NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Effective Date: 15/07/2026

THE COMMITTEE OF STANDARDS OF THE CENTRAL RESERVE BANK OF EL SALVADOR,

CONSIDERING:

I. That Article 87, first paragraph, of the Insurance Companies Law establishes that financial statements referring to the annual accounting exercise corresponding to the immediately preceding year, approved by the general shareholders' meeting, must be published in two newspapers of national circulation within the first sixty days of each year.

II. That Article 87, second paragraph, of the Insurance Companies Law establishes that insurance companies must publish in two newspapers of national circulation, balance sheets and provisional liquidations of income accounts corresponding to June 30 of each year, within the following thirty days.

III. That Article 2, first paragraph, of the Law on Supervision and Regulation of the Financial System establishes that the Financial Supervision and Regulation System aims to preserve the stability of the financial system and ensure its efficiency and transparency, as well as to ensure the safety and solidity of the members of the financial system in accordance with what is established by said Law, other applicable laws, regulations, and technical standards issued for this purpose, all in concordance with best international practices on the matter.

IV. That Article 35, letter f), of the Law on Supervision and Regulation of the Financial System establishes that it is the obligation of the supervised entities to adequately reveal the economic and financial reality, and to have the backing of their internal and external audits.

V. That Article 99, third paragraph, letter c), of the Law on Supervision and Regulation of the Financial System establishes that it is the responsibility of the Committee of Standards of the Central Reserve Bank of El Salvador to approve technical standards for the preparation, approval, presentation, and dissemination of financial statements and supplementary information of the members of the financial system.

VI. That in accordance with Article 101, fourth paragraph, of the Law on Supervision and Regulation of the Financial System, the powers to approve, modify, and repeal technical standards that must be complied with by the members of the financial system and other supervised entities are transferred to the Central Reserve Bank of El Salvador.

THEREFORE,

in virtue of the normative powers conferred by Article 99 of the Law on Supervision and Regulation of the Financial System,

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Effective Date: 15/07/2026

AGREES to issue the following:

TECHNICAL STANDARDS FOR THE PUBLICATION OF THE FINANCIAL STATEMENTS OF INSURANCE COMPANIES

CHAPTER I
OBJECTIVE, SUBJECTS, AND TERMS

Objective
Art. 1.- These Standards aim to establish the content of the financial statements so that insurance companies provide the public with sufficient and timely financial information regarding their financial, economic, and legal situation.

Subjects
Art. 2.- The subjects obligated to comply with the provisions established in these Standards are:
a) Insurance companies constituted in El Salvador; b) Branches of foreign insurance companies established and authorized in the country; and c) Cooperative associations providing insurance services constituted in the country.

Terms
Art. 3.- For the purposes of these Standards, the terms indicated below have the following meaning:
a) Central Bank: Central Reserve Bank of El Salvador; b) Holding Company: Insurance companies that are majority investors in subsidiaries, in accordance with what is established in Article 10 of the Insurance Companies Law; c) Entity(ies): Subject obligated to comply with these Standards; d) Law: Insurance Companies Law; and e) Superintendence: Superintendence of the Financial System.

CHAPTER II
CONTENT OF THE FINANCIAL STATEMENTS

Origin of the financial statements
Art. 4.- The financial statements published by the entities must originate from the financial statements prepared in accordance with the "Technical Standards for the Preparation of Financial Statements of Insurance Companies" (NCF-19), issued by the Central Bank through its Committee of Standards.

Basic Financial Statements

Art. 5.- The financial statements that must be published are the General Balance Sheet, the Statement of Results, the Statement of Cash Flows, and the Statement of Changes in Equity, according to the models in Annexes Nos. 1, 2, 3, 4, 5, 6, 7, and 8 with their corresponding notes. Publications must be made in a comparative manner with the same previous period.

Art. 6.- The notes to the financial statements must be published in cases where there is an event, transaction, or balance.

When referring to financial statements as of December 31, before beginning to describe the notes, a paragraph must be added expressing the following: The notes presented are a summary of those contained in the financial statements on which the external auditor issued an opinion.

Below, the corresponding note models are presented:

Note 1. Operations
The entity will describe as part of its identification the following information (that which corresponds according to the requirements made):
a) Name of the reporting entity; as well as changes relative to such information since the end of the previous reporting period; b) Description of the nature of the financial statements (if they are of an individual entity or a financial conglomerate); c) Closing date of the period being reported or the period covered by the financial statements; d) Legal form of the entity, country of incorporation, address of its registered office (or principal domicile where it carries out its activities, if this is different from the registered office); e) Description of the nature of the entity's operations and main activities carried out, the market in which it operates, and the currency in which the financial statements are expressed; and f) Name of the direct holding company and the ultimate holding company of the financial conglomerate.

