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MAS Insurance Company Return · FY2020

Transamerica

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, FY2020
Total assets
S$6.06bn
Form A1, line 27
Policy liabilities
S$4.75bn
Form A1, line 28
Net assets
S$1.08bn
assets − liabilities
Capital adequacy
281.5%
Form A4 · RBC2 · min 100%
Gross premiums
S$90.9m
Form A2, line 1
Net premiums
S$1.97bn
of reinsurance
Investment income
S$473.2m
Form A2, line 22
Net income
S$-381.5m
after tax

Capital adequacy

Form A4, FY2020
Capital adequacy ratio
281.46%
RBC2 · MAS requires at least 100%
Financial resources
S$1.01bn
capital available
Total risk requirements
S$358.1m
capital MAS requires

Financial resources ÷ total risk requirements: Transamerica held 2.81× the capital MAS requires against its risks.

Balance sheet

Form A1 — statement of assets and liabilities
LineNon-participatingOffshore non-parTotal
Assets
Equity securities5———
Debt securities9S$2.34bnS$1.93bnS$4.27bn
Cash and deposits10S$9.0mS$9.9mS$18.9m
Other investments11———
Loans15S$173kS$291kS$464k
Property, plant and equipment18S$71kS$71kS$141k
Outstanding premiums19S$26kS$3kS$29k
Reinsurers’ share of policy liabilities21S$603.5mS$1.04bnS$1.64bn
Other assets26S$31.9mS$90.8mS$122.7m
Total assets27S$2.98bnS$3.07bnS$6.06bn
Liabilities
Policy liabilities (gross of reinsurance)28S$2.31bnS$2.44bnS$4.75bn
Outstanding claims29S$5.3mS$99.1mS$104.4m
Financial liabilities34———
Other liabilities38S$57.1mS$52.4mS$109.6m
Total liabilities39S$2.37bnS$2.60bnS$4.97bn
Net assets & equity
Net assets (assets − liabilities)40S$610.4mS$471.0mS$1.08bn
Paid-up capital41———
Surplus / retained earnings42S$631.9mS$505.5mS$1.14bn
Other reserves43S$-21.5mS$-34.6mS$-56.0m
Total equity44S$610.4mS$471.0mS$1.08bn

Profit & loss

Form A2 — revenue account
LineNon-participatingOffshore non-parTotal
Premiums
Gross premiums1S$47.8mS$43.2mS$90.9m
Less: outward reinsurance premiums2S$-1.18bnS$-699.1mS$-1.88bn
Net premiums written3S$1.23bnS$742.2mS$1.97bn
Claims & policy liabilities
Gross claims settled4S$123.1mS$146.3mS$269.5m
Less: reinsurance recoveries5S$14.7mS$78.4mS$93.1m
Net claims settled6S$108.5mS$68.0mS$176.4m
Increase / (decrease) in policy liabilities7S$544.9mS$572.8mS$1.12bn
Expenses
Management expenses16S$11.9mS$11.1mS$23.0m
Distribution expenses17S$1.6mS$3.0mS$4.6m
Other expenses19S$-6kS$-14kS$-20k
Total outgo20S$1.65bnS$1.08bnS$2.73bn
Result
Other income21S$59kS$606kS$664k
Net investment income22S$267.3mS$205.9mS$473.2m
Net income before tax23S$-265.4mS$-194.3mS$-459.7m
Taxation24S$-45.1mS$-33.0mS$-78.1m
Net income after tax25S$-220.2mS$-161.3mS$-381.5m

Capital across the years

Capital adequacy, as filed
YearCARFinancial resourcesRisk requirementsBasis
FY2019260.18%S$606.5mS$233.1mRBC1
FY2020281.46%S$1.01bnS$358.1mRBC2
FY2021244.28%S$942.9mS$386.0mRBC2
FY2022916.96%S$538.6mS$58.7mRBC2
FY2023545.66%S$284.4mS$52.1mRBC2
FY2024403.66%S$224.7mS$55.7mRBC2
FY2025411.00%S$239.1mS$58.2mRBC2

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
100.0%
as filed (table L11)
Policies in force
2,552
Surrenders
224
Lapses
2

Individual business by product type

CategoryNew policiesNew annual prem.Policies in force
Whole life348S$0k2,314
Endowment0S$0k0
Term2S$58k238
Accident & health0S$0k0
Annuity0S$0k0
Other0S$0k0

Source: Monetary Authority of Singapore. Balance sheet, revenue account and capital adequacy from Transamerica's Insurance Company Return for FY2020 (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.