ANNUAL RETURN: FORM 1 - FUND BALANCE SHEET · 2016. 6. 3. · (793,404) 58,567,366 14,166,297 11/06/2013 12:04 PM. General: Singapore Insurance Fund Description Equity securities

MILLI REASURANS T.A.S. SINGAPORE BRANCHR979G

ANNUAL RETURN: FORM 1 - FUND BALANCE SHEET

Reporting Cycle:

General: Singapore Insurance Fund

122012

Description

ASSETS

Equity securities

Debt securities

Land and buildings

Loans

Cash and deposits

Other invested assets

Investment income due or accrued

Outstanding premiums and agents' balances

Deposits withheld by cedants

Reinsurance recoverables (on paid claims)

Income tax recoverables

Fixed assets

Inter-fund balances and intra group balances (due from)

Other assets

Total Assets (1 to 14)

LIABILITIES

Policy liabilities

Other liabilities:

Outstanding claims

Annuities due and unpaid

Reinsurance deposits

Amounts owing to insurers

Bank loans and overdrafts

Inter-fund balances and intra-group balances (due to)

Others

Total Liabilities (16 to 23)

SURPLUS (15 - 24)

Annex

1A

1B

1C

1D

1E

1F

1G

1H

1I

1J

1K

1L

1M

1N

RowNo.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Amount

0

0

0

0

263,872

0

18

0

0

0

0

0

0

0

263,890

0

0

0

0

0

0

0

(132,167)

(132,167)

396,057

11/06/2013 12:04 PM


ANNUAL RETURN: FORM 1 - FUND BALANCE SHEET

Reporting Cycle:

General: Offshore Insurance Fund

122012

Description

ASSETS

Equity securities

Debt securities

Land and buildings

Loans

Cash and deposits


Investment income due or accrued

Outstanding premiums and agents' balances

Deposits withheld by cedants

Reinsurance recoverables (on paid claims)

Income tax recoverables

Fixed assets

Inter-fund balances and intra group balances (due from)

Other assets

Total Assets (1 to 14)

LIABILITIES

Policy liabilities

Other liabilities:

Outstanding claims

Annuities due and unpaid

Reinsurance deposits

Amounts owing to insurers

Bank loans and overdrafts

Inter-fund balances and intra-group balances (due to)

Others

Total Liabilities (16 to 23)

SURPLUS (15 - 24)

Annex

1A

1B

1C

1D

1E

1F

1G

1H

1I

1J

1K

1L

1M

1N

RowNo.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Amount

0

0

0

0

49,211,827

0

416,343

14,553,585

2,993,543

0

0

205,066

0

5,353,299

72,733,663

59,246,077

0

0

0

114,693

0

0

(793,404)

58,567,366

14,166,297

11/06/2013 12:04 PM


Description

Equity securities other than collective investment schemes

Collective investment schemes

Total (1 to 2) = Row 1 of Form 1

Row No.

1

2

3

Listed

0

0

Unlisted

0

0

Amount

0

0

0

122012


Reporting Cycle:

ANNUAL RETURN: ANNEX 1A - INVESTMENT IN EQUITY SECURITIES

11/06/2013 12:05:02 PM


Description

Equity securities other than collective investment schemes

Collective investment schemes


Row No.

1

2

3

Listed

0

0

Unlisted

0

0

Amount

0

0

0

122012


Reporting Cycle:

ANNUAL RETURN: ANNEX 1A - INVESTMENT IN EQUITY SECURITIES

11/06/2013 12:05:02 PM


Description

Government debt securities

Qualifying debt securities

Other debt securities


Row No.

1

2

3

4

Amount

0

0

0

0

122012


Reporting Cycle:

ANNUAL RETURN: ANNEX 1B - INVESTMENT IN DEBT SECURITIES

11/06/2013 12:05:02 PM


Description

Government debt securities

Qualifying debt securities

Other debt securities


Row No.

1

2

3

4

Amount

0

0

0

0

122012


Reporting Cycle:

ANNUAL RETURN: ANNEX 1B - INVESTMENT IN DEBT SECURITIES

11/06/2013 12:05:02 PM


122012

R979G

Reporting Cycle:

ANNUAL RETURN: ANNEX 1C - INVESTMENT IN LAND AND BUILDINGS

MILLI REASURANS T.A.S. SINGAPORE BRANCH

Location and Descriptionof Land and Buildings Row No. Cost

LastRevaluation

Date

Last ReportedAmount

Changes fromLast Reported

AmountAmount

Total = Row 3 of Form 1 21 0

11/06/2013 12:05:10 PM


122012

R979G

Reporting Cycle:

ANNUAL RETURN: ANNEX 1C - INVESTMENT IN LAND AND BUILDINGS


Location and Descriptionof Land and Buildings Row No. Cost

LastRevaluation

Date

Last ReportedAmount

Changes fromLast Reported

AmountAmount


11/06/2013 12:05:10 PM


122012


Reporting Cycle:

ANNUAL RETURN: ANNEX 1D - INVESTMENT IN LOANS

Description

Policy loans

Mortgage loans

Other secured loans

Unsecured loans


Row No.

