ANNUAL RETURN: FORM 1 - FUND BALANCE SHEET

Transcription

1 ANNUAL RETURN: FORM - FUND BALANCE SHEET R98G General: Singapore Insurance Fund Annex Row No. ASSETS Equity securities A Debt securities B Land and buildings C Loans D Cash and deposits 5,96,57 Other invested assets E 6 Investment income due or accrued 7,7 Outstanding premiums and agents' balances F 8,85,87 Deposits withheld by cedants 9 Reinsurance recoverables (on paid claims) G Income tax recoverables Fixed assets H Inter-fund balances and intra group balances (due from) I Other assets Total Assets ( to ) J 5 5,5,759 LIABILITIES Policy liabilities K 6,8,58 Other liabilities: Outstanding claims 7 Annuities due and unpaid 8 Reinsurance deposits 9 s owing to insurers,6,5 Bank loans and overdrafts Inter-fund balances and intra-group balances (due to) L,6,7 Others Total Liabilities (6 to ) M,96 9,69,9 SURPLUS (5 - ) N 5 5,555,855 6/5/5 6:5 PM

2 ANNUAL RETURN: FORM - FUND BALANCE SHEET R98G General: Offshore Insurance Fund Annex Row No. ASSETS Equity securities A Debt securities B Land and buildings C Loans D Cash and deposits 5 6,98, Other invested assets E 6 (,) Investment income due or accrued 7,5 Outstanding premiums and agents' balances F 8 5,89,965 Deposits withheld by cedants 9 75,8 Reinsurance recoverables (on paid claims) G Income tax recoverables Fixed assets H 768, Inter-fund balances and intra group balances (due from) I,,65 Other assets Total Assets ( to ) J 5 5,5,68,97 LIABILITIES Policy liabilities K 6,998,8 Other liabilities: Outstanding claims 7 Annuities due and unpaid 8 Reinsurance deposits 9 s owing to insurers,8,977 Bank loans and overdrafts Inter-fund balances and intra-group balances (due to) L Others Total Liabilities (6 to ) M,6,8 67,65,97 SURPLUS (5 - ) N 5,8,7 6/5/5 6:5 PM

3 ANNUAL RETURN: ANNEX A - INVESTMENT IN EQUITY SECURITIES R98G General: Singapore Insurance Fund Row No. Listed Unlisted Equity securities other than collective investment schemes Collective investment schemes Total ( to ) = Row of Form 6/5/5 6:6: PM

4 ANNUAL RETURN: ANNEX A - INVESTMENT IN EQUITY SECURITIES R98G General: Offshore Insurance Fund Row No. Listed Unlisted Equity securities other than collective investment schemes Collective investment schemes Total ( to ) = Row of Form 6/5/5 6:6: PM

5 ANNUAL RETURN: ANNEX B - INVESTMENT IN DEBT SECURITIES R98G General: Singapore Insurance Fund Row No. Government debt securities Qualifying debt securities Other debt securities Total ( to ) = Row of Form 6/5/5 6:6: PM

6 ANNUAL RETURN: ANNEX B - INVESTMENT IN DEBT SECURITIES R98G General: Offshore Insurance Fund Row No. Government debt securities Qualifying debt securities Other debt securities Total ( to ) = Row of Form 6/5/5 6:6: PM

7 ANNUAL RETURN: ANNEX C - INVESTMENT IN LAND AND BUILDINGS R98G General: Singapore Insurance Fund Location and of Land and Buildings Row No. Cost Last Revaluation Date Last Reported Changes from Last Reported Total = Row of Form 6/5/5 6:6: PM

8 ANNUAL RETURN: ANNEX C - INVESTMENT IN LAND AND BUILDINGS R98G General: Offshore Insurance Fund Location and of Land and Buildings Row No. Cost Last Revaluation Date Last Reported Changes from Last Reported Total = Row of Form 6/5/5 6:6: PM

9 ANNUAL RETURN: ANNEX D - INVESTMENT IN LOANS R98G General: Singapore Insurance Fund Row No. Outstanding Provision for Doubtful Loans Policy loans Mortgage loans Other secured loans Unsecured loans Total ( to ) = Row of Form 5 6/5/5 6:6: PM

10 ANNUAL RETURN: ANNEX D - INVESTMENT IN LOANS R98G General: Offshore Insurance Fund Row No. Outstanding Provision for Doubtful Loans Policy loans Mortgage loans Other secured loans Unsecured loans Total ( to ) = Row of Form 5 6/5/5 6:6: PM

11 ANNUAL RETURN: ANNEX E - BREAKDOWN OF OTHER INVESTED ASSETS R98G General: Singapore Insurance Fund Row No. Notional Principal Derivatives Options: (a) Call options (b) Put options (c) Swaptions (d) Other options Total investments in options ( to ) 5 Futures contracts: (a) Currency futures contracts 6 (b) Interest rate futures contracts 7 (c) Other futures contracts 8 Total investments in futures contracts (6 to 8) 9 Forward contracts: (a) Currency forward contracts (b) Interest rate forward contracts (c) Other forward contracts Total investments in forward contracts ( to ) Swaps: (a) Interest rate swaps (b) Currency swaps 5 (c) Other swaps 6 Total investments in swaps ( to 6) 7 Other derivatives 8 Total investments in derivatives ( ) 9 Other invested assets excluding derivatives 6/5/5 6:6 PM

