NTUC Income AR 2018

The Group 2018 Note Life Insurance Par Fund $’000 Life Insurance Non-Par Fund $’000 Investment- Linked Fund $’000 General Insurance Fund $’000 Share holders’ Fund $’000 Total $’000 Gross premiums 2,063,412 873,585 353,833 341,089 – 3,631,919 Reinsurance premiums (7,663) (3,485) (55) (21,921) – (33,124) Net premiums 2,055,749 870,100 353,778 319,168 – 3,598,795 Fee and other income 22 14,621 64 12 5,749 128,505 148,951 Net investment income / (losses) and fair value gains / (losses) 23 141,502 45,151 (91,370) 17,445 27,997 140,725 Total 2,211,872 915,315 262,420 342,362 156,502 3,888,471 Benefits and claims Gross claims, surrenders and annuities 1,619,689 578,679 238,167 208,593 – 2,645,128 Bonus to policyholders 266,066 – – – – 266,066 Increase / (Decrease) in insurance contract provisions 135,533 203,099 4,748 (7,751) – 335,629 Less: Reinsurers’ share of insurance benefits and claims (6,035) (2,040) – (7,796) – (15,871) Net insurance benefits and claims 2,015,253 779,738 242,915 193,046 – 3,230,952 Expenses Interest expenses 18 9,453 – – – 22,042 31,495 Selling expenses 95,154 38,222 17,502 56,911 5,961 213,750 Management expenses 24 72,099 72,742 6,057 70,842 19,953 241,693 Total claims and expenses 2,191,959 890,702 266,474 320,799 47,956 3,717,890 Net operating surplus / (deficit) 19,913 24,613 (4,054) 21,563 108,546 170,581 Transfer (to) / from insurance contract provisions (64,389) – – – – (64,389) Transfer to Shareholders’ Fund (8,283) – – – 8,283 – Transfer between Insurance Funds – – – – – – Contribution to Central Co-operative Fund – – – – (25) (25) Contribution to Singapore Labour Foundation – – – – (21,897) (21,897) Share of result of associated companies and joint venture 9/10 64,405 – – – 5,755 70,160 Net surplus / (deficit) for the year 11,646 24,613 (4,054) 21,563 100,662 154,430 Consolidated Statement of Comprehensive Income For the Financial Year Ended 31 December 2018 The accompanying notes form an integral part of the financial statements. 42 HAND IN HAND