Home' Trinidad and Tobago Guardian : March 13th 2017 Contents 1
Consolidated Financial Statements
Year ended December 31, 2016
Guardian Holdings Limited
Expressed in Trinidad and Tobago Dollars
I am pleased to report at Group Profit attributable to equity shareholders amounted to $396 million,
an increase of $61 million or 18% over 2015's result.
Net Income from Investing Activities for e year increased by $239 million, from $788 million in 2015,
to $1,028 million, driven by improvements in all major categories of investment income due in e main
to our measured deployment of liquid resources.
Net Income from Insurance Underwriting Activities of $613 million was $50 million lower an at for
2015. As explained in last year's Chairman's Report, ere was a favourable non-recurring reserve
release arising from a change in e taxation of insurance companies in Jamaica. Excluding e impact
of is exceptional item, Net Income from Insurance Underwriting Activities increased year-over-year
in our Life, Heal and Pension segment. Our Property & Casualty segment reported a $33 million de-
cline in underwriting results, primarily as a result of e loss reserve of $38 million established for claims
arising from Hurricane Mat ew which affected a number of territories in e Nor Caribbean during
September and October 2016.
Operating expenses increased from $886 million to $998 million. Significant costs were incurred in
connection wi strategic investments made during 2016 directed toward enhancing Group profitabil-
ity. Recurring expenditure of all our Group companies was confined to an increase of 3% for e year.
The Group's results benefited from a Net Gain from discontinued operations of $23 million related to
close-out adjustments on legacy items which were ultimately favourable due to e conservative posi-
tions taken when ese were designated as Discontinued.
Confident in e future outlook of e Group, e total dividend per share will be increased by 8% from
61¢ to 66¢. Consequently, fur er to e interim dividend of 21¢, e final dividend will be 45¢ (2015:
42¢) and will be paid to shareholders on record on March 28, 2017 when e Register of Members will
be closed for is purpose.
The Directors have also fixed a date of e Annual Meeting of May 5, 2017 at 4:30 p.m. at e Guard-
ian Corporate Centre, 1 Guardian Drive, Westmoorings. The formal Notice of Annual Meeting wi e
Directors' Report and audited consolidated financial statements for e financial year ended December
31, 2016 will be communicated to shareholders in due course.
Henry Peter Ganteaume
Deputy Chairman, GHL
March 9, 2017
REPORT OF THE INDEPENDENT AUDITOR
ON THE SUMMARY CONSOLIDATED
TO THE SHAREHOLDERS OF GUARDIAN HOLDINGS LIMITED
The summary consolidated financial statements, which comprise e summary consolidated statement
of financial position as at 31 December 2016, e summary consolidated statements of income, com-
prehensive income, changes in equity and cash flows for e year en ended and related notes, are
derived from e complete audited consolidated financial statements of Guardian Holdings Limited and
its subsidiaries (" e Group") for e year ended 31 December 2016.
In our opinion, e accompanying summary consolidated financial statements are consistent, in all ma-
terial respects, wi e audited consolidated financial statements, on e basis described in Note 1.
Summary Consolidated Financial Statements
The summary consolidated financial statements do not contain all e disclosures required by Interna-
tional Financial Reporting Standards ("IFRSs"). Reading e summary consolidated financial statements
and e auditor's report ereon, erefore, is not a substitute for reading e audited consolidated
financial statements and e auditor's report ereon.
The Audited Consolidated Financial Statements and Our Report Thereon
We expressed an unmodified audit opinion on e audited consolidated financial statements in our re-
port dated 9 March 2017. That report also includes e communication of Key Audit Matters. Key Audit
Matters are ose matters at, in our professional judgment, were of most significance in our audit of
e consolidated financial statements of e current period.
The audited consolidated financial statements and e summary consolidated financial statements do
not reflect e effects of events at occurred subsequent to e date of our report on e audited
consolidated financial statements.
Responsibilities of Management for e Summary Consolidated Financial Statements
Management is responsible for e preparation of e summary consolidated financial statements in
accordance wi IFRSs.
Auditor's Responsibilities for e Audit of e Summary Consolidated Financial Statements
Our responsibility is to express an opinion on whe er e summary consolidated financial statements
are consistent, in all material respects, wi e audited consolidated financial statements based on our
procedures, which were conducted in accordance wi International Standard on Auditing (ISA) 810
(Revised), Engagements to Report on Summary Financial Statements.
Port of Spain,
March 9, 2017
SUMMARY CONSOLIDATED STATEMENT
Gross written premiums
Net written premiums
Net income from insurance underwriting activities
Net income from investing activities
Net income from brokerage activities
Net income from all activities
Share of profit of associated companies
Profit before taxation
Profit a er taxation
Amount attributable to participating policyholders
Profit from continuing operations
Net gain from discontinued operations
Profit for e year
Profit attributable to non-controlling interests
Profit attributable to equity holders of e parent
Earnings per share
- Basic - for continuing operations
This statement may contain certain forward looking statements, including but not limited to, statements
as to future operating results and plans at involve risks and uncertainties. We use words such as
"expects", "anticipates", "believes", or "estimates", e negative of ese terms and similar expressions
to identify forward-looking statements. Such forward-looking statements involve known and unknown
risks, uncertainties and o er factors which may cause e actual results, performance or achievements
of e Company to differ materially from any future results, performance or achievements expressed or
implied by ose projected in e forward-looking statements for any reason.
Forward Looking Statements
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