2000409 gg jaarverslag 2019

Transforming our journey2019

Transformation is a journey with out a fi nal destination

Guardian Group Fatum Annual Report 2019

ContentConsolidated Financial Highlights 4

Key Performance Indicators 5

Chairman’s and CEO’s Statement 6

FATUM HOLDING N.V. ABBREVIATED CONSOLIDATED

FINANCIAL STATEMENTS 31 DECEMBER 2019

Consolidated Statement of Financial Position 2019 12

Consolidated Statement of Comprehensive Income 2019 13

Signifi cant Accounting Policies 2019 15

Auditor’s Report 2019 24

TRANSFORMING OUR JOURNEY 26

Company information 32


Consolidated Financial Highlights(Expressed in thousands of Antillean Guilders)

Gross Premiums Written 2019

2018Life and pension business 141,274 140,141 Health business 29,890 28,359 Property and casualty business 210,936 181,880 Total Gross Premiums Written 382,101 350,380

RevenueRevenue from insurance operations 280,401 264,564 Revenue from investment activities 92,178 54,810 Commission income from brokerage activities 29,392 28,751

Total Revenue 401,971 348,125

Geographic Distribution of RevenueAruba 141,104 133,856BES 14,226 13,437Curaçao 174,601 147,208St. Maarten 16,323 9,336Netherlands 55,717 44,289Total Revenue 401,971 348,125

Results

Profit for the year 26,210 7,389 Other comprehensive income 15,615 (22,932)Total comprehensive income 41,825 (15,543)

Financial Position

Total assets 2,152,255 2,029,012 Liabilities 1,952,395 1,865,027 Net Equity 199,860 163,985

Operating expenses 92,856 94,018 Depreciation and amortization 9,113 7,740 Total operating expenses 101,969 101,758

Total Revenue (ANG’000)


Key Performance Indicators

Total Revenue 2015 2016 2017 2018 2019

Insurance activities 240,083 240,061 269,379 264,564 280,401

Investing activities 56,628 78,208 90,937 54,810 92,178

Brokerage activities* 17,837 24,955 27,383 28,751 29,392

Total 314,548 343,224 387,699 348,125 401,971

Financial Position (ANG million)

Gross Premiums Written (ANG’000)

Geographic Distribution of Revenue Investment Mix

Financial Position 2015 2016 2017 2018 2019

Total assets 1,738 1,841 1,957 2,029 2,152

Liabilities 1,560 1,643 1,761 1,865 1,952

Net equity 178 198 196 164 200

Gross Premium 2015 2016 2017 2018 2019

Health 28,882 28,259 27,816 28,359 29,890

Life 123,719 122,138 148,074 140,141 141,274

Property & casualty

128,473 143,743 160,551 181,880 210,936

Total 281,074 294,140 336,441 350,380 382,101

300,000

250,000

200,000

150,000

100,000

50,000

-

350,000

400,000

2015 2016 2017 2018 2019

2,000

1,800

1,600

1,400

1,200

1,000

800

600

400

200

-2015 2016 2017 20192018

120,000

100,000

80,000

60,000

40,000

20,000

-

140,000

160,000

180,000

200,000

2015 2016 2017 20192018

43%4%

4%14%

35%

2019

42%4%

3%13%

38%

2018

8%

9%

18%37%

8%

0%

2019

20% 9%

8%

17% 35%

13%

1%

2018

17%

* Prior year figures have been adjusted to conform with changes in current year presentation.


Mr. J. Veel

Meet th e members of th e

Supervisory Board

At December 31, 2019

Mr. J.W.H. Richters

Chairman’s and CEO’s Statement

Mr. O.M. van der Dijs

We are pleased to report on anoth er year’s achievements of Guardian Group Fatum, a member of th e Guardian Holdings Limited (GHL) group of companies. GHL consists of a portfolio of strongly capitalized fi nancial institutions spanning th e English and Dutch Caribbean and is headquartered in Port of Spain, Trinidad and Tobago where th e parent company’s shares are listed on th e Trinidad and Tobago Stock Exchange. Operating collectively as Guardian Group Fatum in th e Dutch Caribbean, we continue to hold leading market positions in all key lines of business delivering customized insurance solutions. Our 2019 performance provide evidence of unwavering focus upon execution of our corporate strategy and th e shared sense of purpose th at pervades th e Group.

Insurance Operations Gross Written Premiums (GWP) from all Guardian Group Fatum insurance operations increased by ANG 31.7 Million (9.1%) to ANG 382.1 Million in 2019 from ANG 350.4 Million in 2018. Gross Written Premiums from th e Property and Casualty opera-tions increased by ANG 29.1 Million or 16.0% to ANG 210.9 Million (2019) from ANG 181.8 Million (2018) principally as a result of growth in our Dutch book of business. Guardian Group Fatum General Insurance continues to lead th is market segment in th e Dutch Caribbean. We have managed to produce th ese positive fi gures despite th e fact th at motor liabilities premiums in Curaçao have been fl at since 1999 as no approval has been provided by Government to increase premiums. We will continue to negotiate with th e auth orities for realistic premiums to be approved in order to remain economically health y and continue to provide th is essential

Mr. H.P. Ganteaume


Mr. J. Veel Mr. R.A. Tewari Mr. Y. Lasten

product line to our clients. Gross Written Premiums from Health operations increased by ANG 1.5 Million or 5.4% to ANG 29.9 Million (2019) from ANG 28.4 Million (2018). Gross Written Premiums of th e Life operations increased by ANG 1.1 Million (0.8%) to ANG 141.3 Million (2019) from ANG 140.1 Million (2018).

We must inform readers th at we have developed th e largest life sales force agency distri-bution channel in th e Dutch Caribbean catering to th e needs of th e consumer market. The business generated by our life sales agents is still modest but growing steadily and will contribute incrementally to Group profi ts.

In our successful brokerage line of business, we have seen our fee income grow; th rough our “Buy and Build” strategy we have been servicing considerably more fee income with th e same organizational infrastructure.

