NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026

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

CONSIDERING:

I. That Article 10, third paragraph, of the Insurance Companies Law establishes that companies constituted in accordance with the provisions of this article, in which an insurance company owns more than fifty percent of its shares, shall be designated as subsidiaries. Insurance companies that own shares in subsidiaries must consolidate their financial statements with them and publish them in accordance with the provisions of Articles 85, 86, and 87 of that Law.

II. That Article 85 of the Insurance Companies Law stipulates that the Superintendency shall establish the manner in which the accounting of insurance companies shall be kept, as well as the criteria for consolidating the operations and financial statements thereof; a regulatory power that, by virtue of the entry into force of the Law on Supervision and Regulation of the Financial System, was transferred to the Central Reserve Bank, through its Committee of Standards.

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 has the objective of preserving the stability of the financial system and ensuring its efficiency and transparency, as well as ensuring the safety and solidity of the members of the financial system in accordance with what is established in said Law, other applicable laws, regulations, and technical standards issued for that effect, all in concordance with international best 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 disclose the economic and financial reality, and they must 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 corresponds to the Committee of Standards of the Central Reserve Bank of El Salvador the approval of technical standards for the preparation, approval, presentation, and dissemination of the financial statements and supplementary information of the members of the financial system; for the determination of accounting obligations and the principles in accordance with which they must keep their accounting and the establishment of criteria for the valuation of assets, liabilities, and the constitution of provisions and reserves for risks, all of the foregoing in accordance with what is established in this Law and other applicable laws, with the purpose that the real liquidity and solvency situation of the referred members be reflected.

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026

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,

by virtue of the regulatory powers conferred upon it by Article 99 of the Law on Supervision and Regulation of the Financial System,

AGREES to issue the following:

TECHNICAL STANDARDS FOR THE PREPARATION OF FINANCIAL STATEMENTS OF INSURANCE COMPANIES

CHAPTER I
OBJECT, SUBJECTS, AND TERMS

Object
Art. 1.- These Standards have the objective of establishing the minimum content and the procedures that must be followed for the preparation of the individual and consolidated financial statements of insurance companies.

Subjects
Art. 2.- The subjects obligated to comply with the provisions established in these Standards are:
a) Insurance companies constituted in El Salvador; b) Subsidiaries of insurance companies; c) Branches of foreign Insurance Companies established and authorized in the country; and d) Cooperative associations that provide 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/entities: Subjects referred to in Article 2 of these Standards; d) Subsidiary/entities: Those companies referred to in Article 10, third paragraph, of the Insurance Companies Law;

e) Non-Controlling Interest: The equity of a subsidiary not attributable, directly or indirectly, to the holding company; f) Law: Insurance Companies Law; and g) Superintendency: Superintendency of the Financial System.

CHAPTER II
REQUIREMENTS AND CONTENT OF FINANCIAL STATEMENTS

Art. 4.- The most relevant aspects that must be considered in the preparation of financial statements are:
a. Technical standards, fundamental hypotheses, and accounting principles Financial statements must be prepared based on the accounting standards issued by the Committee of Standards of the Central Bank and on International Financial Reporting Standards (IFRS), in all applicable respects, with the former prevailing in case of conflict with the latter. When IFRS present different options for accounting for the same event, the most conservative one must be adopted. b. Expression of figures The figures in the financial statements and in their notes must be expressed in thousands of United States dollars with one decimal place.
c. Accounting origin of balances
The figures in the financial statements and in their notes must originate from the ledger balances as of the corresponding reference date, which must contain definitive figures. Under no circumstances shall financial statements be prepared contemplating adjustments not recorded in the accounting. d. Cleaning of balances The balances in the financial statements must not present assets or liabilities subject to confirmation; nor balances whose clarification, regularization, or definitive recording depends on the insurance company. e. Negative balances When it is necessary to disclose valuation and correction accounts that have a nature different from the accounts in which they underlie, such as for example, Sanitation Reserves and Accumulated Depreciations, these must be presented in parentheses.

Basic Financial Statements
Art. 5.- The financial statements that must be prepared 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, and 4. The Financial Statements must be presented in comparative form equal to the previous period. The notes to the financial statements are an integral part of them. In no case should a note be omitted; if there is no event, transaction, or balance, such situation must be expressed. Other notes may be included when circumstances so require or by requirement of external auditors, in which cases they must be interspersed where appropriate. The notes present information regarding the bases for the preparation of the financial statements and about accounting policies, supply narrative descriptions, and are an integral part of them; they contain additional information, in detail, that complements the balances reflected in the financial statements. Below, the models of mandatory notes are described:

Note 1. Operations
The entity shall 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 (whether they are of an individual entity or of a financial conglomerate); c) Closing date of the period on which information is 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 develops its activities, if this is different from the registered office); e) Description of the nature of the entity's operations and main activities it carries out, the market in which it operates, and the currency in which the financial statements are expressed; and f) Name of the direct holding entity and of the ultimate holding entity 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 for accounting for the same event, it will indicate that the most conservative one has been adopted.

