NTUC Income AR 2017

CONSOL IDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 The Group 2017 Note 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 Gross premiums 2,039,915 1,065,771 445,585 320,581 – 3,871,852 Reinsurance premiums (20,040) (320,734) (22) (18,318) – (359,114) Net premiums 2,019,875 745,037 445,563 302,263 – 3,512,738 Fee and other income 22 15,298 109 4 3,416 – 18,827 Net investment income / (losses) and fair value gains / (losses) 23 2,241,726 230,382 242,624 79,293 74,155 2,868,180 Total 4,276,899 975,528 688,191 384,972 74,155 6,399,745 Benefits and claims Gross claims, surrenders and annuities 1,878,106 562,199 274,034 180,002 – 2,894,341 Bonus to policyholders 264,933 – – – – 264,933 Increase / (Decrease) in insurance contract provisions 1,915,043 265,691 398,648 (5,784) – 2,573,598 Less: Reinsurers’ share of insurance benefits and claims (2,293) (148,992) – (6,466) – (157,751) Net insurance benefits and claims 4,055,789 678,898 672,682 167,752 – 5,575,121 Expenses Interest expenses 18 7,146 – – – 22,037 29,183 Selling expenses 82,342 33,533 15,163 57,153 8,066 196,257 Management expenses 24 74,424 68,414 5,562 68,308 16,887 233,595 Total claims and expenses 4,219,701 780,845 693,407 293,213 46,990 6,034,156 Net operating surplus / (deficit) 57,198 194,683 (5,216) 91,759 27,165 365,589 Transfer (to) / from insurance contract provisions (10,999) – – – – (10,999) Transfer to Shareholders' Fund (7,851) – – – 7,851 – Contribution to Central Co-operative Fund – – – – (25) (25) Contribution to Singapore Labour Foundation – – – – (14,495) (14,495) Share of result of associated companies and joint venture 9/10 11,033 – – – (219) 10,814 Net surplus / (deficit) for the year 49,381 194,683 (5,216) 91,759 20,277 350,884 The accompanying notes form an integral part of the financial statements. ANNUAL REPORT 2017 NTUC INCOME INSURANCE CO-OPERATIVE LIMITED 40