12 Total investments in other invested assets excluding derivatives Total = Row 6 of Form 6/5/5 6:6 PM

13 ANNUAL RETURN: ANNEX E - BREAKDOWN OF OTHER INVESTED ASSETS R98G General: Offshore Insurance Fund Row No. Notional Principal Derivatives Options: (a) Call options (b) Put options (c) Swaptions (d) Other options Total investments in options ( to ) 5 Futures contracts: (a) Currency futures contracts 6 (b) Interest rate futures contracts 7 (c) Other futures contracts 8 Total investments in futures contracts (6 to 8) 9 Forward contracts: (a) Currency forward contracts 7,588, -, (b) Interest rate forward contracts (c) Other forward contracts Total investments in forward contracts ( to ) 7,588, -, Swaps: (a) Interest rate swaps (b) Currency swaps 5 (c) Other swaps 6 Total investments in swaps ( to 6) 7 Other derivatives 8 Total investments in derivatives ( ) 9 7,588, -, Other invested assets excluding derivatives 6/5/5 6:6 PM

14 Total investments in other invested assets excluding derivatives Total = Row 6 of Form -, 6/5/5 6:6 PM

15 ANNUAL RETURN: ANNEX F(c) - AGEING OF OUTSTANDING PREMIUMS AND AGENTS' BALANCES OF REINSURER R98G General: Singapore Insurance Fund Bad debts written off during the year Ageing of outstanding premiums and agents' balances: Outstanding period Up to 6 months Above 6 months but not exceeding months Above months but not exceeding months Above months Gross total ( to 5) Provision for doubtful debts Total (6-7) = Row 8 of Form Row No ,8 85,75 5,9,8,85,87,85,87 Note: Outstanding period commences from the date premiums are accrued in the books of the reinsurer. 6/5/5 6:6 PM

16 ANNUAL RETURN: ANNEX F(c) - AGEING OF OUTSTANDING PREMIUMS AND AGENTS' BALANCES OF REINSURER R98G General: Offshore Insurance Fund Bad debts written off during the year Ageing of outstanding premiums and agents' balances: Outstanding period Up to 6 months Above 6 months but not exceeding months Above months but not exceeding months Above months Gross total ( to 5) Provision for doubtful debts Total (6-7) = Row 8 of Form Row No ,96,65,67,86,,79 6,7,95 5,89,965 5,89,965 Note: Outstanding period commences from the date premiums are accrued in the books of the reinsurer. 6/5/5 6:6 PM

17 ANNUAL RETURN: ANNEX G - STATEMENT OF REINSURANCE RECOVERABLES R98G General: Singapore Insurance Fund Reinsurance recoveries on unpaid claims Reinsurance recoverables written off during the year Ageing of reinsurance recoverables (on paid claims): Outstanding period Up to year Above year but not exceeding years Above years Total ( to 5) Provision for doubtful reinsurance recoverables Total (6-7) = Row of Form Row No ,767,5 6/5/5 6:6 PM

18 ANNUAL RETURN: ANNEX G - STATEMENT OF REINSURANCE RECOVERABLES R98G General: Offshore Insurance Fund Reinsurance recoveries on unpaid claims Reinsurance recoverables written off during the year Ageing of reinsurance recoverables (on paid claims): Outstanding period Up to year Above year but not exceeding years Above years Total ( to 5) Provision for doubtful reinsurance recoverables Total (6-7) = Row of Form Row No ,8,566 6/5/5 6:6 PM

19 ANNUAL RETURN: ANNEX H - FIXED ASSETS R98G General: Singapore Insurance Fund Motor vehicles Computer equipment Other fixed assets Total ( to ) = Row of Form Row No. 6/5/5 6:6 PM

20 ANNUAL RETURN: ANNEX H - FIXED ASSETS R98G General: Offshore Insurance Fund Motor vehicles Computer equipment Other fixed assets Total ( to ) = Row of Form Row No. 768, 768, 6/5/5 6:6 PM

21 ANNUAL RETURN: ANNEX I - INTER-FUND BALANCES AND INTRA-GROUP BALANCES (DUE FROM) R98G General: Singapore Insurance Fund Balances due from head office / shareholders fund Balances due from overseas branches / related corporations Balances due from other insurance funds established and maintained under the Act Total ( to ) = Row of Form Row No. 6/5/5 6:6 PM

22 ANNUAL RETURN: ANNEX I - INTER-FUND BALANCES AND INTRA-GROUP BALANCES (DUE FROM) R98G General: Offshore Insurance Fund Balances due from head office / shareholders fund Balances due from overseas branches / related corporations Balances due from other insurance funds established and maintained under the Act Total ( to ) = Row of Form Row No.,78,7 7,77,,65 6/5/5 6:6 PM

23 ANNUAL RETURN: ANNEX J - BREAKDOWN OF OTHER ASSETS R98G General: Singapore Insurance Fund Row No. Total = Row of Form 6 6/5/5 6:6 PM

24 ANNUAL RETURN: ANNEX J - BREAKDOWN OF OTHER ASSETS R98G General: Offshore Insurance Fund Row No. Prepaid Expenses,55 Other Debtors, GST Recoverable 9,86 Total = Row of Form 6 5,5 6/5/5 6:6 PM

