Financial Statements and Related Announcement::Second Quarter and/ or Half Yearly...
Page 1 of 1
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 demandS$'000
As at 30.6.2017 As at 31.12.2016
Secured Unsecured Secured Unsecured
Amount repayable after one year
S$'000
As at 30.6.2017 As at 31.12.2016
Secured Unsecured Secured Unsecured
Details of any collaterals 3
Not applicable.
SingRe - Singapore Reinsurance Corporation Ltd. published this content on 11 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 11 August 2017 11:46:01 UTC.
Original documenthttp://www.singre.com.sg/sites/default/files/SGXNet 2Q2017 Financial Results.pdf
Public permalinkhttp://www.publicnow.com/view/492180683F14CAE999520A317C45C9E2C1D27965