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MAS Insurance Company Return · FY2020

AIA Singapore

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$58.53bn
Form A1, line 27
Policy liabilities
S$49.28bn
Form A1, line 28
Net assets
S$3.88bn
assets − liabilities
Capital adequacy
199.0%
Form A4 · RBC2 · min 100%
Gross premiums
S$6.06bn
Form A2, line 1
Net premiums
S$6.73bn
of reinsurance
Investment income
S$5.17bn
Form A2, line 22
Net income
S$299.9m
after tax

Capital adequacy

Form A4, FY2020
Capital adequacy ratio
198.96%
RBC2 · MAS requires at least 100%
Financial resources
S$15.01bn
capital available
Total risk requirements
S$7.55bn
capital MAS requires

Financial resources ÷ total risk requirements: AIA Singapore held 1.99× 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$9.30bnS$639.5mS$7.56bnS$238.3mS$6.2mS$17.75bn
Debt securities9S$18.76bnS$14.38bnS$2.41bnS$471.2mS$2.2mS$36.04bn
Cash and deposits10S$288.6mS$85.1mS$125.5mS$23.3mS$765kS$523.5m
Other investments11S$221.1mS$41.6mS$4.8mS$194—S$267.6m
Loans15S$323.0mS$79.6m—S$4.4m—S$407.0m
Property, plant and equipment18S$521.4mS$175.1m—S$1.0mS$3.9mS$701.5m
Outstanding premiums19S$36.9mS$113.6m—S$2.1m—S$152.9m
Reinsurers’ share of policy liabilities21S$110.3mS$1.36bnS$-2.3mS$1.8m—S$1.47bn
Other assets26S$139.0mS$105.8mS$95.9mS$3.3mS$68.5mS$412.7m
Total assets27S$29.73bnS$17.00bnS$11.02bnS$745.9mS$84.9mS$58.53bn
Liabilities
Policy liabilities (gross of reinsurance)28S$25.90bnS$13.13bnS$9.74bnS$503.7m—S$49.28bn
Outstanding claims29S$8.1mS$73.8mS$3.0mS$632k—S$85.6m
Financial liabilities34S$182.5mS$23.0mS$649kS$28S$50.0mS$256.1m
Other liabilities38S$3.24bnS$573.0mS$241.5mS$67.4mS$26.0mS$4.15bn
Total liabilities39S$29.36bnS$14.67bnS$10.01bnS$572.1mS$83.4mS$54.65bn
Net assets & equity
Net assets (assets − liabilities)40S$366.2mS$2.33bnS$1.00bnS$173.7mS$1.4mS$3.88bn
Paid-up capital41————S$1.56bnS$1.56bn
Surplus / retained earnings42S$366.2mS$2.33bnS$1.00bnS$173.7mS$-1.56bnS$2.32bn
Other reserves43——————
Total equity44S$366.2mS$2.33bnS$1.00bnS$173.7mS$1.4mS$3.88bn

Profit & loss

Form A2 — revenue account
LineParticipatingNon-participatingInvestment-linkedShareholders (life)Non-insuranceTotal
Premiums
Gross premiums1S$2.14bnS$2.13bnS$1.70bnS$71.2m—S$6.06bn
Less: outward reinsurance premiums2S$18.4mS$1.6mS$-691.2mS$672k—S$-670.4m
Net premiums written3S$2.12bnS$2.12bnS$2.40bnS$70.6m—S$6.73bn
Claims & policy liabilities
Gross claims settled4S$1.13bnS$1.39bnS$1.16bnS$52.7m—S$3.74bn
Less: reinsurance recoveries5S$12.3mS$248.9mS$14.1mS$27k—S$275.3m
Net claims settled6S$1.12bnS$1.14bnS$1.14bnS$52.6m—S$3.47bn
Increase / (decrease) in policy liabilities7S$2.95bnS$1.57bnS$1.53bnS$64.8m—S$6.11bn
Expenses
Management expenses16S$74.6mS$156.4mS$48.0mS$5.5mS$10.0mS$297.5m
Distribution expenses17S$239.5mS$286.0mS$144.8mS$11.3m—S$685.6m
Other expenses19S$126.5mS$115.4mS$6.6mS$41.5mS$41.7mS$332.1m
Total outgo20S$3.39bnS$2.98bnS$1.73bnS$122.3mS$51.8mS$8.28bn
Result
Other income21S$39.3mS$34.2mS$44.4mS$668kS$9.2mS$127.7m
Net investment income22S$2.42bnS$1.35bnS$1.31bnS$92.1mS$-1.6mS$5.17bn
Net income before tax23S$79.6mS$-619.1mS$872.8mS$-11.7mS$-44.2mS$283.2m
Taxation24S$13.0mS$-174.7mS$136.8mS$6.6mS$808kS$-16.7m
Net income after tax25S$66.6mS$-444.4mS$736.0mS$-18.3mS$-45.0mS$299.9m

Capital across the years

Capital adequacy, as filed
YearCARFinancial resourcesRisk requirementsBasis
FY2019257.75%S$10.54bnS$4.09bnRBC1
FY2020198.96%S$15.01bnS$7.55bnRBC2
FY2021210.39%S$16.48bnS$7.84bnRBC2
FY2022277.36%S$15.21bnS$5.48bnRBC2
FY2023292.00%S$16.21bnS$5.55bnRBC2
FY2024274.93%S$17.51bnS$6.37bnRBC2
FY2025254.94%S$18.67bnS$7.32bnRBC2

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
96.8%
as filed (table L11)
Policies in force
3,380,884
Surrenders
59,457
Lapses
3,331

Individual business by product type

CategoryNew policiesNew annual prem.Policies in force
Whole life76,016S$610,157k1,161,775
Endowment13,347S$20,276k267,724
Term12,765S$17,897k158,219
Accident & health164,945S$181,762k1,695,170
Annuity0S$0k4,445
Other2,827S$38,682k93,551

Group business by product type

CategoryNew policiesNew annual prem.Policies in force
Term655S$13,086k4,176
Accident & health2,626S$76,621k9,742
Other0S$134,133k6

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