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ASIAN REINSURANCE CORPORATION


VISION & MISSION VISION

To become a leading professional reinsurer capable to meet the reinsurance needs of Asia - Pacific Region.

MISSION “1.

The Corporation shall operate as a professional reinsurer accepting business from the insurance markets in member States as well as other markets of the region and elsewhere, and shall retrocede its surpluses after net retention with priority given to the national insurance and reinsurance markets of the member states.

2.

The Corporation shall invest a sizeable proportion of its funds within the region, provided that such investments meet with the requirements of sound insurance techniques.

3.

The Corporation shall also serve as regional centre for the collection of insurance information and the development of expertise in insurance and reinsurance, to be put at the disposal of the national insurance markets of the member States.

4.

The Corporation shall provide technical assistance to the national insurance markets of the member States.�

ASIAN REINSURANCE CORPORATION ANNUAL REPORT 2010

13


PAGE

• Council of Members

3

• Associate Members

4

• Chairman’s statement

5

• Report of the Management Board

7

• Certificate by Auditors

13

• Balance Sheets

14

• Profit and Loss Accounts

16

• Profit and Loss Appropriation Accounts

17

• Statements of change in shareholders’ equity

18

• Fire Insurance Revenue Accounts

19

• Marine Insurance Revenue Accounts

20

• Miscellaneous Insurance Revenue Accounts

21

• Statement of Cash Flows

22

• Notes to Financial Statements

23

• Certificate by Management Board

37

• Senior Management

38

2

ASIAN REINSURANCE CORPORATION


COUNCIL OF MEMBERS

Dr. Abdolnaser Hemmati Managing Director & CEO Sina Bank

IRAN

Engr. Ahmad Shah “Alizai” President Afghan National Insurance Co.

AFGHANISTAN

Mr. Zhang Hong Vice President

China Reinsurance (Group) Corporation

CHINA

HON. Emmanuel F. Dooc Insurance Commissioner

THE PHILIPPINES

Mr. Md. Rezaul Karim Managing Director Sadharan Bima Corporation

BANGLADESH

Mr. Yogesh Lohiya Chairman-cum-Managing Director General Insurance Corp. of India

INDIA

Ms. G.D.C. Ekanayake Director General

Department of National Budget Ministry of Finance and Planning

SRI LANKA

Mr. Namgyal Lhendup CEO Royal Insurance Corp. of Bhutan

BHUTAN

Mr. Jong Won Park CEO Korean Reinsurance Company

REPUBLIC OF KOREA

Mrs. Chantra Purnariksha Secretary-General Office of Insurance Commission

THAILAND

ANNUAL REPORT 2010

3


Associate Members

4

ASIAN REINSURANCE CORPORATION


Chairman’s Statement

Dr. Abdolnaser Hemmati CHAIRMAN It is my pleasure and privilege to welcome the distinguished members of the Council from member states and representatives of Associate members to the fifth Shareholders’ Assembly of the Asian Reinsurance Corporation.

You have received the financial statements and external auditor’s report for the year ending 31st December 2010 as well as the Management Board Report and would already be aware of our Corporation’s successful conclusion of the year 2010.

The year had its peculiar challenges. Whilst the global disasters hardened our own retrocession arrangements it did not prevent the downward spiral of rates in the countries from where we source our business and that too across all lines. Despite this, our ability to manage a soft phase in the region in an otherwise hardening environment was one of our key success factors. We achieved this by consistently avoiding writing under-rated businesses. We took the opportunity to re-underwrite renewals, weeding and pruning unprofitable and over exposed programmes and portfolios focusing on profit. Simultaneously, we continued to grow in selected segments through business relationships forged and nurtured over the years. We could increase gross premium to US$ 57.54 mn - a growth of 8.6% against 2009.

The global financial crisis and its impact on insurance industry for the past few years have made us acutely aware of the need to revisit the fundamentals of business and to stay

grounded in the ‘basics’. Thus, ‘Back to basics’ became the corporate theme for the year. Our efforts at improving the quality of acquired portfolios, reviewing of our underwriting guidelines based on territory-wise experiences, re-assessing exposures were part of the ‘back to basics’ strategy. This has contributed to improving loss ratio to 60.3% from 66.7% in the previous year. We believe that over time the performance of our book of business will validate our current strategy.

We have been very prudent in our expense management. We are a lean organization and shall continue to be so with focus on high productivity. Year on year we had brought down our expense ratio despite growth in volume. Our management expenses was 6.5% in 2005. After 5 years and with more than double the premium, the expenses fell to 4.5% in 2010. Acquisition costs continue to remain a challenge due to proportional treaties that we write with high commission cost. A number of strategies are being pursued to reduce this cost. We have, however, succeeded in maintaining commission cost at the same percentage of 33.4% as in 2009. Thus our combined ratio improved to 98.2% from 103.8% in the previous year.

Our performance in investment needs a special mention. We have a highly liquid portfolio of assets with 94% in bank deposits with member countries. The downside of this has been the low interest rates. Nevertheless, we have been able to increase investment income by 4.8% to US$ 2.27 mn through a process of gradual diversification of the investment portfolio. Considering the low underwriting returns even under the best

ANNUAL REPORT 2010

5


Chairman’s Statement Thailand and are working with the Office of the Insurance Commission to be compliant with regulations pertaining to this.

of circumstances, it was decided to set up a dedicated investment division in the Corporation.

The underwriting profit of the year has provided us relief in an already low interest rate environment . I am very happy to announce that Asian Re has doubled the profit of the previous year and has achieved a net operating profit of US$ 2.78 mn in 2010. I am equally pleased to report a return on capital and surplus of 5.28% as against 2.75% in 2009.

We have come a long way; a history of 30 years in which time we had matured into a reliable partner for our customers. The trust of the many stakeholders – clients, intermediaries, regular members and associate members - have continued to be our abiding strength. With the opening of membership to non-governmental entites, we have increased Shareholders’ funds to US$ 54.72 mn. and have increased our Associate membership to 8. The Council approved admission of 3 more Associate-members as new shareholders. They are in different stages of obtaining clearance for remittance of subscription. The efforts to bring in new members to the organization will be pursued vigorously.

I take this opportunity to convey my sincere thanks to the Royal Thai Government, Officers of the Insurance Commission of Thailand and officers of UN-ESCAP for their continued support in our efforts to fulfill the Corporation’s mission.