1

2

3

4

5

Amount Outstanding

0

0

0

0

Provision for DoubtfulLoans

0

0

0

0

Amount

0

0

0

0

0

11/06/2013 12:05:02 PM


122012


Reporting Cycle:

ANNUAL RETURN: ANNEX 1D - INVESTMENT IN LOANS

Description

Policy loans

Mortgage loans

Other secured loans

Unsecured loans


Row No.

1

2

3

4

5

Amount Outstanding

0

0

0

0

Provision for DoubtfulLoans

0

0

0

0

Amount

0

0

0

0

0

11/06/2013 12:05:02 PM

General: Singapore Insurance Fund 2012 12Reporting Cycle:

R979G

ANNUAL RETURN: ANNEX 1E - BREAKDOWN OF OTHER INVESTED ASSETS


Description

Derivatives

Options:

(a) Call options

(b) Put options

(c) Swaptions

(d) Other options

Total investments in options (1 to 4)

Futures contracts:

(a) Currency futures contracts

(b) Interest rate futures contracts

(c) Other futures contracts

Total investments in futures contracts (6 to 8)

Forward contracts:

(a) Currency forward contracts

(b) Interest rate forward contracts

(c) Other forward contracts

Total investments in forward contracts (10 to 12)

Swaps:

(a) Interest rate swaps

(b) Currency swaps

(c) Other swaps

Total investments in swaps (14 to 16)

Other derivatives

Total investments in derivatives (5 + 9 + 13 + 17 + 18)

RowNo.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

NotionalPrincipalAmount

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Amount

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Other invested assets excluding derivatives

11/06/2013 12:05 PM

Total investments in other invested assets excludingderivatives 40 0


11/06/2013 12:05 PM

General: Offshore Insurance Fund 2012 12Reporting Cycle:

R979G

ANNUAL RETURN: ANNEX 1E - BREAKDOWN OF OTHER INVESTED ASSETS


Description

Derivatives

Options:

(a) Call options

(b) Put options

(c) Swaptions

(d) Other options

Total investments in options (1 to 4)

Futures contracts:

(a) Currency futures contracts

(b) Interest rate futures contracts

(c) Other futures contracts

Total investments in futures contracts (6 to 8)

Forward contracts:

(a) Currency forward contracts

(b) Interest rate forward contracts

(c) Other forward contracts

Total investments in forward contracts (10 to 12)

Swaps:

(a) Interest rate swaps

(b) Currency swaps

(c) Other swaps

Total investments in swaps (14 to 16)

Other derivatives

Total investments in derivatives (5 + 9 + 13 + 17 + 18)

RowNo.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

NotionalPrincipalAmount

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Amount

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Other invested assets excluding derivatives

11/06/2013 12:05 PM

Total investments in other invested assets excludingderivatives 40 0


11/06/2013 12:05 PM

2012 12Reporting Cycle:General: Singapore Insurance Fund


ANNUAL RETURN: ANNEX 1F(c) - AGEING OF OUTSTANDING PREMIUMS AND AGENTS'BALANCES OF REINSURER

Description

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 12 months


Above 24 months

Gross total (2 to 5)

Provision for doubtful debts

Total (6 - 7) = Row 8 of Form 1

RowNo.

1

2

3

4

5

6

7

8

Amount

0

0

0

0

0

0

0

0

Note: Outstanding period commences from the date premiums are accrued in the books of the reinsurer.

11/06/2013 12:04 PM

2012 12Reporting Cycle:General: Offshore Insurance Fund


ANNUAL RETURN: ANNEX 1F(c) - AGEING OF OUTSTANDING PREMIUMS AND AGENTS'BALANCES OF REINSURER

Description

Bad debts written off during the year

Ageing of outstanding premiums and agents' balances:

Outstanding period

Up to 6 months



Above 24 months

Gross total (2 to 5)

Provision for doubtful debts


RowNo.

1

2

3

4

5

6

7

8

Amount

0

14,338,835

191,606

9,564

15,916

14,555,921

2,336

14,553,585

Note: Outstanding period commences from the date premiums are accrued in the books of the reinsurer.

11/06/2013 12:04 PM


122012


Reporting Cycle:

ANNUAL RETURN: ANNEX 1G - STATEMENT OF REINSURANCE RECOVERABLES

Description

Reinsurance recoveries on unpaid claims

Reinsurance recoverables written off during the year

Ageing of reinsurance recoverables (on paid claims):

Outstanding period

Up to 1 year

Above 1 year but not exceeding 2 years

Above 2 years

Total (3 to 5)

Provision for doubtful reinsurance recoverables


Row No.

