Tj ET Q q 0 0 0 rg BT 426.72 554.60 Td (own. ) Tj ET Q q 0 0 0 rg BT 449.83 554.60 Td (EFH) Tj ET Q q 0 0 0 rg BT 471.87 554.60 Td (s ) Tj ET Q q 0 0 0 rg BT 478.87 554.60 Td (principal ) Tj ET Q q 0 0 0 rg BT 518.10 554.60 Td (assets ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 548.08 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 540.80 Td (are ) Tj ET Q q 0 0 0 rg BT 82.35 540.80 Td (the ) Tj ET Q q 0 0 0 rg BT 99.16 540.80 Td (shares ) Tj ET Q q 0 0 0 rg BT 132.07 540.80 Td (of ) Tj ET Q q 0 0 0 rg BT 143.31 540.80 Td (its ) Tj ET Q q 0 0 0 rg BT 156.21 540.80 Td (insurance ) Tj ET Q q 0 0 0 rg BT 202.47 540.80 Td (and ) Tj ET Q q 0 0 0 rg BT 222.06 540.80 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 277.21 540.80 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 335.11 540.80 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 386.06 540.80 Td (, ) Tj ET Q q 0 0 0 rg BT 391.74 540.80 Td (its ) Tj ET Q q 0 0 0 rg BT 404.64 540.80 Td (future ) Tj ET Q q 0 0 0 rg BT 433.11 540.80 Td (cash ) Tj ET Q q 0 0 0 rg BT 457.13 540.80 Td (flows ) Tj ET Q q 0 0 0 rg BT 482.82 540.80 Td (depend ) Tj ET Q q 0 0 0 rg BT 519.09 540.80 Td (in ) Tj ET Q q 0 0 0 rg BT 529.77 540.80 Td (part ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 534.28 487.55 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 527.00 Td (upon ) Tj ET Q q 0 0 0 rg BT 89.86 527.00 Td (the ) Tj ET Q q 0 0 0 rg BT 106.38 527.00 Td (availability ) Tj ET Q q 0 0 0 rg BT 155.12 527.00 Td (of ) Tj ET Q q 0 0 0 rg BT 166.08 527.00 Td (dividends ) Tj ET Q q 0 0 0 rg BT 210.94 527.00 Td (and ) Tj ET Q q 0 0 0 rg BT 230.24 527.00 Td (other ) Tj ET Q q 0 0 0 rg BT 255.65 527.00 Td (statutorily ) Tj ET Q q 0 0 0 rg BT 301.06 527.00 Td (permissible ) Tj ET Q q 0 0 0 rg BT 354.24 527.00 Td (distributions ) Tj ET Q q 0 0 0 rg BT 410.21 527.00 Td (from ) Tj ET Q q 0 0 0 rg BT 432.83 527.00 Td (its ) Tj ET Q q 0 0 0 rg BT 445.44 527.00 Td (insurance ) Tj ET Q q 0 0 0 rg BT 491.42 527.00 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 549.78 527.00 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 520.48 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 513.20 Td (The ) Tj ET Q q 0 0 0 rg BT 83.75 513.20 Td (ability ) Tj ET Q q 0 0 0 rg BT 110.83 513.20 Td (to ) Tj ET Q q 0 0 0 rg BT 120.69 513.20 Td (pay ) Tj ET Q q 0 0 0 rg BT 138.33 513.20 Td (such ) Tj ET Q q 0 0 0 rg BT 160.97 513.20 Td (dividends ) Tj ET Q q 0 0 0 rg BT 204.73 513.20 Td (and ) Tj ET Q q 0 0 0 rg BT 222.94 513.20 Td (to ) Tj ET Q q 0 0 0 rg BT 232.79 513.20 Td (make ) Tj ET Q q 0 0 0 rg BT 258.76 513.20 Td (such ) Tj ET Q q 0 0 0 rg BT 281.40 513.20 Td (other ) Tj ET Q q 0 0 0 rg BT 305.71 513.20 Td (distributions ) Tj ET Q q 0 0 0 rg BT 360.59 513.20 Td (is ) Tj ET Q q 0 0 0 rg BT 369.33 513.20 Td (limited ) Tj ET Q q 0 0 0 rg BT 399.74 513.20 Td (by ) Tj ET Q q 0 0 0 rg BT 411.82 513.20 Td (applicable ) Tj ET Q q 0 0 0 rg BT 458.37 513.20 Td (laws ) Tj ET Q q 0 0 0 rg BT 479.89 513.20 Td (and ) Tj ET Q q 0 0 0 rg BT 498.09 513.20 Td (regulations ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 506.68 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 499.40 Td (of ) Tj ET Q q 0 0 0 rg BT 76.01 499.40 Td (the ) Tj ET Q q 0 0 0 rg BT 92.57 499.40 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 147.48 499.40 Td (in ) Tj ET Q q 0 0 0 rg BT 157.93 499.40 Td (which ) Tj ET Q q 0 0 0 rg BT 186.16 499.40 Td (the ) Tj ET Q q 0 0 0 rg BT 202.73 499.40 Td (insurance ) Tj ET Q q 0 0 0 rg BT 248.75 499.40 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 304.22 499.40 Td (are ) Tj ET Q q 0 0 0 rg BT 321.34 499.40 Td (domiciled, ) Tj ET Q q 0 0 0 rg BT 369.02 499.40 Td (which ) Tj ET Q q 0 0 0 rg BT 397.26 499.40 Td (subject ) Tj ET Q q 0 0 0 rg BT 431.61 499.40 Td (the ) Tj ET Q q 0 0 0 rg BT 448.17 499.40 Td (insurance ) Tj ET Q q 0 0 0 rg BT 494.20 499.40 Td (subsidiaries ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 492.88 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 485.60 Td (to ) Tj ET Q q 0 0 0 rg BT 75.46 485.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 122.05 485.60 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 168.63 485.60 Td (restrictions. ) Tj ET Q q 0 0 0 rg BT 221.74 485.60 Td (These ) Tj ET Q q 0 0 0 rg BT 251.65 485.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 273.77 485.60 Td (and ) Tj ET Q q 0 0 0 rg BT 292.58 485.60 Td (regulations ) Tj ET Q q 0 0 0 rg BT 343.62 485.60 Td (require, ) Tj ET Q q 0 0 0 rg BT 379.64 485.60 Td (among ) Tj ET Q q 0 0 0 rg BT 412.34 485.60 Td (other ) Tj ET Q q 0 0 0 rg BT 437.25 485.60 Td (things, ) Tj ET Q q 0 0 0 rg BT 468.83 485.60 Td (that ) Tj ET Q q 0 0 0 rg BT 487.63 485.60 Td (the ) Tj ET Q q 0 0 0 rg BT 503.65 485.60 Td (insurance ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 479.08 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 471.80 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 121.62 471.80 Td (maintain ) Tj ET Q q 0 0 0 rg BT 163.24 471.80 Td (minimum ) Tj ET Q q 0 0 0 rg BT 207.61 471.80 Td (solvency ) Tj ET Q q 0 0 0 rg BT 250.34 471.80 Td (requirements ) Tj ET Q q 0 0 0 rg BT 312.52 471.80 Td (and ) Tj ET Q q 0 0 0 rg BT 333.02 471.80 Td (may ) Tj ET Q q 0 0 0 rg BT 355.73 471.80 Td (also ) Tj ET Q q 0 0 0 rg BT 377.89 471.80 Td (limit ) Tj ET Q q 0 0 0 rg BT 399.49 471.80 Td (the ) Tj ET Q q 0 0 0 rg BT 417.21 471.80 Td (amount ) Tj ET Q q 0 0 0 rg BT 454.38 471.80 Td (of ) Tj ET Q q 0 0 0 rg BT 466.54 471.80 Td (dividends ) Tj ET Q q 0 0 0 rg BT 512.61 471.80 Td (that ) Tj ET Q q 0 0 0 rg BT 533.11 471.80 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 465.28 173.42 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 458.00 Td (insurance ) Tj ET Q q 0 0 0 rg BT 111.14 458.00 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 166.72 458.00 Td (can ) Tj ET Q q 0 0 0 rg BT 185.62 458.00 Td (pay ) Tj ET Q q 0 0 0 rg BT 204.52 458.00 Td (to ) Tj ET Q q 0 0 0 rg BT 215.64 458.00 Td (EFH.) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 436.48 97.24 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 429.20 Td (Capital ) Tj ET Q q 0 0 0 rg BT 101.12 429.20 Td (Management) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 413.68 164.67 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 406.40 Td (The ) Tj ET Q q 0 0 0 rg BT 87.91 406.40 Td (total ) Tj ET Q q 0 0 0 rg BT 112.48 406.40 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 175.97 406.40 Td (of ) Tj ET Q q 0 0 0 rg BT 189.98 406.40 Td (EFH ) Tj ET Q q 0 0 0 rg BT 215.65 406.40 Td (at ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 229.67 413.68 72.38 -9.38 re f /GS0 gs q 0 0 0 rg BT 229.67 406.40 Td (March31, ) Tj ET Q q 0 0 0 rg BT 279.80 406.40 Td (2019) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 302.05 413.68 37.47 -9.38 re f /GS0 gs q 0 0 0 rg BT 302.05 406.40 Td (, ) Tj ET Q q 0 0 0 rg BT 310.50 406.40 Td (was ) Tj ET Q q 0 0 0 rg BT 333.96 406.40 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 339.52 413.68 25.02 -9.38 re f /GS0 gs q 0 0 0 rg BT 339.52 406.40 Td (144.5) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 364.55 413.68 109.40 -9.38 re f /GS0 gs q 0 0 0 rg BT 364.55 406.40 Td ( ) Tj ET Q q 0 0 0 rg BT 370.22 406.40 Td (million ) Tj ET Q q 0 0 0 rg BT 404.23 406.40 Td (compared ) Tj ET Q q 0 0 0 rg BT 454.38 406.40 Td (to ) Tj ET Q q 0 0 0 rg BT 468.39 406.40 Td ($) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 473.95 413.68 25.02 -9.38 re f /GS0 gs q 0 0 0 rg BT 473.95 406.40 Td (149.5) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 498.97 413.68 53.58 -9.38 re f /GS0 gs q 0 0 0 rg BT 498.97 406.40 Td ( ) Tj ET Q q 0 0 0 rg BT 504.65 406.40 Td (million ) Tj ET Q q 0 0 0 rg BT 538.66 406.40 Td (at ) Tj ET Q q 0 0 0 rg BT 549.78 406.40 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 399.88 87.83 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 392.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 130.59 392.60 Td (2018) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 152.83 399.88 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 152.83 392.60 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 369.80 Td (The ) Tj ET Q q 0 0 0 rg BT 84.69 369.80 Td (Minimum ) Tj ET Q q 0 0 0 rg BT 127.71 369.80 Td (Capital ) Tj ET Q q 0 0 0 rg BT 161.14 369.80 Td (T) Tj ET Q q 0 0 0 rg BT 166.14 369.80 Td (est ) Tj ET Q q 0 0 0 rg BT 181.94 369.80 Td (\(MCT\) ) Tj ET Q q 0 0 0 rg BT 212.72 369.80 Td (ratio ) Tj ET Q q 0 0 0 rg BT 234.63 369.80 Td (of ) Tj ET Q q 0 0 0 rg BT 245.44 369.80 Td (the ) Tj ET Q q 0 0 0 rg BT 261.80 369.80 Td (Company's ) Tj ET Q q 0 0 0 rg BT 313.97 369.80 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 358.24 369.80 Td (, ) Tj ET Q q 0 0 0 rg BT 363.48 369.80 Td (Echelon ) Tj ET Q q 0 0 0 rg BT 402.08 369.80 Td (Insurance, ) Tj ET Q q 0 0 0 rg BT 451.24 369.80 Td (as ) Tj ET Q q 0 0 0 rg BT 464.26 369.80 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 475.06 369.80 Td (March31, ) Tj ET Q q 0 0 0 rg BT 521.98 369.80 Td (2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.23 369.80 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 356.00 Td (was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.32 356.00 Td (215%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 111.90 356.00 Td (, ) Tj ET Q q 0 0 0 rg BT 118.21 356.00 Td (which ) Tj ET Q q 0 0 0 rg BT 147.32 356.00 Td (comfortably ) Tj ET Q q 0 0 0 rg BT 202.54 356.00 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 243.33 356.00 Td (the ) Tj ET Q q 0 0 0 rg BT 260.76 356.00 Td (supervisory ) Tj ET Q q 0 0 0 rg BT 315.43 356.00 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 363.44 356.