amlife investment-linked funds annual report 2012€¦ · company profile. investment-linked funds...
TRANSCRIPT
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AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
Chairman’s Message
Corporate Profile
Investment-Linked Funds Objective
Market Review
Investment Outlook
Investment Strategy
Fund Performance
Sectoral & Category Breakdown
Comparative Table: Fund Performance
Comparative Table: Net Asset Value, Number of Units & Unit Price
Summary of Financial Statements
page
CONTENTS
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AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
Dear Valued Policyholders,
Recapping 2011, our domestic equity performance mostly mirrored that of other markets in the Asia-Pacific region. It was a very volatile year for the stock market, driven largely by global stock markets collapses, caused by external factors such as the political unrest in the Middle East and North Africa (MENA) region, natural disasters in Japan that hit global supply chains, the downgrade of US credit rating by Standard & Poor’s (S&P), worsening euro-debt crisis, as well as mounting evidence of slowing growth in many economies.
Our economy continued to expand in 2011, albeit at a slower rate compared to the previous year, registering a growth of 5.1 %, down from 7.2 % in 2010. The country’s economy continued to depend on domestic demand to drive GDP growth against a backdrop of bleak economic developments overseas. Public sector consumption grew significantly in the second half of the year to keep 2011’s real GDP growth above the 5 % level.
Given the volatile market the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) only managed to stamp a total of 0.78% in 2011.
For the financial year ended 31 March 2012 (FY2012), the total fund size in our portfolio is RM226.48 million, of which, our open ended funds contributed a substantial growth of 34.2% to RM78.27 million compared to the previous year.
Our best performing investment-linked fund was AmAssurance Bond Fund, which registered a growth of 5.9%. Meanwhile the best performing fund since inception is AmAssurance Balanced Fund, growing by 62.3%. During the year another new fund was launched, AmAssurance Dividend Fund with a 3.7% growth since the inception of the fund and performed well above the FBM KLCI benchmark.
In line with our efforts to further raise our commitment to customer centricity, we have redefined our company’s vision which is “To be the Preferred Life Insurer Trusted by all Stakeholders”. Therefore, we promise to always continue providing prudent investment approaches and innovative ideas to meet your changing needs and desired financial goals with the help of our professionally trained investment management team.
We thank you for the trust and confidence you have placed in us and we look forward to continuing this mutually rewarding relationship in the years to come.
Tan Sri Azman HashimChairmanAmBank Group
CHAIRMAN’S MESSAGE
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AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
ABOUT AmLIFE INSURANCE BERHAD
AmLife Insurance Berhad (AmLife) is a strong partnership between AmBank Group and Friends Life Group, a leading UK life and pensions company. AmLife’s business is generated from a comprehensive range of life insurance and wealth protection solutions distributed through a combination of over 200 AmBank and AmAssurance branded branch offices, in addition to the strength of its authorised life insurance agents nationwide.
Friends Life can trace its history back to 1810 and is owned by the Resolution Group which is listed on the FTSE100 index of leading UK companies. Friends Life Group employs around 6,000 people and takes care of the financial needs of more than 5 million customers worldwide with over £111 billion of funds under management.
Over the years, AmLife has bagged many prestigious awards such as the Superior Company in the Business of the Year Awards 2007, Asia Pacific Outstanding Entrepreneurship Awards 2008 and Most Prominent Company in Malaysia Independence Award 2009.
COMPANY PROFILE
INVESTMENT-LINKED FUNDS OBJECTIVE
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AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
AmAssurance Equity FundThe Fund aims to provide the Customer with capital growth, over a medium to long-term investment horizon, mainly through investments in Malaysian securities with superior growth potential.
Returns will be obtained via growth in unit price rather than income distribution.
AmAssurance Bond FundThe Fund aims to provide the Customer with an opportunity to gain higher than average income earned from fixed deposits, over a to long-term investment horizon, mainly through investments in a diversified portfolio of fixed income securities.
Returns will be obtained via growth in unit price rather than income distribution.
AmAssurance Balanced FundThe Fund aims to provide the Customer with an opportunity to gain higher than the average income earned from fixed deposits with a lower level of risk as compared to wholly equity funds, over a medium-term investment horizon.
Returns will be obtained via growth in unit price rather than income distribution.
AmAssurance Dana Teguh FundThe Fund aims to provide the Customer with an opportunity to gain higher than the average income earned from fixed deposits with a lower level of risk as compared to wholly equity funds, over a medium-term investment horizon, via exposure in Syariah-compliant Malaysian equities and/or equity-related securities and fixed income securities.
Returns will be obtained via growth in unit price rather than income distribution.
AmAssurance Dividend FundThe Fund seeks to provide policyholders total returns primarily through investment in equity and equity-related securities of companies that offers sustainable dividend payments and attractive yields, emphasizing on long term capital appreciation opportunities.
Returns will be obtained via growth in unit price rather than income distribution.
AmAssurance AmOasis Islamic Equity FundThe Fund seeks to achieve moderate capital and income appreciation over a medium to long term by investing in shares of global Syariah-compliant companies via investments in:
1) AmOasis Global Islamic Equity Fund (Unit Trust – AmInvestment)
2) Equity exposure into Syariah approved counters listed in Bursa Malaysia.
Returns will be obtained via growth in unit price rather than income distribution.
AmAssurance Global Emerging Market FundThe Fund seeks to achieve long-term capital appreciation through investing mainly in:
1) AmGlobal Emerging Market Opportunities Fund (Unit Trust – AmInvestment Management Sdn Bhd)
2) Equity exposure into counters listed in Bursa Malaysia.
AmAssurance Global Agribusiness FundThe Fund seeks to achieve long-term capital appreciation through investing mainly in a Target Fund, AmGlobal Agribusiness Fund (Unit Trust - AmInvestment Management Sdn Bhd), that invests in a portfolio of quoted equities of agribusiness. Agribusiness is a generic term that refers to the various businesses involved in food production.
AmAssurance Precious Metals FundThe Fund seeks to achieve long-term capital appreciation through investing mainly in a Target Fund, AmPrecious Metals Fund (Unit Trust – AmInvestment Management Sdn Bhd), that invests in a portfolio of global Syariah observant equity and equity-related securities of companies engaged in activities related to gold, silver, platinum or other precious metals.
AmAssurance AmAsia Recovery Capital Guaranteed Fund The Fund seeks to provide capital growth over the tenure of the Fund whilst providing capital protection at the Maturity Date.
AmAssurance AmCurrency Income Capital Guaranteed FundThe Fund seeks to provide capital growth over the tenure of the Fund whilst providing capital protection at the Maturity Date.
AmAssurance AmCurrency Income II Capital Guaranteed FundThe Fund seeks to provide capital growth over the tenure of the Fund whilst providing capital protection at the Maturity Date.
AmAssurance AmCommodity Stable Capital Guaranteed FundThe Fund seeks to provide capital growth over the tenure of the Fund whilst providing capital protection at the Maturity Date.
INVESTMENT-LINKED FUNDS OBJECTIVE
MARKET REVIEW
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AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
AmAssurance Equity Fund, Balanced Fund, Dana Teguh Fund, Dividend Fund Market Review
2011 was a very volatile year for the local stock market. After registering a modest gain in the first half, local indices came under strong selling pressure, plunging by 10% in 3Q11, before bouncing back in the fourth quarter. All this was on the back of global stock markets collapses, caused by external factors such as the political unrest in the Middle East and North Africa (MENA region), natural disasters in Japan that hit global supply chains, the downgrade of US credit rating by Standard & Poor (S&P), worsening euro-debt crisis, as well as mounting evidence of slowing growth in many economies.
Locally, investors had already started turning cautious ahead of the Sarawak election, which was held on 16 April, given the uncertain election outcome. Subsequently, the euro-debt crisis came back in full swing, alongside weak US job data and BNM raising its overnight policy rate and statutory reserve requirement ratio, which caused the market to correct. The KLCI and FBM Hijrah retraced to 1,515.50 and 10,504.30, respectively, on 6 May, 2011. Following the retracement, the local indices were on a mild uptrend from 6 May to reach a high of 1594.74 and 11,113.3, respectively, on 8 July.
Subsequently however, the local benchmark indices nose-dived. This was in tandem with the performance of global equities, which were challenged on account of rising concerns on the affairs of global economies, as well as debt crisis in the US and Europe. In the US, unconvincing deal to raise the debt ceiling a day before a threatened default triggered a downgrade in US sovereign credit rating by S&P. Dow Jones Industrial Index suffered its worst daily point drop since 2008 financial crisis. This, coupled with worsening euro-debt crisis sent global equities to fall drastically. The KLCI plunged to a low of 1,364.2 on 27 September.
Thereafter, the KLCI staged a turnaround on optimism that Europe will find a solution for its debt crisis. Sentiment improved each time European leaders came out with positive comments to resolve the crisis, as much as it waned when they failed to deliver lasting relief to the crisis. As a result, global equities and the local bourse were on a general uptrend, and the KLCI and FBM Hijrah recovered to a high of 1,489.64 and 10,582.1 on 9 November, before one significant correction on 25 November, bringing the indices to lows of 1,431.55 and 10,266.7, respectively.
In January 2012, the market was back in correction mode, before improving in February on account of better US economic data and on sustained rally in the US equity markets. US housing market showed sign of bottoming, number of new jobs increased, unemployment rate fell and January retail sales number turned out to be better than expected. These positive developments outweighed lingering concerns in the Eurozone with the European Central Bank providing temporary relief in the interbank lending crisis by injecting 489billion Euro of 3-year loans into 523 European banks.
The KLCI set a new high of 1,589.91 on 6 March before experiencing a wave of profit taking activities. It however ended the FY12 lower at 1,582.98 towards the end of FY12, under-performing most of its regional peers which offered more attractive valuations. Overall, the KLCI gave a 3.4% performance for the one-year period ending 31st March 2012, whilst the FBM Hijrah performed by 6.4% over the same period.
(By AmLife Insurance Berhad)
AmAssurance Bond Fund Market Review
The year 2011, which is the year of the Golden Rabbit according to the Chinese Zodiac, was an eventful year for the global economy and financial markets. The Japan earthquake, tsunami and subsequent nuclear crisis resulted in another contraction in the Japanese economy at a time when the economic recovery from the 2008 financial crisis was still fragile. Thailand was then hit by major floods which severely disrupted economic activity in the affected areas and raised the risk of rising inflationary pressures as Thailand is the world’s largest rice exporter.
In the US, while policymakers clashed over how to address the anemic economic recovery, high unemployment level and the country’s ballooning budget deficit, rating agencies lowered its sovereign credit rating on the US in an unprecedented move. However, the US sovereign debts retained its status as the most liquid asset class despite the rating downgrade and are still considered safe haven instruments in the event of intensifying risk aversion. According to sovereign bonds indices tracked by Bloomberg, US Treasuries returned 9.0% to investors thus far in CY2011.
MARKET REVIEW
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AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
In the domestic scene Malaysian Government Securities (MGS) had a strong performance for 2011 despite inflation and over-supply concerns. The bullish MGS market was mainly driven by heightened global uncertainties as well as the outlook of weakening global economic growth ahead due to the uncertainties surrounding the Eurozone economic and financial crisis.
Weak sentiment surrounded the MGS market at the start of the year due to supply concerns. Market players were generally spooked with the expected spike in government funding needs from RM58 billion in 2010 to RM90 billion in 2011. In addition, sustained inflationary pressure had weighed on the MGS market as concerns that rising inflation might prompt an earlier-than-expected monetary tightening by the Bank Negara Malaysia (BNM). BNM reacted by hiking the Overnight Policy Rate (OPR) by 25 basis points from 2.75% to 3.00% on 5 May 2011 MPC meeting. Subsequently, for the remainder of 2011, BNM maintained the OPR at 3.00% while raising the bank statutory reserve requirement (SRR) by a cumulative of 300 bps to 4% in 2011 as pre-emptive measures to manage potential buildup in domestic liquidity from large and volatile capital flows.
Towards the second half of 2011, market sentiment turned around on the back of increased downside risk to global and domestic growth prospects as well as high volatilities in international financial markets on escalating European sovereign debt crisis and Standard & Poor’s downgrade of US sovereign credit rating, a historically unprecedented move. Concerns over the more challenging external global environments that could negatively affect the domestic economy prompted demand for MGS. Foreign holding of MGS further pushed prices up, with foreign holding reaching RM96.6 billion or 34.8% of outstanding MGS towards the end of 2011.
(By AmLife Insurance Berhad)
AmAssurance AmOasis Islamic Equity Fund Market Review (Feeder Fund: AmOasis Global Islamic Equity Fund)
Equity markets have had a rather dismal performance during 2011, with most of them ending the year in red. Risk aversion was high with funds moving into relatively low risk assets which has been reflected in the relative outperformance of developed versus developing markets. However, while markets have had a turbulent year, corporate profits and balance sheets have remained robust. High quality large-cap companies have continued to deliver superior profitability on the back of their diverse geographic exposure, their market leadership positions along with strong balance sheets and robust cash flows which have allowed them to enhance earnings through share buybacks. Given the uncertain macro environment, these high quality companies are currently trading at a significant discount to their own long-term averages as well as relative to smaller peers, providing us with an excellent opportunity to buy into high quality names at relatively cheap valuations. Two key advantages larger unleveraged companies have over their smaller peers is the ability to pass on cost-price inflation due to their market leading positions and secondly, the ability to raise debt at significantly lower rates compared to their leveraged peers. We feel these abilities are likely to bode well for protection of shareholder wealth during inflationary times while allowing these companies to grow relatively easier compared to smaller leveraged peers. Our portfolios’ valuations reflect this investment theme of buying into such high quality companies (higher ROE) which offer substantial value relative to the market (cheaper valuations compared to the market) while taking on relatively lower risk (lower beta for our portfolios).
With market volatility expected to remain high in 2012, we have also positioned our portfolios to ensure downside protection. We have a high exposure to communication and healthcare stocks - the inelastic nature of demand for these services and their high dividend yields make them ideal picks during a tough economic environment. The consistent application of our investment philosophy where we have always opted for high quality companies which offer growth while taking on relatively low risk is reflected in our portfolios’ historic track record. Our global equity fund reflects higher Sharpe and Sortino ratios compared to our average peers; indicating superior returns at relatively lower volatility. We believe our portfolios are well positioned to benefit from the growth in developing markets while still prioritizing capital preservation during tough economic conditions. In the current environment, without any further stimulus from the government, smaller leveraged companies are likely to struggle to grow their businesses as funding becomes more difficult and costly. In contrast, high quality large-cap unleveraged companies have the opportunity to capitalize on their cash flush balance sheets to grow their businesses. We feel that as investors shift focus towards higher quality assets, the relatively high quality and cheap valuations of our portfolio should result in outperformance against our benchmarks and real wealth creation over the long-term.
(By AmInvestment Services Berhad)
MARKET REVIEW
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AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
MARKET REVIEW
AmAssurance Global Emerging Market Fund Market Review (Feeder Fund: AmGlobal Emerging Market Opportunities Fund)
Global equity markets declined over the period, reflecting a deterioration of the Eurozone sovereign debt crisis, uncertainty over fiscal policy and growth in the US, and increased concerns over the prospects for a hard landing in China. At the start of the period, global equities were supported by easing concerns of a double-dip recession in the US and hopes that the debt problems in the Eurozone would be contained. However, in the summer of 2011, uncertainty about US fiscal policy began to weigh on sentiment and in early August 2011 Standard & Poor’s downgraded the United States’ sovereign credit rating to AA+ from AAA, marking the first time in history that the US has not held the highest rating. This sparked a period of significant equity market volatility as investors de-risked portfolios. Global equities remained under pressure for the remainder of 2011 as fears over EU sovereign debt started to spread from the periphery to core countries such as Italy, raising concerns of a disorderly resolution to the crisis. However, emerging markets rallied strongly at the beginning of 2012 as global equities moved to a ‘risk on’ stance, driven by some encouraging US data releases and the ECB’s Long Term Refinancing Operation, which helped to ease the funding pressures faced by the European banking sector. Nonetheless, the MSCI Emerging Markets underperformed the MSCI World index over the year, reflecting the heavy sell-off in emerging market equities in the second half of 2011.
At the start of the period, our core markets were China, Korea, Russia, Turkey, Thailand and Hungary. Turkey was removed from our list of core markets in early August 2011, reflecting attractive valuations but poor earnings growth and concerns over the country’s large current account deficit. We also had concerns over the central bank’s unorthodox monetary policy, with the central bank cutting benchmark interest rates in August despite a robust domestic growth environment and clear signs of inflationary pressure. Hungary was removed from the core list in early September 2011, reflecting Eurozone and sovereign debt concerns, and in particular Hungary’s reliance on exports to the EU to drive GDP growth. Egypt was added to the core list in early October 2011, reflecting cheap valuations, although the market remains subject to a degree of domestic policy and political uncertainty.
All of the core markets except Thailand declined over the year to 31 March 2012, reflecting the broader sell-off in emerging markets over the period.
The Thai equity market produced a strongly positive performance over the year, reflecting the ASEAN region’s perceived relative lack of sensitivity to the sovereign debt problems in the Eurozone. Political risks also eased as the Puea Thai (PT) party won the general election in July 2011. Macro data releases in early 2012 were very weak due to the adverse impact of the heavy flooding seen in the latter part of 2011, but the longer-term impact on the economy is expected to be mitigated by an increase in government infrastructure spending.
The Egyptian market, which was added to the core list in October, sold off heavily in the first nine months of the review period as the collapse of the Mubarak regime in March 2011 and the subsequent policy vacuum weighed on sentiment, while the closure of the local bourse for most of March 2011 led to fears that MSCI could remove Egypt from the MSCI Emerging Markets index. However, returns from the Egyptian markets over the last three months of the review period were very strong, as political risks eased following January 2012’s parliamentary elections, which were completed in a largely peaceful fashion, while the prospect of IMF assistance helped to reduce broader macroeconomic and currency concerns. Nonetheless, fears over the depletion of Egypt’s international reserves and the associated risk of currency devaluation provided a headwind for the market over the period as a whole.
The Korean market declined but performed better than broader emerging markets over the year, with market sentiment boosted by expectations that Korean manufacturers would take market share from Japanese competitors affected by March 2011’s earthquake and tsunami. At the stock level, there were strong performances from some of the large-cap electronics names, which benefited from market share gains. Turning to policy, the Korean central bank halted the process of interest rate normalization amid concerns over slower global growth. However, the equity market suffered from some volatility in December 2011 following the death of North Korean leader Kim Jong-il and the associated increased risk of regional political instability.
The remaining core markets suffered a heavy sell-off over the period, largely reflecting the ‘risk off’ environment that dominated global equity markets from August until the end of 2011. Chinese equities declined as the market was hit by fears of a ‘hard landing’ following the large credit expansion after the implementation of stimulus in 2008/2009. In response, the authorities marginally reduced reserve requirements in late 2011, having raised benchmark interest rates earlier in 2011 due to inflation concerns. More broadly, the Chinese market was hit by concerns that the switch to a domestic-driven growth model could see China fall into the middle-income country trap.
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AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
MARKET REVIEW
The Turkish equity market declined, largely reflecting weakness in the lira (the market produced a broadly flat return in local currency terms). Concerns over the financing of the large current account deficit and unorthodox monetary policy from the central bank (and in particular the implementation of an interest rate corridor) also provided headwinds for the market.
The Russian market declined, reflecting its higher-beta nature and a sell-off towards the end of 2011 after the alleged rigging of parliamentary elections resulted in widespread political unrest. Weakness in the rouble also provided a drag on returns. In other developments, Vladimir Putin won March’s presidential election, prompting further protests against the regime.
The Hungarian market fell heavily, reflecting the economy’s reliance on exports to the EU to drive growth. Local currency weakness and the prevalence of Swiss franc loans in the consumer sector also provided headwinds. More recently, sentiment has benefited from expectations that Hungary is likely to agree on a standby facility with the IMF.
(By AmInvestment Services Berhad)
AmAssurance Global Agribusiness Fund Market Review(Feeder Fund: AmGlobal Agribusiness Fund)
The AmAssurance Global Agribusiness Fund returned -5.92% (in MYR) compared to the MSCI World Index return of -0.57% (in MYR) for the year ended 31st of March 2012. The Global Agribusiness strategy had a tough time over the reporting period. The AmAssurance Global Agribusiness Fund performed broadly in line with global shares until August 2011 when investors became very concerned by the debt situation in Europe, with particular concern over Greece. The consensus view shifted to one where investors believed that the world would enter a major downturn or even depression in 2012. In this situation, as in 2008, commodity and energy stocks were sold down substantially as investors tried to escape companies that they believed would be impacted by slower global growth. However there is no correlation between global growth and demand for food. Food consumption has risen relentlessly for the last fifty years and is likely to continue to do so As a consequence, Agribusiness shares were sold down to bargain levels last seen in 2008 -09. Fortunately markets rebounded somewhat from the low in September and although agribusiness share also rose, they were unable to close the gap with the broader market by the end of March 2012.
(By AmInvestment Services Berhad)
AmAssurance Precious Metals Fund Market Review(Feeder Fund: AmPrecious Metals Fund)
Over the last year, gold and precious metal equities showed a disappointing performance in light of a strong gold price. Physical gold bullion was up 16.48%, whereas silver and platinum declined by 14.32% and 7.3%. The AmAssurance Precious Metals was also down during this period (Source: Bloomberg).
Several factors contributed to the negative performance of equities relative to the precious metals itself :• Healthy investment demand for Gold ETFs: Total 2011 GFMS estimated demand was 4,436 tonnes
(+2% yoy). Jewellery buying in 2011 declined by 38 tonnes (-1.7%) to 1,979 tonnes. Bar hoarding contributed 1,194 tonnes to the 2011 increase in overall demand, up 36% to a record high. Central bank buying in 2011 increased by an impressive 458% to 430 tonnes driven by a worsening debt problem in Europe and the first ever US credit downgrade. Net investment slumped 92% to 41 tonnes.
• Development/operationalissuesoftheindustry:aslewofdisappointingeventsatbothdevelopmentprojects (legislation, change in the tax regime, permits) and mining operations (decline in production due to lower head grades, bad weather, equipment failure, etc.)
• Costinflation:pressurefromsteelandenergy,increasinglaborcosts,loweroregradesminedandrisingroyalty costs as well as lower by-product credits have lead to a rise in cash costs from 500 USD/oz. in Q1 of 2011 to above 610 USD/oz. a year later.
(By AmInvestment Services Berhad)
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AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
MARKET REVIEW
AmAssurance AmAsia Recovery CGF Performance and Market Review
Performance of Coppock Basket
Performance Statistics
Annualized Return**
Annualized Volatility**
Sharpe Ratio**
Jul’09 - Mar’10
2.29%
6.49%
0.35
Apr’10 - Mar’11
5.16%
6.72%
0.77
Apr’11 - Mar’12
-4.53%
6.67%
(0.68)
Jul’09 - Mar’12
0.52%
6.63%
0.11%
Performance of CoppockBasket from Jul 2009 to Mar 2012
110
105
100
95
90
Perf
orm
ance
(%)
Month
Jul-0
9
Oct
-09
Jan-
10
Ap
r-10
Jul-1
0
Oct
-10
Jan-
11
Ap
r-11
Jul-1
1
Oct
-11
Jan-
12
Jul 2009 to Mar 2010 Apr 2011 to Mar 2012
Apr 2010 to Mar 2011
105
101
99
97
95
Perf
orm
ance
(%)
103
Jul-0
9
Sep
-09
Nov
-09
Jan-
10
Note: **DCC: A/360 AnnualizationFactor: 250
Mar
-10
102
98
94
90
Perf
orm
ance
(%)
Ap
r-11
Jun-
11
Aug
-11
Dec
-11
Oct
-11
Feb
-12
107
103
99
95
Perf
orm
ance
(%)
Ap
r-10
Jun-
10
Aug
-10
Dec
-10
Oct
-10
Feb
-11
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AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
MARKET REVIEW
Coppock
• Postfinancialcrisis,theCoppockBasketindexrosetoabout3%.ThisoccursduringtheperiodbetweenJul’09 and Mar’10 .
• The Coppock Basket index also rose to about 5% during the period April 10 to Mar 11,as Asianeconomies were rebounding – led by trade and investment and growth driven both by intra-region demand and revival in the US consumption.
• As the Greek sovereign crisis hit the market, the risk appetite decreased and the Coppock Basketindex fell to about 3% during the period between Aril 2011 to end of March 2012.
• The capped volatility mechanism of the index kept the Coppock Index returns subdued duringthe periods of rapid rise during 2009-10, but also helped in keeping the index losses lower during the 2011-2012 period after the Greek sovereign crisis.
Performance of Coppock Basket
Inception
Jul 09
Aug 09
Sep 09
Oct 09
Nov 09
Dec 09
Jan 10
Feb 10
Mar 10
Apr 10
May 10
Jun 10
Jul 10
Aug 10
Sep 10
Oct 10
Nov 10
Dec 10
Jan 11
Feb 11
Mar 11
Apr 11
May 11
Jun 11
Jul 11
Aug 11
Sep 11
Oct 11
Nov 11
Dec 11
Jan 12
Feb 12
Mar 12
Month Month Month
0.42%
-1.67%
2.12%
-0.64%
0.84%
1.52%
-2.62%
-0.48%
2.31%
0.70%
-3.84%
0.74%
1.37%
-0.69%
4.43%
1.23%
-0.94%
2.27%
-0.54%
-1.85%
2.47%
1.44%
-0.86%
-0.82%
0.13%
-5.24%
-1.65%
1.09%
-1.68%
0.02%
2.19%
1.38%
-1.15%
MonthlyPerformance
(over last month)
MonthlyPerformance
(over last month)
MonthlyPerformance
(over last month)
* As end of each month.
(By JP Morgan)
Month-on-Month Performance of Coppock Basket from Trade Inception to March 2012*
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AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
MARKET REVIEW
AmAssurance AmCurrency Income and AmCurrency Income II CGF Performance and Market Review
AmCurrency 1 Income Index rose 1.18% to 5.20% in April 2011. Throughout the month, the strategy remained in a long carry position. The Index was up by 3.7% over the month due to positive contribution from the long currencies; NZD (New Zealand Dollar), AUD (Australian Dollar) and NOK (Norwegian Krone) appreciated 6.4%, 6.2% and 5.5% respectively against USD (US Dollar). Earlier in the month, the Fed signaled that its QE2 programmed would end as scheduled and this inaction, when contrasted with those of other central banks, spurred broader based dollar weakness. Meanwhile CHF (Swiss Franc) strengthened against USD as Switzerland’s economic conditions remain one of the strongest within the G10.
AmCurrency 1 Income Index fell 1.28% to 4.65% in May 2011. The strategy remained long carry in May 2011. The Index was down by 1.28% over the month due to the negative contribution from AUD, NOK and CHF which performed by -0.7%, -0.7% and -0.8% respectively. With the RBA keeping its policy rate unchanged, the AUD tumbled with the broader risk-off moves, while NOK suffered due to liquidity concerns. CHF meanwhile saw new highs on the back of continuing Eurozone worries and problems with the US and Japan. NZD strengthened which many investors found surprising given the continued uncertainty surrounding the Christchurch earthquake earlier in the year.
The strategy remained long carry in June 2011. The Index was up by 0.03% over the month due to the positive contribution from the long positions. Despite the softer risk environment, AUD and NZD remained well supported, with the New Zealand dollar performing particularly well. CHF was challenged as the turmoil in the currency union which surrounds the franc zone continued to pummel EURCHF, however remarkable comeback in all CHF-pairs were seen in final few trading sessions. Meanwhile, June was the calmest month for the yen this year as USDJPY traded in a timid 200-pip range and the dollar ended June on a soft note.
The Index lost 4.42% in the month of July. The strategy changed its position twice in the month, to short carry on 13th July and flipped back to long carry on 20th July. Dollar struggled throughout as almost all major currencies appreciated against USD. CHF appreciated by 7% against USD during the month as ongoing concerns about the Eurozone periphery, global growth conditions, and lack of progress on the US debt ceiling increased demand for the franc in July. NZD appreciated by 6% during the month as the NZD also benefitted from the dollar weakness seen in July and kiwi continues to push on to record highs. On 2nd August, strategy flipped short carry. While the outlook for JPY and CHF is to come off highs experienced in early August, expected appreciation of USD against AUD, NZD and NOK is likely to minimize any underperformance of the strategy.
The Index lost 3.45% in the month of August. The strategy changed its position four times in the month and ended the month with a long carry position. August saw the most serious volatility and broad-based risk aversion since the height of the financial crisis. CHF was the major contributor to the negative performance of Index as it depreciated by 2.5% during the month. Risk aversion attributed to concerns over the European banking sector led to a wave of early selling in EURCHF. The cross almost touched parity, leading to the SNB to launch massive countermeasures in money-markets to bring down the ‘massively overvalued’ franc. The Japanese authorities intervened as USDJPY started to slide towards 75 – in what was probably the largest single-day intervention by an individual central bank on record. Despite an unfavourable risk environment, the NOK currencies performed well in August outperforming other risk currencies. The AUD and NZD also depreciated 2.6% and 2.9% respectively during the month.
The AmCurrency Income 1 Index had an early Unwind Event on 23 Sept 2011 in which the AmCurrency Income 1Index was below the 1% level.
The AmCurrency Income II Index remained long carry in June 2011. The Index was up by 0.03% over the month due to the positive contribution from the long positions. Despite the softer risk environment, AUD (Australian Dollar) and NZD (New Zealand Dollar) remained well supported, with the New Zealand dollar performing particularly well. CHF (Swiss Franc) was challenged as the turmoil in the currency union which surrounds the franc zone continued to pummel EURCHF, however remarkable comeback in all CHF-pairs were seen in final few trading sessions. Meanwhile, June was the calmest month for the yen this year as USDJPY traded in a timid 200-pip range and the dollar ended June on the soft note. The Index lost 4.42% in the month of July. The strategy changed its position twice in the month, to short carry on 13th July and flipped back to long carry on 20th July.
15
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
MARKET REVIEW
Dollar struggled throughout as almost all major currencies appreciated against USD. CHF appreciated by 7% against USD during the month as ongoing concerns about the Eurozone periphery, global growth conditions, and lack of progress on the US debt ceiling increased demand for the franc in July. NZD appreciated by 6% during the month as the NZD also benefitted from the dollar weakness seen in July and kiwi continues to push on to record highs. On 2nd August, V10 flipped short carry. While the outlook for JPY (Japanese Yen) and CHF is to come off highs experienced in early August, expected appreciation of USD against AUD, NZD and NOK (Norwegian Kroner) is likely to minimize any underperformance of the strategy.
The Index lost 9.85% in the month of September as the market volatility of August continued throughout September with risk assets suffering significant declines. The strategy changed carry position three times in the month and is currently in a short carry position. The strategy also saw a change in the composition of the high yielding currencies with SEK replacing NOK.
Strategy started the month in long carry position, switching into a short carry position on 5th as risk aversion and flight to safety led FX volatility higher. SNB intervened announced a floor of 1.2 on EURCHF on the 6th which hurt the strategy due to its short carry position. The remaining of the month has seen elevated levels of volatility with markets seeing multiple risk on and risk off moves.
CHF was the major contributor to the negative performance of Index followed by NZD which was downgraded by Fitch and S&P, who cited an inability to structurally change its net debt position while data generally disappointed to the downside.
The AmCurrency Income II Index had an early Unwind Event on 27 October 2011 in which the AmCurrency Income Index was below the 1% level.
Among the key events that had affected the performance of the AmCurrency & II Indices are:
US Credit Rating Downgrade - S&P downgraded US credit rating from AAA to AA+ in the beginning of the month resulting in increased risk aversion and volatility in the market.
European sovereign debt concerns – Though more announcements and bail outs for Greece have been announced Italy has now entered the focus of investors who are concerned about the feasibility of a monetary union without a fiscal union.
Global Slowdown - Concerns around global slowdown of recovery and potential double dip recession increased as the month saw a series of soft data points including Philadelphia Fed Index, NFP and Eurozone GDP numbers.
Interventions by Swiss National Bank (SNB) and Bank of Japan (BoJ) – BoJ came in with what was one of the biggest interventions by a central bank on its own to arrest strengthening of JPY while SNB exhausted its money market measures before eventually announcing a target floor of 1.20 for EURCHF.
16
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
MARKET REVIEW
AmCurrency Income Index Performance
Aug
-10
Nov
-10
Feb
-11
May
-11
Aug
-11
Nov
-11
Feb
-12
7.00%
6.00%
4.00%
2.00%
1.00%
0.00%
Perf
orm
ance
(%)
5.00%
3.00%
Month
AmCurrency Income II Index Performance
Mar
-11
May
-11
Aug
-11
Oct
-11
Dec
-11
Feb
-12
Mar
-12
7.00%
6.00%
4.00%
2.00%
1.00%
0.00%
Perf
orm
ance
(%)
5.00%
3.00%
Ap
r-11
Jul-1
1
Sep
-11
Nov
-11
Jan-
12
Month
(Source: Bloomberg)
(Source: Bloomberg)
(By AmBank (M) Berhad and Bloomberg)
17
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
MARKET REVIEW
AmAssurance AmCommodity Stable CGF Market Review
In April 2011 the Dow Jones-UBS Commodity Excess Return Index increased 3.46% to 175.42. The MLCX Enhanced Benchmark A10 Excess Return Index increased 3.68% to 339.42. MLCX AmBank Commodity Alpha index on the other hand increased 0.22% to 1.90 in April 2011. Arab crude oil-producing countries will only add half of the 4 million barrels a day in refining capacity projects they announced over the past five years according to the secretary- general of the Organization for Arab Petroleum Exporting Countries.
Gold approached $1,570 an ounce, extending a rally to a record, on bets that the dollar will extend a slump, enhancing the allure of the metal as a store of value. Silver posted for the biggest monthly gain in 28 years. Cash premiums for soybeans and corn shipped in May to terminals near New Orleans rose relative to Chicago futures as shipping delays and reduced farmer sales tightened supplies. Cotton jumped by the exchange limit on renewed concern that dry weather in U.S., the world’s biggest exporter, may crimp output and as a weaker dollar boosted demand for commodities.
The Dow Jones-UBS Commodity Excess Return Index fell 5.06% to 166.54 in May. The MLCX Enhanced Benchmark A10 Excess Return Index fell 4.77% to 323.23. MLCX AmBank Commodity Alpha index on the other hand increased 0.30% to 173.72 .Gold futures rose as the dollar’s decline and Europe’s debt woes spurred demand for an alternative investment. Gasoline also rose as the dollar weakened and on speculation that demand rose before the Memorial Day holiday in the U.S., the traditional kickoff of the driving season.
Wheat futures fell the most in about three weeks as Russia pledged to resume exports after July 1, easing concern that supplies would tighten in coming weeks. Corn was little changed, and soybeans advanced. Cocoa rose on concern that stockpiled beans in Ivory Coast, the world’s largest grower, may have deteriorated during a civil war that disrupted exports. Sugar and cocoa also advanced.
Crude oil dropped as signs of slowing manufacturing growth in China and Europe increased speculation fuel demand may falter. China’s Purchasing Managers’ Index fell to the lowest level since February 2009 and a gauge in the 17-nation euro area slipped to an 18-month low. The euro-area recovery is cooling as European leaders struggle to contain the Greek debt crisis. Crude oil dropped 7.09% to $95.42 and Copper rose 2.30% to $9,414.00 this month. Aluminium declined 5.97% to $2,503.25. Lead increased 5.31% to $2,671.00. Zinc rose 4.24% to $2,342.00. Tin dropped 6.84% to $25,975.00. Nickel dropped 0.81% to $23,395.00.
The Dow Jones-UBS Commodity Excess Return Index dropped 5.05% to 158.1349 in June. The MLCX Enhanced Benchmark A10 Excess Return Index dropped 4.88% to 307.4583.MLCX AmBank Commodity Alpha index on the other hand increased 0.17% to 174.0171.
Egypt made two natural-gas discoveries in the Nile River Delta and Mediterranean Sea, boosting its reserves by 194 billion cubic feet of gas and 2 million barrels of condensates, the Oil Ministry said. Ethanol futures fell the most in almost a month as corn declined and Congress remained divided over plans to increase the national debt limit. Sugar fell on signs U.S. growth is slowing, adding to concern that commodity demand will ease as the federal government inches closer to default. Cocoa was unchanged, and coffee gained. Gold futures rose to a record on demand for an investment haven amid mounting concerns on the U.S. debt impasse and signs of a faltering economy. U.S. lawmakers are offering rival plans to avert a default as the Aug. 2 deadline for raising the $14.3 trillion debt limit nears. The Dow Jones-UBS Commodity Excess Return Index rose 2.96%% in July to 162.81. The MLCX Enhanced Benchmark A10 Excess Return Index rose 3.07% to 316.90.MLCX AmBank Commodity Alpha index increased 0.09% to 174.
The Organization of Petroleum Exporting Countries’ (OPEC) crude output in August rose to the highest level since December 2008, led by Saudi Arabia, a Bloomberg News survey showed. Gasoline extended gains after the Energy Department reported stockpiles fell more than forecast in the last week of August. Corn fell for the first time in five sessions and wheat dropped on speculation that demand will slow for grain used in animal feed, fuel and food after prices rose last week. Soybeans gained. Sugar rose for the first time in three days on signs that global demand is climbing at a time when output may be limited in Brazil, the world’s biggest producer. Coffee and cocoa also advanced. Gold headed for biggest monthly gain in 22 months, as investors weighed a rally in global equities with the prospect of the Federal Reserve taking more action to spur the economy. Copper climbed after data on U.S. factory orders and business activity bolstered confidence in the economy. The Dow Jones-UBS Commodity Excess Return Index rose 0.99% to 164.43. The MLCX Enhanced Benchmark A10 Excess Return Index rose 1.19% to 320.66.MLCX AmBank Commodity Alpha index increased 0.19% to 174.51 in August 2011.
18
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
MARKET REVIEW
Commodities declined, heading for the biggest quarterly drop since the end of 2008, as bearish data on economies in Europe and China added to concerns that the world will tilt into another recession. Oil fell as signs of slowing growth in China, the U.S. and Germany heightened concerns that fuel demand will suffer. Silver and copper led the monthly commodity declines. Copper fell on speculation demand for the metal from China, the biggest buyer, will slow after manufacturing declined. Sugar headed for a third straight quarter of losses on signs that supplies will remain ample as the global economic slowdown reduces consumption. Soybeans also declined. Corn plunged, heading for a record monthly decline, after a government report showed larger U.S. inventories than forecast, signaling reduced demand for the grain used in animal feed and ethanol. Cotton futures fell, capping a second straight quarterly slump, on concern that the European debt crisis will hinder the global economy, eroding demand for textiles and clothing. Orange juice also dropped. The Dow Jones-UBS Commodity Excess Return Index fell 14.74% this month to 140.20. The MLCX Enhanced Benchmark A10 Excess Return Index fell 14.57% this month to 273.93. MLCX AmBank Commodity Alpha index increased 0.16% to 174.80 in Sept 2011.
Oil production in October by the Organization of Petroleum Exporting Countries rose to the highest level in almost three years as gains in Libya and Angola outpaced a Saudi cut, a Bloomberg News survey showed. Gasoline fell as the dollar surged amid concern that European governments will struggle to find financial support for a plan to resolve the region’s debt crisis. Corn fell the most this month and soybeans dropped to the lowest price in almost three weeks as a rally in the dollar eroded prospects for U.S. exports and reduced the investment appeal of commodities. Coffee fell in New York on renewed concern that Europe will fail to contain the region’s debt crisis and as the dollar rallied, eroding the appeal of commodities. Sugar and cocoa also declined. Raw-sugar futures fell for the third time in four days on speculation that a deal to trim Greece’s sovereign debt will fail to end Europe’s financial crisis, slowing the economy and demand for commodities. Cotton futures fell, ending the longest rally in seven months, as demand from textile mills eased. Orange juice advanced. The Dow Jones-UBS Commodity Excess Return Index rose 6.62% to 149.48. The MLCX Enhanced Benchmark A10 Excess Return Index rose 6.52% to 291.78. MLCX AmBank Commodity Alpha index fell 0.10% to 174.62 in October 2011.
Commodities rose to the highest in almost two weeks after the Federal Reserve cut the cost of emergency funding for banks in Europe as part of a global effort to stem the region’s sovereign-debt crisis. The Fed’s move was coordinated with the European Central Bank and central banks in Canada, England, Japan and Switzerland. Separately, China cut the amount of cash that banks must set aside as reserves for the first time since 2008.
Cotton gained the most in two weeks as demand rebounded for supplies, from the U.S., the world’s leading exporter, after prices slumped to a 14-month low. Orange juice declined. Corn and soybeans rose as dry weather threatens crops in South America and improved confidence in the U.S. economy bolsters prospects for commodity demand.
Oil fell from the highest in two weeks in New York after Standard & Poor’s cut credit ratings on some of the world’s biggest lenders, and amid signs of rising crude supplies in the U.S.
The Dow Jones-UBS Commodity Excess Return Index fell 3.13% to 146.1596. The MLCX Enhanced Benchmark A10 Excess Return Index fell 2.96% to 285.8352. MLCX AmBank Commodity Alpha index rose 0.16% to 174.9336 in November 2011.
December, spurring concern that demand from the world’s second-largest crude-consuming country may slow. Heating oil and gasoline advanced, adding to their third consecutive yearly gains, on speculation gasoline imports will drop and demand for U.S. diesel exports will rise when three refineries in Europe shut in January. Gold rose the most this month, capping an 11th straight annual advance, on speculation that demand will climb from jewelers and investors. Copper rose the most in two weeks, paring the first annual decline since 2008, on bets that U.S. growth will buoy metals demand as the economy slows in China.
Corn rose, capping a third straight annual gain, and soybeans climbed on concern that bad weather will cause irreversible damage o Argentina’s crops. Raw sugar dropped as expanding production in Asia and Europe more than offset a drop in output in Brazil, the world’s leading cane grower.
The Dow Jones-UBS Commodity Excess Return Index fell 3.75 to 140.6802. The MLCX Enhanced Benchmark A10 Excess Return Index fell 3.56% to 275.6474. MLCX AmBank Commodity Alpha index rose 0.18% to 175.2567 in December 2011.
19
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
MARKET REVIEW
Oil gained as investors speculated that fuel demand will climb after industrial output rose more than forecast in Japan, the third-biggest crude consumer. Gold rallied to the most expensive in almost eight weeks, extending its best January performance since 2008.Silver was set for its strongest start to the year since 1983 and platinum jumped to a two-and-a half month high. Copper rallied, extending the first monthly gain since October, after Greece’s Prime Minister said major progress was made in debt talks. Tin was set for its best month since at least 1992 outperforming other commodities.
Soybeans gained as a drop in the dollar increased the appeal of U.S. exports and on speculation buying by China, the biggest importer, may increase after the end of the Lunar New Year holiday. Corn and wheat advanced. Cotton rose the most in a week as signs of progress by European governments to ease their debt crisis bolstered prospects for global economic growth and demand for some commodities. Orange juice also gained.
The Dow Jones-UBS Commodity Excess Return Index rose 2.47% to 144.16. The MLCX Enhanced Benchmark A01 Excess Return Index rose 2.84% 283.48. MLCX AmBank Commodity Alpha index rose 0.37% to 175.91 in January 2012.
Commodities, led by oil, beat stocks, bonds and the dollar for the first time since July as the European Union prepared to embargo Iranian crude, the U.S. economy improved and China took steps to shore up growth. Oil traded near a two-day high in New York after the biggest monthly gain since October as speculation that global economic growth will boost fuel demand countered concern that rising supplies will limit price gains. Soybeans jumped 10 percent to a five-month high on the Chicago Board of Trade in February, the most since 2010, as U.S. export sales rose and the government forecast that inventories will slump 25 percent before the 2013 harvest. Sugar advanced 5.8 percent on ICE Futures U.S., the most since July, after drought cut supplies from Mexico. Nickel, coffee and cotton were the biggest losers on the GSCI, declining 7.7 percent, 5.5 percent and 3 percent, respectively. Corn climbed to a seven-week high as improving economic growth may boost demand for feed and fuel. Gold slumped the most in two weeks on expectations that the Federal Reserve will refrain from taking new action to bolster the economy. Copper gained after manufacturing in China climbed for a third straight month, signaling that demand may increase for the metal used in pipes and wires in the world’s biggest user.
The Dow Jones-UBS Commodity Excess Return Index rose 2.69% to 148.04. The MLCX Enhanced Benchmark A01 Excess Return Index rose 2.70% to 291.13. MLCX AmBank Commodity Alpha index rose 0.01% to 175.92 in February 2012.
Copper, set for the biggest quarterly gain since 2010, rose in London as equities and the euro climbed amid speculation European officials will increase funds for rescuing indebted nations. Gold, poised for a quarterly advance, may rise on a weaker dollar and speculation that a strike by jewelers in India might end. Silver headed for the first three-month gain in a year.
Oil advanced in New York, heading for a second quarterly gain, as investors speculated that sanctions on Iran will tighten and that yesterday’s decline, the biggest this year, was exaggerated. Soybeans rose, heading for the biggest quarterly advance in more than a year, on speculation that demand for U.S. exports will rise as production declines in South America. Raw-sugar futures rose, snapping a four session slide, on renewed concern that supplies may tighten as crops are delayed in Brazil, the world’s top grower. Cotton dropped, while orange juice advanced.
Therefore the performances of the indices since inception are:1. MLCX AmBank Commodity Alpha index – 3.73%2. MLCX Enhanced Benchmark A01 Excess Return Index – 0.09%3. Dow Jones-UBS Commodity Excess Return Index – (3.56)%
20
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
MARKET REVIEW
MoM Performance
Performance Since InceptionCommencement
30 Nov 10
28 Feb 11
31 May 11
31 Aug 11
30 Nov 11
29 Feb 12
31 Mar 12
169.9859
170.1251
172.8051
173.7244
174.5127
174.9336
175.9189
176.3321
275.6397
278.9337
320.7321
323.2295
320.6591
285.8352
291.1312
275.8993
145.1062
146.7299
166.1437
166.5416
164.4327
146.1596
148.0367
139.9437
Index Level
Date MLCXAMB MLCXA01E DJUBS
MoM Performance
Performance Since InceptionCommencement
30 Nov 10
28 Feb 11
31 May 11
31 Aug 11
30 Nov 11
29 Feb 12
31 Mar 12
-
0.08%
1.58%
0.53%
0.45%
0.24%
0.56%
0.23%
-
1.20%
14.99%
0.78%
-0.80%
-10.86%
1.85%
-5.23%
-
1.12%
13.23%
0.24%
-1.27%
-11.11%
1.28%
-5.47%
MoM Performance
Date MLCXAMB MLCXA01E DJUBS
MoM Performance
Performance Since InceptionCommencement
30 Nov 10
28 Feb 11
31 May 11
31 Aug 11
30 Nov 11
29 Feb 12
31 Mar 12
-
0.08%
1.66%
2.20%
2.66%
2.91%
3.49%
3.73%
-
1.20%
16.36%
17.27%
16.33%
3.70%
5.62%
0.09%
-
1.12%
14.50%
14.77%
13.32%
0.73%
2.02%
-3.56%
Performance Since Inception
Date MLCXAMB MLCXA01E DJUBS
21
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
MARKET REVIEW
(Source: Bloomberg)
Performance of MLCXAMB Since Inception
Oct
-10
Nov
-10
Dec
-10
Jan-
11
Feb
-11
Mar
-11
Ap
r-11
May
-11
Jun-
11
Jul-1
1
Aug
-11
Sep
-11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb
-12
104.0%
103.0%
102.0%
101.0%
100.0%
99.0%
Perf
orm
ance
(%)
Month
(By AmBank (M) Berhad and Bloomberg)
INVESTMENT OUTLOOK
23
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
INVESTMENT OUTLOOK
AmAssurance Equity Fund, Balanced Fund, Dana Teguh Fund, Dividend Fund Market Outlook
Sugarcoating aside, we are starting the new financial year with three uncertainties that pose the key risks: uncertainty ahead of the 13th General Election, uncertainty on global economic growth and yes, the uncertainty in the Euro Zone.
With the perceived slowing global economic growth and rising market aversion ahead of the general election in the background, the chances are high that the KLCI would remain in a range trading mode until new catalysts surface. That said, in the immediate term, the KLCI is likely to be highly susceptible to unfavourable external distress which could banish any budding risk appetite from the local front. The external dangers might come in the form of the plausible Greece default and exit from the Eurozone, worries of China and India economies approaching hard landing and the threat of US failing to bring down its deficit and debt level. Already we have seen the risk appetite of investors on risky assets falling significantly of late. For instance, the MSCI emerging market index has fallen by more than 10% in the month of May alone. Although the KLCI has been fairly resilient, we have seen a consistent outflow of foreign funds – a manifestation of “sell in May, go away” investor maxim. Foreign investors have increased their selling in the local bourse in May, after seven straight months of net purchases of equities in the months prior.
