NTUC Income AR 2018

Notes to the Financial Statements For the Financial Year Ended 31 December 2018 15. Insurance contract provisions (continued) Movements in insurance contract provisions (net) (continued) Investment-Linked Fund (a) Provision for investment-linked contracts (unit reserves) 2018 $’000 2017 $’000 At 1 January 2,117,719 1,719,050 Premiums 349,033 442,937 Income (97,467) 240,161 Claims and surrenders (237,862) (273,874) Expenses (9,216) (10,555) At 31 December 2,122,207 2,117,719 (b) Provision for investment-linked contracts (non-unit reserves) 2018 $’000 2017 $’000 At 1 January 259 280 Increase in insurance contract provision – Business movements 239 – Change in valuation basis – Discount rate – 4 – Assumption and other changes 21 (25) At 31 December 519 259 At 31 December (a) + (b) 2,122,726 2,117,978 General Insurance Fund (a) Provision for unexpired risk 2018 $’000 2017 $’000 At 1 January 187,766 177,124 Increase in insurance provision for unexpired risk 273 10,642 At 31 December 188,039 187,766 (b) Provision for claims and loss adjustment expenses 2018 $’000 2017 $’000 At 1 January 444,831 450,615 (Decrease) / Increase in insurance provision for claims and loss adjustment expenses (7,751) (5,784) At 31 December 437,080 444,831 At 31 December (a) + (b) 625,119 632,597 117 2018 ANNUAL REPORT