2.2 Consolidation
The holding company consolidates its financial statements with those companies in which it is the holder of more than fifty percent of the common shares. These companies are those referred to in Article 10 of the Insurance Companies Law, designating them as subsidiaries.

The following companies of the holding company are part of the consolidation:

Business Line	% of participation of the holding company	Initial Investment Date	Initial Investment Amount	Book Investment	Results of the Exercise	Description of the company
Company X
Company Y
Total

2.3 Financial investments
Instruments that are traded regularly in the Salvadoran stock market were valued at market value; securities issued by entities located in the country without quotation on the Salvadoran stock market were valued based on the risk category assigned by a risk rating agency registered with the Superintendency; and securities without quotation on the Salvadoran stock market and without risk classification were valued at present value. Securities issued or guaranteed by the Central Bank and by other State entities, payable with funds from the National Budget, are presented at acquisition value.

2.4 Interest provision and suspension of provision
Interest receivable is accounted for in the equity equation based on accrual. The provision of interest on loans is suspended when they have been in default for more than ninety days.

Clarification:
In the event that the entity has used another method, it must state it and quantify the difference with respect to the standards issued by the Committee of Standards of the Central Bank. In no case shall the entity adopt a method less conservative than that issued by the Central Bank.

2.5 Fixed assets
A note must be drafted addressing the following aspects:
a) Real estate and furniture are recorded at their acquisition or construction value; b) The value of revaluations is credited to Restricted Equity when constituted and debited when the asset is withdrawn; c) Revaluations are made by an independent expert who is registered with the Superintendency; it must also be mentioned whether the aforementioned revaluations have been authorized by it; d) The method of calculating depreciations, the values on which they are calculated, and the depreciation rate or useful life by type of goods; and e) Regarding the method of recording repairs, additions, and improvements that increase the value of the asset or prolong its useful life.

2.6 Indemnities and voluntary retirement
The criteria used for the establishment of the provision for labor obligations must be indicated.

2.7 Provision reserves for risk assets
The constitution of provision reserves by risk categories is made based on Standards issued by the Central Bank through its Committee of Standards; these Standards allow evaluating the risks of each debtor based on the criteria of: business and payment capacity, responsibility, economic situation, and coverage of real guarantees. Increases in these provisions or reserves may occur due to an increase in the risk of each debtor in particular; decreases may be caused by a decrease in risk or by withdrawals of the asset from the balances owed by debtors up to the provisioned value. When the value withdrawn from the asset is higher than the provision corresponding to it, the difference is applied to expenses. Generic reserves are constituted when there are information deficiencies that, in the judgment of the Superintendency, affect the financial statements. Reserves or provisions for risk of debtor classification are constituted when, as a result of a verification made by the Superintendency, it is determined that it is necessary to reclassify to higher risk categories a number of debtors greater than fifteen percent of the examined sample. The amount of these reserves or provisions is increased by the result of the evaluations carried out by the Superintendency and is decreased with the authorization of that Institution when, in its judgment, the entity has improved its debtor classification procedures. Restricted reserves are formed by the reclassification of debtors by guarantee coverage, and by those constituted to equalize the amount of sanitation reserves with the portfolio registered accounting-wise as overdue. Sanitation reserves or provisions for potential losses from uncollectability are determined based on empirical data of each entity and are calculated by the management of each entity.

Clarification:
The note must include only the assertions corresponding to the reserves or provisions constituted.

2.8 Overdue loans
Overdue loans are considered to be the total capital balances of those loans that have capital or interest installments in default for more than ninety (90) days or when the entity has decided to collect them through the judicial route, even if the aforementioned delinquency does not exist.

Clarification:
In the case that the entity has used a criterion different from that issued by the Central Bank, to transfer loan balances from the performing portfolio to the overdue portfolio, it must indicate it. No other criterion that is less conservative than that issued by the Central Bank will be accepted.