1

2

3

4

5

6

7

8

Amount

0

0

0

0

0

0

0

0

11/06/2013 12:05 PM


122012


Reporting Cycle:

ANNUAL RETURN: ANNEX 1G - STATEMENT OF REINSURANCE RECOVERABLES

Description

Reinsurance recoveries on unpaid claims

Reinsurance recoverables written off during the year

Ageing of reinsurance recoverables (on paid claims):

Outstanding period

Up to 1 year

Above 1 year but not exceeding 2 years

Above 2 years

Total (3 to 5)

Provision for doubtful reinsurance recoverables


Row No.

1

2

3

4

5

6

7

8

Amount

0

0

0

0

0

0

0

0

11/06/2013 12:05 PM


122012


Reporting Cycle:

ANNUAL RETURN: ANNEX 1H - FIXED ASSETS

Description

Motor vehicles

Computer equipment

Other fixed assets


Row No.

1

2

3

4

Amount

0

0

0

0

11/06/2013 12:05 PM


122012


Reporting Cycle:

ANNUAL RETURN: ANNEX 1H - FIXED ASSETS

Description

Motor vehicles

Computer equipment

Other fixed assets


Row No.

1

2

3

4

Amount

184,177

7,439

13,450

205,066

11/06/2013 12:05 PM


122012


Reporting Cycle:

ANNUAL RETURN: ANNEX 1I - INTER-FUND BALANCES AND

Description

Balances due from head office / shareholders fund

Balances due from overseas branches / related corporations

Balances due from other insurance funds established andmaintained under the Act


Row No.

1

2

3

4

Amount

0

0

0

0

INTRA-GROUP BALANCES (DUE FROM)

11/06/2013 12:05 PM


122012


Reporting Cycle:

ANNUAL RETURN: ANNEX 1I - INTER-FUND BALANCES AND

Description

Balances due from head office / shareholders fund

Balances due from overseas branches / related corporations

Balances due from other insurance funds established andmaintained under the Act


Row No.

1

2

3

4

Amount

0

0

0

0

INTRA-GROUP BALANCES (DUE FROM)

11/06/2013 12:05 PM


Description Row No. Amount


R979G MILLI REASURANS T.A.S. SINGAPORE BRANCH

2012 12

ANNUAL RETURN: ANNEX 1J - BREAKDOWN OF OTHER ASSETS

Reporting Cycle:

11/06/2013 12:05 PM



Deposits 1 53,815

Prepayments 2 42,440

Recoverable input GST 3 4,630

Golf membership 4 35,019

Net deferred acquisition costs 5 5,217,395

Total = Row 14 of Form 1 26 5,353,299


2012 12

ANNUAL RETURN: ANNEX 1J - BREAKDOWN OF OTHER ASSETS

Reporting Cycle:

11/06/2013 12:05 PM


122012


Reporting Cycle:

ANNUAL RETURN: ANNEX 1L - INTER-FUND BALANCES AND

Description

Balances due to head office / shareholders fund

Balances due to overseas branches / related corporations

Balances due to other insurance funds established andmaintained under the Act


Row No.

1

2

3

4

Amount

0

0

0

0

INTRA-GROUP BALANCES (DUE TO)

11/06/2013 12:05 PM


122012


Reporting Cycle:

ANNUAL RETURN: ANNEX 1L - INTER-FUND BALANCES AND

Description

Balances due to head office / shareholders fund

Balances due to overseas branches / related corporations

Balances due to other insurance funds established andmaintained under the Act


Row No.

1

2

3

4

Amount

0

0

0

0

INTRA-GROUP BALANCES (DUE TO)

11/06/2013 12:05 PM



Translation reserve 1 -132,167

Total = Row 23 of Form 1 26 -132,167

Reporting Cycle: 122012


ANNUAL RETURN: ANNEX 1M - BREAKDOWN OF OTHERS

11/06/2013 12:05 PM



Translation reserve 1 -1,352,109

Accrued expenses 2 558,705

Total = Row 23 of Form 1 26 -793,404



ANNUAL RETURN: ANNEX 1M - BREAKDOWN OF OTHERS

11/06/2013 12:05 PM


122012


Reporting Cycle:

ANNUAL RETURN: ANNEX 1N - SURPLUS

Description

Surplus at beginning of period

Net income

Transfer (to) from head office / shareholders fund

Surplus at End of Period (1 to 3) = Row 25 of Form 1

Row No.

1

2

3

4

Amount

379,488

16,569

0

396,057

11/06/2013 12:05 PM


122012


Reporting Cycle:

ANNUAL RETURN: ANNEX 1N - SURPLUS

Description

Surplus at beginning of period

Net income

Transfer (to) from head office / shareholders fund

Surplus at End of Period (1 to 3) = Row 25 of Form 1

Row No.

