Ansvar Insurance Limited ABN 21 007 216 506
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COMMUNITY Ansvar Insurance Limited ABN 21 007 216 506 Annual Financial Report for the year ended 31 December 2017 Ansvar Insurance Limited Contents Corporate Information .......................................................................................................... 1 Directors’ Report .................................................................................................................. 2 Auditor’s Independence Declaration .................................................................................... 6 Independent Auditor’s Report .............................................................................................. 7 Directors’ Declaration ........................................................................................................ 10 Comprehensive Operating Statement ................................................................................ 11 Balance Sheet ................................................................................................................... 12 Statement of Changes in Equity ........................................................................................ 13 Cash Flow Statement ........................................................................................................ 14 Notes to the Financial Statements ..................................................................................... 15 Ansvar Insurance Limited Corporate Information ABN 21 007 216 506 Directors Nicholas Barnett, Chairperson Trevor Lloyd, Deputy Chairperson Warren Hutcheon, Chief Executive Officer Ian Campbell Michael Grantham Patricia Kelly Jacinta Whyte Company Secretary Victor Martindale Registered Office and Principal Place of Business Level 5 1 Southbank Boulevard Southbank Melbourne Victoria 3006 Phone: +61 3 8630 3100 External Auditor Deloitte Touche Tohmatsu 550 Bourke Street Melbourne Victoria 3000 Internal Auditor PricewaterhouseCoopers 2 Riverside Quay Southbank Melbourne Victoria 3006 Appointed Actuary Finity Consulting Pty Ltd Level 3, 30 Collins Street Melbourne Victoria 3000 | 31 December 2017 Ansvar Insurance Limited 1 Ansvar Insurance Limited Directors’ Report The Directors of Ansvar Insurance Limited (Ansvar) (the Company) submit their report for the year ended 31 December 2017. The names and details of Ansvar’s Directors in office during the financial year and until the date of this report are as follows. Directors were in office for the entire period unless otherwise stated. Nicholas Barnett Nicholas joined the Board in July 2010 and was appointed Chairperson in July 2011. He BEc, CA, FAICD has over 30 years’ experience as a Chartered Accountant and business consultant. Chairperson and Nicholas is currently Chief Executive Officer of Insync, benchmarked stakeholder independent survey, research and consulting specialists, a former partner of KPMG and a former non-executive Director Chief Executive Officer of Ambit Group, Information Technology recruitment specialists. Nicholas retired as a non-executive Director of Mission Australia Limited on 21 August 2017 and was formerly a Director then Chairperson of First Samuel Limited. He is also a published author, his latest co-authored book titled Why Purpose Matters. Nicholas is a member of the Audit Committee, Nominations and Remuneration Committee and Risk and Compliance Committee. Trevor Lloyd Trevor was appointed to the Board in February 2012. Trevor has over 30 years’ BA, LLB, FAICD experience as a corporate and commercial lawyer and has extensive experience as a Deputy Chairperson and senior manager in both legal practice and the corporate environment. Past directorships independent include appointments in the AXA Group, Members Equity and the Victorian Managed non-executive Director Insurance Authority. Trevor currently advises independently as a lawyer, negotiator and management consultant. Trevor is the Deputy Chairperson of the Board, Chairperson of the Nominations and Remuneration Committee and a member of the Audit Committee and Risk and Compliance Committee. Warren Hutcheon Warren joined Ansvar as Chief Executive Officer in May 2014. Immediately prior to MBA, GAICD, Fellow ANZIIF joining Ansvar he was the Chief Executive Officer of the Victorian Managed Insurance (CIP) Authority, the risk and insurance advisor to the Victorian Government, where he was Executive Director responsible for a successful and high profile cultural and performance turnaround. With over 30 years’ experience in risk and insurance, Warren has held senior positions in underwriting, claims, operational management, strategy and organisational change. Warren has been active in supporting the Australian insurance industry for many years, and