As fate would have it, that little thing called Greece is not our only problem. While the focus of attention as we speak is still on the euro-debt crisis, investors are also increasingly worried about China and India where their recent economic data are pointing to slower numbers. What’s worse, as the US economy continues to be on the reverse gear, all eyes are fixed on the coming austerity programme to bring down US fiscal deficit and government debt level. The great danger is that if the US and euro-debt crisis form a symbiosis and feed on one another; inevitably, a global economic recession becomes a real risk. As a result, apart from the all-important 17 June Greek election upon which Greece’s fate in the Eurozone hinges, investors will also look for clues in the ECB policy meeting scheduled sometime in early June, as well as in the upcoming US data releases before the next FOMC meeting and the end of the US bond-buying stimulus programme around that time. Those are where the external uncertainties lie.
Domestically, the major event that casts gray clouds over us is the impending general election that could spell high volatility in the local bourse given the uncertain election outcome and rising risk aversion amongst investors.
Notwithstanding the above arguments, we believe market pullbacks and consolidations we have seen thus far may not be over just yet. In fact, we are of the opinion that the KLCI will remain in a correction and consolidation mode for at least until the Greek election slated on 17 June is over. Because at this point, the Eurodebt crisis could still worsen, triggering bank runs across Europe until the European Central Bank is forced into a decisive move to monetize European debts. Meanwhile, the fears of China’s hard landing will also render investors in risk-aversion. Under such circumstances, we believe investors will take a cautious view towards risky assets and as a consequence, equities are still vulnerable to further corrections.
Hopefully, when we all wake up one morning, somewhere in mid 2H12, we will find that all the above uncertainties are all just bad dreams. But on these proviso: (a) the European Central Bank making a decisive move to monetize European debts; (b) China policymakers easing policies substantially and its economic growth reaccelerates; (c) US Congressional leaders singing the national anthem together to remind them that US is still a great land and striking some deals to mitigate the risk of its failing to reduce its deficits and debts level, and (d) domestically, the general election producing better-than-expected results where the ruling coalition party remains in control of the government.
Of all the uncertainties, on a larger scheme of things, we believe that the determinant for the sentiment in global market – and subsequently that in our local market - to return to positive would be the conclusion of the Euro debt crisis. That said, beyond the near-term pullback, we expect market sentiment to gradually improve as global economic uncertainties clear out. Meanwhile global financial markets are still likely to be supported with liquidity as central banks in advanced countries have pledged to maintain loose monetary policy to support economic growth, if needs be, which is much the case now.
Yes, the situation in the equity market looks to be very treacherous for now. However, we are positive the uncertainties in the local and external front will gradually diffuse towards the 2H12. Thus, we maintain our 1,620 KLCI target for 2012.
(By AmLife Insurance Berhad)
AmAssurance Bond Fund Market Outlook
The most critical risk factor which will shape the global financial market going into 2012 is the contagion risk of the euro-zone sovereign debt crisis. A year ago, rising sovereign credit risk was somewhat limited to the PIIGS (Portugal, Italy, Ireland, Greece, and Spain)
24
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
group. However, as we approach the end of 2011, recent developments suggest that the contagion risk has spread from the periphery to the core countries. A rise in bond yields was also seen along countries like France, Austria and the Netherlands. Ongoing tussle among policymakers on how to tackle this ongoing problem further added to chaotic moment, sending risk aversion to an escalated level. At this juncture, investors have not positioned for the worst seen during the crisis of 2008 but any further off-tangent event with regard to political decisions in addressing this issue would increase the probability of the worst.
While the sovereign debt crisis to continue haunting the Europe, US policymakers will face the challenge of supporting a still-weak recovery and restoring fiscal discipline during a presidential election year. Emerging East Asian economies face external headwinds which could pose downside risk to economic growth but, unlike the developed economies, they can still implement conventional monetary easing measures as policy rates in this region are high following the normalization that took place in the earlier part of 2011. Nonetheless, we are not discounting potential inflationary pressures from rising food prices as the rising price level in emerging economies tend to be largely driven by food prices.
On the local front, we expect BNM to maintain the rates stable at 3.00% till the end of year. Global growth uncertainties do not warrant any further rate hikes, while other regional central banks have shifted towards neutral mode. Some of them in fact are being increasingly dovish, with unexpected rate cuts indicating that policymakers are now positioning for potential fallout from external headwinds. On the other hand escalating asset prices as seen in the property market have raise concern over a potential asset bubble which might spark inflationary pressure to the economy.
(By AmLife Insurance Berhad)
AmAssurance AmOasis Islamic Equity Fund Market Outlook(Feeder Fund: AmOasis Global Islamic Equity Fund)
After a relatively weak performance in 2011, global equity markets have had a relatively strong start to the year as positive economic data out of the US and continued liquidity injections by the European Central Bank (ECB) have provided a boost to equity valuations. Risk appetite picked up quite materially with investors increasingly shifting focus towards relatively poor quality and highly geared companies, leading to their relative outperformance over the short-term. While global equities continue to offer value from a long-term perspective, we feel volatility is likely to continue as most of the developed world battles with austerity while
developing markets also witness a moderate slowdown due to their export exposure to the developed world. Given this volatile backdrop, we remain convinced in our investment philosophy of investing in high quality companies which are market leaders within the sectors they operate in, have healthy balance sheets and have the ability to generate a higher level of sustainable Return on Equity (ROE) through the economic cycle.
In our view, continued quantitative easing in the developed world has provided a lifeline to poorer quality companies by allowing them access to funding which they would not have been able to secure under more normal circumstances. The lower interest rates have also transpired into earnings momentum for lower quality companies as it pushed their finance costs lower – a situation which we feel is unsustainable over the long term. As liquidity conditions eventually normalize, the higher quality companies which have strong balance sheets and robust cash flows are likely to outgrow their smaller peers as they effectively deploy their balance sheets for value enhancing acquisitions or earnings accretion through share buybacks. During the current economic conditions, we feel that the stronger are likely to continue gaining market share and increasing their profitability while the smaller players struggle to survive as liquidity conditions normalize. Our investment philosophy comes through quite clearly whereby the companies in our portfolios have proved their ability to sustainably deliver relatively higher ROE’s through the economic cycle while trading at a significant discount to the market on a cash flow basis.
(By AmInvestment Services Berhad)
AmAssurance Global Emerging Market Fund Market Outlook (Feeder Fund: AmGlobal Emerging Market Opportunities Fund)
The euphoria at the beginning of the year, with the S&P 500 and the MSCI Emerging Markets index recording their highest first-quarter returns since 1998 and 1992 respectively, looks to have dissipated and been replaced by the reappearance of uncertainty surrounding the underlying challenges facing the developed world. The recent return to ‘worry mode’ in global markets has led Global Emerging Markets’ (“GEM”) market returns to consolidate in absolute terms, although GEMs look well placed to continue to outperform their developed peers.
The US stock market performed strongly from the outset in 2012 as data on manufacturing, real estate and the labor market boosted optimism. However, the pace and the sustainability of the recovery continue to be called into question following disappointing recent jobs data. Reflecting the precarious nature of the
INVESTMENT OUTLOOK
25
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
current recovery the Fed again signaled its intention to keep monetary policy loose through to 2014. There was however some support for the long-term revitalization of the US following reports of huge energy production potential from shale oil and gas in the US. Concerns over the situation in developed Europe have intensified and the divergence between Northern and Southern Europe remains conspicuous; German growth is robust, 10 year bund yields are at almost record lows of 1.6% and there are signs of inflationary pressure. In contrast, unemployment in Spain is at record highs, 10 year yields are at 6% and the authorities are under pressure to tighten fiscally.
The positive fundamental case is intact and despite the sharp rally at the beginning of the year, valuations are attractive trading on 10.2x PER, supported by robust earnings growth of 13%. Consensus forecast growth for GEMs over 2012 is 5.1%. Risks to this outlook continue to be extraneous and to stem chiefly from the developed world, as highlighted above. Although the extent of the deceleration in Chinese growth continues to be subject to debate, attention has focused more recently on the necessity for reform in China in a bid to avoid the so-called middle-income country trap. Politics will play a key role in the transition towards a consumer-led economy since reform will adversely affect vested interests, particularly in local government and state-owned enterprises. However, any reform implementation is anticipated to be gradual and controlled which should limit political risks.
(By AmInvestment Services Berhad)
AmAssurance Global Agribusiness Fund Market Outlook (Feeder Fund: AmGlobal Agribusiness Fund)
The outlook for Global Agribusiness remains strong. Last year, in the market sell down in September and November, many agribusiness companies were sold down to valuation levels that we witnessed in the darkest days of 2008 and early 2009. Despite the market recovery, agribusiness companies remain relatively cheap compared to global shares, and we believe that they continue to have better earnings growth potential than the broader global market. As the global economy continues to gradually improve over 2012, global shares are likely to continue to rise. We believe that given the tailwinds that drive Global Agribusiness and the compelling valuations relative to global shares, global agribusiness shares should outperform the broader global market over the next few years. The key drivers supporting global agribusiness remain intact and are familiar to most by now, but they are worth revisiting briefly as the reasons behind
the price surges of recent months and years are set to intensify as global economic growth recovers. Relentless population growth is a key factor with the bulk of growth expected to occur in China, India and other emerging nations over the next few decades. Living standards in these countries are rising rapidly, powering demand for higher quality, protein-rich food that requires escalating amounts of feed grain, land and water to produce. Global food production simply is not keeping up. The challenge is particularly difficult given the world’s shrinking supply of arable land, increasing environmental concerns and water constraints. Moreover, accelerating demand for biofuels, which require grains for production, and increasingly unpredictable weather patterns are disrupting food production. With continued growth in world GDP and world population, increasing food demand appears only likely to increase. Since global grain inventories are already at a low base, any supply disruptions will require immediate solutions that will be provided most likely by the private sector. As a consequence the outlook appears positive for most companies in the global agribusiness universe.
(By AmInvestment Services Berhad)
AmAssurance Precious Metals Fund Market Outlook(Feeder Fund: AmPrecious Metals Fund)
The weakness in the precious metals space should be ending over the course of Q2 2012. We continue to believe that the valuation gap between equities and gold should narrow, despite the disappointing micro news environment which pushed up costs meaningfully during 2011. An important premise needed is the overall belief by investors that further central bank stimulus will arrive eventually, most likely through a weakening economy. Moreover, companies have to stop dashing hopes by starting to deliver on their production targets and to implement reasonable capital expenditure (capex) plans. That could in turn substantially improve sentiment surrounding the stocks.
(By AmInvestment Services Berhad)
AmAssurance AmCurrency Income and AmCurrency Income II CGF Market Outlook
The extreme uncertainty encompassing the investment markets in general, and the currency markets in particular, is likely to continue.
The four key events that may push the currency markets into disarray are:
INVESTMENT OUTLOOK
26
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
Credit Rating Downgrade – The potential downgrades of banks within the Euro countries may not bode well for the risk appetite towards perceived risky currencies.
European sovereign debt concerns – An ECB commitment to act in light of the dimming growth outlook would be a welcome respite.
Global Slowdown - Concerns around global slowdown of recovery and potential double dip recession increased as the month saw a series of soft data points including Philadelphia Fed Index, NFP and Eurozone GDP numbers.
Interventions by Central Banks – Further interventions into the currency markets by central banks will only enhance uncertainties.
(By AmBank (M) Berhad and Bloomberg)
AmAssurance AmCommodity Stable CGF Market Outlook
Copper, set for the biggest quarterly gain since 2010, rose in London as equities and the euro climbed amid speculation European officials will increase funds for rescuing indebted nations. Gold, poised for a quarterly advance, may rise on a weaker dollar and speculation that a strike by jewelers in India might end. Silver headed for the first three-month gain in a year.
Oil advanced in New York, heading for a second quarterly gain, as investors speculated that sanctions on Iran will tighten and that the decline in March, the biggest this year, was exaggerated. Soybeans rose, heading for the biggest quarterly advance in more than a year, on speculation that demand for U.S. exports will rise as production declines in South America. Raw-sugar futures rose, snapping a four-session slide, on renewed concern that supplies may tighten as crops are delayed in Brazil, the world’s top grower. Cotton dropped, while orange juice advanced.
(By AmBank (M) Berhad and Bloomberg)
INVESTMENT OUTLOOK
INVESTMENT STRATEGY
28
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
AmAssurance Equity Fund, Balanced Fund, Dana Teguh Fund, Dividend Fund Investment Strategy
It is evident that not all external risk factors have dissipated, and the impending general election could create uncertainty for the local market. Although we are less pessimistic of the market outlook going forward, we continue to expect market pullback and consolidation in the short and medium terms. However, we see any significant correction or volatility in the market as an opportunity for accumulation of fundamentally solid corporate names on price weakness for long-term performance.
We think Malaysia will continue to be a defensive market given its favorable fiscal and macro positions. We also think that earnings downgrades since early 2011 will slowly come to an end come 2H12. We are of the opinion that post the general election, the following conditions may be in place for a sustained stock market performance: (1) more stable political situation, (2) acceleration of private investments as growth engine via ETP, (3) major oil & gas spending by PETRONAS, (4) pick up in infrastructure spending, (5) M&A and further GLC turnarounds and (6) improved market liquidity with GLC selldown.
However, key risks to our assumption above include: (1) BN losing its simple majority in the impending general elections, and (2) sharper than expected global economic slowdown.
Strategy-wise, we believe that it is more appropriate to compose our portfolio with an optimum combination of dividend stocks, growth counters, and those that are poised for recovery in 2H12 onwards. We would likely have a tilt on oil & gas, plantation, construction, telecommunications sectors, as well as high yielders. As long as the afore-mentioned assumptions hold, portfolio exposure will likely be kept between 75%-80% for full equity portfolios. For balanced portfolios, we look to maintain equity exposure between 55% - 60%.
(By AmLife Insurance Berhad)
AmAssurance Bond Fund Investment Strategy
We project a deficit fiscal funding of MYR43 billion and MYR45.6 billion of MGS maturing in 2012, hence we expect MGS issuance in 2012 to stand at MYR88-90 billion. Our estimate for gross corporate bond issuance for 2012 is MYR45-55 billion with higher allocation into high credit grade and Public Private Partnership (PPP) project financing. Despite the supply size we expect bond demand to sustain due to strong domestic surplus liquidity within the system.
MGS spread to OPR and credit spread on domestic corporate bonds has tightened below the long term average. Unlike the developed markets which already witnessed spread widening, domestic corporate spread should remain stable for now. However it would appear that there is more room for credit spread to increase rather than decrease from current levels, if economic growth were to sharply decelerate and signs of corporate frailty were to increase.
Similar to the credit spread, we see duration spread tightening below the long term average. This is due to domestic surplus liquidity “mopping up” assets causing the yield curve to flatten. At this juncture we see very little upside for duration spread to further narrow.
Based on the above factors the risk reward analysis implies very little upside for investments into high credit grade or to going long on duration for FY2012. We target to invest into assets yielding on average 4.50% with maturity between 4 to 6 years. The above strategy will stabilize price volatility within the portfolio, and at the same time deliver a rate of return that is better than fixed deposit.
(By AmLife Insurance Berhad)
AmAssurance AmOasis Islamic Equity Fund Investment Strategy(Feeder Fund: AmOasis Global Islamic Equity Fund)
During turbulent times, we feel it is also equally important to focus on companies which offer a high level of sustainable dividend yield. Companies with strong balance sheets and robust cash flows not only have the ability to maintain current cash payouts to shareholders, but it also improves the likelihood of higher dividends in the future through an increase in the dividend payout ratios. We do feel that the strong cash flow generation and dividend yield of companies in our portfolios provides a strong underpin to our investment philosophy of providing real wealth creation while ensuring that downside risk is minimized during volatile market movements. This strategy has continued to serve us well over the long-term where our portfolios have on average captured only 75%-80% of the market downside. The current valuation anomaly whereby high quality companies are trading at a significant discount to the market, despite having proven their ability to sustainably generate a higher level of ROE’s has provided us with a unique opportunity to increase exposure to such high quality companies.
We remain confident that our portfolios are well positioned to provide real wealth creation over the long-term. At the same time, our defensive
INVESTMENTSTRATEGY
29
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
positioning through higher exposure to sectors such as communications and healthcare should ensure downside protection in case of any significant negative macro-economic shocks.
(By AmInvestment Services Berhad)
AmAssurance Global Emerging Market Fund Investment Strategy(Feeder Fund: AmGlobal Emerging Market Opportunities Fund)
Our core markets at the start of April 2012 are China, Korea, Russia, Thailand and Egypt.
Chinese equities offer attractive valuations relative to the global emerging markets average and while GDP growth is slowing we do not expect a hard landing for the economy. Inflation has also eased from the highs seen last year, removing a potential constraint to further policy easing. South Korean equities are attractively valued and earnings are strong, although economic growth is slowing. Russia offers attractive valuations and the market should rally strongly if macro risks in the developed world ease. The market remains very sensitive to crude oil prices, which are likely to be supported in the short term by geopolitical tension in the Middle East. In Thailand, valuations are reasonable and the economy continues to recover from the impact of last year’s flooding. Egypt is cheaply valued versus broader emerging markets and EPS growth is strong, although it remains subject to domestic policy and currency risk, as well as a degree of political uncertainty.
The cash weighting in the Feeder fund as of early April 2012 is 20%. We will look for suitable opportunities to invest the cash as and when they arise.
(By AmInvestment Services Berhad)
AmAssurance Global Agribusiness Fund Investment Strategy(Feeder Fund: AmGlobal Agribusiness Fund)
The AmAssurance Global Agribusiness Fund is currently focused in a number of key areas that include upstream activities such as Agricultural Products, Fertilizers & Agricultural Chemicals and Packaged Food & Meats and downstream activities such as Food Retailers. The fund also seeks companies that are focused on pure research and development that are likely to be the incubators for the instantly needed: new seed generations, healthier food products, more efficient processing, new generations of biofuels, and
personalized medicine research dedicated to food consumption or animal welfare.
Given the sell down that occurred last year that saw fertilizer companies severely impacted, the Fund increased the weighting to the fertilizer and chemical sector. At the end of March this weighting was 40.3% which is significantly higher than the weight of around 28% one year ago. The weights to Agricultural Products (25.2%) and Food Retailers (6.4%) have decreased a few percent and Packaged Foods and Meats has increased slightly to 12.7%.
For investors, exposure to the agricultural sector offers distinct benefits beyond expected price gains as the agricultural complex has a low correlation with traditional equity and fixed income markets. Those with a longer-term outlook should bear in mind that the agricultural sector has been driven primarily by supply-side factors – rather than demand, the key driver of gains in other commodity markets such as energy and metals. Agricultural commodity supply will remain a critical challenge for the foreseeable future and it appears demand will only increase. This should provide investment opportunities, across the whole supply chain, for companies that are seeking to overcome the global inefficiencies in feeding the world.
(By AmInvestment Services Berhad)
AmAssurance Precious Metals Fund Investment Strategy(Feeder Fund: AmPrecious Metals Fund)
Our strategy continues to be focused on higher quality names that have less of the industry’s inherent problems, e.g. better cost control and achievable production targets. These names should fare better in a more challenging market and, due to their lower cost profile, should have a higher likelihood of freeing up cash flows and increase shareholder returns over time. Over the last months, we have held a high cash level to mitigate the weakness of the market. We acknowledge that valuations for many names of our universe have become very attractive, and have started to use our cash position opportunistically to increase our holding in superior companies. This approach we continue to follow over the course of the coming quarters.
(By AmInvestment Services Berhad)
AmAssurance AmAsia Recovery CGF Investment Strategy
The Floating Rate Negotiable Instruments of Deposit (FRNID) issued by AmBank (M) Berhad. FRNID aims
INVESTMENT STRATEGY
30
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
to protect depositor’s investment principal at maturity while offering opportunities to earn potential returns, depending on the performance of underlying basket. The Coppock Basket strategy has 2 underlying baskets namely the Bond Performance (JP Morgan Global Govt Bond Global Index) and the Equity Performance options(MSCI Daily Net TR Emerging Market).
The FRNID will accrete towards it maturity value on 2nd July 2012.
(By JP Morgan)
AmAssurance AmCurrency Income and AmCurrency Income II CGF Investment Strategy
The Fund employs a dynamic strategy. The quantum of participation is adjusted on a monthly basis depending on the performance of the strategy. When performance is negative the participation is adjusted downwards in the next month. This adjustment in participation rate is to enable the strategy to minimize the impact of downside moves while maximizing the benefits on the upside performance.
Due to the unwinding event that occurred recently for both of the funds, it is no longer participating in underlying assets. The FRNID will be continued to accrete towards its future maturity value.
(By AmBank (M) Berhad and Bloomberg)
AmAssurance AmCommodity Stable CGF Investment Strategy
AmCommodity Stable FRNID is a Floating Rate Negotiable Instrument of Deposit (FRNID) with maturity of five (5) years from the date of issue. AmCommodity Stable FRNID offers full capital protection, if held to maturity. This FRNID provides guaranteed coupon rates of 2.00% p.a. and 3.00% p.a. at the end of year 1 and 2, respectively.
The AmCommodity Stable FRNID may provide a potential coupon rate at maturity (end of year 5) derived from investments linked to MLCX AmBank Commodity Alpha Index.
(By AmBank (M) Berhad and Bloomberg)
INVESTMENT STRATEGY
FUND PERFORMANCE
32
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
AmAssurance Equity Fund
(i) Since Inception Performance
(ii) Full Year Performance
FUND PERFORMANCE
AmAssurance Equity Fund Vs BenchmarkPerformance since 1 Apr 2011 - 31 Mar 2012
Perf
orm
ance
(%)
Month
-12.00-10.00
-8.00-6.00-4.00-2.000.002.004.006.00
Apr2011
May2011
Jun2011
Jul2011
Aug2011
Sep2011
Oct2011
Nov2011
Dec2011
Jan2012
Feb2012
Mar2012
AmAssurance - Equity FBMKLCI
AmAssurance Equity Fund Vs BenchmarkPerformance since 27 Feb 2004 - 31 Mar 2012
Perf
orm
ance
(%)
Month
Mar
-04
Sep
-04
Mar
-05
Sep
-05
Mar
-06
Sep
-06
Mar
-07
Sep
-07
Mar
-08
Sep
-08
Mar
-09
Sep
-09
Mar
-10
Sep
-10
Mar
-12
Sep
-11
Mar
-11
100.00
80.00
60.00
40.00
20.00
0.00
-20.00
-40.00
AmAssurance - Equity FBMKLCI
33
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
AmAssurance Bond Fund
(i) Since Inception Performance
(ii) Full Year Performance
AmAssurance Bond Fund Vs BenchmarkPerformance since 1 Apr 2011 - 31 Mar 2012
Perf
orm
ance
(%)
Month
Apr2011
May2011
Jun2011
Jul2011
Aug2011
Sep2011
Oct2011
Nov2011
Dec2011
Jan2012
Feb2012
Mar2012
-2.00
0.00
2.00
4.00
6.00
8.00
AmAssurance - Bond MGS Med
FUND PERFORMANCE
AmAssurance Bond Fund Vs BenchmarkPerformance since 27 Feb 2004 - 31 Mar 2012
Mar
-04
Sep
-04
Mar
-05
Sep
-05
Mar
-06
Sep
-06
Mar
-07
Sep
-07
Mar
-08
Sep
-08
Mar
-09
Sep
-09
Mar
-10
Sep
-10
Mar
-12
Sep
-11
Mar
-11
AmAssurance - Bond MGS Med
-10.00
0.00
10.00
20.00
30.00
40.00
50.00
60.00
Perf
orm
ance
(%)
Month
34
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
AmAssurance Balanced Fund
(i) Since Inception Performance
(ii) Full Year Performance
FUND PERFORMANCE
AmAssurance Balanced Fund Vs BenchmarkPerformance since 1 Apr 2010 - 31 Mar 2012
Perf
orm
ance
(%)
Month
Apr2011
May2011
Jun2011
Jul2011
Aug2011
Sep2011
Oct2011
Nov2011
Dec2011
Jan2012
Feb2012
Mar2012
-10.000
-8.000
-6.000
-4.000
-2.000
0.000
2.000
4.000
6.000
AmAssurance - Balanced 50% FBM100 & 50% MSG Med
AmAssurance Balanced Fund Vs BenchmarkPerformance since 27 Feb 2004 - 31 Mar 2012
Perf
orm
ance
(%)
Month
100.00
80.00
60.00
40.00
20.00
0.00
-20.00
-40.00
AmAssurance - Balanced 50% FBM100 & 50% MGS Med
Mar
-04
Sep
-04
Mar
-05
Sep
-05
Mar
-06
Sep
-06
Mar
-07
Sep
-07
Mar
-08
Sep
-08
Mar
-09
Sep
-09
Mar
-10
Sep
-10
Mar
-12
Sep
-11
Mar
-11
35
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
AmAssurance Dana Teguh Fund
(i) Since Inception Performance
(ii) Full Year Performance
FUND PERFORMANCE
AmAssurance Dana Teguh Fund Vs BenchmarkPerformance since 1 Apr 2010 - 31 Mar 2012
Perf
orm
ance
(%)
Month
Apr2011
May2011
Jun2011
Jul2011
Aug2011
Sep2011
Oct2011
Nov2011
Dec2011
Jan2012
Feb2012
Mar2012
-8.000
-6.000
-4.000
-2.000
0.000
2.000
4.000
6.000
8.000
AmAssurance - Dana Teguh 50% FBM Hijrah & 50% MGS Med
AmAssurance Dana Teguh Fund Vs BenchmarkPerformance since Inception 27 Feb 2004 - 31 Mar 2012
Perf
orm
ance
(%)
Month
Mar
-04
Sep
-04
Mar
-05
Sep
-05
Mar
-06
Sep
-06
Mar
-07
Sep
-07
Mar
-08
Sep
-08
Mar
-09
Sep
-09
Mar
-10
Sep
-10
Mar
-12
Sep
-11
Mar
-11
AmAssurance - Dana Teguh 50% FBM Hijrah & 50% MGS Med
-40.00
-20.00
0.00
20.00
40.00
60.00
80.00
100.00
36
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
AmAssurance AmOasis Islamic Equity Fund
(i) Since Inception Performance
(ii) Full Year Performance
FUND PERFORMANCE
AmAssurance Oasis Islamic Equity Fund Vs BenchmarkPerformance since 1 Apr 2011 - 31 Mar 2012
Perf
orm
ance
(%)
Month
Apr2011
May2011
Jun2011
Jul2011
Aug2011
Sep2011
Oct2011
Nov2011
Dec2011
Jan2012
Feb2012
Mar2012
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
AmAssurance - AmOasis Islamic Equity Dow Jones Islamic Market Index
AmAssurance AmOasis Islamic Equity Fund Vs BenchmarkPerformance since 1 Apr 2007 - 31 Mar 2012
Perf
orm
ance
(%)
Month
Ap
r-07
Jul-0
7
Oct
-07
Jan-
08
Ap
r-08
Jul-0
8
Oct
-08
Jan-
10
Ap
r-10
Jul-1
0
Oct
-10
Jan-
11
Ap
r-11
Jul-1
1
Oct
-11
Jan-
12
Ap
r-09
Jan-
09
Jul-0
9
Oct
-09
AmAssurance - Oasis Islamic Equity Dow Jones Islamic Market Index
-60.00-50.00-40.00-30.00-20.00-10.00
0.0010.0020.0030.00
37
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
AmAssurance Precious Metals Fund
(i) Since Inception Performance
(ii) Full Year Performance
FUND PERFORMANCE
AmAssurance Precious Metals Fund Vs BenchmarkPerformance since 1 Apr 2011 - 31 Mar 2012
Perf
orm
ance
(%)
Month
Apr2011
May2011
Jun2011
Jul2011
Aug2011
Sep2011
Oct2011
Nov2011
Dec2011
Jan2012
Feb2012
Mar2012
AmAssurance - Precious FTSE Gold Mines Index
-25.00
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
AmAssurancePrecious Metals Fund Vs BenchmarkPerformance since 1 Sep 2008 - 31 Mar 2012
Perf
orm
ance
(%)
Month
AmAssurance - Precious FTSE Gold Mines Index
-60.00
-40.00
-20.00
0.00
20.00
40.00
60.00
80.00
Sep
-08
Dec
-08
Mar
-09
Jun-
09
Sep
-09
Dec
-09
Mar
-10
Jun-
10
Sep
-10
Dec
-10
Mar
-11
Jun-
11
Sep
-11
Dec
-11
Mar
-12
38
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
AmAssurance Global Agribusiness Fund
(i) Since Inception Performance
(ii) Full Year Performance
FUND PERFORMANCE
AmAssurance Global Agribusiness Fund Vs BenchmarkPerformance since 1 Apr 2011 - 31 Mar 2012
Perf
orm
ance
(%)
Month
Apr2011
May2011
Jun2011
Jul2011
Aug2011
Sep2011
Oct2011
Nov2011
Dec2011
Jan2012
Feb2012
Mar2012
AmAssurance - Agribusiness MSCI World Free Index
-20.00
-15.00
-10.00
-5.00
0.00
5.00
AmAssuranceGlobal Agribusiness Fund Vs BenchmarkPerformance since 1 Sep 2008 - 31 Mar 2012
Perf
orm
ance
(%)
Month
AmAssurance - Agribusiness MSCI World Free Index
-60.00
-40.00
-20.00
0.00
20.00
40.00
60.00
80.00
Sep
-08
Dec
-08
Mar
-09
Jun-
09
Sep
-09
Dec
-09
Mar
-10
Jun-
10
Sep
-10
Dec
-10
Mar
-11
Jun-
11
Sep
-11
Dec
-11
Mar
-12
39
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
AmAssurance Global Emerging Market Fund
(i) Since Inception Performance
(ii) Full Year Performance
AmAssurance Global Emerging Market Fund Vs BenchmarkPerformance since 1 Jun 2008 - 31 Mar 2012
Perf
orm
ance
(%)
Month
AmAssurance - Global Emergimg Market MSCI Emerging Markets Index
Jun-
08
Sep
-08
Dec
-08
Mar
-09
Jun-
09
Sep
-09
Dec
-09
Mar
-10
Jun-
10
Sep
-10
Dec
-10
Mar
-11
Jun-
11
Sep
-11
Dec
-11
Mar
-12
-60.00-50.00-40.00-30.00-20.00-10.00
0.0010.0020.00
FUND PERFORMANCE
AmAssurance Global Emerging Market Fund Vs BenchmarkPerformance since 1 Apr 2011 - 31 Mar 2012
Perf
orm
ance
(%)
Month
Apr2011
May2011
Jun2011
Jul2011
Aug2011
Sep2011
Oct2011
Nov2011
Dec2011
Jan2012
Feb2012
Mar2012
AmAssurance - Global Emerging Market MSCI Emerging Markets Index
-30.00
-25.00
-20.00
-15.00
-10.00
-5.00
0.00
5.00
40
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
FUND PERFORMANCE
AmAssurance Dividend Fund
(i) Since Inception Performance
AmAssurance Dividend Fund Vs BenchmarkPerformance since 27 Oct 2011 - 31 Mar 2012
Perf
orm
ance
(%)
Month
AmAssurance - Dividend FBMKLCI
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb
-12
Mar
-12
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
AmAssurance Amasia Star Capital Guaranteed Fund
(i) Since Inception Performance
AmAssurance AmAsia Star Capital Guaranted FundFund Performance since 7 Jul 2008 - 4 Jul 2011
Perf
orm
ance
(%)
Month
AmAssurance - AsiaStar
Jul-0
8
Sep
-08
Nov
-08
Jan-
09
Mar
-09
May
-09
Jul-0
9
Sep
-09
Nov
-09
Jan-
10
Mar
-10
May
-10
Jul-1
0
Sep
-10
Nov
-10
Jan-
11
Mar
-11
May
-11
Jul-1
1
-10.00-8.00-6.00-4.00-2.000.002.004.006.00
41
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
FUND PERFORMANCE
AmAssurance AmAsia Recovery Capital Guaranteed Fund
(i) Since Inception Performance
AmAssurance AmAsia Recovery Capital Guaranted FundFund Performance since 7 July 2009 - 31 Mar 2012
Perf
orm
ance
(%)
Month
AmAssurance - AsiaRecovery
-2.00
2.00
-1.00
0.00
1.00
3.00
-3.00
Jul-0
9
Sep
-09
Nov
-09
Jan-
10
Mar
-10
May
-10
Jul-1
0
Sep
-10
Nov
-10
Jan-
11
Mar
-11
May
-11
Jul-1
1
Sep
-11
Nov
-11
Jan-
12
Mar
-12
AmAssurance AmCurrency Income Capital Guaranteed Fund
(i) Since Inception Performance
AmAssurance AmCurrency Income Capital Guaranted FundFund Performance since 16 Aug 2010 - 31 Mar 2012
Perf
orm
ance
(%)
Month
AmAssurance - AmCurrency Income
-2.50
-0.50
-2.00
-1.50
-1.00
0.00
-3.00
Aug
-10
Sep
-10
Oct
-10
Nov
-10
Dec
-10
Jan-
11
Feb
-11
Mar
-11
Ap
r-11
May
-11
Jun-
11
Jul-1
1
Aug
-11
Sep
-11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb
-12
Mar
-12
42
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
AmAssurance AmCommodity Stable Capital Guaranteed Fund
(i) Since Inception Performance
AmAssurance AmCommodity Stable Capital Guaranted FundFund Performance since 11 Oct 2010 - 31 Mar 2012
Perf
orm
ance
(%)
Month
AmAssurance - AmCommodity Stable
-5.00
-4.00
-3.00
-2.00
-1.00
0.00
Oct
-10
Nov
-10
Dec
-10
Jan-
11
Feb
-11
Mar
-11
Ap
r-11
May
-11
Jun-
11
Jul-1
1
Aug
-11
Sep
-11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb
-12
Mar
-12
-6.00
FUND PERFORMANCE
AmAssurance AmCurrency Income II Capital Guaranteed Fund
(i) Since Inception Performance
AmAssurance AmCurrency Income II Capital Guaranted FundFund Performance since 21 Mar 2011 - 31 Mar 2012
Perf
orm
ance
(%)
Month
AmAssurance - AmCurrency Income II
-3.00
-2.50
-0.50
-2.00
-1.50
-1.00
0.00
-3.50
Mar
-11
Ap
r-11
May
-11
Jun-
11
Jul-1
1
Aug
-11
Sep
-11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb
-12
Mar
-12
SECTORAL & CATEGORY BREAKDOWN
44
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
AmAssurance Equity Fund
Details of portfolio composition of AmAssurance Equity Fund as at 31 March 2012 are as follows:
AmAssurance Bond Fund
Details of portfolio composition of AmAssurance Bond as at 31 March 2011 are as follows:
ConstructionConsumer productsFinanceIndustrial productsInfrastructureForeign stockPropertiesACE MarketWarrantTrading/ServicesREITSPlantationsRepurchase agreements/Cash
Fixed deposits/Repos/NCDs/ BAs/CashMalaysia Unit TrustsCorporate BondsMalaysian Government Securities
FY 2012%
FY 2012%
FY 2011%
FY 2011%
FY 2010%
FY 2010%
FY 2009%
FY 2009%
FY 2008%
FY 2008%
8.25-
7.584.57
-----
43.716.845.72
23.33100.00
11.549.40
79.06
-100.00
11.23-
7.324.01
--
4.54--
12.78-
3.8356.29
100.00
39.128.078.86
43.95100.00
2.903.80
17.806.601.50
-8.50
--
24.10-
10.0024.80
100.00
45.9054.10
-
-100.00
1.704.208.201.702.50
-0.80
--
14.70-
3.7062.50
100.00
11.1088.90
-
-100.00
6.204.10
15.805.202.900.101.80
-0.10
28.70-
13.8021.30
100.00
2.1097.90
-
-100.00
SECTORAL & CATEGORY BREAKDOWN
45
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
AmAssurance Balanced Fund
Details of portfolio composition of AmAssurance Balanced Fund as at 31 March 2012 are as follows:
AmAssurance Dana Teguh Fund
Details of portfolio composition of AmAssurance Dana Teguh Fund as at 31 March 2012 are as follows:
SECTORAL & CATEGORY BREAKDOWN
FY 2012%
FY 2011%
FY 2010%
FY 2009%
FY 2008%
ConstructionConsumer productsFinanceIndustrial productsInfrastructureWarrantPlantationsPropertiesACE MarketForeign stockREITSTrading/ServicesCorporate BondsMalaysia Unit TrustsRepurchase agreements/Cash
7.61-
7.273.91
--
5.38---
6.1635.9127.08
-6.68
100.00
7.81-
6.832.34
--
3.413.74
---
10.3411.725.94
47.87100.00
2.582.68
13.075.431.13
-8.301.69
---
16.36-
13.2335.54
100.00
2.101.806.301.502.10
-2.900.50
---
12.3013.8024.7032.00
100.00
3.701.20
12.203.302.100.10
11.801.50
-0.10
-21.8013.0020.608.60
100.00
FY 2012%
FY 2011%
FY 2010%
FY 2009%
FY 2008%
ConstructionConsumer productsIndustrial productsInfrastructureWarrantPlantationsPropertiesTrading/ServicesCorporate BondsMalaysia Unit TrustsRepurchase agreements/Cash
11.45-
4.20--
4.85-
37.0418.312.27
21.88100.00
11.30-
6.51---
3.9710.76
-6.75
60.71100.00
7.202.109.10
--
8.507.70
20.70-
7.3037.40
100.00
4.503.200.302.60
-6.303.00
11.70-
17.4051.00
100.00
8.904.103.902.400.10
11.601.90
22.50-
16.3028.30
100.00
46
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
AmAssurance AmOasis Islamic Equity Fund
Details of portfolio composition of AmAssurance AmOasis Islamic Equity Fund as at 31 March 2012 are as follows:
AmOasis Global Islamic Equity Fund (“Target Fund”) Sector Allocation*
Note: Source of Target Fund’s sector allocation from AmMutual * As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis
SECTORAL & CATEGORY BREAKDOWN
FY 2012%
FY 2011%
FY 2010%
FY 2009%
FY 2008%
ConstructionConsumer productsIndustrial productsInfrastructureWarrantPlantationsPropertiesTrading/ServicesMalaysia Unit TrustsRepurchase agreements/Cash
8.55 -
2.88 6.38
-3.84
-24.42 26.64 27.29
100.00
10.21 -----
2.93 9.97
32.61 44.28
100.00
--------
54.47 45.53
100.00
--------
70.60 29.40
100.00
--------
88.31 11.69
100.00
FY 2012%
FY 2011%
FY 2010%
FY 2009%
FY 2008%
Basic MaterialsCommunicationConsumer, CyclicalConsumer, Non CyclicalEnergyFinancialHealthcareIndustrialsPropertyTechnologyUtilities
9.0019.008.006.00
12.00-
19.006.001.00
18.002.00
14.0017.008.005.00
10.003.00
15.008.00
-17.003.00
12.0017.0010.005.007.00
-13.0012.004.00
16.004.00
11.0016.009.005.007.00
-15.0011.004.00
17.005.00
12.0015.0014.004.006.00
-13.0011.004.00
16.005.00
47
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
AmAssurance Precious Metals Fund
Details of portfolio composition of AmAssurance Precious Metals Fund as at 31 March 2012 are as follows:
AmPrecious Metals Fund (“Target Fund”) Sector Allocation*
Note: Source of Target Fund’s sector allocation from AmMutual * As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis
SECTORAL & CATEGORY BREAKDOWN
FY 2012%
FY 2011%
FY 2010%
FY 2009%
Malaysia Unit TrustsRepurchase agreements/Cash
85.93 14.07
100.00
47.92 52.08
100.00
59.83 40.17
100.00
59.83 40.17
100.00
FY 2012%
FY 2011%
FY 2010%
FY 2009%
DiamondGoldPlatinumPrecious Metals & MineralsSilverCash and other assets
-71.75
-12.92
-15.31
-74.05
-21.08
-4.84
-72.359.90
-8.509.25
0.0779.434.86
-8.157.49
48
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
Note: Source of Target Fund’s sector allocation from AmMutual * As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis
SECTORAL & CATEGORY BREAKDOWN
AmAssurance Global Agribusiness Fund
Details of portfolio composition of AmAssurance Global Agribusiness Fund as at 31 March 2012 are as follows:
AmGlobal Agribusiness Fund (“Target Fund”) Sector Allocation*
FY 2012%
FY 2011%
FY 2010%
FY 2009%
Malaysia Unit TrustsRepurchase agreements/Cash
84.08 15.92
100.00
70.39 29.61
100.00
76.29 23.71
100.00
-100.00 100.00
FY 2012%
FY 2011%
FY 2010%
FY 2009%
Agricultural ProductsConstruction/ Farm MachineryConsumer DiscretionaryConsumer StaplesDistillers & VintnersDistributorsDiversified BanksEnergyFertilizers & Agricultural ChemicalsFood RetailsGas UtilitiesHypermarkets & Super CenterLife Sciences Tools & ServiceMarineMarine Ports & ServicesOther SectorsPackaged Foods & MeatPaper ProductsPharmaceuticalsRailroadsRestaurantsSpecialty ChemicalsCash & Others SectorsNot Classified
25.202.40
----
2.00-
40.306.40
-1.502.80
-1.80
-12.70
--
0.80--
4.10-
29.702.30
--
3.50-
2.70-
19.809.20
-----
7.1014.40
---
2.80-
2.506.00
25.90-----
2.90-
13.706.701.40
---
2.50-
23.701.601.60
-3.501.804.00
10.70
22.404.70
---
4.102.60
-
33.30----
1.902.40
-16.40
---
2.502.805.101.70
49
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
Note: Source of Target Fund’s sector allocation from AmMutual * As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis
SECTORAL & CATEGORY BREAKDOWN
AmAssurance Global Emerging Market Fund
Details of portfolio composition of AmAssurance Global Emerging Market as at 31 March 2012 are as follows:
AmAssurance AmAsia Recovery CGF
Details of portfolio composition of AmAssurance AmAsia Recovery CGF as at 31 March 2012 are as follows:
AmGlobal Emerging Market Opportunities Fund (“Target Fund”) Sector Allocation*
FY 2012%
FY 2012%
FY 2011%
FY 2011%
FY 2010%
FY 2010%
FY 2009%
Malaysia Unit TrustsRepurchase agreements/Cash
Structured InstrumentRepurchase agreements/Cash
68.52 31.48
100.00
99.03 0.97
100.00
69.66 30.34
100.00
99.05 0.95
100.00
78.21 21.79
100.00
99.05 0.95
100.00
-100.00 100.00
FY 2012%
FY 2011%
FY 2010%
FY 2009%
Consumer DiscretionaryConsumer StaplesDerivativesEnergyFinancialsHealth CareIndustrialsInformation TechnologyMaterialsNot ClassifiedTelecommunication ServicesUtilitiesOthers Net AssetCash
19.491.08
-0.0111.5727.82
-5.06
12.876.51
--
2.2513.36
-
12.77--
13.1836.22
-6.902.798.91
-3.812.06
-13.35
11.733.83
-10.0232.651.949.761.843.17
-7.141.95
15.97-
9.674.09
-12.0027.27
-7.132.064.769.89
15.673.653.81
-
50
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SECTORAL & CATEGORY BREAKDOWN
AmAssurance AmCurrency Income CGF
Details of portfolio composition of AmAssurance AmCurrency Income CGF as at 31 March 2012 are as follows:
AmAssurance AmCommodity Stable CGF
Details of portfolio composition of AmAssurance AmCommodity Stable CGF as at 31 March 2012 are as follows:
AmAssurance AmCurrency Income CGF
Details of portfolio composition of AmAssurance AmCurrency Income II CGF as at 31 March 2012 are as follows:
AmAssurance Dividend Fund
Details of portfolio composition of AmAssurance Dividend Fund as at 31 March 2012 are as follows:
FY 2012%
FY 2012%
FY 2012%
FY 2012%
FY 2011%
FY 2011%
FY 2011%
Structured InstrumentRepurchase agreements/Cash
Malaysia Unit TrustStructured InstrumentRepurchase agreements/Cash
Structured InstrumentRepurchase agreements/Cash
ConstructionConsumer productsFinanceIndustrial productsInfrastructureForeign stockPropertiesACE MarketWarrantTrading/ServicesREITSPlantationsRepurchase agreements/Cash
99.42 0.58
100.00
1.6798.240.09
100.00
98.591.41
100.00
--
13.296.115.92
----
24.5916.565.46
28.07100.00
98.96 1.04
100.00
1.6498.270.09
100.00
98.241.76
100.00
COMPARATIVE TABLE: FUND PERFORMANCE
52
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
Fund Performance As At 31 March 2012
Since Launch5 Years3 Years1 Year
Average CompoundedAnnual Return (%)
Annual Return (%)
COMPARATIVE TABLE: FUND PERFORMANCE
AmAssurance Equity Fund
AmAssurance Bond Fund
AmAssurance Balanced Fund
AmAssurance Dana Teguh Fund
AmAssurance AmOasis Islamic Equity Fund
AmAssurance Global Emerging Market Fund
AmAssurance Agribusiness Fund
AmAssurance Precious Metals Fund
AmAssurance AmAsia RECOVERY CGF
AmAssurance AmCurrency Income CGF
AmAssurance AmCommodity Stable CGF
AmAssurance AmCurrency Income II CGF
AmAssuranc Dividend Fund
(3.23)
5.91
(2.25)
(0.67)
(3.41)
(8.89)
(5.30)
(19.14)
1.85
1.33
0.23
(2.26)
-
16.21
5.00
12.77
13.69
10.14
(0.46)
3.63
(5.11)
-
-
-
-
-
5.95
4.34
5.89
6.54
-
-
-
-
-
-
-
-
-
5.62
4.74
6.21
5.69
(2.42)
(0.32)
3.18
(4.17)
0.81
(0.64)
(2.60)
(2.19)
9.07
COMPARATIVE TABLE: NET ASSET VALUE, NUMBER OF UNITS & UNIT PRICE
54
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
Net Asset Value, Number of Units and Unit Price as at 31 March 2012
AMASSURANCE EQUITY FUND
Performance details of the Fund for the financial years ended 31 March 2012 are as follows:
Net Asset Value, Number of Units and Unit Price as at 31 March 2012
AMASSURANCE BOND FUND
Performance details of the Fund for the financial years ended 31 March 2012 are as follows:
COMPARATIVE TABLE: NET ASSET VALUE, NUMBER OF UNITS & UNIT PRICE
Unit Prices (RM)Highest NAV per unit for the yearLowest NAV per unit for the year
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*Total NAV (RM million)UIC (in million)NAV per unit (RM)
Total Return for the Year (%)Total Return¹Capital growthIncome distributions
FY2012
FY2011
FY2010
FY2009
FY2008
0.8317 0.7070
14.5937 18.6334 0.7832
(3.23)(3.23)
-
0.8280 0.6329
11.4753 14.1793 0.8093
20.65 20.65
-
0.6730 0.5010
4.6029 6.8745 0.6708
34.43 34.43
-
0.6663 0.4816
2.4408 4.8912 0.4990
(22.40)(22.40)
-
0.7363 0.5865
2.4655 3.8346 0.6430
9.63 9.63
-
Unit Prices (RM)Highest NAV per unit for the yearLowest NAV per unit for the year
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*Total NAV (RM million)UIC (in million)NAV per unit (RM)
Total Return for the Year (%)Annualised Return¹Capital growthIncome distributions
FY2012
FY2011
FY2010
FY2009
FY2008
0.7323 0.6903
11.9079 16.2856 0.7311
5.91 5.91
-
0.6915 0.6640
11.3630 16.4615 0.6903
3.96 3.96
-
0.6640 0.6310
5.8876 8.8720 0.6640
5.15 5.15
-
0.6374 0.5944
3.5000 5.5422 0.6315
3.45 3.45
-
0.6104 0.5433
3.1694 5.1926 0.6104
3.23 3.23
-
* Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year
Note: 1. Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
* Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year
Note: 1. Annualised return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of fees, annualised over one year.
