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) (f) Fair value measurements (continued) The Group recognises transfers between levels of the fair value hierarchy as at the end of the reporting period during which the change has occurred. There were no transfers from Level 1 to Level 2 in 2019 and no transfers in either direction in 2019. The following table presents the changes in Level 3 instruments: 2019 Fair value through profit or loss Available-for-sale investments Debt securities $’000 Unquoted funds $’000 Unquoted equities $’000 Total $’000 At 1 January 801 1,935,472 43,242 1,979,515 Sales of Level 3 securities – (258,139) (2,083) (260,222) Purchases of Level 3 securities – 512,468 – 512,468 Revaluation reserve – (62,003) 3,762 (58,241) Gains or losses recognised in profit or loss (101) 105,814 31 105,744 Impairment – (31,385) – (31,385) At 31 December 700 2,202,227 44,952 2,247,879 During the financial year ended 31 December 2019, there was no transfer of investments in and out of Level 3 of the fair value hierarchy. 2018 Fair value through profit or loss Available-for-sale investments Debt securities $’000 Unquoted funds $’000 Unquoted equities $’000 Total $’000 At 1 January 902 1,746,242 41,538 1,788,682 Sales of Level 3 securities – (250,461) – (250,461) Purchases of Level 3 securities – 290,689 – 290,689 Revaluation reserve – 39,396 1,838 41,234 Gains or losses recognised in profit or loss (101) 109,606 (134) 109,371 At 31 December 801 1,935,472 43,242 1,979,515 During the financial year ended 31 December 2018, there was no transfer of investments in and out of Level 3 of the fair value hierarchy. ANNUAL REPORT 2019 93