NTUC Income AR 2019

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 4. MANAGEMENT OF INSURANCE AND FINANCIAL RISKS (CONTINUED) (c) Financial risk (continued) (iii) Liquidity risk (continued) The table below shows the gross liability including both guaranteed and non-guaranteed benefits (before reinsurance) as at 31 December 2019 based on estimated timing of net cash outflows. Almost all investment contracts may be surrendered. In this case, the earliest contractual maturity date is the reporting date. The liability will be the surrender value required if all investment contract policyholders surrender at the reporting date. 2019 Total $’000 Within 1 year $’000 1 – 5 years $’000 Over 5 Years $’000 Insurance contracts (33,733,791) (3,801,848) (5,869,790) (24,062,153) Investment contracts (4,075) (3,267) (808) – Total (33,737,866) (3,805,115) (5,870,598) (24,062,153) 2018 Total $’000 Within 1 year $’000 1 – 5 years $’000 Over 5 years $’000 Insurance contracts (31,378,764) (2,933,113) (4,905,717) (23,539,934) Investment contracts (7,239) (3,280) (3,959) – Total (31,386,003) (2,936,393) (4,909,676) (23,539,934) The table below shows the undiscounted contractual cash flows in relation to derivative instruments, borrowings and other payables: 2019 Total $’000 Within 1 year $’000 1 – 5 years $’000 Over 5 years $’000 Derivative financial instruments (92,775) (55,743) (34,201) (2,831) Insurance and other payables (1,552,280) (1,505,166) (22,658) (24,456) Borrowings (include interest) (1,099,539) (31,645) (1,067,894) – Lease liabilities (52,597) (7,042) (29,873) (15,682) 2018 Total $’000 Within 1 year $’000 1 – 5 years $’000 Over 5 years $’000 Derivative financial instruments (94,295) (36,660) (44,047) (13,588) Insurance and other payables (1,204,046) (1,157,814) (42,069) (4,163) Borrowings (include interest) (1,145,108) (34,815) (1,110,293) – ANNUAL REPORT 2019 89