Despite the return to underwriting profits, we had our share of mishaps too. Though we were able to steer clear of major catastrophes in the region, the unprecedented Thailand floods of October and November turned the host country portfolio – our major market - into a loss. The Pedang earthquake in Indonesia, typhoon ‘Ketsana’ in the Philippines in the preceding year have brought home once again the havoc natural catastrophes could wreak. The management of natural catastrophe losses assumed greater significance because of the recurring losses in the region. We are fully aware that our ability to track and detail out accumulation and to arrange sound and adequate retroprogramme will be crucial to our long-term sustainability. I am also grateful to our Associate-members for their interest and commitment to the growth of Asian Re. Infrastructure development to create and sustain smooth processes with end service quality in mind, was yet another key task we had taken up. We have invested in a stateof-the-art software and the implementation is in full-swing which eventually would help further improve our analytics and customer service.

We have been able to maintain the A M Best financial rating of’ B++’ and issuer credit rating of ‘bbb.’ We are also gearing ourselves for the ‘Risk Based Capital’ regime of Thailand which will come into effect in 2011. To leverage this, we have already re-positioned Asian Re as a ‘dynamic domestic reinsurer’ for

I am thankful to the distinguished members of the Council for their time and valuable guidance.

And we shall not forget our employees, who are the backbone of the Corporation. They deserve a special mention for their commitment and dedication to work which has made Asian Re what it is today.

Dr. Abdolnaser Hemmati CHAIRMAN

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ASIAN REINSURANCE CORPORATION


Report of the Management Board FOR THE YEAR ENDED 31st DECEMBER 2010

The report for the year 2010 and the 31st Statement of accounts for the year ended 31 December 2010 are presented below:

Highlights 2010 was a breakthrough year in which we were able to achieve significant improvement in performance whilst excelling in a few. Highlights of 2010 performance are:

• Gross written premium increased by 8.6% to US$ 57.54 mn.

• Net written premium increased from US$ 31.05 mn to US$ 33.50 mn in 2010, reflecting an increase of 7.89%.

• Earned premium grew by 10.80% from US$ 29.34 mn to US$ 32.52 mn in 2010.

• Improvement in Loss ratio to 60.3% from 66.7% of 2009.

• Increased net operating profit of US$ 2.78 mn against US$ 1.39 mn for 2009. Profit grew by 100.8%.

• Turnaround in underwriting performance from a loss of (US$ 1.74 mn) to a profit of US$ 0.20 mn in 2010.

• Improved combined ratio of 98.2% as against 103.8% of 2009.

• Investment income increased from US$ 2.16 mn in 2009 to US$ 2.27 mn in 2010.

• Shareholders’ funds grew by 3.8% to US$ 54.72 mn.

• Total assets increased to US$ 101.69 mn from US$ 93.45 mn of 2009.

• A.M.Best Co has affirmed financial strength rating of B++(Good) and issuer credit rating of “bbb” with “stable”

outlook for the 3rd consecutive year.

ANNUAL REPORT 2010

7


Report of the Management Board FOR THE YEAR ENDED 31st DECEMBER 2010 Operations Gross Written Premium Gross Written Premium (GWP) registered a growth of 8.6% in 2010 to record a premium income of US$ 57.54 mn. against US$ 52.98 mn. in 2009. The compounded annual growth rate for the five year period 2006-10 was 15.5%. Class wise analysis of Gross written premium is as follows:

In US$ mn Growth in 2010

Class

2009

Portfolio mix 2009

2010

Portfolio mix 2010

Fire

25.30

47.8%

27.50

47.8%

8.7%

Marine

6.80

12.8%

8.13

14.1%

19.5%

Motor

3.17

6.0%

2.53

4.4%

(20.2)%

Engineering

4.37

8.2%

5.90

10.3%

35.0%

Miscellaneous Total

13.34 52.98

25.2% 100.0%

13.48 57.54

23.4% 100.0%

1.0% 8.6%

• Business from Thailand, Singapore and India contributed to growth in fire.

• Increase in Marine portfolios was due to growth from Korea, India & the Philippines. Facultative business from the Middle East was another factor.

• Motor premium dropped due to non renewal of Thailand motor treaties, whose terms were unfavourable.

• Engineering growth is mainly due to the contribution from India and Korea.

• Despite premium increases from India, Indonesia & Singapore, miscellaneous portfolios remained constant due to cancellation of non-profitable treaties.

Facultative premium recorded a growth of 10.3% in 2010 (US$6.64 mn.) and contributed 11.54% to the GWP. Thailand and the Middle East continued to be the major markets for facultative growth.

Proportional treaty premium grew by 8.4% in 2010. Non-proportional premium growth was 3.6%.

Source of premium income: 2009

% of total

2010

% of total

In US$ mn Growth in 2010

Host country - Thailand

24.05

45.4%

24.18

42.0%

0.5%

Other member countries

20.96

39.5%

23.78

41.4%

13.5%

Countries in the ESCAP region

5.55

10.5%

6.68

11.6%

20.4%

Other countries Total

2.42 52.98

4.6% 100%

2.90 57.54

5.0% 100%

19.8% 8.6%

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ASIAN REINSURANCE CORPORATION


Report of the Management Board FOR THE YEAR ENDED 31st DECEMBER 2010

• Due to our focus on underwriting profits, contracts which produced recurring adverse results were weeded out. • India and Korea registered growth of 23% and 27% respectively contributing mainly to the premium growth of member- countries. • Malaysia, Nepal and Singapore contributed significantly to the premium income of countries in the ESCAP Region.

• The increase in premium volume of “other countries” was mainly due to premium income from the Middle East.

Source of premium 2010

Gross and net premium (US$ mn)

5.0%

70.00 11.6%

42.0%

Host country Other member countries

60.00

Countries in the ESCAP region Other member countries 41.4%

45.72

40.00 30.00

33.50

32.65 27.91

20.00 10.00

57.54

52.98

50.00

16.02

26.78

31.05

19.16

2006

2007

Gross premium

2008

2009

2010

Retained premium

Net written and earned premium The net retained premium grew by 7.89% from US$ 31.05 mn to 33.50 mn whilst retention as a percentage of gross written premium remained at 58% The net earned premium increased to 32.52 mn from 29.34 mn registering a growth of 10.80%.

Acquisition costs Due to continuing efforts in controlling acquisition costs, the ratio of commission and charges to net premium has remained constant at 33.4% for two years.

Management expenses Management expenses as a ratio of net premium was 4.5% as against 3.7% in 2009 mainly on account of expenses incurred on severance payments to Professional staff, recruitment of new staff and appreciation of local currency.

