NTUC Income AR 2019
NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 15. INSURANCE CONTRACT PROVISIONS 2019 Life Insurance Par Fund $’000 Life Insurance Non-Par Fund $’000 Investment- Linked Fund $’000 General Insurance Fund $’000 Total $’000 Gross Provision for claims and loss adjustment expenses – 124,746 – 492,838 617,584 Provision for unexpired risks – 259,498 – 202,473 461,971 Provision for future non-participating benefits 219,965 1,480,188 1,122 – 1,701,275 Provision for future participating benefits 28,504,004 – – – 28,504,004 Provision for investment-linked contracts – – 2,448,957 – 2,448,957 Total insurance contract provisions, gross 28,723,969 1,864,432 2,450,079 695,311 33,733,791 Reinsurance Provision for claims and loss adjustment expenses – – – 44,453 44,453 Provision for unexpired risks – – – 1,242 1,242 Total reinsurers' share of insurance contract provisions – – – 45,695 45,695 Net Provision for claims and loss adjustment expenses – 124,746 – 448,385 573,131 Provision for unexpired risks – 259,498 – 201,231 460,729 Provision for future non-participating benefits 219,965 1,480,188 1,122 – 1,701,275 Provision for future participating benefits 28,504,004 – – – 28,504,004 Provision for investment-linked contracts – – 2,448,957 – 2,448,957 Total insurance contract provisions, net 28,723,969 1,864,432 2,450,079 649,616 33,688,096 122 HERE FOR SURE
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