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Financial Reports

Actuarial Report

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17 February 2016

To the Directors of Ceylinco Life Insurance Limited

Actuarial Valuation as at 31 December 2015

I have carried out an actuarial valuation of the Life Fund of Ceylinco Life Insurance Limited (“the Company”) as at 31 December 2015. I hereby certify that:

  • I have satisfied myself about the accuracy of the valuation data furnished to me by making a number of reasonableness checks;
  • Adequate and proper reserves have been provided as at 31 December 2015 for all known liabilities in respect of the long term business of the Life Fund, taking into account all bonus declared as at that date;
  • The Company has adequate resources to cover the solvency margin, calculated in accordance with the Solvency Margin (Long Term Insurance) Rules 2002 that were introduced in September 2002 and amended in March 2011 and July 2012; and

The Life Fund liabilities so provided are backed by assets whose value, as included and extracted from the audited accounts of the Company for the year ended 31 December 2015, is in excess of those liabilities.

Yours faithfully

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Mark Birch

Fellow of the Institute and Faculty of Actuaries

Towers Watson Singapore Pte Ltd