InvestmentsRevenues from th e Guardian Group Fatum investment activities increased by ANG 37.4 Million (68.2%) to ANG 92.2 Million (2019) from ANG 54.8 Million (2018). This increase in 2019 is attributable principally to fair value gains of ANG 19.9 Million in our international portfolio compared to fair value losses of ANG 14.2 Million in 2018. A movement of ANG 34.1 Million. The overall income yield was 4.6% as compared to 4.5% in 2018. The paucity of local investment opportunities is noticeable, and th ere is an urgent need for relaxation of limits imposed on investments in international markets.

We have invested a moderate portion of our investment portfolio in equities. These equities are valued at market prices quoted on international stock exchanges. Fluctuations in th ese prices will be refl ected in our fi gures. In 2019 we enjoyed fair value gains of ANG 19.9 Million. In 2018, owing to market volatility, fair value losses of ANG 14.2 Million were reported. In order to mitigate th is unpredictability, we have modifi ed our investment strategy to generate a steady fl ow of investment income and at same time become less vulnerable to fl uctuations in market prices.

Operating expensesThe Guardian Group Fatum operating expenses increased slightly by ANG 0.2 Million (0.2%) to ANG 102.0 Million in 2019 from ANG 101.8 Million in 2018. This is an excellent feature of our performance. We started a project to realize optimal

effi ciencies via digitizing and implementing robotics in our Life, General Insurance and Finance departments. We are acquiring businesses and re-engineering existing ones in order to achieve constant improvement in our cost ratios. We continue to seek inorganic growth opportunities while rigorous cost control th roughout th e Group remains a key performance objective.


Consolidated resultsThe Guardian Group Fatum net profit for the year 2019 was ANG 26.2 Million, as com-pared to ANG 7.4 Million in 2018. The main influencing factor was the aforementioned fair value gains in our international portfolio. The key technical ratios of all lines of business re-mained satisfactory despite the difficult circumstances. The Guardian Group Fatum solvency position continued to be strong and well in excess of the local requirements of the Central Bank of Curaçao and Sint Maarten and the Central Bank of Aruba and remains a solid base for future growth of our company.

Upcoming change in accounting policyOne of the most defining events for the global insurance industry is undoubtedly the issu-ance of the new insurance accounting standard, IFRS 17, after a two-decade long journey embarked upon by the International Accounting Standard Board (IASB). It is the first comprehensive international accounting standard for insurance contracts. Our Group has already started preparing for the implementation of IFRS 17 to ensure timely and complete compliance with this new standard which is effective from January 1, 2023. The changes proposed by the new standard are multifold and expected to have a significant effect on the perception and comparability of financial performance, both between insurers and between the insurance sector and other industries. We see IFRS 17 as a significant oppor-tunity that can cement the Group as a regional leader and position us competitively to take advantage of business opportunities further afield.

Strategic initiativesIn 2019 we have been working to implement a new strategic plan designed to create an organization geared towards retaining and growing our customer base through an enhanced customer experience. We are happy to report that many positive impacts of our plan are starting to become evident and have significantly contributed to our results.We have made progress in streamlining operations from core underwriting activities to achieve an increasing profit contribution from operational performance and investment income. The positive results experienced to date in both Life, Health and Pensions (LHP) and Property and Casualty (P&C) segments of our strategic execution are very promising. We will continue to deploy our plan which includes increased levels of automation, straight-through-processing, customer self-service and data-analytics.One important strategic initiative continued to be the deliberate realignment of our invest-ment portfolios to secure enhanced investment returns and a better match with our insur-ance liabilities. We are meeting this objective across all geographies and lines of business.

Corporate governance, compliance and risk managementGuardian Group Fatum is committed to effective corporate governance for the benefit of our shareholders, customers, employees and other stakeholders based on the principles of fairness, transparency and accountability. Structures, rules and processes are designed to provide for proper organization and conduct of business throughout Guardian Group Fatum and to define the powers and responsibilities of our corporate bodies.To meet this important objective, various governance and control functions coordinate to help ensure that risks are identified and appropriately managed and internal controls are in



place. Distinct mandates and responsibilities are assigned to different levels of authority in the organization, which are closely aligned and co-operate with each other through a reg-ular exchange of information, planning, and other activities. This approach supports man-agement in its responsibilities. It provides confidence that risks are appropriately addressed and that adequate mitigation actions are implemented.

The Supervisory Board of DirectorsDuring 2019 the Board consisted of six members of whom four are independent non- executive directors. All the powers of the Board have been duly exercised. The Board met four times in 2019. Major issues requiring an active engagement of the Board were the approval of the budget and strategic plan, the monitoring of the capital adequacy, setting and overseeing the investment strategy and the ongoing monitoring of new initiatives for keeping the company performance in line with shareholders’ and customers’ expectations. The two recently appointed Board members went through an extensive training program. In addition, strategic training sessions were organized for the whole Board.

The Audit, Compliance and Risk Committee (ACRC)The ACRC consists of three non-executive directors and reports to the Supervisory Board and is governed by a charter which sets out its responsibilities in respect of the financial statements, internal controls, the internal audit function, external audit, compliance and risk matters. The ACRC met four times in 2019. The meetings were attended by representatives of the Supervisory and Executive Board and by the Guardian Group Fatum internal auditor and compliance officer. Grant Thornton, the external auditors in 2019, have a standing invitation to all ACRC meetings.

The Board is satisfied that the Internal Audit function as well as the Compliance function have been discharged in an objective and transparent manner and are not subject to management’s undue influence. Weaknesses in internal controls observed by the internal and external auditors and management’s risk corrective actions were presented to the ACRC. The ACRC members have confirmed that appropriate actions were taken to resolve the weaknesses. Additional subjects receiving dedicated attention from the ACRC in 2018 were compliance with regulatory requirements, Anti Money Laundering issues, Risk Management and Integrity and Governance issues in general.

Market expansion and distribution In 2019 we continued to invest in multi-channel distribution to consolidate our presence in the Dutch Caribbean and the Netherlands market. We strengthened our Direct Sales Unit and our independent broker channel and provided to the independent brokers inter-esting value propositions. Our Brokerage line of business contributes a solid part of our Operating Profit. It continues to grow steadily and provides an attractive source of profits not exposed to underwriting volatility. We will continue to pursue growth in this area through a dedicated focus on taking advan-tage of attractively priced market opportunities.