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 395.88 356.00 Td (level ) Tj ET Q q 0 0 0 rg BT 419.99 356.00 Td (required ) Tj ET Q q 0 0 0 rg BT 460.21 356.00 Td (by ) Tj ET Q q 0 0 0 rg BT 474.31 356.00 Td (the ) Tj ET Q q 0 0 0 rg BT 491.75 356.00 Td (Of) Tj ET Q q 0 0 0 rg BT 502.13 356.00 Td (fice ) Tj ET Q q 0 0 0 rg BT 521.23 356.00 Td (of ) Tj ET Q q 0 0 0 rg BT 533.11 356.00 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 342.20 Td (Superintendent ) Tj ET Q q 0 0 0 rg BT 137.84 342.20 Td (of ) Tj ET Q q 0 0 0 rg BT 151.18 342.20 Td (Financial ) Tj ET Q q 0 0 0 rg BT 196.21 342.20 Td (Institutions ) Tj ET Q q 0 0 0 rg BT 249.02 342.20 Td (\(OSFI\). ) Tj ET Q q 0 0 0 rg BT 286.80 342.20 Td (ICPEI's ) Tj ET Q q 0 0 0 rg BT 324.83 342.20 Td (MCT) Tj ET Q q 0 0 0 rg BT 346.31 342.20 Td ( ) Tj ET Q q 0 0 0 rg BT 351.32 342.20 Td (ratio ) Tj ET Q q 0 0 0 rg BT 375.78 342.20 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.12 342.20 Td (407%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 414.70 342.20 Td ( ) Tj ET Q q 0 0 0 rg BT 419.71 342.20 Td (was ) Tj ET Q q 0 0 0 rg BT 442.50 342.20 Td (in ) Tj ET Q q 0 0 0 rg BT 455.29 342.20 Td (excess ) Tj ET Q q 0 0 0 rg BT 491.42 342.20 Td (of ) Tj ET Q q 0 0 0 rg BT 504.76 342.20 Td (provincial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 328.40 Td (supervisory ) Tj ET Q q 0 0 0 rg BT 119.03 328.40 Td (targets. ) Tj ET Q q 0 0 0 rg BT 154.71 328.40 Td (As ) Tj ET Q q 0 0 0 rg BT 169.29 328.40 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 180.53 328.40 Td (March31, ) Tj ET Q q 0 0 0 rg BT 227.90 328.40 Td (2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.15 328.40 Td (, ) Tj ET Q q 0 0 0 rg BT 255.83 328.40 Td (the ) Tj ET Q q 0 0 0 rg BT 272.64 328.40 Td (Company ) Tj ET Q q 0 0 0 rg BT 318.34 328.40 Td (has ) Tj ET Q q 0 0 0 rg BT 337.37 328.40 Td (approximately ) Tj ET Q q 0 0 0 rg BT 402.53 328.40 Td ($20 ) Tj ET Q q 0 0 0 rg BT 422.12 328.40 Td (million ) Tj ET Q q 0 0 0 rg BT 453.36 328.40 Td (of ) Tj ET Q q 0 0 0 rg BT 464.61 328.40 Td (excess ) Tj ET Q q 0 0 0 rg BT 498.64 328.40 Td (deployable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 314.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 96.68 314.60 Td (invested ) Tj ET Q q 0 0 0 rg BT 136.71 314.60 Td (in ) Tj ET Q q 0 0 0 rg BT 147.27 314.60 Td (equities ) Tj ET Q q 0 0 0 rg BT 184.52 314.60 Td (and ) Tj ET Q q 0 0 0 rg BT 203.98 314.60 Td (liquid ) Tj ET Q q 0 0 0 rg BT 230.11 314.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 261.79 314.60 Td (in ) Tj ET Q q 0 0 0 rg BT 272.35 314.60 Td (the ) Tj ET Q q 0 0 0 rg BT 289.03 314.60 Td (holding ) Tj ET Q q 0 0 0 rg BT 324.06 314.60 Td (company) Tj ET Q q 0 0 0 rg BT 363.89 314.60 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 65.00 280.00 Td (ACCOUNTING POLICIES) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 264.48 479.19 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 257.20 Td (The unaudited condensed consolidated interim financial statements have been prepared in accordance with ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 250.68 468.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 243.40 Td (IFRS and in compliance with IAS 34 Interim Financial Reporting". Please refer to Note 3 of the unaudited ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 236.88 330.76 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 229.60 Td (condensed consolidated interim financial statements for the quarter ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 395.76 236.88 69.49 -9.38 re f /GS0 gs q 0 0 0 rg BT 395.76 229.60 Td (March31, 2019) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 465.24 236.88 2.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 465.24 229.60 Td (.) Tj ET Q BT /F2 12.00 Tf ET 1 1 1 rg /GS0 gs 65.00 203.79 184.23 -11.26 re f /GS0 gs q 0 0 0 rg BT 65.00 195.05 Td (CONTROLS ) Tj ET Q q 0 0 0 rg BT 135.22 195.05 Td (AND ) Tj ET Q q 0 0 0 rg BT 164.55 195.05 Td (PROCEDURES) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 179.53 160.07 -9.36 re f /GS0 gs q 0 0 0 rg BT 65.00 172.25 Td (Disclosure Controls and Procedures) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 156.73 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 149.45 Td (The ) Tj ET Q q 0 0 0 rg BT 87.22 149.45 Td (Company's ) Tj ET Q q 0 0 0 rg BT 141.91 149.45 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 191.92 149.45 Td (controls ) Tj ET Q q 0 0 0 rg BT 231.92 149.45 Td (and ) Tj ET Q q 0 0 0 rg BT 253.59 149.45 Td (procedures ) Tj ET Q q 0 0 0 rg BT 308.60 149.45 Td (are ) Tj ET Q q 0 0 0 rg BT 328.04 149.45 Td (designed ) Tj ET Q q 0 0 0 rg BT 373.62 149.45 Td (to ) Tj ET Q q 0 0 0 rg BT 386.94 149.45 Td (provide ) Tj ET Q q 0 0 0 rg BT 424.73 149.45 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 479.19 149.45 Td (assurance ) Tj ET Q q 0 0 0 rg BT 530.32 149.45 Td (that ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 142.93 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 135.65 Td (information ) Tj ET Q q 0 0 0 rg BT 118.33 135.65 Td (required ) Tj ET Q q 0 0 0 rg BT 158.88 135.65 Td (to ) Tj ET Q q 0 0 0 rg BT 171.08 135.65 Td (be ) Tj ET Q q 0 0 0 rg BT 186.06 135.65 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 231.61 135.65 Td (by ) Tj ET Q q 0 0 0 rg BT 246.04 135.65 Td (EFH ) Tj ET Q q 0 0 0 rg BT 269.90 135.65 Td (is ) Tj ET Q q 0 0 0 rg BT 280.98 135.65 Td (recorded, ) Tj ET Q q 0 0 0 rg BT 327.09 135.65 Td (processed, ) Tj ET Q q 0 0 0 rg BT 379.86 135.65 Td (summarized ) Tj ET Q q 0 0 0 rg BT 438.18 135.65 Td (and ) Tj ET Q q 0 0 0 rg BT 458.73 135.65 Td (reported ) Tj ET Q q 0 0 0 rg BT 499.83 135.65 Td (in ) Tj ET Q q 0 0 0 rg BT 511.48 135.65 Td (a ) Tj ET Q q 0 0 0 rg BT 520.90 135.65 Td (timely ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 129.13 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 121.85 Td (manner) Tj ET Q q 0 0 0 rg BT 98.35 121.85 Td (. ) Tj ET Q q 0 0 0 rg BT 104.34 121.85 Td (This ) Tj ET Q q 0 0 0 rg BT 126.67 121.85 Td (includes ) Tj ET Q q 0 0 0 rg BT 166.79 121.85 Td (controls ) Tj ET Q q 0 0 0 rg BT 205.24 121.85 Td (and ) Tj ET Q q 0 0 0 rg BT 225.36 121.85 Td (procedures ) Tj ET Q q 0 0 0 rg BT 278.82 121.85 Td (that ) Tj ET Q q 0 0 0 rg BT 298.93 121.85 Td (are ) Tj ET Q q 0 0 0 rg BT 316.82 121.85 Td (designed ) Tj ET Q q 0 0 0 rg BT 360.85 121.85 Td (to ) Tj ET Q q 0 0 0 rg BT 372.62 121.85 Td (ensure ) Tj ET Q q 0 0 0 rg BT 406.63 121.85 Td (that ) Tj ET Q q 0 0 0 rg BT 426.74 121.85 Td (information ) Tj ET Q q 0 0 0 rg BT 479.64 121.85 Td (is ) Tj ET Q q 0 0 0 rg BT 490.30 121.85 Td (accumulated ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 115.33 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 108.05 Td (and ) Tj ET Q q 0 0 0 rg BT 84.71 108.05 Td (communicated ) Tj ET Q q 0 0 0 rg BT 152.77 108.05 Td (to ) Tj ET Q q 0 0 0 rg BT 164.14 108.05 Td (management, ) Tj ET Q q 0 0 0 rg BT 228.31 108.05 Td (including ) Tj ET Q q 0 0 0 rg BT 270.81 108.05 Td (the ) Tj ET Q q 0 0 0 rg BT 287.74 108.05 Td (Chief ) Tj ET Q q 0 0 0 rg BT 314.11 108.05 Td (Executive ) Tj ET Q q 0 0 0 rg BT 360.50 108.05 Td (Of) Tj ET Q q 0 0 0 rg BT 370.87 108.05 Td (ficer ) Tj ET Q q 0 0 0 rg BT 392.79 108.05 Td (and ) Tj ET Q q 0 0 0 rg BT 412.50 108.05 Td (Interim ) Tj ET Q q 0 0 0 rg BT 446.09 108.05 Td (Chief ) Tj ET Q q 0 0 0 rg BT 472.47 108.05 Td (Financial ) Tj ET Q q 0 0 0 rg BT 515.51 108.05 Td (Of) Tj ET Q q 0 0 0 rg BT 525.89 108.05 Td (ficer) Tj ET Q q 0 0 0 rg BT 544.23 108.05 Td (, ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 101.53 242.34 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 94.25 Td (to ) Tj ET Q q 0 0 0 rg BT 76.12 94.25 Td (allow ) Tj ET Q q 0 0 0 rg BT 101.68 94.25 Td (timely ) Tj ET Q q 0 0 0 rg BT 130.58 94.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 175.04 94.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 220.07 94.25 Td (required ) Tj ET Q q 0 0 0 rg BT 259.54 94.25 Td (disclosure.) 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 /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 738.03 25.40 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 730.75 Td (As ) Tj ET Q q 0 0 0 rg BT 79.37 730.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 90.40 738.03 69.40 -9.38 re f /GS0 gs q 0 0 0 rg BT 90.40 730.