NTUC Income AR 2019

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 15. INSURANCE CONTRACT PROVISIONS (CONTINUED) Movements in insurance contract provisions (net) Life Insurance Par Fund Provision for future participating / non-participating benefits 2019 $’000 2018 $’000 At 1 January 26,017,373 25,529,694 Premium received 1,886,109 2,055,749 Income: – Investment income 2,669,497 110,113 – Other income 18,148 14,624 Claims and surrenders (1,593,986) (1,616,871) Expenses (170,934) (170,143) Other movements (93,445) 102,490 Transfer to Shareholders’ Fund (8,793) (8,283) At 31 December 28,723,969 26,017,373 Life Insurance Non-Par Fund (a) Provision for unexpired risks 2019 $’000 2018 $’000 At 1 January 234,150 199,757 Increase in insurance provision for unexpired risk 25,348 34,393 At 31 December 259,498 234,150 (b) Provisions for future non-participating benefits and claims 2019 $’000 2018 $’000 At 1 January 2,336,094 2,132,995 Increase in provision for claims 13,445 14,712 Increase in insurance contract provision – Business movements 755,310 156,623 Change in valuation basis – Discount rate 74,002 1,570 – Assumption and other changes 29,214 30,194 Transfer to liabilities held for sale (1,603,131) – At 31 December 1,604,934 2,336,094 At 31 December (a) + (b) 1,864,432 2,570,244 124 HERE FOR SURE