NTUC Income AR 2019

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 15. INSURANCE CONTRACT PROVISIONS (CONTINUED) 2018 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 – 112,493 – 479,363 591,856 Provision for unexpired risks – 234,150 – 189,058 423,208 Provision for future non-participating benefits 214,208 2,223,601 519 – 2,438,328 Provision for future participating benefits 25,803,165 – – – 25,803,165 Provision for investment-linked contracts – – 2,122,207 – 2,122,207 Total insurance contract provisions, gross 26,017,373 2,570,244 2,122,726 668,421 31,378,764 Reinsurance Provision for claims and loss adjustment expenses – – – 42,283 42,283 Provision for unexpired risks – – – 1,019 1,019 Total reinsurers' share of insurance contract provisions – – – 43,302 43,302 Net Provision for claims and loss adjustment expenses – 112,493 – 437,080 549,573 Provision for unexpired risks – 234,150 – 188,039 422,189 Provision for future non-participating benefits 214,208 2,223,601 519 – 2,438,328 Provision for future participating benefits 25,803,165 – – – 25,803,165 Provision for investment-linked contracts – – 2,122,207 – 2,122,207 Total insurance contract provisions, net 26,017,373 2,570,244 2,122,726 625,119 31,335,462 ANNUAL REPORT 2019 123