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AMI 2011 Annual Report

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AMI 2011 Annual Report AMI Insurance Limited Annual Report For the year ended 30 June 2011 CONTENTS PAGE PAGE NO. Independent Auditor’s Report ..............................................................................................................................................3 Directors’ Report ...................................................................................................................................................................5 Statements Of Comprehensive Income ...............................................................................................................................8 Statements Of Changes In Equity - Group ...........................................................................................................................9 Statements Of Changes In Equity – Company ................................................................................................................... 10 Statements Of Financial Position – Group .......................................................................................................................... 11 Statements Of Financial Position - Company .................................................................................................................... 12 Statements Of Cash Flows.................................................................................................................................................. 13 Notes To The Financial Statements .................................................................................................................................... 14 1. Summary of accounting policies .............................................................................................................. 14 2. Basis of preparation ................................................................................................................................. 14 3. Impact of Canterbury earthquakes ........................................................................................................... 19 4. Capital management ............................................................................................................................... 21 5. Specific accounting policies ..................................................................................................................... 22 6. Critical accounting judgements and estimates ......................................................................................... 28 7. Net claims incurred ................................................................................................................................. 29 8. Operating costs ....................................................................................................................................... 30 9. Investment income & expenses ............................................................................................................... 30 10. Income tax .............................................................................................................................................. 31 11. Cash inflows from operating activities ...................................................................................................... 32 12. Crown support capital ............................................................................................................................. 33 13. Reserves .................................................................................................................................................. 33 14. Cash and cash equivalents ....................................................................................................................... 33 15. Receivables .............................................................................................................................................. 34 16. Crown receivable ..................................................................................................................................... 34 17. Reinsurance receivables ........................................................................................................................... 35 18. Investments ............................................................................................................................................. 35 19. Deferred acquisition costs ........................................................................................................................ 35 20. Investment properties .............................................................................................................................. 36 21. Details of subsidiaries .............................................................................................................................. 36 22. Property, plant and equipment ................................................................................................................ 37 23. Intangible assets ...................................................................................................................................... 39 24. Superannuation ....................................................................................................................................... 40 25. Defined benefit superannuation scheme asset/liability ............................................................................. 41 26. Employee entitlements ............................................................................................................................ 43 27. Unearned premium liability ..................................................................................................................... 43 28. Outstanding claims liability: business as usual (bau) ................................................................................. 44 29. Outstanding claims liability: earthquake .................................................................................................. 46 30. Overall risk management framework ....................................................................................................... 48 31. Insurance contracts - risk management policies and procedures ............................................................... 50 32. Financial insruments - risk management policies and procedures ............................................................. 52 33. Capital commitments .............................................................................................................................. 57 34. Operating leases ...................................................................................................................................... 58 35. Related party transactions ........................................................................................................................ 58 36. Events after reporting date ...................................................................................................................... 59 Page 2 INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF AMI INSURANCE LIMITED & GROUP The Auditor-General is the auditor of AMI Insurance Limited (the company) and group. The Auditor-General has appointed me, Michael Wilkes, using the staff and resources of Deloitte, to carry out the audit of the financial statements of the company and group on her behalf. We have audited the financial statements of the company and group on pages 8 to 59, that comprise the statement of financial position as at 30 June 2011, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year ended on that date and the notes to the financial statements that include accounting policies and other explanatory information. Opinion on the Financial Statements In our opinion the financial statements of the company and group on pages 8 to 59: - comply with generally accepted accounting practice in New Zealand; - comply with International Financial Reporting Standards; and - give a true and fair view of the company and group’s: - financial position as at 30 June 2011; and - financial performance and cash flows for the year ended on that date. Emphasis of Matter – Uncertainties associated with the Outstanding Claims Liability and Reinsurance Receivables Without modifying our opinion, we draw your attention to Notes 3, 17 and 29 to the financial statements. Those notes describe how the Canterbury earthquakes have affected the outstanding claims liability and related reinsurance receivables of the company and group. Those notes also describe the significance of the amounts of the earthquake related outstanding claims liability and reinsurance receivables, and the inherent uncertainties involved in estimating those amounts using actuarial assumptions. The valuation of the reinsurance receivables is subject to similar uncertainties as the valuation of the outstanding claims liability. We consider the disclosures to be adequate. Opinion on other Legal Requirements In accordance with the Financial Reporting Act 1993 we report that, in our opinion, proper accounting records have been kept by the company and group as far as appears from an examination of those records. Our audit was completed on 16 September 2011. This is the date at which our opinion is expressed. The basis of our opinion is explained below. In addition, we outline the responsibilities of the Board of Directors and our responsibilities, and explain our independence. Basis of Opinion We carried
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