NTUC Income AR 2019

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 9. INVESTMENT IN JOINT VENTURE (CONTINUED) Reconciliation of summarised financial information Reconciliation of summarised financial information presented to the carrying amount of the Group’s interest in the joint venture company, is as follows: Street Square Pte. Ltd. 2019 $’000 2018 $’000 Net assets At 1 October 2018 / 2017 214,149 181,309 Profit for the year 93,790 32,840 Other comprehensive income – – Dividends paid / declared – – At 30 September 2019 / 2018 307,939 214,149 Interest in joint venture (2019: 50%, 2018: 50%) 153,970 107,075 Carrying amount 153,970 107,075 10. INVESTMENT IN ASSOCIATED COMPANIES Set out below are the associated company of the Group as at 31 December 2019. The associated company as listed below has share capital consisting solely of ordinary shares, which are held directly by the Group; the country of incorporation is also their principal place of business. The Group has no commitments relating to its associated company. There are also no contingent liabilities relating to the Group’s interest in the associated company. 2019 $’000 2018 $’000 Life Insurance Par Fund Equity investment at cost 235,787 235,787 Name of company Country of incorporation Principal activities % of ownership interest 2019 % 2018 % Parkway Parade Partnership Limited (a) Singapore Properties investment holding 49 49 (a) Financial year ends on 31 December ANNUAL REPORT 2019 105