38 NewRe Annual Report 2021 Ernst Young Ltd Maagplatz 1 P O Box CH 8010 Zurich Phone 41 58 286 31 11 Fax 41 58 286 30 04 www ey com ch To the General Meeting of New Reinsurance Company Ltd Zurich Zurich 21 April 2022 Report of the statutory auditor on the financial statements As statutory auditor we have audited the financial statements of New Reinsurance Company Ltd which comprise the balance sheet income statement cash flow statement and notes pages 23 to 36 for the year ended 31 December 2021 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 maintaining an internal control system relevant to the preparation of financial statements that are free from material misstatement 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 effectiveness 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 2021 comply with Swiss law and the company s articles of incorporation NewRe Annual Report 2021 Inhalt indd 38 25 04 22 10 19

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