NTUC Income AR 2017

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 15. INSURANCE CONTRACT PROVISIONS 2017 Life Insurance Par Fund $’000 Life Insurance Non-Par Fund $’000 Investment- Linked Fund $’000 General Insurance Fund $’000 Total $’000 Gross Provision for claims and loss adjustment expenses – 97,781 – 476,495 574,276 Provision for unexpired risks – 199,757 – 188,408 388,165 Provision for future non-participating benefits 221,994 2,035,214 259 – 2,257,467 Provision for future participating benefits – Guaranteed benefits 11,041,671 – – – 11,041,671 – Non-guaranteed benefits 14,266,029 – – – 14,266,029 Provision for investment-linked contracts – – 2,117,719 – 2,117,719 Total insurance contract provisions, gross 25,529,694 2,332,752 2,117,978 664,903 30,645,327 Reinsurance Provision for claims and loss adjustment expenses – – – 31,664 31,664 Provision for unexpired risks – – – 642 642 Total reinsurers' share of insurance contract provisions – – – 32,306 32,306 Net Provision for claims and loss adjustment expenses – 97,781 – 444,831 542,612 Provision for unexpired risks – 199,757 – 187,766 387,523 Provision for future non-participating benefits 221,994 2,035,214 259 – 2,257,467 Provision for future benefits – Guaranteed benefits 11,041,671 – – – 11,041,671 – Non-guaranteed benefits 14,266,029 – – – 14,266,029 Provision for investment-linked contracts – – 2,117,719 – 2,117,719 Total insurance contract provisions, net 25,529,694 2,332,752 2,117,978 632,597 30,613,021 ANNUAL REPORT 2017 NTUC INCOME INSURANCE CO-OPERATIVE LIMITED 108