2.9 Extraordinary assets
Assets received as payment for credits are accounted for at cost or market value, whichever is lower. For these purposes, the market value of non-monetary assets is considered to be the expert appraisal of the assets carried out by an expert registered with the Superintendency. For assets that have remained for more than two years and their extensions, a provision is constituted for the value of the asset registered in the accounting, in compliance with Article 95 of the Insurance Companies Law. Profit from the sale of extraordinary assets with financing is recognized until it has been received.

Clarification:
In the case that the entity has used a criterion different from that issued by the Committee of Standards of the Central Bank, to value extraordinary assets or to constitute the provision, it must indicate it. No other criterion that is less conservative than that issued by the Central Bank through its Committee of Standards will be accepted.

2.10 Foreign currency transactions
The value of foreign currency transactions is presented in thousands of United States dollars, valued at the prevailing exchange rate. Adjustments for exchange rate fluctuations are applied to expense or income accounts, as appropriate.

2.11 Reserves for risks in progress
Reserves for risks in progress are calculated on premiums earned, net of returns, cancellations, and cessions for reinsurance or suretyship, of damage insurance, decreasing debt insurance, personal accidents, health or hospital medical insurance, short-term life insurance, stepped-premium life insurance, additional benefits on life insurance, extra-premiums, the deduction of mortality from flexible plans, and sureties. For policies of one or more years, the twenty-fourths method is used; for those of less than one year, the policy-by-policy proration method is used; and for transport insurance contracted based on certificates, fifty percent of the premiums in force as of the calculation date is reserved.

2.12 Mathematical reserves
Mathematical reserves for long-term individual life insurance are calculated based on the mortality table, the technical interest, and the actuarial formulas contained in each class of insurance. For the determination of these reserves, the average reserve and deferred premiums are deducted.

2.13 Interest payable
Interest on loans and other obligations is recognized on an accrual basis.

2.14 Share investments
Investments in shares of companies are recorded using the Equity Method.
When the acquisition value is higher than the book value of the issuing entity, the insurance company transfers the value of the excess to a deferred charges account, which it amortizes annually over a period of up to three years counted from the date of acquisition of the investment.

2.15 Revenue recognition
Accrued revenues are recognized on an accrual basis. When a loan has been in default for more than ninety days, the provision of interest is suspended and revenues are recognized until they are paid in cash. Unprovided interest is recorded in control accounts. Commissions on loans and contingent operations with a term greater than one hundred and eighty days are recorded as deferred liabilities and recognized as revenues systematically throughout the contract. Interest that becomes part of the asset as a consequence of granting a refinancing is recorded as a deferred liability and recognized as revenue until it is received.

2.16 Salvage and Recoveries
This concept refers to income received from rescues from damaged assets, in which the insurance company has paid its clients the corresponding indemnity. When income derived from such recoveries must be shared in co-insurance, reinsurance, or suretyship, the income account is debited for the ceded portion.

2.17 Recognition of losses in loans
Losses in the loan portfolio are recognized in the following cases:
a) Balances with real guarantee that have had no capital recoveries reported for more than twenty-four months, provided they are not in the process of judicial execution; b) Balances without real guarantee that have had no capital recoveries reported for more than twelve months, provided they are not in the process of judicial execution; c) Balances without executive document to initiate recovery through the judicial route; d) Balances after twenty-four months of initiating judicial action, where it has not been possible to attach seizure; e) Cases in which a first-instance judgment has been issued in favor of the debtor; f) When there is no evidence that the debtor acknowledged its debt in the last five years; and g) When, in the judgment of the entity, there is no possibility of recovery.

Note 3. Cash and Banks

This item is composed of available cash both in local currency and in foreign currency amounting to US$_____, of which US$__________ correspond to deposits in local currency and US$, in deposits in foreign currency equivalent to US$____. The available item is integrated as follows:
a) Cash US$ b) Immediate collection effects c) Local Banks d) Foreign Banks ____________ US$

Of the deposits in Banks, the following are restricted:

Bank	Restricted Amount	Reason for Restriction
______________________	US$__________	US$_______ ___________________
______________________	US$_________	US$_______ __________________

Clarification:
Include the restriction in US$, when the restricted balance is in foreign currency.