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 137.56 730.75 Td (2019) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 159.81 738.03 389.99 -9.38 re f /GS0 gs q 0 0 0 rg BT 159.81 730.75 Td (, ) Tj ET Q q 0 0 0 rg BT 165.28 730.75 Td (an ) Tj ET Q q 0 0 0 rg BT 179.10 730.75 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 227.39 730.75 Td (was ) Tj ET Q q 0 0 0 rg BT 247.86 730.75 Td (carried ) Tj ET Q q 0 0 0 rg BT 281.13 730.75 Td (out, ) Tj ET Q q 0 0 0 rg BT 300.50 730.75 Td (under ) Tj ET Q q 0 0 0 rg BT 328.77 730.75 Td (the ) Tj ET Q q 0 0 0 rg BT 345.37 730.75 Td (supervision ) Tj ET Q q 0 0 0 rg BT 398.65 730.75 Td (of ) Tj ET Q q 0 0 0 rg BT 409.68 730.75 Td (the ) Tj ET Q q 0 0 0 rg BT 426.28 730.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 452.32 730.75 Td (Executive ) Tj ET Q q 0 0 0 rg BT 498.37 730.75 Td (Of) Tj ET Q q 0 0 0 rg BT 508.75 730.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 530.34 730.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 724.23 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 716.95 Td (Interim ) Tj ET Q q 0 0 0 rg BT 98.90 716.95 Td (Chief ) Tj ET Q q 0 0 0 rg BT 125.59 716.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 168.95 716.95 Td (Of) Tj ET Q q 0 0 0 rg BT 179.33 716.95 Td (ficer) Tj ET Q q 0 0 0 rg BT 197.67 716.95 Td (, ) Tj ET Q q 0 0 0 rg BT 203.79 716.95 Td (of ) Tj ET Q q 0 0 0 rg BT 215.47 716.95 Td (the ) Tj ET Q q 0 0 0 rg BT 232.71 716.95 Td (ef) Tj ET Q q 0 0 0 rg BT 240.87 716.95 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 294.23 716.95 Td (of ) Tj ET Q q 0 0 0 rg BT 305.92 716.95 Td (the ) Tj ET Q q 0 0 0 rg BT 323.16 716.95 Td (Company) Tj ET Q q 0 0 0 rg BT 368.00 716.95 Td (s ) Tj ET Q q 0 0 0 rg BT 376.34 716.95 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 424.70 716.95 Td (controls ) Tj ET Q q 0 0 0 rg BT 463.05 716.95 Td (and ) Tj ET Q q 0 0 0 rg BT 483.08 716.95 Td (procedures ) Tj ET Q q 0 0 0 rg BT 536.45 716.95 Td (as ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 710.43 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 703.15 Td (defined ) Tj ET Q q 0 0 0 rg BT 101.32 703.15 Td (under ) Tj ET Q q 0 0 0 rg BT 130.40 703.15 Td (Multilateral ) Tj ET Q q 0 0 0 rg BT 182.26 703.15 Td (Instrument ) Tj ET Q q 0 0 0 rg BT 233.01 703.15 Td (52-109. ) Tj ET Q q 0 0 0 rg BT 270.44 703.15 Td (Based ) Tj ET Q q 0 0 0 rg BT 302.30 703.15 Td (on ) Tj ET Q q 0 0 0 rg BT 316.94 703.15 Td (that ) Tj ET Q q 0 0 0 rg BT 337.13 703.15 Td (evaluation, ) Tj ET Q q 0 0 0 rg BT 389.00 703.15 Td (the ) Tj ET Q q 0 0 0 rg BT 406.42 703.15 Td (Chief ) Tj ET Q q 0 0 0 rg BT 433.27 703.15 Td (Executive ) Tj ET Q q 0 0 0 rg BT 480.13 703.15 Td (Of) Tj ET Q q 0 0 0 rg BT 490.51 703.15 Td (ficer ) Tj ET Q q 0 0 0 rg BT 512.91 703.15 Td (and ) Tj ET Q q 0 0 0 rg BT 533.11 703.15 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 696.63 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 689.35 Td (Interim ) Tj ET Q q 0 0 0 rg BT 99.55 689.35 Td (Chief ) Tj ET Q q 0 0 0 rg BT 126.88 689.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 170.89 689.35 Td (Of) Tj ET Q q 0 0 0 rg BT 181.27 689.35 Td (ficer ) Tj ET Q q 0 0 0 rg BT 204.15 689.35 Td (concluded ) Tj ET Q q 0 0 0 rg BT 253.73 689.35 Td (that ) Tj ET Q q 0 0 0 rg BT 274.39 689.35 Td (the ) Tj ET Q q 0 0 0 rg BT 292.28 689.35 Td (design ) Tj ET Q q 0 0 0 rg BT 325.74 689.35 Td (of ) Tj ET Q q 0 0 0 rg BT 338.07 689.35 Td (these ) Tj ET Q q 0 0 0 rg BT 366.52 689.35 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 415.53 689.35 Td (controls ) Tj ET Q q 0 0 0 rg BT 454.53 689.35 Td (and ) Tj ET Q q 0 0 0 rg BT 475.20 689.35 Td (procedures ) Tj ET Q q 0 0 0 rg BT 529.22 689.35 Td (was ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 682.83 39.84 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 675.55 Td (ef) Tj ET Q q 0 0 0 rg BT 73.16 675.55 Td (fective.) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 660.03 184.54 -9.36 re f /GS0 gs q 0 0 0 rg BT 65.00 652.75 Td (Internal ) Tj ET Q q 0 0 0 rg BT 101.13 652.75 Td (Controls ) Tj ET Q q 0 0 0 rg BT 141.15 652.75 Td (over ) Tj ET Q q 0 0 0 rg BT 163.38 652.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 206.18 652.75 Td (Reporting) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 637.23 110.73 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 629.95 Td (As ) Tj ET Q q 0 0 0 rg BT 80.14 629.95 Td (at ) Tj ET Q q 0 0 0 rg BT 91.94 629.95 Td (the ) Tj ET Q q 0 0 0 rg BT 109.31 629.95 Td (quarter ) Tj ET Q q 0 0 0 rg BT 144.46 629.95 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 175.73 637.23 70.18 -9.38 re f /GS0 gs q 0 0 0 rg BT 175.73 629.95 Td (March31, ) Tj ET Q q 0 0 0 rg BT 223.66 629.95 Td (2019) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 245.91 637.23 303.87 -9.38 re f /GS0 gs q 0 0 0 rg BT 245.91 629.95 Td (, ) Tj ET Q q 0 0 0 rg BT 252.15 629.95 Td (the ) Tj ET Q q 0 0 0 rg BT 269.52 629.95 Td (Chief ) Tj ET Q q 0 0 0 rg BT 296.33 629.95 Td (Executive ) Tj ET Q q 0 0 0 rg BT 343.15 629.95 Td (Of) Tj ET Q q 0 0 0 rg BT 353.53 629.95 Td (ficer ) Tj ET Q q 0 0 0 rg BT 375.89 629.95 Td (and ) Tj ET Q q 0 0 0 rg BT 396.04 629.95 Td (the ) Tj ET Q q 0 0 0 rg BT 413.41 629.95 Td (Interim ) Tj ET Q q 0 0 0 rg BT 447.43 629.95 Td (Chief ) Tj ET Q q 0 0 0 rg BT 474.25 629.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 517.73 629.95 Td (Of) Tj ET Q q 0 0 0 rg BT 528.11 629.95 Td (ficer ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 623.43 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 616.15 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 111.27 616.15 Td (the ) Tj ET Q q 0 0 0 rg BT 128.08 616.15 Td (design ) Tj ET Q q 0 0 0 rg BT 160.45 616.15 Td (of ) Tj ET Q q 0 0 0 rg BT 171.70 616.15 Td (the ) Tj ET Q q 0 0 0 rg BT 188.50 616.15 Td (Company) Tj ET Q q 0 0 0 rg BT 233.34 616.15 Td (s ) Tj ET Q q 0 0 0 rg BT 241.24 616.15 Td (internal ) Tj ET Q q 0 0 0 rg BT 276.95 616.15 Td (control ) Tj ET Q q 0 0 0 rg BT 309.87 616.15 Td (over ) Tj ET Q q 0 0 0 rg BT 332.22 616.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 371.82 616.15 Td (reporting. ) Tj ET Q q 0 0 0 rg BT 416.97 616.15 Td (Based ) Tj ET Q q 0 0 0 rg BT 448.23 616.15 Td (on ) Tj ET Q q 0 0 0 rg BT 462.25 616.15 Td (that ) Tj ET Q q 0 0 0 rg BT 481.84 616.15 Td (evaluation, ) Tj ET Q q 0 0 0 rg BT 533.11 616.15 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 609.63 484.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 602.35 Td (Chief ) Tj ET Q q 0 0 0 rg BT 90.84 602.35 Td (Executive ) Tj ET Q q 0 0 0 rg BT 136.69 602.35 Td (Of) Tj ET Q q 0 0 0 rg BT 147.06 602.35 Td (ficer ) Tj ET Q q 0 0 0 rg BT 168.45 602.35 Td (and ) Tj ET Q q 0 0 0 rg BT 187.63 602.35 Td (the ) Tj ET Q q 0 0 0 rg BT 204.03 602.35 Td (Interim ) Tj ET Q q 0 0 0 rg BT 237.08 602.35 Td (Chief ) Tj ET Q q 0 0 0 rg BT 262.92 602.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 305.44 602.35 Td (Of) Tj ET Q q 0 0 0 rg BT 315.81 602.35 Td (ficer ) Tj ET Q q 0 0 0 rg BT 337.20 602.35 Td (concluded ) Tj ET Q q 0 0 0 rg BT 385.28 602.35 Td (that ) Tj ET Q q 0 0 0 rg BT 404.46 602.35 Td (the ) Tj ET Q q 0 0 0 rg BT 420.85 602.35 Td (design ) Tj ET Q q 0 0 0 rg BT 452.82 602.35 Td (of ) Tj ET Q q 0 0 0 rg BT 463.65 602.35 Td (internal ) Tj ET Q q 0 0 0 rg BT 498.94 602.35 Td (controls ) Tj ET Q q 0 0 0 rg BT 536.45 602.35 Td (as ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 595.83 10.70 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 588.55 Td (at ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 75.70 595.83 69.07 -9.38 re f /GS0 gs q 0 0 0 rg BT 75.70 588.55 Td (March31, ) Tj ET Q q 0 0 0 rg BT 122.52 588.55 Td (2019) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 144.77 595.83 405.02 -9.38 re f /GS0 gs q 0 0 0 rg BT 144.77 588.55 Td (, ) Tj ET Q q 0 0 0 rg BT 149.90 588.55 Td (was ) Tj ET Q q 0 0 0 rg BT 170.05 588.55 Td (ef) Tj ET Q q 0 0 0 rg BT 178.21 588.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 209.47 588.55 Td (to ) Tj ET Q q 0 0 0 rg BT 220.16 588.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 255.32 588.55 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 307.16 588.55 Td (assurance ) Tj ET Q q 0 0 0 rg BT 355.66 588.55 Td (regarding ) Tj ET Q q 0 0 0 rg BT 400.27 588.55 Td (the ) Tj ET Q q 0 0 0 rg BT 416.53 588.55 Td (reliability ) Tj ET Q q 0 0 0 rg BT 457.79 588.55 Td (of ) Tj ET Q q 0 0 0 rg BT 468.49 588.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 507.54 588.55 Td (reporting ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 582.03 399.66 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 574.75 Td (and ) Tj ET Q q 0 0 0 rg BT 84.46 574.75 Td (the ) Tj ET Q q 0 0 0 rg BT 101.14 574.75 Td (preparation ) Tj ET Q q 0 0 0 rg BT 154.51 574.75 Td (of ) Tj ET Q q 0 0 0 rg BT 165.63 574.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 205.10 574.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 256.79 574.75 Td (for ) Tj ET Q q 0 0 0 rg BT 271.24 574.75 Td (external ) Tj ET Q q 0 0 0 rg BT 309.59 574.75 Td (purposes ) Tj ET Q q 0 0 0 rg BT 353.51 574.75 Td (in ) Tj ET Q q 0 0 0 rg BT 364.07 574.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 418.54 574.75 Td (with ) Tj ET Q q 0 0 0 rg BT 439.11 574.75 Td (IFRS.) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 559.23 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 551.95 Td (A) Tj ET Q q 0 0 0 rg BT 71.12 551.95 Td ( ) Tj ET Q q 0 0 0 rg BT 74.87 551.95 Td (new ) Tj ET Q q 0 0 0 rg BT 96.98 551.95 Td (policy ) Tj ET Q q 0 0 0 rg BT 126.30 551.95 Td (management ) Tj ET Q q 0 0 0 rg BT 188.42 551.95 Td (system ) Tj ET Q q 0 0 0 rg BT 223.85 551.95 Td (is ) Tj ET Q q 0 0 0 rg BT 234.83 551.95 Td (being ) Tj ET Q q 0 0 0 rg BT 263.05 551.95 Td (rolled ) Tj ET Q q 0 0 0 rg BT 291.27 551.95 Td (out ) Tj ET Q q 0 0 0 rg BT 308.92 551.95 Td (across ) Tj ET Q q 0 0 0 rg BT 342.13 551.95 Td (the ) Tj ET Q q 0 0 0 rg BT 359.79 551.95 Td (country ) Tj ET Q q 0 0 0 rg BT 396.34 551.95 Td (and ) Tj ET Q q 0 0 0 rg BT 416.78 551.95 Td (management ) Tj ET Q q 0 0 0 rg BT 478.91 551.95 Td (is ) Tj ET Q q 0 0 0 rg BT 489.89 551.95 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 530.33 551.95 Td (that ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 545.43 484.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 538.15 Td (suf) Tj ET Q q 0 0 0 rg BT 78.16 538.15 Td (ficient ) Tj ET Q q 0 0 0 rg BT 106.55 538.15 Td (internal ) Tj ET Q q 0 0 0 rg BT 141.63 538.15 Td (controls ) Tj ET Q q 0 0 0 rg BT 178.91 538.15 Td (over ) Tj ET Q q 0 0 0 rg BT 200.64 538.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 239.60 538.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 281.34 538.15 Td (are ) Tj ET Q q 0 0 0 rg BT 298.07 538.15 Td (in ) Tj ET Q q 0 0 0 rg BT 308.12 538.15 Td (place ) Tj ET Q q 0 0 0 rg BT 334.30 538.15 Td (during ) Tj ET Q q 0 0 0 rg BT 364.37 538.15 Td (the ) Tj ET Q q 0 0 0 rg BT 380.54 538.15 Td (transition ) Tj ET Q q 0 0 0 rg BT 423.39 538.15 Td (and ) Tj ET Q q 0 0 0 rg BT 442.35 538.15 Td (partial ) Tj ET Q q 0 0 0 rg BT 471.86 538.15 Td (completion ) Tj ET Q q 0 0 0 rg BT 522.49 538.15 Td (of ) Tj ET Q q 0 0 0 rg BT 533.10 538.15 Td (the ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 531.63 32.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 524.35 Td (project.) Tj ET Q BT /F2 12.00 Tf ET 1 1 1 rg /GS0 gs 65.00 498.54 326.67 -11.26 re f /GS0 gs q 0 0 0 rg BT 65.00 489.80 Td (CRITICAL) Tj ET Q q 0 0 0 rg BT 120.78 489.80 Td ( ) Tj ET Q q 0 0 0 rg BT 123.66 489.80 Td (ACCOUNTING ESTIMA) Tj ET Q q 0 0 0 rg BT 252.77 489.80 Td (TES ) Tj ET Q q 0 0 0 rg BT 279.00 489.80 Td (AND JUDGEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 470.00 Td (The ) Tj ET Q q 0 0 0 rg BT 83.70 470.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 134.87 470.00 Td (significant ) Tj ET Q q 0 0 0 rg BT 180.81 470.00 Td (accounting ) Tj ET Q q 0 0 0 rg BT 230.65 470.00 Td (policies ) Tj ET Q q 0 0 0 rg BT 265.46 470.00 Td (are ) Tj ET Q q 0 0 0 rg BT 281.38 470.00 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 324.54 470.00 Td (in ) Tj ET Q q 0 0 0 rg BT 333.79 470.00 Td (note ) Tj ET Q q 0 0 0 rg BT 354.72 470.00 Td (3 ) Tj ET Q q 0 0 0 rg BT 361.75 470.00 Td (to ) Tj ET Q q 0 0 0 rg BT 371.56 470.00 Td (the ) Tj ET Q q 0 0 0 rg BT 386.93 470.00 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 444.55 470.00 Td (audited ) Tj ET Q q 0 0 0 rg BT 478.83 470.00 Td (annual ) Tj ET Q q 0 0 0 rg BT 510.32 470.00 Td (financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 456.20 Td (statements ) Tj ET Q q 0 0 0 rg BT 116.69 456.20 Td (for ) Tj ET Q q 0 0 0 rg BT 131.14 456.20 Td (the ) Tj ET Q q 0 0 0 rg BT 147.82 456.20 Td (years ) Tj ET Q q 0 0 0 rg BT 175.05 456.20 Td (ended ) Tj ET Q q 0 0 0 rg BT 205.63 456.20 Td (December ) Tj ET Q q 0 0 0 rg BT 254.54 456.20 Td (31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 271.22 456.20 Td (2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 293.47 456.20 Td ( ) Tj ET Q q 0 0 0 rg BT 296.25 456.20 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 315.71 456.20 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 337.95 456.20 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 432.40 Td (The ) Tj ET Q q 0 0 0 rg BT 85.45 432.40 Td (preparation ) Tj ET Q q 0 0 0 rg BT 139.25 432.40 Td (of ) Tj ET Q q 0 0 0 rg BT 150.81 432.40 Td (the ) Tj ET Q q 0 0 0 rg BT 167.93 432.40 Td (Company) Tj ET Q q 0 0 0 rg BT 212.77 432.40 Td (s ) Tj ET Q q 0 0 0 rg BT 220.98 432.40 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 280.35 432.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 320.26 432.40 Td (statements ) Tj ET Q q 0 0 0 rg BT 372.39 432.40 Td (requires ) Tj ET Q q 0 0 0 rg BT 411.73 432.40 Td (management ) Tj ET Q q 0 0 0 rg BT 473.32 432.40 Td (to ) Tj ET Q q 0 0 0 rg BT 484.87 432.40 Td (use ) Tj ET Q q 0 0 0 rg BT 504.21 432.40 Td (estimates ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 418.60 Td (and ) Tj ET Q q 0 0 0 rg BT 84.13 418.60 Td (judgements ) Tj ET Q q 0 0 0 rg BT 138.28 418.60 Td (that ) Tj ET Q q 0 0 0 rg BT 157.41 418.60 Td (af) Tj ET Q q 0 0 0 rg BT 165.57 418.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 184.14 418.60 Td (the ) Tj ET Q q 0 0 0 rg BT 200.49 418.60 Td (amounts ) Tj ET Q q 0 0 0 rg BT 241.29 418.60 Td (reported ) Tj ET Q q 0 0 0 rg BT 280.98 418.60 Td (in ) Tj ET Q q 0 0 0 rg BT 291.22 418.60 Td (the ) Tj ET Q q 0 0 0 rg BT 307.57 418.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 346.70 418.60 Td (statements. ) Tj ET Q q 0 0 0 rg BT 400.68 418.60 Td (These ) Tj ET Q q 0 0 0 rg BT 430.92 418.60 Td (estimates ) Tj ET Q q 0 0 0 rg BT 476.17 418.60 Td (and ) Tj ET Q q 0 0 0 rg BT 495.30 418.60 Td (judgements ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 404.80 Td (principally ) Tj ET Q q 0 0 0 rg BT 111.14 404.80 Td (relate ) Tj ET Q q 0 0 0 rg BT 137.83 404.80 Td (to ) Tj ET Q q 0 0 0 rg BT 147.84 404.80 Td (the ) Tj ET Q q 0 0 0 rg BT 163.42 404.80 Td (establishment ) Tj ET Q q 0 0 0 rg BT 226.79 404.80 Td (of ) Tj ET Q q 0 0 0 rg BT 236.81 404.80 Td (reserves ) Tj ET Q q 0 0 0 rg BT 276.83 404.80 Td (for ) Tj ET Q q 0 0 0 rg BT 290.17 404.80 Td (claims ) Tj ET Q q 0 0 0 rg BT 320.19 404.80 Td (and ) Tj ET Q q 0 0 0 rg BT 338.54 404.80 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 385.81 404.80 Td (impairments ) Tj ET Q q 0 0 0 rg BT 441.94 404.80 Td (of ) Tj ET Q q 0 0 0 rg BT 451.95 404.80 Td (investment ) Tj ET Q q 0 0 0 rg BT 501.98 404.80 Td (securities, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 391.00 Td (amounts ) Tj ET Q q 0 0 0 rg BT 105.53 391.00 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 159.97 391.00 Td (from ) Tj ET Q q 0 0 0 rg BT 182.15 391.00 Td (reinsurers ) Tj ET Q q 0 0 0 rg BT 228.78 391.00 Td (and ) Tj ET Q q 0 0 0 rg BT 247.65 391.00 Td (income ) Tj ET Q q 0 0 0 rg BT 282.07 391.00 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 310.49 391.00 Td (As ) Tj ET Q q 0 0 0 rg BT 324.34 391.00 Td (more ) Tj ET Q q 0 0 0 rg BT 349.31 391.00 Td (information ) Tj ET Q q 0 0 0 rg BT 400.95 391.00 Td (becomes ) Tj ET Q q 0 0 0 rg BT 443.71 391.00 Td (known, ) Tj ET Q q 0 0 0 rg BT 477.57 391.00 Td (these ) Tj ET Q q 0 0 0 rg BT 504.22 391.00 Td (estimates ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 377.20 Td (and ) Tj ET Q q 0 0 0 rg BT 84.46 377.20 Td (judgements ) Tj ET Q q 0 0 0 rg BT 138.94 377.20 Td (could ) Tj ET Q q 0 0 0 rg BT 165.63 377.20 Td (change ) Tj ET Q q 0 0 0 rg BT 201.21 377.20 Td (and ) Tj ET Q q 0 0 0 rg BT 220.67 377.20 Td (impact ) Tj ET Q q 0 0 0 rg BT 252.91 377.20 Td (future ) Tj ET Q q 0 0 0 rg BT 281.25 377.20 Td (results. ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 361.68 376.65 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 354.40 Td (For ) Tj ET Q q 0 0 0 rg BT 81.41 354.40 Td (a ) Tj ET Q q 0 0 0 rg BT 90.39 354.40 Td (description ) Tj ET Q q 0 0 0 rg BT 142.16 354.40 Td (of ) Tj ET Q q 0 0 0 rg BT 153.91 354.40 Td (EFH) Tj ET Q q 0 0 0 rg BT 175.95 354.40 Td (s ) Tj ET Q q 0 0 0 rg BT 184.37 354.40 Td (accounting ) Tj ET Q q 0 0 0 rg BT 236.15 354.40 Td (policies, ) Tj ET Q q 0 0 0 rg BT 275.69 354.40 Td (which ) Tj ET Q q 0 0 0 rg BT 304.67 354.40 Td (are ) Tj ET Q q 0 0 0 rg BT 322.54 354.40 Td (on ) Tj ET Q q 0 0 0 rg BT 337.07 354.40 Td (an ) Tj ET Q q 0 0 0 rg BT 351.61 354.40 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 377.80 354.40 Td (basis, ) Tj ET Q q 0 0 0 rg BT 407.34 354.40 Td (refer ) Tj ET Q q 0 0 0 rg BT 431.31 354.40 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 439.65 361.68 3.41 -9.38 re f /GS0 gs q 0 1 0 rg BT 439.65 354.40 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 443.06 361.68 108.73 -9.38 re f /GS0 gs q 0 0 0 rg BT 443.06 354.40 Td (Note ) Tj ET Q q 0 0 0 rg BT 467.60 354.40 Td (3 ) Tj ET Q q 0 0 0 rg BT 476.57 354.40 Td (in ) Tj ET Q q 0 0 0 rg BT 487.77 354.40 Td (the ) Tj ET Q q 0 0 0 rg BT 505.08 354.40 Td (unaudited ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 347.88 339.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 340.60 Td (condensed ) Tj ET Q q 0 0 0 rg BT 115.68 340.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 175.57 340.60 Td (interim ) Tj ET Q q 0 0 0 rg BT 209.32 340.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 249.76 340.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 302.42 340.60 Td (for ) Tj ET Q q 0 0 0 rg BT 317.83 340.60 Td (the ) Tj ET Q q 0 0 0 rg BT 335.48 340.