25 ANNUAL RETURN: ANNEX L - INTER-FUND BALANCES AND INTRA-GROUP BALANCES (DUE TO) R98G General: Singapore Insurance Fund Balances due to head office / shareholders fund Balances due to overseas branches / related corporations Balances due to other insurance funds established and maintained under the Act Total ( to ) = Row of Form Row No.,88,77 7,77,6,7 6/5/5 6:6 PM

26 ANNUAL RETURN: ANNEX L - INTER-FUND BALANCES AND INTRA-GROUP BALANCES (DUE TO) R98G General: Offshore Insurance Fund Balances due to head office / shareholders fund Balances due to overseas branches / related corporations Balances due to other insurance funds established and maintained under the Act Total ( to ) = Row of Form Row No. 6/5/5 6:6 PM

27 ANNUAL RETURN: ANNEX M - BREAKDOWN OF OTHERS R98G General: Singapore Insurance Fund Row No. Provision for Contingent Commissions,96 Total = Row of Form 6,96 6/5/5 6:6 PM

28 ANNUAL RETURN: ANNEX M - BREAKDOWN OF OTHERS R98G General: Offshore Insurance Fund Row No. Accrued Expenses,96,8 Provision for Contingent Commissions 55,966 Total = Row of Form 6,6,8 6/5/5 6:6 PM

29 ANNUAL RETURN: ANNEX N - SURPLUS R98G General: Singapore Insurance Fund Surplus at beginning of period Net income Transfer (to) from head office / shareholders fund Surplus at End of Period ( to ) = Row 5 of Form Row No.,68, 97,8 5,555,855 6/5/5 6:6 PM

30 ANNUAL RETURN: ANNEX N - SURPLUS R98G General: Offshore Insurance Fund Surplus at beginning of period Net income Transfer (to) from head office / shareholders fund Surplus at End of Period ( to ) = Row 5 of Form Row No. 9,57,,5,67,8,7 6/5/5 6:6 PM

31 ANNUAL RETURN: ANNEX (ii) - INFORMATION IN RESPECT OF REDUCTION IN UNEARNED PREMIUM RESERVES DUE TO REINSURANCE CEDED TO REINSURERS IN RESPECT OF GENERAL BUSINESS R98G General: Singapore Insurance Fund Licensed insurer / foreign insurer under the foreign insurer scheme Authorised reinsurer / related corporation / head office / branch of head office of the licensed insurer Unlicensed reinsurer Total ( to ) Row No., ,8 6/5/5 6:6: PM

32 ANNUAL RETURN: ANNEX (ii) - INFORMATION IN RESPECT OF REDUCTION IN UNEARNED PREMIUM RESERVES DUE TO REINSURANCE CEDED TO REINSURERS IN RESPECT OF GENERAL BUSINESS R98G General: Offshore Insurance Fund Licensed insurer / foreign insurer under the foreign insurer scheme Authorised reinsurer / related corporation / head office / branch of head office of the licensed insurer Unlicensed reinsurer Total ( to ) Row No. 7,75,6,69,65, 6/5/5 6:6: PM

33 ANNUAL RETURN: ANNEX (iii) - INFORMATION IN RESPECT OF INVESTMENTS IN A RELATED CORPORATION OF LICENSED INSURER R98G General: Singapore Insurance Fund of Assets and Name of Investee Company Row No. No. of Units Cost Name of company: - Equity securities Debt securities Secured loans Unsecured loans Other invested assets 5 6/5/5 6:6:5 PM

34 ANNUAL RETURN: ANNEX (iii) - INFORMATION IN RESPECT OF INVESTMENTS IN A RELATED CORPORATION OF LICENSED INSURER R98G General: Offshore Insurance Fund of Assets and Name of Investee Company Row No. No. of Units Cost Name of company: - Equity securities Debt securities Secured loans Unsecured loans Other invested assets 5 6/5/5 6:6:5 PM

35 ANNUAL RETURN: NOTES TO FORM R98G General: Singapore Insurance Fund Note The aggregate amounts of loans to and amounts due from - (a) Directors (b) Employees of the licensed insurer Note - of any change in accounting policies and methodologies in the valuation of assets and liabilities and the quantification of their effects. NIL Note - of any prior adjustment and correction for errors and reasons for the adjustments and corrections. NIL Note 5 In respect of financial guarantee business - (a) where premiums are payable in instalments, the present value of future instalment premiums payable by the insured in a future accounting period and discount rate used (b) where the premiums are payable in full at the commencement of the policy of insurance, the full amount of the premiums payable by the insured in the accounting period in which the policy commences. 6/5/5 6:6 PM

36 ANNUAL RETURN: NOTES TO FORM R98G General: Offshore Insurance Fund Note The aggregate amounts of loans to and amounts due from - (a) Directors (b) Employees of the licensed insurer Note - of any change in accounting policies and methodologies in the valuation of assets and liabilities and the quantification of their effects. NIL Note - of any prior adjustment and correction for errors and reasons for the adjustments and corrections. NIL Note 5 In respect of financial guarantee business - (a) where premiums are payable in instalments, the present value of future instalment premiums payable by the insured in a future accounting period and discount rate used (b) where the premiums are payable in full at the commencement of the policy of insurance, the full amount of the premiums payable by the insured in the accounting period in which the policy commences. 6/5/5 6:6 PM