55
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
Net Asset Value, Number of Units and Unit Price as at 31 March 2012
AMASSURANCE BALANCED FUND
Performance details of the Fund for the financial years ended 31 March 2012 are as follows:
Net Asset Value, Number of Units and Unit Price as at 31 March 2012
AMASSURANCE DANA TEGUH FUND
Performance details of the Fund for the financial years ended 31 March 2012 are as follows:
Unit Prices (RM)Highest NAV per unit for the yearLowest NAV per unit for the year
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*Total NAV (RM million)UIC (in million)NAV per unit (RM)
Total Return for the Year (%)Total Return¹Capital growthIncome distributions
FY2012
FY2011
FY2010
FY2009
FY2008
0.8626 0.7568
21.5113 26.2568 0.8193
(2.25)(2.25)
-
0.8588 0.7085
17.5410 20.9280 0.8382
14.04 14.04
-
0.7360 0.5730
5.8011 7.9035 0.7350
28.65 28.65
-
0.6972 0.5508
2.8729 5.0283 0.5713
(16.44)(16.44)
-
0.7577 0.6154
3.3232 4.8601 0.6837
11.10 11.10
-
Unit Prices (RM)Highest NAV per unit for the yearLowest NAV per unit for the year
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*Total NAV (RM million)UIC (in million)NAV per unit (RM)
Total Return for the Year (%)Total Return¹Capital growthIncome distributions
FY2012
FY2011
FY2010
FY2009
FY2008
0.8169 0.7318
13.1293 16.6728 0.7875
(0.67)(0.67)
-
0.8118 0.6501
7.0499 8.8919 0.7928
15.27 15.27
-
0.6880 0.5380
2.7808 4.0512 0.6878
28.34 28.34
-
0.6400 0.5162
1.6482 3.0755 0.5359
(13.54)(13.54)
-
0.7068 0.5283
1.6951 2.7350 0.6198
8.02 8.02
-
* Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year
Note: 1. Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
* Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year
Note: 1. Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
COMPARATIVE TABLE: NET ASSET VALUE, NUMBER OF UNITS & UNIT PRICE
56
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
Net Asset Value, Number of Units and Unit Price as at 31 March 2012
AMASSURANCE AMOASIS ISLAMIC EQUITY FUND
Performance details of the Fund for the financial years ended 31 March 2012 are as follows:
Net Asset Value, Number of Units and Unit Price as at 31 March 2012
AMASSURANCE PRECIOUS METALS FUND
Performance details of the Fund for the financial years ended 31 March 2012 are as follows:
Unit Prices (RM)Highest NAV per unit for the yearLowest NAV per unit for the year
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*Total NAV (RM million)UIC (in million)NAV per unit (RM)
Total Return for the Year (%)Total Return¹Capital growthIncome distributions
FY2012
FY2011
FY2010
FY2009
FY2008
0.4642 0.4110
4.3479 9.8279 0.4424
(3.41)(3.41)
-
0.4688 0.3915
4.3056 9.4007 0.4580
10.95 10.95
-
0.4300 0.3180
3.3350 8.0792 0.4128
24.68 24.68
-
0.4660 0.2590
2.7186 8.2108 0.3311
(24.75)(24.75)
-
0.5210 0.4260
3.5068 7.9691 0.4400
(8.68)(8.68)
-
Unit Prices (RM)Highest NAV per unit for the yearLowest NAV per unit for the year
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*Total NAV (RM million)UIC (in million)NAV per unit (RM)
Total Return for the Year (%)Total Return¹Capital growthIncome distributions
FY2012
FY2011
FY2010
FY2009
0.5597 0.4293
5.1605 12.0202 0.4293
(19.14)(19.14)
-
0.5665 0.4892
4.5400 8.5518 0.5309
7.71 7.71
-
0.5630 0.4810
1.9337 3.9231 0.4929
(1.91)(1.91)
-
0.5030 0.5000
0.5973 1.1887 0.5025
---
* Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year
Note: 1. Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
* Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year
Note: 1. Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
COMPARATIVE TABLE: NET ASSET VALUE, NUMBER OF UNITS & UNIT PRICE
57
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
Net Asset Value, Number of Units and Unit Price as at 31 March 2012
AMASSURANCE GLOBAL AGRIBUSINESS FUND
Performance details of the Fund for the financial years ended 31 March 2012 are as follows:
Net Asset Value, Number of Units and Unit Price as at 31 March 2012
AMASSURANCE GLOBAL EMERGING MARKET FUND
Performance details of the Fund for the financial years ended 31 March 2012 are as follows:
Unit Prices (RM)Highest NAV per unit for the yearLowest NAV per unit for the year
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*Total NAV (RM million)UIC (in million)NAV per unit (RM)
Total Return for the Year (%)Total Return¹Capital growthIncome distributions
FY2012
FY2011
FY2010
FY2009
0.6046 0.4794
1.4590 2.6083 0.5594
(5.30)(5.30)
-
0.5976 0.4943
1.3087 2.2156 0.5907
4.42 4.42
-
0.6140 0.5020
0.6895 1.2188 0.5657
12.53 12.53
-
0.5030 0.5000
0.5310 1.0564 0.5027
---
Unit Prices (RM)Highest NAV per unit for the yearLowest NAV per unit for the year
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*Total NAV (RM million)UIC (in million)NAV per unit (RM)
Total Return for the Year (%)Total Return¹Capital growthIncome distributions
FY2012
FY2011
FY2010
FY2009
0.5557 0.4590
0.7216 1.4608 0.4940
(8.89)(8.89)
-
0.5726 0.4853
0.7228 1.3331 0.5422
0.63 0.63
-
0.5580 0.4950
0.6226 1.1554 0.5388
7.57 7.57
-
0.5010 0.4980
0.5413 1.0807 0.5009
---
* Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year
Note: 1. Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
* Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year
Note: 1. Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
COMPARATIVE TABLE: NET ASSET VALUE, NUMBER OF UNITS & UNIT PRICE
58
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
Net Asset Value, Number of Units and Unit Price as at 31 March 2012
AMASSURANCE AMASIA RECOVERY CGF
Performance details of the Fund for the financial years ended 31 March 2012 are as follows:
Net Asset Value, Number of Units and Unit Price as at 31 March 2012
AMASSURANCE AMCURRENCY INCOME CGF
Performance details of the Fund for the financial period ended 31 March 2012 are as follows:
Unit Prices (RM)Highest NAV per unit for the yearLowest NAV per unit for the year
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*Total NAV (RM million)UIC (in million)NAV per unit (RM)
Total Return for the Year (%)Total Return¹Capital growthIncome distributions
FY2012
FY2011
FY2010
0.5112 0.4995
84.3793 165.0711
0.5112
1.85 1.85
-
0.5034 0.4894
84.3390 168.0419
0.5019
1.52 1.52
-
0.5000 0.4900
84.5429 170.9963
0.4944
---
Unit Prices (RM)Highest NAV per unit for the yearLowest NAV per unit for the year
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*Total NAV (RM million)UIC (in million)NAV per unit (RM)
Total Return for the Year (%)Total Return¹Capital growthIncome distributions
FY2012
FY2011
0.5015 0.4877
42.0634 85.0083 0.4948
1.33 1.33
-
0.5000 0.4855
42.5831 87.2069 0.4883
---
* Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year
Note: 1. Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
* Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year
Note: 1. Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
COMPARATIVE TABLE: NET ASSET VALUE, NUMBER OF UNITS & UNIT PRICE
59
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
Net Asset Value, Number of Units and Unit Price as at 31 March 2012
AMASSURANCE AMCOMMODITY STABLE CGF
Performance details of the Fund for the financial period ended 31 March 2012 are as follows:
Net Asset Value, Number of Units and Unit Price as at 31 March 2012
AMASSURANCE AMCURRENCY INCOME II CGF
Performance details of the Fund for the financial period ended 31 March 2012 are as follows:
Unit Prices (RM)Highest NAV per unit for the yearLowest NAV per unit for the year
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*Total NAV (RM million)UIC (in million)NAV per unit (RM)
Total Return for the Year (%)Total Return¹Capital growthIncome distributions
FY2012
FY2011
0.4891 0.4749
4.5326 9.4236 0.4810
0.23 0.23
-
0.5000 0.4799
4.5676 9.5188 0.4799
---
Unit Prices (RM)Highest NAV per unit for the yearLowest NAV per unit for the year
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*Total NAV (RM million)UIC (in million)NAV per unit (RM)
Total Return for the Year (%)Total Return¹Capital growthIncome distributions
FY2012
FY2011
0.5038 0.4833
17.2383 35.2736 0.4887
(2.26)(2.26)
-
0.5000 0.5000
18.2888 36.5777 0.5000
---
* Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year
Note: 1. Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
* Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year
Note: 1. Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
COMPARATIVE TABLE: NET ASSET VALUE, NUMBER OF UNITS & UNIT PRICE
60
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
Net Asset Value, Number of Units and Unit Price as at 31 March 2012
AMASSURANCE DIVIDEND FUND
Performance details of the Fund for the financial years ended 31 March 2012 are as follows:
Unit Prices (RM)Highest NAV per unit for the yearLowest NAV per unit for the year
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*Total NAV (RM million)UIC (in million)NAV per unit (RM)
Total Return for the Year (%)Total Return¹Capital growthIncome distributions
Financial Period 2012
0.5273 0.4973
5.4439 10.4925 0.5189
---
* Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year
Note: 1. Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
COMPARATIVE TABLE: NET ASSET VALUE, NUMBER OF UNITS & UNIT PRICE
SUMMARY OF FINANCIAL STATEMENTS
Statement by the Manager
Independent auditors’ report
Statements of financial position
Statements of comprehensive income
Statements of changes in equity
Statements of cash flows
Notes to the financial statements
62
63
64
68
72
77
91
page
62
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
In the opinion of the Manager, AmLife Insurance Berhad, the financial statements set out on pages 64 to 180 have been drawn up in accordance with Financial Reporting Standards in Malaysia and the Guidelines issued by Bank Negara Malaysia so as to give a true and fair view of the financial position of the AmAssurance Equity Fund, AmAssurance Bond Fund, AmAssurance Balanced Fund, AmAssurance Dana Teguh, AmAssurance AmOasis Islamic Equity Fund, AmAssurance Global Emerging Market Fund, AmAssurance AmAsia Star CG Fund, AmAssurance Precious Metals Fund, AmAssurance Global Agribusiness Fund, AmAssurance AmAsia Recovery CG Fund, AmAssurance AmCommodity Stable CG Fund, AmAssurance AmCurrency Income CG Fund, AmAssurance AmCurrency Income II CG Fund and AmAssurance Dividend Fund (collectively referred to as “the Funds”) of AmLife Insurance Berhad as at 31 March 2012 and of their results, changes in equity and cash flows for the year then ended.
On behalf of AmLife Insurance Berhad
Adrian John Nurse
Kuala Lumpur, Malaysia 31 May 2012
SUMMARY OF FINANCIAL STATEMENTS
STATEMENT BY THE MANAGER
63
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
REPORT ON THE FINANCIAL STATEMENTS
We have audited the financial statements of investment-linked funds of AmLife Insurance Berhad (“the Manager”) (comprising the AmAssurance Equity Fund, AmAssurance Bond Fund, AmAssurance Balanced Fund, AmAssurance Dana Teguh, AmAssurance AmOasis Islamic Equity Fund, AmAssurance Global Emerging Market Fund, AmAssurance AmAsia Star CG Fund, AmAssurance Precious Metals Fund, AmAssurance Global Agribusiness Fund, AmAssurance AmAsia Recovery CG Fund, AmAssurance AmCommodity Stable CG Fund, AmAssurance AmCurrency Income CG Fund, AmAssurance AmCurrency Income II CG Fund and AmAssurance Dividend Fund) (collectively referred to as “the Funds”), which comprise the statements of financial position as at 31 March 2012, and the statements of comprehensive income, statements of changes in equity and statements of cash flows of the Funds for the year then ended, and a summary of significant accounting policies and other explanatory notes, as set out on pages 64 to 180.
Directors’ responsibility for the financial statementsThe directors of the Manager are responsible for the preparation of financial statements that give a true and fair view in accordance with Financial Reporting Standards in Malaysia and the Guidelines issued by Bank Negara Malaysia, and for such internal control as the directors determine are necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors’ responsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Funds’ preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
OpinionIn our opinion, the financial statements have been properly drawn up in accordance with Financial Reporting Standards in Malaysia and the Guidelines issued by Bank Negara Malaysia so as to give a true and fair view of the financial position of the Funds as at 31 March 2012 and of their financial performance and cash flows for the year then ended.
Other mattersThis report is made solely to the unitholders of the Funds, as a body, in accordance with Guidelines issued by Bank Negara Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.
Ernst & Young AF: 0039 Chartered Accountants Kuala Lumpur, Malaysia 30 May 2012
Brandon Bruce Sta Maria No. 2937/09/13(J) Chartered Accountant
INDEPENDENT AUDITORS’ REPORTto the unitholders of the Investment-Linked Funds of AmLife Insurance Berhad (Incorporated in Malaysia)
SUMMARY OF FINANCIAL STATEMENTS
64
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2012
SUMMARY OF FINANCIAL STATEMENTS
The accompanying notes form an integral part of the financial statements.
Note
11,462,575 -
161,525 4,395
11,628,495
69,615 19,415 64,195
153,225
11,475,270
9,283,968 2,191,302 11,475,270
14,179,271
0.8093
11,718,566 -
301,125 138
12,019,829
66,876 30,533 14,479
111,888
11,907,941
10,045,448 1,862,493
11,907,941
16,285,582
0.7312
11,366,085 -
110,799 1,310
11,478,194
29,938 5,524
79,757 115,219
11,362,975
10,154,465 1,208,510 11,362,975
16,461,544
0.6903
ASSETSInvestmentsDeferred tax asset Other receivables Cash and bank balances Total assets LIABILITIES Provision for taxationDeferred tax liability Other payablesTotal liabilities NET ASSET VALUE OF FUNDS (“NAV”) EQUITY Unitholders’ capital Undistributed income Unitholders’ account
UNITS IN CIRCULATION
NAV PER UNIT (RM)
14,621,733 8,138
14,341 2,686
14,646,898
25,736 -
27,445 53,181
14,593,717
12,961,910 1,631,807
14,593,717
18,633,446
0.7832
2012RM
2012RM
2011RM
2011RM
34
4
5
5
5
AmAssurance Equity Fund AmAssurance Bond Fund
Note
17,187,332 -
491,786 3,147
17,682,265
47,242 26,284 67,728
141,254
17,541,011
15,142,220 2,398,791 17,541,011 20,927,960
0.8382
12,921,964 -
279,038 150
13,201,152
48,006 1,204
22,618 71,828
13,129,324
11,900,548 1,228,776
13,129,324
16,672,811
0.7875
6,931,850 -
227,778 917
7,160,545
35,198 16,688 58,787
110,673
7,049,872
5,829,325 1,220,547 7,049,872
8,891,870
0.7928
ASSETSInvestmentsDeferred tax asset Sundry receivables Cash and bank balances Total assets LIABILITIES Provision for taxationDeferred tax liability Other payablesTotal liabilities NET ASSET VALUE OF FUNDS (“NAV”) EQUITY Unitholders’ capital Undistributed income Unitholders’ account
UNITS IN CIRCULATION
NAV PER UNIT (RM)
21,362,548 3,139
192,275 2,420
21,560,382
15,671 -
33,441 49,112
21,511,270
19,595,250 1,916,020
21,511,270
26,256,835
0.8193
2012RM
2012RM
2011RM
2011RM
34
4
5
5
5
AmAssurance Balanced Fund AmAssurance Dana teguh
65
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2012 (cont’d)
Note
4,304,658 17,317 3,061
92,320 1,437
4,418,793
3,435 109,731 113,166
4,305,627
4,594,689 (289,062)
4,305,627
9,400,744
0.4580
ASSETSInvestmentsDeferred tax assetTax recoverableSundry receivablesCash and bank balancesTotal assets LIABILITIESProvision for taxationOther payablesTotal liabilities NET ASSET VALUE OF FUNDS (“NAV”) EQUITYUnitholders’ capitalAccumulated lossesUnitholders’ account
UNITS IN CIRCULATION
NAV PER UNIT (RM)
4,348,778 30,678
- 17,946
891 4,398,293
62 50,376 50,438
4,347,855
4,801,446 (453,591)
4,347,855
9,827,922
0.4424
2012RM
2011RM
34
5
5
5
AmAssuranceAmOasis Islamic Equity Fund
The accompanying notes form an integral part of the financial statements.
Note
751,869 -
67 586
4,105 756,627
4,110 2,112
27,638 33,860
722,767
675,103
47,664 722,767
1,333,091
0.5422
- - - - - -
- - - -
-
-
- -
-
-
102,925,282 - -
25,332 2,043
102,952,657
468,384 7,693
6,215,627 6,691,704
96,260,953
93,574,671
2,686,282 96,260,953
187,089,354
0.5145
ASSETSInvestmentsDeferred tax assetTax recoverableSundry receivablesCash and bank balancesTotal assets LIABILITIESDeferred tax liabilityProvision for taxationOther payablesTotal liabilities NET ASSET VALUE OF FUNDS (“NAV”) EQUITYUnitholders’ capitalUndistributed income/ (Accumulated losses)Unitholders’ account
UNITS IN CIRCULATION
NAV PER UNIT (RM)
725,332 2,103
- 528
9,286 737,249
- 3,411
12,258 15,669
721,580
739,930
(18,350) 721,580
1,460,756
0.4940
2012RM
2012RM
2011RM
2011RM
34
4
5
5
5
AmAssuranceGlobal Emerging Market Fund
AmAssuranceAmAsia Star CG Fund
66
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2012 (cont’d)
The accompanying notes form an integral part of the financial statements.
Note
88,247,427 -
444 536
88,248,407
152,476 2,731
3,754,161 3,909,368
84,339,039
84,039,603
299,436 84,339,039
168,041,905
0.5019
4,654,869 11,059
228 4,239
4,670,395
- 8,073
129,678 137,751
4,532,644
4,715,132
(182,488) 4,532,644
9,423,571
0.4810
4,601,279 15,165
227 4,020
4,620,691
- 53,122 53,122
4,567,569
4,760,783
(193,214) 4,567,569
9,518,847
0.4798
ASSETSInvestmentsDeferred tax assetSundry receivablesCash and bank balancesTotal assets LIABILITIESDeferred tax liabilityProvision for taxationOther payablesTotal liabilities NET ASSET VALUE OF FUNDS (“NAV”) EQUITYUnitholders’ capitalUndistributed income/ (Accumulated losses)Unitholders’ account
UNITS IN CIRCULATION
NAV PER UNIT (RM)
90,843,497 -
144 528
90,844,169
358,269 4,679
6,101,961 6,464,909
84,379,260
82,539,771
1,839,489 84,379,260
165,071,089
0.5112
2012RM
2012RM
2011RM
2011RM
34
4
5
5
5
AmAssuranceAmAsia Recovery CG Fund
AmAssuranceAmCommodity Stable CG Fund
Note
4,497,607 3,879
93,587 418
4,595,491
- 3,220
52,267 55,487
4,540,004
4,440,848
99,156 4,540,004
8,551,816
0.5309
1,459,599 -
16,623 5,491
1,481,713
6,637 1,853
14,253 22,743
1,458,970
1,397,977
60,993 1,458,970
2,608,312
0.5594
1,349,633 -
4,396 236
1,354,265
12,568 1,364
31,673 45,605
1,308,660
1,173,738
134,922 1,308,660
2,215,601
0.5907
ASSETSInvestments Deferred tax assetSundry receivablesCash and bank balancesTotal assets LIABILITIESDeferred tax liabilityProvision for taxationOther payablesTotal liabilities NET ASSET VALUE OF FUNDS (“NAV”) EQUITYUnitholders’ capitalUndistributed income/ (Accumulated losses)Unitholders’ account
UNITS IN CIRCULATION
NAV PER UNIT (RM)
5,057,175 89,864 43,810
947 5,191,796
- 2,404
28,850 31,254
5,160,542
6,082,750
(922,208) 5,160,542
12,020,242
0.4293
2012RM
2012RM
2011RM
2011RM
34
4
5
5
5
AmAssurancePrecious Metals Fund
AmAssuranceGlobal Agribusiness Fund
67
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2012 (cont’d)
Note
ASSETSInvestmentsSundry receivablesCash and bank balancesTotal assets LIABILITIESDeferred tax liabilityProvision for taxationOther payablesTotal liabilities NET ASSET VALUE OF FUNDS (“NAV”) EQUITYUnitholders’ capitalUndistributed incomeUnitholders’ account
UNITS IN CIRCULATION
NAV PER UNIT (RM)
5,463,444 7,013 1,345
5,471,802
11,543 1,029
15,326 27,898
5,443,904
5,253,589 190,315
5,443,904
10,492,470
0.5188
2012RM
3
4
5
5
5
AmAssurance Dividend Fund
The accompanying notes form an integral part of the financial statements.
Note
43,660,185 77,505 1,778
931 43,740,399
566 1,158,506 1,159,072
42,581,327
43,610,422 (1,029,095)
42,581,327
87,206,942
0.4883
17,878,906 34,184
105 181
17,913,376
756 674,278 675,034
17,238,342
17,730,297 (491,955)
17,238,342
35,273,557
0.4887
18,210,776 13,062
171 471
18,224,480
14 11,260 11,274
18,213,206
18,374,025 (160,819)
18,213,206
36,577,657
0.4979
ASSETSInvestmentsDeferred tax assetSundry receivablesCash and bank balancesTotal assets LIABILITIESProvision for taxationOther payablesTotal liabilities NET ASSET VALUE OF FUNDS (“NAV”) EQUITYUnitholders’ capitalAccumulated lossesUnitholders’ account
UNITS IN CIRCULATION
NAV PER UNIT (RM)
44,211,429 17,421 1,581
659 44,231,090
8,904 2,158,805 2,167,709
42,063,381
42,526,927 (463,546)
42,063,381
85,008,326
0.4948
2012RM
2012RM
2011RM
2011RM
34
5
5
5
AmAssuranceAmCurrency Income CG Fund
AmAssuranceAmCurrency Income II CG Fund
68
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
STATEMENTS OF COMPREHENSIVE INCOMEFOR THE FINANCIAL YEAR ENDED 31 MARCH 2012
SUMMARY OF FINANCIAL STATEMENTS
The accompanying notes form an integral part of the financial statements.
Note
35,718 133,124 168,842
2,143,708 -
2,312,550
(22,102) (453,009) (477,219) (952,330)
1,360,220
(103,279)
1,256,941
512,100 31,983
544,083
47,265 242,548 833,896
(117,966) - -
(117,966)
715,930
(61,947)
653,983
84,244 73,605
157,849
265,757 -
423,606
(18,888) (11,116)
(119,154) (149,158)
274,448
(17,231)
257,217
Net investment income: Interest income Dividend income
Gain on disposal of investments Net unrealised capital gain Total income
Management expenses Loss on disposal of investments Net unrealised capital loss Total outgo
(Deficit)/excess of income over outgo before taxation Taxation (Deficit)/excess of income over outgo after taxation, representing total comprehensive (loss)/ income for the year
120,078 286,961 407,039
- -
407,039
(214,898)(452,444) (344,417)
(1,011,759)
(604,720)
45,225
(559,495)
2012RM
2012RM
2011RM
2011RM
67
8
AmAssurance Equity Fund AmAssurance Bond Fund
Note
54,600 167,618 222,218
1,820,189 2,042,407
(26,235) (430,986) (418,764) (875,985)
1,166,422
(86,775)
1,079,647
213,875 118,516 332,391
44,616 377,007
(134,217) -
(229,008) (363,225)
13,782
(5,553)
8,229
33,775 56,230 90,005
984,802 1,074,807
(15,648) (210,942) (207,885) (434,475)
640,332
(48,585)
591,747
Net investment income: Interest income Dividend income
Gain on disposal of investments Total income
Management expenses Loss on disposal of investments Net unrealised capital loss Total outgo
(Deficit)/excess of income over outgo before taxation Taxation (Deficit)/excess of income over outgo after taxation, representing total comprehensive (loss)/ income for the year
444,087 374,831 818,918
- 818,918
(272,935) (582,531) (477,643)
(1,333,109)
(514,191)
31,420
(482,771)
2012RM
2012RM
2011RM
2011RM
67
8
AmAssurance Balanced Fund AmAssurance Dana teguh
69
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
STATEMENTS OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)
Note
12,234 28,369 40,603
362,353 493,526 896,482
(27,017) (487,020)
- (514,037)
382,445
(39,223)
343,222
Net investment income: Interest income Dividend income
Gain on disposal of investments Net unrealised capital gain Total income
Management expenses Loss on disposal of investments Net unrealised capital loss Total outgo
(Deficit)/excess of income over outgo before taxation Taxation (Deficit)/excess of income over outgo after taxation, representing total comprehensive (loss)/ income for the year
52,683 28,972 81,655
- -
81,655
(50,114) (40,890)
(167,007) (258,011)
(176,356)
11,827
(164,529)
2012RM
2011RM
67
8
AmAssuranceAmOasis Islamic Equity Fund
The accompanying notes form an integral part of the financial statements.
Note
745 -
745
12,874 -
13,619
(8,438) (1,014) (9,452)
4,167
(1,008)
3,159
5,878 -
5,878
6,003,863 -
6,009,741
(177,369) (5,854,800) (6,032,169)
(22,428)
467,943
445,515
15,555 -
15,555
- 3,310,308 3,325,863
(1,016,012) -
(1,016,012)
2,309,851
(266,069)
2,043,782
Net investment income: Interest income Dividend income
Gain on disposal of investments Net unrealised capital gain Total income
Management expenses Net unrealised capital loss Total outgo
(Deficit)/excess of income over outgo before taxation Taxation (Deficit)/excess of income over outgo after taxation, representing total comprehensive (loss)/ income for the year
6,278 1,281 7,559
10,793 -
18,352
(11,555) (77,658) (89,213)
(70,861)
4,847
(66,014)
2012RM
2012RM
2011RM
2011RM
67
8
AmAssuranceGlobal Emerging Market Fund
AmAssuranceAmAsia Star CG Fund
70
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
STATEMENTS OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)
The accompanying notes form an integral part of the financial statements.
Note
19,515 -
19,515
2,279,188 2,298,703
(850,240) -
(850,240)
1,448,463
(183,896)
1,264,567
100,918 2,037
102,955
51,322 154,277
(31,174) -
(31,174)
123,103
(12,179)
110,924
- - -
- -
(18,819) (189,560) (208,379)
(208,379)
15,165
(193,214)
Net investment income: Interest income Dividend income
Net unrealised capital gain Total income
Management expenses Net unrealised capital loss Total outgo
Excess/(deficit) of income over outgo before taxation Taxation Excess/(deficit) of income over outgo after taxation, representing total comprehensive income/(loss) for the year/period
24,355 -
24,355
2,572,417 2,596,772
(848,978) -
(848,978)
1,747,794
(207,741)
1,540,053
2012RM
01.04.2011 to 31.03.2012
RM2011RM
11.10.2010 to 31.03.2011
RM
67
8
AmAssuranceAmAsia Recovery CG Fund
AmAssuranceAmCommodity Stable CG Fund
Note
24,649 146,566 171,215
21,372
192,587
(22,919) - -
(22,919)
169,668
(3,682)
165,986
6,112 -
6,112
- 6,112
(11,344) (74,139)
- (85,483)
(79,371)
5,442
(73,929)
5,693 -
5,693
74,896 80,589
(11,101) - -
(11,101)
69,488
(6,447)
63,041
Net investment income: Interest income Dividend income
Net unrealised capital gain Total income
Management expenses Net unrealised capital lossLoss on disposal of investment Total outgo
(Deficit)/excess of income over outgo before taxation Taxation (Deficit)/excess of income over outgo after taxation, representing total comprehensive (loss)/ income for the year
27,890 -
27,890 -
27,890
(23,144) (1,074,815)
(38,097) (1,136,056)
(1,108,166)
86,802
(1,021,364)
2012RM
2012RM
2011RM
2011RM
67
8
AmAssurancePrecious Metals Fund
AmAssuranceGlobal Agribusiness Fund
71
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
The accompanying notes form an integral part of the financial statements.
STATEMENTS OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)
Note
Net investment income: Interest income Dividend income
Gains on disposal of investments Net unrealised capital gain Total income
Management expenses Total outgo
Excess of income over outgo before taxation Taxation Excess of income over outgo after taxation, representing total comprehensive income for the period
30,028 51,762 81,790
19,129 144,295 245,214
(37,907) (37,907)
207,307
(16,992)
190,315
67
8
AmAssurance Dividend Fund
27.10.2011 to 31.03.2012
RM
Note
7,080 7,080
- 7,080
(144,305) (968,809)
(1,113,114)
(1,106,034)
76,939
(1,029,095)
9,278 9,278
- 9,278
(96,772) (264,021) (360,793)
(351,515)
20,379
(331,136)
171 171
- 171
(10,760) (163,278) (174,038)
(173,867)
13,048
(160,819)
Net investment income: Interest income
Net unrealised capital gain Total income
Management expenses Net unrealised capital loss Total outgo
Excess/(deficit) of income over outgo before taxation Taxation Excess/(deficit) of income over outgo after taxation, representing total comprehensive income/(loss) for the year/period
104,225 104,225
751,055 855,280
(221,309) -
(221,309)
633,971
(68,422)
565,549
6
8
AmAssuranceAmCurrency Income CG Fund
AmAssuranceAmCurrency Income II CG Fund
01.04.2011 to 31.03.2012
RM
01.04.2011 to 31.03.2012
RM
16.08.2010 to 31.03.2011
RM
21.03.2011 to 31.03.2011
RM
72
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
STATEMENTS OF CHANGES IN EQUITYFOR THE FINANCIAL YEAR ENDED 31 MARCH 2012
SUMMARY OF FINANCIAL STATEMENTS
934,361 1,256,941
- -
2,191,302
2,191,302 (559,495)
- -
1,631,807
4,611,267 1,256,941
11,771,264 (6,164,202) 11,475,270
11,475,270 (559,495)
11,974,079 (8,296,137) 14,593,717
At 1 April 2010 Total comprehensive income for the yearCreation of unitsCancellation of unitsAt 31 March 2011
At 1 April 2011Total comprehensive loss for the yearCreation of unitsCancellation of unitsAt 31 March 2012
3,676,906
- 11,771,264 (6,164,202) 9,283,968
9,283,968 -
11,974,079 (8,296,137) 12,961,910
Unitholders’ capital
RM
Undistributed income
RM
AmAssurance Equity Fund
Total equity
RM
951,293 257,217
- -
1,208,510
1,208,510 653,983
- -
1,862,493
5,890,599 257,217
8,424,315 (3,209,156)
11,362,975
11,362,975 653,983
10,351,906 (10,460,923) 11,907,941
At 1 April 2010 Total comprehensive income for the yearCreation of unitsCancellation of unitsAt 31 March 2011
At 1 April 2011Total comprehensive income for the yearCreation of unitsCancellation of unitsAt 31 March 2012
4,939,306
- 8,424,315 (3,209,156)
10,154,465
10,154,465 -
10,351,906 (10,460,923) 10,045,448
Unitholders’ capital
RM
Undistributed income
RM
AmAssurance Bond Fund
Total equity
RM
1,319,144 1,079,647
- -
2,398,791
2,398,791 (482,771)
- -
1,916,020
5,808,689 1,079,647
12,357,949 (1,705,274) 17,541,011
17,541,011 (482,771)
14,106,619 (9,653,589) 21,511,270
At 1 April 2010 Total comprehensive income for the yearCreation of unitsCancellation of unitsAt 31 March 2011
At 1 April 2011Total comprehensive loss for the yearCreation of unitsCancellation of unitsAt 31 March 2012
4,489,545
- 12,357,949 (1,705,274) 15,142,220
15,142,220 -
14,106,619 (9,653,589) 19,595,250
Unitholders’ capital
RM
Undistributed income
RM
Total equity
RM
AmAssurance Balanced Fund
The accompanying notes form an integral part of the financial statements.
73
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
628,800 591,747
- -
1,220,547
1,220,547 8,229
- -
1,228,776
2,786,451 591,747
4,809,957 (1,138,283) 7,049,872
7,049,872 8,229
11,268,525 (5,197,302) 13,129,324
At 1 April 2010 Total comprehensive income for the yearCreation of unitsCancellation of unitsAt 31 March 2011
At 1 April 2011Total comprehensive income for the yearCreation of unitsCancellation of unitsAt 31 March 2012
2,157,651
- 4,809,957 (1,138,283) 5,829,325
5,829,325 -
11,268,525 (5,197,302) 11,900,548
Unitholders’ capital
RM
Undistributed income
RM
AmAssurance Dana Teguh
Total equity
RM
(632,284) 343,222
- -
(289,062)
(289,062) (164,529)
- -
(453,591)
3,335,014 343,222
1,973,070 (1,345,679) 4,305,627
4,305,627 (164,529)
3,021,175 (2,814,418) 4,347,855
At 1 April 2010 Total comprehensive income for the yearCreation of unitsCancellation of unitsAt 31 March 2011
At 1 April 2011Total comprehensive loss for the yearCreation of unitsCancellation of unitsAt 31 March 2012
3,967,298
- 1,973,070 (1,345,679) 4,594,689
4,594,689 -
3,021,175 (2,814,418) 4,801,446
Unitholders’ capital
RM
Accumulatedlosses
RM
AmAssurance AmOasis Islamic Equity Fund
Total equity
RM
44,505 3,159
- -
47,664
47,664 (66,014)
- -
(18,350)
622,580 3,159
151,020 (53,992)
722,767
722,767 (66,014)
168,625 (103,798) 721,580
At 1 April 2010 Total comprehensive income for the yearCreation of unitsCancellation of unitsAt 31 March 2011
At 1 April 2011Total comprehensive loss for the yearCreation of unitsCancellation of unitsAt 31 March 2012
578,075
- 151,020 (53,992)
675,103
675,103 -
168,625 (103,798) 739,930
Unitholders’ capital
RM
Undistributed income/(Accumulated losses)
RM
AmAssurance Global Emerging Market Fund
Total equity
RM
STATEMENTS OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)
The accompanying notes form an integral part of the financial statements.
74
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
642,500 2,043,782
- -
2,686,282
2,686,282 445,515
- -
(3,131,797) -
96,396,014 2,043,782
- (2,178,843)
96,260,953
96,260,953 445,515
- (96,706,468)
- -
At 1 April 2010 Total comprehensive income for the yearCreation of unitsCancellation of unitsAt 31 March 2011
At 1 April 2011Total comprehensive loss for the yearCreation of unitsCancellation of unitsEqualisationAt 31 March 2012
95,753,514
- -
(2,178,843) 93,574,671
93,574,671 - -
(96,706,468) 3,131,797
-
Unitholders’ capital
RM
Undistributed income/(Accumulated losses)
RM
AmAssurance AmAsia Star CG Fund
Total equity
RM
(66,830) 165,986
- -
99,156
99,156 (1,021,364)
- -
(922,208)
1,933,742 165,986
3,225,127 (784,851)
4,540,004
4,540,004 (1,021,364) 4,575,155 (2,933,253) 5,160,542
At 1 April 2010 Total comprehensive income for the yearCreation of unitsCancellation of unitsAt 31 March 2011
At 1 April 2011Total comprehensive loss for the yearCreation of unitsCancellation of unitsAt 31 March 2012
2,000,572
- 3,225,127
(784,851) 4,440,848
4,440,848 -
4,575,155 (2,933,253) 6,082,750
Unitholders’ capital
RM
Undistributed income/(Accumulated losses)
RM
AmAssurance Precious Metals Fund
Total equity
RM
71,881 63,041
- -
134,922
134,922 (73,929)
- -
60,993
689,488 63,041
740,470 (184,339)
1,308,660
1,308,660 (73,929)
737,273 (513,034)
1,458,970
At 1 April 2010 Total comprehensive income for the yearCreation of unitsCancellation of unitsAt 31 March 2011
At 1 April 2011Total comprehensive loss for the yearCreation of unitsCancellation of unitsAt 31 March 2012
617,607
- 740,470 (184,339)
1,173,738
1,173,738 -
737,273 (513,034)
1,397,977
Unitholders’ capital
RM
Undistributed income
RM
AmAssurance Global Agribusiness Fund
Total equity
RM
STATEMENTS OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)
The accompanying notes form an integral part of the financial statements.
75
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
(965,131) 1,264,567
- -
299,436
299,436 1,540,053
- -
1,839,489
84,542,903 1,264,567
8,762 (1,477,193) 84,339,039
84,339,039 1,540,053
- (1,499,832) 84,379,260
At 1 April 2010 Total comprehensive income for the yearCreation of unitsCancellation of unitsAt 31 March 2011
At 1 April 2011Total comprehensive income for the yearCreation of unitsCancellation of unitsAt 31 March 2012
85,508,034
- 8,762
(1,477,193) 84,039,603
84,039,603 - -
(1,499,832) 82,539,771
Unitholders’ capital
RM
Undistributed income/(Accumulated losses)
RM
AmAssurance AmAsia Recovery CG Fund
Total equity
RM
- (193,214)
- -
(193,214)
(193,214) 110,924 (100,198)
- (182,488)
- (193,214)
4,794,586 (33,803)
4,567,569
4,567,569 110,924 (100,198) (45,651)
4,532,644
At launch date of the fund on 11.10.2010 Total comprehensive loss for the periodCreation of unitsCancellation of unitsAt 31 March 2011
At 1 April 2011Total comprehensive income for the yearCoupon paymentCancellation of unitsAt 31 March 2012
- -
4,794,586 (33,803)
4,760,783
4,760,783 -
(45,651) 4,715,132
Unitholders’ capital
RM
Accumulatedlosses
RM
AmAssurance AmCommodity Stable CG Fund
Total equity
RM
- (1,029,095)
- -
(1,029,095)
(1,029,095) 565,549
- -
(463,546)
- (1,029,095) 43,716,690
(106,268) 42,581,327
42,581,327 565,549
- (1,083,495) 42,063,381
At launch date of the fund on 16.08.2010 Total comprehensive loss for the periodCreation of unitsCancellation of unitsAt 31 March 2011
At 1 April 2011Total comprehensive income for the yearCreation of unitsCancellation of unitsAt 31 March 2012
- -
43,716,690 (106,268)
43,610,422
43,610,422 - -
(1,083,495) 42,526,927
Unitholders’ capital
RM
Accumulatedlosses
RM
AmAssurance AmCurrency Income CG Fund
Total equity
RM
STATEMENTS OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)
The accompanying notes form an integral part of the financial statements.
76
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
STATEMENTS OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)
The accompanying notes form an integral part of the financial statements.
- (160,819)
- -
(160,819)
(160,819) (331,136)
- -
(491,955)
- (160,819)
18,374,025 -
18,213,206
18,213,206 (331,136)
- (643,728)
17,238,342
At launch date of the fund on 21.03.2011 Total comprehensive loss for the periodCreation of unitsCancellation of unitsAt 31 March 2011
At 1 April 2011Total comprehensive loss for the yearCreation of unitsCancellation of unitsAt 31 March 2012
- -
18,374,025 -
18,374,025
18,374,025 - -
(643,728) 17,730,297
Unitholders’ capital
RM
Accumulatedlosses
RM
AmAssurance AmCurrency Income II CG Fund
Total equity
RM
- 190,315
- -
190,315
- 190,315
5,283,559 (29,970)
5,443,904
At launch date of the fund on 27.10.2011 Total comprehensive income for the periodCreation of unitsCancellation of unitsAt 31 March 2012
- -
5,283,559 (29,970)
5,253,589
Unitholders’ capital
RM
Undistributed income
RM
AmAssurance Dividend Fund
Total equity
RM
77
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
STATEMENTS OF CASH FLOWSFOR THE FINANCIAL YEAR ENDED 31 MARCH 2012
SUMMARY OF FINANCIAL STATEMENTS
The accompanying notes form an integral part of the financial statements.
(604,720)
(407,039) 452,444 344,417 (214,898)
(44,664,845) 37,667,950
380,833 147,184
(36,750) (6,720,526)
11,974,079 (8,296,137) 3,677,942
(3,042,584) 6,454,270 3,411,686
3,409,000 2,686
3,411,686
1,360,220
(168,842) (1,690,699)
477,219 (22,102)
(31,855,703) 31,406,287
153,160 40,060 19,894
(258,404)
11,771,264 (6,164,202) 5,607,062
5,348,658 1,105,612 6,454,270
6,449,875 4,395
6,454,270
2012RM
2011RM
AmAssurance Equity Fund
CASH FLOWS FROM OPERATING ACTIVITIES (Deficit)/excess of income over outgo before taxationAdjustments: Net investment income Net loss/(gain) on disposal of investments Net unrealised capital loss on investments Excess of outgo over income Net purchase of investments Proceeds from disposal of investments Investment income received Decrease in other receivables (Decrease)/increase in other payables Net cash used in operating activities
CASH FLOWS FROM FINANCING ACTIVITIES Creation of units Cancellation of units Net cash generated from financing activities
Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of year Cash and cash equivalents at end of year
CASH AND CASH EQUIVALENTS COMPRISE OF:Deposits with licensed financial institutions Cash and bank balances
78
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
The accompanying notes form an integral part of the financial statements.
715,930
(544,083) (47,265)
(242,548) (117,966)
(13,531,222) 10,375,470
543,783 (190,326)
(65,278) (2,985,539)
10,351,906 (10,460,923)
(109,017)
(3,094,556) 4,446,927 1,352,371
1,352,233 138
1,352,371
274,448
(157,849) (254,641) 119,154 (18,888)
(7,945,975) 4,390,202
157,849 (110,035)
22,329 (3,504,518)
8,424,315 (3,209,156) 5,215,159
1,710,641 2,736,286 4,446,927
4,445,617 1,310
4,446,927
2012RM
2011RM
AmAssurance Bond Fund
CASH FLOWS FROM OPERATING ACTIVITIES Excess of income over outgo before taxationAdjustments: Net investment income Net (gain) on disposal of investments Net unrealised capital (gain)/loss on investmentsExcess of outgo over incomeNet purchase of investmentsProceeds from disposal of investmentsInvestment income receivedIncrease in other receivables(Decrease)/increase in other payablesNet cash used in operating activities
CASH FLOWS FROM FINANCING ACTIVITIESCreation of unitsCancellation of unitsNet cash (used in)/generated from financing activities
Net (decrease)/increase in cash and cash equivalentsCash and cash equivalents at the beginning of yearCash and cash equivalents at end of year
CASH AND CASH EQUIVALENTS COMPRISE OF:Deposits with licensed financial institutionsCash and bank balances
STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)
79
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
The accompanying notes form an integral part of the financial statements.
(514,191)
(818,918) 582,531 477,643 (272,935)
(60,694,415) 48,616,252
831,579 299,511 (34,287)
(11,254,295)
14,106,619 (9,653,589) 4,453,030
(6,801,265) 8,229,068 1,427,803
1,425,383 2,420
1,427,803
1,166,422
(222,218) (1,389,203)
418,764 (26,235)
(34,307,817) 30,011,430
231,429 (407,202)
23,478 (4,474,917)
12,357,949 (1,705,274)
10,652,675
6,177,758 2,051,310 8,229,068
8,225,921 3,147
8,229,068
2012RM
2011RM
CASH FLOWS FROM OPERATING ACTIVITIES (Deficit)/excess of income over outgo before taxationAdjustments: Net investment income Net loss/(gain) on disposal of investments Net unrealised capital loss on investmentsExcess of outgo over incomeNet purchase of investmentsProceeds from disposal of investmentsInvestment income receivedDecrease/(increase) in other receivables(Decrease)/increase in other payablesNet cash used in operating activities
CASH FLOWS FROM FINANCING ACTIVITIESCreation of unitsCancellation of unitsNet cash generated from financing activities
Net (decrease)/increase in cash and cash equivalentsCash and cash equivalents at the beginning of yearCash and cash equivalents at end of year
CASH AND CASH EQUIVALENTS COMPRISE OF:Deposits with licensed financial institutionsCash and bank balances
STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)
AmAssurance Balanced Fund
80
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
The accompanying notes form an integral part of the financial statements.
13,782
(332,391) (44,616)
229,008 (134,217)
(23,287,007) 15,729,049
327,529 (51,260) (36,169)
(7,452,075)
11,268,525 (5,197,302) 6,071,223
(1,380,852) 4,208,764 2,827,912
2,827,762 150
2,827,912
640,332
(90,005) (773,860) 207,885 (15,648)
(13,299,691) 12,911,768
85,780 (215,520)
14,534 (518,777)
4,809,957 (1,138,283) 3,671,674
3,152,897 1,055,867 4,208,764
4,207,847 917
4,208,764
2012RM
2011RM
CASH FLOWS FROM OPERATING ACTIVITIES Excess of income over outgo before taxationAdjustments: Net investment income Net gain on disposal of investments Net unrealised capital loss on investmentsExcess of outgo over incomeNet purchase of investmentsProceeds from disposal of investmentsInvestment income receivedIncrease in other receivables(Decrease)/increase in other payablesNet cash used in operating activities
CASH FLOWS FROM FINANCING ACTIVITIESCreation of unitsCancellation of unitsNet cash generated from financing activities
Net (decrease)/increase in cash and cash equivalentsCash and cash equivalents at the beginning of yearCash and cash equivalents at end of year
CASH AND CASH EQUIVALENTS COMPRISE OF:Deposits with licensed financial institutionsCash and bank balances
STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)
AmAssurance Dana Teguh
81
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
The accompanying notes form an integral part of the financial statements.
(176,356)
(81,655) 40,890
167,007 (50,114)
(5,843,284) 4,871,905
79,808 74,374
(59,355) (926,666)
3,021,175 (2,814,418)
206,757
(719,909) 1,906,800 1,186,891
1,186,000 891
1,186,891
382,445
(40,603) 124,667 (493,526) (27,017)
(6,238,327) 5,998,038
28,935 (11,503) 40,781
(209,093)
1,973,070 (1,345,679)
627,391
418,298 1,488,502 1,906,800
1,905,363 1,437
1,906,800
2012RM
2011RM
CASH FLOWS FROM OPERATING ACTIVITIES (Deficit)/excess of income over outgo before taxationAdjustments: Net investment income Net loss on disposal of investments Net unrealised capital loss/(gain) on investments Excess of outgo over incomeNet purchase of investmentsProceeds from disposal of investmentsInvestment income receivedDecrease/(increase) in other receivables(Decrease)/increase in other payablesNet cash used in operating activities
CASH FLOWS FROM FINANCING ACTIVITIESCreation of unitsCancellation of unitsNet cash generated from financing activities
Net (decrease)/increase in cash and cash equivalentsCash and cash equivalents at the beginning of yearCash and cash equivalents at end of year
CASH AND CASH EQUIVALENTS COMPRISE OF:Deposits with licensed financial institutionsCash and bank balances
STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)
AmAssurance AmOasis Islamic Equity Fund
82
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
The accompanying notes form an integral part of the financial statements.
(70,861)
(7,559) (10,793) 77,658 (11,555)
(154,402) 110,809
7,559 58
(15,380) (62,911)
168,625 (103,798)
64,827
1,916 229,345 231,261
221,975 9,286
231,261
4,167
(745) (12,874)
1,014 (8,438)
(208,637) 196,257
745 1,801
10,602 (7,670)
151,020 (53,992) 97,028
89,358 139,987 229,345
225,240 4,105
229,345
2012RM
2011RM
CASH FLOWS FROM OPERATING ACTIVITIES (Deficit)/excess of income over outgo before taxationAdjustments: Net investment income Net gain on disposal of investments Net unrealised capital loss on investmentsExcess of outgo over incomeNet purchase of investmentsProceeds from disposal of investmentsInvestment income receivedDecrease in other receivables(Decrease)/increase in other payablesNet cash used in operating activities
CASH FLOWS FROM FINANCING ACTIVITIESCreation of unitsCancellation of unitsNet cash generated from financing activities
Net increase in cash and cash equivalentsCash and cash equivalents at the beginning of yearCash and cash equivalents at end of year
CASH AND CASH EQUIVALENTS COMPRISE OF:Deposits with licensed financial institutionsCash and bank balances
STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)
AmAssurance Global Emerging Market Fund
83
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
The accompanying notes form an integral part of the financial statements.
(22,428)
(5,878) (6,003,863) 5,854,800
(177,369)102,393,863
(2,256) 25,332
(6,215,627) 96,023,943
(96,706,468) (96,706,468)
(682,525) 682,525
-
- - -
2,309,851
(15,555) -
(3,310,308) (1,016,012)
- 15,555
(129) 3,152,435 2,151,849
(2,178,843) (2,178,843)
(26,994) 709,519 682,525
680,482 2,043
682,525
01.04.2011 to 13.07.2011
RM
CASH FLOWS FROM OPERATING ACTIVITIES (Deficit)/excess of income over outgo before taxationAdjustments: Net investment income Net gain on disposal of investments Net unrealised capital loss/(gain) on investmentsExcess of outgo over incomeProceeds from disposal of investmentsInvestment income receivedDecrease/(increase) in other receivables(Decrease)/increase in other payablesNet cash generated from operating activities
CASH FLOWS FROM FINANCING ACTIVITIESCancellation of unitsNet cash used in financing activity
Net (decrease) in cash and cash equivalentCash and cash equivalents at the beginning of yearCash and cash equivalents at end of year
CASH AND CASH EQUIVALENTS COMPRISE OF:Deposits with licensed financial institutionsCash and bank balances
STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)
AmAssurance AmAsia Star CG Fund
01.04.2010 to 31.03.2011
RM
84
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
The accompanying notes form an integral part of the financial statements.
STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)
(1,108,166)
(27,890) 38,097
1,074,815 (23,144)
(4,320,998) 1,016,950
27,893 49,777 (23,417)
(3,272,939)
4,575,155 (2,933,253) 1,641,902
(1,631,037) 2,342,696
711,659
710,712 947
711,659
169,668
(171,215)-
(21,372) (22,919)
(1,003,825) -
171,215 (28,699) 27,723
(856,505)
3,225,127 (784,851)
2,440,276
1,583,771 758,925
2,342,696
2,342,278 418
2,342,696
2012RM
2011RM
CASH FLOWS FROM OPERATING ACTIVITIES (Deficit)/excess of income over outgo before taxationAdjustments: Net investment income Net loss on disposal of investments Net unrealised capital loss/(gain) on investmentsExcess of outgo over incomeNet purchase of investmentsProceeds from disposal of investmentsInvestment income receivedDecrease/(increase) in other receivables(Decrease)/increase in other payablesNet cash used in operating activities
CASH FLOWS FROM FINANCING ACTIVITIESCreation of unitsCancellation of unitsNet cash generated from financing activities
Net (decrease)/increase in cash and cash equivalentsCash and cash equivalents at the beginning of yearCash and cash equivalents at end of year
CASH AND CASH EQUIVALENTS COMPRISE OF:Deposits with licensed financial institutionsCash and bank balances
AmAssurance Precious Metals Fund
85
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
The accompanying notes form an integral part of the financial statements.
STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)
(79,371)
(6,112) 74,139 (11,344)
(355,846) 6,113
(12,227) (17,420)
(390,724)
737,273 (513,034) 224,239
(166,485) 399,738 233,253
227,762 5,491
233,253
69,488
(5,693) (74,896) (11,101)
(343,037) 5,693
11,866 14,788
(321,791)
740,470 (184,339) 556,131
234,340 165,398 399,738
399,502 236
399,738
2012RM
2011RM
CASH FLOWS FROM OPERATING ACTIVITIES (Deficit)/excess of income over outgo before taxationAdjustments: Net investment income Net unrealised capital loss/(gain) on investmentsExcess of outgo over incomeNet purchase of investmentsInvestment income received(Increase)/decrease in other receivables(Decrease)/increase in other payablesNet cash used in operating activities
CASH FLOWS FROM FINANCING ACTIVITIESCreation of unitsCancellation of unitsNet cash generated from financing activities
Net (decrease)/increase in cash and cash equivalentsCash and cash equivalents at the beginning of yearCash and cash equivalents at end of year
CASH AND CASH EQUIVALENTS COMPRISE OF:Deposits with licensed financial institutionsCash and bank balances
AmAssurance Global Agribusiness Fund
86
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
The accompanying notes form an integral part of the financial statements.
STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)
1,747,794
(24,355) (2,572,417)
(848,978) 24,356
300 2,347,800
1,523,478
- (1,499,832) (1,499,832)
23,646 855,674 879,320
878,792 528
879,320
1,448,463
(19,515) (2,279,188)
(850,240) 19,515
(210) 2,319,131 1,488,196
8,762 (1,477,193) (1,468,431)
19,765 835,909 855,674
855,138 536
855,674
2012RM
2011RM
CASH FLOWS FROM OPERATING ACTIVITIES Excess of income over outgo before taxationAdjustments: Net investment income Net unrealised capital gain on investmentsExcess of outgo over incomeInvestment income receivedDecrease/(increase) in other receivablesIncrease in other payablesNet cash generated from operating activities
CASH FLOWS FROM FINANCING ACTIVITIESCreation of unitsCancellation of unitsNet cash used in financing activities
Net increase in cash and cash equivalentsCash and cash equivalents at the beginning of yearCash and cash equivalents at end of year
CASH AND CASH EQUIVALENTS COMPRISE OF:Deposits with licensed financial institutionsCash and bank balances
AmAssurance AmAsia Recovery CG Fund
87
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
The accompanying notes form an integral part of the financial statements.
123,103
(102,955) (51,322) (31,174) (2,269)
102,956 (1)
76,556 146,068
- (45,651)
(100,198) (145,849)
219 4,020 4,239
4,239 4,239
(208,379)
- 189,560 (18,819)
(4,790,839) -
(227) 53,122
(4,756,763)
4,794,586 (33,803)
- 4,760,783
4,020 -
4,020
4,020 4,020
01.04.2011 to 31.03.2012
RM
11.10.2010 to 31.03.2011
RM
CASH FLOWS FROM OPERATING ACTIVITIES Excess/(deficit) of income over outgo before taxationAdjustments: Net investment income Net unrealised capital (gain)/loss on investmentsExcess of outgo over incomeNet purchase of investmentsInvestment income receivedIncrease in other receivablesIncrease in other payablesNet cash generated from/(used in) operating activities
CASH FLOWS FROM FINANCING ACTIVITIESCreation of unitsCancellation of unitsCoupon payment to unitholdersNet cash (used in)/generated from financing activities
Net increase in cash and cash equivalentsCash and cash equivalents at the beginning of yearCash and cash equivalents at end of year
CASH AND CASH EQUIVALENTS COMPRISE OF:Cash and bank balances
STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)
AmAssurance AmCommodity Stable CG Fund
88
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
The accompanying notes form an integral part of the financial statements.
633,971
(104,225) (751,055) (221,309)
- 104,225
197 1,000,299
883,412
- (1,083,495) (1,083,495)
(200,083) 455,906 255,823
255,164 659
255,823
(1,106,034)
(7,080) 968,809 (144,305)
(44,174,019) 7,080 (1,778)
1,158,506 (43,154,516)
43,716,690 (106,268)
43,610,422
455,906 -
455,906
454,975 931
455,906
01.04.2011 to 31.03.2012
RM
16.08.2010 to 31.03.2011
RM
CASH FLOWS FROM OPERATING ACTIVITIES Excess/(deficit) of income over outgo before taxationAdjustments: Net investment income Net unrealised capital (gain)/loss on investmentsExcess of outgo over incomeNet purchase of investmentsInvestment income receivedDecrease/(increase) in other receivablesIncrease in other payablesNet cash generated from/(used in) operating activities
CASH FLOWS FROM FINANCING ACTIVITIESCreation of unitsCancellation of unitsNet cash (used in)/generated from financing activities
Net (decrease)/increase in cash and cash equivalentsCash and cash equivalents at the beginning of yearCash and cash equivalents at end of year
CASH AND CASH EQUIVALENTS COMPRISE OF:Deposits with licensed financial institutionsCash and bank balances
STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)
AmAssurance AmCurrency Income CG Fund
89
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
The accompanying notes form an integral part of the financial statements.
(351,515)
(9,278) 264,021 (96,772)
- 9,276
66 663,018 575,588
- (643,728) (643,728)
(68,140) 320,471 252,331
252,150 181
252,331
(173,867)
(171) 163,278 (10,760)
(18,054,054) 171 (171)
11,260 (18,053,554)
18,374,025 -
18,374,025
320,471 -
320,471
320,000 471
320,471
01.04.2011 to 31.03.2012
RM
21.03.2011 to 31.03.2011
RM
CASH FLOWS FROM OPERATING ACTIVITIES Deficit of income over outgo before taxationAdjustments: Net investment income Net unrealised capital loss on investmentsExcess of outgo over incomeNet purchase of investmentsInvestment income receivedDecrease/(increase) in other receivablesIncrease in other payablesNet cash generated from/(used in) operating activities
CASH FLOWS FROM FINANCING ACTIVITIESCreation of unitsCancellation of unitsNet cash (used in)/generated from financing activities
Net (decrease)/increase in cash and cash equivalentsCash and cash equivalents at the beginning of yearCash and cash equivalents at end of year
CASH AND CASH EQUIVALENTS COMPRISE OF:Deposits with licensed financial institutionsCash and bank balances
STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)
AmAssurance AmCurrency Income II CG Fund
90
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
The accompanying notes form an integral part of the financial statements.
207,307
(81,790)(19,129)
(144,295) (37,907)
(4,387,917) 620,337 77,370 (7,013)
15,326(3,719,804)
5,283,559 (29,970)
5,253,589
1,533,785 -
1,533,785
1,532,440
1,345 1,533,785
27.10.2011 to 31.03.2012
RM
CASH FLOWS FROM OPERATING ACTIVITIES Excess of income over outgo before taxationAdjustments: Net investment income Net (gain) on disposal of investments Net unrealised capital gain on investmentsExcess of outgo over incomeNet purchase of investmentsProceeds from disposal of investmentsInvestment income receivedIncrease in other receivablesIncrease in other payablesNet cash used in operating activities
CASH FLOWS FROM FINANCING ACTIVITIESCreation of unitsCancellation of unitsNet cash generated from financing activities
Net increase in cash and cash equivalentsCash and cash equivalents at the launch date of the fundCash and cash equivalents at end of period
CASH AND CASH EQUIVALENTS COMPRISE OF:Deposits with licensed financial institutionsCash and bank balances
STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012 (cont’d)
AmAssurance Dividend Fund
91
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
1. THE MANAGER AND ITS PRINCIPAL ACTIVITY
The investment-linked funds of AmLife Insurance Berhad (“the Manager”) comprise the AmAssurance Equity Fund, AmAssurance Bond Fund, AmAssurance Balanced Fund, AmAssurance Dana Teguh, AmAssurance AmOasis Islamic Equity Fund, AmAssurance Global Emerging Market Fund, AmAssurance AmAsia Star CG Fund, AmAssurance Precious Metals Fund, AmAssurance Global Agribusiness Fund, AmAssurance AmAsia Recovery CG Fund, AmAssurance AmCommodity Stable CG Fund, AmAssurance AmCurrency Income CG Fund, AmAssurance AmCurrency Income II CG Fund and AmAssurance Dividend Fund (collectively referred to as “the Funds”).
The Manager is a public limited liability company incorporated and domiciled in Malaysia and licensed under the Insurance Act, 1996. Its principal activity is the underwriting of life and investment-linked insurance business.
There have been no significant changes in the nature of the principal activities of the Manager during the year.
The financial statements were authorised for issue by the Board of Directors of the Manager in accordance with a resolution dated 30 May 2012.
2. SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of Accounting
The financial statements have been prepared under the historical cost convention, unless otherwise indicated in the accounting policies below, and comply with Financial Reporting Standards (“FRSs”) in Malaysia, the Insurance Act, 1996 and Guidelines/Circulars issued by Bank Negara Malaysia.
The Funds have adopted all FRSs, Issues Committee (“IC”) Interpretations and amendments to FRSs in Malaysia except for those which have been issued but are not yet effective as described in Note 2.3.
The financial statements are presented in Ringgit Malaysia (“RM”).
2.2 Summary of significant accounting policies (a) Management fee Management fee is charged based on the Funds’ daily net assets value, at the following rates:
(i) AmAssurance Equity Fund 1.50% p.a. (ii) AmAssurance Bond Fund 1.00% p.a (iii) AmAssurance Balanced Fund 1.50% p.a. (iv) AmAssurance Dana Teguh 1.50% p.a. (v) AmAssurance AmOasis Islamic Equity Fund 1.50% p.a. (vi) AmAssurance Global Emerging Market Fund 1.50% p.a. (vii) AmAssurance AmAsia Star CG Fund 1.00% p.a. (viii) AmAssurance Precious Metals Fund 1.50% p.a. (ix) AmAssurance Global Agribusiness Fund 1.50% p.a. (x) AmAssurance AmAsia Recovery CG Fund 1.00% p.a (xi) AmAssurance AmCommodity Stable CG Fund 0.50% p.a. (xii) AmAssurance AmCurrency Income CG Fund 0.50% p.a. (xiii) AmAssurance AmCurrency Income II CG Fund 0.50% p.a. (xiv) AmAssurance Dividend Fund 1.50% p.a. (b) Financial instruments- initial recognition and subsequent measurement
(i) Date of recognition
All financial assets and liabilities are initially recognised on the trade date, i.e., the date that
the Funds becomes a party to the contractual provisions of the instrument. This includes
NOTES TO THE FINANCIAL STATEMENTS - 31 MARCH 2012
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AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
“regular way trades”: purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the market place.
(ii) Initial measurement of financial instruments
Financial assets within the scope of FRS 139 are classified as financial assets at fair value
through profit or loss, financial assets available-for-sale, financial assets held-to-maturity or loans and receivables, as appropriate. Financial liabilities of the Funds are classified as financial liabilities at fair value through profit or loss or at amortised cost, as appropriate. The Funds determines the classification of its financial assets and financial liabilities at initial recognition.
The classification of financial instruments at initial recognition depends on the purpose and the management’s intention for which the financial instruments were acquired and their characteristics. All financial instruments are measured initially at their fair value plus transaction costs, except in the case of financial assets and financial liabilities recorded at fair value through profit or loss, which is measured at fair value.
The Funds classify the investment into financial assets at fair value through profit or loss (“FVTPL”) or loans and receivable (“LAR”).
(iii) Subsequent measurement
The subsequent measurement of financial instruments depends on their classification as described below:
(1) Financial assets at fair value through profit or loss
Financial assets or financial liabilities are recorded in the statement of financial position at fair value. Changes in fair value are recognised in “Investment and trading income”. Interest and dividend income or expense are recorded in “Investment and trading income”, “Interest income” or “Interest expense”, as appropriate and in accordance with the terms of the contract, or when the right to the payment has been established.
Included in this classification are fixed income securities, collective investment schemes and equities.
(2) Loans and receivables
Loans and receivables include non–derivative financial assets with fixed or determinable
payments that are not quoted in an active market.
After initial measurement, the amounts are subsequently measured at amortised cost using the effective interest rate (“EIR”), less allowance for impairment. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees and costs that are an integral part of the EIR.
(iv) Financial liabilities at amortised cost
Financial liabilities issued by the Funds, that are not designated at fair value through profit
or loss, are classified as financial liabilities at amortised cost, where the substance of the contractual arrangement results in the Funds having an obligation either to deliver cash or another financial asset to the holder, or to satisfy the obligation other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of own equity shares.
After initial measurement, these are subsequently measured at amortised cost using the EIR. Amortised cost is calculated by taking into account any discount or premium on the issue and costs that are an integral part of the EIR.
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)2. SIGNIFICANT ACCOUNTING POLICIES (cont’d)
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AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
(c) Derecognition of financial assets and financial liabilities
(i) Financial assets
A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised when:
- The rights to receive cash flows from the asset have expired. - The Funds have transferred its rights to receive cash flows from the asset or has assumed
an obligation to pay the received cash flows in full without material delay to a third party under a “pass–through” arrangement; and either:
- The Funds have transferred substantially all the risks and rewards of the asset, or - The Funds have neither transferred nor retained substantially all the risks and rewards of the
asset, but has transferred control of the asset.
When the Funds have transferred its rights to receive cash flows from an asset or has entered into a pass–through arrangement, and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Funds’s continuing involvement in the asset. In that case, the Funds also recognise an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Funds have retained.
(ii) Financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged,
cancelled or expired. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference between the carrying value of the original financial liability and the consideration paid is recognised in profit or loss.
(d) Determination of fair value
The fair value for financial instruments traded in active markets at reporting date is based on their quoted market price or dealer price quotations (bid price for long positions and ask price for short positions), without any deduction for transaction costs.
For financial instruments not traded in an active market, the fair value is determined by using appropriate valuation techniques. Valuation techniques include the discounted cash flow method, comparison to similar instruments for which market observable prices exist, option pricing models, credit models and other relevant valuation models.
(e) Impairment of financial assets
The Funds assess at each reporting date whether there is any objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events that has occurred after the initial recognition of the asset (an incurred “loss event”) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated.
Financial assets carried at amortised cost
Evidence of impairment may include indications that the borrower or a group of borrowers is experiencing significant financial difficulty, the probability that they will enter bankruptcy or other financial reorganisation, default or delinquency in interest or principal payments and where observable data indicates that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults.
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)2. SIGNIFICANT ACCOUNTING POLICIES (cont’d)
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AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
For financial assets carried at amortised cost, the Funds first assesses individually whether objective evidence of impairment exists for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Funds determine that no objective evidence of impairment exists for an individually assessed financial asset, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognised are not included in a collective assessment of impairment.
If there is objective evidence that an impairment loss has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that have not yet been incurred). The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognised in the income statement. Interest income continues to be accrued on the reduced carrying amount and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of “Interest income”. Loans together with the associated allowance are written off when there is no realistic prospect of future recovery and all collateral has been realised or has been transferred to the Funds. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognised, the previously recognised impairment loss is increased or reduced by adjusting the allowance account. If a future write–off is later recovered, the recovery is credited to the “Impairment losses on loans, advances and financing” to the extent that the carrying amount of the asset does not exceed its amortised cost at the reversal date.
The present value of the estimated future cash flows is discounted at the financial asset’s original EIR. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current EIR. If the Funds have reclassified trading assets to loans, advances and financing, the discount rate for measuring any impairment loss is the new EIR determined at the reclassification date. The calculation of the present value of the estimated future cash flows of a collateralised financial asset reflects the cash flows that may result from foreclosure less costs for obtaining and selling the collateral, whether or not foreclosure is probable.
(f) Offsetting financial instruments
Financial assets and financial liabilities are offset and the net amount reported in the statement of financial position if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. This is generally not the case with master netting agreements, therefore, the related assets and liabilities are presented gross in the statement of financial position.
(g) Impairment of non-financial assets
The Funds assess at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Funds estimate the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash–generating unit’s (“CGU”) fair value less costs to sell and its value in use. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre–tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded entities or other available fair value indicators.
For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Funds estimate the asset’s or CGU’s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)2. SIGNIFICANT ACCOUNTING POLICIES (cont’d)
95
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceeds the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the income statement.
(h) Net creation and cancellation
Net creation of units which represents premium paid by policyholders as payment for a new contract or subsequent payments to increase the amount of that contract are reflected in the statements of comprehensive income of the Funds. Net creation of units is recognised on a receipt basis.
Net cancellation of units which represents cancellation of units arising from surrenders and withdrawals. Cancellation is recognised upon surrendering of the related insurance contract.
(i) Other revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
Funds and the revenue can be reliably measured. The following specific recognition criteria must be met before revenue is recognised.
(i) Interest income
Interest and financing income and expense is recognised in profit or loss using the effective interest method. Once a financial asset or a group of similar financial assets has been written down as a result of an impairment loss, interest income is recognised using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss.
(ii) Realised gains and losses on investments
On disposal of investments, the difference between the net disposal proceeds and the carrying amount of investment is credited or charged to statement of comprehensive income.
(iii) Dividend income
Dividend income represents gross dividends from quoted and unquoted investments and is recognised when the right to receive payment is established.
(j) Income tax
Income tax on the statements of comprehensive income for the year comprises current and deferred tax. Current tax is the expected amount of income taxes payable in respect of the taxable income for the year and is measured using the tax rates that have been enacted at the date of the statement of financial positions.
Deferred tax is provided for, using the liability method. In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised for all deductible temporary differences, unused tax losses and unused tax credits that can be utilised.
Deferred tax is measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the statements of financial positions date. Deferred tax is recognised as income or an expense and included in the statements of comprehensive income for the year/period.
(k) Provisions
Provisions are recognised when the Funds have a present obligation as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)2. SIGNIFICANT ACCOUNTING POLICIES (cont’d)
96
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
the obligation, and a reliable estimate of the amount can be made. Provisions are reviewed at each statements of financial position date and adjusted to reflect the current best estimate. Where the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as finance cost.
(l) Foreign currency transactions
The financial statements are presented in Ringgit Malaysia which is also the functional currency of the Funds.
Transactions in foreign currencies are initially recorded in the functional currency rate prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are re-translated at the functional currency rate of exchange ruling at the reporting date. All differences are taken to profit or loss. Non-monetary items denominated in foreign currencies that are measured at historical cost are translated using the exchange rates as at the dates of initial transactions.
Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. All foreign exchange differences are taken to profit or loss, except for differences relating to items where gains or losses are recognised directly in equity, in which case, the gain or loss is recognised net of the exchange component in equity.
(m) Cash and cash equivalents
For the purpose of the statements of cash flows, cash and cash equivalents represent cash at bank and deposits with licensed banks, which have an insignificant risk of changes in value.
The statements of cash flows have been prepared using the indirect method.
2.3 Changes in accounting policies The accounting policies adopted are consistent with those of the previous financial year except as follows:
On 1 April 2011, the Funds adopted the following new and amended FRS and IC Interpretations
mandatory for annual financial periods beginning on or after 1 April 2011:
Effective for annual periods beginning on Description or after
FRS 1: First-time Adoption of Financial Reporting Standards 1 July 2010
Amendments to FRS 2: Share-based Payment 1 July 2010
FRS 3 Business Combinations 1 July 2010
Amendments to FRS 5: Non-current Assets Held for Sale and Discontinued Operations 1 July 2010
Amendments to FRS 127: Consolidated and Separate Financial Statements 1 July 2010
Amendments to FRS 138: Intangible Assets 1 July 2010
Amendments to IC Interpretation 9: Reassessment of Embedded Derivatives 1 July 2010
IC Interpretation 12: Service Concession Arrangements 1 July 2010
IC Interpretation 16: Hedges of a Net Investment in a Foreign Operation 1 July 2010
IC Interpretation 17: Distributions of Non-cash Assets to Owners 1 July 2010
Amendments to FRS 132: Classification of Rights Issues 1 March 2010
IC Interpretation 18: Transfers of Assets from Customers 1 January 2011
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)2. SIGNIFICANT ACCOUNTING POLICIES (cont’d)
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AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)2. SIGNIFICANT ACCOUNTING POLICIES (cont’d)
Effective for annual periods beginning on Description or after
Amendments to FRS 7: Improving Disclosures about Financial Instruments 1 January 2011
Amendments to FRS 1: Limited Exemptions for First-time Adopters 1 January 2011
Amendments to FRS 1: Additional Exemptions for First-time Adopters 1 January 2011
IC Interpretation 4: Determining Whether an Arrangement contains a Lease 1 January 2011
Improvements to FRS issued in 2010 1 January 2011 The adoption of the above standards and interpretations did not have any significant effect on the financial
performance and position of the Funds except for the additional disclosure requirements under the Amendments to FRS 7.
Amendments to FRS 7: Improving Disclosures about Financial Instruments The amended standard requires enhanced disclosure about fair value measurement and liquidity risk.
Fair value measurements related to items recorded at fair value are to be disclosed by source of inputs using a three level fair value hierarchy (Level 1, Level 2 and Level 3), by class, for all financial instruments recognised at fair value. A reconciliation between the beginning and ending balance for Level 3 fair value measurements is required. Any significant transfers between levels of the fair value hierarchy and the reasons for those transfers need to be disclosed. The amendments also clarify the requirements for liquidity risk disclosures with respect to derivative transactions and assets used for liquidity management. The fair value measurement disclosures are presented in Note 11. The liquidity risk disclosures are not significantly impacted by the amendments and are presented in Note 12.
2.4 Transition to Malaysian Financial Reporting Standards Framework On 19 November 2011, the Malaysian Accounting Standards Board (MASB) issued a new MASB
approved accounting framework, the Malaysian Financial Reporting Standards Framework (“MFRS Framework”).
The Funds will be required to prepare financial statements using the MFRS Framework in their first MFRS financial statements for the year ending 31 December 2012.
The Directors of the Manager are of the opinion that the financial performance and financial position as disclosed in these financial statements for the period ended 31 March 2011 would not be significantly different if prepared under the MFRS Framework.
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AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)
3. INVESTMENTS
(i) AmAssurance Equity Fund
Quoted equity securities Quoted unit and property trust funds Deposits with licensed financial institution
FVPTL: Quoted equity securities: Cost Net unrealised (loss)/gain Fair value Quoted unit and property trust funds: Cost Net unrealised gain Fair value Total investments at FVTPL LAR: Deposits with licensed banks Total investments
5,012,700 -
6,449,875 11,462,575
4,770,038 242,662
5,012,700
- - -
5,012,700
6,449,875 11,462,575
10,212,233 1,000,500 3,409,000
14,621,733
10,340,620 (128,387)
10,212,233
973,868 26,632
1,000,500 11,212,733
3,409,000
14,621,733
2012RM
2011RM
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2012 are as detailed below:
FVPTL: Quoted equity securities: Construction GAMUDA Bhd Malaysian Resources Corporation Bhd Finance Malayan Banking Bhd Industrial Products KKB Engineering Bhd Plantation Kulim Bhd
Trading & Services Alam Maritim Resources Bhd Axiata Group Bhd Berjaya Sports Toto Bhd Dialog Group Bhd Faber Group Bhd MMC Corporation Bhd Pharmaniaga Bhd SapuraCrest Petroleum Bhd Sime Darby Bhd
644,225 598,212
1,037,668
701,969
848,040
805,264 986,653 748,917 827,734 531,784 883,572 56,190
943,078 727,314 10,340,620
4.36%3.91%
7.60%
4.58%
5.73%
5.00%7.13%5.24%5.20%3.37%5.78%0.39%6.69%5.01%
69.98%
175,000 300,000
125,000
400,000
200,000
1,000,000 200,000 175,000 350,000 300,000 300,000 11,190
200,000 75,000
637,000 570,000
1,108,750
668,000
836,000
730,000 1,040,000
764,750 759,500
492,000 843,000
56,733 976,000 730,500
10,212,233
No. of unitsFair value
RMCostRM
Fair valueas %
of NAV
2012
99
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (i) AmAssurance Equity Fund (cont’d)
FVPTL: Quoted unit and property trust funds: Capitamalls Malaysia Trust Pavilion Real Estate Invt Trust
Total investments at FVTPL
476,447 497,421 973,868
11,314,488
3.31%3.55%6.86%
76.83%
350,000 450,000
483,000 517,500
1,000,500 11,212,733
No. of unitsFair value
RMCostRM
Fair valueas %
of NAV
2012
The weighted average effective interest rates are as follows:
Deposits with licensed banks 2.65 2.73
2012%
Weighted averageeffective interest rate
per annum
2011%
100
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (cont’d)
(ii) AmAssurance Bond Fund
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2012 are as detailed below:
Unquoted corporate bondsMalaysian government securitiesUnquoted unit and property trust fundsDeposits with licensed financial institutions
FVPTL:Unquoted corporate bonds: Cost Net unrealised gain/(loss) Fair value
Malaysian government securities: Cost Net unrealised loss Fair value
Unquoted unit and property trust funds: Cost Net unrealised gain Fair valueTotal investments at FVTPL LAR:Deposits with licensed banks
Total investments
1,007,449 4,995,500
917,519 4,445,617 11,366,085
1,009,450 (2,001)
1,007,449
5,008,750 (13,250)
4,995,500
833,641 83,878
917,519 6,920,468
4,445,617 11,366,085
9,265,363 -
1,100,970 1,352,233
11,718,566
9,066,520 198,843
9,265,363
- - -
980,625 120,345
1,100,970 10,366,333
1,352,233
11,718,566
2012RM
2011RM
FVPTL: Unquoted corporate bonds: ADCB Finance (Cayman) Limited due 02/09/2015 Syarikat Prasarana Negara Berhad due 04/08/2016 Gulf Investment Corporation G.S.C due 01/03/2016 Special Power Vehicle Berhad due 19/05/2016 Prominic Berhad due 05/05/2016 Sarawak Energy Berhad due 23/06/2026 Projek Lebuhraya Usahasama Berhad due 10/01/2031 Tanjung Bin Energy Issuer Berhad due 16/03/2027
1,020,300
2,500,000
500,000
1,004,250
1,006,200
1,010,090
1,008,500
1,017,180 9,066,520
8.81%
21.28%
4.32%
8.24%
8.63%
9.16%
8.77%
8.58%77.81%
1,000,000
2,500,000
500,000
625,000
1,000,000
1,000,000
1,000,000
1,000,000
1,049,500
2,534,500
514,250
981,313
1,027,900
1,091,200
1,044,500
1,022,200 9,265,363
No. of unitsFair value
RMCostRM
Fair valueas %
of NAV
2012
101
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (ii) AmAssurance Bond Fund (cont’d)
FVPTL: Quoted unit and property trust funds: AmBond AmDynamic Bond Total investments at FVTPL
857,800 122,825 980,625
10,047,145
8.18%1.07%9.25%
87.05%
821,050 205,268
973,929 127,041
1,100,970 10,366,333
No. of unitsFair value
RMCostRM
Fair valueas %
of NAV
2012
The weighted average effective interest rates are as follows:
Unquoted corporate bonds - secured Unquoted corporate bonds - unsecured Malaysian government securities Deposits with licensed banks
0.40 0.44 2.81 2.70
1.77 3.28
- 2.75
2012%
Weighted averageeffective interest rate
per annum
2011%
102
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (cont’d)
(iii) AmAssurance Balanced Fund
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2012 are as detailed below:
Quoted equity securities Unquoted corporate bonds Quoted unit and property trust funds Unquoted unit and property trust funds Deposits with licensed financial institutions
FVPTL:Quoted equity securities: Cost Net unrealised (loss)/gain Fair value Unquoted corporate bonds: Cost Net unrealised gain/(loss) Fair value
Quoted unit and property trust funds: Cost Net unrealised gain Fair value Unquoted unit and property trust funds: Cost Net unrealised gain Fair value Total investments at FVTPL LAR:Deposits with licensed banks
Total investments
5,925,800 2,014,900
- 1,020,711 8,225,921 17,187,332
5,658,581 267,219
5,925,800
2,018,900 (4,000)
2,014,900
- - -
955,742 64,969
1,020,711 8,961,411
8,225,921
17,187,332
12,833,984 5,786,431 1,316,750
- 1,425,383
21,362,548
13,040,417 (206,433)
12,833,984
5,753,295 33,136
5,786,431
1,284,842 31,908
1,316,750
- - -
19,937,165
1,425,383
21,362,548
2012RM
2011RM
FVPTL: Quoted equity securities: Construction GAMUDA Bhd Malaysian Resources Corporation Bhd Finance Malayan Banking Bhd Industrial Products KKB Engineering Bhd Plantation Kulim Bhd
828,683850,281
1,464,632
867,196
1,165,857
3.81%3.75%
7.22%
3.88%
5.34%
225,000 425,000
175,000
500,000
275,000
819,000 807,500
1,552,250
835,000
1,149,500
No. of unitsFair value
RMCostRM
Fair valueas %
of NAV
2012
103
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (iii) AmAssurance Balanced Fund (cont’d)
FVPTL: Quoted equity securities (cont’d.): Properties Alam Maritim Resources Bhd Axiata Group Bhd
Trading & Services Dialog Group Bhd Faber Group Bhd MMC Corporation BHD Pharmaniaga BHD Sapuracrest Petroleum Bhd Sime Darby Bhd
Unquoted corporate bonds: ADCB Finance (Cayman) Limited due 02/09/2015 Syarikat Prasarana Negara Berhad due 04/08/2026 Gulf Investment Corporation G.S.C due 01/03/2016 Special Power Vehicle Berhad due 19/05/2016Tanjung Bin Energy Issuer Bhd due 16/03/2026
Quoted unit and property trust funds: Capitamalls Malaysia Trust Pavilion Real Estate Invt Trust Total investments at FVTPL
1,008,959 1,228,640
1,190,108 526,047
1,316,126 56,191
1,568,012 969,685
13,040,417
1,020,300
500,000
1,000,000
1,707,225
1,525,770 5,753,295
649,304 635,538
1,284,842 20,078,554
4.24%6.04%
5.04%2.29%5.88%0.26%7.37%4.53%
59.66%
4.88%
2.36%
4.78%
7.76%
7.13%26.90%
3.05%3.07%6.12%
92.68%
1,250,000250,000
500,000300,000450,00011,190
325,000 100,000
1,000,000
500,000
1,000,000
1,062,500
1,500,000
475,000 575,000
No. of unitsFair value
RMCostRM
Fair valueas %
of NAV
2012
912,5001,300,000
1,085,000 492,000
1,264,500 56,734
1,586,000 974,000
12,833,984
1,049,500
506,900
1,028,500
1,668,231
1,533,300 5,786,431
655,500 661,250
1,316,750 19,937,165
The weighted average effective interest rates are as follows:
Unquoted corporate bonds - secured Unquoted corporate bonds - unsecured Deposits with licensed banks
2.39 2.60 2.65
1.28 4.14 2.73
2012%
Weighted averageeffective interest rate
per annum
2011%
104
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (cont’d)
(iv) AmAssurance Dana Teguh
Quoted equity securities Unquoted corporate bonds Unquoted unit and property trust funds Deposits with licensed financial institutions
FVTPL:Quoted equity securities: Cost Net unrealised (loss)/gain Fair value Unquoted corporate bonds: Cost Net unrealised gain Fair value Unquoted unit and property trust funds: Cost Net unrealised gain Fair value Total investments at FVTPL LAR: Deposits with licensed banks Total investments
2,255,950 -
468,053 4,207,847 6,931,850
2,079,965 175,985
2,255,950
- - -
435,434 32,619
468,053 2,724,003
4,207,847
6,931,850
7,434,120 2,366,427
293,655 2,827,762
12,921,964
7,537,387 (103,267)
7,434,120
2,309,613 56,814
2,366,427
267,602 26,053
293,655 10,094,202
2,827,762
12,921,964
2012RM
2011RM
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2012 are as detailed below:
FVTPL: Quoted equity securities: Construction Gamuda Bhd Malaysian Resources Corporation Bhd WCT Bhd Industrial Products KKB Engineering Bhd Plantation Kulim Bhd Trading & Services Alam Maritim Resources Bhd Axiata Group Bhd Dialog Group Bhd Faber Group Bhd MMC Corporation Bhd Petronas DaganganBhd Sapuracrest Petroleum Bhd Sime Darby Bhd
460,218 498,543 545,417
562,873
638,214
527,765 615,984 611,891 350,764 664,057 644,395 835,375 581,891
7,537,387
3.47%3.62%4.18%
4.13%
4.78%
3.61%4.95%4.13%2.50%4.82%5.48%6.50%4.45%
56.62%
125,000 250,000 225,000
325,000
150,000
650,000 125,000 250,000 200,000 225,000 38,000
175,000 60,000
455,000 475,000 549,000
542,750
627,000
474,500 650,000 542,500 328,000 632,250 719,720 854,000 584,400
7,434,120
No. of unitsFair value
RMCostRM
Fair valueas %
of NAV
2012
105
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (iv) AmAssurance Dana Teguh (cont’d)
FVTPL: AmAssurance Dana Teguh (cont’d.): Unquoted corporate bonds: Syarikat Prasarana Negara Berhad due 04/08/2026 Special Power Vehicle Berhad due 19/05/2016 Sarawak Energy Berhad
Unquoted unit and property trust funds: AmBon Islam Total investments at FVTPL
1,000,000
602,550 707,063
2,309,613
267,602 267,602
10,114,602
7.72%
4.48%5.82%
18.02%
2.24%2.24%
76.88%
No. of unitsFair value
RMCostRM
Fair valueas %
of NAV
2012
The weighted average effective interest rates are as follows:
Unquoted corporate bonds - secured Unquoted corporate bonds - unsecured Deposits with licensed banks
- -
2.60
1.91 3.23 2.80
2012%
Weighted averageeffective interest rate
per annum
2011%
1,000,000
375,000 700,000
240,425
1,013,800
588,787 763,840
2,366,427
293,655 293,655
10,094,202
106
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (cont’d)
(v) AmAssurance AmOasis Islamic Equity Fund
Quoted equity securities Unquoted unit and property trust funds Deposits with licensed financial institutions
FVTPL:Quoted equity securities: Cost Net unrealised (loss)/gain Fair value
Unquoted unit and property trust funds: Cost Net unrealised loss Fair value Total investments at FVTPL LAR: Deposits with licensed banks
Total investments
995,300 1,403,995 1,905,363 4,304,658
865,888 129,412 995,300
1,749,866 (345,871)
1,403,995 2,399,295
1,905,363
4,304,658
2,004,200 1,158,578 1,186,000 4,348,778
2,055,660 (51,460)
2,004,200
1,490,584 (332,006)
1,158,578 3,162,778
1,186,000
4,348,778
2012RM
2011RM
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2012 are as detailed below:
FVTPL: Quoted equity securities: Construction Gamuda Bhd Malaysian Resources Corporation Bhd Industrial KKB Engineering Bhd IPC YTL Power International Bhd Plantation Kulim Bhd
Trading & Services Alam Maritim Resources Bhd Faber Group Bhd MMC Corporation Bhd Sapuracrest Petroleum Bhd Sime Darby Bhd
184,292 200,219
131,152
272,814
168,029
163,539 263,123 188,405 289,996 194,091
2,055,660
4.19%4.37%
2.88%
6.38%
3.85%
3.36%5.66%4.20%6.73%4.48%
46.10%
50,000 100,000
75,000
150,000
40,000
200,000 150,000 65,000 60,000 20,000
182,000 190,000
125,250
277,500
167,200
146,000 246,000 182,650 292,800 194,800
2,004,200
No. of unitsFair value
RMCostRM
Fair valueas %
of NAV
2012
107
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (v) AmAssurance AmOasis Islamic Equity Fund (cont’d)
FVTPL: Quoted unit and property trust funds: AmOasis Global Islamic Equity Total investments at FVTPL
1,490,584 1,490,584 3,546,244
26.65%26.65%72.74%
1,403,997
1,158,578 1,158,578 3,162,778
No. of unitsFair value
RMCostRM
Fair valueas %
of NAV
2012
The weighted average effective interest rates are as follows:
Deposits with licensed banks 2.602.80
2012%
Weighted averageeffective interest rate
per annum
2011%
108
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (cont’d)
(vi) AmAssurance Global Emerging Market Fund
Unquoted unit and property trust funds Deposits with licensed financial institutions
FVTPL:Unquoted unit and property trust funds: Cost Net unrealised loss Fair valueTotal investments at FVTPL LAR: Deposits with licensed banks Total investments
526,629 225,240 751,869
475,254 51,375
526,629 526,629
225,240
751,869
503,357 221,975 725,332
529,640 (26,283)
503,357 503,357
221,975
725,332
2012RM
2011RM
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2012 are as detailed below:
FVTPL: Unquoted unit and property trust funds: AmCash Management AmGlobal Emerging Market Opportunities Total investments at FVTPL
83,306 446,334 529,640 529,640
11.54%58.21%69.76%69.76%
83,306 446,341
83,306 420,051 503,357 503,357
No. of unitsFair value
RMCostRM
Fair valueas %
of NAV
2012
The weighted average effective interest rates are as follows:
Deposits with licensed banks 2.782.98
2012%
Weighted averageeffective interest rate
per annum
2011%
109
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (cont’d)
(vii) AmAssurance AmAsia Star CG Fund
Structured product Deposits with licensed financial institutions
FVTPL:Structured product: Cost Net unrealised gain Fair value Total investments at FVTPL LAR:Deposits with licensed banks
Total investments
102,244,800 680,482
102,925,282
96,390,000 5,854,800
102,244,800 102,244,800
680,482
102,925,282
- - -
- - - -
-
-
2012RM
2011RM
The weighted average effective interest rates are as follows:
Deposits with licensed banks 1.70-
2012%
Weighted averageeffective interest rate
per annum
2011%
110
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (cont’d)
(viii) AmAssurance Precious Metals Fund
Unquoted unit and property trust funds Deposits with licensed financial institutions
FVTPL:Unquoted unit and property trust funds: Cost Net unrealised loss Fair value Total investments at FVTPL LAR:Deposits with licensed banks Total investments
2,155,329 2,342,278 4,497,607
2,203,824 (48,495)
2,155,329 2,155,329
2,342,278
4,497,607
4,346,463 710,712
5,057,175
5,469,773 (1,123,310) 4,346,463 4,346,463
710,712
5,057,175
2012RM
2011RM
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2012 are as detailed below:
FVTPL: Unquoted unit and property trust funds: Am Precious Metals Total investments at FVTPL
5,469,773 5,469,7735,469,773
84.22%84.22%84.22%
5,883,139
4,346,463 4,346,4634,346,463
No. of unitsFair value
RMCostRM
Fair valueas %
of NAV
2012
The weighted average effective interest rates are as follows:
Deposits with licensed banks 2.602.80
2012%
Weighted averageeffective interest rate
per annum
2011%
111
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (cont’d)
(ix) AmAssurance Global Agribusiness Fund
Unquoted unit and property trust funds Deposits with licensed financial institutions
FVTPL: Unquoted unit and property trust funds: Cost Net unrealised gain Fair value Total investments at FVTPL LAR: Deposits with licensed banks Total investments
950,131 399,502
1,349,633
793,037 157,094 950,131 950,131
399,502
1,349,633
1,231,837 227,762
1,459,599
1,148,88282,955
1,231,837 1,231,837
227,762
1,459,599
2012RM
2011RM
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2012 are as detailed below:
FVTPL: Unquoted unit and property trust funds: Am Global Agribusiness Total investments at FVTPL
1,148,882 1,148,882 1,148,882
84.43%84.43%84.43%
1,370,383 1,231,837 1,231,837 1,231,837
No. of unitsFair value
RMCostRM
Fair valueas %
of NAV
2012
The weighted average effective interest rates are as follows:
Deposits with licensed banks 2.782.98
2012%
Weighted averageeffective interest rate
per annum
2011%
112
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (cont’d)
(x) AmAssurance AmAsia Recovery CG Fund
Structured product Deposits with licensed financial institutions
FVTPL: Structured product: Cost Net unrealised gain Fair value Total investments at FVTPL LAR: Deposits with licensed banks Total investments
87,392,289 855,138
88,247,427
85,486,343 1,905,946 87,392,289 87,392,289
855,138
88,247,427
89,964,705 878,792
90,843,497
85,486,343 4,478,362
89,964,705 89,964,705
878,792
90,843,497
2012RM
2011RM
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2012 are as detailed below:
FVTPL: Structured product: Floating Rate Negotiable Instrument of Deposit Due 02/07/2012 Total investments at FVTPL
85,486,343 85,486,343 85,486,343
106.62%106.62%106.62%
89,700,000 89,964,705 89,964,705 89,964,705
No. of unitsFair value
RMCostRM
Fair valueas %
of NAV
2012
The weighted average effective interest rates are as follows:
Deposits with licensed banks Floating rate negotiable instruments deposits
2.70 4.93
2.75 4.93
2012%
Weighted averageeffective interest rate
per annum
2011%
113
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (cont’d)
Structured product Unquoted unit and property trust funds
FVTPL: Structured product: Cost Net unrealised loss Fair value Unquoted unit and property trust funds: Cost Net unrealised gain Fair value Total investments at FVTPL
4,525,534 75,745
4,601,279
4,715,094 (189,560)
4,525,534
75,745 -
75,745 4,601,279
4,576,856 78,013
4,654,869
4,715,094 (138,238)
4,576,856
78,013 -
78,013 4,654,869
(xi) AmAssurance AmCommodity Stable CG Fund
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2012 are as detailed below:
FVTPL: Structured product: Floating Rate Negotiable Instrument of Deposit Due 12/10/2015 Unquoted unit and property trust funds: AmCash Management Fund AmIncome Fund
4,715,094 4,715,094
25,856 52,157 78,013
4,793,107
100.98%100.98%
0.57%1.15%1.72%
102.70%
5,045,920
25,856 52,157
4,576,856 4,576,856
25,856 52,157 78,013
4,654,869
No. of unitsFair value
RMCostRM
Fair valueas %
of NAV
2012
The weighted average effective interest rates are as follows:
Floating rate negotiable instruments deposits 2.00 3.00
2012%
Weighted averageeffective interest rate
per annum
2011%
2012RM
2011RM
114
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (cont’d)
(xii) AmAssurance AmCurrency Income CG Fund
Structured product Deposits with licensed financial institutions
FVTPL: Structured product: Cost Net unrealised loss Fair value Total investments at FVTPL LAR: Deposits with licensed banks Total investments
43,205,210 454,975
43,660,185
44,174,019 (968,809)
43,205,210 43,205,210
454,975 43,660,185
43,956,265 255,164
44,211,429
44,174,019 (217,754) 43,956,265
43,956,265
255,164
44,211,429
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2012 are as detailed below:
FVTPL: Structured product: Floating Rate Negotiable Instrument of Deposit Due 16/08/2014 Total investments at FVTPL
44,174,019 44,174,019 44,174,019
104.50%104.50%104.50%
46,193,169 43,956,265 43,956,265 43,956,265
No. of unitsFair value
RMCostRM
Fair valueas %
of NAV
2012
The weighted average effective interest rates are as follows:
Deposits with licensed banks Floating rate negotiable instruments deposits
2.70 4.57
2.98 4.57
2012%
Weighted averageeffective interest rate
per annum
2011%
2012RM
2011RM
115
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (cont’d)
(xiii) AmAssurance AmCurrency Income II CG Fund
Structured product Deposits with licensed financial institutions
FVTPL: Structured product: Cost Net unrealised loss Fair value Total investments at FVTPL LAR: Deposits with licensed banks Total investments
17,890,776 320,000
18,210,776
18,054,054 (163,278)
17,890,776 17,890,776
320,000 18,210,776
17,626,756 252,150
17,878,906
18,054,055 (427,299)
17,626,756 17,626,756
252,150
17,878,906
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2012 are as detailed below:
FVTPL: Structured product: Floating Rate Negotiable Instrument of Deposit Due 20/03/2014 Total investments at FVTPL
18,054,055 18,054,055 18,054,055
102.25%102.25%102.25%
18,933,000 17,626,756 17,626,756 17,626,756
No. of unitsFair value
RMCostRM
Fair valueas %
of NAV
2012
The weighted average effective interest rates are as follows:
Deposits with licensed banks Floating rate negotiable instruments deposits
2.78 4.85
2.98 4.85
2012%
Weighted averageeffective interest rate
per annum
2011%
2012RM
2011RM
116
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (cont’d)
Quoted equity securities Quoted unit and property trust funds Deposits with licensed financial institutions
FVPTL: Quoted equity securities: Cost Net unrealised gain Fair value Quoted unit and property trust funds: Cost Net unrealised gain Fair value Total investments at FVTPL LAR: Deposits with licensed banks Total investments
3,026,254 904,750
1,532,440 5,463,444
2,901,003 125,251
3,026,254
885,706 19,044
904,750 3,931,004
1,532,440
5,463,444
2012RM
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2012 are as detailed below:
FVPTL: Quoted equity securities: Finance Malayan Banking Bhd Malaysia Building Society Bhd Industrial KKB Engineering Bhd IPC YTL Power International Bhd Plantation Boustead Holdings Bhd Trading/Service Berjaya Sports Toto Bhd Faber Group Bhd Padiberas Nasional Bhd Petronas Dagangan Bhd Pharmaniaga Bhd
378,837 269,420
345,423
314,962
273,722
324,848 263,123 390,274 329,464 10,930
2,901,003
7.33%6.01%
6.14%
5.95%
5.49%
6.02%4.52%6.98%6.96%0.20%
55.59%
45,000 150,000
200,000
175,000
55,000
75,000 150,000 125,000 20,000
2,200
399,150 327,000
334,000
323,750
298,650
327,750 246,000 380,000 378,800
11,154 3,026,254
No. of unitsFair value
RMCostRM
Fair valueas %
of NAV
2012
(xiv) AmAssurance Dividend Fund
117
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)3. INVESTMENTS (xiv) AmAssurance Dividend Fund (cont’d)
FVPTL: Quoted unit and property trust funds: Capitamalls Malaysia Trust Pavilion Real Estate Invt Trust Sunway Real Estate Invt Trust
Total investments at FVTPL
276,458 306,501 302,747 885,706
3,786,709
5.07%5.81%5.74%
16.62%72.21%
200,000 275,000 250,000
276,000 316,250 312,500 904,750
3,931,004
No. of unitsFair value
RMCostRM
Fair valueas %
of NAV
2012
The weighted average effective interest rates are as follows:
Deposits with licensed banks 2.73
2012%
Weighted averageeffective interest rate
per annum
118
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)
4. DEFERRED TAXATION
The deferred tax (asset)/liability relate to unrealised capital (losses)/ gain on investments of the respective Funds.
