NTUC Income AR 2017

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 4. MANAGEMENT OF INSURANCE AND FINANCIAL RISKS (CONTINUED) (f) Fair value measurements (continued) 2017 Level 1 $’000 Level 2 $’000 Level 3 $’000 Total $’000 Assets Investments designated at fair value through profit or loss – Equities 4,773,007 2 – 4,773,009 – Funds 2,431,785 – – 2,431,785 – Debt securities 21,924,457 331,068 902 22,256,427 Available-for-sale investments – Equities 85,376 4 41,538 126,918 – Funds 63,866 – 1,746,242 1,810,108 – Debt securities 666,082 12,078 – 678,160 29,944,573 343,152 1,788,682 32,076,407 – Derivative financial instruments 3,193 147,931 – 151,124 29,947,766 491,083 1,788,682 32,227,531 Liabilities – Derivative financial instruments (1,359) (77,943) – (79,302) 2016 Level 1 $’000 Level 2 $’000 Level 3 $’000 Total $’000 Assets Investments designated at fair value through profit or loss – Equities 3,855,999 – – 3,855,999 – Funds 1,858,503 – – 1,858,503 – Debt securities 20,467,728 163,465 1,117 20,632,310 Available-for-sale investments – Equities 99,537 – 42,548 142,085 – Funds 59,214 – 1,516,449 1,575,663 – Debt securities 616,452 22,199 – 638,651 26,957,433 185,664 1,560,114 28,703,211 – Derivative financial instruments 3,416 30,438 – 33,854 26,960,849 216,102 1,560,114 28,737,065 Liabilities – Derivative financial instruments (2,207) (358,084) – (360,291) The fair value of financial instruments traded in active markets (such as trading and available-for-sale securities) is based on quoted market prices at the reporting date. The quoted market price used for financial assets held by the Group is the last traded price for equity investments and bid prices for fixed income investments. These instruments are included in Level 1. ANNUAL REPORT 2017 NTUC INCOME INSURANCE CO-OPERATIVE LIMITED 84