NTUC Income AR 2019

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 13. LOANS (CONTINUED) 2018 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 Term loan to joint venture – unsecured 81,251 – – – – 81,251 Consumer loans 21,710 – – 34 – 21,744 Loans on policies 589,540 53 – – – 589,593 Impairment loss (40) – – (34) – (74) 692,461 53 – – – 692,514 To be settled within 12 months 677,975 53 – – – 678,028 To be settled after 12 months 14,486 – – – – 14,486 692,461 53 – – – 692,514 At the reporting date, the carrying amounts of loans approximate their fair values. Interest bearing loan to a joint venture company The balance of interest bearing loan to joint venture company as at the reporting date and the interest earned recognised in the statement of comprehensive income is as follows: 2019 Loan Balance $’000 Interest Rate (%) Interest Earned $’000 Scheduled Repayment Date Type Loan 1 81,251 7.00 5,688 On demand Unsecured 2018 Loan Balance $’000 Interest Rate (%) Interest Earned $’000 Scheduled Repayment Date Type Loan 1 81,251 7.00 5,688 On demand Unsecured Movements in allowance for impairment loss during the financial year are as follows: 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 2019 At 1 January 40 – – 34 – 74 Allowance written back during the year (29) – – (34) – (63) At 31 December 11 – – – – 11 2018 At 1 January 79 – – 37 – 116 Allowance written back during the year (39) – – (3) – (42) At 31 December 40 – – 34 – 74 ANNUAL REPORT 2019 117