Note 2. Main Accounting Policies

2.1 Technical Standards and Accounting Principles
These financial statements have been prepared by (name of the entity) based on the Technical Standards issued by the Committee of Standards of the Central Bank, and the International Financial Reporting Standards (IFRS), with the former prevailing in case of conflict with the latter; consequently, in note No. ……. the accounting differences are explained. In cases where IFRS present different options to account for the same event, they will indicate that the most conservative option has been adopted.

2.2 Mandatory Policies
The policies of mandatory compliance deal with the following topics:
a) Consolidation; b) Financial Investments; c) Provision of interest and suspension of provision; d) Fixed assets; e) Indemnities and voluntary retirement; f) Reserves for impairment of risky assets; g) Overdue loans; h) Extraordinary assets; i) Foreign currency transactions; j) Risk in force reserves; k) Mathematical reserves; l) Interest payable; m) Share investments; n) Revenue recognition; o) Salvage and Recoveries; and p) Recognition of losses on loans.

Note 3. Diversification of Investments
The minimum net equity plus technical reserves constitute the base for the investment of the insurance company(ies), which must be backed by the amount of investments made. As of the reference date of the financial statements, the insurance company(ies) maintains investments in the amount of US$ ______________, of which eligible investments according to Article 34 of the Insurance Companies Law amount to US$ _________. The investments are diversified in the following instruments and assets:

CLASS OF INSTRUMENT OR ASSET
INVESTMENT
ELIGIBLE AMOUNT

1. Fixed income securities US$ US$
2. Variable income securities
3. Pension fund shares
4. Money deposits
5. Loan portfolio and discounts
6. Premiums receivable
7. Furniture and equipment

CLASS OF INSTRUMENT OR ASSET
INVESTMENT
ELIGIBLE AMOUNT
8. Organization expenses
9. Claims receivable from insurance cessions
10. Non-residential urban real estate
TOTALS US$ US$

As of the reference date, the insurance company(ies) and its subsidiaries do not present (or present) an investment deficiency in the amount of US$ _______________, which is equivalent to the _______% of the investment base. During the reported period, the insurance company(ies) did not present (or presented the following) investment deficiencies. The movement of provisions in the reported period is as follows:
Balance as of December 31, 20XX US$
Plus: Increases
Less: Decreases ____________
Balance as of December 31, 20XX US$

Coverage Rate ___ %
The coverage rate is the quotient expressed as a percentage, resulting from dividing the amount of provisions by the amount of the asset. Average Yield Rate ____% The average yield rate is the percentage, resulting from dividing the income of the investment portfolio (including interest and commissions), by the average balance of the gross investment portfolio of the reported period.

Note 4. Loans and Their Provisions
Gross loan portfolio US$
Gross contingent operations portfolio ___________ Total risk portfolio US$ Less: Provisions US$

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Effective Date: 15/07/2026

---

Net risk portfolio US$

The movement of provisions in the reported period is as follows:
Balances as of December 31, 20XX US$
Plus: Establishment of reserves
Less: Release of reserves _________
Total US$

Coverage Rate ___%
The coverage rate is the quotient expressed as a percentage, resulting from dividing the amount of provisions by the amount of the asset. Average Yield Rate ___% The average yield rate is the percentage, resulting from dividing the income of the loan portfolio (including interest and commissions) by the average balance of the gross loan portfolio for the reported period. Loans with adjustable interest rates represent the __% of the loan portfolio, and loans with fixed interest rates represent the __% Accrued interest on the loan portfolio not recognized as results in the reported period amounts to US$ _______

Note 5. Premiums Receivable
This item is diversified by lines of business and records the amount of premiums pending collection, as follows:
a) Life, accident, and health insurance US$ b) Property insurance c) Pension insurance d) Bonds e) Others f) Overdue ______________ Subtotal US$ Less: Provision for premiums receivable US$____________ Net premiums receivable US$ ============

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Effective Date: 15/07/2026

As of ___________ of ___________ of 20XX, the insurance company(ies) has(have) provisions for premiums receivable to cover potential losses in their recovery. Such provisions amount to US$ ________________ The movement of provisions during this period is summarized below:
Balances as of 12/31/20XX US$
Plus: Establishment of Provisions US$
Less: Release of Provisions US$_______________ Totals US$ ==============