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 370.91 340.60 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 402.46 347.88 70.45 -9.38 re f /GS0 gs q 0 0 0 rg BT 402.46 340.60 Td (March31, ) Tj ET Q q 0 0 0 rg BT 450.67 340.60 Td (2019) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 472.92 347.88 78.87 -9.38 re f /GS0 gs q 0 0 0 rg BT 472.92 340.60 Td (. ) Tj ET Q q 0 0 0 rg BT 478.70 340.60 Td (A) Tj ET Q q 0 0 0 rg BT 484.82 340.60 Td ( ) Tj ET Q q 0 0 0 rg BT 488.56 340.60 Td (description ) Tj ET Q q 0 0 0 rg BT 540.67 340.60 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 63.00 334.08 486.00 -9.38 re f /GS0 gs q 0 0 0 rg BT 63.00 326.80 Td (EFH) Tj ET Q q 0 0 0 rg BT 85.04 326.80 Td (s ) Tj ET Q q 0 0 0 rg BT 91.98 326.80 Td (critical ) Tj ET Q q 0 0 0 rg BT 122.25 326.80 Td (accounting ) Tj ET Q q 0 0 0 rg BT 172.55 326.80 Td (estimates ) Tj ET Q q 0 0 0 rg BT 217.28 326.80 Td (and ) Tj ET Q q 0 0 0 rg BT 235.90 326.80 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 293.97 326.80 Td (is ) Tj ET Q q 0 0 0 rg BT 303.12 326.80 Td (also ) Tj ET Q q 0 0 0 rg BT 323.40 326.80 Td (detailed ) Tj ET Q q 0 0 0 rg BT 360.37 326.80 Td (in ) Tj ET Q q 0 0 0 rg BT 370.08 326.80 Td (Note ) Tj ET Q q 0 0 0 rg BT 393.14 326.80 Td (4 ) Tj ET Q q 0 0 0 rg BT 400.64 326.80 Td (of ) Tj ET Q q 0 0 0 rg BT 410.91 326.80 Td (the ) Tj ET Q q 0 0 0 rg BT 426.75 326.80 Td (interim ) Tj ET Q q 0 0 0 rg BT 458.69 326.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 497.31 326.80 Td (statements.) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 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 /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 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 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 117.44 564.75 Td (realized ) Tj ET Q q 0 0 0 rg BT 155.21 564.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 186.30 564.75 Td (or ) Tj ET Q q 0 0 0 rg BT 197.94 564.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 224.60 564.75 Td (on ) Tj ET Q q 0 0 0 rg BT 238.47 564.75 Td (sale ) Tj ET Q q 0 0 0 rg BT 259.56 564.75 Td (of ) Tj ET Q q 0 0 0 rg BT 270.65 564.75 Td (investments, ) Tj ET Q q 0 0 0 rg BT 329.53 564.75 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 388.43 564.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 434.00 564.75 Td (operations, ) Tj ET Q q 0 0 0 rg BT 486.22 564.75 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 535.11 564.75 Td (fair ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 552.75 Td (value ) Tj ET Q q 0 0 0 rg BT 89.68 552.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 130.27 552.75 Td (on ) Tj ET Q q 0 0 0 rg BT 144.17 552.75 Td (FVTPL) Tj ET Q q 0 0 0 rg BT 174.92 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 177.70 552.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 233.83 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 253.29 552.75 Td (one ) Tj ET Q q 0 0 0 rg BT 272.76 552.75 Td (time ) Tj ET Q q 0 0 0 rg BT 294.43 552.75 Td (non ) Tj ET Q q 0 0 0 rg BT 313.89 552.75 Td (recurring ) Tj ET Q q 0 0 0 rg BT 356.13 552.75 Td (charges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.48 552.75 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 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 12.00 Tf ET q 0 0 0 rg BT 65.00 729.30 Td (APPENDIX ) Tj ET Q q 0 0 0 rg BT 129.68 729.30 Td (1 ) Tj ET Q q 0 0 0 rg BT 139.69 729.30 Td (- ) Tj ET Q q 0 0 0 rg BT 147.02 729.30 Td (CONTINUED ) Tj ET Q q 0 0 0 rg BT 221.24 729.30 Td (AND ) Tj ET Q q 0 0 0 rg BT 250.57 729.30 Td (DISCONTINUED ) Tj ET Q q 0 0 0 rg BT 345.24 729.30 Td (DET) Tj ET Q q 0 0 0 rg BT 368.35 729.30 Td (AIL) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 715.58 197.69 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 708.30 Td (The ) Tj ET Q q 0 0 0 rg BT 86.08 708.30 Td (following ) Tj ET Q q 0 0 0 rg BT 128.85 708.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 169.39 708.30 Td (information ) Tj ET Q q 0 0 0 rg BT 222.71 708.30 Td (displays ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 262.69 715.58 22.79 -9.38 re f /GS0 gs q 0 0 0 rg BT 262.69 708.30 Td (three) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 285.48 715.58 105.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 285.48 708.30 Td ( ) Tj ET Q q 0 0 0 rg BT 289.33 708.30 Td (months ) Tj ET Q q 0 0 0 rg BT 325.97 708.30 Td (results ) Tj ET Q q 0 0 0 rg BT 359.28 708.30 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 390.94 715.58 70.56 -9.38 re f /GS0 gs q 0 0 0 rg BT 390.94 708.30 Td (March31, ) Tj ET Q q 0 0 0 rg BT 439.25 708.30 Td (2019) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 461.50 715.58 88.28 -9.38 re f /GS0 gs q 0 0 0 rg BT 461.50 708.30 Td ( ) Tj ET Q q 0 0 0 rg BT 465.35 708.30 Td (for ) Tj ET Q q 0 0 0 rg BT 480.87 708.30 Td (continuing ) Tj ET Q q 0 0 0 rg BT 530.31 708.30 Td (and ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 703.58 154.00 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 696.30 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 123.93 696.30 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 169.52 696.30 Td (operations.) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 673.8 m 315.5 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 654.8 m 315.5 654.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 673.8 m 392.5 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 654.8 m 392.5 654.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 673.8 m 469.5 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 654.8 m 469.5 654.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 673.8 m 546.5 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 654.8 m 546.5 654.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 623.8 m 315.5 623.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 623.8 m 392.5 623.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 623.8 m 469.5 623.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 623.8 m 546.5 623.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 396.8 m 315.5 396.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 396.8 m 392.5 396.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 396.8 m 469.5 396.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 396.8 m 546.5 396.8 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.70 662.00 Td (3 months ended March 31, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.00 628.20 Td (\($ THOUSANDS except per share amounts\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.15 628.20 Td (T) Tj ET Q q 0 0 0 rg BT 373.31 628.20 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.50 637.20 Td (Continuing) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.45 628.20 Td (Operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.95 645.75 Td (Discontinued) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.45 636.75 Td (Canadian) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 495.45 627.75 Td (Operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 605.20 Td (Direct written and assumed premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.45 605.20 Td (98,922) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.45 605.20 Td (6,957) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.45 605.20 Td (91,965) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 590.20 Td (Net written premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.45 590.20 Td (94,159) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.45 590.20 Td (6,501) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.45 590.20 Td (87,658) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 575.20 Td (Net earned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.45 575.20 Td (81,661) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.45 575.20 Td (7,541) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.45 575.20 Td (74,120) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 560.20 Td (Net claims incurred) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.45 560.20 Td (61,319) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.45 560.20 Td (4,551) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.45 560.20 Td (56,768) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 545.20 Td (Net acquisition costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.45 545.20 Td (19,966) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.45 545.20 Td (1,663) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.45 545.20 Td (18,303) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 530.20 Td (Operating expenses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.45 530.20 Td (10,048) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.45 530.20 Td (1,425) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.45 530.20 Td (8,623) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 515.20 Td (Underwriting \(loss\) income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.45 515.20 Td (\(9,672) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.00 515.