(i) AmAssurance Equity Fund
At beginning of the year Recognised in the statement of comprehensive income (Note 8) At end of the year
59,193
(39,778) 19,415
19,415
(27,553) (8,138)
2012RM
2011RM
At beginning of the year Recognised in the statement of comprehensive income (Note 8) At end of the year
15,307
(9,783) 5,524
5,524
25,009 30,533
2012RM
2011RM
At beginning of the year Recognised in the statement of comprehensive income (Note 8) At end of the year
60,320
(34,036) 26,284
26,284
(29,423) (3,139)
2012RM
2011RM
At beginning of the year Recognised in the statement of comprehensive income (Note 8) At end of the year
33,945
(17,257) 16,688
16,688
(15,484) 1,204
2012RM
2011RM
At beginning of the year Recognised in the statement of comprehensive income (Note 8) At end of the year
(56,540)
39,223 (17,317)
(17,317)
(13,361) (30,678)
2012RM
2011RM
(ii) AmAssurance Bond Fund
(iii) AmAssurance Balanced Fund
(iv) AmAssurance Dana Teguh
(v) AmAssurance AmOasis Islamic Equity Fund
119
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)4. DEFERRED TAXATION (cont’d)
At beginning of the year Recognised in the statement of comprehensive income (Note 8) At end of the year
4,191
(81) 4,110
4,110
(6,213) (2,103)
2012RM
2011RM
At beginning of the year Recognised in the statement of comprehensive income (Note 8) At end of the year
203,559
264,825 468,384
468,384
(468,384) -
2012RM
2011RM
At beginning of the year Recognised in the statement of comprehensive income (Note 8) At end of the year
(5,589)
1,710 (3,879)
(3,879)
(85,985) (89,864)
2012RM
2011RM
At beginning of the year Recognised in the statement of comprehensive income (Note 8) At end of the year
6,576
5,992 12,568
12,568
(5,931) 6,637
2012RM
2011RM
At beginning of the year Recognised in the statement of comprehensive income (Note 8) At end of the year
(29,859)
182,335 152,476
152,476
205,793 358,269
2012RM
2011RM
(vii) AmAssurance AmAsia Star CG Fund
(vi) AmAssurance Global Emerging Market Fund
(viii) AmAssurance Precious Metals Fund
(ix) AmAssurance Global Agribusiness Fund
(x) AmAssurance AmAsia Recovery CG Fund
120
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)4. DEFERRED TAXATION (cont’d)
At beginning of the year/launch date of the fund Recognised in the statement of comprehensive income (Note 8) At end of the year/period
-
(15,165) (15,165)
(15,165)
4,106 (11,059)
2012RM
2011RM
At beginning of the year/launch date of the fund Recognised in the statement of comprehensive income (Note 8) At end of the year/period
-
(77,505) (77,505)
(77,505)
60,084 (17,421)
2012RM
2011RM
At beginning of the year/launch date of the fund Recognised in the statement of comprehensive income (Note 8) At end of the year/period
-
(13,062) (13,062)
(13,062)
(21,122) (34,184)
2012RM
2011RM
At launch date of the fund Recognised in the statement of comprehensive income (Note 8) At end of the period
-
11,543 11,543
2012RM
(xii) AmAssurance AmCurrency Income CG Fund
(xi) AmAssurance AmCommodity Stable CG Fund
(xiii) AmAssurance AmCurrency Income II CG Fund
(xiv) AmAssurance Dividend Fund
121
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)
5. UNITHOLDERS’ ACCOUNT
(i) AmAssurance Equity Fund
(ii) AmAssurance Bond Fund
(iii) AmAssurance Balanced Fund
Amount received for creations during the year Amount paid for cancellations due to surrenders during the year
Unitholders’ account brought forward (Deficit)/excess of income over outgo after taxation, representing total comprehensive (loss)/income for the year
Net asset value per unit at 31 March
Amount received for creations during the year Amount paid for cancellations due to surrenders during the year
Unitholders’ account brought forward Excess of income over outgo after taxation, representing total comprehensive income for the year
Net asset value per unit at 31 March
Amount received for creations during the year Amount paid for cancellations due to surrenders during the year
Unitholders’ account brought forward (Deficit)/excess of income over outgo after taxation, representing total comprehensive (loss)/income for the year
Net asset value per unit at 31 March
11,974,079
(8,296,137) 3,677,942
11,475,270
(559,495)14,593,717
0.7832
10,351,906
(10,460,923) (109,017)
11,362,975
653,983 11,907,941
0.7312
14,106,619
(9,653,589) 4,453,030
17,541,011
(482,771) 21,511,270
0.8193
11,771,264
(6,164,202) 5,607,062
4,611,267
1,256,941 11,475,270
0.8093
8,424,315
(3,209,156) 5,215,159
5,890,599
257,217 11,362,975
0.6903
12,357,949
(1,705,274)10,652,675
5,808,689
1,079,647 17,541,011
0.8382
15,853,631
(11,399,456)4,454,175
14,179,271
- 18,633,446
14,657,826
(14,833,788) (175,962)
16,461,544
- 16,285,582
19,186,782
(13,857,906) 5,328,876
20,927,960
- 26,256,835
14,613,800
(7,309,058) 7,304,742
6,874,529
- 14,179,271
12,427,370
(4,837,820) 7,589,550
8,871,994
- 16,461,544
14,967,223
(1,942,756) 13,024,467
7,903,493
- 20,927,960
No. of units
No. of units
No. of units
No. of units
No. of units
No. of units
RM
RM
RM
RM
RM
RM
2012
2012
2012
2011
2011
2011
122
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
(iv) AmAssurance Dana Teguh
(v) AmAssurance AmOasis Islamic Equity Fund
(vi) AmAssurance Global Emerging Market Fund
Amount received for creations during the year Amount paid for cancellations due to surrenders during the year
Unitholders’ account brought forward Excess of income over outgo after taxation, representing total comprehensive income for the year
Net asset value per unit at 31 March
Amount received for creations during the year Amount paid for cancellations due to surrenders during the year
Unitholders’ account brought forward (Deficit)/excess of income over outgo after taxation, representing total comprehensive (loss)/income for the year
Net asset value per unit at 31 March
Amount received for creations during the year Amount paid for cancellations due to surrenders during the year
Unitholders’ account brought forward (Deficit)/excess of income over outgo after taxation, representing total comprehensive (loss)/income for the year
Net asset value per unit at 31 March
11,268,525
(5,197,302) 6,071,223
7,049,872
8,229 13,129,324
0.7875
3,021,175
(2,814,418) 206,757
4,305,627
(164,529) 4,347,855
0.4424
168,625
(103,798) 64,827
722,767
(66,014) 721,580
0.4940
4,809,957
(1,138,283) 3,671,674
2,786,451
591,747 7,049,872
0.7928
1,973,070
(1,345,679) 627,391
3,335,014
343,222 4,305,627
0.4580
151,020
(53,992) 97,028
622,580
3,159 722,767
0.5422
14,834,806
(7,053,865)7,780,941
8,891,870
- 16,672,811
7,042,611
(6,615,434) 427,178
9,400,744
- 9,827,922
339,337
(211,672) 127,665
1,333,091
- 1,460,756
5,267,721
(427,060) 4,840,661
4,051,209
- 8,891,870
4,240,856
(2,919,335) 1,321,521
8,079,223
- 9,400,744
278,749
(101,099) 177,650
1,155,441
- 1,333,091
No. of units
No. of units
No. of units
No. of units
No. of units
No. of units
RM
RM
RM
RM
RM
RM
2012
2012
2012
2011
2011
2011
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)5. UNITHOLDERS’ ACCOUNT (cont’d)
123
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
(viii) AmAssurance Precious Metals Fund
(ix) AmAssurance Global Agribusiness Fund
Amount received for creations during the year Amount paid for cancellations due to surrenders during the year
Unitholders’ account brought forward Excess of income over outgo after taxation, representing total comprehensive income for the year
Net asset value per unit at 31 March
Amount received for creations during the year Amount paid for cancellations due to surrenders during the year
Unitholders’ account brought forward (Deficit)/excess of income over outgo after taxation, representing total comprehensive (loss)/income for the year
Net asset value per unit at 31 March
Amount received for creations during the year Amount paid for cancellations due to surrenders during the year
Unitholders’ account brought forward (Deficit)/excess of income over outgo after taxation, representing total comprehensive (loss)/income for the year
Net asset value per unit at 31 March
-
(96,706,468) (96,706,468)
96,260,953
445,515 -
-
4,575,155
(2,933,253) 1,641,902
4,540,004
(1,021,364) 5,160,542
0.4293
737,273
(513,034) 224,239
1,308,660
(73,929) 1,458,970
0.5594
-
(2,178,843)(2,178,843)
96,396,014
2,043,782 96,260,953
0.5145
3,225,127
(784,851) 2,440,276
1,933,742
165,986 4,540,004
0.5309
740,470
(184,339) 556,131
689,488
63,041 1,308,660
0.5907
-
(187,089,354)(187,089,354)
187,089,354
- -
9,632,794
(6,164,368) 3,468,426
8,551,816
- 12,020,242
1,363,450
(970,739) 392,711
2,215,601
- 2,608,312
-
(4,273,555) (4,273,555)
191,362,909
- 187,089,354
4,945,963
(317,231) 4,628,732
3,923,084
- 8,551,816
1,276,510
(279,663) 996,847
1,218,754
- 2,215,601
No. of units
No. of units
No. of units
No. of units
No. of units
No. of units
RM
RM
RM
RM
RM
RM
2012
2012
2012
2011
2011
2011
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)5. UNITHOLDERS’ ACCOUNT (cont’d)
(vii) AmAssurance AmAsia Star CG Fund
124
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
Amount received for creations during the year/period Amount paid for cancellations due to surrenders during the year/period
Unitholders’ account brought forward Excess of income over outgo after taxation, representing total comprehensive income for the year
Net asset value per unit at 31 March
-
(1,499,832) (1,499,832)
84,339,039
1,540,053 84,379,260
0.5112
8,762
(1,477,193)(1,468,431)
84,542,903
1,264,567 84,339,039
0.5019
-
(2,970,816) (2,970,816)
168,041,905
- 165,071,089
-
(2,954,378) (2,954,378)
170,996,283
- 168,041,905
No. of units No. of unitsRM RM
2012 2011
Amount received for creations during the year/period Amount paid for cancellations due to surrenders during the year/period
Unitholders’ account brought forward/ at launch date (Deficit)/excess of income over outgo after taxation, representing total comprehensive (loss)/ income for the yearCoupon payment
Net asset value per unit at 31 March
-
(45,651) (45,651)
4,567,569
110,924 (100,198)
4,532,644
0.4810
4,794,586
(33,803) 4,760,783
-
(193,214)-
4,567,569
0.4798
-
(95,276) (95,276)
9,518,847
- -
9,423,571
9,587,247
(68,400) 9,518,847
-
- -
9,518,847
No. of units No. of unitsRM RM
01.04.2011 to 31.03.2012 11.10.2010 to 31.03.2011
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)5. UNITHOLDERS’ ACCOUNT (cont’d)
(x) AmAssurance AmAsia Recovery CG Fund
(xi) AmAssurance AmCommodity Stable CG Fund
(xii) AmAssurance AmCurrency Income CG Fund
Amount received for creations during the year/period Amount paid for cancellations due to surrenders during the year/period
Unitholders’ account brought forward/ at launch date Excess/(Deficit) of income over outgo after taxation, representing total comprehensive income/(loss) for the year
Net asset value per unit at 31 March
-
(1,083,495)(1,083,495)
42,581,327
565,549 42,063,381
0.4948
43,716,690
(106,268) 43,610,422
-
(1,029,095)42,581,327
0.4883
-
(2,198,616) (2,198,616)
87,206,942
- 85,008,326
87,419,462
(212,520) 87,206,942
-
- 87,206,942
No. of units No. of unitsRM RM
01.04.2011 to 31.03.2012 16.08.2010 to 31.03.2011
125
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)5. UNITHOLDERS’ ACCOUNT (cont’d)
(xiii) AmAssurance AmCurrency Income II CG Fund
(xiv) AmAssurance Dividend Fund
Amount received for creations during the year/period Amount paid for cancellations due to surrenders during the year/period
Unitholders’ account brought forward/ at launch date Deficit of income over outgo after taxation, representing total comprehensive loss for the year
Net asset value per unit at 31 March
-
(643,728) (643,728)
18,213,206
(331,136) 17,238,342
0.4887
18,374,025
- 18,374,025
-
(160,819) 18,213,206
0.4979
-
(1,304,100) (1,304,100)
36,577,657
- 35,273,557
36,577,657
- 36,577,657
-
- 36,577,657
No. of units No. of unitsRM RM
01.04.2011 to 31.03.2012 21.03.2011 to 31.03.2011
Amount received for creations during the period Amount paid for cancellations due to surrenders during the period
Unitholders’ account brought forward/ at launch date Excess of income over outgo after taxation, representing total comprehensive income for the year
Net asset value per unit at 31 March
5,283,559
(29,970) 5,253,589
-
190,315 5,443,904
0.5188
10,570,844
(78,374) 10,492,470
-
- 10,492,470
No. of units RM
27.10.2011 to 31.03.2012
126
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
6. INTEREST INCOME
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)
35,718 - -
35,718
78,042 8,538
425,520 512,100
63,766 16,369 4,109
84,244
120,078 - -
120,078
2012RM
2012RM
2011RM
2011RM
AmAssurance Equity Fund AmAssurance Bond Fund
Interest income from: Deposits with licensed financial institutions Malaysia government securities Corporate bonds
46,381 8,219
54,600
85,910 127,965 213,875
33,775 -
33,775
100,931 343,156 444,087
2012RM
2012RM
2011RM
2011RM
AmAssurance Balanced Fund AmAssurance Dana Teguh
Interest income from: Deposits with licensed financial institutions Corporate bonds
12,234 52,683
2012RM
2011RM
AmAssuranceAmOasis Islamic Equity Fund
Interest income from: Deposits with licensed financial institutions
15,555 5,878
2012RM
2011RM
AmAssuranceAmAsia Star CG Fund
745
6,278
2012RM
2011RM
AmAssuranceGlobal Emerging Market Fund
Interest income from: Deposits with licensed financial institutions
5,693
6,112
2012RM
2011RM
AmAssuranceGlobal Agribusiness Fund
24,649
27,890
2012RM
2011RM
AmAssurancePrecious Metals Fund
Interest income from: Deposits with licensed financial institutions
127
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
30,028
27.10.2011 to 31.03.2012
RM
AmAssurance Dividend Fund
Interest income from: Deposits with licensed financial institutions
- 100,918
01.04.2011 to 31.03.2012
RM
11.10.2010 to 31.03.2011
RM
AmAssuranceAmCommodity Stable CG Fund
19,515 24,355
2012RM
2011RM
AmAssuranceAmAsia Recovery CG Fund
Interest income from: Deposits with licensed financial institutions
171 9,278
01.04.2011 to 31.03.2012
RM
21.03.2011 to 31.03.2011
RM
AmAssuranceAmCurrency Income II CG Fund
7,080
104,225
01.04.2011 to 31.03.2012
RM
16.08.2010 to 31.03.2011
RM
AmAssuranceAmCurrency Income CG Fund
Interest income from: Deposits with licensed financial institutions
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)6. INTEREST INCOME (cont’d)
128
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
7. DIVIDEND INCOME
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)
133,124
- 133,124
31,983
- 31,983
73,605
- 73,605
275,331
11,630 286,961
2012RM
2012RM
2011RM
2011RM
AmAssurance Equity Fund AmAssurance Bond Fund
Gross dividends from: Quoted equity securities in Malaysia Quoted unit and property trust funds in Malaysia
167,618
- 167,618
118,516
118,516
56,230
- 56,230
306,852
67,979374,831
2012RM
2012RM
2011RM
2011RM
AmAssurance Balanced Fund AmAssurance Dana Teguh
Gross dividends from: Quoted equity securities in Malaysia Quoted unit and property trust funds in Malaysia
27.10.2011 to 31.03.2012
RM
AmAssurance Dividend Fund
Gross dividends from: Quoted equity securities in Malaysia Quoted unit and property trust funds in Malaysia
42,177
9,585 51,762
2012RM
2011RM
AmAssuranceGlobal Emerging Market Fund
2012RM
2011RM
AmAssuranceAmOasis Islamic Equity Fund
Gross dividends from: Quoted equity securities in Malaysia Quoted unit and property trust funds in Malaysia
28,369
- 28,369
1,281
- 1,281
-
- -
28,972
- 28,972
01.04.2011 to 31.03.2012
RM
11.10.2010 to 31.03.2011
RM
AmAssuranceAmCommodity Stable CG Fund
2012RM
2011RM
AmAssurancePrecious Metals Fund
Gross dividends from: Quoted equity securities in Malaysia Quoted unit and property trust funds in Malaysia
-
146,566 146,566
2,037
- 2,037
-
- -
-
- -
129
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
8. TAXATION
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)
-
39,223
39,223
1,534
(13,361)
(11,827)
Malaysian income tax: Current year’s provision
Deferred tax: Relating to origination and reversal of temporary differences (Note 4) Tax expense for the year
2012RM
2011RM
AmAssuranceAmOasis Islamic Equity Fund
2012RM
2012RM
2011RM
2011RM
AmAssurance Equity Fund AmAssurance Bond Fund
143,057
(39,778)
103,279
36,938
25,009
61,947
27,014
(9,783)
17,231
(17,672)
(27,553)
(45,225)
Malaysian income tax: Current year’s provision
Deferred tax: Relating to origination and reversal of temporary differences (Note 4) Tax expense for the year
2012RM
2012RM
2011RM
2011RM
AmAssurance Balanced Fund AmAssurance Dana Teguh
120,811
(34,036)
86,775
21,037
(15,484)
5,553
65,842
(17,257)
48,585
(1,997)
(29,423)
(31,420)
Malaysian income tax: Current year’s provision
Deferred tax: Relating to origination and reversal of temporary differences (Note 4) Tax expense for the year
1,089
(81)
1,008
441
(468,384)
(467,943)
1,244
264,825
266,069
1,366
(6,213)
(4,847)
Malaysian income tax: Current year’s provision
Deferred tax: Relating to origination and reversal of temporary differences (Note 4) Tax expense for the year
2012RM
2011RM
AmAssuranceAmAsia Star CG Fund
2012RM
2011RM
AmAssuranceGlobal Emerging Market Fund
130
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
1,561
182,335
183,896
8,073
4,106
12,179
-
(15,165)
(15,165)
1,948
205,793
207,741
Malaysian income tax: Current year’s provision
Deferred tax: Relating to origination and reversal of temporary differences (Note 4) Tax expense for the year
01.04.2011 to 31.03.2012
RM
11.10.2010 to 31.03.2011
RM
AmAssuranceAmCommodity Stable CG Fund
2012RM
2011RM
AmAssuranceAmAsia Recovery CG Fund
566
(77,505)
(76,939)
743
(21,122)
(20,379)
14
(13,062)
(13,048)
8,338
60,084
68,422
Malaysian income tax: Current year’s provision
Deferred tax: Relating to origination and reversal of temporary differences (Note 4) Tax expense for the year
01.04.2011 to 31.03.2012
RM
21.03.2011 to 31.03.2011
RM
AmAssuranceAmCurrency Income II CG Fund
01.04.2011 to 31.03.2012
RM
16.08.2010 to 31.03.2011
RM
AmAssuranceAmCurrency Income CG Fund
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)8. TAXATION (cont’d)
1,972
1,710
3,682
489
(5,931)
(5,442)
455
5,992
6,447
(817)
(85,985)
(86,802)
Malaysian income tax: Current year’s provision
Deferred tax: Relating to origination and reversal of temporary differences (Note 4) Tax expense for the year
2012RM
2011RM
AmAssuranceGlobal Agribusiness Fund
2012RM
2011RM
AmAssurancePrecious Metals Fund
131
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)8. TAXATION (cont’d)
Malaysian income tax: Current year’s provision
Deferred tax: Relating to origination and reversal of temporary differences (Note 4) Tax expense for the year
27.10.2011 to 31.03.2012
RM
AmAssurance Dividend Fund
5,449
11,543
16,992
The tax charge on the Funds relates to investment income received and gain on disposal of investments during the year/period, at the preferential tax rate of 8% (2011: 8%) in accordance with the method prescribed under the Income Tax Act, 1967 for life insurance business.
A reconciliation of income tax expense applicable to the excess/(deficit) of income over outgo before taxation at the income tax rate applicable to the investment-linked funds, to income tax expense at the effective income tax rate, is as follows:
2012RM
2012RM
2011RM
2011RM
AmAssurance Equity Fund AmAssurance Bond Fund
1,360,220
108,818 (7,473)
1,934 103,279
715,930
57,275 (4,765)
9,437 61,947
274,448
21,956 (6,429)
1,704 17,231
(604,720)
(48,378) (14,039)
17,192 (45,225)
(Deficit)/excess of income over outgo before taxation
Taxation at Malaysian tax charge of 8% Income not subject to taxExpenses not deductible for tax purposes
2012RM
2012RM
2011RM
2011RM
AmAssurance Balanced Fund AmAssurance Dana Teguh
1,166,422
93,314 (42,332)
35,793 86,775
13,782
1,104 (6,288)
10,737 5,553
640,332
51,227 (20,644)
18,003 48,585
(514,191)
(41,135) (12,117)
21,832 (31,420)
(Deficit)/excess of income over outgo before taxation
Taxation at Malaysian tax charge of 8% Income not subject to taxExpenses not deductible for tax purposes
132
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)8. TAXATION (cont’d)
382,445
30,596 (3,248)
11,875 39,223
(176,356)
(14,108) (1,728)
4,009 (11,827)
(Deficit)/excess of income over outgo before taxation
Taxation at Malaysian tax charge of 8% Income not subject to taxExpenses not deductible for tax purposes
2012RM
2011RM
AmAssuranceAmOasis Islamic Equity Fund
4,167
333 -
675 1,008
(22,428)
(1,795) (475,538)
9,390 (467,943)
2,309,851
184,788 -
81,281 266,069
(70,861)
(5,668) (103)
924 (4,847)
(Deficit)/excess of income over outgo before taxation
Taxation at Malaysian tax charge of 8% Income not subject to taxExpenses not deductible for tax purposes
2012RM
2011RM
AmAssuranceAmAsia Star CG Fund
2012RM
2011RM
AmAssuranceGlobal Emerging Market Fund
169,668
13,573 (11,726)
1,835 3,682
(79,371)
(6,350)-
908 (5,442)
69,488
5,559 -
888 6,447
(1,108,166)
(88,653)-
1,851 (86,802)
(Deficit)/excess of income over outgo before taxation
Taxation at Malaysian tax charge of 8% Income not subject to taxExpenses not deductible for tax purposes
2012RM
2011RM
AmAssuranceGlobal Agribusiness Fund
2012RM
2011RM
AmAssurancePrecious Metals Fund
133
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)8. TAXATION (cont’d)
1,448,463
115,877 -
68,019 183,896
123,103
9,848 (163)
2,494 12,179
(208,379)
(16,670) -
1,505 (15,165)
1,747,794
139,824 -
67,917 207,741
Excess/(deficit) of income over outgo before taxation
Taxation at Malaysian tax charge of 8% Income not subject to taxExpenses not deductible for tax purposes
01.04.2011 to 31.03.2012
RM
11.10.2010 to 31.03.2011
RM
AmAssuranceAmCommodity Stable CG Fund
2012RM
2011RM
AmAssuranceAmAsia Recovery CG Fund
(1,106,034)
(88,483) -
11,544 (76,939)
(351,515)
(28,121)-
7,742 (20,379)
(173,867)
(13,909) -
861 (13,048)
633,971
50,717 -
17,705 68,422
Excess/(deficit) of income over outgo before taxation
Taxation at Malaysian tax charge of 8% Income not subject to taxExpenses not deductible for tax purposes
01.04.2011 to 31.03.2012
RM
21.03.2011 to 31.03.2011
RM
AmAssuranceAmCurrency Income II CG Fund
01.04.2011 to 31.03.2012
RM
16.08.2010 to 31.03.2011
RM
AmAssuranceAmCurrency Income CG Fund
Excess of income over outgo before taxation
Taxation at Malaysian tax charge of 8% Income not subject to taxExpenses not deductible for tax purposes
27.10.2011 to 31.03.2012
RM
AmAssurance Dividend Fund
207,307
16,585 (2,626)
3,03316,992
9. CONTINGENT LIABILITIES AND COMMITMENTS
At 31 March 2012, the Funds have no material contingent liabilities or commitments that are not included in the financial statements.
134
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)
10. SIGNIFICANT RELATED PARTY DISCLOSURE
(a) Related parties
The related parties and their relationship with the Manager are as follows:
Name Relationship
AmInvestment Bank Berhad Other related company
AmBank (M) Berhad Other related company
AmIslamic Bank (M) Berhad Other related company
AmSec Nominees (Tempatan) Sendirian Berhad Other related company
AmTrustee Berhad Other related company
In the normal course of business, the Manager undertakes various transactions with subsidiaries and associated companies of its ultimate holding company, AMMB Holdings Berhad and other companies deemed related parties by virtue of common director’s shareholdings and a corporate shareholder’s interest in its ultimate holding company.
(b) Key management personnel
In line with the group classification, the key management personnel of the Manager include the directors and the Chief Executive Officer. There were no significant transcations entered into with key management personnel during the year.
(c) Related party balances
At the financial year/period end, the significant related party balances of the Funds with related parties of the Manager, were as follows:
2012RM
2011RM
AmAssurance Equity Fund
5,012,700
6,449,875 4,395
-
3,409,000 2,686
AmSec Nominees (Tempatan) Sendirian Berhad Investment AmBank (M) Berhad Deposits with licensed banks Cash and bank balances
135
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)10. SIGNIFICANT RELATED PARTY DISCLOSURE (c) Related party balances (cont’d)
2012RM
2011RM
AmAssurance Bond Fund
6,002,949
4,445,617 1,310
-
1,352,233 138
AmSec Nominees (Tempatan) Sendirian Berhad Investment AmBank (M) Berhad Deposits with licensed banks Cash and bank balances
2012RM
2011RM
AmAssurance Balanced Fund
2012RM
2011RM
AmAssurance Dana Teguh
2,255,950
4,207,847 917
-
2,827,762 150
AmSec Nominees (Tempatan) Sendirian Berhad Investments AmIslamic Bank (M) Berhad Deposits with licensed banks Cash and bank balances
2012RM
2011RM
AmAssuranceAmOasis Islamic Equity Fund
995,300
1,905,363 1,437
-
1,186,000 891
AmSec Nominees (Tempatan) Sendirian Berhad Investments AmBank (M) Berhad Deposits with licensed banks Cash and bank balances
5,925,800
2,014,900
8,225,921 3,147
-
-
1,425,383 2,420
AmSec Nominees (Tempatan) Sendirian Berhad Investment
AmTrustee Berhad Investment AmBank (M) Berhad Deposits with licensed banks Cash and bank balances
136
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
2012RM
2011RM
AmAssuranceGlobal Emerging Market Fund
4,105 9,286 AmBank (M) Berhad Cash and bank balances
2012RM
2011RM
AmAssuranceAmAsia Star CG Fund
680,482 2,043
- -
AmBank (M) Berhad Deposits with licensed banks Cash and bank balances
2012RM
2011RM
AmAssurancePrecious Metals Fund
2,342,278 418
710,712 947
AmIslamic Bank (M) Berhad Deposits with licensed banks Cash and bank balances
2012RM
2011RM
AmAssuranceGlobal Agribusiness Fund
236 5,491 AmBank (M) Berhad Cash and bank balances
2012RM
2011RM
AmAssuranceAmAsia Recovery CG Fund
855,138 536
878,792 528
AmBank (M) Berhad Deposits with licensed banks Cash and bank balances
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)10. SIGNIFICANT RELATED PARTY DISCLOSURE (c) Related party balances (cont’d)
137
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
2012RM
2011RM
AmAssuranceAmCommodity Stable CG Fund
4,020 4,239 AmBank (M) Berhad Cash and bank balances
2012RM
2011RM
AmAssuranceAmCurrency Income CG Fund
931 659 AmBank (M) Berhad Cash and bank balances
2012RM
2011RM
AmAssuranceAmCurrency Income II CG Fund
471 181 AmBank (M) Berhad Cash and bank balances
AmAssurance Dividend Fund
1,532,440 1,345
AmBank (M) Berhad Deposits with licensed banks Cash and bank balances
2012RM
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)10. SIGNIFICANT RELATED PARTY DISCLOSURE (c) Related party balances (cont’d)
138
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
(d) Related party transactions
During the financial year, the significant related party transactions of the Funds with related parties of the Manager, were as follows:
2012RM
2012RM
2012RM
2012RM
2011RM
2011RM
2011RM
2011RM
AmAssurance Equity Fund
AmAssurance Bond Fund
AmAssurance Balanced Fund
AmAssurance Dana Teguh
35,718
2,655
63,766
2,711
46,380
3,259
33,775
1,611
120,078
6,297
78,042
4,976
100,931
8,863
85,910
4,323
AmBank (M) Berhad Investment income: Interest income AmTrustee Berhad Management expense: Trustee fees
AmBank (M) Berhad Investment income: Interest income AmTrustee Berhad Management expense: Trustee fees
AmBank (M) Berhad Investment income: Interest income AmTrustee Berhad Management expense: Trustee fees
AmIslamic Bank (M) Berhad Investment income: Interest income AmTrustee Berhad Management expense: Trustee fees
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)10. SIGNIFICANT RELATED PARTY DISCLOSURE (cont’d)
139
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
12,234
10
420
52,683
-
629
AmIslamic Bank (M) Berhad Investment income: Interest income Management expenses: Bank charges AmTrustee Berhad Management expense: Trustee fees
10-
AmBank (M) Berhad Management expenses: Bank charges
15,555
35
5,878
-
AmBank (M) Berhad Investment income: Interest income Management expense: Bank charges
13,607
10
27,890
10
AmIslamic Bank (M) Berhad Investment income: Interest income Management expense: Bank charges
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)10. SIGNIFICANT RELATED PARTY DISCLOSURE (d) Related party transactions (cont’d)
2012RM
2011RM
AmAssuranceAmOasis Islamic Equity Fund
2012RM
2011RM
AmAssuranceGlobal Emerging Market Fund
2012RM
2011RM
AmAssuranceAmAsia Star CG Fund
2012RM
2011RM
AmAssurancePrecious Metals Fund
140
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
10-
AmBank (M) Berhad Management expenses: Bank charges
10-
AmBank (M) Berhad Management expenses: Bank charges
7,080
20
11,665
10
AmBank (M) Berhad Investment income: Interest income Management expense: Bank charges
19,515
40
24,355
20
AmBank (M) Berhad Investment income: Interest income Management expense: Bank charges
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)10. SIGNIFICANT RELATED PARTY DISCLOSURE (d) Related party transactions (cont’d)
2012RM
2011RM
AmAssuranceGlobal Agribusiness Fund
01.04.2011 to 31.03.2012
RM
11.10.2010 to 31.03.2011
RM
AmAssuranceAmCommodity Stable CG Fund
01.04.2011 to 31.03.2012
RM
16.08.2010 to 31.03.2011
RM
AmAssuranceAmCurrency Income CG Fund
2012RM
2011RM
AmAssuranceAmAsia Recovery CG Fund
141
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
171
-
-
10
AmBank (M) Berhad Investment income: Interest income Management expenses: Bank charges
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)10. SIGNIFICANT RELATED PARTY DISCLOSURE (d) Related party transactions (cont’d)
01.04.2011 to 31.03.2012
RM
21.03.2011 to 31.03.2011
RM
AmAssuranceAmCurrency Income II CG Fund
AmAssurance Dividend Fund
27.10.2011 to 31.03.2012
RM
AmBank (M) Berhad Investment income: Interest income Management expense: Bank charges
AmTrustee Berhad Management expense: Trustee fees
30,028
12
888
142
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)
11. FAIR VALUES OF FINANCIAL INSTRUMENTS
(a) Fair value hierarchy
The Funds use the following hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
Level 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.
The following tables show an analysis of financial instruments recorded at fair value by level of the fair
value hierarchy:
FVTPL: 2012 Quoted equity securities Quoted unit and property trust funds
2011 Quoted equity securities
FVTPL: 2012 Unquoted corporate bondsUnquoted unit and property trust funds
2011Unquoted corporate bondsMalaysian government securitiesUnquoted unit and property trust funds
- - -
- -
9,265,363 1,100,970 10,366,333
1,007,449 4,995,500
917,519 6,920,468
10,212,233 1,000,500 11,212,733
5,012,700 5,012,700
9,265,363 1,100,970 10,366,333
1,007,449 4,995,500
917,519 6,920,468
10,212,233 1,000,500
11,212,733
5,012,700 5,012,700
- - -
- - - -
- - -
- -
- - -
- - - -
Level 1 RM’000
Level 1 RM’000
Level 3 RM’000
Level 3 RM’000
Level 2 RM’000
Level 2 RM’000
Total RM’000
Total RM’000
(i) AmAssurance Equity Fund
(ii) AmAssurance Bond Fund
143
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
(iv) AmAssurance Dana Teguh
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)11. FAIR VALUES OF FINANCIAL INSTRUMENTS (a) Fair value hierarchy (cont’d)
Level 1 RM’000
Level 1 RM’000
Level 1 RM’000
Level 3 RM’000
Level 3 RM’000
Level 3 RM’000
Level 2 RM’000
Level 2 RM’000
Level 2 RM’000
Total RM’000
Total RM’000
Total RM’000
(iii) AmAssurance Balanced Fund
FVTPL: 2012 Quoted equity securities Unquoted corporate bonds Quoted unit and property trust funds
2011Quoted equity securities Unquoted corporate bonds Unquoted unit and property trust funds
FVTPL: 2012 Quoted equity securities Unquoted corporate bonds Quoted unit and property trust funds
2011Quoted equity securities Unquoted unit and property trust funds
FVTPL: 2012 Quoted equity securities Unquoted unit and property trust funds
2011Quoted equity securities Unquoted unit and property trust funds
- 5,786,431
- 5,786,431
- 2,014,900 1,020,711 3,035,611
- 2,366,427
293,655 2,660,082
- 468,053 468,053
- 1,158,578 1,158,578
- 1,403,995 1,403,995
12,833,984 5,786,431 1,316,750 19,937,165
5,925,800 2,014,900 1,020,711 8,961,411
7,434,120 2,366,427
293,655 10,094,202
2,255,950 468,053
2,724,003
2,004,200 1,158,578 3,162,778
995,300 1,403,995 2,399,295
12,833,984
- 1,316,750
14,150,734
5,925,800 - -
5,925,800
7,434,120
- -
7,434,120
2,255,950 -
2,255,950
2,004,200
- 2,004,200
995,300 -
995,300
- - - -
- - - -
- - - -
- - -
- - -
- - -
(v) AmAssurance AmOasis Islamic Equity Fund
144
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
(viii) AmAssurance Precious Metals Fund
(vii) AmAssurance AmAsia Star CG Fund
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)11. FAIR VALUES OF FINANCIAL INSTRUMENTS (a) Fair value hierarchy (cont’d)
Level 1 RM’000
Level 1 RM’000
Level 1 RM’000
Level 1 RM’000
Level 3 RM’000
Level 3 RM’000
Level 3 RM’000
Level 3 RM’000
Level 2 RM’000
Level 2 RM’000
Level 2 RM’000
Level 2 RM’000
Total RM’000
Total RM’000
Total RM’000
Total RM’000
FVTPL: 2012 Unquoted unit and property trust funds
2011Unquoted unit and property trust funds
FVTPL: 2012 Structured product
2011Structured product
FVTPL: 2012 Unquoted unit and property trust funds
2011Unquoted unit and property trust funds
FVTPL: 2012 Unquoted unit and property trust funds
2011Unquoted unit and property trust funds
503,357 503,357
526,629 526,629
- -
102,244,800 102,244,800
- -
102,244,800 102,244,800
4,346,463 4,346,463
2,155,329 2,155,329
1,231,837 1,231,837
950,131 950,131
503,357 503,357
526,629 526,629
4,346,463 4,346,463
2,155,329 2,155,329
1,231,837 1,231,837
950,131 950,131
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
(vi) AmAssurance Global Emerging Market Fund
(ix) AmAssurance Global Agribusiness Fund
145
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
Level 1 RM’000
Level 3 RM’000
Level 2 RM’000
Total RM’000
FVTPL: 2012 Structured product Unquoted unit and property trust funds
2011Structured product Unquoted unit and property trust funds
4,576,856 78,013
4,654,869
4,525,534 75,745
4,601,279
4,576,856 78,013
4,654,869
4,525,534 75,745
4,601,279
- - -
- - -
- - -
- - -
(x) AmAssurance AmAsia Recovery CG Fund
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)11. FAIR VALUES OF FINANCIAL INSTRUMENTS (a) Fair value hierarchy (cont’d)
Level 1 RM’000
Level 1 RM’000
Level 3 RM’000
Level 3 RM’000
Level 2 RM’000
Level 2 RM’000
Total RM’000
Total RM’000
FVTPL: 2012 Structured product
2011Structured product
FVTPL: 2012 Structured product
2011Structured product
89,964,705 89,964,705
87,392,289 87,392,289
43,956,265 43,956,265
43,205,210 43,205,210
89,964,705 89,964,705
87,392,289 87,392,289
43,956,265 43,956,265
43,205,210 43,205,210
- -
- -
- -
- -
- -
- -
- -
- -
(xii) AmAssurance AmCurrency Income CG Fund
(xi) AmAssurance AmCommodity Stable CG Fund
146
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
(xiv) AmAssurance Dividend Fund
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)11. FAIR VALUES OF FINANCIAL INSTRUMENTS (a) Fair value hierarchy (cont’d)
Level 1 RM’000
Level 1 RM’000
Level 3 RM’000
Level 3 RM’000
Level 2 RM’000
Level 2 RM’000
Total RM’000
Total RM’000
FVTPL: 2012 Structured product
2011Structured product
FVTPL: 2012 Quoted equity securitiesQuoted unit and property trust funds
17,626,756 17,626,756
17,890,776 17,890,776
- --
3,026,254 904,750
3,931,004
- -
- -
3,026,254 904,750
3,931,004
- -
- -
- --
(xiii) AmAssurance AmCurrency Income II CG Fund
17,626,756 17,626,756
17,890,776 17,890,776
147
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)
2012RM
2012RM
2011RM
2011RM
AmAssurance Equity Fund AmAssurance Bond Fund
- -
6,449,875 161,525
4,395 6,615,795
9,265,363 -
1,352,233 301,125
138 10,918,859
1,007,449 4,995,500
4,445,617 110,799
1,310 10,560,675
- -
3,409,000 14,341 2,686
3,426,027
Investments: Unquoted corporate bonds Malaysian government securities Deposits with licensed financial institutions Other receivables Cash and bank balances
2012RM
2012RM
2011RM
2011RM
AmAssurance Balanced Fund AmAssurance Dana Teguh
2,014,900
8,225,921 491,786
3,147 10,735,754
2,366,427
2,827,762 279,038
150 5,473,377
-
4,207,847 227,778
917 4,436,542
5,786,431
1,425,383 192,275
2,420 7,406,509
Investments: Unquoted corporate bonds Deposits with licensed financial institutions Other receivables Cash and bank balances
12. FINANCIAL RISK
(1) Credit risk
Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Funds by failing to discharge an obligation. The Funds are exposed to the risk of credit-related losses that can occur as a result of a counterparty or issuer being unable or unwilling to honour its contractual obligations to make timely repayments of interest, principal and proceeds from realisation of investments.
The Manager manages the Funds’ credit risk by undertaking credit evaluation and close monitoring of any changes to the issuer/counterparty’s credit profile to minimise such risk. It is the Funds’ policy to enter into financial instruments with reputable counterparties. The Manager also closely monitors the creditworthiness of the Funds’ counterparties (e.g., brokers, custodian, banks, etc.) by reviewing their credit ratings and credit profile on a regular basis.
Credit exposure
The table below shows the maximum exposure to credit risk for the components of the statement of financial position and items such as future commitments. The maximum exposure is shown gross, before the effect of mitigation through the use of master netting or collateral agreements and the use of credit derivatives.
148
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
2,342,278
93,587 418
2,436,283
227,762 16,623 5,491
249,876
399,502 4,396
236 404,134
710,712 43,810
947 755,469
Investments: Deposits with licensed financial institutions Other receivables Cash and bank balances
2012RM
2011RM
AmAssuranceGlobal Agribusiness Fund
2012RM
2011RM
AmAssurancePrecious Metals Fund
Investments: Floating rate negotiable instruments deposit Deposits with licensed financial institutions Other receivables Cash and bank balances
2012RM
2011RM
AmAssuranceAmAsia Star CG Fund
2012RM
2011RM
AmAssuranceGlobal Emerging Market Fund
-
1,905,363 92,320 1,437
1,999,120
-
1,186,000 17,946
891 1,204,837
Investments: Unquoted corporate bonds Deposits with licensed financial institutions Other receivables Cash and bank balances
2012RM
2011RM
AmAssuranceAmOasis Islamic Equity Fund
87,392,289
855,138 444 536
88,248,407
4,576,856
- 228
4,239 4,581,323
4,525,534
- 227
4,020 4,529,781
89,964,705
878,792
144 528
90,844,169
Investments: Floating rate negotiable instruments deposit Deposits with licensed financial institutions Other receivables Cash and bank balances
2011RM
2011RM
AmAssuranceAmCommodity Stable CG Fund
2012RM
2011RM
AmAssuranceAmAsia Recovery CG Fund
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (1) Credit risk. Credit exposure (cont’d)
225,240
586 4,105
229,931
- - - -
102,244,800
680,482 25,332 2,043
102,952,657
221,975 528
9,286 231,789
149
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
Investments: Deposits with licensed financial institutions Other receivables Cash and bank balances
2012RM
AmAssurance Dividend Fund
1,532,440 7,013
1,345 1,540,798
43,205,210
454,975 1,778
931 43,662,894
17,626,756
252,150 105 181
17,879,192
17,890,776
320,000 171 471
18,211,418
43,956,265
255,164 1,581
659 44,213,669
Investments: Floating rate negotiable instruments deposit Deposits with licensed financial institutions Other receivables Cash and bank balances
2012RM
2012RM
AmAssuranceAmCurrency Income II CG Fund
2012RM
2012RM
AmAssuranceAmCurrency Income CG Fund
- - - -
- - - -
3,409,000 510
2,686 3,412,196
6,449,875 937
4,395 6,455,207
- - - -
- - - -
- - - -
- - - -
- 13,831
- 13,831
- 160,588
- 160,588
- - - -
- - - -
3,409,000 14,341 2,686
3,426,027
6,449,875 161,525
4,395 6,615,795
Neither impaired nor past-due
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (1) Credit risk. Credit exposure (cont’d)
Credit exposure by credit rating
The table below provides information regarding the credit risk exposures of the Funds by classifying assets according to the Funds’ credit ratings of counterparties.
(i) AmAssurance Equity Fund
AAA RM
AA RM
A RM
Government Guaranteed
(GG)RM
Not rated
RM
Past-due but not
impaired RM
Total RM
2012 Investments: Deposits with licensed financial institutions Other receivables Cash and bank balances
2011 Investments: Deposits with licensed financial institutions Other receivables Cash and bank balances
150
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
Neither impaired nor past-due
Neither impaired nor past-due
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (1) Credit risk. Credit exposure by credit rating (cont’d)
(ii) AmAssurance Bond Fund
AAA RM
AAA RM
AARM
AA RM
A RM
A RM
Government Guaranteed
(GG)RM
Government Guaranteed
(GG)RM
Not rated
RM
Not rated
RM
Past-due but not
impaired RM
Past-due but not
impaired RM
Total RM
Total RM
2,608,250
- - -
2,608,250
1,007,449
-
- - -
1,007,449
2,078,000
- - -
2,078,000
2,014,900
- - -
2,014,900
3,141,300
1,352,233 204 138
4,493,875
-
-
4,445,617 2,301 1,310
4,449,228
1,533,300
1,425,383 213
2,420 2,961,316
-
8,225,921 1,194 3,147
8,230,262
981,313
- - -
981,313
-
-
- - - -
1,668,231
- - -
1,668,231
-
- - - -
2,534,500
- - -
2,534,500
-
4,995,500
- - -
4,995,500
506,900
- - -
506,900
-
- - - -
-
- 300,921
- 300,921
-
-
- 108,498
- 108,498
-
- 192,062
- 192,062
-
- 490,592
- 490,592
-
- - - -
-
-
- - - -
-
- - - -
-
- - - -
9,265,363
1,352,233 301,125
138 10,918,859
1,007,449
4,995,500
4,445,617 110,799
1,310 10,560,675
5,786,431
1,425,383 192,275
2,420 7,406,509
2,014,900
8,225,921 491,786
3,147 10,735,754
2012 Investments: Unquoted corporate bonds Deposits with licensed financial institutions Other receivables Cash and bank balances
2011 Investments: Unquoted corporate bonds Malaysian government securities Deposits with licensed financial institutions Other receivables Cash and bank balances
2012 Investments: Unquoted corporate bonds Deposits with licensed financial institutions Other receivables Cash and bank balances
2011 Investments: Unquoted corporate bonds Deposits with licensed financial institutions Other receivables Cash and bank balances
(iii) AmAssurance Balanced Fund
151
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (1) Credit risk. Credit exposure by credit rating (cont’d)
(iv) AmAssurance Dana Teguh
Neither impaired nor past-due
AAA RM
AA RM
A RM
Government Guaranteed
(GG)RM
Not rated
RM
Past-due but not
impaired RM
Total RM
- - - -
- - - -
1,186,000 182 891
1,187,073
1,905,363 271
1,437 1,907,071
- - - -
- - - -
- - - -
- - - -
-
17,764 -
17,764
- 92,049
- 92,049
- - - -
- - - -
1,186,000
17,946 891
1,204,837
1,905,363 92,320 1,437
1,999,120
2012 Investments: Deposits with licensed financial institutions Other receivables Cash and bank balances
2011 Investments: Deposits with licensed financial institutions Other receivables Cash and bank balances
(v) AmAssurance AmOasis Islamic Equity Fund
Neither impaired nor past-due
AAA RM
AA RM
A RM
Government Guaranteed
(GG)RM
Not rated
RM
Past-due but not
impairedRM
Total RM
-
- - - -
-
- - - -
763,840
2,827,762 434 150
3,592,186
-
4,207,847 600 917
4,209,364
588,788
- - -
588,788
-
- - - -
1,013,799
- - -
1,013,799
-
- - - -
-
- 278,604
- 278,604
-
- 227,178
- 227,178
-
- - - -
-
- - - -
2,366,427
2,827,762 279,038
150 5,473,377
-
4,207,847 227,778
917 4,436,542
2012 Investments: Unquoted corporate bonds Deposits with licensed financial institutions Other receivables Cash and bank balances
2011 Investments: Unquoted corporate bonds Deposits with licensed financial institutions Other receivables Cash and bank balances
152
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (1) Credit risk. Credit exposure by credit rating (cont’d)
Neither impaired nor past-due
AAA RM
AA RM
A RM
Government Guaranteed
(GG)RM
Not rated
RM
Past-due but not
impaired RM
Total RM
2011 Investments: Floating rate negotiable instruments deposits Deposits with licensed financial institutions Other receivables Cash and bank balances
Neither impaired nor past-due
AAA RM
AA RM
A RM
Government Guaranteed
(GG)RM
Not rated
RM
Past-due but not
impaired RM
Total RM
221,975 36
- 222,011
225,240 120
- 225,360
- -
9,286 9,286
- -
4,105 4,105
- - - -
- - - -
- - - -
- - - -
- 492
- 492
- 466
- 466
- - - -
- - - -
221,975
528 9,286
231,789
225,240 586
4,105 229,931
2012 Investments: Deposits with licensed financial institutions Other receivables Cash and bank balances
2011 Investments: Deposits with licensed financial institutions Other receivables Cash and bank balances
(vi) AmAssurance Global Emerging Market Fund
(vii) AmAssurance AmAsia Star CG Fund
- - - --
102,244,800
680,482 352
2,043 102,927,677
- - - --
- - - --
-
- 24,980
- 24,980
- - - --
102,244,800
680,482 25,332 2,043
102,952,657
153
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (1) Credit risk. Credit exposure by credit rating (cont’d)
(viii) AmAssurance Precious Metals Fund
(ix) AmAssurance Global Agribusiness Fund
Neither impaired nor past-due
Neither impaired nor past-due
AAA RM
AAA RM
AA RM
AA RM
A RM
A RM
Government Guaranteed
(GG)RM
Government Guaranteed
(GG)RM
Not rated
RM
Not rated
RM
Past-due but not
impaired RM
Past-due but not
impaired RM
Total RM
Total RM
- - - -
- - - -
227,762 37
- 227,799
399,502 213
- 399,715
710,712 109 947
711,768
2,342,278 1,168
418 2,343,864
- -
5,491 5,491
- -
236 236
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- 43,701
- 43,701
- 92,419
- 92,419
- 16,586
- 16,586
- 4,183
- 4,183
- - - -
- - - -
- - - -
- - - -
710,712
43,810 947
755,469
2,342,278 93,587
418 2,436,283
227,762
16,623 5,491
249,876
399,502 4,396
236 404,134
2012 Investments: Deposits with licensed financial institutions Other receivables Cash and bank balances
2011 Investments: Deposits with licensed financial institutions Other receivables Cash and bank balances
2012 Investments: Deposits with licensed financial institutions Other receivables Cash and bank balances
2011 Investments: Deposits with licensed financial institutions Other receivables Cash and bank balances
154
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (1) Credit risk. Credit exposure by credit rating (cont’d)
Neither impaired nor past-due
Neither impaired nor past-due
AAA RM
AAA RM
AA RM
AA RM
A RM
A RM
Government Guaranteed
(GG)RM
Government Guaranteed
(GG)RM
Not rated
RM
Not rated
RM
Past-due but not
impaired RM
Past-due but not
impaired RM
Total RM
Total RM
(x) AmAssurance AmAsia Recovery CG Fund
- - - - -
-
- - - -
- - - -
- - - -
89,964,705
878,792 132 528
90,844,157
87,392,289
855,138 442 536
88,248,405
4,576,856 -
4,239 4,581,095
4,525,534 -
4,020 4,529,554
-
- - - -
- - - - -
- - - -
- - - -
-
- - - -
- - - - -
- - - -
- - - -
-
- 12
- 12
-
- 2 - 2
- 228
- 228
- 227
- 227
-
- - - -
- - - - -
- - - -
- - - -
89,964,705
878,792 144 528
90,844,169
87,392,289
855,138 444 536
88,248,407
4,576,856
228 4,239
4,581,323
4,525,534 227
4,020 4,529,781
2012 Investments: Floating rate negotiable instruments deposits Deposits with licensed financial institutions Other receivables Cash and bank balances
2011 Investments: Floating rate negotiable instruments deposits Deposits with licensed financial institutions Other receivables Cash and bank balances
2012 Investments: Floating rate negotiable instruments deposits Other receivables Cash and bank balances
2011 Investments: Floating rate negotiable instruments deposits Other receivables Cash and bank balances
(xi) AmAssurance AmCommodity Stable CG Fund
155
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (1) Credit risk. Credit exposure by credit rating (cont’d)
(xiii) AmAssurance AmCurrency Income II CG Fund
Neither impaired nor past-due
AAA RM
AA RM
A RM
Government Guaranteed
(GG)RM
Not rated
RM
Past-due but not
impaired RM
Total RM
-
255,164 42
- 255,206
-
454,975 236
- 455,211
43,956,265
- -
659 43,956,924
43,205,210
- -
931 43,206,141
-
- - - -
-
- - - -
-
- - - -
-
- - - -
- -
1,539 -
1,539
-
- 1,542
- 1,542
-
- - - -
-
- - - -
43,956,265
255,164 1,581
659 44,213,669
43,205,210
454,975 1,778
931 43,662,894
2012 Investments: Floating rate negotiable instruments deposits Deposits with licensed financial institutions Other receivables Cash and bank balances
2011 Investments: Floating rate negotiable instruments deposits Deposits with licensed financial institutions Other receivables Cash and bank balances
(xii) AmAssurance AmCurrency Income CG Fund
Neither impaired nor past-due
AAA RM
AA RM
A RM
Government Guaranteed
(GG)RM
Not rated
RM
Past-due but not
impaired RM
Total RM
-
252,150 41
- 252,191
-
320,000 171
- 320,171
17,626,756
- -
181 17,626,937
17,890,776
- -
471 17,891,247
-
- - - -
-
- - - -
-
- - - -
-
- - - -
-
- 64
- 64
-
- - - -
-
- - - -
-
- - - -
17,626,756
252,150 105 181
17,879,192
17,890,776
320,000 171 471
18,211,418
2012 Investments: Floating rate negotiable instruments deposits Deposits with licensed financial institutions Other receivables Cash and bank balances
2011 Investments: Floating rate negotiable instruments deposits Deposits with licensed financial institutions Other receivables Cash and bank balances
156
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (1) Credit risk. Credit exposure by credit rating (cont’d)
(xiv) AmAssurance Dividend Fund
Neither impaired nor past-due
AAA RM
AA RM
A RM
Government Guaranteed
(GG)RM
Not rated
RM
Past-due but not
impaired RM
Total RM
- - - -
1,532,440 229
1,345 1,534,014
- - - -
- - - -
- 6,784
- 6,784
- - - -
1,532,440
7,013 1,345
1,540,798
2012 Investments: Deposits with licensed financial institutions Other receivables Cash and bank balances
157
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
(2) Liquidity risk
Liquidity risk is the risk that an entity, although solvent, either does not have sufficient financial resources available to it in order to meet its obligations when they fall due, or can secure them only at excessive cost.
