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MAS Insurance Company Return · FY2024

HSBC Life

As filed with the Monetary Authority of Singapore. This page mirrors the insurer's own statutory return: the balance sheet (Form A1), the revenue account (Form A2) and capital adequacy (Form A4). Every figure is broken out by insurance fund, with the company total in the last column — a fund figure is not the company's. Amounts in Singapore dollars, exactly as filed.

Financial yearFY2025FY2024FY2023FY2022FY2021FY2020FY2019

At a glance

Company total, FY2024
Total assets
S$14.23bn
Form A1, line 27
Policy liabilities
S$10.55bn
Form A1, line 28
Net assets
S$988.4m
assets − liabilities
Capital adequacy
183.4%
Form A4 · RBC2 · min 100%
Gross premiums
S$1.77bn
Form A2, line 1
Net premiums
S$1.51bn
of reinsurance
Investment income
S$714.0m
Form A2, line 22
Net income
S$-87.8m
after tax

Capital adequacy

Form A4, FY2024
Capital adequacy ratio
183.38%
RBC2 · MAS requires at least 100%
Financial resources
S$2.26bn
capital available
Total risk requirements
S$1.23bn
capital MAS requires

Financial resources ÷ total risk requirements: HSBC Life held 1.83× the capital MAS requires against its risks.

Balance sheet

Form A1 — statement of assets and liabilities
LineParticipatingNon-participatingInvestment-linkedNon-insuranceTotal
Assets
Equity securities5S$961.6mS$115.5mS$4.40bn—S$5.50bn
Debt securities9S$2.22bnS$3.88bnS$647kS$429kS$6.12bn
Cash and deposits10S$127.3mS$20.0mS$6.7mS$622kS$174.1m
Other investments11S$38.2mS$4.5m——S$42.7m
Loans15S$35.3mS$25.8m——S$61.1m
Property, plant and equipment18S$15kS$67k——S$81k
Outstanding premiums19S$4.3mS$15.9mS$15.4m—S$49.3m
Reinsurers’ share of policy liabilities21S$-20.8mS$1.99bnS$-28.7m—S$2.02bn
Other assets26S$37.5mS$100.4mS$45.6mS$62.2mS$254.9m
Total assets27S$3.55bnS$6.17bnS$4.45bnS$76.7mS$14.23bn
Liabilities
Policy liabilities (gross of reinsurance)28S$2.88bnS$3.76bnS$3.81bn—S$10.55bn
Outstanding claims29S$67.3mS$53.7mS$28.4m—S$149.7m
Financial liabilities34S$47.7mS$7.1m——S$54.8m
Other liabilities38S$239.6mS$24.0mS$62.4mS$13.4mS$370.4m
Total liabilities39S$3.26bnS$5.96bnS$3.98bnS$66.8mS$13.24bn
Net assets & equity
Net assets (assets − liabilities)40S$289.9mS$210.1mS$464.7mS$9.9mS$988.4m
Paid-up capital41———S$1.36bnS$1.36bn
Surplus / retained earnings42S$289.9mS$210.1mS$464.7mS$-1.33bnS$-354.8m
Other reserves43———S$-18.6mS$-18.3m
Total equity44S$289.9mS$210.1mS$464.7mS$9.9mS$988.4m

Profit & loss

Form A2 — revenue account
LineParticipatingNon-participatingInvestment-linkedNon-insuranceTotal
Premiums
Gross premiums1S$425.0mS$504.4mS$820.2m—S$1.77bn
Less: outward reinsurance premiums2S$10.8mS$180.3mS$61.8m—S$258.6m
Net premiums written3S$414.2mS$324.0mS$758.5m—S$1.51bn
Claims & policy liabilities
Gross claims settled4S$157.8mS$613.2mS$541.2m—S$1.39bn
Less: reinsurance recoveries5S$12.7mS$357.6mS$35.5m—S$456.0m
Net claims settled6S$145.2mS$255.6mS$505.7m—S$932.2m
Increase / (decrease) in policy liabilities7S$353.2mS$-172.2mS$609.3m—S$736.3m
Expenses
Management expenses16S$14.9mS$78.7mS$104.9mS$9.5mS$242.1m
Distribution expenses17S$29.0mS$99.5mS$131.6m—S$259.6m
Other expenses19S$1.8mS$69.2mS$68.7mS$9.5mS$151.1m
Total outgo20S$380.0mS$274.0mS$913.7mS$18.9mS$1.60bn
Result
Other income21S$5.9mS$5.5mS$201.1mS$6.6mS$219.4m
Net investment income22S$124.3mS$139.8mS$446.7mS$6kS$714.0m
Net income before tax23S$19.2mS$-60.3mS$-13.2mS$-12.3mS$-93.3m
Taxation24S$754kS$8.7mS$-35.2mS$5.3mS$-5.4m
Net income after tax25S$18.5mS$-69.0mS$22.0mS$-17.5mS$-87.8m

Capital across the years

Capital adequacy, as filed
YearCARFinancial resourcesRisk requirementsBasis
FY2019240.83%S$801.0mS$332.6mRBC1
FY2020321.10%S$1.47bnS$457.6mRBC2
FY2021306.51%S$1.46bnS$475.5mRBC2
FY2022320.96%S$1.20bnS$372.7mRBC2
FY2023188.16%S$2.03bnS$1.08bnRBC2
FY2024183.38%S$2.26bnS$1.23bnRBC2
FY2025210.24%S$2.63bnS$1.25bnRBC2

MAS changed the capital framework from FY2020 (RBC1 → RBC2) and risk requirements are computed differently under each. The step at the changeover is a change of basis, not a fall in capital — do not read the two as one series.

Business written & persistency

MAS annual statistics, FY2024

This section comes from a different MAS publication — the annual insurance statistics — which covers the Singapore Insurance Fund onlyand runs a year behind the statutory return above. Amounts are in S$'000, and the figures are not directly comparable with the company totals above.

2-yr persistency
93.9%
as filed (table L11)
Policies in force
446,361
Surrenders
13,455
Lapses
468

Individual business by product type

CategoryNew policiesNew annual prem.Policies in force
Whole life18,364S$203,795k212,385
Endowment51S$533k33,655
Term11,102S$9,572k63,332
Accident & health15,312S$24,322k136,558
Annuity0S$0k366
Other0S$12,581k65

Group business by product type

CategoryNew policiesNew annual prem.Policies in force
Term62S$916k679
Accident & health1,448S$29,458k1,601

Source: Monetary Authority of Singapore. Balance sheet, revenue account and capital adequacy from HSBC Life's Insurance Company Return for FY2024 (Forms A1, A2 and A4); business mix and persistency from the MAS annual insurance statistics for FY2024. All figures are as filed by the insurer and are reproduced without adjustment. This site is not affiliated with MAS.