Note 4. Repurchase Agreements and Stock Market Operations

This item represents securities traded on a stock exchange and the repurchase agreements that the insurance company carries out directly with the repurchaser. These components are:
Securities traded:
On stock exchange US$
Off stock exchange US$_______
Total US$======

Note 5. Diversification of Investments

The minimum net equity plus the technical reserves constitute the basis 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$______, of which the eligible investments according to Article 34 of the Insurance Companies Law amount to US$. 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 and discount portfolio
6. Premiums receivable
7. Furniture and equipment
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) does not present (or presents 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 Ratio ___ %
The coverage ratio is the quotient expressed as a percentage, resulting from dividing the amount of provisions by the amount of assets. Average yield rate ____% The average yield rate is the percentage, resulting from dividing the income from the investment portfolio (including interest and commissions), by the average balance of the gross investment portfolio for the reported period. Note 6. Loan Portfolio

The entity's loan portfolio is classified by term and diversified in the following economic sectors:
A) Outstanding Loans US$ a) Loans to State entities US$ b) Loans to private companies c) Loans to other entities of the Financial System

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026 d) Loans to subsidiaries e) Loans to foreign non-domiciled companies f) Stock market operations g) Loans guaranteed by policies ________ B) Overdue Loans US$ a) Loans to State entities US$ b) Loans to private companies c) Loans to other entities of the Financial System d) Loans to subsidiaries e) Loans to foreign non-domiciled companies f) Loans guaranteed by policies

C) Interest on loans US$
Less: Prudential reserves US$

---

Net Portfolio US$

Average yield rate _____%
The average yield rate is the percentage, resulting from dividing the income from the loan portfolio (including interest and commissions), by the average balance of the gross loan portfolio for the reported period.

Note 7. Provisions for Loans
At _______ of _______________ of 2,0XX the entity maintains provisions for loans to cover potential losses totaling US$______________. The movement recorded during the period in the prudential reserve accounts is summarized below:
a) Provisions for loans to State entities:
Loans Contingencies Total
Balances as of December 31, 2,0XX US$ US$ US$
Plus: Establishment of reserves
Less: Release of reserves _________ __________ ______ Total US$ US$ US$ ======== ========= ======

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026
Coverage ratio ___%
The coverage ratio is the quotient expressed as a percentage, resulting from dividing the amount of provisions by the amount of assets. b) Provisions for loans to private companies:
Loans Contingencies Total
Balances as of December 31, 2,0XX US$ US$ US$
Plus: Establishment of reserves
Less: Release of reserves _________ __________ ______ Total US$ US$ US$ ======== ========= ====== Coverage ratio ___% c) Provisions for loans to other entities of the financial system:
Loans Contingencies Total
Balances as of December 31, 2,0XX US$ US$ US$
Plus: Establishment of reserves
Less: Release of reserves _________ __________ ______ Total US$ US$ US$ ======== ========= ====== Coverage ratio ___% d) Provisions for loans granted to foreign non-domiciled companies:
Loans Contingencies Total
Balances as of December 31, 2,0XX US$ US$ US$
Plus: Establishment of reserves
Less: Release of reserves _________ __________ ______ Total US$ US$ US$ ======== ========= ====== Coverage ratio ___%

e) Provisions for loans to subsidiaries:
Loans Contingencies Total
Balances as of December 31, 2,0XX US$ US$ US$
Plus: Establishment of reserves
Less: Release of reserves _________ __________ ______ Total US$ US$ US$ ======== ========= ======

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026
Coverage ratio % f) Provisions for loans to others:
Loans Contingencies Total
Balances as of December 31, 2,0XX US$ US$ US$
Plus: Establishment of reserves
Less: Release of reserves _________ __________ ______ Total US$ US$ US$ ======== ========= ====== Coverage ratio % Note 8. Premiums Receivable This item is diversified by line of business and records the amount of premiums pending collection, as follows:
a) For life, accident, and health insurance US$ b) For property insurance c) For pension insurance d) For surety bonds e) Others f) Overdue ______________ Subtotal US$ Less: Provision for premiums receivable US$______ Net premiums receivable US$ ============ At ___________ 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$________________ The movement of the provisions recorded during this period is summarized below:
Balances as of 12/31/20XX US$
Plus: Establishment of Provisions US$
Less: Release of Provisions US$_______________ Totals US$ ==============

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026
Note 9. Insurance and Surety Debtor Companies
This item records the rights of the insurance company(ies) from various cessions, as follows:
a) Account for insurance and surety US$ b) Premiums retained for insurance and surety; and c) Current account for reinsurance and retrocession ________________ Total US$ ============== Note 10. Permanent Investments The composition of the entity's permanent investments is as follows:
a) Land and buildings US$ b) In companies ______________ 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 comprising this asset item. The detail of the insurance company's shareholdings in other unconsolidated companies is as follows:
Name of the Company
Business
Activity
% of
Participation
Initial Investment
Investment according to Books
Profit of the
Year
Date Amount
Company X
Company Y
Company Z
Clarification:
This last part of the note does not apply to unconsolidated financial statements.