Incurred losses The net earned loss ratio improved to 60.3% from 66.7% of last year. This was due to pruning of loss making contracts coupled with the absence of large losses in our major markets.

The major loss events of the year were Thai floods of October and November 2010. Natural catastrophe losses continue to be the overarching factor impinging underwriting results.

ANNUAL REPORT 2010

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Report of the Management Board FOR THE YEAR ENDED 31st DECEMBER 2010

Combined ratio The reduction in net loss ratio, stable commission outgo of 33.4% and expense ratio of 4.5% enabled us to achieve a combined ratio of 98.2%.

In US$ mn

The comparative figures for the net account by class of business were as follows:

2010

2009

CHANGE

Gross premium

27.50

25.30

+ 8.7%

Net premium

13.42

12.77

+ 5.0%

Claims incurred to earned premium

52.0%

58.9%

( 6.9%)

Commission & other charges Marine

39.3%

38.0%

+1.3%

Gross premium

8.13

6.80

+ 19.5%

Net premium

5.62

4.68

+ 20.1%

Claims incurred to earned premium

64.9%

88.0%

(23.1%)

Commission & other charges Miscellaneous

24.5%

24.6%

(0.1%)

Gross premium

21.91

20.88

+ 4.9%

Net premium

14.46

13.60

+ 6.3%

Claims incurred to earned premium

66.4%

67.5%

(1.1%)

Commission & other charges

31.4%

32.0%

(0.6%)

Fire

Investment Income Interest and other income increased to US$ 2.27 mn against 2.16 mn in 2009 despite continuing low interest rates.

Large part of the funds of the Corporation are still kept in fixed deposits with banks of member countries in line with the investment guidelines. 84% of the funds are in US dollars. US dollar interest rates are still at historical low levels.

During the year we increased investment in sovereign and corporate bonds with a view to increase yield.

Cash and bank balances and deposits as at 31st December 2010 stood at US$ 72.7 mn against US$ 73.4 mn of 2009. The reduction in bank balances was due to deployment of more funds to bonds.

Exchange gain An exchange gain of US$ 0.35 mn was recorded as against a gain of US$ 0.57 mn booked in 2009. Though Asian currencies appreciated during the year, it was neutralized by the depreciation of our investments in Euro.

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ASIAN REINSURANCE CORPORATION


Report of the Management Board FOR THE YEAR ENDED 31st DECEMBER 2010

Technical reserves Technical reserves increased to US$ 34.8 mn as against US$ 30.3 mn as at end of last year constituting 104.0% of the net written premium for 2010.

The underwriting profit for 2010 was US$ 0.2 mn as against an underwriting loss of US$ 1.7 mn. of 2009. The decrease in net losses incurred contributed to the marginal profit.

Underwriting Results Fire 1,047.3 Marine 464.1 Miscellaneous 197.6 Expenses of Management Underwriting profit / (loss) Investment and other income Net profit before tax and other charges Other charges 354.5 Exchange gain (17.0) Income tax (23.8) Provision for doubtful debts Net Total operating profit

In US$ ‘000 1,709.0 1,505.1 203.9 2,265.3 2,469.2

313.7 2,782.9

The net operating profit was US$ 2.78 mn in 2010 as against US$ 1.39 mn of 2009. This translates into an improvement of 100.8%. This was possible due to improved performance in all key areas.

The total assets as at the end of 2010 grew by US$ 8.81% to US$ 101.69 mn (Previous year US$ 93.45). The shareholders funds as at the end of 2010 were US$ 54.72 mn as compared to US$ 52.70mn of 2009 registering an increase of 3.8%.

Total Assets and Shareholders’ Funds 120.00 101.69

100.00 93.45 83.91

80.00 60.00

77.26

Total Assets 56.90 51.86

40.00

50.38

52.70

54.72

Shareholders’ funds

33.80

20.00 -

2006

2007

2008

2009

2010

Auditors The Council of Members appointed KPMG Phoomchai Audit Ltd as Auditors for 2010.

ANNUAL REPORT 2010

11


Report of the Management Board FOR THE YEAR ENDED 31st DECEMBER 2010 Membership The Regular members and Associate members of the Corporation as at the end of 2010 stood at 10 countries and 8 Companies respectively. The Management is continuing its efforts to increase membership and enhance capital of the Corporation. Three new prospective Associate Members whose applications were approved by the Council are awaiting clearance from the concerned authorities to remit their subscription. The paid up capital as at 31st December 2010 remains at US$ 30.23 mn. Member countries – Regular Members – constitute the Council of Members of the Corporation wherein each government nominates one representative. In the Shareholders’ Assembly, Regular Members are represented by their respective Council Member whereas Associate Members are represented by designated representatives.

Training and other activities

The Corporation conducted its annual seminar for the region in Bangkok on “Principles and Practice of Reinsurance” during October 4 – 8, 2010. It was attended by 28 participants from 10 countries. Several in-house programmes were held to upgrade the technical skill of staff.

The Corporation is in the midst of upgrading its software to meet its growing business needs. This would also help serve our clientele more efficiently.

As at 31 December 2010 the Corporation had 9 officers and 19 administrative staff. As a lean organization, our success depends on peak performance of staff. Their dedication, application and commitment are praiseworthy and are reflected in our operational achievements.

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ASIAN REINSURANCE CORPORATION


KPMG Phoomchai Audit Ltd.

Empire Tower, 50th-51st Floors 195 South Sathorn Road Bangkok 10120, Thailand

บริษัท เคพีเอ็มจี ภูมิไชย สอบบัญชีจำกัด ชั้น50-51 เอ็มไพร์ทาวเวอร์ Tel: +66 2677 2000 195 ถนนสาทรใต้ Fax: +66 2677 2222 กรุงเทพฯ 10120 www.kpmg.co.th

Audit report of Certified Public Accountant To The Shareholders’ Assembly We have audited the accompanying balance sheet of Asian Reinsurance Corporation (“the Corporation”) as at 31 December 2010 and the related fire, marine and miscellaneous insurance revenue accounts, profit and loss account, profit and loss appropriation account and statements of change in equity and cash flows for the year then ended. The Corporation’s management is responsible for the correctness and completeness of information presented in these financial statements. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of the Corporation for the year ended 31 December 2009 were audited by another auditor whose report dated 18 February 2010 expressed an unqualified opinion on those statements. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Asian Reinsurance Corporation and the result of its operations and cash flows for the year then ended in accordance with the provisions of the agreement establishing the Corporation and guidelines issued by the Council of Members, as described in note 2 to the financial statements.

