Report on Insurance and Pensions 2007 - Central Bank of Trinidad ...
Report on Insurance and Pensions 2007 - Central Bank of Trinidad ... Report on Insurance and Pensions 2007 - Central Bank of Trinidad ...
TABLES TABLE XXIX SUMMARY AND VALUATION OF POLICIES OF THE SCOTIALIFE TRINIDAD & TOBAGO LIMITED IN RESPECT OF LONG-TERM BUSINESS AS AT OCTOBER 31, 2007 POLICIES REGISTERED IN TRINIDAD AND TOBAGO DESCRIPTION OF TRANSACTIONS Number of Policies gross amount annual Premiums Net Liability $ $ $ INSURANCE POLICIES Universal Life 12,644 382,553,400 55,831,687 174,968,271 Approved Annuities 1,894 6,245,970 2,769,025 6,245,970 Group Life 47,733 277,719,894 35,209,334 4,758,156 GRAND TOTAL 62,271 666,519,264 93,810,046 185,972,397 192 REPORT ON INSURANCE AND PENSIONS
TABLES TABLE XXX SUMMARY AND VALUATION OF THE POLICIES OF TATIL LIFE ASSURANCE LIMITED IN RESPECT OF LONG-TERM INSURANCE BUSINESS AS AT DECEMBER 31, 2007 POLICIES REGISTERED IN TRINIDAD AND TOBAGO DESCRIPTION OF TRANSACTIONS Number of Policies Sums Insured BonusES Office Net Yearly LIABILITY Premiums INSURANCE POLICIES $ $ $ $ Group 1 - With Immediate Participation in profits Full Profits One - Quarter Profits Extra Premiums Reserve for Waiver of Premium Benefit Reserve for Accidental Death 2,772 58 93,108,931 2,159,000 43,885,352 398,149 1,990,166 37,646 31,668 59,612,701 974,175 31,668 22,220 16,500 TOTAL NET ASSURANCES WITH PROFITS 2,830 95,267,931 44,283,501 2,059,480 60,657,264 Group 3 - Without Participation in profits Total assurances without profits Extra Premiums Reserve for Waiver of Premium Benefit Reserve for Accidental Death 23,290 3,306,998,016 46,843,899 575,503 126,592,680 575,503 692,201 2,219,680 TOTAL NET ASSURANCES WITHOUT PROFITS 23,290 3,306,998,016 47,419,402 130,080,064 Group 5 - Annuities 11,088 349,148,570 54,599 45,328,270 345,399,380 TOTAL NET ANNUITIES 11,088 349,148,570 54,599 45,328,270 345,399,380 Group 6 - Other Long-Term Insurance Business Less Reinsurance 101 650,039,301 378,096,776 4,153,320 1,625,708 723,978 270,951 TOTAL NET OTHER INSURANCES 101 271,942,525 2,527,612 453,027 GRAND TOTAL 37,309 4,023,357,042 44,338,100 97,334,764 536,589,735 VALUATION BALANCE SHEET OF THE LONG-TERM INSURANCE OF TATIL LIFE ASSURANCE LIMITED AS AT DECEMBER 31, 2007 $’000 $’000 Net Liabilities under Policies on Register in Trinidad and Tobago Other Liabilities 536,590 133,395 Balance of Long Term Fund per Revenue Account (excluding policyholder deposits) 1,226,258 Provision for payment of Bonuses and Dividends 1,433 Unrealised Investment Reserve Surplus (if any) 66,711 Deficiency (if any) 488,129 TOTAL 1,226,258 TOTAL 1,226,258 - - - - - - - - - - - - - - - - - - - REPORT ON INSURANCE AND PENSIONS 193
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TABLES<br />
TABLE XXX<br />
SUMMARY AND VALUATION OF THE POLICIES OF TATIL LIFE ASSURANCE LIMITED<br />
IN RESPECT OF LONG-TERM INSURANCE BUSINESS AS AT DECEMBER 31, <strong>2007</strong><br />
POLICIES REGISTERED IN TRINIDAD AND TOBAGO<br />
DESCRIPTION OF TRANSACTIONS<br />
Number<br />
<strong>of</strong><br />
Policies<br />
Sums<br />
Insured<br />
B<strong>on</strong>usES Office<br />
Net<br />
Yearly<br />
LIABILITY<br />
Premiums<br />
INSURANCE POLICIES<br />
$<br />
$ $ $<br />
Group 1 - With Immediate Participati<strong>on</strong> in pr<strong>of</strong>its<br />
Full Pr<strong>of</strong>its<br />
One - Quarter Pr<strong>of</strong>its<br />
Extra Premiums<br />
Reserve for Waiver <strong>of</strong> Premium Benefit<br />
Reserve for Accidental Death<br />
2,772<br />
58<br />
93,108,931<br />
2,159,000<br />
43,885,352<br />
398,149<br />
1,990,166<br />
37,646<br />
31,668<br />
59,612,701<br />
974,175<br />
31,668<br />
22,220<br />
16,500<br />
TOTAL NET ASSURANCES WITH PROFITS<br />
2,830<br />
95,267,931<br />
44,283,501<br />
2,059,480<br />
60,657,264<br />
Group 3 - Without Participati<strong>on</strong> in pr<strong>of</strong>its<br />
Total assurances without pr<strong>of</strong>its<br />
Extra Premiums<br />
Reserve for Waiver <strong>of</strong> Premium Benefit<br />
Reserve for Accidental Death<br />
23,290<br />
3,306,998,016<br />
46,843,899<br />
575,503<br />
126,592,680<br />
575,503<br />
692,201<br />
2,219,680<br />
TOTAL NET ASSURANCES WITHOUT PROFITS<br />
23,290<br />
3,306,998,016<br />
47,419,402<br />
130,080,064<br />
Group 5 - Annuities<br />
11,088<br />
349,148,570<br />
54,599<br />
45,328,270<br />
345,399,380<br />
TOTAL NET ANNUITIES<br />
11,088<br />
349,148,570<br />
54,599<br />
45,328,270<br />
345,399,380<br />
Group 6 - Other L<strong>on</strong>g-Term <strong>Insurance</strong> Business<br />
Less Reinsurance<br />
101<br />
650,039,301<br />
378,096,776<br />
4,153,320<br />
1,625,708<br />
723,978<br />
270,951<br />
TOTAL NET OTHER INSURANCES<br />
101<br />
271,942,525<br />
2,527,612<br />
453,027<br />
GRAND TOTAL<br />
37,309<br />
4,023,357,042<br />
44,338,100<br />
97,334,764<br />
536,589,735<br />
VALUATION BALANCE SHEET OF THE LONG-TERM INSURANCE OF TATIL LIFE ASSURANCE LIMITED<br />
AS AT DECEMBER 31, <strong>2007</strong><br />
$’000<br />
$’000<br />
Net Liabilities under Policies <strong>on</strong> Register<br />
in <strong>Trinidad</strong> <strong>and</strong> Tobago<br />
Other Liabilities<br />
536,590<br />
133,395<br />
Balance <strong>of</strong> L<strong>on</strong>g Term Fund<br />
per Revenue Account (excluding<br />
policyholder deposits)<br />
1,226,258<br />
Provisi<strong>on</strong> for payment <strong>of</strong> B<strong>on</strong>uses <strong>and</strong> Dividends<br />
1,433<br />
Unrealised Investment Reserve<br />
Surplus (if any)<br />
66,711<br />
Deficiency (if any)<br />
488,129<br />
TOTAL<br />
1,226,258<br />
TOTAL<br />
1,226,258<br />
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REPORT ON INSURANCE AND PENSIONS 193
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