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026
Note 11. Fixed Assets (Movable and Immovable Property) Cost: Buildings US$ Land Furniture and Equipment _________________ Less: Accumulated Depreciation (US$ ) Plus:
Land
Construction in progress _________________
Revaluations:
Buildings
Furniture and Equipment _________________
Less:
Accumulated Depreciation of revaluations (US$_____________) During the current fiscal year, the following revaluations were carried out: (The revalued asset or assets, the appraisal performed, and the respective adjustments to depreciation must be described.) The movement of fixed assets in the reported fiscal year was as follows:
Balance as of December 31, 20XX US$
Plus: Acquisitions
Revaluations
Less: Disposals
Depreciation

---

Balances as of December 31, 20XX US$

Note 12. Assets Received in Payment (Extraordinary Assets) As of December 31, 2,0XX, 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:

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026
Value of Assets Value of Reserves
Balance as of ___ of ___________ of _________ US$ US$ Plus: Acquisitions Less: Disposals ______________________ Balance as of ____ of __________of _________ US$ US$ Assets that have been acquired for more than two years must be described, indicating whether they have been recognized as losses in the reported fiscal year or if the 180-day extension established in Article 95 of the Insurance Companies Law has been obtained. During the period from January 1, 20XX to December 31, 20XX, the following extraordinary assets were derecognized:
a) By sales:
Description of the asset
Sale Price
Cost of
Acquisition
Provision
Established
Profit or
Loss
Total b) By transfer to fixed assets:
Description of the asset
Cost of
Acquisition
Provision
Established
Value
Assigned
Total c) By destruction:
Description of the asset
Cost of
Acquisition
Provision
Established
Net Loss
Total

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026
Note 13. Obligations for Claims
At ___ of ____________of the obligations of the insurance company(ies), in concept of claims pending payment, amount to US$ _______ and their distribution by line of business is as follows:

1. Life, accident, and health US$
2. Property
3. Motor vehicles
4. Surety bonds
5. Others ______________
   Total US$
   ============
   Note 14. Deposits for Insurance Operations
   At ___ of _____________of _________ the insurance company(ies) has(have) deposits in favor of their insured for the sum of US$_________________, whose distribution is as follows:
6. Deposits for insurance premiums US$
7. Deposits for surety premiums
8. Other deposits ____________
   Total US$
   ===========
   Note 15. Other Obligations with Insured Parties At_____ of __________of the insurance company(ies) records in favor of their insured, sums resulting from other obligations derived from policies subscribed for the value of US$ ___________, whose detail is as follows:
9. Dividends payable on policies US$
10. Coupons and bonds payable
11. Premiums payable
12. Others __________
    Total US$
    =========
    Note 16. Technical Reserves
    As of December 31, 20XX, the risk and mathematical reserves established by the insurance company(ies) to meet commitments derived from insurance and surety policies in force, amount to a total of US$ __________.

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026
The movement recorded during the period in the technical and mathematical reserve accounts is summarized below:
Concepts
Risk Reserves in Force
Mathematical
Reserves
Total
Balances as of US$ US$ US$
Plus: Increases in reserves
Less: Decreases in reserves
Total as of US$ US$ US$
Note 17. Reserves for Claims
As of December 31, 20XX, the risk reserves for claims established by the insurance company(ies) to meet commitments derived from insurance and surety policies 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: Increases in reserves
Less: Decreases in reserves
Total as of US$ US$
Note 18. Insurance and Surety Creditor Companies At _____ of _______________of _______ the insurance company(ies) has(have) recorded obligations amounting to US$ _________ which are distributed as follows:

1. Obligations in current account with reinsurance and retrocession companies US$
2. Premiums retained by reinsurance and retrocession companies.
3. Obligations in current account with insurance and surety companies ________
   Total US$______
   In case there are obligations in foreign currency, the equivalent in United States dollars must be disclosed.

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026
Note 19. Financial Obligations
At ____ of _________________of ______ the entity has financial obligations amounting to US$ ________________ and which are 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$_______________
   In case the obligation is in foreign currency, the equivalent in United States dollars must be disclosed.
   Note 20. Obligations with Intermediaries and Agents At ____ of _________________of ______ the insurance company(ies) has(have) obligations with intermediaries and agents for the sum of US$ _________, which is distributed as follows:
6. With insurance agents and Intermediaries US$
7. Others ____________
   Total US$____________
   In case there are obligations in foreign currency, the equivalent in United States dollars must be disclosed.
   Note 21. Loans Convertible into Shares
   In accordance with Article 55 of the Insurance Companies Law, the insurance company(ies) has received loans convertible into shares as a consequence of deficiencies in Minimum Net Equity, for a term of__________ months, to correct such deficiency.