KPMG Phoomchai Audit Ltd. Bangkok 22 April 2011

ANNUAL REPORT 2010

13


Balance Sheets As at 31st December 2010 and 2009 In U.S. Dollars Note

2010

2009

EQUITY AND LIABILITIES EQUITY

Share capital

15

Authorised share capital

Subscribed and paid-up share capital

Share premium

16

Reserves

17

Statutory reserve

Contingency reserve

Unrealised gain on revaluation of investments

9

Profit and Loss Appropriation Account

Total equity

100,000,000

100,000,000

30,239,000

30,239,000

15,610,000

15,610,000

2,325,852

2,047,561

500,000

500,000

62,479

-

5,980,286

4,307,240

54,717,617

52,703,801

LIABILITIES

Reserves for unexpired risks

Fire

5,366,035

5,107,777

Marine

2,248,203

1,871,354

Miscellaneous

5,783,952

5,438,909

13,398,190

12,418,040

Reserves for outstanding claims

Fire

8,925,131

7,415,934

Marine

3,575,292

3,468,248

Miscellaneous

8,957,021

6,977,434

21,457,444

17,861,616

161,464

167,821

Provision for expenses incurred but not paid

Reserve held on reinsurance retroceded

4,843,323

4,684,787

Amounts due to other insurance or reinsurance companies

7,092,590

5,608,141

Sundry creditors

16,966

8,494

46,969,977

40,748,899

101,687,594

93,452,700

8

Total liabilities Total equity and liabilities

(The accompanying notes are an integral part of the financial statements)

14

ASIAN REINSURANCE CORPORATION


Balance Sheets As at 31st December 2010 and 2009 In U.S. Dollars Note

2010

2009

9

4,655,295

2,463,244

10

153,879

215,431

872,426

706,967

12,505,806

11,829,421

11

10,308,737

4,641,859

12

71,902,896

73,363,157

ASSETS

Investments, net

Office condominium, net

Interest and dividend accrued

Reserves held by ceding companies

Amounts due from insurers or reinsurers, net

Cash balances with banks and on hand:

Short-term deposits and current accounts

Cash on hand

15,658

6,881

Saving accounts

813,465

87,796

Furniture, fixtures, vehicles and office equipment, net

166,502

87,340

Sundry debtors

3,063

3,774

Advances, deposits and prepaid expenses

289,867

46,830

101,687,594

93,452,700

13

14

Total assets

(The accompanying notes are an integral part of the financial statements)

ANNUAL REPORT 2010

15


Profit And Loss Accounts For the years ended 31st December 2010 and 2009 In U.S. Dollars Note

2010

2009

6

2,014,686

2,135,252

19

(16,977)

(8,119)

1,997,709

2,127,133

REVENUES

Interest and dividends

Less income tax deductions

Interest and dividends, net

Profit transferred from Revenue Accounts

Fire

444,576

-

Marine

211,515

-

Miscellaneous

-

-

Gain on revaluation of investments

9

-

416,610

Miscellaneous income

7

281

20,893

354,509

576,584

250,325

5,022

3,258,915

3,146,242

Gain on exchange Gain on sale of investments

6

Total

EXPENSES

Loss transferred from Revenue Accounts

Fire

-

98,886

Marine

-

812,552

Miscellaneous

452,174

834,190

23,831

14,601

2,782,910

1,386,013

3,258,915

3,146,242

Doubtful debts expense

Balance being profit for the year carried forward

to Profit and Loss Appropriation Account

Total

(The accompanying notes are an integral part of the financial statements)

16

ASIAN REINSURANCE CORPORATION


Profit And Loss Appropriation Accounts For the years ended 31st December 2010 and 2009 In U.S. Dollars Note

2010

2009

4,307,240

3,223,392

Profit transferred from Profit and Loss Account

2,782,910

1,386,013

Total

7,090,150

4,609,405

278,291

138,601

831,573

163,564

5,980,286

4,307,240

7,090,150

4,609,405

Profit and Loss Appropriation balance

at the beginning of the year

Transfer to statutory reserve Dividend for the year

18

Balance being profit and loss appropriation

carried forward

Total

(The accompanying notes are an integral part of the financial statements)

ANNUAL REPORT 2010

17


18

ASIAN REINSURANCE CORPORATION

-

Transfer to statutory reserve

Dividend

(The accompanying notes are an integral part of the financial statements)

30,239,000

-

Total recognised income

Balance at 31 December 2010

-

Profit for the year

-

9

Total income recognised directly in equity

Unrealised gain on revaluation of investments

30,239,000

500,000

15

Issue of shares

Balance at 31 December 2009 and 1 January 2010

-

-

Transfer to statutory reserve 18

-

Total recognised income

Dividend

-

29,739,000

capital

15,610,000

-

-

-

-

-

-

15,610,000

600,000

-

-

-

-

15,010,000

premium

paid-up share

Profit for the year

Balance at 1 January 2009

Note

Share

Subscribed and

2,325,852

-

278,291

-

-

-

-

2,047,561

-

-

138,601

-

-

1,908,960

reserve

Statutory

500,000

-

-

-

-

-

-

500,000

-

-

-

-

-

500,000

reserve

Contingency

Reserves

62,479

-

-

62,479

-

62,479

62,479

-

-

-

-

-

-

-

5,980,286

(831,573)

(278,291)

2,782,910

2,782,910

-

-

4,307,240

-

(163,564)

(138,601)

1,386,013

1,386,013

3,223,392

Account

Appropriation

on revaluation of investments

Profit and Loss

Unrealised gain

54,717,617

(831,573)

-

2,845,389

2,782,910

62,479

62,479

52,703,801

1,100,000

(163,564)

-

1,386,013

1,386,013

50,381,352

Total

In U.S. Dollars

For the years ended 31st December 2010 and 2009

Statements of changes in equity


Fire insurance revenue accounts For the years ended 31st December 2010 and 2009 In U.S. Dollars Note

2010

2009

5,107,777

5,070,660

13,415,088

12,769,444

-

98,886

18,522,865

17,938,990

5,327,540

6,151,457

8,925,131

7,415,934

(7,415,934)

(6,063,472)