recently resigned as Chairperson of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) General Insurance Faculty Advisory Board. Warren is actively involved in the community as a Board member of Bayside Church Incorporated, Bayside Community Care and other associated entities. Ian Campbell Ian was appointed to the Board in August 2013. He is Group Chief Financial Officer of BSc (Econ) Hons, ACA Non- Ecclesiastical Insurance Group Plc. Ian is a Chartered Accountant with more than 25 executive Director years’ experience in financial services. Ian started his career at KPMG in its Insurance and Consulting Practice covering a wide range of projects for the Lloyd’s of London market and life insurance companies. Since then, Ian has held senior finance roles at Cox Insurance, Aspen Insurance and Torus Insurance focusing on property and casualty reinsurance and insurance acquisitions, finance, investment and taxation management, Solvency II, capital management, capital raising, actuarial and reinsurance. Ian is a member of the Nominations and Remuneration Committee. Michael Grantham Michael was appointed to the Board in March 2016. Michael has over 30 years’ MBA, FAICD experience as an information and communications technology professional and Independent currently works as a Business Development Manager specialising in next generation non-executive Director transformation for British Telecom Australasia. He is a former Director of CGU Australia | 31 December 2017 Limited, CGU Insurance Limited and Insurance Network Services. He has also held a number of Chief Information Officer positions including at CGU Insurance Limited, Australian Customs and Border Protection and Tenix. Michael is a member of the Audit Committee, Nominations and Remuneration Committee and Risk and Compliance Committee. Ansvar Insurance Limited 2 Ansvar Insurance Limited Directors’ Report Patricia Kelly Patricia was appointed to the Board in May 2014. Patricia has extensive experience in Independent non-executive the financial services industry. Most recently she worked for Suncorp/AAMI where her Director roles included Executive General Manager Strategy and Business Development Personal Insurance and General Manager AAMI New South Wales. Prior to that she was a Director and Executive General Manager Life and Superannuation of Norwich Union Life Australia. Patricia is a Past President and Honorary Life Member of the Insurance Institute of Victoria and a former Director of ANZIIF. Patricia is also a non- executive Director of the Royal Automobile Club of Victoria and a non-executive Director of the Legal Practitioners Liability Committee. Patricia is the Chairperson of the Audit Committee and Risk and Compliance Committee and is a member of the Nominations and Remuneration Committee. Jacinta Whyte Jacinta was appointed to the Board in August 2013. She is Deputy Group Chief MC Inst. M, ACII, Chartered Executive of Ecclesiastical Insurance Group Plc. Jacinta joined the Ecclesiastical Group Insurer in 2003 as General Manager and Chief Agent of the Group’s Canadian business, where Non-executive Director she turned around the performance of the Canadian operation, building a high performing team and a successful specialist insurance business. Jacinta is responsible for the Group’s general insurance operations worldwide, covering the United Kingdom, Ireland and Australia. She commenced her career as an underwriter in 1974 with Royal and Sun Alliance in Dublin and moved with them to Canada in 1988. Over her Royal and Sun Alliance career, she held a number of senior executive positions in Ireland and Canada. Jacinta is a member of the Nominations and Remuneration Committee. As at the date of this report, the Directors held no interests in the shares and options of Ansvar Insurance Limited. Company Secretary Victor Martindale Victor was appointed as Company Secretary on 24 July 2017 and is a general insurance BCompt (Hons), CA specialist with over 20 years’ experience within the sector and an impressive history of Company Secretary systems and process improvement in senior finance roles in South Africa and Australia. Victor has held a number of Chief Financial Officer roles including ACE Insurance and Swiss Re in South Africa and OAMPS in Melbourne. Prior to joining Ansvar in July 2017, Victor was Chief Financial Officer of the Victorian Managed Insurance Authority based in Melbourne. | 31 December 2017 Ansvar Insurance Limited 3 Ansvar Insurance Limited Directors’ Report Principal activities Ansvar is a company limited by shares that is incorporated and domiciled in Australia. Ansvar Insurance Limited and its dormant subsidiary, Ansvar Insurance Services Pty Limited, form the consolidated Group (the Group). The Group’s principal activities in the financial year consisted of the provision