NTUC Income AR 2019

Note The Group 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 Share capital At 1 January 2019 – – – – 988,379 988,379 Issuance of common shares 20 – – – – 1,462 1,462 Redemption of common shares 20 – – – – (1,382) (1,382) At 31 December 2019 – – – – 988,459 988,459 At 1 January 2018 – – – – 988,083 988,083 Issuance of common shares 20 – – – – 1,749 1,749 Redemption of common shares 20 – – – – (1,453) (1,453) At 31 December 2018 – – – – 988,379 988,379 Accumulated surplus At 1 January 2019 461,790 1,127,576 3,957 619,400 (204,933) 2,007,790 Net surplus / (deficit) for the year 68,407 178,047 (2,259) 71,030 (3,186) 312,039 Transfer of surplus (to) / from reserves for future distribution – (22,188) – – – (22,188) Transfer (to) / from reserves for future distribution – 372,090 – – – 372,090 Transfer to Shareholders’ Fund – (14,425) – (90,556) 104,981 – Transfer between Insurance Funds – (2,450) 2,450 – – – Dividends for 2018 paid 27 – – – – (58,432) (58,432) At 31 December 2019 530,197 1,638,650 4,148 599,874 (161,570) 2,611,299 At 1 January 2018 450,160 1,115,070 1,561 681,609 (356,040) 1,892,360 Net surplus / (deficit) for the year 11,630 24,613 (4,054) 21,563 100,662 154,414 Transfer of surplus (to) / from reserves for future distribution – 4,257 – – – 4,257 Transfer (to) / from reserves for future distribution – 9,322 – – – 9,322 Transfer to Shareholders’ Fund – (19,236) – (83,772) 103,008 – Transfer between Insurance Funds – (6,450) 6,450 – – – Dividends for 2017 paid 27 – – – – (52,563) (52,563) At 31 December 2018 461,790 1,127,576 3,957 619,400 (204,933) 2,007,790 Fair value reserve At 1 January 2019 – 1,341 – 22,230 16,815 40,386 Comprehensive income for the year – 4,336 – 12,784 56,299 73,419 At 31 December 2019 – 5,677 – 35,014 73,114 113,805 At 1 January 2018 – 203 – 7,475 64,971 72,649 Comprehensive income for the year – 1,138 – 14,755 (48,156) (32,263) At 31 December 2018 – 1,341 – 22,230 16,815 40,386 The accompanying notes form an integral part of the financial statements. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 48 HERE FOR SURE