The new direct sales distribution continues to generate a satisfying stream of new business. This channel is operated on GHL Group wide platforms and using GHL automated systems and procedures.Through advanced agent recruitment strategies, we continue to work on building a team of outstanding service providers.

Employees: The driving force behind the Guardian Group Fatum success Highly motivated and skilled employees are indispensable for our continued long-term success. They work to provide the best possible service to our customers and offer expert advice. They give comfort in the uncomfortable situation around an accident. They bring

their hearts and minds to work. We are proud of our employees!In 2019 several training programs were successfully carried out, in groups as well as on an individual basis.

Corporate Social responsibilityAs a flagship organization in the Caribbean, we continue to expand our social community outreach programs throughout the English and Dutch Caribbean, with a pri-mary objective to turn our efforts into tangible benefits for our societies. Being a responsible corporate citizen, Guardian Group Fatum is dedicated to contribute to the well-being of the communities we live and work in. We actively encourage individual and societal development by financially supporting efforts to improve wellbeing and realize human potential. Our main financial support is targeted at the youth, sports and physical activity, as well as through financial support for the work of various non-governmental organizations. Guardian Group Fatum hosts the largest annual run and walk event on the island of Curaçao, the Guardian Group Fatum Walk and Run with over 5000 participants. This event raised money for several good causes including the promotion of good health in general and is also suc-cessfully being held every year in Aruba, Sint Maarten and Bonaire.


Diego FränkelPresident & CEO Fatum Holding N.V.

Meet the members of the Executive Board

At December 31, 2019

Francis GijsberthaChief Customer Officer

Dorothy Romero-SprockelChief Finance officer


Moving forward, with confi dence With th e acquisition by NCB Financial Group Limited (“NCB Group”) of 62% of th e GHL shares in 2019, Guardian Group Fatum now forms part of a fi nancial conglomerate in th e Caribbean enabling us to make optimal use of knowledge, infrastructure and access to capital. Guardian Group Fatum will benefi t from its local presence, acting local, while relying on regional dominance from both NCB and GHL.

Guardian Group Fatum has become a dominant market player, owner of a solid brokerage line of business, and with th e opportunity to underwrite th e products (Bsure brand) of th e largest bank in th e Dutch Caribbean, th e Maduro & Curiel’s Bank. Furth ermore, Guardian Group Fatum conducts business in diverse territories, also in th e Neth erlands, spreading herewith th e risks and foremost being a prestigious local player forming part of a regional fi nancial powerhouse.

Market conditions in th e majority of th e Caribbean continue to be challenging. However, we are extremely confi dent th at th ere is signifi cant value to be extracted from our existing core businesses. We are excited by th e returns to date of th e implementation of our strategic plan and are confi dent th at, th rough th e continued development of th is plan, we will position ourselves to grow our home markets and to compete in any oth er market of our choosing. Our economies continue to face challenges in achieving sustainable growth . We are opti-mistic th at th e public and private sectors will work togeth er to make th e necessary struc-tural changes. Despite th ese realities, we are confi dent th at th ere remains tremendous value to be extracted from our core businesses and th at we possess th e people, th e products and support systems, articulated Group strategy, to achieve steady profi tability improvements. We th erefore look to th e future with optimism and indeed, confi dence. We cannot keep from saying a few cautionary words about COVID 19, meanwhile rated a pandemic by th e World Health organization, which took th e world by surprise in th e fi rst month s of 2020. Its eff ects on economy and society are already noticeable and we are doing our utmost to sustain th e interests of our customers, our employees and our share-holder.

In closing, we would like to th ank our shareholders and customers for th eir loyalty to Guardian Group, as well as our staff for th eir energy and commitment in pursuing our vision of becoming a world-class insurer.

Henry Peter Ganteaume Chairman of th e Supervisory Board of Directors

Diego Fränkel President & CEO Fatum Holding N.V. Diego Fränkel President & CEO Fatum Holding N.V.

Francis Gijsberth aChief Customer Offi cer

Guiselle CocoChief Operating offi cer


Consolidated statement of financial position as at 31 December 2019(Expressed in thousands of Antillean Guilders)

AssetsProperty, plant and equipmentRight-of-use assetsInvestment propertiesIntangible assetsInvestment in associated companiesInvestment securitiesLoans and receivables including insurance receivablesPension plan assetsReinsurance assetsDue from affiliated companiesDeferred acquisition costsCash and cash equivalents TOTAL ASSETS

Equity and liabilitiesShare capitalShare premiumReservesRetained earningsTotal Equity

LiabilitiesInsurance contractsFinancial liabilitiesLease liabilitiesPost retirement medical benefit obligationsDeferred tax liabilitiesProvision for taxationDue to affiliatesOther liabilitiesTotal liabilities

TOTAL EQUITY AND LIABILITES

2019 41,231 9,748 9,024 70,152 76,285 1,490,179 217,124 9,388 59,527 4,825 10,900 153,872 2,152,255

25,000 74,030 17,580 83,250 199,860

1,723,210 57,219 10,120 21,414 7,288 4,212 14,793 114,139 1,952,395

2,152,255

2018 39,227 – 9,547 68,240 74,088 1,305,456 246,687 15,682 50,960 5,934 8,732 209,700 2,034,253

25,000 74,030 (8,132) 73,087 163,985

1,628,479 89,225 – 17,644 5,028 4,574 572 124,746 1,870,268

2,034,253


(Expressed in thousands of Antillean Guilders)

InSurance activitiesInsurance premium incomeInsurance premium ceded to reinsurersReinsurance commission income

Net underwriting revenue

Policy acquisition expensesNet insurance benefits and claims

Underwriting expenses

Net result from insurance activities

Investing activitiesInvestment incomeNet realized gains on financial instrumentsNet fair value losses on financial instrumentsFee incomeOther incomeNet income from investing activities

Commission income from brokerage activities

Net income from all activities

Net impairment gains/(losses) on financial assetsOperating expensesFinance chargesOperating profit

Share of profit of associated companies

Profit before taxation

Taxation

Profit for the year

Other comprehensive income/(loss)

Items that may be reclassified subsequently to profit or loss:Exchange differences on translating foreign operations Net fair value gains/(losses) on debt securities at fair value through other comprehensive incomeNet change in allowance for expected credit losses on debt securities at fair value through other comprehensive incomeIncome tax credit/(charge)