Each loan must be described, including the name of the creditor, loan amount, agreed interest rate, maturity date, loan term, and type of guarantee. Note 22. Earnings (loss) per share. The earnings (loss) per share for the reported periods is as follows:
Earnings (loss) per share.

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026
The above value has been calculated considering the net earnings (loss) shown in the income statement and an average of shares in circulation of ________.

(The average number of shares in circulation must be calculated as established by IAS 33 Earnings per Share).

Note 23. Administrative Expenses
Personnel expenses US$
Directors
Third-party services
Taxes and contributions
Pensions and retirement
Other administrative expenses US$________________ Total US$ =================

Note 24. 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 _____ % 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 in a similar manner.

Note 25. Income Tax
Entities established 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 income tax that the insurance company(ies) is obligated to pay to the Ministry of Finance, the requirements of the International Financial Reporting Standards (IFRS) regarding deferred income tax must be met.

In the case of foreign subsidiaries, the legal provision concerning the payment of income tax must be described.

Note 26. Related Parties
In accordance with Article 27 of the Insurance Companies Law, related parties are:

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026

• 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 companies whose ownership is under 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 voting shares of the same; 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 voting shares of the referred company; 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; d) In which shareholders, directors, or managers of an insurance company, their spouses, or relatives within the first degree of consanguinity, jointly hold ten percent or more of the shares of the referred company.

The related natural and legal persons with the insurance company(ies) are as follows:
____________________________________________________________________ ____________________________________________________________________ Clarification In cases where there is indirect ownership of shares, the expression "and spouse, relatives, and participation of other companies" must follow the name of the person. In the case of directors and managers, the corresponding position must be indicated following the name. Note 27. Related Credits In accordance with Article 27 of the Insurance Companies Law, insurance companies and their subsidiaries may not have loans granted to natural or legal persons in their portfolio exceeding 15% of the paid capital and capital reserves of the institution; furthermore, said amount may not exceed 2% of the total net assets of the insurance company or its subsidiaries, after deducting prudential reserves and depreciation, as applicable.

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026
Loans granted to related parties, at ____ of __________________ of the ________ amount to US$________________ and represent the __________% of the paid capital and capital reserves and the _______% of the total net assets of the insurance company or its subsidiaries, after deducting prudential reserves and depreciation, as applicable. During the reported period, the insurance company and its subsidiaries did not present (or presented) an excess of related credits, nor (and) the amount of such credits exceeded (did not exceed) 2% of the total net assets in: US$ ________________.

Regularization Plan
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, a brief description of the regularization plan must be provided.

Note 28. Requirement of Minimum Net Equity
In accordance with Article 29 of the Insurance Companies Law, insurance companies must have a minimum net equity 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.

At ___ of ____________ of , the Minimum Net Equity amounts to US$_____ which complies with what is established in the Law (or represents a deficiency of US$____________, based on the minimum share 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 what the host country requires.

Note 29. Distributable Utility
In accordance with the first paragraph of Article 18 of the Insurance Companies Law, these entities must retain from their earnings, after deducting the legal reserve, a sum equal to the products (income) pending collection; consequently, these values must be determined as follows:

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026
Earnings of the year US$

Less: Legal reserve _________________
Available earnings US$

Plus: Distributable earnings from previous years US$ Less: Interest, commissions, and surcharges receivable US$ On deposits US$ On investments US$ On loans US$ On other assets US$___________ US$______________

Distributable earnings US$

Note 30. 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 the International Financial Reporting Standards (IFRS). Clarification:
Lawsuits are considered legal disputes in favor of or against the entity, brought before a judge to hear the case, as well as proceedings being heard by the Superintendence against the entities it supervises.

Note 31. Liabilities
The liabilities assumed by the insurance company(ies) and the amounts retained against them are as follows:
a) Liabilities for direct insurance and surety business US$ b) Liabilities ceded and retroceded for insurance and surety c) Less: Mathematical reserves ______ US$ ======

Note 32. 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 the

IFRS must be pointed out and quantified, if possible.

