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MAS Insurance Company Return · FY2025

FWD Bermuda

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 yearFY2025FY2024

At a glance

Company total, FY2025
Total assets
S$55.5m
Form A1, line 27
Policy liabilities
S$37.3m
Form A1, line 28
Net assets
S$14.3m
assets − liabilities
Capital adequacy
296.4%
Form A4 · RBC2 · min 100%
Gross premiums
S$43.2m
Form A2, line 1
Net premiums
S$42.3m
of reinsurance
Investment income
S$582k
Form A2, line 22
Net income
S$4.1m
after tax

Capital adequacy

Form A4, FY2025
Capital adequacy ratio
296.36%
RBC2 · MAS requires at least 100%
Financial resources
S$14.7m
capital available
Total risk requirements
S$5.0m
capital MAS requires

Financial resources ÷ total risk requirements: FWD Bermuda held 2.96× the capital MAS requires against its risks.

Balance sheet

Form A1 — statement of assets and liabilities
LineParticipatingNon-participatingOffshore parOffshore non-parTotal
Assets
Equity securities5S$367kS$6.2mS$2.4mS$3.8mS$12.8m
Debt securities9S$87kS$9.2mS$508kS$1.4mS$11.2m
Cash and deposits10S$4.9mS$13.6mS$89kS$2.7mS$21.3m
Other investments11—————
Loans15—————
Property, plant and equipment18—————
Outstanding premiums19—————
Reinsurers’ share of policy liabilities21—S$6.2mS$-15kS$2.0mS$8.2m
Other assets26—S$895k—S$751kS$1.6m
Total assets27S$5.4mS$42.1mS$3.0mS$11.3mS$55.5m
Liabilities
Policy liabilities (gross of reinsurance)28S$1.9mS$24.5mS$2.9mS$8.1mS$37.3m
Outstanding claims29—————
Financial liabilities34—————
Other liabilities38S$11kS$2.0m—S$164kS$2.2m
Total liabilities39S$4.4mS$30.2mS$3.0mS$9.9mS$41.2m
Net assets & equity
Net assets (assets − liabilities)40S$1.0mS$11.9m—S$1.3mS$14.3m
Paid-up capital41—————
Surplus / retained earnings42S$1.0mS$12.2m—S$1.3mS$14.5m
Other reserves43S$5kS$-295k—S$-7kS$-298k
Total equity44S$1.0mS$11.9m—S$1.3mS$14.3m

Profit & loss

Form A2 — revenue account
LineParticipatingNon-participatingOffshore parOffshore non-parTotal
Premiums
Gross premiums1S$737kS$29.0mS$3.3mS$10.2mS$43.2m
Less: outward reinsurance premiums2S$5kS$683kS$764S$192kS$881k
Net premiums written3S$732kS$28.3mS$3.3mS$10.0mS$42.3m
Claims & policy liabilities
Gross claims settled4—S$541k—S$99kS$640k
Less: reinsurance recoveries5—S$282k—S$23kS$305k
Net claims settled6—S$259k—S$76kS$335k
Increase / (decrease) in policy liabilities7S$591kS$24.4mS$2.9mS$8.1mS$36.0m
Expenses
Management expenses16S$53kS$1.6mS$160kS$838kS$2.7m
Distribution expenses17S$72kS$6.4mS$435kS$1.6mS$8.5m
Other expenses19S$43kS$124kS$7kS$71kS$246k
Total outgo20S$759kS$26.3mS$3.5mS$8.6mS$39.2m
Result
Other income21—S$796kS$7kS$110kS$914k
Net investment income22S$39kS$266kS$164kS$112kS$582k
Net income before tax23S$11kS$2.8mS$25S$1.5mS$4.2m
Taxation24S$11kS$8kS$25S$125kS$145k
Net income after tax25—S$2.7m—S$1.3mS$4.1m

Capital across the years

Capital adequacy, as filed
YearCARFinancial resourcesRisk requirementsBasis
FY20249333.05%S$7.5mS$81kRBC2
FY2025296.36%S$14.7mS$5.0mRBC2

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
—
as filed (table L11)
Policies in force
1
Surrenders
0
Lapses
0

Individual business by product type

CategoryNew policiesNew annual prem.Policies in force
Whole life1S$1,085k1
Endowment0S$0k0
Term0S$0k0
Accident & health0S$0k0
Annuity0S$0k0
Other0S$0k0

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