In this e-Alert, we review the position of participating (par) funds in Singapore at the end of 2022, 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. Key observations include how fund performance had very negative investment returns, yet the aggregate market-level solvency ratio has remained at the same level, after allowing for the shareholder capital removed from Surplus Accounts. We discuss in detail: 

• Investments
• Solvency and capital
• Conclusions and future outlook