6,836,737

7,503,919

5,226,105

4,810,701

602,802

469,255

46,610

47,338

5,366,035

5,107,777

444,576

-

18,522,865

17,938,990

REVENUES

Balance of account at the beginning of the year

Reserve for unexpired risks

Premium - net of reinsurances

Loss transferred to Profit and Loss Account

5

Total EXPENSES

Claims incurred - net of reinsurances :

Paid during the year

Estimated liabilities for outstanding claims at

the end of the year

Less outstanding claims at the beginning of the year

Net commission

Expenses of management

Miscellaneous outgo

Balance of account at the end of the year

Reserve for unexpired risks

Profit transferred to Profit and Loss Account

Total

8

(The accompanying notes are an integral part of the financial statements)

ANNUAL REPORT 2010

19


Marine insurance revenue accounts For the years ended 31 December 2010 and 2009 st

In U.S. Dollars Note

2010

2009

1,871,354

1,443,864

5,620,507

4,678,384

-

812,552

7,491,861

6,934,800

3,296,917

2,629,431

3,575,292

3,468,248

(3,468,248)

(2,358,916)

3,403,961

3,738,763

Net commission

1,349,601

1,140,829

Expenses of management

252,556

171,922

Miscellaneous outgo

26,025

11,932

Balance of account at the end of the year 2,248,203

1,871,354

211,515

-

7,491,861

6,934,800

REVENUES

Balance of account at the beginning of the year

Reserve for unexpired risks

Premium - net of reinsurances

Loss transferred to Profit and Loss Account

5

Total EXPENSES

Claims incurred - net of reinsurances :

Paid during the year

Estimated liabilities for outstanding claims at

the end of the year

Less outstanding claims at the beginning of the year

8

Reserve for unexpired risks

Profit transferred to Profit and Loss Account

Total

(The accompanying notes are an integral part of the financial statements)

20

ASIAN REINSURANCE CORPORATION


Miscellaneous insurance revenue accounts For the years ended 31st December 2010 and 2009 In U.S. Dollars Note

2010

2009

5,438,909

4,200,485

14,459,881

13,597,272

452,174

834,190

20,350,964

18,631,947

7,396,916

5,766,881

8,957,021

6,977,434

(6,977,434)

(4,403,311)

9,376,503

8,341,004

Net commission

4,462,690

4,256,433

Expenses of management

649,751

499,676

Miscellaneous outgo

78,068

95,925

Balance of account at the end of the year 5,783,952

5,438,909

20,350,964

18,631,947

REVENUES

Balance of account at the beginning of the year

Reserve for unexpired risks

Premium - net of reinsurances

Loss transferred to Profit and Loss Account

5

Total EXPENSES

Claims incurred - net of reinsurances :

Paid during the year

Estimated liabilities for outstanding claims at

the end of the year

Less outstanding claims at the beginning of the year

8

Reserve for unexpired risks

Total

(The accompanying notes are an integral part of the financial statements)

ANNUAL REPORT 2010

21


Statements of cash flows For the years ended 31st December 2010 and 2009 In U.S. Dollars Note

2010

2009

2,782,910

1,386,013

103,972

86,268

23,832

14,601

Gain on sale of investments

(250,325)

(5,022)

Gain on disposal of fixed assets

(248)

(7)

Gain on revaluation of investments

-

(416,610)

Unrealised gain on exchange

(412,693)

(707,475)

2,247,448

357,768

980,150

1,703,031

Reserve for outstanding losses

3,595,828

5,035,916

Reinsurance payables

1,347,224

190,910

Reinsurance receivables

(5,647,202)

(3,324,091)

Other payables

2,126

5,594

Other receivables

(434,377)

(113,794)

2,091,197

3,855,334

Purchase of fixed assets

(121,608)

(50,035)

Purchase of investments

(5,559,625)

(823,819)

Proceeds from the sale of fixed assets

274

20

Proceeds from the sale of investments

3,677,517

483,626

(2,003,442)

(390,208)

Proceeds from issue of equity shares

-

1,100,000

Dividend paid to equity holders of the Corporation

(831,573)

(163,564)

Net cash (used in) provided by financing activities

(831,573)

936,436

(743,818)

4,401,562

73,457,834

68,809,924

18,003

246,348

72,732,019

73,457,834

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the year Adjustments for : Depreciation Doubtful debts expense

CHANGES IN Reserve for unexpired risks

Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Net (decrease) increase in cash Cash at beginning of year

4(b)

Effect of exchange rate changes on cash Cash at end of year

4(b)

(The accompanying notes are an integral part of the financial statements)

22

ASIAN REINSURANCE CORPORATION


Notes to the financial statements For the years ended 31st December 2010 and 2009

These notes form an integral part of the financial statements. 1. GENERAL INFORMATION

Asian Reinsurance Corporation (“the Corporation”) is a regional intergovernmental organization established in 1979 through the initiative of United Nations Economic and Social Commission for Asia and the Pacific (“UN/ESCAP”). The Corporation is governed by the provisions and protocols of the agreement establishing the Corporation (“the Agreement”). The registered address of the Corporation’s headquarter office is 17th the Floor, Tower B, Chamnan Phenjati Business Center, 65 Rama 9 Road, Huaykwang, Bangkok.

The principal activities of the Corporation is that of a professional reinsurer accepting business from the insurance markets in member states as well as other markets of the region and elsewhere, and retroceding its surpluses after net retention with priority given to the national insurance and reinsurance markets of the member states.

2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS

The financial statements are prepared in accordance with the provisions of the Agreement and guidelines issued by the Council of Members (“the Provisions and Guidelines”).

The financial statements are prepared on the historical cost basis except as stated in the accounting policies. They are prepared and presented in United States Dollars (“US$”).

The preparation of financial statements in conformity with the Provisions and Guidelines requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate are revised in any future period affected.

3. CHANGES IN ACCOUNTING POLICIES

(a) Foreign currency transactions

From 1 January 2010, the Corporation has changed its accounting policy regarding foreign currency translations. The change in accounting policy has been applied prospectively.

Under the new policy, transactions in foreign currencies are translated to US$ at the foreign exchange rates ruling at the date of the transaction. Details of the new accounting policy adopted by the Corporation are included in Note 4(a). Previously, transactions in foreign currencies are translated to US$ at the foreign exchange rates ruling on 1 January of the respective year.

(b) Investments

From 1 January 2010, the Corporation has changed its accounting policy regarding investments. The change in accounting policy has been applied prospectively.