Net other comprehensive loss that may be reclassified subsequently to profit or loss

Items that will not be reclassified subsequently to profit or loss:Gains on property revaluationRemeasurement of pension plansRemeasurement of post-retirement medical benefit obligations

Net other comprehensive income that will not be reclassified subsequently to profit or loss

Other comprehensive loss for the period, net of tax

Total comprehensive income/(loss) for the period, net of tax

Comprehensive (income)/loss attributable to non-controlling interests

Total comprehensive income/(loss) for the period, net of tax

Consolidated statement of comprehensive income for the year ended 31 December 2019

2019 380,726 (146,858) 46,533

280,401

(42,735) (225,056)

(267,791)

12,610

67,888 (424) 19,946 2,916 1,852 92,178

29,392

134,180

(1,682) (101,969) (4,980) 25,549

4,668

30,217

(4,007)

26,210

(3,175)

29,542

71 (3,502) 22,936

3,109 (6,959) (3,471)

(7,321)

15,615

41,825

–

41,825

2018 348,073 (121,152) 37,643

264,564

(37,504) (202,515)

(240,019)

24,545

60,194 3,198 (14,182) 3,980 1,620 54,810

28,751

108,106

(1,578) (101,758) (4,281) 489

7,805

8,294

(905)

7,389

(3,169)

(12,919)

7 915 (15,166)

– (4,638) (3,128)

(7,766)

(22,932)

(15,543)

–

(15,543)

Transformed people, Transform people


Signifi cant Accounting PoliciesThe consolidated statement of fi nancial position and statement of comprehensive income as presented on page 12 and 13 have been derived from th e consolidated fi nancial statements of Fatum Holding N.V. These explanatory notes are an extract of th e detailed notes included in th e consolidated fi nancial statements.

Basis of preparation

These consolidated fi nancial statements are prepared in accordance with International Financial Reporting Standards (IFRS). They have been prepared under th e historical cost convention, as modifi ed by th e revaluation of land and buildings, investment properties, derivative fi nancial instruments and fi nancial assets at fair value th rough profi t or loss, which are carried at fair value.The preparation of fi nancial statements in conformity with IFRS requires th e use of certain critical accounting estimates. It also requires management to exercise its judgment in th e process of applying th e Group’s accounting policies.

Consolidation

(a) Subsidiaries Subsidiaries are all entities over which th e Group

has control. Control is achieved when th e Group is exposed, or has rights, to variable returns from its involvement with th e investee and has th e ability to aff ect th ose returns th rough its power over th e investee. Specifi cally, th e Group controls an investee if and only if th e Group has:

Power over th e investee (i.e. existing rights th at give it th e current ability to direct th e relevant activities of th e investee);

Exposure, or rights, to variable returns from its involvement with th e investee; and

The ability to use its power over th e investee to aff ect its returns.

When th e Group has less th an a majority of th e voting or similar rights of an investee, th e Group considers all relevant facts and circumstances in assessing wheth er it has power over an investee, including:

The contractual arrangement with th e oth er vote holders of th e investee;

Rights arising from oth er contractual arrange-ments;

The Group’s voting rights and potential voting rights.

The Group re-assesses wheth er or not it controls an investee if facts and circumstances indicate th at th ere are changes to one or more of th e th ree elements of control. Consolidation of a subsidiary begins when th e Group obtains control over th e subsidiary and ceases when th e Group loses control of th e subsidiary. Specifi cally, income and expenses of a subsidiary acquired or disposed of during th e year are included in th e consolidated statement of income and oth er comprehensive income from th e date th e Group gains control until th e date when th e Group ceases to control th e subsidiary.

Profi t or loss and each component of oth er com-

prehensive income are attributed to th e equity holders of th e parent of th e Group and to th e non-controlling interests, even if th is results in th e non-controlling interests having a defi cit balance.

The Group uses th e purchase meth od of accounting for th e acquisition of subsidiaries. The cost of an acquisition is measured as th e fair value of th e assets given, equity instruments issued and liabilities incurred or assumed at th e date of exchange, plus costs directly attributable to th e acquisition. Identi-fi able assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at th eir fair values at th e acquisition date, irrespective of th e extent of any non-controlling


interest. The excess of the cost of acquisition over the fair value of the Group’s share of the identifi-able net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized in the consolidated state-ment of income.

All intra-group transactions and balances are eliminated on consolidation. Subsidiaries’ accounting policies have been changed where necessary to ensure consistency with the policies adopted by the Group.

A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it:

Derecognizes the assets (including goodwill) and liabilities of the subsidiary;

Derecognizes the carrying amount of any non-controlling interests;

Derecognizes the cumulative translation differences recorded in equity;

Recognizes the fair value of the consideration received;

Recognizes the fair value of any investment retained;

Recognizes any surplus or deficit in profit or loss; Reclassifies the parent’s share of components previously recognized in other comprehensive income to profit or loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities.

The following subsidiaries have been included in the consolidation:

Fatum Health N.V. Fatum General Insurance Aruba N.V. Fatum General Insurance N.V.

Fatum Life Aruba N.V. Fatum Brokers Holding B.V. Fatum Life N.V. Homes & Properties N.V. Thoma Exploitatie B.V. Kruit en Venema Assuradeuren B.V. Fatum Internationale Financieringsmaatschappij VBA

Associated companies

The Group’s investment in associated companies is accounted for using the equity method of accounting. An associate is an entity in which the Group has significant influence and which is neither a subsidiary nor a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies.

Under the equity method, the investment in associates is carried in the consolidated statement of financial position at cost plus post acquisition changes in the Group’s share of net assets of the associates. Good-will relating to associates is included in the carrying amount of the investment and is not amortized. The consolidated statement of income reflects the share of the results of operations of the associates. When there has been a change recognized directly in the equity of the associates, the Group recognizes its share of any changes and discloses this, when applicable, in the statement of changes in equity.

The financial statements of the associates are prepared for the same reporting period as the Parent. Where necessary, adjustments are made to bring their accounting policies in line with the Group.

