NTUC Income AR 2017

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 15. INSURANCE CONTRACT PROVISIONS (CONTINUED) 2016 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 – 90,334 – 484,793 575,127 Provision for unexpired risks – 174,805 – 177,563 352,368 Provision for future non-participating benefits 212,107 1,776,970 280 – 1,989,357 Provision for future participating benefits – Guaranteed benefits 10,453,419 – – – 10,453,419 – Non-guaranteed benefits 12,705,453 – – – 12,705,453 Provision for investment-linked contracts – – 1,719,050 – 1,719,050 Total insurance contract provisions, gross 23,370,979 2,042,109 1,719,330 662,356 27,794,774 Reinsurance Provision for claims and loss adjustment expenses – – – 34,178 34,178 Provision for unexpired risks – – – 439 439 Total reinsurers' share of insurance contract provisions – – – 34,617 34,617 Net Provision for claims and loss adjustment expenses – 90,334 – 450,615 540,949 Provision for unexpired risks – 174,805 – 177,124 351,929 Provision for future non-participating benefits 212,107 1,776,970 280 – 1,989,357 Provision for future benefits – Guaranteed benefits 10,453,419 – – – 10,453,419 – Non-guaranteed benefits 12,705,453 – – – 12,705,453 Provision for investment-linked contracts – – 1,719,050 – 1,719,050 Total insurance contract provisions, net 23,370,979 2,042,109 1,719,330 627,739 27,760,157 ANNUAL REPORT 2017 EVERY DAY MADE DIFFERENT 109