Details of the new accounting policy adopted by the Corporation are included in Note 4(l). Previously, Investments were stated at the lower of total aggregate cost or total aggregate market value and the resulting depreciation in value of investments was reflected in the profit and loss accounts.

ANNUAL REPORT 2010

23


Notes to the financial statements For the years ended 31st December 2010 and 2009

The financial impact of the change on the financial statements for the year ended 31 December 2010 is summarised as follows: In U.S. Dollars

BALANCE SHEET

Increase in unrealised gain on revaluation of investments

62,479

Increase in equity

62,479

STATEMENT OF INCOME

Decrease in gain on revaluation of investments

62,479

Decrease in profit for the year

62,479

4. SIGNIFICANT ACCOUNTING POLICIES

(a) Foreign currency transactions

The Corporation uses United Nations Organization (“UNO�) announced foreign exchange rates for currency translation. Transactions in foreign currencies are translated to US$ at the foreign exchange rates ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to US$ at the foreign exchange rates ruling at that date. Foreign exchange differences arising on translation are recognized in the Revenue Accounts and the Profit and Loss Account.

(b) Cash

Cash in the statements of cash flows comprise cash balances at bank and on hand.

(c) Reserves for unexpired risks

(d) Reserves for outstanding claims

Reserves for unexpired risks are provided at 40% of premiums net of retrocessions for all type of insurances.

Reserves for outstanding claims are provided based on the outstanding loss advices and other information received from ceding companies. Where no data is available, the reserves are provided based on reasonable estimation. Further, an additional 5% is provided for IBNR.

(e) Amounts due from insurers or reinsurers and other receivables

Amounts due from insurers or reinsurers and other receivables are stated at net realisable value.

The allowance for doubtful debts is provided on the basis of the net balances due to the Corporation which are due for over one year from companies with poor records of settlement of accounts.

24

ASIAN REINSURANCE CORPORATION


Notes to the financial statements For the years ended 31st December 2010 and 2009 (f) Income tax

Income tax is provided in the Profit and Loss Account in accordance with The Host Country Agreement with the Government of the Kingdom of Thailand under the Asian Reinsurance Corporation Act B.E. 2534 (“the Host Country Agreement”) which provides as follows:

The Corporation’s headquarters premises, funds, insurance premium, income derived from outside of Thailand and dividends to shareholders of the Corporation shall be exempted from all taxation and any obligation for the payments, withholding or collection of any tax or duty. The Corporation shall not be exempted from taxes or charges which are no more than payments for public utility services.

In the determination of profits of the Corporation to be taxed in Thailand, only income derived in Thailand, except income from underwriting, shall be included as the income of the Corporation. The expenses of the Corporation’s headquarter shall be calculated on the basis of the proportions of gross receipts except receipts from underwriting derived from Thailand.

(g) Provisions

Provisions are recognised when it is probable that an outflow of economic benefits will be required to settle a present legal or constructive obligation as a result of past events and a reliable estimate can be made of the amount of the obligation.

(h) Offsetting

Financial assets and liabilities are offset and the net amount is reported in the balance sheet when the Corporation has a legal, enforceable right to set off the recognized amounts and the transactions are intended to be settled on a net basis.

(j) Revenues

Reinsurance premium

Inward reinsurance transactions with ceding insurance companies are recorded in the accounts upon receipt of statement of accounts from these companies.

Interest and dividend income

Interest income is recognised in the Profit and Loss Account as it accrues. Dividend income is recognised in the Profit and Loss Account on the date the Corporation’s right to receive payments is established.

(k) Expenses

Commission

Commission is expensed when it occurs.

Expenses of management

Expenses of management are allocated to each type of the Revenue Accounts in proportion to the net premium income.

ANNUAL REPORT 2010

25


Notes to the financial statements For the years ended 31st December 2010 and 2009 (l) Investments

Classification

The classification of investments depends on the purpose for which the investments were acquired. The Corporation determines the classification of the financial assets at initial recognition. Investments in financial assets are classified as follows:

• At fair value through profit or loss

• Held-to-maturity

• Available-for-sale

Measurement

Investments held for trading are classified as current assets and are stated at fair value, with any resultant gain or loss recognized in the Profit and Loss Account.

Investments that the Corporation has a positive intent and ability to hold to maturity are classified as held-to-maturity investments. Held-to-maturity investments are stated at amortised cost. The difference between the acquisition cost and redemption value of such debt securities is amortised using the effective interest rate method over the period to maturity.

Investments other than those held for trading or intended to be held to maturity, are classified as being availablefor-sale and are stated at fair value, with any resultant gain or loss being recognized directly in a separate component of equity. The exceptions are impairment losses and foreign exchange gains and losses, which are recognized in the statement of income. When these investments are derecognized, the cumulative gain or loss previously recognized directly in a separate component of equity is recognized in the Profit and Loss Account. Where these investments are interest-bearing, interest calculated using the effective interest method is recognized in the Profit and Loss Account.

The fair value of traded investments in active markets is based on quoted market values at the balance sheet date. Fair value of other investments are estimated at realizable values. Where it is not possible to estimate fair value, the investment is carried at cost less impairment, if any.

Disposal of investments

On disposal of an investment, the difference between net disposal proceeds and the carrying amount together with the associated cumulative gain or loss that was reported in a separate component of equity is recognized in the Profit and Loss Account.

If the Corporation disposes of part of its holding of a particular investment, the deemed cost of the part sold is determined using the weighted average method applied to the carrying value of the total holding of the investment.

26

ASIAN REINSURANCE CORPORATION


Notes to the financial statements For the years ended 31st December 2010 and 2009

Impairment

The carrying amounts of the investments are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, investments’ recoverable amounts are estimated.

An impairment loss is recognised if the carrying amount of an investment exceeds its recoverable amount. The impairment loss is recognised in the Profit and Loss Account unless it reverses a previous revaluation credited to equity, in which case it is charged to equity.

The recoverable amount of held-to-maturity investments carried at amortised cost is calculated as the present value of the estimated future cash flows discounted at the original effective interest rate. The recoverable amount of available-for-sale investments is calculated by reference to the fair value.

An impairment loss in respect of an investment is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after the impairment loss was recognised.

(m) Office condominium, furniture, fixtures, vehicles and office equipment

Office condominium, furniture, fixtures, vehicles and office equipment are stated at cost less accumulated depreciation.

Gain or loss on disposal of equipment is recognized in the statement of income. Expenditures on addition, renewal and improvements, which result in a substantial increase in an asset’s current replacement value, are capitalized. Repair and maintenance costs are recognized as an expense when incurred.