After application of the equity method, the Group determines whether it is necessary to recognize an additional impairment loss on the Group’s investment in associates. The Group determines at each consolidated statement of financial position date,


whether there is any objective evidence that the investment in associates is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associates and its carrying value and recognizes the amount in the consolidated statement of income.

The Group discontinues the use of the equity method from the date when the investment ceases to be an associate or when the investment is classified as held for sale.

The Group holds 42.3% interest in Guardian Resorts International Inc.

Financial Assets

(a) Initial recognition and measurement Financial assets are recognised when Group enti-

ties become a party to the contractual provisions of the instrument. Regular way purchases and sales of financial assets are recognised on settlement date, the date on which the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.

At initial recognition, the Group measures financial assets at its fair value plus, in the case of financial assets not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of financial assets. Transaction costs of financial assets carried at fair value through profit or loss are expensed in the consolidated statement of income.

The Group’s financial assets include cash and short-term deposits, investment in debt and equity securities, interest receivable, receivables arising from insurance contracts and reinsurance contracts and other loans and receivables.

(b) Classification and subsequent measurement Debt instruments Subsequent to initial recognition, the Group’s debt

instruments are measured in accordance with the business models determined by the Group’s respective business units for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Group classified its debt instruments:(i) Amortised cost: Assets that are held for

collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. The carrying amounts of these assets are adjusted by any expected credit loss allowance recognised. In addition to certain debt securities, the Group’s loans and receivables are carried at amortised cost.

(ii) Fair value through other comprehensive income: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at fair value through other comprehensive income. Movements in the carrying amount are taken through other comprehensive income except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognised in profit or loss.

(iii) Fair value through profit or loss: Assets that do not meet the criteria for amortised cost or fair value through other comprehensive income are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss is recognised in the consolidated statement of income in the period in which it arises. The Group may, on initial recognition, irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or fair value


through other comprehensive income as fair value through profit or loss, if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets held for trading, or are managed and whose performance is evaluated on a fair value basis, are measured at fair value through profit or loss.

The Group reclassifies debt instruments when and only when its business model for managing those assets changes. The reclassification takes place from the start of the first reporting period following the change. Such changes are expected to be infrequent.

Business model assessment The Group’s business units determine their

business models at the level that best reflects how it manages groups of financial assets to achieve its business objective. Factors considered by the business units in determining the business model for a group of assets include: the stated policies and objectives for the group of assets and the operation of those policies in practice. These include whether management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets with the duration of any related liabilities or expected cash outflows or realising cash flows through sale of the assets;

how performance of the group of assets is evalu-ated and reported to management;

the risks that affect the performance of the busi-ness model (and the financial assets held within that business model) and how those risks are managed;

how managers of the business are compensated (for example, whether the compensation is based on the fair value of the assets managed or on the contractual cash flows collected);

the frequency, volume and timing of sales of fi-

nancial assets in prior periods, the reasons for such sales and expectations about future sales activity.

If cash flows after initial recognition are realised in a way that is different from original expectations, the business units do not change the classification of the remaining financial assets held in that business model, but incorporates such information when assessing newly originated or newly purchased financial assets.

The solely payment of principal and interest (SPPI) test

‘Principal’ for the purpose of this test is defined as the fair value of the financial asset at initial recognition and may change over the life of the financial asset (for example, if there are repayments of principal or amortisation of the premium/discount). ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and other basic lending risks and costs, as well as a profit margin.

Where the business model is to hold assets and collect contractual cash flows or to collect contractual cash flows and sell, the Group’s business units assesses whether the financial assets’ cash flows represent solely payments of principal and interest. In making this assessment, the business units consider whether the contractual cash flows are consistent with a basis lending arrangement i.e. the definition of interest. Where the contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related financial asset is classified and measured at fair value through profit or loss.

Equity instruments

Subsequent to initial recognition, the Group measures all equity investments at fair value, and


changes in the fair value of equity instruments are recognised in the consolidated statement of income.

(c) Derecognition of financial assets A financial asset (or when applicable, a part of a

financial asset or part of a group of similar financial assets) is derecognised when:

The rights to receive cash flows from the asset have expired.

The Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a ‘pass-through’ arrangement.

The Group has transferred its rights to receive cash flows from the asset and either:• has transferred substantially all the risk and

rewards of the asset, or• has neither transferred nor retained substantially

all the risks and rewards of the asset, but has transferred control of the asset.

When the Group has transferred its right to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Group’s continuing involvement in the asset. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.

On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying amount and the sum of the consideration received is recognised in the consolidated state-ment of income. In addition, on derecognition of an investment in a debt instrument classified as at fair value through other comprehensive income, the cumulative gain or loss previously accumulated in the fair value reserve is reclassified to the consoli-dated statement of income.

(d) Modifications of financial assets If the terms of a financial asset are modified, the

Group evaluates whether the cash flows of the modified asset are substantially different from that of the original asset. If the terms are substantially different, the Group derecognises the original financial asset and recognises a new financial asset at fair value. The date of modification is conse-quently considered to be the date of initial recognition for impairment calculation purposes, including for the purpose of determining whether a significant increase in credit risk has occurred. The Group also assesses whether the new financial asset recog-nised is deemed to be credit-impaired at initial recognition, especially in circumstances where the modification was driven by the debtor being unable to make the originally agreed payments.

If the cash flows of the modified asset are not substantially different, the modification does not result in derecognition of the financial asset. The Group recalculates the gross carrying amount of the financial asset based on revised cash flows, discounted at the original effective interest rate (or credit-adjusted effective interest rate for purchased or originated credit-impaired financial assets), and recognises the amount arising from adjusting the gross carrying amount as a modification gain or loss in the consolidated statement of income.

Insurance contracts/Net insurance premiumrevenue/Net insurance benefits and claims

The Group issues contracts that transfer insurance risk or financial risk or both. Insurance contracts are those contracts that transfer significant insurance risk.

(a) Short-term insurance contractsThese contracts are principally property, motor, casualty (employers’ liability, public liability), marine, and health insurance contracts. Health insurance contracts include both group and individual health insurance.

For all these contracts, premiums are recognized as revenue (earned premiums) proportionally over the period of coverage. The portion of premiums received on in-force contracts that relate to unexpired risks at the consolidated statement of financial position date is reported as an unearned premium liability. Premiums are shown before deduction of commissions payable to agents and brokers and exclude any taxes or duties levied on such premiums. Premium income includes premiums collected by agents and brokers not yet received by the Group.

