MAA Assurance's Annual Report 2005 - Zurich
MAA Assurance's Annual Report 2005 - Zurich
MAA Assurance's Annual Report 2005 - Zurich
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Life Insurance Revenue Account<br />
For The Financial Year Ended 31 December <strong>2005</strong><br />
Note <strong>2005</strong> 2004<br />
RM'000<br />
RM'000<br />
Gross premium 1,395,505 1,276,293<br />
Reinsurance (42,517) (54,551)<br />
Net premium 1,352,988 1,221,742<br />
Gross benefits paid and payable:<br />
Death (42,384) (43,928)<br />
Maturity (488,498) (311,954)<br />
Cash bonus (163,260) (143,059)<br />
Surrender (157,742) (121,797)<br />
Annuity (701) (570)<br />
Others (48,869) (37,756)<br />
Reinsurance recoveries 7,162 11,618<br />
Net benefits paid and payable (894,292) (647,446)<br />
458,696 574,296<br />
Commission and agency expenses (132,578) (122,013)<br />
Management expenses 18 (90,817) (89,850)<br />
235,301 362,433<br />
Investment income 16(c) 228,556 219,811<br />
Other operating (expenses)/income - net 17(c) (24,236) 53,403<br />
Surplus from operations 439,621 635,647<br />
Finance costs 19 (15) (6)<br />
Surplus before taxation 439,606 635,641<br />
Taxation 20 (8,019) (20,229)<br />
33<br />
Surplus for the financial year after taxation 431,587 615,412<br />
(Deficit)/surplus from investment - linked fund 24 (21,789) 3,125<br />
Net surplus before changes in policy reserves<br />
for the financial year 409,798 618,537<br />
Life policyholders’ fund at beginning<br />
of financial year 4,383,756 3,816,032<br />
Surplus transferred to Income Statement (12,879) (50,813)<br />
Life policyholders’ fund at end of financial year 4,780,675 4,383,756<br />
The accompanying notes are an integral part of these financial statements.
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