Note 6. Insurance and Bond Debtor Companies
This item records the rights of the insurance company(ies) from various cessions, as follows:
a) Account for insurance and bonds; US$ b) Premiums retained by insurance and bonds; and c) Current account for reinsurance and re-bonding; ________________ Total US$ ==============

Note 7. Permanent Investments
The composition of the entity's permanent investments is as follows:
a) Land and buildings US$ b) In other societies ______________ Subtotal US$ Less: Provisions for depreciation of permanent investments US$ _____________ Total US$ ============ Risk Rate _____% The risk rate is the result of dividing total provisions by the total of the accounts that make up this asset item. The detail of the insurance company's share investments in other non-consolidated societies is as follows:

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Effective Date: 15/07/2026

Name of
Society
Business
Type
% of
Participation
Initial Investment
Investment according to
Books
Profit of the exercise
Date Amount
Society X
Society Y
Society Z
Clarification:
This last part of the note does not apply to non-consolidated financial statements.

Note 8. Assets Received in Payment (Extraordinary Assets) As of December 31, 20XX, the insurance company(ies) maintains balances for extraordinary assets valued at US$ ______________:
The movement of extraordinary assets, recorded during the reported period, is summarized below:
Value of
Assets
Value of
Reserves
Balance as of ___ of ___________ of _________ US$ US$ Plus: Acquisitions Less: Withdrawals __________ ____________ Balance as of ____ of __________ of _________ US$ US$

Assets that have been acquired for more than two years must be described, indicating if they have been recognized as losses in the reported exercise or if the 180-day extension established in Article 95 of the Insurance Companies Law has been obtained.

Note 9. Obligations for Claims

As of ___ of ___________________ of ______ the obligations of the insurance company(ies), in concept of pending claims for payment, amount to the sum of US$ _______ and their distribution by lines is as follows:

1. Life, accident, and disease US$
2. Property
3. Motor vehicles
4. Bonds
5. Others ______________
   Total US$
   ============

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Effective Date: 15/07/2026

Note 10. Deposits for Insurance Operations
As of ___ of _____________ of _________ the insurance company(ies) have deposits in favor of their insured for the sum of US$ _________________, whose distribution is as follows:

1. Deposits for insurance premiums US$
2. Deposits for bond premiums
3. Other deposits ____________
   Total US$
   ===========

Note 11. Other Obligations with Insured
As of _____ of ________________ of ______ the insurance company(ies) record in favor of their insured, sums resulting from other obligations derived from policies subscribed for a value of US$___________, whose detail is as follows:

1. Dividends payable on policies US$
2. Coupons and bonds payable
3. Premiums payable
4. Others __________
   Total US$
   =========

Note 12. Technical Reserves
As of December 31, 20XX, the risk in force and mathematical reserves constituted by the insurance company(ies) to meet commitments derived from insurance policies and bonds in force, amount to a total of US$ __________. The movement recorded during the period in the technical and mathematical reserve accounts is summarized below:
CONCEPTS
Risk in Force
Reserves
Mathematical
Reserves
TOTAL
Balances as of US$ US$ US$
Plus: Reserve Increases
Less: Reserve Decreases
Total as of US$ US$ US$

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Effective Date: 15/07/2026

Note 13. Reserves for Claims
As of December 31, 20XX, the risk reserves for claims constituted by the insurance company(ies) to meet commitments derived from insurance policies and bonds in force, amount to a total of US$ __________. The movement recorded during the period in the risk reserve accounts is summarized below:
Concepts
Reserves for
Claims
Total
Balances as of US$ US$
Plus: Reserve Increases
Less: Reserve Decreases
Total as of US$ US$

Note 14. Insurance and Bond Creditor Companies As of _____ of _______________ of _______ the insurance company(ies) have registered obligations amounting to US$_________ which are distributed as follows:

1. Obligations in current account with reinsurance and re-bonding societies US$
2. Premiums retained by reinsurance and re-bonding societies
3. Obligations in current account with insurance and bond societies _________
   Total US$

---

In case there are obligations in foreign currency, the equivalent in United States dollars must be disclosed.

Note 15. Financial Obligations
As of ____ of _________________ of ______ the entity, has financial obligations amounting to US$ ________________ and which is distributed as follows:

1. With national financial institutions US$
2. With foreign financial institutions
3. With non-financial institutions
4. Interest payable
5. Other financial obligations. ___________________
   Total US$

---

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Effective Date: 15/07/2026

In case the obligation is in foreign currency, the equivalent in United States dollars must be disclosed.

