InsuranceInsights
← All insurers

MAS Insurance Company Return · FY2020

China 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, FY2020
Total assets
S$545.4m
Form A1, line 27
Policy liabilities
S$384.0m
Form A1, line 28
Net assets
S$150.3m
assets − liabilities
Capital adequacy
221.7%
Form A4 · RBC2 · min 100%
Gross premiums
S$92.5m
Form A2, line 1
Net premiums
S$92.5m
of reinsurance
Investment income
S$36.6m
Form A2, line 22
Net income
S$-472k
after tax

Capital adequacy

Form A4, FY2020
Capital adequacy ratio
221.67%
RBC2 · MAS requires at least 100%
Financial resources
S$176.2m
capital available
Total risk requirements
S$79.5m
capital MAS requires

Financial resources ÷ total risk requirements: China Life held 2.22× the capital MAS requires against its risks.

Balance sheet

Form A1 — statement of assets and liabilities
LineParticipatingNon-participatingNon-insuranceTotal
Assets
Equity securities5S$191.4mS$7.0m—S$198.4m
Debt securities9—S$281.1mS$24.6mS$305.7m
Cash and deposits10S$9.9mS$11.4mS$8.1mS$29.5m
Other investments11S$770kS$4.3m—S$5.1m
Loans15S$5kS$726k—S$730k
Property, plant and equipment18——S$990kS$990k
Outstanding premiums19S$170kS$30k—S$200k
Reinsurers’ share of policy liabilities21S$12kS$2k—S$14k
Other assets26S$564kS$122kS$4.1mS$4.8m
Total assets27S$205.5mS$304.7mS$39.8mS$545.4m
Liabilities
Policy liabilities (gross of reinsurance)28S$123.5mS$260.5m—S$384.0m
Outstanding claims29—S$231k—S$231k
Financial liabilities34S$40kS$122k—S$161k
Other liabilities38S$3.1mS$499kS$7.0mS$10.6m
Total liabilities39S$127.9mS$264.7mS$7.0mS$395.0m
Net assets & equity
Net assets (assets − liabilities)40S$77.6mS$40.0mS$32.8mS$150.3m
Paid-up capital41——S$206.5mS$206.5m
Surplus / retained earnings42S$77.6mS$40.0mS$-173.6mS$-56.1m
Other reserves43————
Total equity44S$77.6mS$40.0mS$32.8mS$150.3m

Profit & loss

Form A2 — revenue account
LineParticipatingNon-participatingNon-insuranceTotal
Premiums
Gross premiums1S$77.5mS$15.0m—S$92.5m
Less: outward reinsurance premiums2S$2kS$3k—S$5k
Net premiums written3S$77.5mS$15.0m—S$92.5m
Claims & policy liabilities
Gross claims settled4S$33kS$394k—S$427k
Less: reinsurance recoveries5————
Net claims settled6S$33kS$394k—S$427k
Increase / (decrease) in policy liabilities7S$74.7mS$24.7m—S$99.3m
Expenses
Management expenses16S$11.0mS$3.2mS$882kS$15.1m
Distribution expenses17S$12.7mS$93k—S$12.8m
Other expenses19S$1.5mS$740kS$121kS$2.3m
Total outgo20S$99.9mS$28.7mS$1.0mS$129.5m
Result
Other income21S$620kS$181kS$107kS$909k
Net investment income22S$19.4mS$14.7mS$2.4mS$36.6m
Net income before tax23S$-2.4mS$874kS$1.5mS$-1k
Taxation24S$470k——S$470k
Net income after tax25S$-2.9mS$874kS$1.5mS$-472k

Capital across the years

Capital adequacy, as filed
YearCARFinancial resourcesRisk requirementsBasis
FY2019323.95%S$162.0mS$50.0mRBC1
FY2020221.67%S$176.2mS$79.5mRBC2
FY2021270.07%S$209.7mS$77.7mRBC2
FY2022299.11%S$189.6mS$63.4mRBC2
FY2023230.32%S$203.0mS$88.2mRBC2
FY2024227.71%S$226.1mS$99.3mRBC2
FY2025190.08%S$209.9mS$110.4mRBC2

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
98.3%
as filed (table L11)
Policies in force
5,678
Surrenders
2
Lapses
11

Individual business by product type

CategoryNew policiesNew annual prem.Policies in force
Whole life353S$9,500k776
Endowment3S$36k427
Term108S$99k521
Accident & health47S$13k110
Annuity2S$0k3,844
Other0S$1k0

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