NTUC Income AR 2018

Notes to the Financial Statements For the Financial Year Ended 31 December 2018 4. Management of insurance and financial risks (continued) (f) Fair value measurements (continued) Investment properties 2018 $’000 2017 $’000 Life Insurance Par Fund At 1 January 1,870,001 1,779,708 Additions 1,836 215 Disposals – (1,462) Asset held for sale – (1,220) Change in net fair value recognised in profit or loss 49,357 92,760 At 31 December 1,921,194 1,870,001 Investment properties are carried at fair values at the reporting date as determined by independent professional valuers. Fair value hierarchy Fair value measurements at 31 December 2018 using Quoted prices in active markets for identical assets (Level 1) $’000 Significant other observable inputs (Level 2) $’000 Significant unobservable inputs (Level 3) $’000 Life Insurance Par Fund Recurring fair value measurements Investment properties – – 1,921,194 During the financial year ended 31 December 2018, there was no transfer of investments between Level 1 and 2, and in and out of Level 3 of the fair value hierarchy. Fair value measurements at 31 December 2017 using Quoted prices in active markets for identical assets (Level 1) $’000 Significant other observable inputs (Level 2) $’000 Significant unobservable inputs (Level 3) $’000 Life Insurance Par Fund Recurring fair value measurements Investment properties – – 1,870,001 During the financial year ended 31 December 2017, there was no transfer of investments between Level 1 and 2, and in and out of Level 3 of the fair value hierarchy. 89 2018 ANNUAL REPORT