Ls mutual management
Summary Consolidated Statement of Earnings
Year ended December 31, 2020 (in thousands of Canadian dollars)
| 2020 $ | 2019 $ | |
Income | ||
Premiums | ||
| Gross premiums | 143,000 | 156,103 |
| Premiums ceded to reinsurers | (34,575) | (33,780) |
| Net premiums | 108,425 | 122,323 |
Investment | ||
| Investment income | 13,959 | 30,484 |
| Change in fair value of financial assets designated at fair value through profit or loss | 28,056 | 21,739 |
| Net investment income | 42,015 | 52,223 |
Distribution revenues and other revenues | 1,974 | 4,973 |
| 152,414 | 179,519 | |
Expenses | ||
| Gross benefits | 79,969 | 81,764 |
| Benefits ceded to reinsurers | (19,915) | (19,691) |
| Change in policy reserves | 73,182 | 69,709 |
| Change in reinsurance assets | (30,141) | (23,635) |
| Gross commissions | 23,219 | 25,181 |
| Commissions ceded to reinsurers | (8,550) | (12,137) |
| Premium taxes | 2,896 | 3,353 |
| Experience refunds and participations | 1,540 | 3,113 |
| General expenses | 36,059 | 47,670 |
| 158,259 | 175,327 | |
Earnings before income taxes | (5,845) | (4,192) |
| Income taxes | (1,619) | (391) |
Net income | (4,226) | 4,583 |
| Attributable to the policyholders | (3,586) | 3,913 |
| Attributable to the non-controlling interests | (640) | 670 |
| (4,226) | 4,583 |