31 Annual Report 2020 Report of the statutory auditor to the general meeting of shareholders of New Reinsurance Company Ltd Zurich Report of the statutory auditor on the financial statements As statutory auditor we have audited the accompanying financial statements of New Reinsurance Company Ltd which comprise the balance sheet income statement cash flow statement and notes for the year ended 31 December 2020 Board of Directors responsibility The Board of Directors is responsible for the preparation of the financial statements in accordance with the requirements of Swiss law and the company s articles of incorporation This responsibility includes designing implementing and main taining an internal control system relevant to the preparation of financial statements that are free from material misstate ment whether due to fraud or error The Board of Directors is further responsible for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances Auditor s responsibility Our responsibility is to express an opinion on these financial statements based on our audit We conducted our audit in accordance with Swiss law and Swiss Auditing Standards Those standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the auditor s judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error In making those risk assessments the auditor considers the internal control system relevant to the entity s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effec tiveness of the entity s internal control system An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made as well as evaluating the overall presentation of the financial statements We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion Opinion In our opinion the financial statements for the year ended 31 December 2020 comply with Swiss law and the company s articles of incorporation Other matters The financial statements of New Reinsurance Company Ltd for the year ended 31 12 2019 were audited by another statu tory auditor who expressed an unmodified opinion on those financial statements on 23 04 2020 Report on other legal requirements We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act AOA and independ ence article 728 CO and article 11 AOA and that there are no circumstances incompatible with our independence In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890 we confirm that an internal control system exists which has been designed for the preparation of financial statements according to the instructions of the Board of Directors We further confirm that the proposed appropriation of available earnings complies with Swiss law and the company s articles of incorporation We recommend that the financial statements submitted to you be approved Ernst Young AG Christian Fleig Philip Kirkpatrick Licensed audit expert Licensed audit expert Auditor in charge Zurich 15 April 2021 NewRe AnnualReport 2020 indd 31 28 04 21 19 06

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