Note 16. Obligations with Intermediaries and Agents As of ____ of _________________ of ______ the insurance company(ies) have obligations with intermediaries and agents for the sum of US$ _________, which is distributed as follows:

1. With insurance agents and Insurance Intermediaries US$
2. Others ______________
   Total US$

---

In the case that there are obligations in foreign currency, the equivalent in United States dollars must be disclosed.

Note 17. Loans Convertible into Shares
In accordance with Article 55 of the Insurance Companies Law, the insurance company(ies) has received a loan convertible into shares as a consequence of deficiencies in the Minimum Net Equity, for a term of __________ months, to correct such deficiency. The name of the creditor, loan amount, agreed interest rate, maturity date, loan term, and type of guarantee must be described for each loan.

Note 18. Earnings (Loss) per Share
The earnings (loss) per share of the reported periods is as follows:
Earnings (loss) per share.
The above value has been calculated considering the net earnings (loss) shown in the statement of results and an average of shares in circulation of ________. (The average of shares in circulation must be calculated as established by IAS 33 Earnings Per Share).

Note 19. Administrative Expenses
Personnel Expenses US$
Directors
For third-party services

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Effective Date: 15/07/2026

Taxes and contributions
Pensions and retirements
Other administrative expenses US$ ________________ Total US$ =================

Note 20. Legal Reserve
In accordance with Articles 123 and 124 of the Commercial Code, companies must establish a legal reserve equal to 7% of net earnings and the minimum legal limit of said reserve will be one-fifth of the share capital. As of the reference date, the entity has a reserve amounting to US$_____________ and is equivalent to the _____ % of the share capital. In the case of foreign subsidiaries, the content of the legislation for the establishment of legal reserves must also be described similarly.

Note 21. Income Tax
Entities constituted in El Salvador pay income tax on income obtained in the country, in accordance with the Income Tax Law. In addition to disclosing the obligation for the income tax that the insurance company is obligated to pay to the Ministry of Finance, it must make the disclosures required by the International Financial Reporting Standards (IFRS), for purposes of deferred income tax. In the case of foreign subsidiaries, the legal provision concerning the payment of income tax must be described.

Note 22. Related Parties
In accordance with Article 27 of the Insurance Companies Law, related parties are:
Natural persons who hold three percent or more of the shares of the insurance company, including shares of the spouse and relatives up to the first degree of consanguinity. Related parties also include those societies whose ownership is in the following circumstances:
a) In which a shareholder of the insurance company, their spouse, and relatives within the first degree of consanguinity, hold three percent or more of the shares of the institution, and ten percent or more of the shares with voting rights of the referred society; b) In which a director or manager of the insurance company, their spouse, and relatives within the first degree of consanguinity hold ten percent or more of the shares with voting rights of the referred society; c) In which two or more directors or managers, their spouses or relatives within the first degree of consanguinity, jointly hold twenty-five percent or more of the shares; and d) In which the shareholders, directors, or managers of an insurance company, their spouses or relatives within the first degree of consanguinity, jointly hold ten or more of the shares of the referred society.

Note 23. Related Credits
In accordance with Article 27 of the Insurance Companies Law, insurance companies as well as their subsidiaries, may not have in their portfolio credits granted to natural or legal persons for an amount exceeding 15% of the paid-in capital and capital reserves of each institution; in addition, said amount may not exceed 2% of the total net assets less impairment and depreciation reserves of the insurance company or its subsidiaries, as the case may be. Credits granted to related parties, as of ____ of __________________ of the ________ amount to US$________________ and represent the __________% of the paid-in capital and capital reserves and the _______% of the total net assets less impairment and depreciation reserves of the insurance company or its subsidiaries, as the case may be. During the reported period, the insurance company and its subsidiaries did not present (or presented) excess related credits, nor (and) the amount of such credits exceeded (did not exceed) 2% of the total net assets in: US$ ________________.

Plan of regularization

---

In the event that the insurance company and its subsidiaries have granted loans in excess of the permitted limit and are in that situation as of the reference date of the financial statements, they must briefly describe the regularization plan.

Note 24. Minimum Net Worth Requirement

Pursuant to Article 29 of the Insurance Companies Law, insurance companies must have a Minimum Net Worth to cover extraordinary obligations caused by deviations in claim frequency, in excess of what is statistically expected. This financial measurement is calculated based on the rules established in Article 30 of the Law.