1

2

3

4

Amount

6,658,392

3,799,909

3,707,996

14,166,297

11/06/2013 12:05 PM


122012


Reporting Cycle:

ANNUAL RETURN: ANNEX 1(ii) - INFORMATION IN RESPECT OF REDUCTION IN UNEARNED PREMIUM RESERVES

DUE TO REINSURANCE CEDED TO REINSURERS IN RESPECT OF GENERAL BUSINESS

Description

Registered insurer / foreign insurer under the foreign insurer scheme

Authorised reinsurer / related corporation / head office / branch of head office of theregistered insurer

Unregistered reinsurer

Total (1 to 3)

Row No.

1

2

3

4

Amount

0

0

0

0

11/06/2013 12:05:02 PM


122012


Reporting Cycle:

ANNUAL RETURN: ANNEX 1(ii) - INFORMATION IN RESPECT OF REDUCTION IN UNEARNED PREMIUM RESERVES

DUE TO REINSURANCE CEDED TO REINSURERS IN RESPECT OF GENERAL BUSINESS

Description

Registered insurer / foreign insurer under the foreign insurer scheme

Authorised reinsurer / related corporation / head office / branch of head office of theregistered insurer


Total (1 to 3)

Row No.

1

2

3

4

Amount

0

0

0

0

11/06/2013 12:05:02 PM

Description of Assets and Name of Investee Company

Name of company: -

Equity securities

Debt securities

Secured loans

Unsecured loans


Row No.

1

2

3

4

5

No. of Units

0

0

0

0

0

Cost

0

0

0

0

0

Amount

0

0

0

0

0


A RELATED CORPORATION OF REGISTERED INSURER

ANNUAL RETURN: ANNEX 1(iii) - INFORMATION IN RESPECT OF INVESTMENTS IN

Reporting Cycle:

R979G

2012 12


11/06/2013 12:05:11 PM

Description of Assets and Name of Investee Company

Name of company: -

Equity securities

Debt securities

Secured loans

Unsecured loans


Row No.

1

2

3

4

5

No. of Units

0

0

0

0

0

Cost

0

0

0

0

0

Amount

0

0

0

0

0


A RELATED CORPORATION OF REGISTERED INSURER

ANNUAL RETURN: ANNEX 1(iii) - INFORMATION IN RESPECT OF INVESTMENTS IN

Reporting Cycle:

R979G

2012 12


11/06/2013 12:05:11 PM


R979G

ANNUAL RETURN: NOTES TO FORM 1



Note 1 The aggregate amounts of loans to and amounts due from - Amount

(a) Directors 0

(b) Employees of the registered insurer 0

Note 3 - Description of any change in accounting policies and methodologies in the valuation ofassets and liabilities and the quantification of their effects.

NIL

Note 4 - Description of any prior adjustment and correction for errors and reasons for theadjustments and corrections.

NIL

Note 5 In respect of financial guarantee business - Amount

(a) where premiums are payable in instalments, the present value of futureinstalment premiums payable by the insured in a future accounting period 0

and discount rate used 0

(b) where the premiums are payable in full at the commencement of the policy ofinsurance, the full amount of the premiums payable by the insured in the accountingperiod in which the policy commences.

0

11/06/2013 12:05 PM


R979G




Note 1 The aggregate amounts of loans to and amounts due from - Amount

(a) Directors 0

(b) Employees of the registered insurer 0

DescriptionRowNo. Amount

Note 2(a) Intangible assets - Golf membership 1 35,019

Note 3 - Description of any change in accounting policies and methodologies in the valuation ofassets and liabilities and the quantification of their effects.

NIL

Note 4 - Description of any prior adjustment and correction for errors and reasons for theadjustments and corrections.

NIL

Note 5 In respect of financial guarantee business - Amount

(a) where premiums are payable in instalments, the present value of futureinstalment premiums payable by the insured in a future accounting period 0

and discount rate used 0

(b) where the premiums are payable in full at the commencement of the policy ofinsurance, the full amount of the premiums payable by the insured in the accountingperiod in which the policy commences.

0

11/06/2013 12:05 PM



ANNUAL RETURN: FORM 1 - ADDITIONAL INFORMATION

NIL

11/06/2013 12:04 PM


ANNUAL RETURN: FORM 2 - FUND PROFIT AND LOSS ACCOUNT

Reporting Cycle: 12


Description

Gross premiums

Less: Outward reinsurance premiums

Investment revenue

Less: Investment expenses

Other income

Total Income (1 to 5)

Gross claims settled

Less: Reinsurance recoveries

Management expenses

Distribution expenses

Increase (decrease) in net policy liabilities

Provision for doubtful debts/ bad debts written off on receivables

Taxation expenses

Other expenses

Total Outgo (7 to 14)

Net Income (6 - 15)

Annex

2A

2B

2C

2D

2E

2F

2G

2H

2I

2J

RowNo.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

Amount

0

0

16,569

0

0

16,569

0

0

0

0

0

0

0

0

0

16,569

2012

11/06/2013 12:04 PM


ANNUAL RETURN: FORM 2 - FUND PROFIT AND LOSS ACCOUNT

Reporting Cycle: 12


Description

Gross premiums

Less: Outward reinsurance premiums

Investment revenue

Less: Investment expenses

Other income

Total Income (1 to 5)


