NTUC Income AR 2017

Note The Group Life Insurance Par Fund $’000 Insurance Non-Par Fund $’000 Investment- Linked Fund $’000 General Insurance Fund $’000 Share holders’ Fund $’000 Total $’000 Share capital At 1 January 2017 – – – – 657,848 657,848 Issuance of participating shares 20 – – – – 331,122 331,122 Redemption of participating shares 20 – – – – (887) (887) At 31 December 2017 – – – – 988,083 988,083 At 1 January 2016 – – – – 638,787 638,787 Issuance of participating shares 20 – – – – 20,493 20,493 Redemption of participating shares 20 – – – – (1,432) (1,432) At 31 December 2016 – – – – 657,848 657,848 Accumulated surplus At 1 January 2017 400,813 701,966 5,327 646,929 (77,654) 1,677,381 Net surplus / (deficit) for the year 49,347 194,683 (5,216) 91,759 20,277 350,850 Transfer (to) / from reserves for future distribution – (98,027) – – – (98,027) Transfer to Shareholders’ Fund – (12,102) – (57,079) 69,181 – Transfer between Insurance Fund – 328,550 1,450 – (330,000) – Dividends for 2016 paid 27 – – – – (37,844) (37,844) At 31 December 2017 450,160 1,115,070 1,561 681,609 (356,040) 1,892,360 At 1 January 2016 368,116 657,151 8,843 644,875 (94,603) 1,584,382 Net surplus / (deficit) for the year 32,697 60,588 (3,516) 69,558 (26,055) 133,272 Transfer (to) / from reserves for future distribution – (5,506) – – – (5,506) Transfer to Shareholders’ Fund – (10,267) – (67,504) 77,771 – Dividends for 2015 paid 27 – – – – (34,767) (34,767) At 31 December 2016 400,813 701,966 5,327 646,929 (77,654) 1,677,381 Fair value reserve At 1 January 2017 – – – (501) 27,689 27,188 Comprehensive income for the year – 203 – 7,976 37,282 45,461 At 31 December 2017 – 203 – 7,475 64,971 72,649 At 1 January 2016 – – – – 3,450 3,450 Comprehensive income for the year – – – (501) 24,239 23,738 At 31 December 2016 – – – (501) 27,689 27,188 Reserves for future distribution At 1 January 2017 – 415,694 – – – 415,694 Transfer (to) / from accumulated surplus – 98,027 – – – 98,027 At 31 December 2017 21 – 513,721 – – – 513,721 At 1 January 2016 – 410,188 – – – 410,188 Transfer (to) / from accumulated surplus – 5,506 – – – 5,506 At 31 December 2016 21 – 415,694 – – – 415,694 CONSOL IDATED STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 The accompanying notes form an integral part of the financial statements. ANNUAL REPORT 2017 NTUC INCOME INSURANCE CO-OPERATIVE LIMITED 44