In this Asia e-Alert, we review the position of participating (par) funds in Singapore at the end of 2023, compared with a year earlier. For solvency and capital, we used data from insurance returns published on the Monetary Authority of Singapore website. For investment returns and mix, we relied on insurers’ par fund updates. Returns in 2023 were generally quite good, with all but four funds experiencing returns of 5.5% or higher, and we saw a positive impact to par fund solvency levels. We discuss in detail the following:

• Investments
• Solvency and capital
• Conclusions and future outlook