Less: Reinsurance recoveries

Management expenses

Distribution expenses

Increase (decrease) in net policy liabilities

Provision for doubtful debts/ bad debts written off on receivables

Taxation expenses

Other expenses

Total Outgo (7 to 14)

Net Income (6 - 15)

Annex

2A

2B

2C

2D

2E

2F

2G

2H

2I

2J

RowNo.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

Amount

37,479,771

27,065

1,059,443

0

93,823

38,605,972

21,354,016

0

2,455,705

10,318,531

383,944

0

(5,082)

298,949

34,806,063

3,799,909

2012

11/06/2013 12:04 PM


122012Reporting Cycle:

ANNUAL RETURN: ANNEX 2B - OUTWARD REINSURANCE PREMIUMS


Description

Registered insurer / foreign insurer under the foreing insurerscheme

Authorised reinsurer / related corporation / head office / branch ofhead office of the registered insurer



Row No.

1

2

3

4

Amount

0

0

0

0

11/06/2013 12:05:12 PM



ANNUAL RETURN: ANNEX 2B - OUTWARD REINSURANCE PREMIUMS


Description

Registered insurer / foreign insurer under the foreing insurerscheme

Authorised reinsurer / related corporation / head office / branch ofhead office of the registered insurer



Row No.

1

2

3

4

Amount

0

0

27,065

27,065

11/06/2013 12:05:12 PM


Description

Equity securities

Debt securities

Land and Buildings

Loans

Cash and deposits



Row No.

1

2

3

4

5

6

7

Interest / Dividend /Rental Income

0

0

0

0

675

0

Realised Gains(Losses) From Last

Reported Value /Write-backs(Write-offs)

0

0

0

0

16,141

0

Unrealised ChangesFrom Last Reported

Value

0

0

0

0

-247

0

Amount

0

0

0

0

16,569

0

16,569

122012


Reporting Cycle:

ANNUAL RETURN: ANNEX 2C - INVESTMENT REVENUE

11/06/2013 12:05:04 PM


Description

Equity securities

Debt securities

Land and Buildings

Loans

Cash and deposits



Row No.

1

2

3

4

5

6

7

Interest / Dividend /Rental Income

0

0

0

0

844,381

0

Realised Gains(Losses) From Last

Reported Value /Write-backs(Write-offs)

0

0

0

0

-71,132

0

Unrealised ChangesFrom Last Reported

Value

0

0

0

0

286,194

0

Amount

0

0

0

0

1,059,443

0

1,059,443

122012


Reporting Cycle:

ANNUAL RETURN: ANNEX 2C - INVESTMENT REVENUE

11/06/2013 12:05:04 PM



ANNUAL RETURN: ANNEX 2D - BREAKDOWN OF OTHER INCOME



Total = Row 5 of Form 2 26

11/06/2013 12:05:13 PM



ANNUAL RETURN: ANNEX 2D - BREAKDOWN OF OTHER INCOME



Gain on disposal of assets 1 54,205

Interest on premium reserves 2 39,618

Total = Row 5 of Form 2 26 93,823

11/06/2013 12:05:13 PM



ANNUAL RETURN: ANNEX 2F - MANAGEMENT EXPENSES


Description

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.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

Amount

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0


11/06/2013 12:05:15 PM



ANNUAL RETURN: ANNEX 2F - MANAGEMENT EXPENSES


Description

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.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

Amount

1,660,644

147,293

0

0

42,039

0

130,830

5,818

4,643

25,031

2,481

1,912

28,775

11,907

11,817

161,044

Insurance 1 23,585

Local transport 2 9,992

Office expenses 3 6,860

Legal fees 4 1,510

Consulting and professional fees 5 11,843

Actuarial fees 6 27,710

Tax fees 7 7,928

Bank charges 8 7,339

Tax on interest on premium reserves 9 7,707

Miscellaneous 10 116,997

Total = Row 9 of Form 2 27 2,455,705

11/06/2013 12:05:15 PM


ANNUAL RETURN: ANNEX 2I - BREAKDOWN OF OTHER EXPENSES

Reporting Cycle:

R979G

122012



Loss on golf membership 1 4,930

Depreciation 2 63,985

Foreign exchange loss 3 230,034

Total = Row 14 of Form 2 26 298,949

11/06/2013 12:05:16 PM


Reporting Cycle: 2012 12


NIL

11/06/2013 12:04 PM




ANNUAL RETURN: FORM 6 - STATEMENT OF PREMIUMS, CLAIMS AND UNDERWRITING RESULTS IN RESPECT OF GENERAL BUSINESS

Description

A. PREMIUMS

Gross premiums

Direct business

Reinsurance business accepted -

In Singapore

From other ASEAN countries

From other countries

Total (2 to 4)

