NTUC Income AR 2017

CONSOL IDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 The Group 2016 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 1,805,383 953,588 334,460 292,712 – 3,386,143 Reinsurance premiums (20,142) (322,064) – (17,472) – (359,678) Net premiums 1,785,241 631,524 334,460 275,240 – 3,026,465 Fee and other income 22 20,611 – – 2,958 – 23,569 Net investment income / (losses) and fair value gains / (losses) 23 1,096,753 142,230 87,825 33,373 27,344 1,387,525 Total 2,902,605 773,754 422,285 311,571 27,344 4,437,559 Benefits and claims Gross claims, surrenders and annuities 2,795,571 516,184 247,204 163,521 – 3,722,480 Bonus to policyholders 263,100 – – – – 263,100 (Decrease) / Increase in insurance contract provisions (367,474) 242,986 165,655 (25,962) – 15,205 Less: Reinsurers’ share of insurance benefits and claims (3,482) (138,811) – (6,505) – (148,798) Net insurance benefits and claims 2,687,715 620,359 412,859 131,054 – 3,851,987 Expenses Interest expenses 18 7,809 – – – 22,093 29,902 Selling expenses 85,465 29,059 8,029 49,501 2,770 174,824 Management expenses 24 80,211 63,748 4,913 61,458 20,568 230,898 Total claims and expenses 2,861,200 713,166 425,801 242,013 45,431 4,287,611 Net operating surplus / (deficit) 41,405 60,588 (3,516) 69,558 (18,087) 149,948 Transfer (to) / from insurance contract provisions 18,242 – – – – 18,242 Transfer to Shareholders' Fund (8,708) – – – 8,708 – Contribution to Central Co-operative Fund – – – – (25) (25) Contribution to Singapore Labour Foundation – – – – (16,749) (16,749) Share of result of associated companies and joint venture 9/10 (18,207) – – – 98 (18,109) Net surplus / (deficit) for the year 32,732 60,588 (3,516) 69,558 (26,055) 133,307 The accompanying notes form an integral part of the financial statements. ANNUAL REPORT 2017 EVERY DAY MADE DIFFERENT 41