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MAS Insurance Company Return · FY2025

SUN 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 yearFY2025FY2024FY2023FY2022FY2021FY2020

At a glance

Company total, FY2025
Total assets
S$1.13bn
Form A1, line 27
Policy liabilities
S$416.0m
Form A1, line 28
Net assets
S$63.4m
assets − liabilities
Capital adequacy
528.8%
Form A4 · RBC2 · min 100%
Gross premiums
S$287.7m
Form A2, line 1
Net premiums
S$-47.1m
of reinsurance
Investment income
S$9.2m
Form A2, line 22
Net income
S$-4.5m
after tax

Capital adequacy

Form A4, FY2025
Capital adequacy ratio
528.81%
RBC2 · MAS requires at least 100%
Financial resources
S$63.4m
capital available
Total risk requirements
S$12.0m
capital MAS requires

Financial resources ÷ total risk requirements: SUN Life held 5.29× the capital MAS requires against its risks.

Balance sheet

Form A1 — statement of assets and liabilities
LineNon-participatingOffshore non-parTotal
Assets
Equity securities5S$39.8mS$69.6mS$109.4m
Debt securities9S$288.3mS$261.4mS$549.6m
Cash and deposits10S$41.2mS$17.3mS$58.5m
Other investments11S$59kS$75kS$134k
Loans15—S$643kS$643k
Property, plant and equipment18S$1.1m—S$1.1m
Outstanding premiums19———
Reinsurers’ share of policy liabilities21S$206.8mS$200.9mS$407.6m
Other assets26S$3.0mS$1.2mS$4.2m
Total assets27S$580.9mS$551.0mS$1.13bn
Liabilities
Policy liabilities (gross of reinsurance)28S$211.0mS$205.0mS$416.0m
Outstanding claims29———
Financial liabilities34S$242kS$199kS$441k
Other liabilities38S$15.7mS$5kS$15.7m
Total liabilities39S$554.9mS$513.7mS$1.07bn
Net assets & equity
Net assets (assets − liabilities)40S$26.0mS$37.4mS$63.4m
Paid-up capital41———
Surplus / retained earnings42S$29.5mS$38.4mS$67.9m
Other reserves43S$-3.5mS$-1.1mS$-4.6m
Total equity44S$26.0mS$37.4mS$63.4m

Profit & loss

Form A2 — revenue account
LineNon-participatingOffshore non-parTotal
Premiums
Gross premiums1S$171.0mS$116.7mS$287.7m
Less: outward reinsurance premiums2S$219.9mS$114.8mS$334.7m
Net premiums written3S$-48.9mS$1.9mS$-47.1m
Claims & policy liabilities
Gross claims settled4S$5.8mS$19.4mS$25.2m
Less: reinsurance recoveries5S$5.6mS$19.0mS$24.6m
Net claims settled6S$138kS$388kS$525k
Increase / (decrease) in policy liabilities7S$86.5mS$36.6mS$123.1m
Expenses
Management expenses16S$16.0mS$17.9mS$33.8m
Distribution expenses17S$-6.4mS$-7.0mS$-13.4m
Other expenses19S$1.1mS$673kS$1.8m
Total outgo20S$-29.5mS$-4.1mS$-33.6m
Result
Other income21S$315kS$2kS$317k
Net investment income22S$5.2mS$4.0mS$9.2m
Net income before tax23S$-14.1mS$9.6mS$-4.5m
Taxation24———
Net income after tax25S$-14.1mS$9.6mS$-4.5m

Capital across the years

Capital adequacy, as filed
YearCARFinancial resourcesRisk requirementsBasis
FY20201200.48%S$27.8mS$2.3mRBC2
FY20211103.09%S$42.0mS$3.8mRBC2
FY2022742.96%S$39.8mS$5.4mRBC2
FY2023615.09%S$48.9mS$8.0mRBC2
FY2024649.53%S$130.8mS$20.1mRBC2
FY2025528.81%S$63.4mS$12.0mRBC2

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
100.0%
as filed (table L11)
Policies in force
152
Surrenders
0
Lapses
0

Individual business by product type

CategoryNew policiesNew annual prem.Policies in force
Whole life94S$15,142k152
Endowment0S$0k0
Term0S$0k0
Accident & health0S$0k0
Annuity0S$0k0
Other0S$0k0

Source: Monetary Authority of Singapore. Balance sheet, revenue account and capital adequacy from SUN Life's Insurance Company Return for FY2025 (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.