Reinsurance business ceded -

In Singapore

To other ASEAN countries

To other countries

Total (6 to 8)

Net premiums written (1 + 5 - 9)

Premium liabilities at beginning of period

Premium liabilities at end of period

Premiums earned during the period (10 + 11 - 12)

B. CLAIMS


Direct business


In Singapore



Total (15 to 17)

Recoveries from reinsurance business ceded -

In Singapore


To other countries

Total (19 to 21)

Net claims settled (14 + 18 - 22)

Claims liabilities at end of period

Claims liabilities at beginning of period

Net claims incurred (23 + 24 - 25)

C. MANAGEMENT EXPENSES

Management Expenses

D. DISTRIBUTION EXPENSES

Commissions

Reinsurance commissions

Net commissions incurred (28 - 29)

Other distribution expenses

E. UNDERWRITING RESULTS

Underwriting gain / (loss) (13 - 26 - 27 - 30 - 31)

F. NET INVESTMENT INCOME

G. OPERATING RESULT (32 + 33)

RowNo.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

Marine andAviation - Cargo

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Marine andAviation - Hulland Liability

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Fire

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Motor

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Work InjuryCompensation

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

PersonalAccident

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Health

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Misc - PublicLiability

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Misc - Bonds

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Misc -Engineering /

CAR / EAR

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Misc -Professional

Indemnity

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Misc - Credit /Political Risk

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Misc - Others

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

16,569

16,569

Misc - Sub-Total

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

16,569

16,569

Total

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

16,569

16,569

11/06/2013 12:04 PM




ANNUAL RETURN: FORM 6 - STATEMENT OF PREMIUMS, CLAIMS AND UNDERWRITING RESULTS IN RESPECT OFGENERAL BUSINESS

Description

A. PREMIUMS

Gross premiums

Direct business


In Singapore



Total (2 to 4)

Reinsurance business ceded -

In Singapore


To other countries

Total (6 to 8)

Net premiums written (1 + 5 - 9)

Premium liabilities at beginning of period

Premium liabilities at end of period

Premiums earned during the period (10 + 11 - 12)

B. CLAIMS


Direct business


In Singapore



Total (15 to 17)

Recoveries from reinsurance business ceded -

In Singapore


To other countries

Total (19 to 21)

Net claims settled (14 + 18 - 22)

Claims liabilities at end of period

Claims liabilities at beginning of period

Net claims incurred (23 + 24 - 25)

C. MANAGEMENT EXPENSES

Management Expenses

D. DISTRIBUTION EXPENSES

Commissions

Reinsurance commissions

Net commissions incurred (28 - 29)

Other distribution expenses

E. UNDERWRITING RESULTS

Underwriting gain / (loss) (13 - 26 - 27 - 30 - 31)

F. NET INVESTMENT INCOME

G. OPERATING RESULT (32 + 33)

RowNo.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

Marine andAviation - Cargo

0

38,906

86,816

1,359,819

1,485,541

0

0

0

0

1,485,541

349,586

819,025

1,016,102

0

0

13,075

436,631

449,706

0

0

0

0

449,706

885,396

789,639

545,463

97,334

246,380

0

246,380

0

126,925

41,992

168,917

Marine andAviation - Hulland Liability

0

0

24,258

1,811,078

1,835,336

0

0

0

0

1,835,336

1,939,753

1,142,043

2,633,046

0

0

116,104

2,513,662

2,629,766

0

0

0

0

2,629,766

3,213,818

3,474,972

2,368,612

120,253

503,055

0

503,055

0

(358,874)

51,880

(306,994)

Property

0

124

1,933,005

27,287,776

29,220,905

0

0

27,065

27,065

29,193,840

14,559,303

14,719,651

29,033,492

0

0

1,778,931

13,759,007

15,537,938

0

0

0

0

15,537,938

29,351,206

29,775,375

15,113,769

1,914,577

8,718,100

0

8,718,100

0

3,287,046

825,989

4,113,035

Casualty andOthers

0

0

464,615

4,473,374

4,937,989

0

0

0

0

4,937,989

3,208,142

3,910,032

4,236,099

0

0

182,311

2,554,295

2,736,606

0

0

0

0

2,736,606

5,204,906

4,765,363

3,176,149

323,541

850,996

0

850,996

0

(114,587)

139,582

24,995

Total

0

39,030

2,508,694

34,932,047

37,479,771

0

0

27,065

27,065

37,452,706

20,056,784

20,590,751

36,918,739

0

0

2,090,421

19,263,595

21,354,016

0

0

0

0

21,354,016

38,655,326

38,805,349

21,203,993

2,455,705

10,318,531

0

10,318,531

0

2,940,510

1,059,443

3,999,953

11/06/2013 12:04 PM


Note 2 - Particulars on reinsurances of special risks other than reinsurances of liabilitiesunder a marine and aviation policy.

