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) Investment properties 2017 $’000 2016 $’000 Life Insurance Par Fund At 1 January 1,779,708 1,698,529 Additions 215 1,762 Disposals (1,462) (6,980) Asset held for sale (1,220) – Change in net fair value recognised in profit or loss 92,760 86,397 At 31 December 1,870,001 1,779,708 Investment properties are carried at fair values at the reporting date as determined by independent professional valuers. Fair value hierarchy Fair value measurements at 31 December 2017 using Quoted prices in active markets for identical assets (Level 1) $’000 Significant other observable inputs (Level 2) $’000 Significant unobservable inputs (Level 3) $’000 Life Insurance Par Fund Recurring fair value measurements Investment properties – – 1,870,001 During the financial year ended 31 December 2017, there was no transfer of investments between Level 1 and 2, and in and out of Level 3 of the fair value hierarchy. Fair value measurements at 31 December 2016 using Quoted prices in active markets for identical assets (Level 1) $’000 Significant other observable inputs (Level 2) $’000 Significant unobservable inputs (Level 3) $’000 Life Insurance Par Fund Recurring fair value measurements Investment properties – – 1,779,708 During the financial year ended 31 December 2016, there was no transfer of investments between Level 1 and 2, and in and out of Level 3 of the fair value hierarchy. ANNUAL REPORT 2017 EVERY DAY MADE DIFFERENT 87