NTUC Income AR 2017

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 13. LOANS (CONTINUED) 2016 Life Insurance Par Fund $’000 Life Insurance Non-Par Fund $’000 Investment- Linked Fund $’000 General Insurance Fund $’000 Share holders' Fund $’000 Total $’000 Term loan to joint venture – unsecured 81,251 – – – – 81,251 Consumer loans 27,714 – – 54 – 27,768 Loans on policies 585,520 – – – – 585,520 Impairment loss (235) – – (54) – (289) 694,250 – – – – 694,250 To be settled within 12 months 676,517 – – – – 676,517 To be settled after 12 months 17,733 – – – – 17,733 694,250 – – – – 694,250 At the reporting date, the carrying amounts of loans approximate their fair values. The balance of term loans to corporations as at the reporting date include loan granted to a joint venture company. Interest bearing loan to a joint venture company The balance of interest bearing loan to joint venture company as at the reporting date and the interest earned recognised in the statement of comprehensive income is as follows: 2017 Loan Balance $’000 Interest Rate % Interest Earned $’000 Scheduled Repayment Date Type Loan 1 81,251 7.00 5,688 On demand Unsecured 2016 Loan Balance $’000 Interest Rate % Interest Earned $’000 Scheduled Repayment Date Type Loan 1 81,251 7.00 5,688 On demand Unsecured Movements in allowance for impairment loss during the financial year are as follows: Life Insurance Par Fund $’000 Life Insurance Non-Par Fund $’000 Investment- Linked Fund $’000 General Insurance Fund $’000 Share holders' Fund $’000 Total $’000 2017 At 1 January 235 – – 54 – 289 Allowance written back during the year (156) – – (17) – (173) At 31 December 79 – – 37 – 116 2016 At 1 January 259 – – 79 – 338 Allowance written back during the year (24) – – (25) – (49) At 31 December 235 – – 54 – 289 ANNUAL REPORT 2017 EVERY DAY MADE DIFFERENT 103