NIL

Note 1 - Items in this Form may be allocated according to a reasonable basis used by theregistered insurer which is acceptable to its external auditor. The bases used shall be statedas a Note to this Form.

Management Expenses and Net Investment Income are allocated to the various lines of businessbased on gross premiums written.

R979G




11/06/2013 12:05 PM


Note 2 - Particulars on reinsurances of special risks other than reinsurances of liabilitiesunder a marine and aviation policy.

NIL

Note 1 - Items in this Form may be allocated according to a reasonable basis used by theregistered insurer which is acceptable to its external auditor. The bases used shall be statedas a Note to this Form.

Management Expenses and Net Investment Income are allocated to the various lines of businessbased on gross premiums written.

R979G




11/06/2013 12:05 PM




OIF Cargo:-Actual Balance = 340,558Row 11 = 349,586Foreign Exchange Gain = 9,028Actual Balance = 832,999Row 25 = 789,639Foreign Exchange (Loss) = (43,360) OIF Hull and Liability:-Actual Balance = 1,939,629Row 11 = 1,939,753Foreign Exchange Gain = 124Actual Balance = 3,650,316Row 25 = 3,474,972Foreign Exchange (Loss) = (175,344) OIF Property:-Actual Balance = 16,188,249Row 11 = 14,559,303Foreign Exchange (Loss) = (1,628,946)Actual Balance = 31,420,089Row 25 = 29,775,375Foreign Exchange (Loss) = (1,644,714) OIF Casualty and Others:-Actual Balance = 2,867,501Row 11 = 3,208,142Foreign Exchange Gain = 340,641Actual Balance = 5,035,885Row 25 = 4,765,363Foreign Exchange (Loss) = (270,522)

11/06/2013 12:04 PM

Reporting Cycle:

Description

Life Business

1. Policy liabilities

General Business

1. Net premiums written

2. Premium liabilities

3. Claim liabilities

Shareholders fund

1. Paid-up capital

2. Unappropriated profits (losses)

3. Reserves - Capital

General

Others*

Total (5 to 9)

11/06/2013 12:05 PM


Reporting Cycle:

Note 1 - Breakdown of "Others" Row No. Amount

Total

11/06/2013 12:05 PM


Reporting Cycle:

11/06/2013 12:05 PM



ANNUAL RETURN: FORM 20 - ACTUARY'S CERTIFICATE ON POLICY LIABILITIES INRESPECT OF GENERAL BUSINESS

ACTUARIAL INVESTIGATION OF POLICY LIABILITIES

Description

Premium Liabilities

Claim Liabilities

Policy Liabilities

Singapore Insurance Fund

0

0

0

Offshore Insurance Fund

20,590,751

38,655,326

59,246,077

I have conducted an investigation into the valuation of policy liabilities relating to general businessas required under section 37 of the Insurance Act and confirm that the valuation is in accordance withall applicable requirements stipulated under the Act and directions issued under the Act, subject tothe qualifications stated below*. I certify these amounts, net of reinsurance, as follows:

*Qualifications (if none, state "none"):

None

11/06/2013 12:05:23 PM




NIL

R979G

11/06/2013 12:05 PM


ANNUAL RETURN: FORM 21 - STATEMENT IN RELATION TO FUND SOLVENCY REQUIREMENT OFINSURANCE FUND

Reporting Cycle:

Description

(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 3 or 4)

Policy liabilities - minimum condition liability

50% 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 12)

(a) loans to, guarantees granted for, and other

unsecured amounts owed to the registered insurer

(b) charged assets

(c) deferred tax assets

(d) intangible assets

(e) other financial resource adjustments

Financial Resources of Insurance Fund

(1 + 2 + 5 - 6 - 7)

(ii) Total Risk Requirement of Insurance Fund

A. Component 1 Requirement - Insurance Risks

Life Insurance Risk Requirement

(for participating fund): (15 + 18)

(a) Policy Liability Risk Requirement:

(zero or 16 - 17, whichever is higher)

Modified minimum condition liability

Minimum condition liability

(b) Surrender Value Condition Risk Requirement:


Aggregate of surrender values of policies of the insurance fund

Higher of 21 or 22:

Sum of total risk requirement and minimum condition

liability of the insurance fund

Policy liabilities of the insurance fund


(other than participating fund) (24 + 27)



Modified policy liabilities

Policy Liabilities




Sum of total risk requirement and policy liabilities of the insurance fund

General Insurance Risk Requirement

(for general business): (31 to 32)

(a) Premium liability risk requirement

(b) Claim liability risk requirement

Total C1 Requirement (14 + 23 + 30)

B. Component 2 Requirement - Investment Risks and Risks arising

from Interest Rate Sensitivity and Foreign Currency Mismatch

between Asset and Liabilities

Equity Investment Risk Requirement (35 to 36)

