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) Investment properties 2019 $’000 2018 $’000 Life Insurance Par Fund At 1 January 1,921,194 1,870,001 Additions 13,894 1,836 Change in net fair value recognised in profit or loss 18,457 49,357 At 31 December 1,953,545 1,921,194 Investment properties are carried at fair values at the reporting date as determined by independent professional valuers. Fair value hierarchy Fair value measurements at 31 December 2019 using Quoted prices in active markets for identical assets (Level 1) $’000 Significant other observable inputs (Level 2) $’000 Significant unobservable inputs (Level 3) $’000 Life Insurance Par Fund Recurring fair value measurements Investment properties – – 1,953,545 During the financial year ended 31 December 2019, there was no transfer of investments between Level 1 and 2, and in and out of Level 3 of the fair value hierarchy. Fair value measurements at 31 December 2018 using Quoted prices in active markets for identical assets (Level 1) $’000 Significant other observable inputs (Level 2) $’000 Significant unobservable inputs (Level 3) $’000 Life Insurance Par Fund Recurring fair value measurements Investment properties – – 1,921,194 During the financial year ended 31 December 2018, there was no transfer of investments between Level 1 and 2, and in and out of Level 3 of the fair value hierarchy. ANNUAL REPORT 2019 95