NTUC Income AR 2017

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 6. INTANGIBLE ASSETS 2017 $’000 2016 $’000 Life Insurance Par Fund Cost At 1 January 110,889 96,366 Additions 21,833 14,523 At 31 December 132,722 110,889 Accumulated amortisation At 1 January 77,803 66,273 Charge for the year 12,381 11,530 At 31 December 90,184 77,803 Carrying amount at 31 December 42,538 33,086 2017 $’000 2016 $’000 Life Insurance Non-Par Fund Cost At 1 January 14,414 14,347 Additions 115 67 At 31 December 14,529 14,414 Accumulated amortisation At 1 January 12,758 9,875 Charge for the year 1,241 2,883 At 31 December 13,999 12,758 Carrying amount at 31 December 530 1,656 2017 $’000 2016 $’000 Shareholders’ Fund Cost At 1 January – – Additions 2,808 – At 31 December 2,808 – Accumulated amortisation At 1 January – – Charge for the year – – At 31 December – – Carrying amount at 31 December 2,808 – Amortisation expense is included in “Management expenses” in the statement of comprehensive income. ANNUAL REPORT 2017 NTUC INCOME INSURANCE CO-OPERATIVE LIMITED 92