MAS Insurance Company Return · FY2025
Utmost International
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.
At a glance
Company total, FY2025Capital adequacy
Form A4, FY2025Financial resources ÷ total risk requirements: Utmost International held 21.20× the capital MAS requires against its risks.
Balance sheet
Form A1 — statement of assets and liabilities| Line | Investment-linked | Total |
|---|---|---|
| Assets | ||
| Equity securities5 | S$3.47bn | S$3.47bn |
| Debt securities9 | S$13.5m | S$13.5m |
| Cash and deposits10 | S$210.2m | S$210.2m |
| Other investments11 | — | — |
| Loans15 | — | — |
| Property, plant and equipment18 | S$394k | S$394k |
| Outstanding premiums19 | — | — |
| Reinsurers’ share of policy liabilities21 | — | — |
| Other assets26 | — | — |
| Total assets27 | S$3.70bn | S$3.70bn |
| Liabilities | ||
| Policy liabilities (gross of reinsurance)28 | S$3.66bn | S$3.66bn |
| Outstanding claims29 | — | — |
| Financial liabilities34 | — | — |
| Other liabilities38 | S$1.4m | S$1.4m |
| Total liabilities39 | S$3.66bn | S$3.66bn |
| Net assets & equity | ||
| Net assets (assets − liabilities)40 | S$34.2m | S$34.2m |
| Paid-up capital41 | — | — |
| Surplus / retained earnings42 | S$55.5m | S$55.5m |
| Other reserves43 | S$-21.3m | S$-21.3m |
| Total equity44 | S$34.2m | S$34.2m |
Profit & loss
Form A2 — revenue account| Line | Investment-linked | Total |
|---|---|---|
| Premiums | ||
| Gross premiums1 | S$201.5m | S$201.5m |
| Less: outward reinsurance premiums2 | S$521k | S$521k |
| Net premiums written3 | S$201.0m | S$201.0m |
| Claims & policy liabilities | ||
| Gross claims settled4 | S$190.7m | S$190.7m |
| Less: reinsurance recoveries5 | — | — |
| Net claims settled6 | S$190.7m | S$190.7m |
| Increase / (decrease) in policy liabilities7 | S$367.2m | S$367.2m |
| Expenses | ||
| Management expenses16 | S$6.4m | S$6.4m |
| Distribution expenses17 | S$9.4m | S$9.4m |
| Other expenses19 | S$364k | S$364k |
| Total outgo20 | S$383.3m | S$383.3m |
| Result | ||
| Other income21 | S$16.1m | S$16.1m |
| Net investment income22 | S$352.8m | S$352.8m |
| Net income before tax23 | S$-4.1m | S$-4.1m |
| Taxation24 | — | — |
| Net income after tax25 | S$-4.1m | S$-4.1m |
Capital across the years
Capital adequacy, as filed| Year | CAR | Financial resources | Risk requirements | Basis |
|---|---|---|---|---|
| FY2019 | 875.66% | S$67.5m | S$7.7m | RBC1 |
| FY2020 | 534.54% | S$87.5m | S$16.4m | RBC2 |
| FY2021 | 579.73% | S$95.8m | S$16.5m | RBC2 |
| FY2022 | 671.13% | S$88.2m | S$13.1m | RBC2 |
| FY2023 | 659.88% | S$117.7m | S$17.8m | RBC2 |
| FY2024 | 8409.17% | S$87.5m | S$1.0m | RBC2 |
| FY2025 | 2119.95% | S$67.1m | S$3.2m | RBC2 |
MAS changed the capital framework from FY2020 (RBC1 → RBC2) and risk requirements are computed differently under each. The step at the changeover is a change of basis, not a fall in capital — do not read the two as one series.
Business written & persistency
MAS annual statistics, FY2024This section comes from a different MAS publication — the annual insurance statistics — which covers the Singapore Insurance Fund onlyand runs a year behind the statutory return above. Amounts are in S$'000, and the figures are not directly comparable with the company totals above.
Individual business by product type
| Category | New policies | New annual prem. | Policies in force |
|---|---|---|---|
| Whole life | 76 | S$0k | 2,397 |
| Endowment | 0 | S$0k | 0 |
| Term | 0 | S$0k | 0 |
| Accident & health | 0 | S$0k | 0 |
| Annuity | 0 | S$0k | 0 |
| Other | 0 | S$0k | 0 |