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES Approval: 30/06/2026 Validity: 15/07/2026

As of ___ of ____________ of ______, the Minimum Net Worth amounts to US$ ________ which complies with what is established in the Law (or represents a deficiency of US$ ____________, based on the minimum social capital).

During the reported period, the insurance company(ies) complied with this requirement (or had the following deficiencies: )

Likewise, it must be expressed in the case of foreign subsidiaries, in accordance with how the host country requires.

Note 25. Distributable Profit

Pursuant to the first paragraph of Article 18 of the Insurance Companies Law, these entities must have withheld from their profits, after deducting the legal reserve, a sum equal to the products (income) pending collection; consequently, these values must be determined as follows:

Exercise Profit US$
Less: Legal Reserve

---

Available Profit US$
Plus: Distributable Profit from Previous Exercises US$ Less: Interest, Commissions, and Surcharges Receivable US$ On Deposits US$ On Investments US$ On Loans US$ On Other Assets US$____________ US$ ______________ Distributable Profit US$

Note 26. Indicators of Human Resource Load

During the reported period, the insurance company has maintained an average of _____ employees. Of that number, ___ % are dedicated to activities related to the insurance business and ____% is support staff.

Note 27. Contingent Operations

As of the reference date of the financial statements, the so-called contingent operations are the following:

a) Liability for granted bonds US$ b) Liability for granted guarantees __________

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES Approval: 30/06/2026 Validity: 15/07/2026

Less: Provision for Risks US$

---

Total US$

Note 28. Pending Litigation

In the event that there are pending judicial and administrative lawsuits, of significant materiality, whether in favor of or against the entity, they must be mentioned and their effect quantified, as required by International Financial Reporting Standards (IFRS).

Clarification:

Litigations are considered to be legal disputes in favor of or against the entity, brought before a judge to hear the case, as well as proceedings being heard in the Superintendence against the entities it supervises.

Note 29. Liabilities

The liabilities assumed by the insurance company(ies) and the amounts withheld against them are the following:

a) Liabilities for direct insurance and bond business US$ b) Ceded and retroceded insurance and bond liabilities c) Less: Mathematical Reserves _________ TOTAL US$ =======

Note 30. Significant Differences Between Accounting Standards Issued by the Central Bank Standards Committee and International Financial Reporting Standards (IFRS).

In this note, significant differences between the accounting standards issued by the Central Bank Standards Committee and International Financial Reporting Standards (IFRS) must be identified and quantified, if possible.

Note 31. Segment Information

A note must be prepared describing the segment information of the insurance company and its subsidiaries, as required by International Financial Reporting Standard (IFRS 8: Operating Segments).

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES Approval: 30/06/2026 Validity: 15/07/2026

Note 32. Reinsurance

The reinsurers backing the insurance business of the entity are:

Reinsurer	Contract Class	Participation (%)
_______________________	________________	_____________
_______________________	________________	_____________
_______________________	________________	_____________

Note 33. Relevant and Subsequent Events

Relevant events are considered to be quantifiable events that affect at least five percent of the net profit or loss of the period. Also considered as such are aspects that have significance for the entity, but due to their nature cannot be revealed through figures in the financial statements or are not sufficiently exposed in other notes.

Those occurring during the reported exercise or in subsequent periods, up to one day before the issuance of the financial statements, must be disclosed in this note.

Some examples of relevant and subsequent events are:

a) Changes in the board of directors or administration, in which case the substitutes and the substituted must be mentioned; b) Discontinued operations, indicating the date on which the event occurred; c) Deficiencies in minimum net worth; d) Changes in share ownership, indicating the amounts and quantity of shares traded; e) Salvages and recoveries of claims; f) Reclassification of liabilities; g) Gains or losses on the sale of fixed assets, extraordinary assets, subsidiaries, agencies, and branches; h) Losses originating from claims; i) Effects of market value on the book value of investments in securities; j) Administration plans; and k) Effects of contracts (leases, advertising, services, etc.)

Relevant and subsequent events detected by the Superintendence must be included in this note.

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES Approval: 30/06/2026 Validity: 15/07/2026

Additional Notes

Art. 7.- In case the Administration deems it convenient, one or more additional notes may be incorporated. Likewise, it must incorporate the necessary notes to reveal matters required by IFRS, where applicable; for this purpose, the notes must be interspersed where they correspond.

The regulation in the previous paragraph is also applicable to Consolidated Financial Statements.

CHAPTER III
ON PUBLICATIONS

Medium and Frequency of Publications

Art. 8.- Publications are the exclusive responsibility of the administration of the holding company or of the entity when they are not consolidated; and must be presented in comparative form with the same previous period, expressing figures in thousands of United States dollars with one decimal.