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.95 515.20 Td (\(98) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.00 515.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 515.20 Td (\(9,574) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.00 515.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 500.20 Td (Severance ) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 112.53 504.49 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.95 500.20 Td (\(10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.00 500.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.00 500.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.95 500.20 Td (\(10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.00 500.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 477.20 Td (T) Tj ET Q q 0 0 0 rg BT 72.16 477.20 Td (ransaction costs from sale ) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 179.21 481.49 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.45 477.20 Td (\(3,099) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.00 477.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.00 477.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 477.20 Td (\(3,099) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.00 477.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 462.20 Td (Investment income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.45 462.20 Td (3,691) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.95 462.20 Td (555) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.45 462.20 Td (3,137) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 447.20 Td (Impact of discount rate on claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.45 447.20 Td (\(2,740) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.00 447.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.95 447.20 Td (\(171) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.00 447.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 447.20 Td (\(2,570) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.00 447.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 431.20 Td (Net \(loss\) income before interest and income taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.45 431.20 Td (\(1) Tj ET Q q 0 0 0 rg BT 366.45 431.20 Td (1,828) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.00 431.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.95 431.20 Td (286) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.45 431.20 Td (\(12,1) Tj ET Q q 0 0 0 rg BT 532.96 431.20 Td (14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.00 431.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 416.20 Td (Income tax \(recovery\) expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.45 416.20 Td (\(2,844) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.00 416.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.95 416.20 Td (83) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 416.20 Td (\(2,928) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.00 416.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 401.20 Td (Net \(loss\) income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.45 401.20 Td (\(8,984) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.00 401.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.95 401.20 Td (203) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 401.20 Td (\(9,187) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.00 401.20 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 65.00 392.70 7.15 -8.45 re f /GS0 gs BT /F3 5.85 Tf ET q 0 0 0 rg BT 65.00 386.14 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.15 388.40 185.09 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.15 381.85 Td ( Severance and transaction costs from sale a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.24 381.85 Td (re not considered part of operating expenses.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 356.05 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 107.40 356.05 Td (reflected ) Tj ET Q q 0 0 0 rg BT 148.12 356.05 Td (in ) Tj ET Q q 0 0 0 rg BT 158.27 356.05 Td (the ) Tj ET Q q 0 0 0 rg BT 174.54 356.05 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 233.06 356.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 272.11 356.05 Td (statements ) Tj ET Q q 0 0 0 rg BT 323.39 356.05 Td (includes ) Tj ET Q q 0 0 0 rg BT 362.45 356.05 Td (net ) Tj ET Q q 0 0 0 rg BT 378.72 356.05 Td (earned ) Tj ET Q q 0 0 0 rg BT 412.22 356.05 Td (premiums, ) Tj ET Q q 0 0 0 rg BT 461.26 356.05 Td (investment ) Tj ET Q q 0 0 0 rg BT 511.99 356.05 Td (income, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 342.25 Td (realized ) Tj ET Q q 0 0 0 rg BT 102.80 342.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 129.48 342.25 Td (and ) Tj ET Q q 0 0 0 rg BT 148.95 342.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 180.07 342.25 Td (on ) Tj ET Q q 0 0 0 rg BT 193.97 342.25 Td (the ) Tj ET Q q 0 0 0 rg BT 210.65 342.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 231.77 342.25 Td (of ) Tj ET Q q 0 0 0 rg BT 242.89 342.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 301.80 342.25 Td (and ) Tj ET Q q 0 0 0 rg BT 321.26 342.25 Td (other ) Tj ET Q q 0 0 0 rg BT 346.84 342.25 Td (revenue. ) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 319.75 m 315.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 298.75 m 315.5 298.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 319.75 m 392.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 298.75 m 392.5 298.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 319.75 m 469.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 298.75 m 469.5 298.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 319.75 m 546.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 298.75 m 546.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 263.75 m 315.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 263.75 m 392.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 263.75 m 469.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 263.75 m 546.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 263.75 m 315.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 263.75 m 392.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 263.75 m 469.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 263.75 m 546.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 233.75 m 315.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 233.75 m 392.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 233.75 m 469.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 233.75 m 546.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 233.75 m 315.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 233.75 m 392.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 233.75 m 469.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 233.75 m 546.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 173.75 m 315.5 173.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 158.75 m 315.5 158.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 173.75 m 392.5 173.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 158.75 m 392.5 158.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 173.75 m 469.5 173.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 158.75 m 469.5 158.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 173.75 m 546.5 173.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 158.75 m 546.5 158.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.70 306.95 Td (3 months ended March 31, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.00 268.15 Td (\($ THOUSANDS\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.15 268.15 Td (T) Tj ET Q q 0 0 0 rg BT 373.31 268.15 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.50 277.15 Td (Continuing) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.45 268.15 Td (Operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.95 286.15 Td (Discontinued) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.45 277.15 Td (Canadian) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 495.45 268.15 Td (Operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 253.15 Td (Gross premiums written) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.45 253.15 Td (98,922) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.45 253.15 Td (6,957) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.45 253.15 Td (91,965) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 238.15 Td (Net premiums written) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.45 238.15 Td (94,159) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.45 238.15 Td (6,501) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.45 238.15 Td (87,658) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 223.15 Td (Net earned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.45 223.15 Td (81,661) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.45 223.15 Td (7,541) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.45 223.15 Td (74,120) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 208.15 Td (Net interest and dividends) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.45 208.15 Td (3,745) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.95 208.15 Td (463) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.45 208.15 Td (3,282) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 193.15 Td (Realized and unrealized gains on investments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.95 193.15 Td (31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.95 193.15 Td (92) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.95 193.15 Td (\(61) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.00 193.