Depreciation is charged to the Profit and Loss Account on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives are as follows:

Office condominium

20

Years

Furniture and fixtures

5

Years

Office equipment

5

Years

Vehicles

5

Years

No depreciation is provided on assets under construction.

ANNUAL REPORT 2010

27


Notes to the financial statements For the years ended 31st December 2010 and 2009 (n) Employee benefits

Post retirement employee benefits

Employees are allowed for optional early retirement after completion of 20 years of continuous service with the Corporation and are entitled to termination benefits.

The Corporation operates defined contribution plan for the post retirement benefits of its employee. The Corporation pays contributions to provident funds, and such amounts are charged to personnel expenses under expenses of management. The Corporation has no further payment obligations once the contributions have been paid. Each of the employees under the plan is entitled to the entire contribution plus earnings thereon regardless of the length of service with the Corporation.

The Corporation has established contributory provident funds for its employees, separately for each of its international and local employees. Contributions are made monthly by the employees at rates 5% of their basic salaries and by the Corporation at rates ranging from 6% to 10% of the employees’ basic salaries depending on years of service.

The provident funds for the international employees are managed by the Corporation through a fixed deposit bank account which is not included in the balance sheet. The provident funds for local employees are registered with the Ministry of Finance as juristic entities and are managed by licensed Fund Manager “TISCO Asset Management Co., Ltd.�, and therefore they are not included in the balance sheet.

Short-term employee benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided.

(o) Amounts due to insurers or reinsurers and other payables

28

Amounts due to insurers or reinsurers and other payables are stated at cost.

ASIAN REINSURANCE CORPORATION


Notes to the financial statements For the years ended 31st December 2010 and 2009 5. SEGMENT INFORMATION

Following is the detail for gross premium written by territory. In U.S. Dollars 2010

2009

MEMBER – COUNTRIES

Thailand

24,175,590

24,054,344

India

8,347,266

6,785,838

South Korea

7,896,314

6,214,583

Philippines

5,065,891

5,213,486

Others

2,469,287

2,741,885

47,954,348

45,010,136

6,681,635

5,553,096

-

52

2,900,247

2,416,314

57,536,230

52,979,598

(24,040,754)

(21,934,498)

33,495,476

31,045,100

Countries in the UN/ESCAP region Developed countries Other countries Total Less premium ceded Premium - net of reinsurance

6. INCOME FROM INVESTMENTS AND BANK ACCOUNTS In U.S. Dollars 2010

2009

1,775,204

2,007,187

73,602

57,207

115,517

18,047

50,363

52,811

2,014,686

2,135,252

250,325

5,022

2,265,011

2,140,274

Interest and dividend

Interest on bank deposits and savings accounts

Interest on reserves – net

Interest on US$ bonds

Dividends

Realised gain on sale of investments Total

ANNUAL REPORT 2010

29


Notes to the financial statements For the years ended 31st December 2010 and 2009 7. MISCELLANEOUS INCOME In U.S. Dollars 2010 Rental income

2009 -

20,820

274

7

Other

7

66

Total

281

20,893

Gain on disposal of fixed assets

8

EMPLOYEE BENEFIT EXPENSES

During the year the Corporation contributed US$ 51,388 (2009: US$ 30,473) to the provident funds for its international and local employees as defined in Note 4(n). The contribution is included in expenses of management.

The employees who have completed 20 years of service with the Corporation are entitled to separate termination benefits at the time of retirement. A provision is made for the payment of such benefits on the basis of annual basic salary for each year of service after completion of 20 years. The balance of the provision is included in provision for expenses incurred but not paid. Movement in the provision during the year is as follows: In U.S. Dollars 2010

Balance as at 1 January

2009

157,746

143,377

Additions

34,569

14,369

Payments

(47,307)

-

Balance as at 31 December

145,008

157,746

8

7

Eligible employees

30

ASIAN REINSURANCE CORPORATION


Notes to the financial statements For the years ended 31st December 2010 and 2009 9. INVESTMENTS In U.S. Dollars 2010

2009

FOREIGN INVESTMENTS

Bonds

3,647,230

883,840

Mutual funds and notes

1,085,667

1,517,562

Total foreign investments

4,732,897

2,401,402

THAILAND INVESTMENTS

Mutual funds

16,573

164,769

Stocks

52,690

134,851

Total Thailand investments

69,263

299,620

4,802,160

2,701,022

(209,344)

(237,778)

62,479

-

4,655,295

2,463,244

Total investments at cost Revaluation loss on investments Unrealised gain on revaluation of investments Total investments at fair value

As described in Note 3, from 1 January 2010 the Corporation has changed its accounting policy for investments and classified all investments as available for sale. The unrealised gain on revaluation of investments comprises the cumulative net change in the fair value of available-for-sale investments until the investments are derecognised or are impaired.

The revaluation loss on investments for 2010 represents the carry forward losses from 31 December 2009 for investments still held at 31 December 2010.

ANNUAL REPORT 2010

31


Notes to the financial statements For the years ended 31st December 2010 and 2009 10. OFFICE CONDOMINIUM In U.S. Dollars 2010

2009

1,231,036

1,231,036

Additions

-

-

Disposals

-

-

1,231,036

1,231,036

1,015,605

954,053

61,552

61,552

-

-

1,077,157

1,015,605

153,879

215,431

COST At 1 January

As at 31 December

ACCUMULATED DEPRECIATION At 1 January Depreciation charge for the year Disposals As at 31 December

Net book value at 31 December

11. AMOUNTS DUE FROM INSURERS OR REINSURERS In U.S. Dollars 2010 Amounts due from insurers or reinsurers Less allowance for doubtful debts Net

32

ASIAN REINSURANCE CORPORATION

2009

10,706,104

5,015,394

(397,367)

(373,535)

10,308,737

4,641,859


Notes to the financial statements For the years ended 31st December 2010 and 2009 12. SHORT-TERM DEPOSITS AND CURRENT ACCOUNTS In U.S. Dollars 2010

2009

Analysed by country United Kingdom (Member - Country Bank)

