Singapore Reinsurance : Third Quarter 2017 Financial Statements for the period ended 30 September 2017

Financial Statements and Related Announcement::Third Quarter Results

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Financial Statements and Related Announcement::Third Quarter 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 13-Nov-2017 17:36:24

Status New

Announcement Sub Title Third Quarter Results

Announcement Reference SG171113OTHR0XDL

Submitted By (Co./ Ind. Name) Theresa Wee Sui Ling

Designation Chief General Manager

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

The third quarter 2017 financial results attached is for information.

Additional Details

For Financial Period Ended

30/09/2017

Attachments

3Q2017FinancialResults.pdf Total size =488K

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

13/11/2017

SINGAPORE REINSURANCE CORPORATION LIMITED

(Company Regitration No. 197300016C)

Financial Statements Announcement For The Period Ended 30 September 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 NINE MONTHS/THIRD QUARTER ENDED 30 SEPTEMBER 2017

GROUP

9 months 2017	9 months 2016	Iner/ (deer)	3rd Qtr 2017	3rd Qtr 2016	Iner/ (deer)
8$'000	8$'000	%	8$'000	S$'000	%

Income statements: Reinsurance operations: Gross written premiums Reinsurance premiums Net written premiums Gross transfer (to)/from provision for unexpired risks Reinsurance transfer to/(from) provision for unexpired risks Net earned ·,1remiums Gross claims incurred Reinsurers' share of claims incurred Net claims incurred Commission expense Commission income Net commission expense Management expenses Underwriting results Net investment income Net income from reinsurance operations (I) Non-reinsurance operations: Net investment income Other operating income Management expenses Net income from non-reinsurance operations (II)	122,846 (86,683)	116,842 (77,293)	5.1 12.1	39,560 (27,691)	31,696 (20,178)	24.8 37.2
	36,163 (2,231) 4,094	39,549 (5,335) 5,492	(8.6) (58.2) (25.5)	11,869 (3,933) 3,653	11,518 1,072 (662)	3.0 nm nm
	38,026	39,706	(4.2)	11,589	11,928	(2.8)
	(65,358) 45,448	(57,018) 32,450	14.6 40.1	(22,050) 14,957	(22,292) 13,750	(1.1) 8.8
	(19,910)	(24,568)	(19.0)	(7,093)	(8,542)	(17.0)
	(37,374) 26,233	(32,574) 22,256	14.7 17.9	(11,864) 8,700	(8,744) 6,228	35.7 39.7
	(11,141)	(10,318)	8.0	(3,164)	(2,516)	25.8
	(6,169)	(5,460)	13.0	(2,254)	(2,066)	9.1
	806 6,762	(640) 5,557	nm 21.7	(922) 2,449	(1,196) 2,020	(22.9) 21.2
	7,568	4,917	53.9	1,527	824	85.3
	2,288 4,329 (4,380)	2,580 4,542 (4,209)	(11.3) (4.7) 4.1	823 1,246 (1,458)	915 1,507 (1,348)	(10.1) (17.3) 8.2
	2,237 2,913 (23.2) 611 1,074 (43.1)

9 months 2017	9 months 2016	Iner/ (deer)	3rd Qtr 2017	3rd Qtr 2016	Iner/ (deer)
8$'000	S$'000	%	8$'000	8$'000	%

GROUP

Income statements - continued	7,830	25.2	2,138	1,898	12.6
Profit before income tax (I+ II)						9,805
Income tax expense	(1,020)	(621)	64.3	(218)	(76)	186.8
Profit for the period	8,785	7,209 21.9 1,920 1,822 5.4 7,122 22.7 1,931 1,788 8.0 87 (494) (11) 34 nm
Profit attributable to:
Equity holders of the Company	8,741
Non-controlling interests	44
Profit for the period	8,785		7,209	21.9	1,920	1,822	5.4

Statements of comprehensive income:	8,785 7,209 21.9 1,920 1,822 54
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	88 (9) nm 29 28 3.6 - 9 (100.0) - nm
88 nm 29 28 3.6
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) Reclassification of impairment write-down on investments to profit or loss	(1,790) (861) 107.9 (375) (300) 25.0 791 603 31.2 . nm
Change in fair value of investments (unrealised)	10,559 4,803 119.8 461 1,163 (604)
Tax on items that are or may be reclassified subsequently to profit or loss	(1,582) (761) 107.9 (23) (105) (78.1)
	7,978 3,784 110.8 63 758 (91.7)
Other comprehensive income for the period, net of income tax	8,066 3,784 113.2 92 786 (88.3)
Total comprehensive income for the period 16,851 10,993 53.3 2,012 2,608 (22.9) Total comprehensive income attributable to: Equity holders of the Company 16,802 10,903 54.1 2,037 2,575 (20.9) Non-controlling interests 49 90 (45.6) (25) 33 nm
Total comprehensive income for the period	16,851 10,993 53.3 2,012 2,608 (22.9)

Profit for the period has been arrived at after creditina/(charaina):
Net exchange loss	(961)	(745)	29.0	(642)	(398)	61.3
Depreciation	(257)	(297)	(13.5)	(89)	(86)	3.5
Allowances for doubtful debts and bad debts written back	239	151	58.3	129	17	nm
Gain on sale of investments	1,790	861	107.9	375	300	25.0
Change in fair value of investment properties	(44)	(386)	(88.6)	80	(156)	nm
Impairment provisions/write-down on investments	(791)	(603)	31.2	nm

nm not meaningful

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

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

30.09.2017 8$'000	31.12.2016 8$'000	30.09.2017 S$'000	31.12.2016 S$'000
Assets Property, plant and equipment	38,456	38,485	38,363	38,382
Investment properties	27,285	27,329	27,285	27,329
Interests in subsidiaries	1,123	1,123
Reinsurers' share of insurance contract provisions for - outstanding claims	209,007	198,382	209,007	198,382
- unexpired risks	44,781	40,687	44,781	40,687
Financial assets	263,893	259,127	263,959	258,579
Club membership	15	15
Insurance receivables	57,379	47,966	57,379	47,966
Other receivables	6,414	4,433	5,539	3,664

Cash and cash equivalents 88,430 86,822 85,021 84,507

Total assets 735,660 703,246 732 457 700,619

Equity attributable to equity holders of the Company Share capital	123,300 123,300 123,300 123,300
Reserves	38,374 30,313 38,374 30,342
Accumulated profits	88,097 87,223 87,476 86,819
249,771 240,836 249,150 240,461
Non-controlling interests	313 264
Total equity	250,084 241,100 249,150 240,461

Liabilities Insurance contract provisions for
- outstanding claims	358,023	350,831	358,023	350,831
- unexpired risks	61,992	59,761	61,992	59,761
Deferred taxation	3,013	1,440	3,027	1,449
Insurance payables	56,948	45,423	56,948	45,423
Other payables	4,515	4,056	2,277	2,172
Current tax payable 1,085 635 1,040 522
Total liabilities	485,576	462, 146 483,307 460,158
Total equity and liabilities	735,660	703,246 732,457 700,619

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

Amount repayable in one year or less, or on demand

S$'000

As at 30.9.2017 As at 31.12.2016

Secured Unsecured Secured Unsecured

Amount repayable after one year

S$'000

As at 30.9.2017 As at 31.12.2016

Secured Unsecured Secured Unsecured

3

Details of any collaterals

Not applicable.