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026
International Financial Reporting Standards (IFRS).
Note 33. Segment Information
A note describing the segment information of the insurance company and its subsidiaries must be prepared, as required by International Financial Reporting Standard (IFRS 8 Operating Segments). Note 34. Reinsurance The reinsurers backing the insurance business of the entity are:
Reinsurer Contract Class Participation (%)
_______________________ ________________ _____________ _______________________ ________________ _____________ _______________________ ________________ _____________ Note 35. Relevant and Subsequent Events Relevant events are considered those quantifiable events that affect net income or loss of the period by at least five percent. 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 occurred in the board of directors or administration; in such cases, the substitutes and the substituted must be mentioned; b) Discontinued operations, indicating the date the event occurred; c) Deficiencies in minimum net equity; 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

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026 k) Effects of contracts (leases, advertising, services, etc.)
Relevant and subsequent events detected by the Superintendence must be included in this note.
Additional Notes
Art. 6.- If the Administration deems it appropriate, 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. Consolidated Financial Statements Art. 7.- For the purposes of these Standards, the consolidated financial statements of a controlling insurer and its subsidiaries constitute the global expression of the financial situation, operating results, and changes in financial situation that present assets, liabilities, equity, income, and expenses, after eliminating reciprocal balances and transactions between such entities.

CHAPTER III
MINIMUM CONSOLIDATION PROCEDURES

Technical Basis
Art. 8.- Consolidated financial statements are the responsibility of the controlling entity's administration and must be prepared in a comparative manner for the same previous period, in thousands of United States dollars with one decimal place and in accordance with what is established in International Financial Reporting Standards (IFRS), considering the exceptions described below:
a) All financial statements of the entities to be consolidated must have the same reference date; b) Accounting policies for similar transactions and events in similar circumstances must be the same for all entities, with the sole exception of foreign subsidiaries for legal reasons of the country of origin, a situation that requires sufficient disclosure; c) The accounting of investments in joint venture companies must be considered according to standards issued by the Central Bank through its Standards Committee; and d) Goodwill acquired and gain from a purchase under very advantageous conditions must be considered as an increase or decrease in the controlling entity's investment in another insurance company or in the subsidiaries.

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026
Consolidated financial statements must be titled with the name of the insurance company, followed immediately by the expression "and subsidiaries".

Consolidation Procedures
Art. 9.- The procedure that the entity must follow for the consolidation of financial statements is as follows:
a) Obtain the financial statements of the insurance company and its subsidiaries, referred to a single date, duly audited, except that one or more foreign subsidiaries have a different accounting period closing date than the controlling entity. When this is the case, necessary adjustments must be made for significant transactions or other events occurred between the closing date and the date of the financial statements to the reference date of the consolidation, in addition to the necessary disclosures in the consolidation note; b) Uniform the different elements and accounting items of the insurance company and its subsidiaries; c) Detail in a consolidation work sheet, the financial statements, starting with the controlling entity; d) Formulate the adjustments and eliminations in the prepared work sheet, creating the corresponding accounting voucher, which allows its verification in a sufficient manner; e) Sum horizontally and vertically the columns of the consolidation work sheet; and f) Prepare the consolidated financial statements. The controlling entity's administration must conserve the individual financial statements of each company in its group, the consolidation work sheet, and the journal entries for adjustments and eliminations, for at least twenty-four months subsequent to the reference date of the mentioned documents.

CHAPTER IV
RESPONSIBLE PARTIES FOR THE FINANCIAL STATEMENTS

Responsible for preparing the financial statements Art. 10.- The preparation of the financial statements and their notes is the responsibility of the controlling entity's administration or of the insurance company when they are not consolidated; however, this may delegate its preparation to duly qualified professionals. The financial statements must be signed by the members of the Board of Directors, the general manager, or whoever holds an equivalent position; but when it comes to consolidated financial statements, this responsibility corresponds to those who hold those positions in the controlling entity.

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026
Submission of the financial statements
Art. 11.- The financial statements, their notes, and the corresponding interim report from the external auditor as of June 30, must be submitted to the Superintendence by the controlling entity's administration or by the entity when they are not consolidated, no later than five business days before publication. Along with the aforementioned financial statements, the certification of the point of the minutes of the board of directors meeting, where the publication and content thereof were agreed upon, must be submitted. The financial statements as of December, their notes, and the corresponding opinion of the external auditor must be submitted to the Superintendence by the entity's administration or equivalent administrative body, no later than five business days before the holding of the general shareholders' meeting of that entity. Along with the consolidated financial statements, the basic financial statements, their notes, the external auditor's opinion of each of the individual and consolidated entities, and the certification of the point of the board of directors meeting minutes where the financial statements of each of the entities were reviewed must be submitted.