37 ANNUAL RETURN: FORM - ADDITIONAL INFORMATION R98G Offshore Insurance Fund Inter-fund balances and intra-group balances (Row ) - Included in the Balance due from Head Office / Shareholders Fund as shown in Annex I is a non-trade receivable from Head Office arising from the settlement of the Commutation and Loss Portfolio Transfer Reinsurance Agreement. The non-trade receivables will be used to offset against any ordinary non-trade amount owing to the Head Office. 6/5/5 6:5 PM

38 ANNUAL RETURN: FORM - FUND PROFIT AND LOSS ACCOUNT R98G General: Singapore Insurance Fund Annex Row No. Gross premiums A 5,,75 Less: Outward reinsurance premiums B,, Investment revenue C 7,8 Less: Investment expenses Other income D 5 5,57 Total Income ( to 5) 6,,8 Gross claims settled E 7 5,85 Less: Reinsurance recoveries 8,, Management expenses F 9 7,7 Distribution expenses G (67,95) Increase (decrease) in net policy liabilities H,9, Provision for doubtful debts/ bad debts written off on receivables Taxation expenses Other expenses I,87 Total Outgo (7 to ) 5,65,977 Net Income (6-5) J 6 97,8 6/5/5 6:6 PM

39 ANNUAL RETURN: FORM - FUND PROFIT AND LOSS ACCOUNT R98G General: Offshore Insurance Fund Annex Row No. Gross premiums A 5,6,885 Less: Outward reinsurance premiums B 9,67,777 Investment revenue C,,69 Less: Investment expenses Other income D 5,,7 Total Income ( to 5) 6 8,,87 Gross claims settled E 7,5,9 Less: Reinsurance recoveries 8 (,8,6) Management expenses F 9 6,97,96 Distribution expenses G 57, Increase (decrease) in net policy liabilities H (7,75,5) Provision for doubtful debts/ bad debts written off on receivables Taxation expenses 8,75 Other expenses I 8, Total Outgo (7 to ) 5 5,69,85 Net Income (6-5) J 6,5,67 6/5/5 6:6 PM

40 ANNUAL RETURN: ANNEX B - OUTWARD REINSURANCE PREMIUMS R98G General: Singapore Insurance Fund Licensed insurer / foreign insurer under the foreign insurer scheme Authorised reinsurer / related corporation / head office / branch of head office of the licensed insurer Unlicensed reinsurer Total ( to ) = Row of Form Row No. 9,9,9,87,76,, 6/5/5 6:6:7 PM

41 ANNUAL RETURN: ANNEX B - OUTWARD REINSURANCE PREMIUMS R98G General: Offshore Insurance Fund Licensed insurer / foreign insurer under the foreign insurer scheme Authorised reinsurer / related corporation / head office / branch of head office of the licensed insurer Unlicensed reinsurer Total ( to ) = Row of Form Row No.,858 8,779,78 8,8 9,67,777 6/5/5 6:6:7 PM

42 ANNUAL RETURN: ANNEX C - INVESTMENT REVENUE R98G General: Singapore Insurance Fund Row No. Interest / Dividend / Rental Income Realised Gains (Losses) From Last Reported Value / Write-backs (Write-offs) Unrealised Changes From Last Reported Value Equity securities Debt securities Land and Buildings Loans Cash and deposits 5 7,8 7,8 Other invested assets 6 Total ( to 6) = Row of Form 7 7,8 6/5/5 6:6:6 PM

43 ANNUAL RETURN: ANNEX C - INVESTMENT REVENUE R98G General: Offshore Insurance Fund Row No. Interest / Dividend / Rental Income Realised Gains (Losses) From Last Reported Value / Write-backs (Write-offs) Unrealised Changes From Last Reported Value Equity securities Debt securities Land and Buildings Loans Cash and deposits 5 69,698 69,698 Other invested assets 6 8,56 5,88 66,99 Total ( to 6) = Row of Form 7,,69 6/5/5 6:6:6 PM

44 ANNUAL RETURN: ANNEX D - BREAKDOWN OF OTHER INCOME R98G General: Singapore Insurance Fund Row No. Government grants 5,57 Total = Row 5 of Form 6 5,57 6/5/5 6:6:8 PM

45 ANNUAL RETURN: ANNEX D - BREAKDOWN OF OTHER INCOME R98G General: Offshore Insurance Fund Row No. Government grants 9,9 Net foreign exchange gains,6,6 Total = Row 5 of Form 6,,7 6/5/5 6:6:8 PM

46 ANNUAL RETURN: ANNEX F - MANAGEMENT EXPENSES R98G General: Singapore Insurance Fund Staff salaries & expenses Office rent Head office / parent company expenses Directors' fees Audit fees Managing agent's fees Repairs and maintenance Public utilities Printing, stationery and periodicals Postage, telephone and telex charges Computer charges Hire of office equipment Licence and association fees Advertising and subscriptions Entertainment Travelling expenses Row No ,7 59,,759,67,597 7,66 9 7,69,769,9, 8,58 56,66 Professional fees,57 Other expenses 5,7 Office expenses,65 Training& seminars,8 Bank charges 5,68 Sponsorship Total = Row 9 of Form 7 7,7 6/5/5 6:6: PM

