NTUC Income AR 2018

Notes to the Financial Statements For the Financial Year Ended 31 December 2018 31. Asset held for sale In 2017, management committed to a plan to sell a residential investment property. Accordingly, the investment property is presented as an asset held for sale. The sale was completed on 29 January 2018 for a consideration of $1,220,000. 32. Legal suit Following the dismissal on 20 August 2015 by the Court of Appeal of the Financial Consultants’ appeal to stay court proceedings, no claims arising from those court proceedings have been referred for arbitration against the Co-operative. Based on our lawyers’ advice, these claims are now statute barred under the Limitation Act. 33. Reclassification and comparative figures In 2018, the Group reviewed its classification and presentation of certain accounts to better represent the Co-operative’s role and obligations to policyholders for a product. Arising from this review, there have been certain reclassifications for 2018. The comparative figures have likewise been reclassified as shown in the table below. This revised classification and presentation do not affect previously reported net surplus and total comprehensive income in the consolidated statement of comprehensive income and has no impact on the information in the consolidated statements of financial position at the beginning of the preceding period as at 1 January 2017 and as at 31 December 2017.   The items were reclassified as follows: Consolidated Statement of Comprehensive Income The Group 2017 As previously reported $’000 Reclassification $’000 After reclassification $’000 Gross premiums 3,871,852 (316,029) 3,555,823 Reinsurance premiums (359,114) 316,029 (43,085) Benefits and claims Gross claims, surrenders and annuities 2,894,341 (149,104) 2,745,237 Less: Reinsurers’ share of insurance benefits and claims (157,751) 149,104 (8,647) 130 HAND IN HAND