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MAS Insurance Company Return · FY2022

Singapore 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, FY2022
Total assets
S$12.63bn
Form A1, line 27
Policy liabilities
S$10.23bn
Form A1, line 28
Net assets
S$1.02bn
assets − liabilities
Capital adequacy
184.4%
Form A4 · RBC2 · min 100%
Gross premiums
S$3.48bn
Form A2, line 1
Net premiums
S$1.85bn
of reinsurance
Investment income
S$-1.45bn
Form A2, line 22
Net income
S$781.9m
after tax

Capital adequacy

Form A4, FY2022
Capital adequacy ratio
184.37%
RBC2 · MAS requires at least 100%
Financial resources
S$3.27bn
capital available
Total risk requirements
S$1.78bn
capital MAS requires

Financial resources ÷ total risk requirements: Singapore Life held 1.84× the capital MAS requires against its risks.

Balance sheet

Form A1 — statement of assets and liabilities
LineParticipatingNon-participatingInvestment-linkedNon-insuranceTotal
Assets
Equity securities5S$3.73bn—S$359.6mS$61.9mS$4.15bn
Debt securities9S$4.38bnS$1.72bnS$5.6mS$58.2mS$6.23bn
Cash and deposits10S$99.7mS$127.4mS$18.9mS$18.5mS$269.2m
Other investments11S$210.2mS$28.5mS$3kS$34kS$238.8m
Loans15S$60.8mS$1.2mS$4.3mS$3.9mS$70.2m
Property, plant and equipment18—S$76k—S$26.4mS$26.5m
Outstanding premiums19S$17.1mS$88.7mS$1.9m—S$108.6m
Reinsurers’ share of policy liabilities21S$48.0mS$1.14bnS$-18.6m—S$1.17bn
Other assets26S$4.5mS$56.0mS$1.2mS$198.7mS$269.9m
Total assets27S$8.60bnS$3.29bnS$383.0mS$391.1mS$12.63bn
Liabilities
Policy liabilities (gross of reinsurance)28S$8.03bnS$1.81bnS$345.3m—S$10.23bn
Outstanding claims29S$10.1mS$74.1mS$1.2m—S$85.4m
Financial liabilities34S$175.4mS$9.0m——S$184.4m
Other liabilities38S$366.3mS$353.8mS$14.3mS$102.0mS$838.5m
Total liabilities39S$8.59bnS$2.42bnS$364.9mS$297.4mS$11.61bn
Net assets & equity
Net assets (assets − liabilities)40S$12.8mS$866.0mS$18.1mS$93.7mS$1.02bn
Paid-up capital41———S$105.0mS$105.0m
Surplus / retained earnings42S$12.8mS$866.0mS$18.1mS$-11.3mS$917.2m
Other reserves43—————
Total equity44S$12.8mS$866.0mS$18.1mS$93.7mS$1.02bn

Profit & loss

Form A2 — revenue account
LineParticipatingNon-participatingInvestment-linkedNon-insuranceTotal
Premiums
Gross premiums1S$1.36bnS$2.03bnS$42.3m—S$3.48bn
Less: outward reinsurance premiums2S$6.9mS$1.61bnS$107k—S$1.62bn
Net premiums written3S$1.35bnS$416.7mS$42.1m—S$1.85bn
Claims & policy liabilities
Gross claims settled4S$585.0mS$1.78bnS$69.1m—S$2.46bn
Less: reinsurance recoveries5S$11.5mS$561.1mS$103k—S$573.2m
Net claims settled6S$573.4mS$1.22bnS$69.0m—S$1.88bn
Increase / (decrease) in policy liabilities7S$-569.3mS$-475.8mS$-121.3m—S$-1.16bn
Expenses
Management expenses16S$46.0mS$189.8mS$10.1mS$40.7mS$296.1m
Distribution expenses17S$87.9mS$-931.4mS$-4.8m—S$-840.8m
Other expenses19S$1.2mS$12.2mS$340kS$8.0mS$22.1m
Total outgo20S$-441.1mS$-1.92bnS$-97.2mS$48.7mS$-2.38bn
Result
Other income21S$26kS$2.8mS$3.2mS$2.2mS$8.2m
Net investment income22S$-1.20bnS$-177.1mS$-73.9mS$206kS$-1.45bn
Net income before tax23S$17.9mS$936.3mS$-391kS$-46.3mS$907.4m
Taxation24S$5.1mS$128.1mS$-660kS$-4.9mS$125.5m
Net income after tax25S$12.8mS$808.2mS$269kS$-41.4mS$781.9m

Capital across the years

Capital adequacy, as filed
YearCARFinancial resourcesRisk requirementsBasis
FY2019245.76%S$2.48bnS$1.01bnRBC1
FY2020214.01%S$3.73bnS$1.74bnRBC2
FY2021246.73%S$4.69bnS$1.90bnRBC2
FY2022184.37%S$3.27bnS$1.78bnRBC2
FY2023244.68%S$4.08bnS$1.67bnRBC2
FY2024224.34%S$4.61bnS$2.05bnRBC2
FY2025186.60%S$5.08bnS$2.72bnRBC2

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
98.4%
as filed (table L11)
Policies in force
1,264,924
Surrenders
8,969
Lapses
554

Individual business by product type

CategoryNew policiesNew annual prem.Policies in force
Whole life17,257S$621,520k131,536
Endowment6,740S$8,739k126,042
Term23,968S$56,067k184,835
Accident & health32,127S$37,045k272,515
Annuity0S$0k1,577
Other54,724S$32,873k548,419

Group business by product type

CategoryNew policiesNew annual prem.Policies in force
Term297S$6,080k1,960
Accident & health500S$26,822k2,123

Source: Monetary Authority of Singapore. Balance sheet, revenue account and capital adequacy from Singapore Life'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.