NTUC Income AR 2019

The Group 2019 Note 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 Gross premiums 1,903,876 1,352,238 317,159 367,961 – 3,941,234 Reinsurance premiums (17,767) (3,804) (172) (24,195) – (45,938) Net premiums 1,886,109 1,348,434 316,987 343,766 – 3,895,296 Fee and other income 22 18,148 57 45 5,816 3,640 27,706 Net investment income / (losses) and fair value gains / (losses) 23 2,685,489 326,898 291,506 65,403 68,106 3,437,402 Total 4,589,746 1,675,389 608,538 414,985 71,746 7,360,404 Benefits and claims Gross claims, surrenders and annuities 1,594,856 496,993 259,828 206,952 – 2,558,629 Bonus to policyholders 276,042 – – – – 276,042 Increase / (Decrease) in insurance contract provisions 2,459,065 871,971 327,353 11,305 – 3,669,694 Less: Reinsurers’ share of insurance benefits and claims (4,033) (1,841) – (10,125) – (15,999) Net insurance benefits and claims 4,325,930 1,367,123 587,181 208,132 – 6,488,366 Expenses Interest expenses 18 12,502 383 51 222 22,102 35,260 Selling expenses 97,749 50,576 17,593 65,946 7,081 238,945 Management expenses 24 76,365 79,260 5,972 69,655 40,529 271,781 Total claims and expenses 4,512,546 1,497,342 610,797 343,955 69,712 7,034,352 Net operating surplus / (deficit) 77,200 178,047 (2,259) 71,030 2,034 326,052 Transfer (to) / from insurance contract provisions (48,038) – – – – (48,038) Transfer to Shareholders' Fund (8,793) – – – 8,793 – Contribution to Central Co-operative Fund – – – – (25) (25) Contribution to Singapore Labour Foundation – – – – (18,123) (18,123) Share of result of associated companies and joint venture 9/10 48,072 – – – 4,135 52,207 Net surplus / (deficit) for the year 68,441 178,047 (2,259) 71,030 (3,186) 312,073 The accompanying notes form an integral part of the financial statements. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 44 HERE FOR SURE