NTUC Income AR 2017

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 15. INSURANCE CONTRACT PROVISIONS (CONTINUED) Movements in insurance contract provisions (continued) Investment-Linked Fund (a) Provision for investment-linked contracts (unit reserves) 2017 $’000 2016 $’000 At 1 January 1,719,050 1,553,480 Premiums 442,937 333,671 Income 240,161 86,221 Claims and surrenders (273,874) (247,135) Expenses (10,555) (7,187) At 31 December 2,117,719 1,719,050 (b) Provision for investment-linked contracts (non-unit reserves) 2017 $’000 2016 $’000 At 1 January 280 195 Increase in insurance contract provision – Business movements – 68 Change in valuation basis – Discount rate 4 3 – Assumption and other changes (25) 14 At 31 December 259 280 At 31 December (a) + (b) 2,117,978 1,719,330 General Insurance Fund (a) Provision for unexpired risk 2017 $’000 2016 $’000 At 1 January 177,124 158,947 Increase in insurance provision for unexpired risk 10,642 18,177 At 31 December 187,766 177,124 (b) Provision for claims and loss adjustment expenses 2017 $’000 2016 $’000 At 1 January 450,615 476,577 (Decrease) / Increase in insurance provision for claims and loss adjustment expenses (5,784) (25,962) At 31 December 444,831 450,615 At 31 December (a) + (b) 632,597 627,739 ANNUAL REPORT 2017 EVERY DAY MADE DIFFERENT 111