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 178.15 Td (Foreign exchange \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.95 178.15 Td (\(85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.00 178.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.00 178.15 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.95 178.15 Td (\(85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.00 178.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 163.15 Td (T) Tj ET Q q 0 0 0 rg BT 71.50 163.15 Td (otal revenue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.45 163.15 Td (85,352) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.45 163.15 Td (8,096) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.45 163.15 Td (77,256) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 41 0 obj <> endobj 42 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 20) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 738.03 348.52 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 730.75 Td (The following financial information displays selected balance sheet items as at ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 413.52 738.03 69.49 -9.38 re f /GS0 gs q 0 0 0 rg BT 413.52 730.75 Td (March31, 2019) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 483.01 738.03 65.60 -9.38 re f /GS0 gs q 0 0 0 rg BT 483.01 730.75 Td ( for continuing ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 65.00 726.03 173.46 -9.38 re f /GS0 gs q 0 0 0 rg BT 65.00 718.75 Td (and discontinued Canadian operations.) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 696.25 m 316.5 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 659.25 m 316.5 659.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 696.25 m 393.5 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 659.25 m 393.5 659.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 696.25 m 470.5 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 659.25 m 470.5 659.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 696.25 m 547.5 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 659.25 m 547.5 659.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 659.25 m 393.5 659.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 659.25 m 470.5 659.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 659.25 m 547.5 659.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65.5 524.25 m 316.5 524.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 524.25 m 393.5 524.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 524.25 m 470.5 524.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 524.25 m 547.5 524.25 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 68.00 663.65 Td (\($ THOUSANDS except per share amounts\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.95 663.65 Td (2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.50 672.65 Td (Continuing) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.45 663.65 Td (Operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.95 681.65 Td (Discontinued) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.45 672.65 Td (Canadian) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 496.45 663.65 Td (Operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 648.65 Td (Cash and short-term deposits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.45 648.65 Td (122,877) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.45 648.65 Td (12,906) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 648.65 Td (109,971) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 633.65 Td (Accounts Receivable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.45 633.65 Td (108,160) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.45 633.65 Td (10,954) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.45 633.65 Td (97,206) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 618.65 Td (Investments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.45 618.65 Td (337,231) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.45 618.65 Td (46,161) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 618.65 Td (291,070) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 603.65 Td (Reinsurers) Tj ET Q q 0 0 0 rg BT 113.35 603.65 Td ( share of unpaid claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.45 603.65 Td (16,684) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.45 603.65 Td (4,850) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.45 603.65 Td (1) Tj ET Q q 0 0 0 rg BT 521.46 603.65 Td (1,834) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 588.65 Td (Reinsurers) Tj ET Q q 0 0 0 rg BT 113.35 588.65 Td ( share of unearned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.45 588.65 Td (1) Tj ET Q q 0 0 0 rg BT 367.46 588.65 Td (1,448) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.45 588.65 Td (1,260) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.45 588.65 Td (10,188) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 573.65 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 573.65 Td (otal assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.45 573.65 Td (689,227) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.45 573.65 Td (81,1) Tj ET Q q 0 0 0 rg BT 456.97 573.65 Td (1) Tj ET Q q 0 0 0 rg BT 461.97 573.65 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 573.65 Td (608,1) Tj ET Q q 0 0 0 rg BT 533.97 573.65 Td (16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 558.65 Td (Provision for unpaid claims) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.45 558.65 Td (289,291) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.45 558.65 Td (23,241) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 558.65 Td (266,050) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 543.65 Td (Unearned premiums) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.45 543.65 Td (221,298) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.45 543.65 Td (15,545) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 543.65 Td (205,753) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 528.65 Td (T) Tj ET Q q 0 0 0 rg BT 72.50 528.65 Td (otal Liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.45 528.65 Td (544,761) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.45 528.65 Td (51,072) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 528.65 Td (493,689) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 43 0 obj <> endobj 44 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 21) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 730.75 Td (The ) Tj ET Q q 0 0 0 rg BT 86.03 730.75 Td (following ) Tj ET Q q 0 0 0 rg BT 128.73 730.75 Td (table ) Tj ET Q q 0 0 0 rg BT 154.21 730.75 Td (sets ) Tj ET Q q 0 0 0 rg BT 176.35 730.75 Td (forth ) Tj ET Q q 0 0 0 rg BT 200.16 730.75 Td (EFH) Tj ET Q q 0 0 0 rg BT 222.20 730.75 Td (s ) Tj ET Q q 0 0 0 rg BT 230.99 730.75 Td (invested ) Tj ET Q q 0 0 0 rg BT 272.04 730.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 304.73 730.75 Td (as ) Tj ET Q q 0 0 0 rg BT 319.09 730.75 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 331.23 730.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 379.48 730.75 Td (2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 401.73 730.75 Td ( ) Tj ET Q q 0 0 0 rg BT 405.53 730.75 Td (for ) Tj ET Q q 0 0 0 rg BT 420.99 730.75 Td (continuing ) Tj ET Q q 0 0 0 rg BT 470.38 730.75 Td (and ) Tj ET Q q 0 0 0 rg BT 490.86 730.75 Td (discontinued ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 717.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 110.59 717.75 Td (operations.) 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64.5 555.25 m 315.5 555.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 555.25 m 392.5 555.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 555.25 m 469.5 555.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 555.25 m 546.5 555.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 540.25 m 315.5 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 540.25 m 392.5 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 540.25 m 469.5 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 540.25 m 546.5 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 465.25 m 315.5 465.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 465.25 m 392.5 465.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 465.25 m 469.5 465.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 465.25 m 546.5 465.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 465.25 m 315.5 465.