Expected utilisation or settlement of assets
The table below summarises the expected utilisation or settlement of assets:
Current* RM
Non-current RM
Total RM
AmAssurance Equity Fund
- - - - - - -
- - - - - -
10,212,233 1,000,500 3,409,000
8,138 14,341 2,686
14,646,898
5,012,700 -
6,449,875 161,525
4,395 11,628,495
10,212,233 1,000,500 3,409,000
8,138 14,341 2,686
14,646,898
5,012,700 -
6,449,875 161,525
4,395 11,628,495
2012
ASSETS Investments: Quoted equity securities Quoted unit and property trust funds Deposits with licensed financial institutions Deferred tax asset Other receivables Cash and bank balances Total assets 2011
ASSETS Investments: Quoted equity securities Quoted unit and property trust funds Deposits with licensed financial institutions Other receivables Cash and bank balances Total assets
* Expected utilisation or settlement within 12 months from the Statements of Financial Position date.
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK
158
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
Current* RM
Current* RM
Non-current RM
Non-current RM
Total RM
Total RM
AmAssurance Bond Fund
AmAssurance Balanced Fund
- - - - - - -
- - - - - - -
- - - - - - - -
- - - - - - - -
9,265,363 1,100,970 1,352,233
301,125 138
12,019,829
1,007,449 4,995,500
917,519 4,445,617
110,799 1,310
11,478,194
12,833,984 5,786,431 1,316,750 1,425,383
3,139 192,275
2,420 21,560,382
5,925,800 2,014,900
- 1,020,711 8,225,921
491,786 3,147
17,682,265
9,265,363 1,100,970 1,352,233 301,125
138 12,019,829
1,007,449 4,995,500
917,519 4,445,617
110,799 1,310
11,478,194
12,833,984 5,786,431 1,316,750 1,425,383
3,139 192,275
2,420 21,560,382
5,925,800 2,014,900
- 1,020,711 8,225,921
491,786 3,147
17,682,265
2012
ASSETS Investments: Unquoted corporate bonds Unquoted unit and property trust funds Deposits with licensed financial institutions Other receivables Cash and bank balances Total assets
2011
ASSETS Investments: Unquoted corporate bonds Malaysian government securities Unquoted unit and property trust funds Deposits with licensed financial institutions Other receivablesCash and bank balances Total assets
* Expected utilisation or settlement within 12 months from the Statements of Financial Position date.
* Expected utilisation or settlement within 12 months from the Statements of Financial Position date.
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (2) Liquidity risk. Expected utilisation or settlement of assets (cont’d)
2012
ASSETS Investments: Quoted equity securities Unquoted corporate bonds Quoted unit and property trust funds Deposits with licensed financial institutionsDeferred tax asset Other receivables Cash and bank balances Total assets
2011
ASSETS Investments: Quoted equity securities Unquoted corporate bonds Quoted unit and property trust funds Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total assets
159
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
Current* RM
Current* RM
Non-current RM
Non-current RM
Total RM
Total RM
AmAssurance Dana Teguh
AmAssurance AmOasis Islamic Equity Fund
- - - - - - -
- - - - - -
- - - - - - -
- - - - - - - -
7,434,120 2,366,427
293,655 2,827,762
279,038 150
13,201,152
2,255,950 468,053
4,207,847 227,778
917 7,160,545
2,004,200 1,158,578 1,186,000
30,678 17,946
891 4,398,293
995,300 1,403,995 1,905,363
17,317 3,061
92,320 1,437
4,418,793
7,434,120 2,366,427
293,655 2,827,762
279,038 150
13,201,152
2,255,950 468,053
4,207,847 227,778
917 7,160,545
2,004,200 1,158,578 1,186,000
30,678 17,946
891 4,398,293
995,300 1,403,995 1,905,363
17,317 3,061
92,320 1,437
4,418,793
2012
ASSETS Investments: Quoted equity securities Unquoted corporate bonds Quoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total assets 2011
ASSETS Investments: Quoted equity securities Unquoted unit and property trust funds Deposits with licensed financial institutions Other receivables Cash and bank balances Total assets
* Expected utilisation or settlement within 12 months from the Statements of Financial Position date.
* Expected utilisation or settlement within 12 months from the Statements of Financial Position date.
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (2) Liquidity risk. Expected utilisation or settlement of assets (cont’d)
2012
ASSETS Investments: Quoted equity securities Unquoted unit and property trust funds Deposits with licensed financial institutionsDeferred tax asset Other receivables Cash and bank balances Total assets
2011
ASSETS Investments: Quoted equity securities Unquoted unit and property trust funds Deposits with licensed financial institutionsDeferred tax asset Tax recoverableOther receivables Cash and bank balances Total assets
160
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
Current* RM
Current* RM
Non-current RM
Non-current RM
Total RM
Total RM
AmAssurance Global Emerging Market Fund
AmAssurance AmAsia Star CG Fund
- - - - - -
- - - - - -
- - - - -
503,357 221,975
2,103 528
9,286 737,249
526,629 225,240
67 586
4,105 756,627
102,244,800 680,482 25,332 2,043
102,952,657
503,357 221,975
2,103 528
9,286 737,249
526,629 225,240
67 586
4,105 756,627
102,244,800 680,482 25,332 2,043
102,952,657
2012
ASSETS Investments: Unquoted unit and property trust funds Deposits with licensed financial institutionsDeferred tax asset Other receivables Cash and bank balances Total assets 2011
ASSETS Investments: Unquoted unit and property trust funds Deposits with licensed financial institutions Tax recoverable Other receivables Cash and bank balances Total assets
* Expected utilisation or settlement within 12 months from the Statements of Financial Position date.
* Expected utilisation or settlement within 12 months from the Statements of Financial Position date.
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (2) Liquidity risk. Expected utilisation or settlement of assets (cont’d)
2011
ASSETS Investments: Structured product Deposits with licensed financial institutionsOther receivables Cash and bank balances Total assets
161
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
Current* RM
Current* RM
Non-current RM
Non-current RM
Total RM
Total RM
AmAssurance Precious Metals Fund
AmAssurance Global Agribusiness Fund
- - - - - -
- - - - - -
- - - - -
- - - - -
4,346,463 710,712 89,864 43,810
947 5,191,796
2,155,329 2,342,278
3,879 93,587
418 4,595,491
1,231,837 227,762 16,623 5,491
1,481,713
950,131 399,502
4,396 236
1,354,265
4,346,463 710,712 89,864 43,810
947 5,191,796
2,155,329 2,342,278
3,879 93,587
418 4,595,491
1,231,837 227,762 16,623
5,491 1,481,713
950,131 399,502
4,396 236
1,354,265
2012
ASSETS Investments: Unquoted unit and property trust funds Deposits with licensed financial institutionsDeferred tax asset Other receivables Cash and bank balances Total assets 2011
ASSETS Investments: Unquoted unit and property trust funds Deposits with licensed financial institutions Deferred tax asset Other receivables Cash and bank balances Total assets
* Expected utilisation or settlement within 12 months from the Statements of Financial Position date.
* Expected utilisation or settlement within 12 months from the Statements of Financial Position date.
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (2) Liquidity risk. Expected utilisation or settlement of assets (cont’d)
2012
ASSETS Investments: Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total assets
2011
ASSETS Investments: Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total assets
162
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
Current* RM
Current* RM
Non-current RM
Non-current RM
Total RM
Total RM
AmAssurance AmAsia Recovery CG Fund
AmAssurance AmCommodity Stable CG Fund
-- - - -
- - - - -
89,964,705 878,792
144 528
90,844,169
87,392,289 855,138
444 536
88,248,407
89,964,705 878,792
144 528
90,844,169
87,392,289 855,138
444 536
88,248,407
2012
ASSETS Investments: Structured product Deposits with licensed financial institutionsOther receivables Cash and bank balances Total assets 2011
ASSETS Investments: Structured product Deposits with licensed financial institutionsOther receivables Cash and bank balances Total assets
* Expected utilisation or settlement within 12 months from the Statements of Financial Position date.
* Expected utilisation or settlement within 12 months from the Statements of Financial Position date.
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (2) Liquidity risk. Expected utilisation or settlement of assets (cont’d)
- - - - - - -
- - - - - - -
4,576,856 78,013
- 11,059
228 4,239
4,670,395
4,525,534 75,745
- 15,165
227 4,020
4,620,691
4,576,856 78,013
- 11,059
228 4,239
4,670,395
4,525,534 75,745
- 15,165
227 4,020
4,620,691
2012
ASSETS Investments: Structured product Unquoted unit and property trust funds Deposits with licensed financial institutionsDeferred tax asset Other receivables Cash and bank balances Total assets
2011
ASSETS Investments: Structured product Unquoted unit and property trust funds Deposits with licensed financial institutionsDeferred tax asset Other receivables Cash and bank balances Total assets
163
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
Current* RM
Non-current RM
Total RM
AmAssurance AmCurrency Income II CG Fund
* Expected utilisation or settlement within 12 months from the Statements of Financial Position date.
* Expected utilisation or settlement within 12 months from the Statements of Financial Position date.
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (2) Liquidity risk. Expected utilisation or settlement of assets (cont’d)
- - - - - -
- - - - - -
17,626,756 252,150 34,184
105 181
17,913,376
17,890,776 320,000 13,062
171 471
18,224,480
17,626,756 252,150 34,184
105 181
17,913,376
17,890,776 320,000 13,062
171 471
18,224,480
2012
ASSETS Investments: Structured product Deposits with licensed financial institutionsDeferred tax asset Other receivables Cash and bank balances Total assets
2011
ASSETS Investments: Structured product Deposits with licensed financial institutionsDeferred tax asset Other receivables Cash and bank balances Total assets
Current* RM
Non-current RM
Total RM
AmAssurance AmCurrency Income CG Fund
- - - - - -
- - - - - -
43,956,265 255,164 17,421 1,581
659 44,231,090
43,205,210 454,975 77,505 1,778
931 43,740,399
43,956,265 255,164 17,421 1,581
659 44,231,090
43,205,210 454,975 77,505 1,778
931 43,740,399
2012
ASSETS Investments: Structured product Deposits with licensed financial institutionsDeferred tax asset Other receivables Cash and bank balances Total assets 2011
ASSETS Investments: Structured product Deposits with licensed financial institutionsDeferred tax asset Other receivables Cash and bank balances Total assets
164
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (2) Liquidity risk. Expected utilisation or settlement of assets (cont’d)
Current* RM
Non-current RM
Total RM
AmAssurance Dividend Fund
- - - - - -
3,026,254 904,750
1,532,440 7,013 1,345
5,471,802
3,026,254 904,750
1,532,440 7,013 1,345
5,471,802
2012
ASSETS Investments: Quoted equity securities Quoted unit and property trust funds Deposits with licensed financial institutions Other receivables Cash and bank balances Total assets
* Expected utilisation or settlement within 12 months from the Statements of Financial Position date.
165
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (2) Liquidity risk. (cont’d)
Maturity profiles
The table below summarises the maturity profile of the financial assets and financial liability of the Funds based on remaining undiscounted contractual obligations:
(i) AmAssurance Equity Fund
Carrying Value
RM
Up to a
year RM
1 - 3
years RM
3 - 5 years
RM
5 - 15 years
RM
Over 15 years
RM
No maturity
date RM
Total RM
10,212,233
1,000,500
3,409,000 14,341 2,686
14,638,760
27,445 27,445
5,012,700
6,449,875 161,525
4,395 11,628,495
64,195 64,195
-
-
3,409,000 14,341 2,686
3,426,027
27,445 27,445
-
6,449,875 161,525
4,395 6,615,795
64,195 64,195
-
-
- - - -
- -
-
- - - -
- -
-
-
- - - -
- -
-
- - - -
- -
-
-
- - - -
- -
-
- - - -
- -
-
-
- - - -
- -
-
- - - -
- -
10,212,233
1,000,500
- - -
11,212,733
- -
5,012,700
- - -
5,012,700
- -
10,212,233
1,000,500
3,409,000 14,341 2,686
14,638,760
27,445 27,445
5,012,700
6,449,875 161,525
4,395 11,628,495
64,195 64,195
2012 Investments: Quoted equity securities Quoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
2011
Investments: Quoted equity securities Deposits with licensed financial institutions Other receivables Cash and bank balances Total financial assets
Other payables Total financial liability
166
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (2) Liquidity risk. Maturity profiles (cont’d)
(ii) AmAssurance Bond Fund
Carrying Value
RM
Up to a
year RM
1 - 3
years RM
3 - 5 years
RM
5 - 15 years
RM
Over 15 years
RM
No maturity
date RM
Total RM
9,265,363
1,100,970
1,352,233 301,125
138 12,019,829
14,479 14,479
1,007,449
4,995,500
917,519
4,445,617 110,799
1,310 11,478,194
79,757 79,757
-
-
1,352,233 301,125
138 1,653,496
14,479 14,479
-
-
-
4,445,617 110,799
1,310 4,557,726
79,757 79,757
-
-
- - - -
- -
-
-
-
- - - -
- -
9,265,363
-
- - -
9,265,363
- -
1,007,449
4,995,500
-
- - -
6,002,949
- -
-
-
- - - -
- -
-
-
-
- - - -
- -
-
-
- - - -
- -
-
-
-
- - - -
- -
-
1,100,970
- - -
1,100,970
- -
-
-
917,519
- - -
917,519
- -
9,265,363
1,100,970
1,352,233 301,125
138 12,019,829
14,479 14,479
1,007,449
4,995,500
917,519
4,445,617 110,799
1,310 11,478,194
79,757 79,757
2012 Investments: Unquoted corporate bonds Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
2011
Investments: Unquoted corporate bonds Malaysian government securities Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
167
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (2) Liquidity risk. Maturity profiles (cont’d)
Carrying Value
RM
Up to a
year RM
1 - 3
years RM
3 - 5 years
RM
5 - 15 years
RM
Over 15 years
RM
No maturity
date RM
Total RM
12,833,984 5,786,431
1,316,750
1,425,383
192,275 2,420
21,557,243
33,441 33,441
5,925,800 2,014,900
-
8,225,921 491,786
3,147 16,661,554
67,728 67,728
- -
-
1,425,383 192,275
2,420 1,620,078
33,441 33,441
- -
-
8,225,921 491,786
3,147 8,720,854
67,728 67,728
- -
-
- - - -
- -
- -
-
- - - -
- -
- 5,786,431
-
- - -
5,786,431
- -
- 2,014,900
-
- - -
2,014,900
- -
- -
-
- - - -
- -
- -
-
- - - -
- -
- -
-
- - - -
- -
- -
-
- - - -
- -
12,833,984 -
1,316,750
- - -
14,150,734
- -
5,925,800 -
-
- - -
5,925,800
- -
12,833,984 5,786,431
1,316,750
1,425,383
192,275 2,420
21,557,243
33,441 33,441
5,925,800 2,014,900
-
8,225,921 491,786
3,147 16,661,554
67,728 67,728
2012 Investments: Quoted equity securities Unquoted corporate bonds Quoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
2011
Investments: Quoted equity securities Unquoted corporate bonds Quoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
(iii) AmAssurance Balanced Fund
168
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (2) Liquidity risk. Maturity profiles (cont’d)
(iv) AmAssurance Dana Teguh
Carrying Value
RM
Up to a
year RM
1 - 3
years RM
3 - 5 years
RM
5 - 15 years
RM
Over 15 years
RM
No maturity
date RM
Total RM
7,434,120 2,366,427
293,655
2,827,762 279,038
150 13,201,152
22,618 22,618
2,255,950
468,053
4,207,847 227,778
917 7,160,545
58,787 58,787
- -
-
2,827,762 279,038
150 3,106,950
22,618 22,618
-
-
4,207,847 227,778
917 4,436,542
58,787 58,787
- -
-
- - - -
- -
-
-
- - - -
- -
- 2,366,427
-
- - -
2,366,427
- -
-
-
- - - -
- -
- -
-
- - - -
- -
-
-
- - - -
- -
- -
-
- - - -
- -
-
-
- - - -
- -
7,434,120 -
293,655
- - -
7,727,775
- -
2,255,950
468,053
- - -
2,724,003
- -
7,434,120 2,366,427
293,655
2,827,762 279,038
150 13,201,152
22,618 22,618
2,255,950
468,053
4,207,847 227,778
917 7,160,545
58,787 58,787
2012 Investments: Quoted equity securities Unquoted corporate bonds Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
2011
Investments: Quoted equity securities Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
169
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (2) Liquidity risk. Maturity profiles (cont’d)
Carrying Value
RM
Up to a
year RM
1 - 3
years RM
3 - 5 years
RM
5 - 15 years
RM
Over 15 years
RM
No maturity
date RM
Total RM
2,004,200
1,158,578
1,186,000 17,946
891 4,367,615
50,376 50,376
995,300
1,403,995
1,905,363 92,320 1,437
4,398,415
109,731 109,731
-
-
1,186,000 17,946
891 1,204,837
50,376 50,376
-
-
1,905,363 92,320 1,437
1,999,120
109,731 109,731
-
-
- - - -
- -
-
-
- - - -
- -
-
-
- - - -
- -
-
-
- - - -
- -
-
-
- - - -
- -
-
-
- - - -
- -
-
-
- - - -
- -
-
-
- - - -
- -
2,004,200
1,158,578
- - -
3,162,778
- -
995,300
1,403,995
- - -
2,399,295
- -
2,004,200
1,158,578
1,186,000 17,946
891 4,367,615
50,376 50,376
995,300
1,403,995
1,905,363 92,320 1,437
4,398,415
109,731 109,731
2012 Investments: Quoted equity securities Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
2011
Investments: Quoted equity securities Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
(v) AmAssurance AmOasis Islamic Equity Fund
170
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (2) Liquidity risk. Maturity profiles (cont’d)
(vii) AmAssurance AmAsia Star CG Fund
(vi) AmAssurance Global Emerging Market Fund
Carrying Value
RM
Carrying Value
RM
Up to a
year RM
Up to a
year RM
1 - 3
years RM
1 - 3
years RM
3 - 5 years
RM
3 - 5 years
RM
5 - 15 years
RM
5 - 15 years
RM
Over 15 years
RM
Over 15 years
RM
No maturity
date RM
No maturity
date RM
Total RM
Total RM
503,357
221,975
528 9,286
735,146
12,258 12,258
526,629
225,240 586
4,105 756,560
27,638 27,638
102,244,800
680,482 25,332
2,043 102,952,657
6,215,627 6,215,627
-
221,975 528
9,286 231,789
12,258 12,258
-
225,240 586
4,105 229,931
27,638 27,638
-
680,482 25,332
2,043 707,857
6,215,627 6,215,627
-
- - - -
- -
-
- - - -
- -
102,244,800
- - -
102,244,800
- -
-
- - - -
- -
-
- - - -
- -
- - - - -
- -
-
- - - -
- -
-
- - - -
- -
- - - - -
- -
-
- - - -
- -
-
- - - -
- -
- - - - -
- -
503,357
- - -
503,357
- -
526,629
- - -
526,629
- -
- - - - -
- -
503,357
221,975 528
9,286 735,146
12,258 12,258
526,629
225,240 586
4,105 756,560
27,638 27,638
102,244,800
680,482 25,332
2,043 102,952,657
6,215,627 6,215,627
2012 Investments: Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
2011
Investments: Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
2011 Investments: Structured product Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
171
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (2) Liquidity risk. Maturity profiles (cont’d)
(viii) AmAssurance Precious Metals Fund
Carrying Value
RM
Up to a
year RM
1 - 3
years RM
3 - 5 years
RM
5 - 15 years
RM
Over 15 years
RM
No maturity
date RM
Total RM
4,346,463
710,712 43,810
947 5,101,932
28,850 28,850
2,155,329
2,342,278 93,587
418 4,591,612
52,267 52,267
-
710,712 43,810
947 755,469
28,850 28,850
-
2,342,278 93,587
418 2,436,283
52,267 52,267
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
4,346,463
- - -
4,346,463
- -
2,155,329
- - -
2,155,329
- -
4,346,463
710,712 43,810
947 5,101,932
28,850 28,850
2,155,329
2,342,278 93,587
418 4,591,612
52,267 52,267
2012 Investments: Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
2011
Investments: Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
Carrying Value
RM
Up to a
year RM
1 - 3
years RM
3 - 5 years
RM
5 - 15 years
RM
Over 15 years
RM
No maturity
date RM
Total RM
1,231,837
227,762 16,623 5,491
1,481,713
14,253 14,253
950,131
399,502 4,396
236 1,354,265
31,673 31,673
-
227,762 16,623
5,491 249,876
14,253 14,253
-
399,502 4,396
236 404,134
31,673 31,673
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
1,231,837
- - -
1,231,837
- -
950,131
- - -
950,131
- -
1,231,837
227,762 16,623 5,491
1,481,713
14,253 14,253
950,131
399,502 4,396
236 1,354,265
31,673 31,673
2012 Investments: Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
2011
Investments: Unquoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
(ix) AmAssurance Global Agribusiness Fund
172
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (2) Liquidity risk. Maturity profiles (cont’d)
Carrying Value
RM
Up to a
year RM
1 - 3
years RM
3 - 5 years
RM
5 - 15 years
RM
Over 15 years
RM
No maturity
date RM
Total RM
89,964,705
878,792 144 528
90,844,169
6,101,961 6,101,961
87,392,289
855,138
444 536
88,248,407
3,754,161 3,754,161
-
878,792 144 528
879,464
6,101,961 6,101,961
-
855,138 444 536
856,118
3,754,161 3,754,161
89,964,705
- - -
89,964,705
- -
87,392,289
- - -
87,392,289
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
89,964,705
878,792 144 528
90,844,169
6,101,961 6,101,961
87,392,289
855,138 444 536
88,248,407
3,754,161 3,754,161
2012 Investments: Structured product Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
2011
Investments: Structured product Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
(x) AmAssurance AmAsia Recovery CG Fund
Carrying Value
RM
Up to a
year RM
1 - 3
years RM
3 - 5 years
RM
5 - 15 years
RM
Over 15 years
RM
No maturity
date RM
Total RM
4,576,856
78,013 228
4,239 4,659,336
129,678 129,678
4,525,534
75,745 227
4,020 4,605,526
53,122 53,122
-
- 228
4,239 4,467
129,678 129,678
-
- 227
4,020 4,247
53,122 53,122
4,576,856
- - -
4,576,856
- -
-
- - - -
- -
-
- - - -
- -
4,525,534
- - -
4,525,534
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
78,013 - -
78,013
- -
-
75,745 - -
75,745
- -
4,576,856
78,013 228
4,239 4,659,336
129,678 129,678
4,525,534
75,745 227
4,020 4,605,526
53,122 53,122
2012 Investments: Structured product Quoted unit and property trust fundsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
2011
Investments: Structured product Quoted unit and property trust fundsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
(xi) AmAssurance AmCommodity Stable CG Fund
173
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (2) Liquidity risk. Maturity profiles (cont’d)
(xii) AmAssurance AmCurrency Income CG Fund
Carrying Value
RM
Up to a
year RM
1 - 3
years RM
3 - 5 years
RM
5 - 15 years
RM
Over 15 years
RM
No maturity
date RM
Total RM
43,956,265
255,164 1,581
659 44,213,669
2,158,805 2,158,805
43,205,210
454,975 1,778
931 43,662,894
1,158,506 1,158,506
-
255,164 1,581
659 257,404
2,158,805 2,158,805
-
454,975 1,778
931 457,684
1,158,506 1,158,506
43,956,265
- - -
43,956,265
- -
43,205,210
- - -
43,205,210
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
43,956,265
255,164 1,581
659 44,213,669
2,158,805 2,158,805
43,205,210
454,975 1,778
931 43,662,894
1,158,506 1,158,506
2012 Investments: Structured product Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
2011
Investments: Structured product Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
(xiii) AmAssurance AmCurrency Income II CG Fund
Carrying Value
RM
Up to a
year RM
1 - 3
years RM
3 - 5 years
RM
5 - 15 years
RM
Over 15 years
RM
No maturity
date RM
Total RM
17,626,756
252,150 105 181
17,879,192
674,278 674,278
17,890,776
320,000 171 471
18,211,418
11,260 11,260
-
252,150 105 181
252,436
674,278 674,278
-
320,000 171 471
320,642
11,260 11,260
17,626,756
- - -
17,626,756
- -
17,890,776
- - -
17,890,776
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
17,626,756
252,150 105 181
17,879,192
674,278 674,278
17,890,776
320,000 171 471
18,211,418
11,260 11,260
2012 Investments: Structured product Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
2011
Investments: Structured product Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
174
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (2) Liquidity risk. Maturity profiles (cont’d)
(xiv) AmAssurance Dividend Fund
Carrying Value
RM
Up to a
year RM
1 - 3
years RM
3 - 5 years
RM
5 - 15 years
RM
Over 15 years
RM
No maturity
date RM
Total RM
3,026,254
904,750
1,532,440 7,013 1,345
5,471,802
15,326 15,326
-
-
1,532,440 7,013 1,345
1,540,798
15,326 15,326
-
-
- - - -
- -
-
-
- - - -
- -
-
-
- - - -
- -
-
-
- - - -
- -
3,026,254
904,750
- - -
3,931,004
- -
3,026,254
904,750
1,532,440 7,013 1,345
5,471,802
15,326 15,326
2012 Investments: Quoted equity securities Quoted unit and property trust funds Deposits with licensed financial institutionsOther receivables Cash and bank balances Total financial assets
Other payables Total financial liability
(3) Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in the values of, or the income from, assets or in interest or exchange rates. Market risk includes the following four elements:
Price risk – the risk of fluctuations in fair value or future cashflows of a financial instrument arising from a change of or volatility in equity prices or income
Foreign exchange risk – the risk of fluctuations in fair value or future cashflows of a financial instrument arising from a change of or volatility in exchange rates
Interest rate risk – the risk of fluctuations in fair value or future cashflows of a financial instrument arising from a change of or volatility in interest rates
Property risk – the risk of fluctuations in fair value or future cashflows of a financial instrument arising from a change of or volatility in real estate values or income.
(a) Foreign exchange risk (currency risk)
At 31 March 2012, the Funds are not exposed to foreign exchange risk through its investment operation and fee income derived from financial instruments as all transactions are denominated in local currency (Ringgit Malaysia).
(b) Interest rate risk
The Funds are exposed to fair value interest rate risk where changes to interest rates result in
changes to fair values arising from volatility of interest rates rather than cashflows, for example fixed interest corporate bonds and floating rate negotiable instruments deposit. Conversely, floating rate financial assets expose the Funds to cashflow interest rate risk.
Bond related performance benchmarks within fund mandates are set so that asset profiles match liability profiles as closely as possible. This mitigates against interest rate risk.
Day-to-day investment decisions around the management of interest rate risk and its impact on the value of the Funds’ investments are largely undertaken on behalf of the Funds by AmInvestment Bank Berhad, within the boundaries set by fund mandates. In its decision making on fixed income investments, AmInvestment will assess the extent of interest rate risk allowed by the fund as set out in the fund objectives and relative to the defined performance
175
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (3) Market risk. (b) Interest rate risk (cont’d)
benchmarks. The methodology followed by the Funds to manage interest rate risk within each specific fund is an integral part of the asset management approach adopted. Investment policy takes account amongst others the Basis-Point Value (“BPV”) to measure the maximum loss of a fixed income portfolio of a 0.01 parallel movement in the yield curve.
The following table demonstrates the sensitivity to a reasonable change in interest rates on the fair value or future cash flows of the debt securities and Negotiable Instruments of Deposits:
AmAssurance Bond Fund
AmAssurance Balanced Fund
AmAssurance Dana Teguh
(319,850) 359,050
(195,251) 203,678
(100,100) 110,200
(80,651) 84,635
(190,555) 215,058
- -
+100 bps-100 bps
+100 bps-100 bps
+100 bps-100 bps
+100 bps-100 bps
+100 bps-100 bps
+100 bps-100 bps
(319,850) 359,050
(195,251) 203,678
(100,100) 110,200
(80,651) 84,635
(190,555) 215,058
- -
2012 Interest ratesInterest rates
2011 Interest ratesInterest rates
2012 Interest ratesInterest rates
2011 Interest ratesInterest rates
2012 Interest ratesInterest rates
2011 Interest ratesInterest rates
Changes in basis points
Changes in basis points
Changes in basis points
Effect on netincome or loss
for the year (negative)/ positive
RM
Effect on netincome or loss
for the year (negative)/ positive
RM
Effect on netincome or loss
for the year (negative)/ positive
RM
Impact on
on NAV (negative)/ positive
RM
Impact on
on NAV (negative)/ positive
RM
Impact on
on NAV (negative)/ positive
RM
176
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (3) Market risk. (b) Interest rate risk (cont’d)
AmAssurance AmAsia Star CG Fund
AmAssurance AmAsia Recovery CG Fund
AmAssurance AmCommodity Stable CG Fund
- -
1,022,448 (1,022,448)
899,647 (899,647)
873,923 (873,923)
45,769 (45,769)
45,255 (45,255)
+100 bps-100 bps
+100 bps-100 bps
+100 bps-100 bps
+100 bps-100 bps
+100 bps-100 bps
+100 bps-100 bps
- -
1,022,448 (1,022,448)
899,647 (899,647)
873,923 (873,923)
45,769 (45,769)
45,255 (45,255)
2012 Interest ratesInterest rates
2011 Interest ratesInterest rates
2012 Interest ratesInterest rates
2011 Interest ratesInterest rates
2012 Interest ratesInterest rates
2011 Interest ratesInterest rates
Changes in basis points
Changes in basis points
Changes in basis points
Effect on netincome or loss
for the year (negative)/ positive
RM
Effect on netincome or loss
for the year (negative)/ positive
RM
Effect on netincome or loss
for the year (negative)/ positive
RM
Impact on
on NAV (negative)/ positive
RM
Impact on
on NAV (negative)/ positive
RM
Impact on
on NAV (negative)/ positive
RM
177
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (3) Market risk. (b) Interest rate risk (cont’d)
AmAssurance AmCurrency Income CG Fund
AmAssurance AmCurrency Income II CG Fund
439,563 (439,563)
432,052 (432,052)
176,268 (176,268)
178,908 (178,908)
+100 bps-100 bps
+100 bps-100 bps
+100 bps-100 bps
+100 bps-100 bps
439,563 (439,563)
432,052 (432,052)
176,268 (176,268)
178,908 (178,908)
2012 Interest ratesInterest rates
2011 Interest ratesInterest rates
2012 Interest ratesInterest rates
2011 Interest ratesInterest rates
Changes in basis points
Changes in basis points
Effect on netincome or loss
for the year (negative)/ positive
RM
Effect on netincome or loss
for the year (negative)/ positive
RM
Impact on
on NAV (negative)/ positive
RM
Impact on
on NAV (negative)/ positive
RM
(c) Equity risk
Equity risk are accepted in accordance with agreed risk appetite in order to achieve the desired level of return from policyholder assets.
The management of equity investments is undertaken by the Funds. In its decision-making on equity investments, the Funds will assess the extent of equity risk required or allowed by the Funds as set out in the Funds’ objectives and relative to defined performance benchmarks. The methodology followed by the Funds to manage equity risk within each fund is an integral part of the asset management approach adopted. Investment policy takes account amongst others the Value at Risks (“VaR”) to measure the maximum loss in market value of an equity portfolio within a given time span and at a given confidence level.
(d) Price risk
The analysis below is performed for reasonably possible movements in key variables with all other variables held constant, showing the impact on profit before tax. The correlation of variables will have significant effect in determining the ultimate impact on price risk, but to demonstrate the impact due to changes in variables, variables had to be changed on an individual basis. It should be noted that movements in these variables are non-linear.
178
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (3) Market risk. (d) Price risk (cont’d)
AmAssurance Equity Fund
AmAssurance Balanced Fund
AmAssurance Dana Teguh
Changes in FBMKLCI
Changes in FBMKLCI
Changes in FBMKLCI
Effect on netincome or loss
for the year positive/
(negative) RM
Effect on netincome or loss
for the year positive/
(negative) RM
Effect on netincome or loss
for the year positive/
(negative) RM
Impact on
on NAV positive/
(negative) RM
Impact on
on NAV positive/
(negative) RM
Impact on
on NAV positive/
(negative) RM
1,681,910
(1,681,910)
751,905 (751,905)
2,122,610 (2,122,610)
888,870 (888,870)
1,115,118 (1,115,118)
338,393 (338,393)
+ 15%- 15%
+ 15%- 15%
+ 15%- 15%
+ 15%- 15%
+ 15%- 15%
+ 15%- 15%
1,681,910
(1,681,910)
751,905 (751,905)
2,122,610 (2,122,610)
888,870 (888,870)
1,115,118 (1,115,118)
338,393 (338,393)
2012 Market indices: FBMKLCI FBMKLCI 2011 Market indices: FBMKLCI FBMKLCI
2012 Market indices: FBMKLCI FBMKLCI 2011 Market indices: FBMKLCI FBMKLCI
2012 Market indices: FBMKLCI FBMKLCI 2011 Market indices: FBMKLCI FBMKLCI
179
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)12. FINANCIAL RISK (3) Market risk. (d) Price risk (cont’d)
AmAssurance AmOasis Islamic Equity Fund
AmAssurance Dividend Fund
Changes in FBMKLCI
Changes in FBMKLCI
Effect on netincome or loss
for the year positive/
(negative) RM
Effect on netincome or loss
for the year positive/
(negative) RM
Impact on
on NAV positive/
(negative) RM
Impact on
on NAV positive/
(negative) RM
300,630 (300,630)
149,295 (149,295)
589,651 (589,651)
+ 15%- 15%
+ 15%- 15%
+ 15%- 15%
300,630 (300,630)
149,295 (149,295)
589,651 (589,651)
2012 Market indices: FBMKLCI FBMKLCI 2011 Market indices: FBMKLCI FBMKLCI
2012 Market indices: FBMKLCI FBMKLCI
(e) Operational risks
Operational risk causes are people, processes, governance, IT system and external events. The BRMC aims to maintain an appropriate control environment to keep the exposure to operational risks in line with the agreed risk appetite, recognising that operational risks may arise in the normal course of business even when carried out in line with the the Funds’ policies and BNM’s regulation.
13. CAPITAL MANAGEMENT
The Funds’ objectives for managing capital are: a) To invest in investments that meet the objective of the fund; b) To achieve consistent returns while safeguarding capital by using various investment strategies; c) To maintain sufficient liquidity to meet the expenses of the Fund, and to meet redemption requests as they arise; and d) To maintain sufficient fund size to make the operation of the Funds cost-efficient. No changes were made to the capital management objectives, policies or processes during current
financial year.
180
AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2012
SUMMARY OF FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2012 (cont’d)
14. COMPARATIVES
There are no comparatives provided for the Dividend Fund as this is the first set of audited financial statements prepared for the period from the date of its launch on 27 October 2011 to 31 March 2012.
The comparatives for AmCommodity Stable Fund, AmCurrency Income CG Fund and AmCurrency Income II CG Fund have been prepared for the period from their respective launch dates to 31 March 2011. Accordingly, the statements of comprehensive income, statements of changes in equity and statements of cash flow of the Funds has not been prepared in respect of comparable periods.
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AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Objektif Dana Berkaitan Pelaburan
Ulasan Pasaran
Tinjauan Pelaburan
Strategi Pelaburan
Prestasi Dana
Pecahan Sektor & Kategori
Jadual Perbandingan: Prestasi Dana
Jadual Perbandingan: Nilai Aset Bersih, Jumlah Unit & Harga Unit
Nota-nota Kepada Penyata Kewangan
mukasurat
KANDUNGAN
183
185
202
208
212
224
232
234
242
OBJEKTIF DANA BERKAITAN PELABURAN
184
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Dana AmAssurance Equity Dana bertujuan untuk menyediakan Pemegang Polisi dengan pertumbuhan modal, di dalam satu tempoh pelaburan jangka masa sederhana ke panjang, terutamanya melalui pelaburan di dalam sekuriti Malaysia dengan potensi pertumbuhan yang menggalakkan.
Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.
Dana AmAssurance Bond Dana bertujuan untuk menyediakan Pemegang Polisi satu peluang untuk mendapatkan pendapatan yang lebih tinggi dari pendapatan purata yang boleh diperoleh daripada deposit tetap, selama satu tempoh pelaburan jangka masa panjang, terutama melalui pelaburan di dalam pelbagai portfolio sekuriti berpendapatan tetap.
Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.
Dana AmAssurance Balanced Dana bertujuan untuk menyediakan Pemegang Polisi satu peluang untuk mendapatkan pendapatan yang lebih tinggi dari pendapatan purata yang boleh diperoleh daripada deposit tetap berisiko lebih rendah berbanding dengan dana ekuiti penuh, selama satu tempoh pelaburan jangka masa sederhana.
Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.
Dana AmAssurance Dana Teguh Dana bertujuan untuk menyediakan Pemegang Polisi dengan satu peluang untuk mendapatkan pendapatan yang lebih tinggi dari pendapatan purata yang diperoleh daripada deposit tetap berisiko lebih rendah berbanding dengan dana ekuiti penuh, selama satu tempoh pelaburan jangka masa sederhana, melalui pendedahan di dalam ekuiti-ekuiti Malaysia yang mematuhi hukum Syariah dan/atau sekuriti-sekuriti berkaitan ekuiti dan sekuriti berpendapatan tetap.
Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.
Dana AmAssurance Dividend Dana berusaha untuk menyediakan Pemegang Polisi dengan jumlah pulangan terutamanya melalui pelaburan di dalam ekuiti dan syarikat-syarikat sekuriti berkaitan ekuiti yang menawarkan pembayaran dividen yang mampan dan hasil yang menarik, dengan penekanan ke atas peluang peningkatan modal jangka masa panjang.
Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.
Dana AmAssurance AmOasis Islamic Equity Dana berusaha untuk mencapai modal sederhana dan apresiasi pendapatan selama satu tempoh jangka masa sederhana ke panjang dengan melabur di dalam saham-
saham syarikat-syarikat global yang mematuhi hukum Syariah melalui pelaburan di dalam:
1) Dana AmOasis Global Islamic Equity (Unit Amanah – AmInvestment)
2) Pendedahan ekuiti kepada kaunter-kaunter lulus Syariah yang tersenarai di Bursa Malaysia
Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.
Dana AmAssurance Global Emerging Market Dana berusaha untuk mencapai apresiasi modal jangka masa panjang melalui pelaburan terutamanya di dalam:
1) Dana Global Emerging Market Opportunities (Unit Amanah – AmInvestment Management Sdn Bhd)
2) Pendedahan ekuiti kepada kaunter-kaunter yang tersenarai di Bursa Malaysia.
Dana AmAssurance Global Agribusiness Dana berusaha untuk mencapai apresiasi modal jangka masa panjang melalui pelaburan terutamanya di dalam Dana Sasaran, Dana AmGlobal Agribusiness (Unit Amanah - AmInvestment Management Sdn Bhd), yang melabur di dalam portfolio ekuiti terpilih perniagaan-agro. Perniagaan-agro adalah satu istilah umum yang merujuk kepada pelbagai perniagaan yang terlibat di dalam pengeluaran produk makanan.
Dana AmAssurance Precious Metals Dana berusaha untuk mencapai apresiasi modal jangka masa panjang melalui pelaburan terutamanya di dalam Dana Sasaran, Dana AmPrecious Metals (Unit Amanah – AmInvestment Management Sdn Bhd), yang melabur di dalam portfolio ekuiti global yang mematuhi hukum Syariah dan syarikat-syarikat sekuriti berkaitan ekuiti yang menjalankan aktiviti-aktiviti berkaitan emas, perak, platinum atau logam berharga yang lain.
Dana AmAssurance AmAsia Recovery Capital Guaranteed Dana berusaha untuk menyediakan pertumbuhan modal sepanjang tempoh masa Dana di samping menyediakan perlindungan modal pada Tarikh Matang.
Dana AmAssurance AmCurrency Income Capital Guaranteed Dana berusaha untuk menyediakan pertumbuhan modal sepanjang tempoh masa Dana di samping menyediakan perlindungan modal pada Tarikh Matang.
Dana AmAssurance AmCommodity Stable Capital Guaranteed Dana berusaha untuk menyediakan pertumbuhan modal sepanjang tempoh masa Dana di samping menyediakan perlindungan modal pada Tarikh Matang.
Dana AmAssurance AmCurrency Income II Capital Guaranteed Dana berusaha untuk menyediakan pertumbuhan modal sepanjang tempoh masa Dana di samping menyediakan perlindungan modal pada Tarikh Matang.
OBJEKTIF DANA BERKAITAN PELABURAN
ULASAN PASARAN
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AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Ulasan Pasaran Dana AmAssurance Equity, Dana Balanced, Dana Teguh, Dana Dividend
Tahun 2011 merupakan tahun yang tidak menentu bagi pasaran saham tempatan. Setelah mencatatkan keuntungan sederhana pada pertengahan tahun pertama, indeks-indeks tempatan mengalami tekanan jualan yang tinggi lalu menjunam sebanyak 10% pada suku ketiga 2011 sebelum kembali kukuh pada suku keempat. Cetusan ini berpunca dari pasaran saham global yang merosot disebabkan oleh beberapa faktor termasuk letusan pergolakan politik di negara-negara Timur Tengah dan Afrika Utara (rantau MENA), bencana alam di Jepun yang melanda rantaian bekalan global, penurunan taraf kredit Amerika Syarikat oleh Standard & Poor’s (S&P), krisis hutang Euro yang semakin buruk, serta peningkatan bukti pertumbuhan perlahan di kebanyakan ekonomi.
Pasaran tempatan menyaksikan pelabur-pelabur bertindak dengan berhati-hati menjelang pilihanraya di Sarawak, yang telah diadakan pada 16 April, atas jangkaan keputusan pilihanraya yang tidak menentu. Seterusnya, krisis hutang Euro muncul kembali dengan sepenuhnya, seiring dengan data pekerjaan AS yang lemah, serta peningkatan kadar dasar semalaman dan nisbah keperluan rizab berkanun oleh BNM mengakibatkan pasaran merosot sedikit. KLCI dan FBM Hijrah masing-masing menjejak semula kepada 1,515.50 dan 10,504.30 pada 6 Mei 2011. Berikutan penjejakan semula tersebut, indeks tempatan meningkat pada aliran sederhana dari 6 Mei dan mencecah paras tertinggi masing-masing iaitu sebanyak 1,594.74 dan 11,113.3 pada 8 Julai.
Namun, indeks penanda aras tempatan menjunam selaras dengan prestasi ekuiti global yang telah dilanda teruk disebabkan oleh peningkatan kebimbangan terhadap hal-ehwal ekonomi global serta krisis hutang di AS dan Eropah. Di AS, perbincangan yang tidak meyakinkan bagi menaikkan siling hutang sehari sebelum ancaman ketidakpatuhan telah menyebabkan penurunan taraf kredit kerajaan AS oleh S&P. Dow Jones Industrial Index mengalami penurunan mata harian terburuk sejak krisis kewangan 2008. Keadaan tersebut, ditambah pula dengan krisis hutang Euro yang semakin memuncak, telah menyebabkan ekuiti-ekuiti global jatuh secara mendadak. Pada 27 September, KLCI menjunam ke paras terendah iaitu pada 1,364.2.
KLCI kemudiannya mempamerkan pemulihan atas sikap optimis bahawa Eropah akan mencari jalan penyelesaian terhadap krisis hutangnya. Sentimen bertambah baik setiap kali pemimpin-pemimpin Eropah mengeluarkan komen-komen positif untuk menyelesaikan krisis. Bagaimana pun, sentimen menjadi pudar apabila mereka gagal memberi jaminan kukuh terhadap krisis tersebut. Akibatnya, ekuiti-ekuiti global dan bursa saham tempatan meningkat secara umum di mana KLCI dan FBM Hijrah pulih dengan mencapai paras tertinggi iaitu 1,489.64 dan 10,582.1 pada 9 November, sebelum satu penurunan ketara pada 25 November membawa indeks kepada paras rendah masing-masing iaitu pada 1,431.55 dan 10,266.7.
Pada bulan Januari 2012, pasaran kembali kepada mod pembetulan sebelum meningkat pada bulan Februari disebabkan oleh data ekonomi AS yang lebih baik dan kenaikan berterusan di pasaran ekuiti AS. Pasaran perumahan AS menunjukkan tanda penurunan, bilangan pekerjaan baru meningkat, kadar pengangguran menurun dan jumlah jualan runcit pada bulan Januari adalah lebih baik daripada yang dijangkakan. Perkembangan-perkembangan positif ini mengatasi kebimbangan berlarutan di Eurozone dengan ECB menyediakan bantuan sementara kepada krisis pinjaman antara bank dengan menyuntik pinjaman tiga tahun sebanyak 489 billion kepada 523 bank Eropah.
KLCI mencapai paras tertinggi iaitu 1,589.91 pada 6 Mac sebelum mengalami aktiviti-aktiviti pengambilan untung. Namun, tahun kewangan 2012 diakhiri dengan lebih rendah pada paras 1,582.98 menjelang akhir tahun dengan prestasi yang kurang memuaskan berbanding dengan rakan serantau yang menawarkan penilaian yang lebih menarik. Secara keseluruhan, KLCI memberikan prestasi 3.4% bagi tempoh satu tahun yang berakhir pada 31 Mac 2012, manakala FBM Hijrah pula memberikan 6.4% bagi tempoh yang sama.
(Oleh AmLife Insurance Berhad)
Ulasan Pasaran Dana AmAssurance Bond
Tahun 2011, iaitu tahun Arnab Emas mengikut Zodiak Cina, merupakan tahun yang penuh dengan peristiwa untuk ekonomi global dan pasaran kewangan. Gempa bumi di Jepun, tsunami dan krisis nuklear yang menyusulinya telah mencetuskan satu lagi penguncupan ekonomi Jepun di saat pemulihan ekonomi dari krisis kewangan tahun 2008 masih lagi rapuh. Thailand pula dilanda banjir besar yang telah mengganggu aktiviti ekonomi di kawasan-kawasan yang terlibat dan sekaligus menambah risiko peningkatan tekanan inflasi sebagai sebuah negara pengeksport beras terbesar dunia.
Sementara para penggubal polisi di AS bertelingkah mengenai cara untuk menangani pemulihan ekonomi yang lemah, kadar pengangguran yang tinggi dan defisit bajet negara yang melonjak, agensi penarafan telah
ULASAN PASARAN
187
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
menurunkan kadar kredit kerajaannya ke atas AS sebagai satu langkah di luar jangkaan. Namun begitu, status hutang kerajaan AS kekal sebagai aset kelas kecairan tertinggi berikutan penurunan kadar penarafan dan masih berupaya menjadi tempat perlindungan sekiranya berlaku kegiatan pengelakan risiko yang intensif. Mengikut indeks bon-bon kerajaan yang diawasi oleh Bloomberg, Perbendaharaan AS setakat ini telah memberi pulangan 9.0% kepada para pelabur di tahun 2011.
Senario domestik pula menyaksikan Sekuriti Kerajaan Malaysia (“MGS”) mencapai prestasi yang kukuh pada tahun 2011 walaupun terdapat kebimbangan inflasi dan lebihan bekalan. Pasaran MGS yang menyakinkan (bulis) telah didorong terutamanya oleh ketidaktentuan global yang semakin meningkat di samping prospek pertumbuhan ekonomi global mendatang yang semakin lemah disebabkan oleh ketidaktentuan yang menyelubungi pasaran Euro.
