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MAS Insurance Company Return · FY2021

Friends Provident

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, FY2021
Total assets
S$1.22bn
Form A1, line 27
Policy liabilities
S$1.16bn
Form A1, line 28
Net assets
S$26.0m
assets − liabilities
Capital adequacy
877.7%
Form A4 · RBC2 · min 100%
Gross premiums
S$145.7m
Form A2, line 1
Net premiums
S$145.4m
of reinsurance
Investment income
S$83.8m
Form A2, line 22
Net income
S$3.0m
after tax

Capital adequacy

Form A4, FY2021
Capital adequacy ratio
877.69%
RBC2 · MAS requires at least 100%
Financial resources
S$88.7m
capital available
Total risk requirements
S$10.1m
capital MAS requires

Financial resources ÷ total risk requirements: Friends Provident held 8.78× the capital MAS requires against its risks.

Balance sheet

Form A1 — statement of assets and liabilities
LineNon-participatingInvestment-linkedOffshore non-parOffshore ILPTotal
Assets
Equity securities5—S$1.11bn—S$8.5mS$1.12bn
Debt securities9—S$3.1m——S$3.1m
Cash and deposits10S$4.2mS$76.8mS$22kS$7.8mS$88.8m
Other investments11—————
Loans15—————
Property, plant and equipment18—————
Outstanding premiums19S$20kS$330k—S$1kS$352k
Reinsurers’ share of policy liabilities21S$-375k—S$-10k—S$-385k
Other assets26S$15kS$1.4mS$5kS$2kS$1.4m
Total assets27S$4.7mS$1.20bnS$17kS$16.3mS$1.22bn
Liabilities
Policy liabilities (gross of reinsurance)28S$576kS$1.15bnS$29S$8.8mS$1.16bn
Outstanding claims29S$1.0mS$261k——S$1.3m
Financial liabilities34—————
Other liabilities38S$285kS$13.4mS$83S$1.1mS$14.8m
Total liabilities39S$3.9mS$1.18bnS$2kS$10.1mS$1.19bn
Net assets & equity
Net assets (assets − liabilities)40S$768kS$19.0mS$15kS$6.1mS$26.0m
Paid-up capital41—————
Surplus / retained earnings42S$1.6mS$22.3mS$25kS$5.8mS$29.6m
Other reserves43S$-788kS$-3.3mS$-10kS$376kS$-3.7m
Total equity44S$768kS$19.0mS$15kS$6.1mS$26.0m

Profit & loss

Form A2 — revenue account
LineNon-participatingInvestment-linkedOffshore non-parOffshore ILPTotal
Premiums
Gross premiums1S$475kS$144.9mS$4kS$263kS$145.7m
Less: outward reinsurance premiums2S$256k—S$2k—S$258k
Net premiums written3S$218kS$144.9mS$2kS$263kS$145.4m
Claims & policy liabilities
Gross claims settled4S$982kS$101.7m—S$12.6mS$115.2m
Less: reinsurance recoveries5S$832k———S$832k
Net claims settled6S$151kS$101.7m—S$12.6mS$114.4m
Increase / (decrease) in policy liabilities7S$-483kS$110.2mS$-15S$-11.7mS$98.1m
Expenses
Management expenses16S$52kS$7.1mS$283S$37kS$7.2m
Distribution expenses17S$15kS$9.0mS$88S$18kS$9.0m
Other expenses19—S$157——S$157
Total outgo20S$-139kS$126.3mS$259S$-11.6mS$114.6m
Result
Other income21S$40kS$3.2mS$10S$34kS$3.3m
Net investment income22S$-66kS$83.2mS$-484S$676kS$83.8m
Net income before tax23S$181kS$3.3mS$898S$24kS$3.6m
Taxation24S$17kS$513kS$84S$2kS$532k
Net income after tax25S$164kS$2.8mS$814S$22kS$3.0m

Capital across the years

Capital adequacy, as filed
YearCARFinancial resourcesRisk requirementsBasis
FY20194333.23%S$45.8mS$1.1mRBC1
FY2020651.56%S$73.0mS$11.2mRBC2
FY2021877.69%S$88.7mS$10.1mRBC2
FY2022576.08%S$76.4mS$13.3mRBC2
FY2023660.66%S$82.1mS$12.4mRBC2
FY2024805.25%S$83.5mS$10.4mRBC2
FY2025873.80%S$81.5mS$9.3mRBC2

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
100.0%
as filed (table L11)
Policies in force
6,209
Surrenders
486
Lapses
3

Individual business by product type

CategoryNew policiesNew annual prem.Policies in force
Whole life283S$4,316k6,138
Endowment0S$0k0
Term0S$0k58
Accident & health0S$0k13
Annuity0S$0k0
Other0S$0k0

Source: Monetary Authority of Singapore. Balance sheet, revenue account and capital adequacy from Friends Provident's Insurance Company Return for FY2021 (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.