Unearned premiums represent the portion of premiums written in the current year that relate to periods of insurance subsequent to the consolidated statement of financial position, date calculated using either the three hundred and sixty-fifths method or the twenty-fourths method. Unearned premiums relating to marine cargo are calculated using 180 days after the first date of sailing.

Claims and loss adjustment expenses are charged to income as incurred based on the estimated liability for compensation owed to contract holders. They arise from events that have occurred up to the consolidated statement of financial position date, even if they have not yet been reported to the Group. The Group does not discount its liabilities for unpaid claims other than for disability claims. Liabilities for unpaid claims are estimated using techniques such as the input of assessments for individual cases reported to the Group and statistical analyses for the claims incurred but not reported (“IBNR”), and to estimate the expected ultimate cost of more complex claims that may be affected by external factors such as court decisions. Estimates are continually revised as more information becomes available and for the effects of anticipated inflation. Adjustments arising on these revisions are recognized within claims expense in the current year.

(b) Long-term insurance contracts with fixed and guaranteed terms and without DPF

These contracts insure events associated with human life over a long duration. Premiums are recognized as revenue when they become payable by the policyholder. Premiums are shown before deduction of commission. Benefits are recorded as an expense when incurred.

A liability for policyholders’ benefits that are expected to be incurred in the future is established on acceptance of the insurance risk. The liability is based on the present value of estimated amounts for projected future premiums, claims, benefits, investment income and policy maintenance expenses. The liability is based on key assumptions made with respect to variables such as mortality, persistency, investment returns and expense inflation.

The liabilities are actuarially recalculated at each reporting date and the change in the liability is recognized as an expense in the consolidated statement of income.

(c) Long-term insurance contracts withoutfixed terms

These contracts insure human life events (for example death or survival) over a long duration. Insurance premiums are recognized directly as liabilities whereas the change in the liabilities is reflected in the consolidated statement of income. These liabilities are increased by credited interest or change in the unit prices and are decreased by policy administration fees, mortality and surrender charges and any withdrawals.

(d) Long-term insurance contracts with fixed

and guaranteed terms and with DPF In addition to death or life benefits, these contracts

contain a DPF that entitles the holders to a bonus or dividend declared by the company from time to



time. The discretionary element of the benefits payable under these policies, as well as the guaranteed elements are treated as liabilities. The actuarial calculations make allowance for future expected policyholder bonuses and dividends. Any changes in the total benefits due are recognized as charges in the consolidated statement of income and form part of increases in reserves for future benefits of policyholders.

(e) Investment contracts The Group issues investment contracts including

deposit administration contracts and individual deferred annuity contracts. Insurance premiums are recognized directly as liabilities. These liabilities are increased by credited interest or change in the unit prices and are decreased by policy administration fees, mortality and surrender charges and any withdrawals. Revenue consists of investment income and interest credited is treated as an expense.

Revenue recognition Revenue comprises the fair value for services

rendered after eliminating revenue within the Group. Revenue is recognized as follows:

(a) Premium income Premium income is recognized on the accrual basis

in accordance with the terms of the underlying contracts.

(b) Investment income Interest income is recognised using the effective

interest method. Interest income is calculated by applying the effective interest rate to the gross carrying amount of financial assets, except for:

Purchased or originated credit-impaired financial assets, for which the original credit-adjusted effective interest rate is applied to the amortised cost of the financial asset.

Financial assets that are not purchased or origi-nated credit-impaired but have subsequently

become credit-impaired, for which interest revenue is calculated by applying the effective interest rate to their amortised cost i.e. net of the expected credit loss provision.

(c) Rental Income Rental income is recognised in the consolidated

statement of income on the accrual basis.

(d) Realised and unrealised investment gains and losses

Realised and unrealised gains and losses on investments measured at amortised cost or fair value through profit or loss are recognised in the consolidated statement of income in the period in which they arise.

Unrealised gains and losses on investment securities measured at fair value through other comprehensive income are recognised in other comprehensive income. On derecognition, debt securities gains and losses accumulated in other comprehensive income are reclassified to the consolidated statement of income.

(e) Commission income Commissions are recognized on the accrual basis

when the services have been provided.

(f) Fee income Fees are earned from the management of the assets

of the segregated funds and deposit administration funds and from general policy administration and surrenders. Fees are recognized in the period in which the services are rendered.

Leases Policy applicable from 1 January 2019

At inception of a contract, the Group assesses whether a contract is, or contains a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.


To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: the contract involves the use of an identified as-set. This may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified;

the Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and

the Group has the right to direct the use of the asset. The Group has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used.

The Group as a lessee The Group mainly leases various office space and motor vehicles used in its operations. Rental contracts for these leases are typically made for fixed periods of 1 to 10 years but may have extensions options, which is described below. Some contracts contain lease and non-lease components, which are accounted for as separate components based on the stand-alone prices stated in the contracts.

Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants and the leased assets may not be used as security for borrowing purposes. The Group applies a single recognition and measurement approach to all leases, except for short-term leases and leases of low-value assets. At lease commencement date, the Group recog-nises a right-of-use asset and a lease liability in the consolidated statement of financial position.

The right-of-use asset is initially measured at cost, which comprises the initial measurement of the

lease liability, any initial direct costs incurred by the Group, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received). Subsequent to initial measurement, the right-of-use asset is depreciated on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. If the group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. The Group also assesses the right-of-use asset for impairment when such indicators exist. The Group does not revalue any of its right-of-use assets.

The lease liability is initially measured at the present value of the lease payments that are not paid at the lease commencement date, discounted using the interest rate implicit in the lease. If the interest rate implicit in the lease cannot be readily determined, the lessee’s incremental borrowing rate is used, being the rate the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Lease payments included in the measurement of the lease liability comprise the following:

fixed lease payments (including in-substance fixed payments), less any lease incentives;

variable lease payments that depend on an in-dex or rate, initially measured using the index or rate at the commencement date;

lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option; and

penalty payments for early termination of a lease unless the Group is reasonably certain not to terminate early.