Sentimen lemah menyelubungi pasaran MGS di permulaan tahun disebabkan oleh kebimbangan bekalan. Pemain pasaran secara amnya telah dicemaskan oleh jangkaan kenaikan mendadak keperluan pendanaan kerajaan dari RM58 bilion pada tahun 2010 kepada RM90 bilion pada tahun 2011. Selain itu, tekanan inflasi yang berterusan telah menekan pasaran MGS manakala kebimbangan kenaikan inflasi mungkin mendorong pengetatan dasar kewangan lebih awal dari jangkaan oleh BNM.
BNM bertindak balas dengan menaikkan OPR sebanyak 25 mata asas dari 2.75% kepada 3.00% di mesyuarat MPC (Monetary Policy Committee) pada 5 Mei 2011. Untuk baki tahun 2011, BNM telah mengekalkan OPR (Overnight Policy Rate) pada 3.00% di samping meningkatkan keperluan Rizab Berkanun Bank (SRR) secara kumulatif sebanyak 300 mata asas kepada 4% sebagai langkah berjaga-jaga untuk menangani potensi pengumpulan kecairan domestik dari aliran modal besar dan tidak menentu.
Menjelang separuh tahun kedua 2011, sentimen pasaran telah bertukar arah terhadap peningkatan risiko penurunan nilai kepada prospek pertumbuhan domestik dan global di samping kemeruapan yang tinggi di pasaran kewangan antarabangsa ke atas krisis hutang Eropah yang bertambah buruk dan penurunan kadar hutang AS secara luar jangkaan oleh Standard & Poor’s. Kebimbangan terhadap persekitaran luar yang semakin mencabar mampu menjejaskan ekonomi domestik secara negatif telah mendorong permintaan untuk MGS. Selain permintaan domestik, pegangan asing terus semakin menolak dan pada satu tahap telah mencecah RM96.6 bilion atau 34.8% edaran MGS menjelang akhir tahun 2011.
(Oleh AmLife Insurance Berhad)
Ulasan Pasaran Dana AmAssurance AmOasis Islamic Equity (Dana Pengantara: Dana AmOasis Global Islamic Equity)
Pasaran ekuiti telah mengalami prestasi yang kurang memberangsangkan di dalam tahun 2011, dengan kebanyakan daripada mereka mengakhiri tahun di bawah paras. Penghindaran risiko adalah tinggi dengan dana beralih kepada aset berisiko rendah seperti yang telah ditunjukkan di dalam prestasi luar jangkaan pasaran maju berbanding pasaran membangun. Walau bagaimanapun, keuntungan korporat dan kunci kira-kira kekal kukuh semasa pasaran melalui tahun yang bergelora. Syarikat bermodal besar telah memberikan keuntungan yang tinggi secara berterusan di atas kepelbagaian pendedahan geografi mereka, kedudukan mereka sebagai peneraju pasaran berserta dengan kunci kira-kira dan aliran tunai yang kukuh yang telah membolehkan mereka meningkatkan pendapatan melalui pembelian balik saham. Memandangkan persekitaran makro tidak menentu, syarikat-syarikat berkualiti tinggi kini memperdagang pada diskaun yang ketara kepada purata jangka panjang mereka sendiri serta relatif kepada rakan niaga lain yang lebih kecil, lantas memberikan kami satu peluang yang sangat baik untuk melabur di dalam syarikat berkualiti tinggi pada penilaian yang agak rendah. Dua kelebihan utama yang dimiliki oleh syarikat besar yang tidak berkeumpilan berbanding dengan rakan niaga mereka yang lebih kecil adalah pertama, keupayaan untuk memindahkan inflasi harga kos disebabkan oleh kedudukan mereka sebagai peneraju pasaran dan kedua, keupayaan untuk meningkatkan hutang pada kadar ketara yang jauh lebih rendah berbanding rakan niaga mereka yang berkeumpilan. Kami merasakan kebolehan ini berkemungkinan menjadi satu petanda baik untuk perlindungan kepentingan pemegang saham semasa inflasi sementara membolehkan syarikat-syarikat ini berkembang dengan lebih mudah berbanding rakan niaga berkeumpilan yang lebih kecil. Penilaian portfolio kami mencerminkan tema pelaburan di dalam syarikat berkualiti tinggi (ROE lebih tinggi) yang menawarkan nilai yang besar berbanding harga pasaran (penilaian rendah berbanding pasaran) di samping mengambil risiko yang lebih rendah (beta rendah bagi portfolio kami).
Dengan jangkaan bahawa ketidakstabilan pasaran akan kekal tinggi di dalam tahun 2012, kami juga telah menyusun kedudukan portfolio kami untuk memastikan perlindungan daripada kerugian. Kami mempunyai
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AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
pendedahan yang tinggi kepada stok-stok sektor komunikasi dan penjagaan kesihatan - sifat ketidakanjalan permintaan untuk perkhidmatan-perkhidmatan tersebut dan hasil dividen mereka yang tinggi telah menjadikan mereka sebagai pilihan yang sesuai di dalam persekitaran ekonomi yang mencabar. Penggunan falsafah pelaburan kami secara konsisten di mana kami sentiasa memilih syarikat berkualiti tinggi yang menawarkan pertumbuhan di sementara mengambil risiko yang rendah dapat dilihat di dalam sejarah rekod prestasi portfolio kami. Dana ekuiti global kami mencerminkan nisbah Sharpe dan Sortino yang lebih tinggi berbanding rakan niaga kami, menunjukkan pulangan yang lebih lumayan pada paras ketidaktentuan yang rendah. Kami percaya portfolio kami telah disusun dengan baik untuk meraih manfaat daripada pertumbuhan pasaran membangun di samping masih mengutamakan penjagaan modal semasa kegawatan ekonomi. Pada persekitaran semasa, tanpa sebarang rangsangan selanjutnya daripada kerajaan, syarikat-syarikat kecil yang berkeumpilan berkemungkinan menghadapai kesukaran untuk mengembangkan perniagaan mereka disebabkan oleh pembiayaan yang menjadi lebih sukar untuk didapati dan kosnya yang semakin tinggi. Sebaliknya, syarikat bermodal besar yang tidak berkeumpilan mempunyai peluang untuk mengambil kesempatan ke atas kunci kira-kira mereka yang stabil untuk mengembangkan perniagaan mereka. Kami merasakan bahawa apabila para pelabur mengalihkan tumpuan mereka ke arah aset yang berkualiti tinggi, penilaian portfolio kami yang agak tinggi dan lebih murah akan menghasilkan keputusan prestasi yang mendahului penanda aras kami dan penghasilan kekayaan sebenar di dalam jangka masa panjang.
(Oleh AmInvestment Services Berhad)
Ulasan Pasaran Dana AmAssurance Global Emerging Market (Dana Pengantara: Dana AmGlobal Emerging Market Opportunities)
Pasaran ekuiti global merosot dalam tempoh tersebut, mencerminkan kemerosotan krisis hutang Eurozone, ketidaktentuan ke atas dasar fiskal dan pertumbuhan di AS, dan peningkatan kebimbangan terhadap terdapat kemungkinan berlaku kemelesetan ketara di China. Permulaan tempoh menyaksikan ekuiti global disokong oleh kelegaan pada kebimbangan mengenai kemelesetan berganda di AS dan harapan bahawa masalah hutang di Eurozone akan dapat dibendung. Namun, pada musim panas tahun 2011, ketidakpastian tentang dasar fiskal AS mula condong ke arah sentimen dan pada awal bulan Ogos 2011, Standard & Poor’s telah menuruntaraf kredit AS dari AAA kepada AA+, buat pertama kali di dalam sejarah AS tidak memegang kedudukan tertinggi. Ini mencetuskan satu tempoh ketidaktentuan pasaran ekuiti yang ketara apabila para pelabur melepaskan portfolio mereka. Ekuiti global kekal tertekan bagi baki tahun 2011 apabila kebimbangan ke atas hutang EU mula merebak dari negara pinggiran kepada negara teras seperti Itali, lantas meningkatkan kebimbangan berkaitan resolusi krisis yang tidak sekata. Pasaran-pasaran baru, bagaimanapun, mengukuh pada awal tahun 2012 apabila ekuiti global berganjak kepada kedudukan pengambilan risiko dipacu oleh beberapa keluaran data AS yang memberangsangkan dan Operasi Pembiayaan Semula Jangka Panjang oleh ECB, yang telah membantu meringankan tekanan pembiayaan yang dihadapi oleh sektor perbankan negara Eropah. Namun begitu, MSCI Emerging Markets mencapai prestasi lebih rendah pada indeks MSCI World sepanjang tahun, mencerminkan jualan ekuiti pasaran baru yang banyak pada separuh tahun kedua 2011.
Pada permulaan tempoh, pasaran teras kami adalah China, Korea, Rusia, Turki, Thailand dan Hungary. Turki telah dikeluarkan daripada senarai pasaran teras kami pada awal bulan Ogos 2011, mencerminkan penilaian menarik tetapi pertumbuhan pendapatan yang tidak menggalakkan dan kebimbangan terhadap defisit akaun semasa negara yang besar. Kami juga mempunyai kebimbangan terhadap dasar kewangan bank pusat yang tidak ortodoks dengan tindakan bank pusat mengurangkan kadar penanda aras faedah pada bulan Ogos walaupun persekitaran pertumbuhan domestik kukuh dan tanda-tanda jelas tekanan inflasi. Hungary telah dikeluarkan dari senarai teras pada awal bulan September 2011, menggambarkan kebimbangan terhadap Eurozone dan hutang kerajaan, khususnya kebergantungan Hungary pada eksport ke Kesatuan Eropah (EU) untuk memacu pertumbuhan KDNK. Mesir telah dimasukkan ke dalam senarai teras pada awal Oktober 2011, mencerminkan penilaian yang murah, walaupun pasaran masih tertakluk kepada sebahagian dasar dalam negeri dan ketidaktentuan politik.
Semua pasaran teras kecuali Thailand merosot sepanjang tahun sehingga 31 Mac 2012, mencerminkan jualan yang meluas di dalam pasaran baru sepanjang tempoh tersebut.
Pasaran ekuiti Thai telah menghasilkan prestasi positif yang kukuh sepanjang tahun, menggambarkan tanggapan bahawa rantau ASEAN kurang prihatin terhadap masalah hutang di Eurozone. Risiko politik juga reda apabila parti Puea Thai (PT) memenangi pilihan raya umum pada bulan Julai 2011. Keluaran data makro pada awal 2012 sangat lemah disebabkan oleh kesan buruk banjir besar di penghujung tahun 2011, tetapi kesan jangka masa lebih panjang ke atas ekonomi dijangka akan dapat diimbangi dengan peningkatan di dalam perbelanjaan infrastruktur kerajaan.
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Pasaran Mesir, yang dimasukkan ke dalam senarai teras pada bulan Oktober, telah dijual secara besar-besaran di dalam sembilan bulan pertama tempoh penilaian berikutan kejatuhan rejim Mubarak pada bulan Mac 2011 dan dasar vakum berikutnya condong kepada sentimen, manakala keputusan bursa tempatan bagi bulan Mac 2011 membawa kepada kebimbangan bahawa MSCI boleh mengeluarkan Mesir dari indeks MSCI Emerging Markets. Namun, pulangan daripada pasaran Mesir di dalam jangka masa 3 bulan terakhir tempoh penilaian adalah sangat kukuh disebabkan keredaan risiko politik berikutan pilihan raya parlimen bulan Januari 2012, yang telah terlaksana di dalam suasana aman, manakala prospek bantuan IMF telah membantu mengurangkan kebimbangan makro ekonomi dan mata wang yang lebih luas. Bagaimanapun, kebimbangan kepupusan rizab antarabangsa Mesir dan risiko bersabit penurunan nilai mata wang pada keseluruhannya telah menjadi satu cabaran hebat kepada pasaran di dalam tempoh tersebut.
Pasaran Korea merosot tetapi dengan capaian lebih baik daripada keseluruhan pasaran baru sepanjang tahun dengan sentimen pasaran yang dirangsang oleh jangkaan bahawa para pengeluar Korea akan mengambil syer pasaran para pesaing Jepun yang terjejas akibat gempa bumi dan tsunami Mac 2011. Di peringkat stok, terdapat prestasi kukuh dari sebahagian jenama-jenama elektronik bermodal besar yang telah mendapat manfaat daripada keuntungan syer pasaran. Beralih kepada dasar, bank pusat Korea menghentikan proses normalisasi kadar faedah di tengah-tengah kebimbangan terhadap pertumbuhan global yang lebih lembap. Pasaran ekuiti telah mengalami sedikit ketidaktentuan pada bulan Disember 2011 berikutan kematian pemimpin Korea Utara Kim Jong-il dan risiko bersabit peningkatan ketidakstabilan politik serantau.
Pasaran teras yang lain telah menanggung jualan besar pada tempoh tersebut, jelas menggambarkan persekitaran risiko rendah yang menguasai pasaran ekuiti global dari bulan Ogos hingga akhir tahun 2011. Ekuiti China merosot kerana pasaran dilanda kebimbangan kemelesetan ketara berikutan pengembangan kredit yang besar selepas pelaksanaan rangsangan pada 2008/2009. Sebagai tindak balas, pihak berkuasa telah mengurangkan syarat-syarat rizab pada akhir 2011, setelah menaikkan kadar faedah penanda aras di awal 2011 yang disebabkan oleh kebimbangan inflasi. Secara lebih meluas, pasaran China telah dilanda kebimbangan bahawa pertukaran kepada model pertumbuhan dorongan domestik mungkin menyaksikan kejatuhan China ke dalam perangkap negara berpendapatan sederhana.
Pasaran ekuiti Turki merosot, mencerminkan kelemahan matawang Lira (pasaran bentuk mata wang tempatan telah menghasilkan pulangan yang mendatar). Kebimbangan terhadap pembiayaan defisit akaun semasa yang besar dan dasar kewangan tidak ortodoks bank pusat (dan khususnya perlaksanaan koridor kadar faedah) juga menyebabkan halangan kepada pasaran.
Pasaran Rusia merosot, mencerminkan sifat beta yang lebih tinggi dan jualan pesat menjelang akhir tahun 2011 selepas dakwaan bahawa pilihan raya parlimen telah dimanipulasi mencetuskan pergolakan politik yang meluas. Kelemahan matawang Rouble juga menyebabkan pulangan agak perlahan. Pada perkembangan lain, Vladimir Putin telah memenangi pilihan raya presiden pada bulan Mac mendorong bantahan lanjut menentang rejim.
Pasaran Hungary jatuh menjunam, menggambarkan kebergantungan ekonominya ke atas eksport Kesatuan Eropah (EU) untuk memacu pertumbuhan. Kelemahan mata wang tempatan dan pinjaman Swiss franc yang berleluasa di dalam sektor pengguna juga telah menyebabkan kelembapan. Baru-baru ini, sentimen telah mendapat manfaat daripada jangkaan bahawa Hungary berkemungkinan besar bersetuju untuk menerima kemudahan tunggu-sedia dari IMF.
(Oleh AmInvestment Services Berhad)
Ulasan Pasaran Dana AmAssurance Global Agribusiness(Dana Pengantara: Dana AmGlobal Agribusiness)
Dana AmAssurance Global AgriBusiness mendapat pulangan -5.92% (dalam MYR) berbanding dengan pulangan Indeks MSCI World -0.57% (dalam MYR) untuk tahun berakhir 31 Mac, 2012. Strategi Dana AmAssurance Global AgriBusiness menghadapi waktu yang sukar sepanjang tempoh penilaian. Prestasi Dana AmAssurance Global AgriBusiness meluas selaras dengan pasaran global sehingga Ogos 2011 ketika pelabur mulai bimbang tentang situasi hutang di Eropah, terutamanya Greece. Pandangan konsensus berubah kepada satu pandangan di mana pelabur-pelabur percaya bahawa dunia akan memasuki kemerosotan besar-besaran atau mungkin kemelesetan dalam tahun 2012. Pada situasi ini, seperti tahun 2008, saham komoditi and tenaga dijual secara teguh untuk mengurangkan pegangan ketika pelabur-pelabur cuba mengelak syarikat yang mereka percaya akan mengalami kesan pertumbuhan global yang lebih
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lemah. Bagaimanapun, tiada hubung kait di antara pertumbuhan global dan permintaan makanan. Pengambilan makanan telah meningkat secara berterusan bagi lima puluh tahun kebelakang dan berkemungkinan akan terus meningkat (lihat bahagian dibawah). Kesannya, terdapat kekeliruan saham AgriBusiness yang telah dijual bagi pengurangan pegangan ke paras penawaran dilihat terakhir adalah pada 2008-09. Mujur pasaran agak menganjal dari kedudukan rendah pada bulan September tetapi walaupun saham Agribusiness turut meningkat, ianya tidak mampu untuk merapatkan jurang dengan pasaran meluas pada hujung Mac 2012.
(Oleh AmInvestment Services Berhad)
Ulasan Pasaran Dana AmAssurance Precious Metals(Dana Pengantara: Dana AmPrecious Metals)
Sepanjang tahun lepas, ekuiti emas dan logam berharga menunjukkan prestasi mengecewakan meskipun harga emas teguh. Bulion emas fizikal naik 16.48%, manakala perak dan platinum menurun kepada 14.32% dan 7.3%. Dana AmAssurance Precious Metals juga merosot sepanjang tempoh ini (Sumber: Bloomberg).
Beberapa faktor menyumbang kepada prestasi negatif ekuiti relatif pada logam berharga itu sendiri:• Permintaan pelaburan Emas ETF yang sihat: Jumlah permintaan GFMS 2011 dianggarkan pada 4,436
tan (+2% yoy). Pembelian barang kemas pada tahun 2011 menyusut sebanyak 38 tan (-1.7%) kepada 1,979 tan. Penyimpanan bar menyumbang 1,194 tan kepada keseluruhan peningkatan permintaan, meningkat 36% untuk kenaikan rekod. Pembelian bank pusat pada 2011 meningkat kepada tahap yang memberangsangkan pada 458% ke 430 tan didorong oleh masalah hutang yang semakin memburuk di Eropah dan penurunan taraf kredit AS yang pertama. Pelaburan bersih merosot 92% kepada 41 tan.
• Isu pembangunan/operasi industri: Kitaran peristiwa yang mengecewakan di kedua-dua projekpembangunan (perundangan, pertukaran di dalam regim cukai, permit) dan operasi perlombongan (penurunan produksi kerana kepala gred yang rendah, cuaca buruk, kegagalan peralatan, dsb)
• Inflasi kos: Tekanan dari besi dan tenaga, kenaikan kos buruh, bijih yang dilombong bergred rendahdan peningkatan kos royalti, juga kredit produk sampingan lebih rendah mengakibatkan kenaikan kos tunai dari 500 USD/auns dalam suku pertama 2011 kepada lebih 610 USD/auns setahun kemudian.
(Oleh AmInvestment Services Berhad)
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Prestasi dan Ulasan Pasaran AmAssurance AmAsia Recovery CGF
Prestasi Coppock Basket
Statistik Prestasi
Pulangan Tahunan**
Kemeruapan Tahunan**
Nisbah Sharpe**
Jul’09 - Mac’10
2.29%
6.49%
0.35
Apr’10 - Mac’11
5.16%
6.72%
0.77
Apr’11 - Mac’12
-4.53%
6.67%
(0.68)
Jul’09 - Mac’12
0.52%
6.63%
0.11%
Prestasi Coppock Basket dari Jul 2009 sehingga Mac 2012
110
105
100
95
90
Pres
tasi
(%)
Bulan
Jul-0
9
Okt
-09
Jan-
10
Ap
r-10
Jul-1
0
Okt
-10
Jan-
11
Ap
r-11
Jul-1
1
Okt
-11
Jan-
12
Jul 2009 to Mac 2010 Apr 2011 to Mac 2012
Apr 2010 to Mac 2011
105
101
99
97
95
Pres
tasi
(%) 103
Jul-0
9
Sep
-09
Nov
-09
Jan-
10
Nota: **DCC: A/360 Faktor Tahunan: 250
Mac
-10
102
98
94
90
Pres
tasi
(%)
Ap
r-11
Jun-
11
Og
o-11
Dec
-11
Okt
-11
Feb
-12
107
103
99
95
Pres
tasi
(%)
Ap
r-10
Jun-
10
Og
o-10
Dec
-10
Okt
-10
Feb
-11
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Coppock
• Selepaskrisiskewangan,indeksCoppockBasketmeningkatkepadasekitar3%.Iniberlakudidalamtempohantara Jul ‘09 dan Mac ‘10.
• IndeksCoppockBasketjugameningkatkepadakira-kira5%dalamtempohdiantara10Aprilke11Mac,selari dengan kebangkitan ekonomi Asia - diterajui oleh dagangan dan pelaburan dan pertumbuhan yang didorong oleh permintaan serantau dan pemulihan penggunaan Amerika Syarikat (AS).
• SebaiksahajakrisisnegaraGreecemelandapasaran,selerarisikomenurundanindeksCoppockBasketjatuh kepada kira-kira 3% di dalam tempoh antara April 2011 hingga akhir Mac 2012.
• MekanismeketidaktentuanyangdihadkankeatasindeksbukansahajatelahberjayamengawalpulanganIndeks Coppock di dalam tempoh peningkatan pesat semasa 2009-10, malahan juga membantu mengekalkan kerugian indeks lebih rendah di dalam tempoh 2011-2012 selepas krisis negara Greece.
Prestasi Coppock Basket
Permulaan
Jul 09
Ogo 09
Sep 09
Okt 09
Nov 09
Dec 09
Jan 10
Feb 10
Mac 10
Apr 10
Mei 10
Jun 10
Jul 10
Ogo 10
Sep 10
Okt 10
Nov 10
Dec 10
Jan 11
Feb 11
Mac 11
Apr 11
Mei 11
Jun 11
Jul 11
Ogo 11
Sep 11
Okt 11
Nov 11
Dec 11
Jan 12
Feb 12
Mac 12
Bulan Bulan Bulan
0.42%
-1.67%
2.12%
-0.64%
0.84%
1.52%
-2.62%
-0.48%
2.31%
0.70%
-3.84%
0.74%
1.37%
-0.69%
4.43%
1.23%
-0.94%
2.27%
-0.54%
-1.85%
2.47%
1.44%
-0.86%
-0.82%
0.13%
-5.24%
-1.65%
1.09%
-1.68%
0.02%
2.19%
1.38%
-1.15%
Prestasi Bulanan(sepanjangbulan lepas)
Prestasi Bulanan(sepanjangbulan lepas)
Prestasi Bulanan(sepanjangbulan lepas)
* Pada akhir setiap bulan.
(Oleh JP Morgan)
Prestasi Bulan ke Bulan Coppock Basket dari Permulaan Perdagangan sehingga Mac 2012*
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Prestasi dan Ulasan Pasaran AmAssurance AmCurrency Income dan AmCurrency Income II CGF
Indeks AmCurrency 1 Income meningkat 1.18% kepada 5.20% di dalam bulan April 2011. Sepanjang bulan tersebut, strategi kekal pada posisi ‘long carry’. Indeks meningkat sebanyak 3.7% sepanjang bulan disebabkan oleh sumbangan positif daripada mata wang yang meningkat nilai; NZD (Dollar New Zealand), AUD (Dollar Australia) dan NOK (Krone Norway) masing-masing meningkat 6.4%, 6.2% dan 5.5% berbanding USD (Dolar AS). Pada awal bulan tersebut, FED memberi isyarat bahawa program QE2 akan berakhir seperti yang dijadualkan dan ketiadaan tindakan ini, apabila dibandingkan dengan bank-bank pusat yang lain, telah mendorong kelemahan Dolar. Sementara itu, CHF (Franc Swiss) lebih kukuh berbanding USD disebabkan keadaan ekonomi Switzerland kekal sebagai salah satu ekonomi terkukuh di dalam G10.
Indeks AmCurrency 1 Income jatuh 1.28% kepada 4.65% di dalam bulan Mei 2011. Strategi kekal ‘long carry’ di dalam bulan Mei 2011. Indeks turun sebanyak 1.28% sepanjang bulan disebabkan sumbangan negatif daripada AUD, NOK dan CHF iaitu masing-masing sebanyak -0.7%, -0.7% dan -0.8%. Selaras dengan RBA yang mengekalkan kadar polisinya, AUD jatuh dengan tindakan hapus risiko yang lebih meluas, manakala NOK terjejas akibat kebimbangan kecairan. Sementara itu, CHF mengalami peningkatan baru disebalik kebimbangan Eurozone yang semakin berterusan dan juga permasalahan dengan AS dan Jepun. Pengukuhan NZD mengejutkan para pelabur memandangkan ketidaktentuan berterusan tentang isu gempa bumi di Christchurch pada awal tahun.
Strategi kekal ‘long carry’ di dalam bulan Jun 2011. Indeks meningkat sebanyak 0.03% sepanjang bulan disebabkan oleh sumbangan positif daripada kedudukan peningkatan. Walaupun berhadapan dengan persekitaran risiko yang lemah, AUD dan NZD kekal disokong dengan baik, dengan dolar New Zealand menunjukkan prestasi yang cemerlang. CHF telah dicabar disebabkan oleh kerana pergolakan di dalam kesatuan mata wang yang melingkungi zon Franc terus menghentam EURCHF, walau bagaimanapun, kemunculan semula yang luar biasa di dalam semua pasangan CHF dapat dilihat pada beberapa sesi dagangan akhir. Sementara itu, Jun tahun ini adalah bulan paling tenang untuk Yen kerana USDJPY diniagakan di dalam lingkungan 200-pip dan Dolar mengakhiri bulan Jun dengan catatan yang sedikit lemah.
Indeks kehilangan 4.42% di dalam bulan Julai. Strategi mengubah kedudukannya dua kali di dalam bulan ini kepada ‘short carry’ pada 13 Julai dan beralih kepada ‘long carry’ pada 20 Julai. Dolar bergelut secara keseluruhannya kerana hampir semua nilai mata wang utama meningkat nilai berbanding USD. CHF meningkat sebanyak 7% berbanding USD pada bulan tersebut disebabkan kebimbangan berterusan mengenai perihal Eurozone, keadaan pertumbuhan global, dan kekurangan kemajuan pada siling hutang AS telah meningkatkan permintaan terhadap Franc di dalam bulan Julai. NZD meningkat sebanyak 6% di dalam bulan tersebut kerana NZD juga mendapat faedah daripada kelemahan Dolar yang dilihat di dalam bulan Julai dan kemudiannya terus menaik ke paras rekod tertinggi. Pada 2 Ogos, strategi beralih kepada ‘short carry’. Walaupun tinjauan untuk JPY dan CHF dijangka mengalami paras tertinggi pada awal bulan Ogos, jangkaan peningkatan USD berbanding AUD, NZD dan NOK mungkin meminimumkan sebarang ketidakberhasilan strategi.
Indeks kehilangan 3.45% di dalam bulan Ogos. Strategi mengubah posisinya empat kali sepanjang bulan dan mengakhiri bulan dengan kedudukan ‘long carry’. Bulan Ogos menyaksikan tahap ketidaktentuan yang paling serius dan penghindaran risiko yang meluas sejak kemuncak krisis kewangan. CHF adalah penyumbang utama kepada prestasi Indeks yang negatif oleh kerana ia menyusut sebanyak 2.5% sepanjang bulan tersebut. Penghindaran risiko yang berpunca dari kebimbangan terhadap sektor perbankan Eropah membawa kepada gelombang jualan awal di dalam EURCHF. Penjualan silang hampir mencapai kesamarataan, menyebabkan Swiss National Bank (SNB) melancarkan tindakan balas besar-besaran di dalam pasaran mata wang untuk menjatuhkan Franc yang ‘dinilai jauh terlalu tinggi’. Pihak berkuasa Jepun telah campur tangan sebaik USDJPY mula menggelongsor ke arah 75 – kemungkinan merupakan suatu campur tangan terbesar di dalam tempoh satu hari oleh sebuah bank pusat. Walaupun persekitaran risiko tidak menguntungkan, mata wang NOK menunjukkan prestasi yang baik di dalam bulan Ogos mengatasi risiko matawang yang lain. AUD dan NZD masing-masing menyusut sebanyak 2.6% dan 2.9% sepanjang bulan.
Indeks AmCurrency Income I mengalami penutupan awal pada 23 September 2011 di mana Indeks AmCurrency Income I berada di bawah paras 1%.
Indeks AmCurrency Income II kekal ‘long carry’ di dalam bulan Jun 2011. Indeks meningkat sebanyak 0.03% sepanjang bulan disebabkan oleh sumbangan positif daripada beberapa kedudukan peningkatan. Walaupun persekitaran risiko kelihatan perlahan, AUD dan NZD kekal disokong dengan baik, dengan dolar New Zealand terutamanya menunjukkan prestasi yang cemerlang. CHF telah dicabar oleh kerana pergolakan di dalam
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kesatuan mata wang yang melinkungi zon Franc terus menghentam EURCHF, bagaimanapun, kemunculan semula yang luar biasa di dalam semua pasangan CHF dapat dilihat pada beberapa sesi dagangan akhir. Sementara itu, Jun tahun ini adalah bulan paling tenang untuk Yen kerana USDJPY diniagakan di dalam lingkungan 200-pip dan Dolar mengakhiri bulan Jun dengan catatan sedikit lemah. Indeks kehilangan 4.42% di dalam bulan Julai. Strategi mengubah kedudukannya dua kali di dalam bulan ini, kepada ‘short carry’ pada 13 Julai dan beralih kepada ‘long carry’ pada 20 Julai.
Dolar bergelut secara keseluruhannya kerana hampir semua nilai mata wang utama meningkat nilai berbanding USD. CHF meningkat sebanyak 7% berbanding USD pada bulan tersebut disebabkan kebimbangan berterusan mengenai perihal Eurozone, keadaan pertumbuhan global, dan kekurangan kemajuan pada siling hutang AS telah meningkatkan permintaan terhadap Franc di dalam bulan Julai. NZD meningkat sebanyak 6% di dalam bulan tersebut kerana NZD juga mendapat faedah daripada kelemahan Dolar yang dilihat di dalam bulan Julai dan kemudiannya terus menaik ke paras rekod tertinggi. Pada 2 Ogos, V10 beralih kepada ‘short carry’. Walaupun tinjauan untuk JPY dan CHF dijangka mengalami paras tertinggi pada awal bulan Ogos, jangkaan peningkatan USD berbanding AUD, NZD dan NOK mungkin meminimumkan sebarang ketidakberhasilan strategi.
Indeks kehilangan 9.85% di dalam bulan September disebabkan kemeruapan pasaran bulan Ogos berterusan sepanjang bulan September dengan aset risiko mengalami penurunan ketara. Strategi menukar kedudukan ‘carry’ sebanyak tiga kali sepanjang bulan dan kini berada di kedudukan ‘short’. Strategi ini juga menyaksikan perubahan di dalam komposisi mata wang yang menghasilkan pulangan tinggi dengan SEK menggantikan NOK.
Strategi memulakan bulan tersebut di dalam kedudukan ‘long’, beralih kepada kedudukan ‘short carry’ pada 5 haribulan apabila penghindaran risiko dan pencarian perlindungan menyebabkan FX meruap dengan lebih tinggi. Campurtangan SNB mengumumkan nilai lantai 1.2 pada EURCHF pada 6 haribulan yang telah menggugat strategi disebabkan oleh kedudukan ‘short carry’. Baki bulan tersebut menyaksikan peningkatan tahap kemeruapan dengan pasaran melihat pelbagai aktiviti pengambilan dan penolakan risiko.
CHF adalah penyumbang utama kepada prestasi negatif Indeks diikuti oleh NZD yang telah diturun taraf oleh Fitch and S&P, dengan menyatakan untuk mengubah struktur kedudukan hutang bersih, disamping data secara amnya mengecewakan kepada nilai rendah.
Indeks AmCurrency Income II mengalami penutupan awal pada 27 Oktober 2011 di mana Indeks AmCurrency Income berada di bawah paras 1%.
Antara peristiwa-peristiwa utama yang telah menjejaskan prestasi Indeks AmCurrency & II adalah: Penurunan Taraf Penilaian Kredit AS – S&P menurunkan penarafan kredit AS dari AAA kepada AA+ pada awal bulan menyebabkan peningkatan pengelakan risiko dan kemeruapan pasaran.
Kebimbangan Hutang Kerajaan Eropah – Walaupun lebih banyak pengumuman dan penyelamatan untuk Greece telah dilaksanakan, Itali kini telah memasuki tumpuan pelabur yang bimbang tentang kebolehlaksanaan kesatuan monetari tanpa kesatuan fiskal.
Kelembapan Global – Kebimbangan sekitar kelembapan proses pemulihan global dan potensi kemelesetan berganda meningkat apabila bulan ini menyaksikan satu siri titik data anjal termasuk Philadelphia Fed Index, NFP dan angka KDNK Eurozone.
Campur tangan oleh Swiss National Bank (SNB) dan Bank Jepun (BOJ) – BOJ telah melaksanakan apa yang dikatakan sebagai salah satu daripada campur tangan terbesar oleh sebuah bank pusat untuk menghentikan pengukuhan JPY manakala SNB pula telah menggunakan langkah-langkah penilaian pasaran kewangannya sebelum akhirnya mengumumkan sasaran nilai lantai 1.20 untuk EURCHF.
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(Oleh AmBank (M) Berhad dan Bloomberg)
Prestasi Indeks AmCurrency Income
Og
o-10
Nov
-10
Feb
-11
Mei
-11
Og
o-11
Nov
-11
Feb
-12
7.00%
6.00%
4.00%
2.00%
1.00%
0.00%
Pres
tasi
(%) 5.00%
3.00%
Bulan
Prestasi Indeks AmCurrency Income II
Mac
-11
Mei
-11
Og
o-11
Okt
-11
Dec
-11
Feb
-12
Mac
-12
7.00%
6.00%
4.00%
2.00%
1.00%
0.00%
Pres
tasi
(%) 5.00%
3.00%
Ap
r-11
Jul-1
1
Sep
-11
Nov
-11
Jan-
12
Bulan
(Sumber: Bloomberg)
(Sumber: Bloomberg)
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Ulasan Pasaran Dana AmAssurance AmCommodity Stable CGF
Di dalam bulan April 2011, Indeks Dow Jones-UBS Commodity Excess Return meningkat 3.46% kepada 175,42. Indeks MLCX Enhanced Benchmark A10 Excess Return meningkat 3.68% kepada 339,42. Indeks MLCX AmBank Commodity Alpha sebaliknya meningkat 0.22% kepada 1.90 di dalam bulan April 2011. Negara-negara pengeluar minyak mentah Arab hanya akan menambah separuh daripada 4 juta tong sehari untuk memperkemaskan projek kapasiti yang telah mereka umumkan di dalam tempoh lima tahun yang lalu menurut setiausaha agung Pertubuhan Pengeksport Petroleum Negara Arab.
Harga emas menghampiri $1,570 per auns, memperluaskan pengumpulan kepada satu rekod, pada pertaruhan yang Dolar akan merosot secara berlanjutan, sekaligus mempertingkatkan daya tarikan logam ini sebagai simpanan yang mempunyai nilai. Harga perak mencatatkan keuntungan terbesar bulanan di dalam tempoh masa 28 tahun. Premium tunai bagi kacang soya dan jagung yang dihantar ke beberapa terminal berhampiran New Orleans di dalam bulan Mei meningkat berbanding niaga hadapan Chicago oleh kerana kelewatan penghantaran dan kekurangan jualan petani telah menyempitkan bekalan. Harga kapas melonjak disebabkan had pertukaran pada kebimbangan baru bahawa cuaca yang kering di AS, pengeksport terbesar di dunia, mungkin akan mengancam pengeluaran dan kelemahan Dolar juga telah merangsang permintaan bagi komoditi.
Indeks Dow Jones-UBS Commodity Excess Return jatuh 5.06% kepada 166.54 di dalam bulan Mei. Indeks MLCX Enhanced Benchmark A10 Excess Return jatuh 4.77% kepada 323.23. Indeks MLCX AmBank Commodity Alpha sebaliknya meningkat 0.30% kepada 173.72. Niaga hadapan Emas meningkat disebabkan oleh penurunan Dolar dan krisis hutang di Eropah mendorong permintaan bagi pelaburan alternatif. Harga petrol juga meningkat apabila Dolar menjadi lemah dan berikutan spekulasi bahawa permintaan telah meningkat sebelum cuti Hari Memorial di AS, iaitu permulaan tradisi musim memandu.
Niaga hadapan gandum jatuh paling rendah di dalam kira-kira tiga minggu apabila Rusia berjanji untuk menyambung semula eksport selepas 1 Julai, mengurangkan kebimbangan kesempitan bekalan di dalam beberapa minggu ke hadapan. Harga jagung mencatat perubahan kecil, dan kacang soya menampakkan kemajuan. Harga koko meningkat berikutan kebimbangan bahawa mutu stok kacang yang terkumpul di Ivory Coast, penanam terbesar di dunia, mungkin telah terjejas semasa perang sivil yang telah menjejaskan eksport. Harga gula dan koko juga menampakkan kemajuan.
Harga minyak mentah jatuh oleh kerana tanda-tanda kelembapan pertumbuhan pembuatan di China dan Eropah telah meningkatkan spekulasi bahawa permintaan bahan api mungkin tergendala. Indeks China’s Purchasing Managers jatuh kepada paras terendah sejak Februari 2009 manakala pengukur di dalam kawasan 17-negara Euro menurun kepada paras terendah di dalam tempoh 18 bulan. Pemulihan kawasan Euro mereda disebabkan pemimpin Eropah berhempas-pulas untuk mengawal krisis hutang Greece. Harga minyak mentah turun 7.09% kepada $95.42 dan harga tembaga meningkat 2.30% kepada $9,414.00 di dalam bulan ini. Harga aluminium merosot 5.97% kepada $ 2,503.25. Harga plumbum meningkat 5.31% kepada $2,671.00. Harga zink meningkat 4.24% kepada $2,342.00. Harga timah jatuh 6.84% kepada $25,975.00. Harga nikel turun 0.81% kepada $23,395.00.
Indeks Dow Jones-UBS Commodity Excess Return jatuh 5.05% kepada 158,1349 di dalam bulan Jun. Indeks MLCX Enhanced Benchmark A10 Excess Return turun 4.88% kepada 307.4583. Indeks MLCX AmBank Alpha Commodity sebaliknya meningkat 0.17% kepada 174.0171.
Menurut Kementerian Minyak Mesir, negara itu telah membuat dua penemuan gas asli di Delta Sungai Nil dan Laut Mediterranean, meningkatkan rizabnya sebanyak 194 bilion kaki padu gas dan 2 juta tong kondensat. Niaga hadapan etanol jatuh paling rendah di dalam tempoh hampir sebulan apabila harga jagung merosot dan Kongres kekal tidak bersepakat di dalam rancangan untuk meningkatkan had hutang negara. Harga gula jatuh disebabkan tanda-tanda pertumbuhan ekonomi AS yang semakin perlahan, menambah kepada kebimbangan bahawa permintaan komoditi akan berkurangan akibat kerajaan persekutuan yang semakin menuju kepada keingkaran. Harga koko kekal tidak berubah, manakala harga kopi pula menaik. Niaga hadapan emas meningkat kepada rekod atas permintaan untuk perlindungan pelaburan di tengah-tengah kebimbangan ke atas kebuntuan hutang AS dan tanda-tanda kegoyahan ekonomi. Para penggubal undang-undang AS menawarkan pelan saingan untuk mengumpulkan $14.3 trilion bagi mengelakkan keingkaran sebelum tarikh akhir 2 Ogos tiba. Indeks Dow Jones-UBS Commodity Excess Return meningkat 2.96% di dalam bulan Julai kepada 162.81. Indeks MLCX Enhanced Benchmark A10 Excess Return meningkat 3.07% kepada 316.90. Indeks MLCX AmBank Commodity Alpha meningkat 0.09% kepada 174.
Mengikut kajian Bloomberg News, pengeluaran minyak mentah oleh Pertubuhan Negara-negara Pengeksport Petroleum (OPEC) di dalam bulan Ogos telah meningkat kepada tahap tertinggi sejak Disember 2008, diketuai
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oleh Arab Saudi. Gasolin meneruskan perolehan selepas Jabatan Tenaga melaporkan stok penimbal turun lebih daripada yang diramalkan di dalam minggu terakhir bulan Ogos. Harga jagung jatuh buat kali pertama di dalam tempoh lima sesi dan harga gandum menurun atas spekulasi bahawa permintaan bagi bijirin yang digunakan di dalam makanan haiwan, bahan api dan makanan akan menjadi perlahan selepas menghadapai kenaikan harga minggu sebelumnya. Harga kacang soya menunjukkan kenaikan. Harga gula meningkat buat pertama kali di dalam masa tiga hari disebabkan terdapat tanda-tanda bahawa permintaan global akan meningkat pada masa pengeluaran mungkin menjadi terhad di Brazil, pengeluar terbesar di dunia. Harga kopi dan koko turut menaik. Emas menuju keuntungan bulanan terbesar di dalam tempoh 22 bulan, di mana para pelabur mengumpul semula di dalam ekuiti global berdasarkan prospek bahawa Rizab Persekutuan mengambil lebih banyak tindakan untuk merangsang ekonomi. Harga tembaga menaik selepas data permintaan kilang AS dan aktiviti perniagaan menyuntik keyakinan ke dalam ekonomi. Indeks Dow Jones-UBS Commodity Excess Return meningkat 0.99% kepada 164.43. Indeks MLCX Enhanced Benchmark A10 Excess Return meningkat 1.19% kepada 320.66. Indeks MLCX AmBank Alpha Commodity meningkat 0.19% kepada 174.51 di dalam bulan Ogos 2011.
Harga komoditi merosot, menuju kepada penurunan suku tahunan terbesar sejak akhir tahun 2008, apabila data bearis ekonomi-ekonomi di Eropah dan China menambah kepada kebimbangan bahawa dunia akan jatuh ke kancah kemelesetan yang baru. Harga minyak jatuh menunjukkan tanda-tanda pertumbuhan perlahan di China, AS dan Jerman telah meningkatkan kebimbangan bahawa permintaan bahan api akan terjejas. Harga perak dan tembaga mendahului penurunan komoditi bulanan. Harga tembaga jatuh disebabkan spekulasi permintaan bagi logam dari China, sebagai pembeli terbesar, akan menjadi lembab selepas pembuatan merosot. Pengeluar gula menuju kerugian tiga suku berturut-turut berdasarkan tanda-tanda bahawa bekalan akan kekal mencukupi disebabkan kelembapan ekonomi global yang akan mengurangkan penggunaan. Harga kacang soya juga merosot. Harga jagung menjunam, menuju rekod penurunan bulanan terburuk, selepas laporan kerajaan menunjukkan inventori AS yang lebih besar daripada ramalan, memberikan isyarat permintaan yang berkurangan bagi gandum yang digunakan di dalam makanan haiwan dan etanol. Niaga hadapan kapas jatuh, menghadkan kemerosotan suku kedua berturut-turut, atas kebimbangan bahawa krisis hutang Eropah akan menghalang ekonomi global, menghakis permintaan untuk tekstil dan pakaian. Harga jus oren juga menurun. Indeks Dow Jones-UBS Commodity Excess Return jatuh 14.74% di dalam bulan ini kepada 140.20. Indeks MLCX Enhanced Benchmark A10 Excess Return jatuh 14.57% di dalam bulan ini kepada 273.93. Indeks MLCX AmBank Commodity Alpha meningkat 0.16% kepada 174.80 di dalam bulan September 2011.
Menurut tinjauan oleh Bloomberg News, pada bulan Oktober pengeluaran minyak oleh Pertubuhan Negara-negara Pengeksport Petroleum meningkat ke tahap tertinggi di dalam tempoh hampir tiga tahun oleh kerana keuntungan di Libya dan Angola mengatasi bahagian Saudi. Harga gasolin jatuh kerana Dolar melonjak di tengah-tengah kebimbangan bahawa kerajaan Eropah akan bergelut untuk mendapatkan sokongan kewangan sebagai rancangan untuk menyelesaikan krisis hutang di rantau tersebut. Harga jagung jatuh paling teruk di dalam bulan ini dan kacang soya jatuh kepada harga terendahnya di dalam tempoh hampir tiga minggu apabila pengumpulan semula di dalam Dolar menghakis prospek untuk eksport AS dan mengurangkan daya penarik pelaburan komoditi. Harga kopi jatuh di New York atas kebimbangan baru bahawa Eropah tidak akan berjaya membendung krisis hutang di rantau tersebut dan dengan lonjakan Dolar, menghakis daya penarik komoditi. Harga gula dan koko turut merosot. Niaga hadapan gula mentah jatuh untuk kali ketiga di dalam tempoh empat hari di atas spekulasi bahawa percubaan untuk memperbaiki hutang Greece tidak akan berjaya menamatkan krisis kewangan di Eropah, sekaligus memperlahankan ekonomi dan permintaan bagi komoditi. Niaga hadapan kapas jatuh, menamatkan pengumpulan semula terpanjang di dalam tempoh tujuh bulan, kerana permintaan dari kilang tekstil berkurangan. Harga jus oren menampakkan kemajuan. Indeks Dow Jones-UBS Commodity Excess Return meningkat 6.62% kepada 149.48. Indeks MLCX Enhanced Benchmark A10 Excess Return meningkat 6.52% kepada 291.78. Indeks MLCX AmBank Commodity Alpha jatuh 0.10% kepada 174.62 di dalam bulan Oktober 2011.
Harga komoditi melonjak ke paras tertinggi di dalam tempoh hampir dua minggu selepas Rizab Persekutuan mengurangkan kos pembiayaan kecemasan kepada bank-bank di Eropah sebagai sebahagian daripada usaha global untuk mengekang krisis hutang negara di rantau tersebut. Langkah FED tersebut telah diselaraskan dengan Bank Pusat Eropah dan bank-bank pusat di Kanada, England, Jepun dan Switzerland. Secara berasingan, China telah mengurangkan jumlah tunai yang perlu sediakan oleh bank sebagai rizab untuk kali pertama sejak 2008.
Harga kapas mengukuh di dalam tempoh masa dua minggu kerana permintaan untuk bekalan dari AS, pengeksport terkemuka di dunia, meningkat semula selepas harga merosot kepada paras rendah selama 14 bulan. Harga jus oren menunjukkan kemerosotan. Harga jagung dan kacang soya meningkat kerana cuaca kering mengancam tanaman di Amerika Selatan dan keyakinan yang lebih baik terhadap ekonomi AS telah menyokong prospek permintaan komoditi.
Harga minyak jatuh daripada paras tertinggi di dalam tempoh dua minggu di New York selepas Standard & Poor’s mengurangkan penarafan kredit kepada beberapa pemberi pinjaman terbesar di dunia semasa tanda-tanda kenaikan bekalan minyak mentah di AS.
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Indeks Dow Jones-UBS Commodity Excess Return jatuh 3.13% kepada 146.1596. Indeks MLCX Enhanced Benchmark A10 Excess Return jatuh 2.96% kepada 285.8352. Indeks MLCX AmBank Commodity Alpha meningkat 0.16% kepada 174.9336 di dalam bulan November 2011.
Di dalam bulan Disember, tercetus kebimbangan bahawa permintaan daripada negara pengguna minyak mentah kedua terbesar di dunia mungkin menjadi perlahan. Harga minyak pemanas dan gasolin bertambah baik, menambah kepada keuntungan tahun ketiga berturut-turut mereka, di atas spekulasi import gasolin akan menurun dan permintaan untuk eksport diesel AS akan meningkat apabila tiga loji penapis minyak di Eropah ditutup di dalam bulan Januari. Harga emas meningkat paling ketara bulan ini, menghadkan kemajuan tahunan ke-11 berturut-turut, di atas spekulasi bahawa permintaan akan meningkat daripada pembuat barang kemas dan para pelabur. Harga tembaga menunjukkan peningkatan paling tinggi di dalam tempoh dua minggu, pengurangan penurunan tahunan pertama sejak 2008, atas andaian bahawa pertumbuhan ekonomi AS akan mengapungkan permintaan besi apabila ekonomi China menjadi perlahan.
Harga jagung meningkat, mencatatkan keuntungan tahunan ketiga berturut-turut, dan harga kacang soya menaik disebabkan kebimbangan bahawa cuaca buruk akan menyebabkan kerosakan tanaman yang tidak boleh dipulihkan di Argentina. Harga gula mentah jatuh disebabkan perkembangan pengeluaran di Asia dan Eropah telah melebihi daripada sekadar mengimbangi kejatuhan pengeluaran di Brazil, penanam tebu yang utama di dunia.
Indeks Dow Jones-UBS Commodity Excess Return jatuh 3.75% kepada 140.6802. Indeks MLCX Enhanced Benchmark A10 Excess Return jatuh 3.56% kepada 275.6474. Indeks MLCX AmBank Commodity Alpha meningkat 0.18% kepada 175.2567 di dalam bulan Disember 2011.
Harga minyak naik disebabkan spekulasi para pelabur bahawa permintaan bahan api akan meningkat selepas pengeluaran industri di Jepun, pengguna minyak mentah ketiga terbesar, meningkat lebih daripada jangkaan. Harga emas melonjak ke harga paling tinggi di dalam tempoh hampir lapan minggu, melanjutkan prestasi Januari terbaik sejak 2008. Harga perak telah bersedia untuk permulaan tahun yang hebat sejak 1983 manakala harga platinum melonjak kepada paras tinggi bagi tempoh dua bulan setengah. Harga tembaga melonjak, melanjutkan keuntungan bulanan yang pertama sejak Oktober, selepas Perdana Menteri Greece berkata bahawa kemajuan besar telah dicapai di dalam perbincangan masalah hutang. Bulan ini merupakan bulan terbaik untuk Timah yang mengatasi komoditi lain sejak sekurang-kurangnya 1992.
