Singapore Reinsurance : Second Quarter Financial Statements for the period ended 30 June 2017

Financial Statements and Related Announcement::Second Quarter and/ or Half Yearly...

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Financial Statements and Related Announcement::Second Quarter and/ or Half Yearly Results Issuer & Securities

Issuer/ Manager

SINGAPORE REINSURANCE CORPORATION LIMITED

Securities SINGAPORE REINSURANCE COR LTD - SG1J71891696 - S49

Stapled Security No

Announcement Details

Announcement Title

Financial Statements and Related Announcement

Date & Time of Broadcast 11-Aug-2017 17:12:33

Status New

Announcement Sub Title Second Quarter and/ or Half Yearly Results

Announcement Reference SG170811OTHRML1E

Submitted By (Co./ Ind. Name) Tan Swee Gek

Designation Company Secretary

Description (Please provide a detailed description of the event in the box below - Refer to the Online help for the format)

The second quarter and/or half year 2017 financial results is attached for information.

Additional Details

For Financial Period Ended

30/06/2017

Attachments

SGX annx 20172Q.pdf Total size =492K

http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content&B=Announce...

11/08/2017

SINGAPORE REINSURANCE CORPORATION LIMITED

(Company Registration No. 197300016C)

Financial Statements Announcement For The Period Ended 30 June 2017

PART I - INFORMATION REQUIRED FOR QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR ANNOUNCEMENTS

1(a) An income statement and statement of comprehensive income, for the group, together with a comparative statement for the corresponding period of the immediately preceding financial year.

UNAUDITED CONSOLIDATED INCOME STATEMENT FOR THE SECOND QUARTER AND HALF YEAR ENDED 30 JUNE 2017

GROUP

6 months	6 months	Iner/	2nd Qtr	2nd Qtr	Iner/
2017	2016	(deer)	2017	2016	(deer)
S$'000	S$'000	%	S$'000	S$'000	%

Income statements:	83,286	85, 146	(2.2)	50,913	54,768	(7.0)
Reinsurance operations:
Gross written premiums
Reinsurance premiums	(58,992)	(57,115)	3.3	(39,946)	(40,055)	(0.3)
Net written premiums	24,294 1,702 441	28,031 (6,407) 6,154	(13.3) nm (92.8)	10,967 1,908 (201)	14,713 (8,729) 7,396	(25 5) nm nm
Gross transfer (to)/from provision for unexpired risks
Reinsurance transfer to/(from) provision for unexpired risks
Net earned premiums	26,437	27,778	(4.8)	12,674	13,380	(5.3)
Gross claims incurred	(43,308) 30,491	(34,726) 18,700	24.7 63.1	(39,347) 30,247	(22,294) 14,737	76.5 105.2
Reinsurers' share of claims incurred
Net claims incurred	(12,817)	(16,026)	(20.0)	(9,100)	(7,557)	20.4
Commission expense	(25,510) 17,533	(23,830) 16,028	7.0 9.4	(14,776) 12,187	(15,937) 11,842	(7.3) 2.9
Commission income
Net commission expense	(7,977)	(7,802)	2.2	(2,589)	(4,095)	(36.8)
Management expenses	(3,915)		(3,394)	15.4	(1,979)	(1,486)	33.2
Underwriting results	1,728 4,313	556 3,537	nm 21.9	(994) 2,715	242 1,772	nm 53.2
Net investment income
Net income from reinsurance operations (I)	6,041	4,093	47.6	1,721	2,014	(14.5)
Non-reinsurance operations:	1,465 3,083 (2,922)	1,665 3,035 (2,861)	(12.0) 1.6 2.1	808 1,292 (1,390)	992 1,121 (1,336)	(18.5) 15.3 4.0
Net investment income
Other operating income
Management expenses
Net income from non-reinsurance operations (II)	1 ,626 1,839 (11.6) 710 777 (8.6)

1

6 months	6 months	Iner/	2nd Qtr	2nd Qtr	Iner/
2017	2016	(deer)	2017	2016	(deer)
5$'000	S$'000	%	5$'000	S$'000	%

GROUP

Income statements - continued	7,667	5,932	29.2	2,431	2,791	(12 9)
Profit before income tax (I + II)
Income tax expense	(802)	(545)	47.2	(248)	(226)	9.7
Profit for the period	6,865	5,387	274	2,183	2,565	(14.9)
Profit attributable to:	5,334 53	27.7 3.8	2,180 3	2,576 (11)	(154) nm
Equity holders of the Company						6,810
Non-controlling interests						55
Profit for the period	6,865	5,387	274	2,183	2,565	(14.9)

