NTUC Income AR 2019

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 6. INTANGIBLE ASSETS 2019 $’000 2018 $’000 Life Insurance Par Fund Cost At 1 January 153,066 132,722 Additions 16,995 20,344 Disposals (38) – At 31 December 170,023 153,066 Accumulated amortisation At 1 January 104,317 90,184 Charge for the year 15,844 14,133 Disposals (13) – At 31 December 120,148 104,317 Carrying amount at 31 December 49,875 48,749 Life Insurance Non-Par Fund Cost At 1 January 14,649 14,529 Additions 43 120 At 31 December 14,692 14,649 Accumulated amortisation At 1 January 14,380 13,999 Charge for the year 97 381 At 31 December 14,477 14,380 Carrying amount at 31 December 215 269 Shareholders’ Fund Cost At 1 January 8,434 2,808 Additions 16,956 5,626 Disposals (267) – At 31 December 25,123 8,434 Accumulated amortisation At 1 January 746 – Charge for the year 2,542 746 Disposals (97) – At 31 December 3,191 746 Carrying amount at 31 December 21,932 7,688 Amortisation expense is included in “Management expenses” in the statement of comprehensive income. ANNUAL REPORT 2019 101

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