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MAS Insurance Company Return · FY2022

Tokio Marine 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$11.14bn
Form A1, line 27
Policy liabilities
S$7.34bn
Form A1, line 28
Net assets
S$956.1m
assets − liabilities
Capital adequacy
167.4%
Form A4 · RBC2 · min 100%
Gross premiums
S$760.0m
Form A2, line 1
Net premiums
S$786.8m
of reinsurance
Investment income
S$-1.25bn
Form A2, line 22
Net income
S$-114.2m
after tax

Capital adequacy

Form A4, FY2022
Capital adequacy ratio
167.45%
RBC2 · MAS requires at least 100%
Financial resources
S$1.62bn
capital available
Total risk requirements
S$968.2m
capital MAS requires

Financial resources ÷ total risk requirements: Tokio Marine Life held 1.67× the capital MAS requires against its risks.

Balance sheet

Form A1 — statement of assets and liabilities
LineParticipatingNon-participatingInvestment-linkedShareholders (life)Non-insuranceTotal
Assets
Equity securities5S$1.58bn—S$288.8mS$13.0mS$371.5mS$2.25bn
Debt securities9S$7.57bnS$284.9m—S$36.7mS$104.0mS$8.00bn
Cash and deposits10S$234.0mS$134.2mS$24.1mS$8.6mS$24.1mS$425.1m
Other investments11S$128.5mS$4.0m—S$473kS$812kS$133.8m
Loans15S$62.2mS$67k—S$4.2mS$68kS$66.5m
Property, plant and equipment18S$139.2mS$24.1m—S$4k—S$163.3m
Outstanding premiums19S$4.8mS$12.3mS$2.8mS$102k—S$20.0m
Reinsurers’ share of policy liabilities21S$-6.7mS$29.9mS$-46kS$-35k—S$23.1m
Other assets26S$38.2mS$22.9mS$678kS$501kS$2.9mS$65.2m
Total assets27S$9.75bnS$523.1mS$321.1mS$64.0mS$503.7mS$11.14bn
Liabilities
Policy liabilities (gross of reinsurance)28S$6.69bnS$347.7mS$256.1mS$47.6m—S$7.34bn
Outstanding claims29S$165.4mS$26.9mS$633kS$1.6m—S$194.5m
Financial liabilities34S$2.33bnS$322k—S$4kS$197.6mS$2.53bn
Other liabilities38S$13.6mS$25.7mS$8.9mS$215kS$52.3mS$100.7m
Total liabilities39S$9.22bnS$410.6mS$271.6mS$49.7mS$253.9mS$10.19bn
Net assets & equity
Net assets (assets − liabilities)40S$530.0mS$112.5mS$49.5mS$14.3mS$249.7mS$956.1m
Paid-up capital41————S$302.7mS$302.7m
Surplus / retained earnings42S$530.0mS$112.5mS$49.5mS$14.3mS$-53.0mS$653.3m
Other reserves43——————
Total equity44S$530.0mS$112.5mS$49.5mS$14.3mS$249.7mS$956.1m

Profit & loss

Form A2 — revenue account
LineParticipatingNon-participatingInvestment-linkedShareholders (life)Non-insuranceTotal
Premiums
Gross premiums1S$403.2mS$176.2mS$178.9mS$1.7m—S$760.0m
Less: outward reinsurance premiums2S$6.1mS$-32.9mS$58kS$-3k—S$-26.7m
Net premiums written3S$397.1mS$209.1mS$178.8mS$1.7m—S$786.8m
Claims & policy liabilities
Gross claims settled4S$330.1mS$107.4mS$40.2mS$2.9m—S$480.5m
Less: reinsurance recoveries5S$2.9mS$71.6mS$15kS$364k—S$74.9m
Net claims settled6S$327.2mS$35.8mS$40.2mS$2.5m—S$405.6m
Increase / (decrease) in policy liabilities7S$-1.08bnS$22.5mS$61.2mS$-3.1m—S$-1.00bn
Expenses
Management expenses16S$17.4mS$24.0mS$12.1mS$848kS$4.5mS$59.0m
Distribution expenses17S$6.2mS$41.0mS$33.3mS$51k—S$80.5m
Other expenses19S$2.7mS$113.4mS$466kS$60kS$4.7mS$121.4m
Total outgo20S$-1.03bnS$205.7mS$106.9mS$-2.2mS$9.4mS$-714.4m
Result
Other income21S$48kS$-4.2mS$31.8mS$-1kS$988kS$28.6m
Net investment income22S$-1.16bnS$-30.5mS$-61.2mS$-3.8mS$5.4mS$-1.25bn
Net income before tax23S$-51.2mS$-67.2mS$2.3mS$-2.3mS$-3.0mS$-121.4m
Taxation24S$7.1mS$-11.7mS$-8kS$-830kS$-1.7mS$-7.2m
Net income after tax25S$-58.3mS$-55.4mS$2.4mS$-1.5mS$-1.3mS$-114.2m

Capital across the years

Capital adequacy, as filed
YearCARFinancial resourcesRisk requirementsBasis
FY2019244.23%S$2.76bnS$1.13bnRBC1
FY2020148.86%S$2.61bnS$1.75bnRBC2
FY2021183.18%S$2.19bnS$1.20bnRBC2
FY2022167.45%S$1.62bnS$968.2mRBC2
FY2023101.69%S$1.82bnS$1.79bnRBC2
FY2024232.82%S$3.71bnS$1.59bnRBC2
FY2025259.99%S$4.56bnS$1.75bnRBC2

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
96.1%
as filed (table L11)
Policies in force
186,069
Surrenders
1,900
Lapses
-5

Individual business by product type

CategoryNew policiesNew annual prem.Policies in force
Whole life4,867S$32,497k130,285
Endowment19S$154k34,134
Term717S$1,464k17,224
Accident & health501S$111k3,017
Annuity0S$0k1,409
Other0S$0k0

Group business by product type

CategoryNew policiesNew annual prem.Policies in force
Term50S$1,523k485
Accident & health120S$11,460k700

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