47 ANNUAL RETURN: ANNEX F - MANAGEMENT EXPENSES R98G General: Offshore Insurance Fund Staff salaries & expenses Office rent Head office / parent company expenses Directors' fees Audit fees Managing agent's fees Repairs and maintenance Public utilities Printing, stationery and periodicals Postage, telephone and telex charges Computer charges Hire of office equipment Licence and association fees Advertising and subscriptions Entertainment Travelling expenses Row No ,98, 58,688, 5,7 5,67 7, ,9 6,98 9,5,79 8,8 559, Professional fees, Other expenses,865 Office expenses 5,9 Training& seminars,8 Bank charges 5 9,78 Sponsorship 6 6,9 Total = Row 9 of Form 7 6,97,96 6/5/5 6:6: PM

48 ANNUAL RETURN: ANNEX I - BREAKDOWN OF OTHER EXPENSES R98G General: Singapore Insurance Fund Row No. Net foreign exchange losses 88,8 Depreciation, Total = Row of Form 6,87 6/5/5 6:6: PM

49 ANNUAL RETURN: ANNEX I - BREAKDOWN OF OTHER EXPENSES R98G General: Offshore Insurance Fund Row No. Depreciation 8, Total = Row of Form 6 8, 6/5/5 6:6: PM

50 ANNUAL RETURN: FORM - ADDITIONAL INFORMATION R98G Singapore Insurance Fund. Distribution expenses (Row ) - Distribution expenses appear as a negative expense due to the impact of reinsurance commission income on quota share premium cessions. Offshore Insurance Fund. Reinsurance recoveries (Row 8) - Reinsurance recoveries appear as negative income primarily due to the impact of a Commutation and Loss Portfolio Transfer Reinsurance Arrangement in relation to prior quota share arrangements with Aspen Bermuda Limited, which took effect from January,. Aspen Insurance UK Limited has paid Aspen Bermuda Limited a greater amount to provide additional reinsurance protection via the Loss Portfolio Transfer, than it received from commutation of prior quota share arrangements, in relation to business generated from its Singapore Branch, resulting in the negative reinsurance recoveries figure in the year. 6/5/5 6:6 PM

51 ANNUAL RETURN: FORM 6 - STATEMENT OF PREMIUMS, CLAIMS AND UNDERWRITING RESULTS IN RESPECT OF GENERAL BUSINESS R98G General: Singapore Insurance Fund Row No. Marine and Aviation - Cargo Marine and Aviation - Hull and Liability Fire Motor Work Injury Compensation Personal Accident Health Misc - Public Liability Misc - Bonds Misc - Engineering / CAR / EAR Misc - Professional Indemnity Misc - Credit / Political Risk Misc - Others Misc - Sub-Total Total A. PREMIUMS Gross premiums Direct business Reinsurance business accepted - In Singapore,66,68 6,8 5,,,6,,6,6,77 From other ASEAN countries 68,87,668,668 8,5 From other countries 78, 7,89 7,89 88,96 Total ( to ) 5,6,677 6,8 5,,,8,,8 5,,75 Reinsurance business ceded - In Singapore 6 To other ASEAN countries 7 To other countries 8 58,6,6,5,7 8,6,8,99,8,99,, Total (6 to 8) 9 58,6,6,5,7 8,6,8,99,8,99,, Net premiums written ( + 5-9) (58,6) 99,5 (,7),,8,99,8,99,8,7 Premium liabilities at beginning of period 8,7 6,5 78,,68,68 975,5 Premium liabilities at end of period 69,78 5,86,75 5,7 5,7 899, Premiums earned during the period ( + - ) 79,97 997,8 68,597,965 9,65 9,65,57,8 B. CLAIMS Gross claims settled Direct business Reinsurance business accepted - In Singapore 5 58,9 6,65 6,65 5,85 From other ASEAN countries 6 From other countries 7 Total (5 to 7) 8 58,9 6,65 6,65 5,85 Recoveries from reinsurance business ceded - In Singapore 9 To other ASEAN countries To other countries 8,8 87,6,55 9,5 76,79 76,79,, Total (9 to ) 8,8 87,6,55 9,5 76,79 76,79,, Net claims settled ( ) (8,8) (79,) (,55) (9,5) (7,69) (7,69) (698,56) Claims liabilities at end of period 96,985,59,99 5,997,89,7,97,7,97,8,5 Claims liabilities at beginning of period 5 8,7,9,6 6,,,,777,8 Net claims incurred ( + - 5) 6,75 57,59 (59,97),65,97,69,97,69 86,886 C. MANAGEMENT EXPENSES Management Expenses 7 9,88 5,6 5,589,, 7,7 D. DISTRIBUTION EXPENSES Commissions 8 5,7 5,5 9,59 9,75 9,75 7,5 Reinsurance commissions 9 5,6 58,689,56 7,99,,,79,76 Net commissions incurred (8-9) (5,6) (66,7) 89, (7,7) (7,7) (67,95) Other distribution expenses E. UNDERWRITING RESULTS Underwriting gain / (loss) ( ),89 667,5 65,67 (8,79) (,75) (,75),7,58 F. NET INVESTMENT INCOME 8,59 76,7 7,59 7,59 7,8 G. OPERATING RESULT ( + ),89 675,66 65,99 (8,) (7,) (7,),5,6 6/5/5 6:6 PM