Once the annual financial statements are approved by the shareholders' general meeting, they must be published once, within the first sixty calendar days of each year, in two newspapers of national circulation or another digital publication platform with greater or equal coverage, or on their website, in accordance with what is established in the current legal framework.

These statements are: the balance sheet, the income statement, the statement of changes in equity, and the statement of cash flows, which must be accompanied by their notes and the report of the external auditor, who must be registered in the Register of External Auditors of the Superintendence.

The publication of the financial statements referred to June 30 must be carried out once at the latest on July 30 of each year in two newspapers of national circulation or another digital publication platform with greater or equal coverage, or on their website, in accordance with what is established in the current legal framework. These statements are the statement of financial position and the income statement, which must be accompanied by their notes, except for the Notes on the Legal Reserve, Income Tax, and Distributable Profit, from the interim report of the external auditor.

Submission of Financial Statements

Art. 9.- The financial statements to be published, their notes, and the corresponding interim report of the external auditor as of June 30, must be submitted to the Superintendence by the administration of the holding company or of the entity when they are not consolidated, at least five business days before publication.

Along with the aforementioned financial statements, the certification of the agenda item of the board of directors meeting session, where the publication and content thereof were agreed upon, must be submitted.

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES Approval: 30/06/2026 Validity: 15/07/2026

The financial statements for the month of December, their notes, and the corresponding report of the external auditor must be submitted to the Superintendence by the administration of the entity or equivalent administrative body, at least five business days before the holding of the shareholders' general meeting of that entity.

Along with the consolidated financial statements, the basic financial statements, their notes, the report of the external auditor of each of the individual and consolidated entities, and the certification of the agenda item of the board of directors meeting where the financial statements of each of the entities were reviewed must be submitted.

Subscription of Financial Statements

Art. 10.- A copy of the financial statements in accordance with the previous article must be submitted to the Superintendence, with the handwritten signature of each of the members of the Board of Directors of the entity, the general manager, or whoever holds an equivalent position. For publication purposes, the handwritten signature may be omitted and the expression "signed by," followed by the names of those who signed them, will suffice.

Art. 11.- If the Superintendence detects data that alter, modify, or affect the published financial statements, it will require the administration of the entity to prepare a new publication, in the media and number of times corresponding, accompanied by an explanatory note that will be approved by this Superintendence.

In the event that the entity refuses to publish the corrected Financial Statements as well as their respective notes, required in accordance with these Standards, the Superintendence will instruct a deadline for the entity to make the publication effective; otherwise, the corresponding sanction will be imposed in accordance with what is established in the Law on Supervision and Regulation of the Financial System.

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES Approval: 30/06/2026 Validity: 15/07/2026

CHAPTER IV
MODELS OF FINANCIAL STATEMENTS

Annex No. 1

(Name of Holding Company)
CONSOLIDATED BALANCE SHEET AS _________
(Expressed in thousands of United States dollars)

	(Current Year)	(Previous Year)
Assets
Operating Assets
Cash and Banks
Immediate Collection Effects
Financial Investments (net)
Loan Portfolio (net)
Premiums Receivable (net)
Debtors for Insurance and Bonds
Other Assets	US$	US$
Non-Operating Assets
Assets Received in Payment (net)
Permanent Investments
Various (net)
Fixed Assets	US$	US$
(Real estate, furniture, and others at their net value)
Total Assets	US$	US$
Liabilities and Equity
Operating Liabilities
Obligations with Insured Parties
Financial Obligations
Creditor Insurance and Bond Companies
Obligations with Intermediaries and Agents
Repos and Other Securities Obligations
Other Liabilities	US$	US$
Accounts Payable
Provisions
Various
Technical Reserves	US$	US$
Mathematical Reserves
Risks in Force Reserves
Claims Reserves
Obligations Convertible into Shares	US$	US$
(Briefly describe the type of obligation)
Total Liabilities	US$	US$
Non-Controlling Interest	US$	US$
Equity
Paid-in Social Capital
Paid-in Social Contribution
Capital Reserves, Restricted Equity, and Accumulated Results
Total Liabilities and Equity	US$	US$

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES Approval: 30/06/2026 Validity: 15/07/2026

Annex No. 2

(Name of the Holding Company)
CONSOLIDATED INCOME STATEMENT FOR THE PERIOD (Expressed in thousands of United States dollars)