The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect lease payments made. The Group remeasures the lease liability when there is a change in future lease payments arising from a change in an index or rate, or if the Group changes its assessment of whether it will exercise an extension or termination option. Extension and termination options are included in a number of leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group’s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the consolidated statement of income if the carrying amount of the right-of-use asset has been reduced to zero. Variable lease payments that do not depend on an index or a rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments. The Group did not have any variable lease payments that do not depend on an index or a rate for the period ended 31 December 2018.The Group applies the short-term lease recognition exemption to its short-term leases i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the lease of low-value assets to leases that are considered to be low value. The Group recognises the lease payments associated with these leases as an expense on a straight line basis over the lease term.

The Group as a lessor

The Group leases out investment property. The Group has classified these leases as operating leases, because they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets. Rental income arising is accounted for on a straight-line basis over the lease term and is included in other income in the consolidated statement of income.

Policy applicable before 1 January 2019

Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the consolidated statement of income on a straight-line basis over the period of the lease.

Subsequent eventsIn the year 2020, Fatum Holding N.V. and its sub-sidiaries have to deal with the consequences of the COVID-19 virus. The financial position of Fatum Holding N.V. is stable, and the COVID-19 virus has no direct impact on the short term. The long-term consequences are still unclear. The long-term con-sequences are mainly influenced by the economic conditions of the countries in which Fatum Holding N.V. and its subsidiaries operate and the impact of the economic conditions on the investments of Fa-tum Holding N.V. and its subsidiaries.

Solvency Margin 2019 2018 (ANG’000) (ANG’000)

Regulatory required margin 116,967 107,958 Available margin 199,860 163,985

Surplus 82,893 56,027

Independent Auditors’ Report


Opinion The Fatum Holding N.V. abbreviated consolidated fi nancial statements 31 December 2019 (hereaft er: ‘abbreviated consoli-dated fi nancial statements’) are derived from th e audited consolidated fi nancial statements 2019 of Fatum Holding N.V. In our opinion th e accompanying abbreviated consolidated fi nancial statements are consistent, in all material respects, with th e audited consolidated fi nancial statements 2019 of Fatum Holding N.V.

Abbreviated consolidated fi nancial statementsThe abbreviated consolidated fi nancial statements do not contain all th e disclosures required by th e International Financial Reporting Standards. Reading th e abbreviated consolidated fi nancial statements and our report th ereon, th erefore, is not a substitute for reading th e audited consolidated fi nancial statements of Fatum Holding N.V. and our auditor’s report th ereon. The abbreviated consolidated fi nancial statements and th e audited consolidated fi nancial statements of Fatum Holding N.V. do not refl ect th e eff ects of events th at occurred subsequent to th e date of our auditor’s report on th ose fi nancial statements of 31 March 2020.

The audited consolidated fi nancial statements and our auditor’s report th ereonWe expressed an unmodifi ed audit opinion with an emphasis of matter paragraph on th e uncertainty about th e economic fallout of COVID-19 on th e audited consolidated fi nancial statements 2019 of Fatum Holding N.V. in our auditor’s report of 31 March 2020.

Responsibilities for th e abbreviated consolidated fi nancial statements

Responsibilities of management and th e supervisory board for th e abbreviated consolidated fi nancial statementsManagement is responsible for th e preparation of th e abbreviated consolidated fi nancial statements. The supervisory board is responsible for overseeing th e company’s fi nancial reporting process.

Our responsibilities for th e abbreviated consolidated fi nancial statementsOur responsibility is to express an opinion on wheth er th e abbreviated consolidated fi nancial statements are consistent, in all material respects, with th e audited consolidated fi nancial statements based on our procedures, which we conducted in accordance with international Standard 810 ‘Engagements to report on summary fi nancial statements’.

Curaçao, 31 March 2020Grant Thornton Curaçao

M.E.S. Roosberg RA

You’re always one decision

away from a totally

diff erent life


Jewel-Ann Hallo everyone, I’m Jewel-Ann Melendez. I am a Senior Employee Benefit Consultant at Guardian Group Fatum Curaçao. This year I celebrate 21 years working for the company. During these years, I participated in 1 big project that made me very proud as an employee of Guardian. That was a project where we had to create our own administration system for our group pension plans. When we were a part of ING, they used to do all the administration for the clients and we were like a post office. However, after we created our own

administration system we were in charge. Now we can provide our clients a better service; we deliver information on time and even make changes in our systems to accommodate our clients. This makes me feel good.

However, we are not there yet. We are still lacking. We must become a company where our clients are priority. I want our clients to have the feeling that we are helping them take care of the things they care for. At this moment, our priorities are the numbers instead of the client. Our systems are not efficient and we are more concerned about the procedures then we are about our clients.

We must invest in our systems and our people. While we are working on modernizing our systems, we must trigger ourselves to change our mindset towards our service to the client. For example:

1. Don’t let the client wait too long because of internal procedures2. Create simpler underwriting rules, but that are still responsible3. Create products that are flexible, products that suits the client’s needs4. Create applications for clients to pay on line5. Create applications for clients to buy insurance on line

We have to create an environment where colleagues feel proud to work at. We are stuck in old patterns that are not helping anymore. That is why we need this transformation. We have to go to the next level to grow as a company and as professionals. For me this is a great personal development, because I will challenge myself to do new things. Challenge myself to see things from a different prospective. I am learning a lot of new stuff and I have many tools to work with, thanks to McKinsey. With the support and Guidance from McKinsey, I feel confident. In addition, many colleagues are involved from the bottom to the top, and that is a good thing. At the beginning, it was a bit terrifying but now it is becoming more

Jewel-Ann MelendezSenior Employee Benefit ConsultantCuraçao

Transforming our journey


challenging. In this transformation journey, I am an Organizational Health Ambassador for Guardian Group Dutch Caribbean and I have an initiative regarding Cross selling, Health clients that has no pension with us.

With this transformation, I want Guardian Group to be leading at home and in the world. I want to make my clients life easier and give them the feeling that we are taking care of them. Can we do this??? Yes, we can. I feel confident that we can transform the current Guardian Group and bring it to the next level. I am confident that we will make Guardian Group the leader worldwide, we will multiply our income, we will become one Guardian family and finally yet importantly, we will help our clients take care of the things they care for.