52 ANNUAL RETURN: FORM 6 - STATEMENT OF PREMIUMS, CLAIMS AND UNDERWRITING RESULTS IN RESPECT OF GENERAL BUSINESS R98G General: Offshore Insurance Fund Row No. Marine and Aviation - Cargo Marine and Aviation - Hull and Liability Property Casualty and Others Total A. PREMIUMS Gross premiums Direct business Reinsurance business accepted - In Singapore, 5,9,65,,9,6 From other ASEAN countries 9,698,6,555 9,5,758,,75,5 From other countries,8,56,55,6 5,9,76,895, 9,8,86 Total ( to ) 5,7,6,58,95 7,,57,9,55 5,6,885 Reinsurance business ceded - In Singapore 6 To other ASEAN countries 7 To other countries 8,,77,7,7,59,79 5,5,886 9,67,777 Total (6 to 8) 9,,77,7,7,59,79 5,5,886 9,67,777 Net premiums written ( + 5-9) 66,9,658,68 5,57,78 5,8,668,79,8 Premium liabilities at beginning of period 9,755 88,76,679,57 55,588 5,59,6 Premium liabilities at end of period 98,76 5,8 8,68,79,9,86,8,88 Premiums earned during the period ( + - ) 67,8,,766,985,565,87, 7,75, B. CLAIMS Gross claims settled Direct business Reinsurance business accepted - In Singapore 5 9,8 78,7 75,59,9,9 From other ASEAN countries 6,5 8,7,86,8,98,5 From other countries 7,,756 5,6,65 7,66 6,96,5 Total (5 to 7) 8 7,89,76,96 9,757,8 7,66,5,9 Recoveries from reinsurance business ceded - In Singapore 9 To other ASEAN countries To other countries, 86,6 (5,57,65),8,695 (,8,6) Total (9 to ), 86,6 (5,57,65),8,695 (,8,6) Net claims settled ( ) 8,78,8 5,,5 (,79) 5,88,56 Claims liabilities at end of period 9,5,9,779 6,55,,9,969,5, Claims liabilities at beginning of period 5 8, 6,7,7,7,6,79 6,,5 Net claims incurred ( + - 5) 6 9,89,,9 7,95,9,56,8,579,6 C. MANAGEMENT EXPENSES Management Expenses 7,787 5,9,88,88,,8 6,97,96 D. DISTRIBUTION EXPENSES Commissions 8,5 9, 6,5,67,699,98 8,8,6 Reinsurance commissions 9,785 56,8 5,589,55,76,9 8,,59 Net commissions incurred (8-9) (,5) (68,87) 9,6 (7,6) 57, Other distribution expenses E. UNDERWRITING RESULTS Underwriting gain / (loss) ( ) 8, (85,6) (,9,76) (7,895) (,,9) F. NET INVESTMENT INCOME,68 8,995 96,5 7,96,,69 G. OPERATING RESULT ( + ) 5,95 (,69) (,5),69 (,5) 6/5/5 6:6 PM

53 ANNUAL RETURN: NOTES TO FORM 6 R98G General: Singapore Insurance Fund Note - Items in this Form may be allocated according to a reasonable basis used by the licensed insurer which is acceptable to its external auditor. The bases used shall be stated as a Note to this Form.. Management expenses (Row 7) Management expenses have been allocated to line of business on a Gross Written Premium basis.. Net investment income (Row ) Net investment income has been allocated to line of business on a Gross Written Premium basis. Note - Particulars on reinsurances of special risks other than reinsurances of liabilities under a marine and aviation policy. NIL 6/5/5 6:6 PM

54 ANNUAL RETURN: NOTES TO FORM 6 R98G General: Offshore Insurance Fund Note - Items in this Form may be allocated according to a reasonable basis used by the licensed insurer which is acceptable to its external auditor. The bases used shall be stated as a Note to this Form.. Management expenses (Row 7) Management expenses have been allocated to line of business on a Gross Written Premium basis.. Net investment income (Row ) Net investment income has been allocated to line of business on a Gross Written Premium basis. Note - Particulars on reinsurances of special risks other than reinsurances of liabilities under a marine and aviation policy. NIL 6/5/5 6:6 PM

55 ANNUAL RETURN: FORM 6 - ADDITIONAL INFORMATION R98G Singapore Insurance Fund. Reinsurance commissions (Row 9) - Reinsurance commissions are ceding commissions in relation to business ceded under internal quota share arrangements. Offshore Insurance Fund. Recoveries from reinsurance business ceded (Row ) - Reinsurance recoveries appear as negative income primarily due to the impact of a Commutation and Loss Portfolio Transfer Reinsurance Arrangement in relation to prior quota share arrangements with Aspen Bermuda Limited, which took effect from January,. Aspen Insurance UK Limited has paid Aspen Bermuda Limited a greater amount to provide additional reinsurance protection via the Loss Portfolio Transfer, than it received from commutation of prior quota share arrangements, in relation to business generated from its Singapore Branch, resulting in the negative reinsurance recoveries figure in the year. 6/5/5 6:6 PM

