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Royal Bank of Canada Annual Report 2017

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Royal Bank of Canada Annual Report 2017 Royal Bank of Canada Annual Report 2017 Annual Report - Part IV of IV To view full Annual Report in PDF format, please see the link below: http://www.rns-pdf.londonstockexchange.com/rns/0704Y_-2017-11-30.pdf Caution regarding forward-looking statements From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. We may make forward-looking statements in this 2017 Annual Report, in other filings with Canadian regulators or the SEC, in other reports to shareholders and in other communications. Forward-looking statements in this document include, but are not limited to, statements relating to our financial performance objectives, vision and strategic goals, the Economic, market, and regulatory review and outlook for Canadian, U.S., European and global economies, the regulatory environment in which we operate, the Strategic priorities and Outlook sections for each of our business segments, and the risk environment including our liquidity and funding risk, and includes our President and Chief Executive Officer's statements. The forward-looking information contained in this document is presented for the purpose of assisting the holders of our securities and financial analysts in understanding our financial position and results of operations as at and for the periods ended on the dates presented, as well as our financial performance objectives, vision and strategic goals, and may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as "believe", "expect", "foresee", "forecast", "anticipate", "intend", "estimate", "goal", "plan" and "project" and similar expressions of future or conditional verbs such as "will", "may", "should", "could" or "would". By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct and that our financial performance objectives, vision and strategic goals will not be achieved. We caution readers not to place undue reliance on these statements as a number of risk factors could cause our actual results to differ materially from the expectations expressed in such forward-looking statements. These factors - many of which are beyond our control and the effects of which can be difficult to predict - include: credit, market, liquidity and funding, insurance, operational, regulatory compliance, strategic, reputation, legal and regulatory environment, competitive and systemic risks and other risks discussed in the risks sections of our 2017 Annual Report; including global uncertainty and volatility, elevated Canadian housing prices and household indebtedness, information technology and cyber risk, regulatory change, technological innovation and new entrants, global environmental policy and climate change, changes in consumer behaviour, the end of quantitative easing, the business and economic conditions in the geographic regions in which we operate, the effects of changes in government fiscal, monetary and other policies, tax risk and transparency and environmental and social risk. We caution that the foregoing list of risk factors is not exhaustive and other factors could also adversely affect our results. When relying on our forward-looking statements to make decisions with respect to us, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Material economic assumptions underlying the forward-looking statements contained in this 2017 Annual Report are set out in the Economic, market, and regulatory review and outlook section and for each business segment under the Strategic priorities and Outlook headings. Except as required by law, we do not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by us or on our behalf. Additional information about these and other factors can be found in the risks sections of our 2017 Annual Report. Note 14 Deposits The following table details our deposit liabilities. As at October 31, 2017 October 31, 2016 (Millions of Canadian dollars) Demand (1) Notice (2) Term (3) Total Demand (1) Notice (2) Term (3) Total Personal $ 134,184 $ 47,366 $ 78,663 $ 260,213 $ 128,206 $ 46,096 $ 76,248 $ 250,550 Business and government 229,337 9,520 266,808 505,665 221,506 10,740 255,761 488,007 Bank 8,587 158 15,012 23,757 8,533 49 10,450 19,032 $ 372,108 $ 57,044 $ 360,483 $ 789,635 $ 358,245 $ 56,885 $ 342,459 $ 757,589 Non-interest-bearing (4) Canada $ 84,498 $ 4,871 $ - $ 89,369 $ 78,692 $ 4,686 $ - $ 83,378 United States 34,441 90 - 34,531 34,172 93 - 34,265 Europe (5) 616 - - 616 1,009 - - 1,009 Other International 6,059 5 - 6,064 5,753 4 - 5,757 Interest-bearing (4) Canada 212,456 14,990 274,934 502,380 200,911 14,979 272,999 488,889 United States 847 32,263 55,840 88,950 999 32,388 41,427 74,814 Europe (5) 30,148 