	(Current Year)	(Previous Year)
Operating Income
Net Premiums less Returns and Cancellations
Income from Decrease in Technical Reserves
Claims and Expenses Recovered from Reinsurance and Rebonding
Expense Reimbursements from Cessions
Salvages and Recoveries
Financial and Investment Income	US$	US$
Operating Costs
Claims
Premiums Ceded for Reinsurance and Rebonding
Expenses from Increase in Technical Reserves
Acquisition and Conservation Expenses
Sanitation Reserves	US$	US$
Profit before Expenses	US$	US$
Operating Expenses
Financial and Investment
Administrative
Operating Profit (Loss)	US$	US$
Participation Income	US$	US$
Other Income and Expenses	US$	US$
Profit (Loss) before Taxes	US$	US$
Income Tax	US$	US$
Profit (Loss) after Taxes	US$	US$
Non-Controlling Interest	US$	US$
Net Profit (Loss)	US$	US$

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES Approval: 30/06/2026 Validity: 15/07/2026

Annex No. 3

(Name of the Holding Company)
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD (Expressed in thousands of United States dollars)

	(Current Year)	(Previous Year)
Operating Activities
Net Profit
Adjustments to reconcile net profit with cash from operating activities
Asset Sanitation Reserves
Depreciations and Amortizations
Interest and Commissions Receivable
Interest and Commissions Payable
Gain on Sale of Extraordinary Assets
Gain on Sale of Fixed Assets
Other Assets
Other Liabilities
Net Cash Provided (Used) by (in) Operating Activities	US$	US$
INVESTING ACTIVITIES
Loan Portfolio
Investments in Financial Instruments
Acquisition of Fixed Assets (*)
Sale of Fixed Assets (*)
Acquisition of Extraordinary Assets (*)
Sale of Extraordinary Assets (*)
Net Cash Provided (Used) by (in) Investing Activities	US$	US$
FINANCING ACTIVITIES
Loans Obtained
Repos and Securities Operations
Participation Income
Issuance of Financial Instruments
Issuance of Shares
Net Cash Provided (Used) by (in) Financing Activities	US$	US$
Cash and Equivalents	US$	US$
Cash at Beginning of Year	US$	US$
Cash at End of Year	US$	US$
(*) Include only cash operations

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES Approval: 30/06/2026 Validity: 15/07/2026

Annex No. 4

(Name of the Holding Company)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD (Expressed in thousands of United States dollars)

CONCEPTS	Balance at 31/12/20XX	Increases	Decreases	Balance at 31/12/20XX	Increases	Decreases	Balance at 31/12/20XX
Equity
Paid-in Social Capital
Paid-in Social Contribution
Legal Reserve
Mandatory Reserves
Voluntary Reserves
Distributable Profits	US$	US$	US$	US$	US$	US$	US$
Restricted Equity
Revaluation of Real Estate
Revaluation of Participations
Non-Distributable Profit
Donations
Prizes
Asset Recoveries
Results of the Exercise
Results of Previous Exercises	US$	US$	US$	US$
TOTAL EQUITY	US$	US$	US$	US$
BOOK VALUE OF SHARES	US$	US$	US$
(Describe classes and quantity of shares)

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES Approval: 30/06/2026 Validity: 15/07/2026

Annex No. 5

(Name of the Company)
BALANCE SHEET AS ________
(Expressed in thousands of United States dollars)

	(Current Year)	(Previous Year)
ASSETS
Operating Assets
Cash and Banks
Immediate Collection Effects
Financial Investments (net)
Loan Portfolio (net)
Premiums Receivable (net)
Debtors for Insurance and Bonds
Other Assets	US$	US$
Assets Received in Payment (net)
Permanent Investments
Various (net)	US$	US$
Fixed Assets	US$	US$
(Real estate, furniture, and others at their net value)
Total Assets	US$	US$
Liabilities and Equity	US$	US$
Operating Liabilities
Obligations with Insured Parties
Financial Obligations
Creditor Insurance and Bond Companies
Obligations with Intermediaries and Agents
Repos and Other Securities Obligations	US$	US$
Other Liabilities	US$	US$
Accounts Payable
Provisions
Various
Technical Reserves	US$	US$
Mathematical Reserves
Risks in Force Reserves
Claims Reserves
Obligations Convertible into Shares	US$	US$
(Briefly describe the type of obligation)
Equity	US$	US$
Paid-in Social Capital
Paid-in Social Contribution
Capital Reserves, Restricted Equity, and Accumulated Results
Total Liabilities and Equity	US$	US$

