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MAS Insurance Company Return · FY2023

Prudential

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, FY2023
Total assets
S$55.95bn
Form A1, line 27
Policy liabilities
S$50.11bn
Form A1, line 28
Net assets
S$1.22bn
assets − liabilities
Capital adequacy
190.9%
Form A4 · RBC2 · min 100%
Gross premiums
S$7.06bn
Form A2, line 1
Net premiums
S$6.77bn
of reinsurance
Investment income
S$3.56bn
Form A2, line 22
Net income
S$413.1m
after tax

Capital adequacy

Form A4, FY2023
Capital adequacy ratio
190.93%
RBC2 · MAS requires at least 100%
Financial resources
S$19.31bn
capital available
Total risk requirements
S$10.11bn
capital MAS requires

Financial resources ÷ total risk requirements: Prudential held 1.91× the capital MAS requires against its risks.

Balance sheet

Form A1 — statement of assets and liabilities
LineParticipatingNon-participatingInvestment-linkedNon-insuranceTotal
Assets
Equity securities5S$24.49bnS$1.78bnS$9.73bnS$47.8mS$36.05bn
Debt securities9S$14.30bnS$1.80bnS$783.2m—S$16.88bn
Cash and deposits10S$324.9mS$30.9mS$78.1mS$83kS$434.0m
Other investments11S$409.3mS$6.9mS$17.0m—S$433.3m
Loans15S$540.9mS$2.4m—S$1.8mS$545.1m
Property, plant and equipment18S$88.4mS$831—S$9.9mS$98.3m
Outstanding premiums19S$99.5mS$52.0m——S$151.5m
Reinsurers’ share of policy liabilities21S$197.4mS$304.5mS$-1.5m—S$500.3m
Other assets26S$156.0mS$348.9mS$60.5mS$279.3mS$844.6m
Total assets27S$40.66bnS$4.35bnS$10.67bnS$339.7mS$55.95bn
Liabilities
Policy liabilities (gross of reinsurance)28S$36.93bnS$2.96bnS$10.23bn—S$50.11bn
Outstanding claims29S$2.60bnS$239.9mS$23.8m—S$2.86bn
Financial liabilities34S$153.7mS$1.3mS$1.7m—S$156.6m
Other liabilities38S$799.4mS$150.2mS$153.1mS$60.4mS$1.16bn
Total liabilities39S$40.57bnS$3.70bnS$10.42bnS$118.4mS$54.73bn
Net assets & equity
Net assets (assets − liabilities)40S$96.4mS$645.9mS$257.4mS$221.3mS$1.22bn
Paid-up capital41———S$526.6mS$526.6m
Surplus / retained earnings42S$96.4mS$645.9mS$257.4mS$-305.3mS$694.4m
Other reserves43—————
Total equity44S$96.4mS$645.9mS$257.4mS$221.3mS$1.22bn

Profit & loss

Form A2 — revenue account
LineParticipatingNon-participatingInvestment-linkedNon-insuranceTotal
Premiums
Gross premiums1S$4.49bnS$1.48bnS$1.09bn—S$7.06bn
Less: outward reinsurance premiums2S$4.4mS$278.6mS$7.8m—S$290.8m
Net premiums written3S$4.48bnS$1.20bnS$1.08bn—S$6.77bn
Claims & policy liabilities
Gross claims settled4S$2.98bnS$1.07bnS$777.4m—S$4.84bn
Less: reinsurance recoveries5S$749kS$175.1mS$4.0m—S$179.8m
Net claims settled6S$2.98bnS$899.9mS$773.4m—S$4.66bn
Increase / (decrease) in policy liabilities7S$3.60bnS$-1.5mS$417.5m—S$4.01bn
Expenses
Management expenses16S$121.2mS$109.7mS$61.8mS$53.4mS$346.1m
Distribution expenses17S$403.5mS$128.5mS$202.5m—S$734.5m
Other expenses19S$14.4mS$12.6mS$11.5mS$24.4mS$63.0m
Total outgo20S$4.13bnS$232.8mS$693.1mS$78.1mS$5.13bn
Result
Other income21S$14.8mS$20.4mS$16.3mS$157kS$51.6m
Net investment income22S$2.81bnS$184.5mS$568.0mS$2.5mS$3.56bn
Net income before tax23S$196.6mS$275.9mS$200.9mS$-75.5mS$598.0m
Taxation24S$100.2mS$45.3mS$30.6mS$8.7mS$184.9m
Net income after tax25S$96.3mS$230.6mS$170.3mS$-84.2mS$413.1m

Capital across the years

Capital adequacy, as filed
YearCARFinancial resourcesRisk requirementsBasis
FY2019207.15%S$9.58bnS$4.62bnRBC1
FY2020176.92%S$16.30bnS$9.21bnRBC2
FY2021198.16%S$19.40bnS$9.79bnRBC2
FY2022184.08%S$16.91bnS$9.19bnRBC2
FY2023190.93%S$19.31bnS$10.11bnRBC2
FY2024205.04%S$22.53bnS$10.99bnRBC2
FY2025200.24%S$24.62bnS$12.30bnRBC2

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
92.5%
as filed (table L11)
Policies in force
3,148,611
Surrenders
38,751
Lapses
11,370

Individual business by product type

CategoryNew policiesNew annual prem.Policies in force
Whole life55,111S$518,798k637,277
Endowment30,226S$201,844k797,396
Term31,389S$71,059k191,704
Accident & health168,803S$239,235k1,514,370
Annuity0S$0k7,160
Other0S$0k704

Group business by product type

CategoryNew policiesNew annual prem.Policies in force
Term666S$6,655k1,336
Accident & health1,915S$39,549k3,584
Other0S$10,191k138

Source: Monetary Authority of Singapore. Balance sheet, revenue account and capital adequacy from Prudential's Insurance Company Return for FY2023 (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.