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 450.25 m 315.5 450.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 465.25 m 392.5 465.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 450.25 m 392.5 450.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 465.25 m 469.5 465.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 450.25 m 469.5 450.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 465.25 m 546.5 465.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 450.25 m 546.5 450.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 405.25 m 315.5 405.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 405.25 m 392.5 405.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 405.25 m 469.5 405.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 405.25 m 546.5 405.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 405.25 m 315.5 405.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 390.25 m 315.5 390.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 405.25 m 392.5 405.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 390.25 m 392.5 390.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 405.25 m 469.5 405.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 390.25 m 469.5 390.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 405.25 m 546.5 405.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 390.25 m 546.5 390.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 375.25 m 315.5 375.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 375.25 m 392.5 375.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 375.25 m 469.5 375.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 375.25 m 546.5 375.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 315.25 m 315.5 315.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 315.25 m 392.5 315.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 315.25 m 469.5 315.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 315.25 m 546.5 315.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 315.25 m 315.5 315.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 300.25 m 315.5 300.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 315.25 m 392.5 315.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 300.25 m 392.5 300.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 315.25 m 469.5 315.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 300.25 m 469.5 300.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 315.25 m 546.5 315.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 300.25 m 546.5 300.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 240.25 m 315.5 240.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 240.25 m 392.5 240.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 240.25 m 469.5 240.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 240.25 m 546.5 240.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 240.25 m 315.5 240.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 225.25 m 315.5 225.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 240.25 m 392.5 240.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 225.25 m 392.5 225.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 240.25 m 469.5 240.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 225.25 m 469.5 225.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 240.25 m 546.5 240.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 225.25 m 546.5 225.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 210.25 m 315.5 210.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 210.25 m 392.5 210.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 210.25 m 469.5 210.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 210.25 m 546.5 210.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 165.25 m 315.5 165.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 165.25 m 392.5 165.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 165.25 m 469.5 165.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 165.25 m 546.5 165.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 150.25 m 315.5 150.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 150.25 m 392.5 150.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 150.25 m 469.5 150.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 150.25 m 546.5 150.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 120.25 m 315.5 120.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 120.25 m 392.5 120.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 120.25 m 469.5 120.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 120.25 m 546.5 120.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 105.25 m 315.5 105.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 105.25 m 392.5 105.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 105.25 m 469.5 105.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 105.25 m 546.5 105.25 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.00 697.65 Td (\($ Thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.95 698.20 Td (Fair values) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.00 649.65 Td (A) Tj ET Q q 0 0 0 rg BT 73.17 649.65 Td (vailable-for-sale) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 324.95 666.95 Td (March 31, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.50 672.35 Td (Continuing) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.45 661.55 Td (Operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.95 677.70 Td (Discontinued) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.45 666.90 Td (Canadian) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 495.45 656.15 Td (Operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 634.65 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 91.51 634.65 Td (income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.00 619.65 Td (Canadian) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 79.00 604.65 Td (Federal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.45 604.65 Td (24,662) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.45 604.65 Td (4,280) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.45 604.65 Td (20,382) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 79.00 589.65 Td (Provincial) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.45 589.65 Td (18,059) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.45 589.65 Td (3,036) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.45 589.65 Td (15,023) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 79.00 574.65 Td (Municipal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 574.65 Td (873) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.00 574.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.95 574.65 Td (873) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 79.00 559.65 Td (Corporate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 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438.45 379.65 Td (12,075) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.45 379.65 Td (252,692) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 364.65 Td (Corporate value pooled fund) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.45 364.65 Td (5,085) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.45 364.65 Td (5,085) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.00 364.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 349.65 Td (Money ) Tj ET Q q 0 0 0 rg BT 96.51 349.65 Td (market ) Tj ET Q q 0 0 0 rg BT 126.52 349.65 Td (pooled ) Tj ET Q q 0 0 0 rg BT 156.05 349.65 Td (funds) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 349.65 Td (476) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.95 349.65 Td (476) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.00 349.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 334.65 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 112.01 334.65 Td (fixed ) Tj ET Q q 0 0 0 rg BT 133.52 334.65 Td (income ) Tj ET Q q 0 0 0 rg BT 165.03 334.65 Td (and ) Tj ET Q q 0 0 0 rg BT 182.55 334.65 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 223.07 334.65 Td (pooled ) Tj ET Q q 0 0 0 rg BT 252.60 334.65 Td (funds) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.45 334.65 Td (13,339) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.45 334.65 Td (13,339) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.00 334.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 319.65 Td (Specialty ) Tj ET Q q 0 0 0 rg BT 106.02 319.65 Td (pooled ) Tj ET Q q 0 0 0 rg BT 135.55 319.65 Td (fund) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.45 319.65 Td (6,404) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.00 319.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.45 319.65 Td (6,404) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 304.65 Td (T) Tj ET Q q 0 0 0 rg BT 72.00 304.65 Td (otal ) Tj ET Q q 0 0 0 rg BT 88.51 304.65 Td (pooled ) Tj ET Q q 0 0 0 rg BT 118.04 304.65 Td (funds) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.45 304.65 Td (25,304) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.45 304.65 Td 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