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES Approval: 30/06/2026 Validity: 15/07/2026

Annex No. 6

(Name of the Company)
INCOME STATEMENT FOR THE PERIOD
(Expressed in thousands of United States dollars)

	(Current Year)	(Previous Year)
Operating Income
Net Premiums less Returns and Cancellations
Income from Decrease in Technical Reserves
Claims and Expenses Recovered from Reinsurance and Rebonding
Expense Reimbursements from Cessions
Salvages and Recoveries
Financial and Investment Income	US$	US$
Operating Costs	US$	US$
Claims
Premiums Ceded for Reinsurance and Rebonding
Expenses from Increase in Technical Reserves
Acquisition and Conservation Expenses	US$	US$
Sanitation Reserves	US$	US$
Profit before Expenses	US$	US$
Operating Expenses
Financial and Investment	US$	US$
Administrative	US$	US$
Operating Profit (Loss)	US$	US$
Participation Income	US$	US$
Other Income and Expenses	US$	US$
Profit (Loss) before Taxes	US$	US$
Income Tax	US$	US$
Profit (Loss) after Taxes	US$	US$
Net Profit (Loss)	US$	US$

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES Approval: 30/06/2026 Validity: 15/07/2026

Annex No. 7

(Name of the Company)
STATEMENT OF CASH FLOWS FOR THE PERIOD
(Expressed in thousands of United States dollars)

	(Current Year)	(Previous Year)
Operating Activities
Net Profit
Adjustments to reconcile net profit with cash from operating activities
Asset Sanitation Reserves
Depreciations and Amortizations
Interest and Commissions Receivable
Interest and Commissions Payable
Gain on Sale of Extraordinary Assets
Gain on Sale of Fixed Assets
Other Assets
Other Liabilities
Net Cash Provided (Used) by (in) Operating Activities	US$	US$
Investing Activities
Loan Portfolio
Investments in Financial Instruments
Acquisition of Fixed Assets (*)
Sale of Fixed Assets (*)
Acquisition of Extraordinary Assets (*)
Sale of Extraordinary Assets (*)
Net Cash Provided (Used) by (in) Investing Activities	US$	US$
Financing Activities
Loans Obtained
Repos and Securities Operations
Participation Income
Issuance of Financial Instruments
Issuance of Shares
Net Cash Provided (Used) by (in) Financing Activities	US$	US$
Cash and Equivalents	US$	US$
Cash at Beginning of Year	US$	US$
Cash at End of Year	US$	US$
(*) Include only cash operations

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES Approval: 30/06/2026 Validity: 15/07/2026

Annex No. 8

(Name of the Company)
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD (Expressed in thousands of United States dollars)

CONCEPTS	Balance at 31/12/20XX	Increases	Decreases	Balance at 31/12/20XX	Increases	Decreases	Balance at 31/12/20XX
Equity
Paid-in Social Capital
Paid-in Social Contribution
Legal Reserve
Mandatory Reserves
Voluntary Reserves
Distributable Profits	US$	US$	US$	US$	US$	US$	US$
Restricted Equity
Revaluation of Real Estate
Revaluation of Participations
Non-Distributable Profit
Donations
Prizes
Asset Recoveries
Results of the Exercise
Results of Previous Exercises	US$	US$	US$	US$
TOTAL EQUITY	US$	US$	US$	US$
BOOK VALUE OF SHARES	US$	US$	US$
(Describe classes and quantity of shares)

NCF-20
FINANCIAL STATEMENTS OF INSURANCE COMPANIES Approval: 30/06/2026 Validity: 15/07/2026

CHAPTER V
OTHER PROVISIONS AND VALIDITY

Sanctions

Art. 12.- Non-compliance with the provisions contained in these Standards will be sanctioned in accordance with what is established in the Law on Supervision and Regulation of the Financial System.

Repeal

Art. 13.- These Standards repeal the "Standards for the Publication of Financial Statements of Insurance Companies" (NCS-016), approved by the Board of Directors of the Financial System Superintendence in Session No. CD-03/2001, of January 24, 2001, whose Organic Law was repealed by Legislative Decree No. 592 which contains the Law on Supervision and Regulation of the Financial System, published in Official Diary No. 23, Volume No. 390, of February 2, 2011.

Unforeseen Aspects

Art. 14.- Aspects not provided for in these Standards regarding regulation will be resolved by the Central Bank through its Standards Committee.

Validity

Art. 15.- These Standards will be in effect starting from July 15 of the year two thousand twenty-six.