56 ANNUAL RETURN: FORM - STATEMENT OF FINANCIAL POSITION IN RESPECT OF GLOBAL BUSINESS OPERATIONS AS AT // R98G Life Business. Policy liabilities General Business. Net premiums written. Premium liabilities. Claim liabilities Shareholders fund. Paid-up capital. Unappropriated profits (losses). Reserves - Capital General Others* Total (5 to 9) Row No ' (in foreign currency) UNITED STATES DOLLAR 579,7,6,68,8 6,9-85,97 7, 998,96 6/5/5 6:6 PM

57 ANNUAL RETURN: NOTES TO FORM Note - Breakdown of "Others" Row No. Total 6/5/5 6:6 PM

58 ANNUAL RETURN: FORM - ADDITIONAL INFORMATION R98G NIL 6/5/5 6:6 PM

59 ANNUAL RETURN: FORM - ACTUARY'S CERTIFICATE ON POLICY LIABILITIES IN RESPECT OF GENERAL BUSINESS ACTUARIAL INVESTIGATION OF POLICY LIABILITIES R98G I have conducted an investigation into the valuation of policy liabilities relating to general business as required under section 7 of the Insurance Act and confirm that the valuation is in accordance with all applicable requirements stipulated under the Act and directions issued under the Act, subject to the qualifications stated below*. I certify these amounts, net of reinsurance, as follows: Premium Liabilities Claim Liabilities Policy Liabilities Singapore Insurance Fund 899,,8,5,8,58 Offshore Insurance Fund,8,88,5,,998,8 *Qualifications (if none, state "none"): None 6/5/5 6:6: PM

60 ANNUAL RETURN: FORM - ADDITIONAL INFORMATION R98G NIL 6/5/5 6:6 PM

61 ANNUAL RETURN: FORM - STATEMENT IN RELATION TO FUND SOLVENCY REQUIREMENT OF INSURANCE FUND R98G General: Singapore Insurance Fund (i) Financial Resources of Insurance Fund Balance in the surplus account (of participating fund) Add: Allowance for provision for non-guaranteed benefits (of participating fund): (lower of or ) Policy liabilities - minimum condition liability 5% of aggregate of provisions for non-guaranteed benefits and PAD Surplus of insurance fund (of any other insurance fund) Less: Reinsurance adjustment Financial resource adjustment: (8 to ) (a) loans to, guarantees granted for, and other unsecured amounts owed to the licensed insurer (b) charged assets (c) deferred tax assets (d) intangible assets (e) other financial resource adjustments Financial Resources of Insurance Fund ( ) (ii) Total Risk Requirement of Insurance Fund A. Component Requirement - Insurance Risks Life Insurance Risk Requirement (for participating fund): (5 + 8) (a) Policy Liability Risk Requirement: (zero or 6-7, whichever is higher) Modified minimum condition liability Minimum condition liability (b) Surrender Value Condition Risk Requirement: (zero or 9 -, whichever is higher) Aggregate of surrender values of policies of the insurance fund Higher of or : Sum of total risk requirement and minimum condition liability of the insurance fund Policy liabilities of the insurance fund Life Insurance Risk Requirement (other than participating fund) ( + 7) (a) Policy Liability Risk Requirement: (zero or 5-6, whichever is higher) Modified policy liabilities Policy Liabilities (b) Surrender Value Condition Risk Requirement: (zero or 8-9, whichever is higher) Aggregate of surrender values of policies of the insurance fund Sum of total risk requirement and policy liabilities of the insurance fund General Insurance Risk Requirement (for general business): ( to ) (a) Premium liability risk requirement (b) Claim liability risk requirement Total C Requirement ( + + ) B. Component Requirement - Investment Risks and Risks arising from Interest Rate Sensitivity and Foreign Currency Mismatch between Asset and Liabilities Equity Investment Risk Requirement (5 to 6) (a) Specific Risk Requirement Row No ,89 8,66 5,555,855,7 5,55,85 85,58 85,58 6/5/5 6:6:6 PM

62 (b) General Risk Requirement Debt Investment and Duration Mismatch Risk Requirement: (8 or, whichever is higher) (a) Sum of: (9 + ) Debt investment risk requirement in an increasing interest rate environment ( to ) Debt specific risk requirement Debt general risk requirement Liability adjustment requirement in an increasing interest rate environment (b) Sum of: ( + 7) Debt investment risk requirement in a decreasing interest rate environment (5 to 6) Debt specific risk requirement Negative of debt general risk requirement Liability adjustment requirement in a decreasing interest rate environment Loan Investment Risk Requirement Property Risk Requirement Foreign Currency Mismatch Risk Requirement (for Singapore Insurance Fund) Derivative Counterparty Risk Requirement Miscellaneous Risk Requirement Total C Requirement ( ) C. Component Requirement - Concentration Risks Counterparty Exposure Equity Securities Exposure Unsecured Loans Exposure Property Exposure Foreign Currency Risk Exposure Exposure to assets in miscellaneous risk requirements Exposure to non-liquid assets with Singapore Insurance Fund (for general business) Total C Requirement (5 to 6) Total Risk Requirement of Insurance Fund ( ) ,986 7,75 78,78,,896 6/5/5 6:6:6 PM

