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MAS Insurance Company Return · FY2022

Income

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 yearFY2025FY2024FY2023FY2022

At a glance

Company total, FY2022
Total assets
S$42.10bn
Form A1, line 27
Policy liabilities
S$35.95bn
Form A1, line 28
Net assets
S$3.12bn
assets − liabilities
Capital adequacy
193.3%
Form A4 · RBC2 · min 100%
Gross premiums
S$1.16bn
Form A2, line 1
Net premiums
S$1.07bn
of reinsurance
Investment income
S$-572.2m
Form A2, line 22
Net income
S$-128.8m
after tax

Capital adequacy

Form A4, FY2022
Capital adequacy ratio
193.25%
RBC2 · MAS requires at least 100%
Financial resources
S$13.37bn
capital available
Total risk requirements
S$6.92bn
capital MAS requires

Financial resources ÷ total risk requirements: Income held 1.93× the capital MAS requires against its risks.

Balance sheet

Form A1 — statement of assets and liabilities
LineParticipatingNon-participatingInvestment-linkedNon-insuranceTotal
Assets
Equity securities5S$10.54bnS$983.1mS$1.77bnS$724.2mS$14.29bn
Debt securities9S$17.41bnS$3.61bnS$442.5mS$593.4mS$22.92bn
Cash and deposits10S$1.26bnS$339.1mS$64.5mS$49.1mS$1.81bn
Other investments11S$394.1mS$90.8mS$7.4mS$23.0mS$521.9m
Loans15S$637.9mS$310k——S$638.2m
Property, plant and equipment18S$1.27bnS$6.1mS$1.1mS$76.9mS$1.35bn
Outstanding premiums19S$60.2mS$20.0m——S$110.9m
Reinsurers’ share of policy liabilities21S$27.5mS$5.1m——S$83.1m
Other assets26S$174.7mS$43.8mS$17.5mS$13.3mS$251.0m
Total assets27S$31.80bnS$5.10bnS$2.30bnS$1.61bnS$42.10bn
Liabilities
Policy liabilities (gross of reinsurance)28S$29.95bnS$3.01bnS$2.22bn—S$35.95bn
Outstanding claims29S$58.4mS$31.3mS$383k—S$92.0m
Financial liabilities34S$115.0mS$10.1mS$2.7mS$806.2mS$934.6m
Other liabilities38S$1.64bnS$123.2mS$27.3mS$103.6mS$1.96bn
Total liabilities39S$31.80bnS$3.20bnS$2.25bnS$918.5mS$38.99bn
Net assets & equity
Net assets (assets − liabilities)40—S$1.91bnS$51.9mS$690.9mS$3.12bn
Paid-up capital41———S$3.25bnS$3.25bn
Surplus / retained earnings42—S$1.91bnS$51.9mS$-2.56bnS$-131.0m
Other reserves43—————
Total equity44—S$1.91bnS$51.9mS$690.9mS$3.12bn

Profit & loss

Form A2 — revenue account
LineParticipatingNon-participatingInvestment-linkedNon-insuranceTotal
Premiums
Gross premiums1S$658.3mS$312.4mS$29.9m—S$1.16bn
Less: outward reinsurance premiums2S$63.2mS$3.7mS$69k—S$84.8m
Net premiums written3S$595.1mS$308.8mS$29.8m—S$1.07bn
Claims & policy liabilities
Gross claims settled4S$593.4mS$669.1mS$65.4m—S$1.41bn
Less: reinsurance recoveries5S$55.4mS$2.1m——S$62.6m
Net claims settled6S$538.0mS$667.0mS$65.4m—S$1.34bn
Increase / (decrease) in policy liabilities7S$-416.5mS$-351.5mS$-125.2m—S$-901.7m
Expenses
Management expenses16S$28.3mS$24.9mS$1.5mS$28.9mS$105.6m
Distribution expenses17S$33.1mS$25.4mS$1.2m—S$83.9m
Other expenses19S$3.0mS$6.5mS$256kS$10.3mS$22.4m
Total outgo20S$-356.8mS$-295.4mS$-122.3mS$39.2mS$-692.3m
Result
Other income21S$1.5mS$1k——S$1.6m
Net investment income22S$-397.4mS$-45.2mS$-100.5mS$-23.1mS$-572.2m
Net income before tax23S$18.1mS$-108.1mS$-13.7mS$-62.3mS$-151.2m
Taxation24S$7.4mS$-18.6mS$-5.5mS$-8.6mS$-22.3m
Net income after tax25S$10.7mS$-89.4mS$-8.2mS$-53.7mS$-128.8m

Capital across the years

Capital adequacy, as filed
YearCARFinancial resourcesRisk requirementsBasis
FY2022193.25%S$13.37bnS$6.92bnRBC2
FY2023199.00%S$14.09bnS$7.08bnRBC2
FY2024230.68%S$15.14bnS$6.56bnRBC2
FY2025218.00%S$14.94bnS$6.85bnRBC2

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
99.3%
as filed (table L11)
Policies in force
1,796,189
Surrenders
21,269
Lapses
813

Individual business by product type

CategoryNew policiesNew annual prem.Policies in force
Whole life16,921S$179,475k471,964
Endowment11,359S$35,907k323,760
Term145,233S$11,088k160,804
Accident & health27,769S$117,944k796,231
Annuity3S$0k34,605
Other1S$2,912k8,825

Group business by product type

CategoryNew policiesNew annual prem.Policies in force
Term3,709S$2,864k7,683
Accident & health8,223S$19,564k29,856
Annuity0S$0k1

Source: Monetary Authority of Singapore. Balance sheet, revenue account and capital adequacy from Income's Insurance Company Return for FY2022 (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.