Disclosure of the financial statements
Art. 12.- The financial statements delivered to shareholders, those published in the annual report, and in general any disclosure thereof, must include the four basic financial statements, their notes in full, and the external auditor's opinion.

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026
CHAPTER V
FINANCIAL STATEMENTS

Annex No. 1
(Name of the entity)
GENERAL BALANCE SHEET
(Expressed in thousands of United States dollars)

Line No. Classification Items
A Business Assets
A.1 Cash and Banks 1101, 1103, and 1104
A.2 Immediate collection effects 1102
A.3 Financial Investments (net) 12
A.4 Loan Portfolio (net) 13
A.5 Premiums receivable (net) 14
A.6 Debtors for insurance and bonds 16
B Other Assets
B.1 Assets received in payment (net) 1905 less 1999020 B.2 Permanent investments 17 B.3 Various (net) 1901,02,03,04 less 1999010 C Fixed Asset C.1 (Real estate, furniture, and others at their net value) 18 TOTAL ASSETS LIABILITIES AND EQUITY D Business Liabilities D.1 Obligations with insured 21 D.2 Financial obligations 25 D.3 Creditors for insurance and bonds 24 D.4 Obligations with intermediaries and agents 26 D.5 Repos and other stock market obligations 250401 E Other Liabilities E.1 Accounts payable 27 E.2 Provisions 28

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026
E.3 Various 29
F Technical Reserves
F.1 Mathematical reserves 220101 and 2202
F.2 Risks in progress reserves 220102,03,04,09, 2203,2204,2205 2206,2207 and 2208 G Claims Reserves G.1 Reported 2301 G.2 Unreported 2302 H Obligations convertible into shares H.1 Loans convertible into shares Total Liabilities Non-Controlling Interest I Equity I.1 Paid-in share capital 3101 I.3 Paid-in social contribution 33 I.5 Capital reserves, restricted equity and accumulated results 35,36,38 TOTAL LIABILITIES AND EQUITY

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026
Annex No. 2

(Name of the entity)
STATEMENT OF RESULTS
(Expressed in thousands of United States dollars)

Line No. Classification Items
AA Operating Income
AA.1 Net premiums less returns and cancellations 51 less 46 AA.2 Income from decrease in technical reserves 52 AA.3 Claims and expenses recovered by reinsurance and ceded reinsurance 54 AA.4 Reimbursement of expenses for cessions 55 AA.5 Salvages and Recoveries 56 AA.6 Financial and investment income 57 BB Operating Costs BB.1 Claims 41 BB.2 Premiums ceded for reinsurance and reinsurance 42 BB.3 Expenses for increases in technical reserves 43 BB.4 Acquisition and conservation expenses 45 CC Sanitation Reserves 4702,4703,4704,4708 and 5802 Profit Before Expenses DD Operating Expenses DD.1 Financial and investment expenses 4701 and 4709 DD.2 Administration Expenses 48 Operating Profit (Loss) EE Income from participation 570502001 and 570503001 FF Other Income and Expenses 49,5801 and 59 Profit (Loss) Before Taxes GG Income Tax 4805090 Profit (Loss) After Taxes Net Profit (Loss)

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026
Annex No. 3
(Name of the entity)
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 asset () Sale of fixed asset () Acquisition of extraordinary assets () Sale of extraordinary assets () Net cash provided (used) by (in) investing activities US$ US$ Financing Activities Loans obtained Repos and stock market operations Dividends Issuance of financial instruments Issuance of shares Net cash provided (used) by (in) financing activities US$ US$ Cash and equivalents US$ US$ Cash at the beginning of the year US$ US$ Cash at the end of the year US$ US$ (*) Include only cash operations

NCF-19
FINANCIAL STATEMENTS OF INSURANCE COMPANIES
Approval: 30/06/2026
Validity: 15/07/2026

(Name of the entity) Annex No. 4
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD
(Expressed in thousands of United States dollars)

CONCEPTS Balance as of 12/31/20XX Increases Decreases Balance as of 12/31/20XX Increases Decreases Balance as of 12/31/20XX Equity Paid-in share 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 Premiums 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

CHAPTER VI
OTHER PROVISIONS AND VALIDITY
Sanctions
Art. 13.- 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. 14.- These Standards repeal the "Standards for the Preparation of Financial Statements of Insurance Companies" (NCS -015), approved by the Board of Directors of the Superintendence of the Financial System 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. 15.- Aspects not provided for in regulatory matters in these Standards will be resolved by the Central Bank through its Standards Committee. Validity Art. 17.- These Standards will enter into force as of July 15, two thousand twenty-six.