23 February 2017
To the Directors of Ceylinco Life Insurance Limited
Actuarial Valuation as at 31 December 2016
I have carried out an actuarial valuation of the Life Fund of Ceylinco Life Insurance Limited (“the Company”) as at 31 December 2016.
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 2016 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 in accordance with the requirements of Solvency Margin (Risk Based Capital) Rules 2015 dated 15 December 2015; and
- Based on information on assets extracted from the audited accounts of the Company for the year ended 31 December 2016, the Company has adequate financial resources to cover its capital requirements in accordance with the Solvency Margin (Risk Based Capital) Rules 2015 dated 15 December 2015.
Fellow of the Institute and Faculty of Actuaries
Towers Watson Singapore Pte Ltd
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