23,943,753

19,877,204

India

14,550,000

20,650,000

Sri Lanka

21,750,088

12,806,224

Philippines

1,042,180

10,113,748

Iran

4,730,618

5,952,381

Thailand

5,886,257

3,963,600

71,902,896

73,363,157

60,541,441

62,438,965

Euro

5,069,036

6,230,190

Thai Baht

5,886,257

3,963,600

29,538

57,907

373,801

669,971

2,823

2,524

71,902,896

73,363,157

Total

Analysed by currency US Dollars

GB Pound Peso (Philippines) Yen Total

ANNUAL REPORT 2010

33


Notes to the financial statements For the years ended 31st December 2010 and 2009 13. FURNITURE, FIXTURES, VEHICLES AND OFFICE EQUIPMENT In U.S. Dollars 2010

2009

COST At 1 January

456,438

413,035

Additions

121,608

50,035

Disposals

111,247

6,632

As at 31 December

466,799

456,438

369,098

351,001

42,420

24,716

Disposals

111,221

6,619

As at 31 December

300,297

369,098

Net book value at 31 December

166,502

87,340

ACCUMULATED DEPRECIATION At 1 January Depreciation charge for the year

The gross amount of the Corporation’s fully depreciated furniture, fixtures, vehicles and office equipment that were still in use as at 31 December 2010 amounted to US$ 221,027 (2009: US$ 291,641).

14. ADVANCES, DEPOSITS AND PREPAID EXPENSES

34

This includes advance payments of US$ 268,688 made by the Corporation during the year ended 31 December 2010 for the implementation of new software. The amount will be capitalized on the date the software will be ready for its intended use.

ASIAN REINSURANCE CORPORATION


Notes to the financial statements For the years ended 31st December 2010 and 2009 15. SHARE CAPITAL

Par value per share (in US$)

2009 Number Amount (shares/US$) (shares/US$)

2010 Number Amount (shares/US$) (shares/US$)

AUTHORISED At 1 January

1,000

100,000

100,000,000

100,000

100,000,000

At 31 December

1,000

100,000

100,000,000

100,000

100,000,000

30,239

30,239,000

29,739

29,739,000

SUBSCRIBED AND PAID-UP At 1 January Additional paid-in

1,000

-

-

500

500,000

At 31 December

1,000

30,239

30,239,000

30,239

30,239,000

16. SHARE PREMIUM In U.S. Dollars 2010 Balance at 1 January Additional paid-in Balance at 31 December

2009

15,610,000

15,010,000

-

600,000

15,610,000

15,610,000

Share premium is not available for dividend distribution.

17 RESERVES

Statutory reserve

The statutory reserve is made in accordance with the provisions of the Agreement that requires to transfer one tenth of the annual profits to the statutory reserve until such reserve equals to 100% of the share capital of the Corporation. The Council of Members may, however, decide to continue such transfer beyond this limit.

Contingency reserve

At the 13th meeting of the Council of Members held in 1990 it was decided to allocate US$ 500,000 from Profit and Loss Appropriation Account to Contingency Reserve to cover contingent liabilities which may arise.

ANNUAL REPORT 2010

35


Notes to the financial statements For the years ended 31st December 2010 and 2009 18. DIVIDEND

At the fourth Shareholders Assembly meeting held on 14 May 2010, the Shareholders Assembly approved the payment of cash dividend of 2.75% of paid up share capital as at 31 December 2009. The dividend was paid to shareholders during 2010.

At the third Shareholders Assembly meeting held on 24 April 2009, the Shareholders Assembly approved the payment of cash dividend of 0.55% of paid up share capital as at 31 December 2008. The dividend was paid to shareholders during 2009.

Dividend for current year, if any, is decided and approved by Shareholders Assembly, and accounted for in equity as an appropriation of profits in the next year.

19. INCOME TAX DEDUCTIONS

36

The income tax deductions in the Profit and Loss Account include tax deducted on interest and dividends income derived in Thailand. As defined in Note 4(f), under the Host Country Agreement the Corporation is exempt from Thailand tax on all income except for the income, other than from underwriting activities, derived in Thailand.

ASIAN REINSURANCE CORPORATION


Certificate by management board ACCOUNTS FOR THE PERIOD ENDED 31ST

DECEMBER 2010

We certify that :

1. Investments have been shown in the Balance Sheet as per the significant Accounting policies stated in the annual Report

2. Ample provision has been made for all liabilities.

3. Treaty and facultative returns received upto 31 Dececmber 2010 have been incorporated into these accounts.

4. All currencies have been converted in to US Dollar at the rate of exchange ruling on the date of transactions and at the rates of exchange ruling on 31 December 2010 for the Balance Sheet.

5. The Balance Sheet, Revenue Accounts, Profit and Loss Account and Profit and Loss Appropriation Account are to the best of our knowledge and belief correct and are drawn up so as to give a true and fair view of the state of affairs of the Corporation as at 31 December 2010 and of the results for the year ended on that date.

(Dr. Abdolnaser Hemmati) Chairman

(Ms. G.D.C. Ekanayake) Vice - Chairman

(Mr. Yogesh Lohiya) Member

(Dr. Javad Farshbaf Maheryan) Member

(S.A. Kumar) President & CEO

DATE Signed : 22.04.2011

ANNUAL REPORT 2010

37


SENIOR MANAGEMENT

S.A. Kumar Chartered Insurer M.A.., M.B.A., FIII., FCII. kumar@asianrecorp.com

President & Chief Executive Officer

Kumudini S.S. Dassenaike

K.Thanamohan

Chartered Insurer Deputy Chief B.A. (Hons) FCII. Executive Officer kumudini@asianrecorp.com

B. Sc, ACA, FIII, PGDM Vice-President Finance thanamohan@asianrecorp.com & I.T.

Md. Alamgir Kabir

Kencho Yeshey

M. Com, ABIA, Dip CII kabir@asianrecorp.com

Dip. CE, AII, Dip CII fac@asianrecorp.com

Vice-President – Treaty

Parkpoome Nivatvongs

Sarinporn Namsirikul

Deputy Vice-President Chartered Insurer – Treaty MBA., ACII parkpoome@asianrecorp.com

MBA sarinporn@asianrecorp.com

Chintana Pongboriboon

Chailit Viriyaakavuti

B.A.. M.S. (Acct.) Administrative Officer chintana@asianrecorp.com – General Accounts

B.A.. (Acct.) ATII. chailit@asianrecorp.com

Nittaya Agesitiphong B.A.. (Mgt.) nittaya@asianrecorp.com

38

Administrative Officer – EDP

ASIAN REINSURANCE CORPORATION

Deputy Vice-President – Facultative

Deputy Vice-President – Investments

Administrative Officer – R/I Accounts


ANNUAL REPORT 2010

39


asian re 2011  

asian re annual report 2011

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