NTUC Income AR 2018

Notes to the Financial Statements For the Financial Year Ended 31 December 2018 15. Insurance contract provisions 2018 Life Insurance Par Fund $’000 Life Insurance Non-Par Fund $’000 Investment- Linked Fund $’000 General Insurance Fund $’000 Total $’000 Gross Provision for claims and loss adjustment expenses – 112,493 – 479,363 591,856 Provision for unexpired risks – 234,150 – 189,058 423,208 Provision for future non-participating benefits 214,208 2,223,601 519 – 2,438,328 Provision for future participating benefits – Guaranteed benefits 11,668,612 – – – 11,668,612 – Non-guaranteed benefits 14,134,553 – – – 14,134,553 Provision for investment-linked contracts – – 2,122,207 – 2,122,207 Total insurance contract provisions, gross 26,017,373 2,570,244 2,122,726 668,421 31,378,764 Reinsurance Provision for claims and loss adjustment expenses – – – 42,283 42,283 Provision for unexpired risks – – – 1,019 1,019 Total reinsurers’ share of insurance contract provisions – – – 43,302 43,302 Net Provision for claims and loss adjustment expenses – 112,493 – 437,080 549,573 Provision for unexpired risks – 234,150 – 188,039 422,189 Provision for future non-participating benefits 214,208 2,223,601 519 – 2,438,328 Provision for future benefits – Guaranteed benefits 11,668,612 – – – 11,668,612 – Non-guaranteed benefits 14,134,553 – – – 14,134,553 Provision for investment-linked contracts – – 2,122,207 – 2,122,207 Total insurance contract provisions, net 26,017,373 2,570,244 2,122,726 625,119 31,335,462 114 HAND IN HAND