InsuranceInsights
← All insurers

MAS Insurance Company Return · FY2025

Etiqa PL

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, FY2025
Total assets
S$4.60bn
Form A1, line 27
Policy liabilities
S$4.00bn
Form A1, line 28
Net assets
S$165.8m
assets − liabilities
Capital adequacy
175.3%
Form A4 · RBC2 · min 100%
Gross premiums
S$1.03bn
Form A2, line 1
Net premiums
S$960.8m
of reinsurance
Investment income
S$270.7m
Form A2, line 22
Net income
S$22.0m
after tax

Capital adequacy

Form A4, FY2025
Capital adequacy ratio
175.30%
RBC2 · MAS requires at least 100%
Financial resources
S$757.0m
capital available
Total risk requirements
S$431.9m
capital MAS requires

Financial resources ÷ total risk requirements: Etiqa PL held 1.75× the capital MAS requires against its risks.

Balance sheet

Form A1 — statement of assets and liabilities
LineParticipatingNon-participatingInvestment-linkedNon-insuranceTotal
Assets
Equity securities5S$507.6mS$447kS$725.0m—S$1.23bn
Debt securities9S$2.08bnS$341.8m——S$2.61bn
Cash and deposits10S$100.3mS$50.8mS$39.4mS$2.2mS$249.1m
Other investments11S$14.4mS$3.6m——S$18.4m
Loans15S$19.8m———S$19.8m
Property, plant and equipment18S$271k———S$4.9m
Outstanding premiums19S$2.7mS$425k——S$18.4m
Reinsurers’ share of policy liabilities21S$276kS$377.9mS$-62.7m—S$355.0m
Other assets26S$3.8mS$17.6mS$7.6mS$12.1mS$46.5m
Total assets27S$2.74bnS$830.9mS$765.7mS$15.1mS$4.60bn
Liabilities
Policy liabilities (gross of reinsurance)28S$2.62bnS$702.8mS$473.6m—S$4.00bn
Outstanding claims29S$26.2mS$4.5mS$575k—S$31.2m
Financial liabilities34S$4.6mS$679k—S$200.0mS$205.3m
Other liabilities38S$31.0mS$55.3mS$21.9mS$13.6mS$170.2m
Total liabilities39S$2.71bnS$801.1mS$531.5mS$214.1mS$4.44bn
Net assets & equity
Net assets (assets − liabilities)40S$32.2mS$29.9mS$234.2mS$-199.0mS$165.8m
Paid-up capital41———S$368.0mS$368.0m
Surplus / retained earnings42S$32.2mS$29.9mS$234.2mS$-567.0mS$-202.2m
Other reserves43—————
Total equity44S$32.2mS$29.9mS$234.2mS$-199.0mS$165.8m

Profit & loss

Form A2 — revenue account
LineParticipatingNon-participatingInvestment-linkedNon-insuranceTotal
Premiums
Gross premiums1S$385.8mS$100.2mS$393.1m—S$1.03bn
Less: outward reinsurance premiums2S$1.7mS$42.9mS$3.2m—S$65.3m
Net premiums written3S$384.1mS$57.3mS$389.9m—S$960.8m
Claims & policy liabilities
Gross claims settled4S$198.1mS$221.4mS$50.7m—S$520.4m
Less: reinsurance recoveries5S$592kS$23.6m——S$31.7m
Net claims settled6S$197.5mS$197.8mS$50.7m—S$488.7m
Increase / (decrease) in policy liabilities7S$322.5mS$-88.0mS$273.7m—S$522.5m
Expenses
Management expenses16S$11.9mS$8.5mS$22.7mS$891kS$66.4m
Distribution expenses17S$34.0mS$-6.1mS$21.8m—S$78.6m
Other expenses19S$6.7mS$22.1mS$1.8mS$8.9mS$42.5m
Total outgo20S$374.1mS$-102.7mS$382.7mS$9.8mS$744.0m
Result
Other income21S$8.6mS$169kS$16.8mS$45kS$27.0m
Net investment income22S$189.5mS$29.9mS$43.6mS$9kS$270.7m
Net income before tax23S$10.5mS$-7.7mS$16.8mS$-9.7mS$25.7m
Taxation24S$3.6mS$167——S$3.6m
Net income after tax25S$6.9mS$-7.7mS$16.8mS$-9.7mS$22.0m

Capital across the years

Capital adequacy, as filed
YearCARFinancial resourcesRisk requirementsBasis
FY2019275.60%S$300.7mS$109.1mRBC1
FY2020165.19%S$346.4mS$209.7mRBC2
FY2021194.18%S$652.2mS$335.9mRBC2
FY2022248.92%S$636.7mS$255.8mRBC2
FY2023255.82%S$657.2mS$256.9mRBC2
FY2024196.14%S$637.2mS$324.9mRBC2
FY2025175.30%S$757.0mS$431.9mRBC2

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
99.0%
as filed (table L11)
Policies in force
74,047
Surrenders
2,401
Lapses
623

Individual business by product type

CategoryNew policiesNew annual prem.Policies in force
Whole life9,455S$158,260k34,117
Endowment1,136S$33,310k36,378
Term825S$1,241k2,259
Accident & health748S$1,216k1,293
Annuity0S$0k0
Other0S$0k0

Group business by product type

CategoryNew policiesNew annual prem.Policies in force
Term1S$21k4
Accident & health1S$7k6

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