Statements of comprehensive income:		6,865	5,387	27.4	2,183	2,565	(14.9)
Profit for the period
Other comprehensive income, after tax:
Items that will not be reclassified to profit or loss:
Revaluation of property, plant and equipment Tax on items that will not be reclassified to profit or loss		59 -	(37) 9	nm (100.0)	29 -	(13) 3	nm (100.0)
59	(28)	nm	29	(10)	nm
Items that are or may be reclassified subsequently to profit or loss:
Available-for-sale financial assets:
Reclassification of gain on sale of investments to profit or loss (realised)		(1,415)	(561)	152.2	(1,268)	(498)	154.6
Reclassification of impairment write-down on investments to profit or loss		791	603	31.2	791	603	31.2
Change in fair value of investments (unrealised)		10,098	3,640	1774	3,716	1,354	1744
Tax on items that are or may be reclassified subsequently to profit or loss		(1,559)	(656)	137.7	(522)	(259)	101.5
		7,915	3,026	161.6	2,717	1,200	1264
Other comprehensive income for the period, net of income tax	7,974	2,998	166.0	2,746	1,190	130.8
Total comprehensive income for the period Total comprehensive income attributable to: Equity holders of the Company Non-controlling interests Total comprehensive income for the period
	14,839	8,385	770	4,929	3,755	31.3
	14,765 74	8,328 57	773 29.8	4,917 12	3,761 (6)	30.7 nm
	14,839	8,385	770	4,929	3,755	31.3

Profit for the period has been arrived at after crediting/(charging):
Net exchange loss	(319)	(347)	(8.1)	1	(19)	nm
Depreciation	(168)	(211)	(204)	(85)	(106)	(19.8)
Gain on sale of investments	1,415	561	152.2	1,268	498	154.6
Change in fair value of investment properties	(124)	(230)	(46.1)	(15)	(105)	(85.7)

Impairment provisions/write-down on investments (791) (603) 31.2 (791) (603) 31.2

nm not meaningful

Note: certain items in the comparatives figures have been reclassified to conform with the current's presentation 2

1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately

preceding financial year.

GROUP COMPANY

30.06.2017 5$'000	31.12.2016 S$'000	30.06.2017 5$'000	31.12.2016 S$'000
Assets
Property, plant and equipment	38,465	38,485	38,364	38,382
Investment properties	27,205	27,329	27,205	27,329
Interests in subsidiaries	1,123	1,123
Reinsurers' share of insurance contract provisions for
- outstanding claims	205,785	198,382	205,785	198,382
- unexpired risks	41,128	40,687	41,128	40,687
Financial assets	263,740	259,127	263,273	258,579
Club membership	15	15
Insurance receivables	53,012	47,966	53,012	47,966
Other receivables	6,277	4,433	4,938	3,664
Cash and cash equivalents	88,191 86,822 85,594 84,507
Total assets	723,818 703,246 720,422 700,619
Equity attributable to equity holders of the Company
Share capital	123,300 123,300 123,300 123,300
Reserves	38,268 30,313 38,187 30,342
Accumulated profits	89,192 87,223 88,505 86,819
250,760 240,836 249,992 240,461
Non-controlling interests	338 264
Total equity	251,098 241,100 249,992 240,461

Liabilities Insurance contract provisions for
- outstanding claims	355,153	350,831	355,153	350,831
- unexpired risks	58,059	59,761	58,059	59,761
Deferred taxation	2,982	1,440	2,996	1,449
Insurance payables	51,214	45,423	51,214	45,423
Other payables	4,186	4,056	1,978	2,172

Current tax payable 1,126 635 1 ,030 522

Total liabilities 472 720 462, 146 470,430 460, 158

Total equity and liabilities 723,818 703,246 720,422 700,619

1(b)(il) Aggregate amount of the group's borrowings and debt securities.

Amount repayable in one year or less, or on demand

S$'000

As at 30.6.2017 As at 31.12.2016

Secured Unsecured Secured Unsecured

Amount repayable after one year

S$'000

As at 30.6.2017 As at 31.12.2016

Secured Unsecured Secured Unsecured

Details of any collaterals 3

Not applicable.