63 ANNUAL RETURN: FORM - STATEMENT IN RELATION TO FUND SOLVENCY REQUIREMENT OF INSURANCE FUND R98G General: Offshore Insurance Fund (i) Financial Resources of Insurance Fund Balance in the surplus account (of participating fund) Add: Allowance for provision for non-guaranteed benefits (of participating fund): (lower of or ) Policy liabilities - minimum condition liability 5% of aggregate of provisions for non-guaranteed benefits and PAD Surplus of insurance fund (of any other insurance fund) Less: Reinsurance adjustment Financial resource adjustment: (8 to ) (a) loans to, guarantees granted for, and other unsecured amounts owed to the licensed insurer (b) charged assets (c) deferred tax assets (d) intangible assets (e) other financial resource adjustments Financial Resources of Insurance Fund ( ) (ii) Total Risk Requirement of Insurance Fund A. Component Requirement - Insurance Risks Life Insurance Risk Requirement (for participating fund): (5 + 8) (a) Policy Liability Risk Requirement: (zero or 6-7, whichever is higher) Modified minimum condition liability Minimum condition liability (b) Surrender Value Condition Risk Requirement: (zero or 9 -, whichever is higher) Aggregate of surrender values of policies of the insurance fund Higher of or : Sum of total risk requirement and minimum condition liability of the insurance fund Policy liabilities of the insurance fund Life Insurance Risk Requirement (other than participating fund) ( + 7) (a) Policy Liability Risk Requirement: (zero or 5-6, whichever is higher) Modified policy liabilities Policy Liabilities (b) Surrender Value Condition Risk Requirement: (zero or 8-9, whichever is higher) Aggregate of surrender values of policies of the insurance fund Sum of total risk requirement and policy liabilities of the insurance fund General Insurance Risk Requirement (for general business): ( to ) (a) Premium liability risk requirement (b) Claim liability risk requirement Total C Requirement ( + + ) B. Component Requirement - Investment Risks and Risks arising from Interest Rate Sensitivity and Foreign Currency Mismatch between Asset and Liabilities Equity Investment Risk Requirement (5 to 6) (a) Specific Risk Requirement (b) General Risk Requirement Debt Investment and Duration Mismatch Risk Requirement: Row No ,8,7,86,9,9 6/5/5 6:6:6 PM

64 (8 or, whichever is higher) (a) Sum of: (9 + ) Debt investment risk requirement in an increasing interest rate environment ( to ) Debt specific risk requirement Debt general risk requirement Liability adjustment requirement in an increasing interest rate environment (b) Sum of: ( + 7) Debt investment risk requirement in a decreasing interest rate environment (5 to 6) Debt specific risk requirement Negative of debt general risk requirement Liability adjustment requirement in a decreasing interest rate environment Loan Investment Risk Requirement Property Risk Requirement Foreign Currency Mismatch Risk Requirement (for Singapore Insurance Fund) Derivative Counterparty Risk Requirement Miscellaneous Risk Requirement Total C Requirement ( ) C. Component Requirement - Concentration Risks Counterparty Exposure Equity Securities Exposure Unsecured Loans Exposure Property Exposure Foreign Currency Risk Exposure Exposure to assets in miscellaneous risk requirements Exposure to non-liquid assets with Singapore Insurance Fund (for general business) Total C Requirement (5 to 6) Total Risk Requirement of Insurance Fund ( ) /5/5 6:6:6 PM

65 ANNUAL RETURN: FORM - ADDITIONAL INFORMATION R98G NIL 6/5/5 6:6:6 PM

66 ANNUAL RETURN FORM - STATEMENT IN RELATION TO CAPITAL ADEQUACY REQUIREMENT OF LICENSED INSURER R98G (i) Financial Resources of Licensed Insurer A. Tier Resource Aggregate of surpluses of all insurance funds other than a participating fund Balances in the surplus account of each participating fund Paid-up ordinary share capital Unappropriated profits (losses) Surpluses of Overseas Branch Operations Irredeemable and non-cumulative preference shares Any other capital instrument approved by the Authority as a Tier resource Less: Reinsurance adjustment Financial resource adjustment: ( to ) (a) loans to, guarantees granted for and other unsecured amounts owed to the licensed insurer (b) charged assets (c) deferred tax assets (d) intangible assets (e) other financial resource adjustments Total Tier Resource ( to 7 less 8 to 9) B. Tier Resource Irredeemable and non-cumulative preference shares not recognised as Tier resource Irredeemable and non-cumulative preference shares Other Tier resource Total Tier Resource (6 to 8) C. Aggregate of allowance for provisions for non-guaranteed benefits of participating funds Financial Resources of Licensed Insurer (higher of $5m or ) (ii) Total Risk Requirement of Licensed Insurer (a) Total risk requirements of insurance funds established or maintained under the Act (b) Total risk requirements of assets and liabilities that do not belong to any insurance fund established and maintained under the Act Total Risk Requirement of Licensed Insurer ( to ) CAPITAL ADEQUACY RATIO (/) Row No ,,896 8,78,5, 7,96,89 7,96,89,,896. % 6/5/5 6:6:9 PM

67 ANNUAL RETURN: FORM - ADDITIONAL INFORMATION R98G NIL 6/5/5 6:6:9 PM