1,585 19,613 51,346 32,864 1,108 17,966 51,938 Other International 3,043 3,240 10,096 16,379 3,845 3,627 10,067 17,539 $ 372,108 $ 57,044 $ 360,483 $ 789,635 $ 358,245 $ 56,885 $ 342,459 $ 757,589 (1) Demand deposits are deposits for which we do not have the right to require notice of withdrawal, which includes both savings and chequing accounts. (2) Notice deposits are deposits for which we can legally require notice of withdrawal. These deposits are primarily savings accounts. (3) Term deposits are deposits payable on a fixed date, and include term deposits, guaranteed investment certificates and similar instruments. (4) The geographical splits of the deposits are based on the point of origin of the deposits and where the revenue is recognized. As at October 31, 2017, deposits denominated in U.S. dollars, British pounds, Euro and other foreign currencies were $283 billion, $16 billion, $37 billion and $29 billion, respectively (October 31, 2016 - $264 billion, $16 billion, $37 billion and $29 billion). (5) Europe includes the United Kingdom, Luxembourg and the Channel Islands. The following table presents the contractual maturities of our term deposit liabilities. As at October 31 October 31 (Millions of Canadian dollars) 2017 2016 Within 1 year: less than 3 months $ 71,841 $ 72,346 3 to 6 months 41,221 40,487 6 to 12 months 82,588 51,608 1 to 2 years 52,033 50,676 2 to 3 years 40,400 39,499 3 to 4 years 30,062 31,482 4 to 5 years 18,745 29,854 Over 5 years 23,593 26,507 $ 360,483 $ 342,459 Aggregate amount of term deposits in denominations of one hundred thousand dollars or more $ 328,000 $ 309,000 The following table presents the average deposit balances and average rates of interest. For the year ended October 31, 2017 October 31, 2016 Average Average Average Average (Millions of Canadian dollars, except for percentage amounts) balances rates balances rates Canada $ 581,059 0.96 % $ 561,711 0.84 % United States 112,551 0.57 113,125 0.37 Europe 53,928 0.25 50,341 0.15 Other International 22,778 1.01 24,454 1.07 $ 770,316 0.85 % $ 749,631 0.73 % Note 15 Insurance Risk management Insurance risk is the risk of fluctuations in the timing, frequency or severity of insured events, relative to our expectations at the time of underwriting. We do not have a high degree of concentration risk due to our geographic diversity and business mix. Concentration risk is not a major concern for the life and health insurance business as it does not have a material level of regional specific characteristics like those exhibited in the property and casualty insurance business. Exposure to concentrations of insurance risks for the property and casualty business, up to the sale of certain home and auto insurance manufacturing businesses to Aviva Canada Inc. on July 1, 2016, was primarily mitigated through prudent underwriting practices and diversification by product offerings and geographical areas. Reinsurance is also used for all insurance businesses to lower our risk profile and limit the liability on a single claim. We manage underwriting and pricing risk through the use of underwriting guidelines which detail the class, nature and type of business that may be accepted, pricing policies by product line and centralized control of policy wordings. The risk that claims are handled or paid inappropriately is mitigated by using a range of IT system controls and manual processes conducted by experienced staff. These, together with a range of detailed policies and procedures, ensure that all claims are handled in a timely, appropriate and accurate manner. Reinsurance In the ordinary course of business, our insurance operations reinsure risks to other insurance and reinsurance companies in order to lower our risk profile, limit loss exposure to large risks, and provide additional capacity for future growth. These ceding reinsurance arrangements do not relieve our insurance subsidiaries from their direct obligations to the insured. We evaluate the financial condition of the reinsurers and monitor our concentrations of credit risks to minimize our exposure to losses from reinsurer insolvency. Reinsurance amounts (ceded premiums) included in Non-interest income are shown in the table below. Net premiums and claims For the year ended October 31 October 31 (Millions of Canadian dollars) 2017 2016 Gross premiums $ 4,215 $ 4,335 Premiums ceded to reinsurers (340 ) (1,160 ) Net premiums $ 3,875 $ 3,175 Gross claims and benefits $ 2,840 $ 3,754 Reinsurers' share of claims and benefits (53 ) (546 ) Net claims $ 2,787 $ 3,208 Insurance claims and policy benefit liabilities All actuarial assumptions are set in conjunction with Canadian Institute of Actuaries Standards of Practice and OSFI requirements.
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