(a) Specific Risk Requirement

Row No.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

Amount

0

0

0

0

0

0

132,167

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

396,057

0

132,167

263,890

0

0

0

0

0

2012 12


11/06/2013 12:04:58 PM

(b) General Risk Requirement

Debt Investment and Duration Mismatch Risk Requirement:

(38 or 43, whichever is higher)

(a) Sum of: (39 + 42)

Debt investment risk requirement in an increasing interest rate

environment (40 to 41)

Debt specific risk requirement

Debt general risk requirement

Liability adjustment requirement in an increasing interest rate environment

(b) Sum of: (44 + 47)

Debt investment risk requirement in a decreasing interest rate



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 C2 Requirement (34 + 37 + 48 + 49 + 50 + 51 + 52)

C. Component 3 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 C3 Requirement (54 to 60)

Total Risk Requirement of Insurance Fund (33 + 53 +61)

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

545556575859

60

61

62

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

661

661

000000

0

0

661

11/06/2013 12:04:58 PM


ANNUAL RETURN: FORM 21 - STATEMENT IN RELATION TO FUND SOLVENCY REQUIREMENT OFINSURANCE FUND

Reporting Cycle:

Description

(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 3 or 4)

Policy liabilities - minimum condition liability

50% of aggregate of provisions for non-guaranteed benefits and PAD

Surplus of insurance fund (of any other insurance fund)

Less:



(a) loans to, guarantees granted for, and other

unsecured amounts owed to the registered insurer

(b) charged assets




Financial Resources of Insurance Fund

(1 + 2 + 5 - 6 - 7)

(ii) Total Risk Requirement of Insurance Fund

A. Component 1 Requirement - Insurance Risks


(for participating fund): (15 + 18)



Modified minimum condition liability

Minimum condition liability




Higher of 21 or 22:

Sum of total risk requirement and minimum condition

liability of the insurance fund

Policy liabilities of the insurance fund


(other than participating fund) (24 + 27)



Modified policy liabilities

Policy Liabilities




Sum of total risk requirement and policy liabilities of the insurance fund

General Insurance Risk Requirement

(for general business): (31 to 32)

(a) Premium liability risk requirement

(b) Claim liability risk requirement

Total C1 Requirement (14 + 23 + 30)

B. Component 2 Requirement - Investment Risks and Risks arising

from Interest Rate Sensitivity and Foreign Currency Mismatch

between Asset and Liabilities

Equity Investment Risk Requirement (35 to 36)

(a) Specific Risk Requirement

(b) General Risk Requirement

Debt Investment and Duration Mismatch Risk Requirement:

Row No.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

Amount

0

0

0

52,515

0

35,019

1,352,109

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

14,166,297

0

1,439,643

12,726,654

0

0

0

0

0

2012 12


11/06/2013 12:04:58 PM

(38 or 43, whichever is higher)

(a) Sum of: (39 + 42)

Debt investment risk requirement in an increasing interest rate



Debt general risk requirement

Liability adjustment requirement in an increasing interest rate environment

(b) Sum of: (44 + 47)

Debt investment risk requirement in a decreasing interest rate



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 C2 Requirement (34 + 37 + 48 + 49 + 50 + 51 + 52)

C. Component 3 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 C3 Requirement (54 to 60)

Total Risk Requirement of Insurance Fund (33 + 53 +61)

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

545556575859

60

61

62

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

000000

0

0

0

11/06/2013 12:04:58 PM




NIL

11/06/2013 12:04:58 PM

FORM 23 - STATEMENT IN RELATION TO CAPITAL ADEQUACY REQUIREMENT OF REGISTERED INSURER

ANNUAL RETURN



Description

(i) Financial Resources of Registered Insurer

A. Tier 1 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 1 resource

Less:



(a) loans to, guarantees granted for and other unsecured amounts owed to

the registered insurer

(b) charged assets




Total Tier 1 Resource (1 to 7 less 8 to 9)

B. Tier 2 Resource

Irredeemable and non-cumulative preference shares not recognised

as Tier 1 resource

Irredeemable and non-cumulative preference shares

Other Tier 2 resource

Total Tier 2 Resource (16 to 18)

C. Aggregate of allowance for provisions for non-guaranteed benefits

of participating funds

Financial Resources of Registered Insurer (higher of $5m or 15 + 19 +20)

(ii) Total Risk Requirement of Registered 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 Registered Insurer (22 to 23)

CAPITAL ADEQUACY RATIO (21/24)

Row No.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Amount

0

52,515

0

35,019

1,484,276

661

0

14,562,354

0

0

0

0

0

0

0

1,571,810

12,990,544

0

0

0

0

0

12,990,544

661

1965286.54 %

R979G

11/06/2013 12:05:00 PM

2012 12Reporting Cycle:

NIL



11/06/2013 12:05:00 PM

Documents

ANNUAL RETURN: FORM 1 - FUND BALANCE SHEET · 2016. 6. 3. · (793,404) 58,567,366 14,166,297 11/06/2013 12:04 PM. General: Singapore Insurance Fund Description Equity securities