The theme wasn’t just randomly chosen. CEO Steven Martina explains: “On the tenth of October last year, the Dutch Caribbean went through some major changes. The islands have remained more or less the same, but the constitutional structure has changed drastically. Therefore, you have to reflect on the situation: the past, the present, and the future.” The images on the outside and inside of the glossy’s front cover show the contrast and the collaboration between ‘old’ and ‘new’. “Old and new will keep watching each other,” Martina continues. “Change is the only constant, and Fatum welcomes change.” The annual report clearly shows the change, as well as the way Fatum handles the change: they’ve met every guideline and obeyed every demand.

Came out strong

What kind of report is it exactly? “This is a consolidated annual report of Fatum and its subsidiaries. It provides insight in how things are going with Fatum,” says Martina. And things are going well. Because despite of some big misfortunes (storm Tomàs, for one, caused a lot of damage to many companies, including Fatum), Fatum came out strong. Although the results are not as good as in 2009, the company achieved great results under the given circumstances, and has proven to be a healthy company that can grow sustainably even while dealing with such misfortunes. For that, Martina wants to thanks his clients and stakeholders for their trust, and thanks his employees for their hard work. Martina: “Basically, we sell a promise in the form of an insurance or pension. After several years, we have to live up to that promise. We do this as correctly as possible, by handling business correctly, by informing, and sometimes by leading people.” CCO Marten O’Niel adds: “Calamities are what they are and they happen sporadically. Nevertheless, we have to take them into account. In the unlikely event of a calamity, we will handle the situation with utmost seriousness and conscientiousness. We live up to our obligations to the full.”

When you look at last year’s results, you immediately notice that the ‘top line’ (the revenues from insurance premiums in 2009 and 2010) shows an increase of 17 percent. The total operating income grew 12 percent, despite of the profit decreasing 27 percent due to aforementioned misfortunes. But even more important is the solvency. Measuring over NAF 166 Million, this figure is almost three times as high as the legal norm. Martina: “A solvency which is almost three times the legal norm shows that your company is strong and healthy. It means you can absorb many blows. That has always been the true strength of Fatum. For clients, this means that they can safely enter into a long term commitment with Fatum, for example for a pension or life insurance.”

Listed parent company Guardian Holdings Limited (GHL), which Fatum amounts to a total of 1/3 of, shows to also be a healthy company. “The stock exchange is the most important parameter to prove the health of a group,” Martina says. “Despite of the aftershocks of the worldwide crisis, the group is doing well. GHL has maintained a strong position.” Conversely, Fatum has shown its importance to the holding, with a profit which measures almost 1/3 of the total profit of GHL.

Responsible

An important case which Fatum always endeavors, is corporate social responsibility. On a large scale, activities are organized and sponsored by Fatum, with social improvement as the main goal. Events vary from sporting events which promote a healthy lifestyle, to Fatum’s large involvement in Ride for the Roses, an event which helps fight the battle against cancer. But also a Christmas dinner for school children who otherwise would never experience the true Christmas feeling. On a smaller as well as a larger scale, Fatum contributes to events which help realize a socially responsible goal. In that way Fatum not only benefits from the results, but the complete society in the New Dutch Caribbean does, too.
 

Click here to download Annual Report 2010.