Burton 2 days before the famous “A-tech conference” I got a visit from Diego in my office which was nothing out of the ordinary. This time he had something else on his mind. He came in, very serious and he said “Burton as one of the sponsors of this very interesting event called A-tech we get about 5 minutes to do a presentation about our company and since I am not able to make it I want you to do it”. I looked at him and I said “ok” but In my mind I was saying to myself “Diego you are making the biggest mistake of your life”. That same day, I sent him a message and I said Diego I don’t think I can make it. The answer I got was “I don’t accept no as an answer”. After all I think this was the game changer for me. It boost-ed my confidence level and took away all the fear I had. This opportunity also served as a reminder that if you want to be successful in life you need to step up and be different from the rest.

The way I see the transformation currently taking place in our company is similar to what I was lucky enough to receive almost 5 years ago being pro-moted to account manager. The very big difference this time is, that this Is not affecting just a small selected group, but all of us who felt in the past that were just another employee and not important enough to the company, to not only form part of the change but to actively make the changes col-lectively and bring the company to the next level.

To conclude, for me GGF helped me grow not only on a professional level but also on a personal

Burto Sint Jago Account Manager Aruba


level. It made me realize that there is a big difference between the student years and “on the job”. The real challenge is when you have to put everything you have learned in practice and I thank GGF very much for giving me that opportunity.

Fadil Fabias My name is Fadil Fabias. I’ve been working for 6 years at this amazing organization. I work as an inspection officer and loss adjuster. I’ve learned a lot throughout this period of time. I’ve grown as a professional. I’ve met beautiful people, created solid friendships. I can truly say I have the most amazing colleagues and a great workplace. However there are many aspects of the organization that we can improve on. Some of these aspect are modernizing and optimization of some processes within the organization and services to clients.

Throughout my experience in life, I’ve come to realize that there are two powers in life that every one of us have to deal with, on a daily basis. We can never stop nor control these two powers. These are: time and change. These are two of the most difficult components in life to manage. We become who we are as a result of how we use time and how we manage the changes in our daily lives. We are a product of those two things. Our company is a product of these two things as well. To be successful, we need to successfully use time and manage change with the proper mindset and right attitude. Guardian Group is undergoing big time transformation and I think we are

privileged to be here at this moment in time to con-tribute.

It’s necessary to change. It’s necessary to adapt to change. If we remain still, we will fall behind. We need to adapt in every way in order to fit in this evolving world. It’s necessary in order to maintain our position in the market and grow larger, in order to be more efficient, to be fresh, to be modern, to remain attrac-tive, to have a healthy organization.

So it’s always the right time to embrace change. With change comes opportunities. Change, sometimes may also get us very uncomfort-able in the mids of all uncertainties and mixed feelings. We can easily get anxious, feel nervous and allow ourselves to be discouraged.

Fadil FabiasInspection OfficerCuraçao


But we can also choose to be excited. These opposite emotions bring the same feelings, but seeing the situation from another perspective, one of them creates a whole other sensation and fosters a positive vibration. So instead of being nervous, let’s be excited. Time is a gift that provides us with opportunities. We never solve anything by being worried, but by thinking and planning ahead, believing in ourselves and by having faith. We need to have an opportunity-mindset, rather than a fear-mindset.

Let’s keep motivating ourselves everyday again and again. Let’s be excited. Let’s be joyful and grateful for life. Let’s be the best we can be in this life, for ourselves, our families and friends and for our beloved company. Let’s get on board. Let’s us be together, the customer’s preferred choice in financial planning and insurance.Let’s be people of change.

Thank you for this opportunity.

Wai Hing Patterson-Yee My name is Wai Hing Patterson-Yee, when I started at Guardian Group Fatum, I was Unit Manager and my task was to set up a new DLU sales team from scratch. I am grateful for the opportunity that Guardian Group Fatum gave me to start this new steppingstone. I had my challenges because change does not come without hurdles. And my biggest hurdle was not training nor managing my sales team but dealing with the effects of hurricane Irma. My team only had experience with sales and not in the handling of motor claims. It was important for them to change their mindset and I had to guide them through this process. Irma was a huge challenge for my young team and I, but we came out stronger from the experience.

There wasn’t a single thought that I would grow within the company in such a short period, less than 2 years, into the position of Country Manager. This too came with many changes and it brought along many challenges. It wasn’t easy but I had to readjust myself. I have learned that changes in life must happen in order to grow and learn from these experiences. We must go through the cycle of life.

With a good mutual understanding and a clear line of communication, I’ve achieved a lot together with the Guardian Group Fatum and Boogaard Insurances team. We have grown into a team that works together to make positive changes and are still learning to work more efficient.


Coming from a close family we always helped each oth er go th rough our changes in life. We have helped each oth er overcome our hurdles. We have learned also to adapt because life can be unpredictable, and it has taught me to adapt and be grateful for th e life lessons.When I was growing up, my fath er would always let us know th at not because we are girls mean we cannot be as good as any oth er person. I believe as a strong minded individual to impower people to th ink outside th e box and to elevate oneself. And no matter th e situation, it’s mind over matter. To overcome change, is to change your mindset to adapt.

Changes will continue to happen in my professional and personal life. And I welcome th em.

Wai Hing PattersonCountry ManagerSint Maarten


Company information

Offi ce ArubaL.G. Smith Boulevard 162P.O. Box 510ArubaTel.: (297) 582 1111Fax: (297) 582 6138

Offi ce BonaireKaya Gobernador N. Debrot 35P.O. Box 152BonaireTel.: (599) 717 8811Fax: (599) 717 5222

Offi ce Neth erlandsBrainpark IILichtenauerlaan 102-1203062 ME RotterdamTel.: (31) 10 798 2455Fax: (31) 10 204 5555

Offi ce CuraçaoCas Coraweg 2P.O. Box 3002CuraçaoTel.: (599-9) 777 7100Fax: (599-9) 736 6333

Offi ce Sint MaartenA.J.C. Brouwers Road 6P.O. Box 201Sint MaartenTel.: (1-721) 542 2248Fax: (1-721) 542 3127

[email protected]

2000409 gg jaarverslag 2019

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