Harga kacang soya menokok disebabkan kejatuhan Dolar telah meningkatkan daya penarik eksport AS dan pembelian spekulasi oleh China, pengimport terbesar, mungkin meningkat selepas berakhirnya cuti Tahun Baru Cina. Harga jagung dan gandum juga menunjukkan kemajuan. Harga kapas meningkat tertinggi di dalam masa seminggu apabila tanda-tanda kemajuan oleh kerajaan Eropah untuk meringankan krisis hutang mereka telah merangsang prospek pertumbuhan ekonomi global dan permintaan untuk beberapa komoditi. Harga jus oren juga menunjukkan kemajuan.
Indeks Dow Jones-UBS Commodity Excess Return meningkat 2.47% kepada 144.16. Indeks MLCX Enhanced Benchmark A10 Excess Return meningkat 2.84% kepada 283.48. Indeks MLCX AmBank Commodity Alpha meningkat 0.37% kepada 175.91 di dalam bulan Januari 2012.
Komoditi, yang diketuai oleh minyak, menewaskan stok, bon dan Dolar untuk pertama kali sejak Julai apabila Kesatuan Eropah bersedia untuk menyekat minyak mentah Iran, ekonomi AS telah bertambah baik dan China telah mengambil langkah-langkah untuk menyokong pertumbuhan. Minyak diniagakan tinggi hampir selama dua hari di New York selepas keuntungan bulanan terbesar sejak Oktober apabila spekulasi bahawa pertumbuhan ekonomi global akan meningkatkan permintaan bahan api memadamkan kebimbangan bahawa bekalan yang semakin meningkat akan menghadkan keuntungan harga. Harga kacang soya meningkat 10 peratus kepada paras tertinggi di dalam tempoh lima bulan di Chicago Board of Trade di dalam bulan Februari, yang tertinggi sejak 2010, disebabkan jualan eksport AS menunjukkan peningkatan dan ramalan kerajaan bahawa inventori akan mengalami kemerosotan sebanyak 25 peratus sebelum musim menuai 2013. Harga gula menokok 5.8 peratus di ICE Futures US, yang tertinggi sejak Julai, selepas musim kemarau menyebabkan bekalan dari Mexico terputus. Nikel, kopi dan kapas adalah peraih kerugian terbesar pada GSCI, masing-masing mengalami penurunan 7.7 peratus, 5.5 peratus dan 3 peratus. Harga jagung meningkat kepada paras tertinggi di dalam tempoh tujuh minggu apabila pertumbuhan ekonomi berupaya meningkatkan permintaan untuk makanan dan bahan api. Harga emas merosot di dalam masa dua minggu atas jangkaan bahawa Rizab Persekutuan tidak akan mengambil sebarang tindakan baru untuk meningkatkan ekonomi. Harga tembaga juga menaik selepas sektor pembuatan di China meningkat bagi bulan ketiga berturut-turut, memberi isyarat bahawa permintaan bagi logam yang digunakan di dalam pembuatan paip dan wayar mungkin meningkat di negara pengguna terbesar di dunia itu.
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Indeks Dow Jones-UBS Commodity Excess Return meningkat 2.69% kepada 148.04. Indeks MLCX Enhanced Benchmark A10 Excess Return meningkat 2.70% kepada 291.13. Indeks MLCX AmBank Commodity Alpha meningkat 0.01% kepada 175.92 di dalam bulan Februari 2012.
Tembaga, bersedia untuk meraih peningkatan suku tahun terbesar sejak 2010, telah mengalami peningkatan di London disebabkan ekuiti dan Euro meningkat di tengah-tengah spekulasi para pegawai Eropah akan meningkatkan dana untuk menyelamatkan negara-negara berhutang. Emas, bersedia untuk kemajuan sukuan, mungkin meningkat ke atas Dolar yang lemah dan spekulasi bahawa mogok oleh peniaga barangan kemas di India mungkin berakhir. Harga perak menjurus ke arah peningkatan tiga bulan pertama bagi tahun tersebut.
Harga minyak meningkat di New York, menuju keuntungan suku tahun kedua, apabila para pelabur membuat spekulasi bahawa sekatan ke atas Iran akan bertambah ketat dan penurunan semalam, yang terbesar tahun ini, telah diperbesar-besarkan. Harga kacang soya meningkat, menuju peningkatan suku terbesar di dalam tempoh lebih daripada satu tahun, di atas spekulasi bahawa permintaan untuk eksport AS akan meningkat disebabkan oleh kemerosotan pengeluaran di Amerika Selatan. Niaga hadapan gula mentah meningkat, menghentikan empat sesi penggelongsoran, berikutan kebimbangan baru bahawa bekalan mungkin menyempit disebabkan kelewatan hasil tanaman di Brazil, penanam terbesar di dunia. Harga kapas jatuh, manakala harga jus oren meningkat.
Oleh itu, prestasi indeks sejak pelancaran adalah:1. Indeks MLCX AmBank Commodity Alpha – 3.73%2. Indeks MLCX Enhanced Benchmark A01 Excess Return – 0.09%3. Indeks Dow Jones-UBS Commodity Excess Return – (3.56)%
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MoM Performance
Performance Since Inception Permulaan
30 Nov 10
28 Feb 11
31 May 11
31 Aug 11
30 Nov 11
29 Feb 12
31 Mar 12
169.9859
170.1251
172.8051
173.7244
174.5127
174.9336
175.9189
176.3321
275.6397
278.9337
320.7321
323.2295
320.6591
285.8352
291.1312
275.8993
145.1062
146.7299
166.1437
166.5416
164.4327
146.1596
148.0367
139.9437
Paras Indeks
Tarikh MLCXAMB MLCXA01E DJUBS
MoM Performance
Performance Since Inception Permulaan
30 Nov 10
28 Feb 11
31 May 11
31 Aug 11
30 Nov 11
29 Feb 12
31 Mar 12
-
0.08%
1.58%
0.53%
0.45%
0.24%
0.56%
0.23%
-
1.20%
14.99%
0.78%
-0.80%
-10.86%
1.85%
-5.23%
-
1.12%
13.23%
0.24%
-1.27%
-11.11%
1.28%
-5.47%
Prestasi Bulan ke Bulan
Tarikh MLCXAMB MLCXA01E DJUBS
MoM Performance
Performance Since Inception Permulaan
30 Nov 10
28 Feb 11
31 May 11
31 Aug 11
30 Nov 11
29 Feb 12
31 Mar 12
-
0.08%
1.66%
2.20%
2.66%
2.91%
3.49%
3.73%
-
1.20%
16.36%
17.27%
16.33%
3.70%
5.62%
0.09%
-
1.12%
14.50%
14.77%
13.32%
0.73%
2.02%
-3.56%
Prestasi Sejak Pelancaran
Tarikh MLCXAMB MLCXA01E DJUBS
ULASAN PASARAN
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(Sumber: Bloomberg)
Prestasi MLCXAMB Sejak Pelancaran
Okt
-10
Nov
-10
Dec
-10
Jan-
11
Feb
-11
Mac
-11
Ap
r-11
Mei
-11
Jun-
11
Jul-1
1
Og
o-11
Sep
-11
Okt
-11
Nov
-11
Dec
-11
Jan-
12
Feb
-12
104.0%
103.0%
102.0%
101.0%
100.0%
99.0%
Pres
tasi
(%)
Bulan
ULASAN PASARAN
(Oleh AmBank (M) Berhad dan Bloomberg)
TINJAUAN PELABURAN
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TINJAUAN PELABURAN
Tinjauan Pasaran Pelaburan Dana AmAssurance Equity, Balanced, Dana Teguh, Dividend
Kami memulakan tahun kewangan yang baru dengan tiga ketidaktentuan yang mengemukakan risiko utama: ketidaktentuan menjelang Pilihan Raya Umum ke-13, ketidakpastian mengenai pertumbuhan ekonomi global dan ya, ketidaktentuan di Eurozone.
Dengan pertumbuhan ekonomi global dilihat perlahan dan peningkatan pengelakkan pasaran menjelang pilihan raya umum, adalah berkemungkinan tinggi bahawa KLCI akan terus berada di dalam mod dagangan pelbagai sehingga pemangkin baru muncul. Ini bermaksud bahawa di dalam jangka masa terdekat, KLCI berkemungkinan menjadi sangat mudah terdedah kepada tekanan luaran yang tidak digemari yang boleh melenyapkan sebarang selera risiko baru di pasaran tempatan. Bahaya luaran mungkin datang di dalam bentuk keingkaran munasabah Greece dan penyingkiran dari Eurozone, kebimbangan terhadap ekonomi China dan India menghampiri kemelesetan ketara dan ancaman kegagalan Amerika Syarikat untuk menurunkan defisit dan paras hutangnya. Kita telah melihat sendiri bagaimana selera risiko para pelabur ke atas aset berisiko menurun dengan ketara sejak akhir-akhir ini. Sebagai contoh, indeks MSCI Emerging Markets telah jatuh lebih daripada 10% di dalam bulan Mei sahaja. Walaupun KLCI agak berdaya tahan, kita telah melihat aliran keluar dana asing yang konsisten – suatu manifestasi perumpamaan para pelabur yang digelar “sell in May, go away” (di mana tempoh bulan Mei hingga Oktober merupakan jangka masa agak lemah bagi pasaran secara purata dan saham akan dijual pada awal Mei sebelum kembali dibeli pada bulan November). Pelabur asing telah meningkatkan jualan mereka di bursa tempatan di dalam bulan Mei, selepas tujuh bulan pembelian bersih ekuiti secara terus-menerus di dalam bulan-bulan sebelumnya.
Seperti mana yang telah ditentukan, satu perkara kecil yang dipanggil Greece bukanlah satu-satunya masalah kami. Walaupun tumpuan perhatian pada masa ini masih mengenai krisis hutang Euro, para pelabur juga semakin bimbang tentang China dan India di mana data ekonomi mereka yang terkini menunjukkan pergerakan angka yang perlahan. Situasi ini bertambah buruk dengan kedudukan ekonomi AS yang terus berada di belakang, di mana semua pihak tertumpu kepada program penjimatan yang akan datang untuk menurunkan defisit fiskal AS dan paras hutang kerajaan. Keadaan ini mengundang bahaya yang besar sekiranya AS dan krisis hutang Euro membentuk satu simbiosis dan mengambil kesempatan ke atas satu sama lain; secara pastinya, kemelesetan ekonomi global bakal menjadi suatu risiko sebenar. Hasilnya, selain daripada kepentingan pilihan raya Greece pada 17 Jun yang padanya tergantung untung nasib Greece di dalam Eurozone, para pelabur juga akan cuba mendapatkan petunjuk pada mesyuarat
dasar ECB yang dijadual untuk diadakan pada awal Jun, serta di dalam data AS yang akan datang sebelum mesyuarat FOMC seterusnya dan di sekitar penghujung program rangsangan pembelian bon AS. Faktor-faktor tersebutlah terletaknya ketidaktentuan luaran tersebut.
Secara domestik, acara utama yang seumpama awan gelap yang menyelubungi kami adalah pilihan raya umum yang akan berlaku yang boleh menyebabkan kemeruapan tinggi di bursa tempatan memandangkan keputusan pilihan raya yang tidak menentu dan peningkatan pengelakan risiko di kalangan para pelabur.
Walau apa pun hujah-hujah di atas, kami percaya bahawa pengunduran pasaran dan penyatuan yang telah kita lihat setakat ini mungkin masih belum berakhir. Malah, kami berpendapat bahawa KLCI akan kekal di dalam mod penurunan sementara dan penyatuan untuk sekurang-kurangnya sehingga pilihan raya Greek yang dijadualkan pada 17 Jun kelak selesai. Ini adalah kerana pada masa ini, krisis hutang Eropah masih berkemungkinan untuk menjadi bertambah buruk, mencetuskan pengeluaran tunai di serata Eropah sehingga Bank Pusat Eropah terpaksa mengambil langkah tegas untuk menjana pendapatan daripada hutang Eropah. Sementara itu, kebimbangan kemelesetan di China juga akan menyebabkan para pelabur melakukan penghindaran risiko. Di dalam keadaan seperti ini, kami percaya para pelabur akan lebih berhati-hati ke atas aset berisiko tinggi dan hasilnya ekuiti masih terdedah kepada penurunan lanjut.
Mudah-mudahan, pada pertengahan separuh kedua 2012, kita akan mendapati bahawa semua keadaan yang tidak menentu di atas hanyalah sebuah mimpi yang buruk. Tetapi ini akan berlaku dengan syarat: (a) Bank Pusat Eropah membuat satu langkah yang tegas untuk menjana pendapatan daripada hutang Eropah; (b) para penggubal dasar China melonggarkan polisi secara ketara dan pertumbuhan ekonomi kembali pesat; (c) pemimpin Kongres AS menyanyikan lagu kebangsaan bersama-sama untuk mengingatkan mereka yang AS adalah sebuah negara yang perkasa dan membentuk beberapa tawaran untuk mengawal risiko kegagalan mengurangkan defisit dan hutangnya, dan (d) di dalam negara, pilihan raya umum menghasilkan keputusan yang lebih baik daripada jangkaan di mana parti gabungan pemerintah kekal di bawah kawalan kerajaan.
Di antara semua ketidaktentuan, dilihat dari perspektif yang lebih besar, kami percaya bahawa penentu bagi sentimen di dalam pasaran global - dan seterusnya di dalam pasaran tempatan kita - untuk kembali positif adalah dengan menamatkan krisis hutang Euro. Namun begitu, melihat dengan lebih jauh pengunduran jangka masa terdekat, kami menjangkakan sentimen pasaran untuk beransur-ansur pulih sebaik ketidaktentuan ekonomi global berkurangan. Sementara itu, pasaran kewangan global masih berkemungkinan disokong dengan kecairan disebabkan bank-bank pusat di negara-negara maju telah berikrar untuk mengekalkan
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dasar kewangan yang longgar untuk menyokong pertumbuhan ekonomi, jika terdapat keperluan.
Ya, keadaan di pasaran ekuiti kelihatan sangat tidak boleh dipercayai kini. Walau bagaimanapun, kami positif bahawa ketidaktentuan di persekitaran tempatan dan luar akan bertambah baik secara beransur-ansur menuju separuh tahun kedua 2012. Oleh itu, kami mengekalkan sasaran KLCI kami untuk 2012 pada 1,620.
(Oleh AmLife Insurance Berhad)
Tinjauan Pasaran Pelaburan Dana AmAssurance Bond
Faktor risiko paling kritikal yang akan membentuk pasaran kewangan global 2012 adalah risiko menular krisis hutang kerajaan Eurozone. Setahun yang lalu, risiko peningkatan risiko kredit kerajaan kelihatan terhad kepada kumpulan PIIGS (Portugal, Itali, Ireland, Greece dan Sepanyol). Bagaimanapun, semakin kita menghampiri penghujung tahun 2011, perkembangan terkini mencadangkan bahawa risiko menular telah merebak dari negara-negara bersempadanan ke negara-negara teras. Kenaikan kadar hasil bon juga dapat dilihat di negara-negara seperti Perancis, Austria dan Belanda. Perbalahan berterusan di kalangan para penggubal dasar tentang bagaimana untuk menangani masalah berterusan ini telah menambah buruk suasana huru-hara ini, menyebabkan penghindaran risiko melonjak ke tahap yang lebih tinggi. Pada ketika ini, para pelabur masih tidak menjangka untuk melihat sesuatu yang lebih buruk dari krisis 2008 tetapi sebarang peristiwa di luar jangkaan berkaitan hal-hal politik di dalam menangani isu ini akan meningkatkan kebarangkalian kemungkinan yang terburuk untuk berlaku.
Pada masa yang sama, sedang krisis hutang kerajaan terus menghantui Eropah, para penggubal dasar AS akan menghadapi cabaran untuk menyokong pemulihan yang masih lemah dan mengembalikan disiplin fiskal di dalam tahun pilihan raya presiden. Ekonomi baru dari Asia Timur menghadapi rintangan dari luar yang boleh menimbulkan risiko ke bawah kepada pertumbuhan ekonomi tetapi, tidak seperti ekonomi maju, mereka masih boleh melaksanakan langkah-langkah perlonggaran kewangan konvensional oleh kerana kadar dasar di rantau ini yang tinggi berikutan normalisasi yang berlaku di awal tahun 2011. Namun begitu, kami tidak mengenepikan kemungkinan berlakunya tekanan inflasi berpunca dari kenaikan harga bahan makanan disebabkan paras harga yang semakin meningkat di kalangan ekonomi baru kerana sebahagian besarnya cenderung didorong oleh harga bahan makanan.
Di pasaran tempatan, kami menjangka BNM untuk mengekalkan kadar pada 3.00% dengan stabil sehingga akhir tahun. Ketidaktentuan pertumbuhan
ekonomi global tidak menjamin sebarang kenaikan kadar selanjutnya, manakala bank-bank pusat serantau yang lain telah beralih ke arah mod neutral. Sebahagian daripada mereka sebenarnya sedang semakin bersedia dengan pemotongan kadar yang tidak dapat dijangkakan yang menunjukkan bahawa para penggubal dasar kini bersedia untuk menghadapi kemungkinan kejatuhan dari rintangan luar. Sebaliknya, harga aset yang semakin meningkat seperti yang dapat dilihat di dalam pasaran hartanah telah meningkatkan kebimbangan terhadap kemungkinan pengelembungan aset yang mungkin mencetuskan tekanan inflasi kepada ekonomi.
(Oleh AmLife Insurance Berhad)
Tinjauan Pasaran Pelaburan Dana AmAssurance AmOasis Islamic Equity
(Dana Pengantara: Dana AmOasis Global Islamic Equity)
Berikutan prestasi yang agak lemah di dalam tahun 2011, pasaran ekuiti global telah memulakan tahun kewangan agak kukuh dengan data ekonomi positif dari AS dan suntikan kecairan berterusan oleh Bank Pusat Eropah (ECB) yang telah menyediakan rangsangan kepada penilaian ekuiti. Selera risiko meningkat secara material dengan pelabur semakin mengubah fokus ke arah nilai kualiti rendah di kalangan syarikat-syarikat berprestasi tinggi, dan ini telah menyumbang kepada prestasi cermerlang di dalam tempoh jangka masa pendek. Walaupun ekuiti global terus menawarkan nilai dari perspektif jangka masa panjang, kami merasakan kemeruapan mungkin berterusan kerana kebanyakan negara maju bertarung dengan penjimatan manakala pasaran membangun juga menyaksikan kelembapan yang sederhana oleh kerana pendedahan eksport mereka kepada dunia maju. Memandangkan latar belakang yang tidak menentu ini, kami tetap yakin dengan falsafah pelaburan kami iaitu untuk terus melabur di dalam syarikat-syarikat berkualiti tinggi yang merupakan pemimpin pasaran di dalam sektor yang mereka ceburi, mempunyai kunci kira-kira yang sihat dan mempunyai keupayaan untuk menjana tahap Pulangan Ke atas Ekuiti (ROE) yang lebih mampan melalui kitaran ekonomi.
Pada pendapat kami, perlonggaran kuantitatif berterusan di negara maju telah menyediakan talian hayat kepada syarikat-syarikat berkualiti rendah dengan memberikan mereka akses kepada pembiayaan yang mereka mungkin tidak dapat kecapi di dalam keadaan yang lebih normal. Kadar faedah yang lebih rendah juga telah tercetus di dalam momentum perolehan bagi syarikat-syarikat berkualiti rendah kerana ianya telah memaksa kos pembiayaan untuk turun dengan lebih rendah - satu keadaan yang kami rasa sukar untuk bertahan bagi suatu jangka masa panjang. Sebaik kecairan beransur normal, syarikat-syarikat berkualiti
TINJAUAN PELABURAN
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tinggi yang mempunyai kunci kira-kira yang kukuh dan aliran tunai yang teguh mempunyai kelebihan untuk mengatasi saingan mereka yang lebih kecil apabila mereka secara efektif membelanjakan simpanan untuk membuat pembelian peningkatan nilai atau penggandaan pendapatan melalui pembelian balik saham-saham. Sepanjang keadaan ekonomi semasa, kami merasakan bahawa mereka yang kuat akan terus menguasai saham pasaran dan meningkatkan kadar keuntungan mereka manakala pemain yang lebih kecil bergelut untuk terus hidup oleh kerana keadaan kecairan yang semakin normal. Falsafah pelaburan kami terbukti jelas di mana syarikat-syarikat di dalam portfolio kami telah membuktikan keupayaan mereka menghasilkan ROE yang lebih tinggi dan berdaya tahan melalui kitaran ekonomi walaupun mengendalikan perdagangan dengan diskaun yang ketara berlandaskan aliran tunai di pasaran.
(Oleh AmInvestment Services Berhad)
Tinjauan Pasaran Pelaburan Dana AmAssurance Global Emerging Market
(Dana Pengantara: Dana AmGlobal Emerging Market Opportunities)
Kegembiraan yang dialami pada awal tahun ini, disebabkan S&P 500 dan indeks MSCI Emerging Markets yang mencatatkan pulangan tertinggi suku pertama mereka sejak 1998 dan 1992 secara respektif, kelihatan seperti telah lesap dan digantikan oleh kemunculan semula ketidaktentuan yang menyelubungi cabaran-cabaran yang mendasari pasaran maju. Kepulangan kepada mod kebimbangan di dalam pasaran global baru-baru telah menyebabkan pasaran GEMs kembali kepada penyatuan secara mutlak, walaupun kedudukan GEMs kelihatan sangat kukuh untuk terus mengatasi rakan-rakan membangun mereka.
Pasaran saham AS berprestasi kukuh pada permulaan tahun 2012 dengan data sektor pembuatan, hartanah dan pasaran buruh telah meningkatkan optimisme. Bagaimanapun, tahap dan kemampanan pemulihan terus dipersoalkan berikutan data pekerjaan terkini yang mengecewakan. Melihat kepada kerapuhan pemulihan semasa, Sistem Rizab Persekutuan (FED) sekali lagi memaklumkan hasratnya untuk mengekalkan dasar kewangan yang longgar hingga 2014. Bagaimanapun, terdapat beberapa sokongan ke atas pemulihan jangka masa panjang AS berikutan laporan-laporan bahawa terdapat potensi pengeluaran tenaga yang sangat besar dari minyak syal dan gas di AS. Kebimbangan mengenai perkara ini di kalangan negara-negara maju Eropah telah memuncak dan perbezaan di antara Eropah Utara dan Eropah Selatan kekal ketara; pertumbuhan Jerman adalah teguh, batasan hasil 10 tahun adalah hampir pada paras paling rendah sebanyak 1.6% di samping kehadiran tanda-tanda tekanan inflasi. Sebaliknya, kadar pengangguran di Sepanyol telah mencecah
paras tertinggi di dalam rekod, hasil 10 tahun adalah pada kadar 6% dan pihak berkuasa berada di bawah tekanan untuk melaksanakan pengetatan fiskal.
Kes asas yang positif masih utuh dan walaupun berlaku kenaikan mendadak pada awal tahun ini, penilaian dagangan menarik pada 10.2x PER, disokong oleh pertumbuhan pendapatan yang teguh sebanyak 13%. Unjuran pertumbuhan konsensus untuk GEMS ke atas 2012 adalah sebanyak 5.1%. Risiko kepada tinjauan pasaran ini kekal menjadi tidak relevan dan berpunca terutamanya dari negara-negara maju seperti yang dipaparkan di atas. Walaupun kadar penurunan pertumbuhan China terus tertakluk kepada perbahasan, perhatian baru-baru ini telah tertumpu kepada keperluan untuk reformasi di China di dalam usaha untuk mengelakkan apa yang dikenali sebagai ‘perangkap negara berpendapatan sederhana’. Politik akan memainkan peranan penting di dalam peralihan ke arah ekonomi yang diterajui oleh pengguna kerana reformasi akan menjejaskan kepentingan, khususnya di dalam kerajaan tempatan dan perusahaan yang dimiliki negara. Walau bagaimanapun, apa-apa pelaksanaan pembaharuan dijangka akan berlaku secara beransur-ansur dan terkawal yang mana akan menghadkan risiko politik.
(Oleh AmInvestment Services Berhad)
Tinjauan Pasaran Pelaburan Dana AmAssurance Global Agribusiness
(Dana Pengantara: Dana AmGlobal Agribusiness)
Prospek untuk Global Agribusiness kekal kukuh. Semasa pasaran jualan ke bawah di dalam bulan September dan November tahun lepas, beberapa syarikat perniagaan tani telah dijual ke bawah ke paras penilaian seperti yang telah kita lihat pada tahun 2008 dan awal tahun 2009. Walaupun terdapat pemulihan pasaran, nilai syarikat perniagaan tani kekal rendah berbanding saham-saham global, dan kami percaya bahawa mereka akan terus mempunyai potensi pertumbuhan perolehan yang lebih baik berbanding pasaran global yang lebih luas. Ekoran pemulihan ekonomi global secara beransur-ansur pada 2012, saham global mempunyai potensi untuk terus meningkat. Kami percaya jika rangsangan-rangsangan yang memandu Global Agribusiness dan desakan penilaian-penilaian relatif kepada saham global, saham perniagaan tani global boleh mengatasi prestasi pasaran global yang lebih luas di dalam jangka masa beberapa tahun akan datang.
Pendorong utama yang menyokong perniagaan tani global tetap utuh dan kebanyakannya sudah dikenali ramai sekarang, namun mereka wajar dilawati secara ringkas kerana sebab-sebab di sebalik kenaikan harga mendadak pada bulan
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dan tahun kebelakangan ini dijangka akan dipertingkatkan lagi apabila pertumbuhan ekonomi global pulih. Pertumbuhan penduduk tanpa henti dengan sebahagian besar pertumbuhan dijangka berlaku di China, India dan lain-lain negara membangun di dalam tempoh beberapa dekad akan datang merupakan faktor utama. Taraf hidup di negara-negara ini telah meningkat dengan pesat, memperkasa permintaan berkualiti lebih tinggi, makanan kaya-protein yang memerlukan jumlah bijiran, tanah dan air yang semakin meningkat untuk menghasilkannya. Pengeluaran makanan global tidak mencukupi untuk bekalan setiap individu. Cabaran ini dilihat begitu sukar untuk ditangani tambahan pula dengan penyusutan bekalan tanah sesuai untuk pertanian, peningkatan kebimbangan alam sekitar dan kekangan bekalan air. Tambahan lagi, permintaan ke atas biofuel, yang memerlukan bijirin untuk pengeluaran, dan keadaan cuaca yang semakin tidak menentu terus mengganggu proses pengeluaran makanan. Dengan pertumbuhan berterusan KDNK dunia dan jumlah penduduknya, peningkatan permintaan makanan hanya mempunyai kemungkinan untuk terus meningkat. Oleh kerana inventori bijirin global kini berada pada paras asas yang rendah, sebarang gangguan bekalan akan memerlukan penyelesaian segera yang kemungkinan besar akan disediakan oleh sektor swasta. Akibatnya, prospek pasaran kelihatan positif bagi kebanyakan syarikat di dalam sektor perniagaan tani global.
(Oleh AmInvestment Services Berhad)
Tinjauan Pasaran Pelaburan Dana AmAssurance Precious Metals (Dana Pengantara: Dana AmPrecious Metals)
Kelemahan di dalam sektor logam berharga seharusnya berakhir sebaik berakhirnya suku kedua 2012. Kami terus yakin bahawa jurang penilaian di antara ekuiti dan emas akan berkurangan, walaupun persekitaran berita mikro yang mengecewakan yang telah menaikkan kos ketara di dalam tahun 2011. Keperluan kepada premis penting adalah keseluruhan kepercayaan yang dipegang oleh para pelabur bahawa rangsangan lanjutan dari bank pusat akan tiba juga akhirnya, kemungkinan besar melalui keadaan ekonomi lemah. Tambahan pula, syarikat-syarikat perlu berhenti berharap dan mula mencapai sasaran pengeluaran mereka dan melaksanakan rancangan-rancangan perbelanjaan modal yang munasabah (capex). Ini mungkin berupaya meningkatkan sentimen persekitaran stok dengan ketara.
(Oleh AmInvestment Services Berhad)
TINJAUAN PELABURAN
Tinjauan Pasaran AmAssurance AmCurrency Income dan AmCurrency Income II CGF
Ketidaktentuan melampau yang meliputi pasaran pelaburan secara umum, dan pasaran mata wang khususnya, berkemungkinan akan berterusan.
Empat sebab utama yang boleh mendorong pasaran mata wang ke dalam keadaan kucar-kacir adalah:
Penilaian Penurunan Taraf Kredit - penurunan potensi bank negara-negara Euro mungkin tidak memberikan petanda baik bagi selera risiko terhadap mata wang yang dianggap berisiko.
Kebimbangan Hutang Eropah – Satu komitmen ECB untuk bertindak berdasarkan prospek pertumbuhan malap akan menjadi suatu tindakbalas yang dialu-alukan.
Kelembapan Global - Kebimbangan tentang kelembapan pemulihan global dan potensi kemelesetan berganda meningkat apabila bulan ini menyaksikan satu siri titik data anjal termasuk Philadelphia Fed Index, NFP dan angka KDNK Eurozone.
Campur Tangan oleh Bank Pusat – Campur tangan lanjut di dalam pasaran mata wang oleh bank-bank pusat hanya akan menambah lagi ketidaktentuan.
(Oleh AmBank (M) Berhad dan Bloomberg)
Tinjauan Pasaran Pelaburan AmAssurance AmCommodity Stable CGF
Tembaga, dengan kesediaan untuk mencapai keuntungan terbesar suku tahun sejak tahun 2010, telah meningkat di London sebagai ekuiti dan mata wang Euro juga menaik di tengah-tengah spekulasi bahawa para pegawai Eropah akan meningkatkan dana untuk menyelamatkan negara-negara berhutang. Emas, bersedia untuk kenaikan suku tahun, berkemungkinan meningkat ke atas Dolar yang lemah dan spekulasi bahawa ancaman mogok oleh peniaga emas di India mungkin berakhir. Perak mendahului keuntungan bagi tempoh tiga bulan pertama di dalam tahun berkenaan.
Minyak mencapai kemajuan di New York, mengetuai keuntungan kedua suku tahun, seperti di jangkakan oleh para pelabur bahawa sekatan ke atas Iran akan diketatkan lagi dan bahawa penurunan di dalam bulan Mac, yang terbesar tahun ini, telah digembar-gemburkan. Kacang soya meningkat, menerajui pencapaian suku tahun terbesar di dalam tempoh lebih
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dari satu tahun, ke atas spekulasi bahawa permintaan kepada eksport AS akan meningkat kerana kemerosotan pengeluaran di Amerika Selatan. Niaga hadapan gula mentah meningkat, mematahkan kejatuhan empat musim, berikutan kebimbangan baru bahawa bekalan mungkin mengetat disebabkan kelewatan tanaman di Brazil, penanam terbesar dunia. Harga kapas jatuh, manakala hanya jus oren maju ke hadapan.
(Oleh AmBank (M) Berhad dan Bloomberg)
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Strategi Pelaburan Dana AmAssurance Equity, Dana AmAssurance Balanced, Dana Teguh, Dana Dividend
Adalah jelas bahawa tidak semua faktor risiko luaran telah lenyap, dan pilihan raya umum yang akan berlaku boleh mewujudkan ketidaktentuan di pasaran tempatan. Walaupun kami kurang pesimis dengan tinjauan pasaran akan bergerak ke hadapan, kami tetap menjangkakan pengunduran dan penyatuan pasaran di dalam jangka masa pendek dan sederhana.
Walaupun tidak semua faktor risiko luaran telah menyurai, dan pilihanraya umum yang bakal berlaku boleh mewujudkan ketidakpastian terhadap pasaran tempatan, risiko kemelesetan ekonomi global telah menyusut. Akibatnya, kami tidak begitu negatif seperti dahulu di dalam membuat tinjauan pasaran untuk jangka masa sederhana, namun kami terus menjangka kemunduran pasaran dan penyatuan dalam jangka masa pendek. Kami melihat penurunan sementara yang ketara atau kemeruapan pasaran sebagai peluang untuk pengumpulan kaunter dengan asas kukuh di atas kelemahan prestasi jangka masa panjang.
Kami percaya Malaysia akan terus menjadi pasaran yang defensif memandangkan ia mempunyai fiskal yang memberangsangkan dan kedudukan makro. Kami juga percaya bahawa penurunan perolehan sejak awal 2011 akan berakhir. Kami berpendapat bahawa selepas pilihanraya umum, keadaan berikut akan menyediakan landasan untuk prestasi pasaran saham yang mapan: (1) situasi politik yang lebih stabil, (2) pacuan pelaburan swasta sebagai enjin pertumbuhan melalui ETP, (3) perbelanjaan besar minyak dan gas oleh Petronas, (4) peningkatan perbelanjaan infrastuktur, (5) M&A dan pemulihan lanjut bagi GLC dan (6) peningkatan kecairan pasaran dengan penjualan ke bawah GLIC. Namun, risiko utama kepada andaian kami di atas termasuk: (1) BN kehilangan majoriti mudah di dalam pilihan raya umum yang akan berlaku, dan (2) penurunan ekonomi global lebih cepat dari jangkaan.
Dari segi strategi, kami percaya bahawa adalah lebih bersesuaian untuk kami membentuk portfolio dengan kombinasi saham dividen, kaunter pertumbuhan dan lain-lain yang sedia untuk pemulihan pada tahun ini. Kami bermungkinan lebih cenderung ke arah sektor minyak dan gas, perladangan, pembinaan, telekomunikasi serta lain-lain sektor penghasil tinggi. Selagi andaian yang dinyatakan dapat bertahan, pendedahan portfolio berkemungkinan boleh dikekalkan di antara 75% - 80% untuk portfolio ekuiti penuh. Untuk portfolio seimbang, kami melihat untuk mengekalkan pendedahan ekuiti di antara 55% - 60%.
(Oleh AmLife Insurance Berhad)
Strategi Pelaburan Dana AmAssurance Bond
Kami mengunjur target defisit sebanyak RM43 billion dan RM45.6 billion sebagai unjuran MGS yang bakal matang pada 2012. Kami menganggarkan terbitan MGS pada 2012 adalah pada RM88-90 billion untuk pembiayaan semula sekuriti yang akan matang dan untuk pembiayaan defisit. Anggaran kami untuk terbitan korporat bon kasar pada tahun 2012 ialah RM45-55 billion. Perancangan bon tersebut dijangka akan dapat dikekalkan oleh perbelanjaan modal korporat dan pembiayaan projek perkongsian awam swasta. Kami mengandaikan bahawa kunci kira-kira korporat akan kekal sihat dan ekonomi akan terus meningkat. Agihan MGS kepada OPR dan pengagihan kredit kepada bon domestik korporat telah tidak diperluaskan baru-baru ini, menghasilkan pengetatan di bawah purata jangka masa panjang. Tidak seperti pasaran membangun yang telah menyaksikan pelebaran pengagihan, pengagihan korporat domestik dijangka kekal stabil pada waktu ini. Namun, kelihatannya seperti terdapat lebih ruang pengagihan kredit untuk meningkat dari menurun daripada aras sekarang jika pertumbuhan ekonomi menyusut dengan mendadak dan tanda-tanda kelemahan korporat meningkat.
Seperti pengagihan kredit, kami melihat tempoh pengagihan mengetat di bawah purata jangka masa panjang. Ini disebabkan oleh kecairan lebihan domestik telah menyerap aset menyebabkan keluk perolehan merosot. Pada waktu ini, kami melihat sangat sedikit kenaikan untuk tempoh pengagihan untuk terus menyempit.
Berdasarkan faktor di atas, risiko ganjaran membayangkan kenaikan yang sangat sedikit untuk melabur di dalam gred kredit tinggi atau tempoh lebih panjang pada 2012. Kami mensasar untuk melabur aset perolehan pada purata 4.50% di antara 4 ke 6 tahun melalui pelaburan-pelaburan baru. Strategi tersebut akan membantu meminimumkan kemeruapan harga di dalam portfolio, dan pada masa yang sama, mengembalikan kadar pulangan yang lebih baik dari simpanan tetap.
(Oleh AmLife Insurance Berhad)
Strategi Pelaburan Dana AmOasis Islamic Equity AmAssurance
(Dana Pengantara: Dana AmOasis Global Islamic Equity)
Semasa tempoh bergelora ini, kami percaya ianya sama penting untuk menumpukan kepada syarikat yang menawarkan perolehan dividen kukuh pada kadar tinggi. Syarikat dengan kunci kira-kira yang
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bagus dan aliran tunai yang kukuh bukan sahaja mampu mengekalkan bayaran tunai kepada pemegang saham, tetapi juga menambahkan kemungkinan dividen tinggi pada masa hadapan melalui peningkatan nisbah bayaran dividen. Kami juga merasa penjanaan aliran tunai yang kukuh dan perolehan dividen oleh syarikat-syarikat dalam portfolio kami memberikan asas yang kuat kepada falsafah pelaburan kami untuk penghasilan kekayaan nyata di samping memastikan risiko kelemahan minimum semasa pergerakan kemeruapan pasaran.
Strategi ini telah berjaya membantu kami secara berterusan dalam jangka masa panjang di mana portfolio kami secara purata menerima hanya 75% - 80% kelemahan pasaran.
Anomali penilaian semasa di mana syarikat-syarikat berkualiti tinggi diniagakan pada diskaun ketara di pasaran, walaupun telah membuktikan kebolehan mereka untuk mengekalkan penjanaan kadar ROE yang tinggi telah memberikan kami peluang unik untuk meningkatkan pendedahan kepada syarikat-syarikat berkualiti tinggi tersebut. Kami tetap yakin bahawa portfolio kami diletakkan di posisi yang baik bagi memberikan penjanaan kekayaan nyata dalam jangka masa panjang. Pada waktu yang sama, posisi defensif kami melalui pendedahan yang lebih tinggi kepada sektor seperti komunikasi dan penjagaan kesihatan akan memastikan perlindungan dari potensi kerugian sekiranya terdapat kejutan negatif yang ketara pada ekonomi makro.
(Oleh AmInvestment Services Berhad)
Strategi Pelaburan Dana AmAssurance Global Emerging Market
(Dana Pengantara: Dana AmGlobal Emerging Market Opportunities)
Pasaran teras kami di permulaan bulan April 2012 adalah China, Korea, Rusia, Thailand dan Mesir. Ekuiti-ekuiti China menawarkan penilaian yang menarik secara relatif terhadap purata pasaran baru global dan walaupun pertumbuhan GDP semakin perlahan, kami tidak menjangka kemelesetan ekonomi yang ketara. Inflasi juga telah menyusut daripada paras tertinggi seperti yang telah dilihat pada tahun lepas, menghapuskan potensi kekangan ke atas kelegaan polisi berlanjutan. Ekuiti Korea Selatan dinilai berpotensi dan perolehannya kukuh walaupun pertumbuhan ekonomi semakin perlahan. Rusia menawarkan penilaian menarik dan pasaran berkemungkinan akan meneruskan kenaikan sekiranya risiko makro di negara-negara maju kembali lega. Pasaran kekal sensitif kepada harga minyak mentah yang berkemungkinan disokong pada jangka masa pendek oleh ketegangan geopolitik di Timur Tengah. Di Thailand, penilaian adalah sederhana dan ekonomi semakin pulih daripada impak banjir yang berlaku pada tahun lepas. Mesir dinilaikan dengan
rendah berbanding pasaran-pasaran baru yang meluas dan pertumbuhan EPS adalah kukuh walaupun ia tertakluk kepada polisi tempatan dan risiko matawang serta suasana politik yang tidak menentu.
Wajaran tunai dana Pengantara pada awal April 2012 adalah pada 20%. Kami akan mencari peluang-peluang yang sesuai untuk melabur tunai sebaik sahaja terdapat peluang.
(Oleh AmInvestment Services Berhad)
Strategi Pelaburan Dana AmAssurance Global Agribusiness
(Dana Pengantara: Dana AmGlobal Agribusiness)
Dana AmAssurance Global Agribusiness menumpukan kepada beberapa bidang utama termasuk aktikiti-aktiviti huluan seperti Produk Pertanian, Baja & Kimia Pertanian dan Makanan & Daging Berbungkus, dan aktiviti-aktiviti hiliran seperti Peruncitan Makanan. Dana Pengantara juga mencari syarikat-syarikat yang menumpukan kepada penyelidikan dan pembangunan yang berkemungkinan menjadi inkubator bagi produk yang diperlukan segera: penghasilan benih baru, produk makanan lebih sihat, pemprosesan lebih efisien, penjanaan biofuel baru dan penyelidikan perubatan tertumpu khusus kepada pengambilan makanan atau kebajikan haiwan.
Dana Pengantara telah meningkatkan wajaran ke atas sektor baja dan kimia berikutan penurunan jualan yang berlaku pada tahun lepas yang menyaksikan syarikat-syarikat baja dilanda dengan teruk. Pada akhir bulan Mac, wajaran adalah pada 40.3% iaitu peratusan ketara yang lebih tinggi daripada wajaran sebanyak 28% setahun yang lepas. Wajaran Produk Pertanian (25.2%) dan Peruncitan Makanan (6.4%) telah menyusut beberapa peratus manakala wajaran Makanan dan Daging Berbungkus telah meningkat sedikit kepada 12.7%.
Bagi para pelabur, pendedahan kepada sektor pertanian menawarkan faedah-faedah tersendiri melebihi jangkaan kenaikan harga kerana kompleks pertanian mempunyai korelasi rendah dengan ekuiti tradisional dan pasaran pendapatan tetap. Mereka yang mempunyai prospek jangka masa panjang harus ingat bahawa sektor pertanian telah didorong terutamanya oleh faktor bahagian bekalan – dan bukannya oleh permintaan iaitu dorongan utama bagi pendapatan di pasaran komoditi lain seperti tenaga dan logam. Bekalan komoditi pertanian akan kekal sebagai cabaran kritikal bagi masa hadapan dan permintaan ternyata akan semakin meningkat. Keadaan ini patut mewujudkan peluang pelaburan merentasi seluruh rantaian bekalan bagi syarikat-syarikat yang ingin mengatasi ketidakcekapan global dalam pembekalan makanan kepada seluruh dunia.
(Oleh AmInvestment Services Berhad)
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Strategi Pelaburan Dana AmAssurance Precious Metals (Dana Pengantara: Dana AmPrecious Metals)
Strategi kami masih memberi tumpuan kepada nama-nama berkualiti tinggi yang mempunyai masalah warisan industri yang paling sedikit, contohnya kawalan kos lebih baik dan sasaran pengeluaran yang boleh dicapai. Nama-nama tersebut mempunyai potensi lebih baik di pasaran yang lebih mencabar, dan oleh kerana profil kosnya adalah lebih rendah, mereka akan mempunyai lebih berpeluang untuk membebaskan aliran wang tunai dan meningkatkan pulangan pemegang saham dari masa ke semasa. Sepanjang beberapa bulan yang lalu, kami telah mencapai paras tunai yang tinggi untuk mengurangkan kelemahan pasaran. Kami akui bahawa penilaian terhadap kebanyakkan nama pilihan kami telah menjadi amat menarik dan kami telah mula menggunakan kedudukan tunai dengan mencari peluang untuk meningkatkan pegangan kami di dalam syarikat-syarikat utama. Kami akan meneruskan pendekatan ini sepanjang suku tahun mendatang.
(Oleh AmInvestment Services Berhad)
Strategi Pelaburan AmAssurance AmAsia Recovery CGF
Instrumen Kadar Terapung Deposit Boleh Niaga (FRNID) yang dikeluarkan oleh AmBank (M) Berhad bertujuan untuk melindungi prinsipal pelaburan pendeposit pada tarikh matang di samping menawarkan peluang untuk mendapat pulangan yang berpotensi, bergantung kepada prestasi pelaburan dasar. Strategi Coppock Basket mempunyai dua pelaburan dasar iaitu Bond Performance (Indeks JP Morgan Global Govt Bond Global) dan Equity Performance Options (MSCI Daily Net TR Emerging Market).
FRNID akan bertambah ke arah nilai matang pada 2 Julai 2012.
(Oleh JP Morgan)
Strategi Pelaburan AmAssurance AmCurrency Income dan AmCurrency Income II CGF
Dana menggunakan strategi yang dinamik. Jumlah penyertaan diselaraskan pada setiap bulan bergantung kepada prestasi strategi. Apabila prestasi adalah negatif, penyertaan diselaraskan ke bawah pada bulan seterusnya. Pelarasan di dalam bentuk kadar penyertaan ini adalah untuk membolehkan strategi mengurangkan kesan pergerakan paras rendah sambil memaksimumkan manfaat kepada prestasi menaik.
Disebabkan oleh aktiviti perlupusan melibatkan kedua-dua dana yang telah berlaku baru-baru ini, ia tidak lagi mengambil bahagian di dalam pelaburan dasar. FRNID akan terus terkumpul ke arah nilai matang di masa hadapan.
(Oleh AmBank (M) Berhad dan Bloomberg)
Strategi Pelaburan AmAssurance AmCommodity Stable CGF
AmCommodity Stable FRNID adalah Instrumen Kadar Terapung Deposit Boleh Niaga (FRNID) dengan tempoh matang lima (5) tahun dari tarikh penerbitan. AmCommodity Stable FRNID menawarkan perlindungan modal penuh, jika dimiliki sehingga tempoh matang. FRNID ini memberikan jaminan kadar kupon, masing-masing pada 2.00% setahun dan 3.00% setahun, pada akhir tahun pertama dan ke-2.
Tiada bayaran kupon dikenakan untuk tahun ke-3 dan ke-4. AmCommodity Stable FRNID menyediakan kadar kupon berpotensi pada tempoh matang (akhir tahun 5) diperoleh dari pelaburan modal yang berkait dengan MLCX AmBank Commodity Alpha Index.
(Oleh AmBank (M) Berhad dan Bloomberg)
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Dana AmAssurance Equity
(i) Prestasi Semenjak Permulaan
(ii) Prestasi Tahun Lengkap
PRESTASI DANA
Dana AmAssurance Equity Berbanding Tanda ArasPrestasi sejak 1 Apr 2011 - 31 Mac 2012
Pres
tasi
(%)
Bulan
-12.00-10.00
-8.00-6.00-4.00-2.000.002.004.006.00
Apr2011
Mei2011
Jun2011
Jul2011
Ogo2011
Sep2011
Okt2011
Nov2011
Dec2011
Jan2012
Feb2012
Mac2012
AmAssurance - Equity FBMKLCI
Dana AmAssurance Equity Berbanding Tanda ArasPrestasi sejak 27 Feb 2004 - 31 Mac 2012
Pres
tasi
(%)
Bulan
Mac
-04
Sep
-04
Mac
-05
Sep
-05
Mac
-06
Sep
-06
Mac
-07
Sep
-07
Mac
-08
Sep
-08
Mac
-09
Sep
-09
Mac
-10
Sep
-10
Mac
-12
Sep
-11
Mac
-11
100.00
80.00
60.00
40.00
20.00
0.00
-20.00
-40.00
AmAssurance - Equity FBMKLCI
214
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Dana AmAssurance Bond
(i) Prestasi Semenjak Permulaan
Dana AmAssurance Bond Berbanding Tanda ArasPrestasi sejak 1 Apr 2011 - 31 Mac 2012
Apr2011
Mei2011
Jun2011
Jul2011
Ogo2011
Sep2011
Okt2011
Nov2011
Dec2011
Jan2012
Feb2012
Mac2012
-2.00
0.00
2.00
4.00
6.00
8.00
AmAssurance - Bond MGS Med
Pres
tasi
(%)
Bulan
PRESTASI DANA
Dana AmAssurance Bond Berbanding Tanda ArasPrestasi sejak 27 Feb 2004 - 31 Mac 2012
Mac
-04
Sep
-04
Mac
-05
Sep
-05
Mac
-06
Sep
-06
Mac
-07
Sep
-07
Mac
-08
Sep
-08
Mac
-09
Sep
-09
Mac
-10
Sep
-10
Mac
-12
Sep
-11
Mac
-11
AmAssurance - Bond MGS Med
-10.00
0.00
10.00
20.00
30.00
40.00
50.00
60.00
Pres
tasi
(%)
Bulan
(ii) Prestasi Tahun Lengkap
215
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Dana AmAssurance Balanced
(i) Prestasi Semenjak Permulaan
Dana AmAssurance Balanced Berbanding Tanda ArasPrestasi sejak 1 Apr 2010 - 31 Mac 2012
Apr2011
Mei2011
Jun2011
Jul2011
Ogo2011
Sep2011
Okt2011
Nov2011
Dec2011
Jan2012
Feb2012
Mac2012
-10.000
-8.000
-6.000
-4.000
-2.000
0.000
2.000
4.000
6.000
AmAssurance - Balanced 50% FBM100 & 50% MSG Med
Pres
tasi
(%)
Bulan
Dana AmAssurance Balanced Berbanding Tanda ArasPrestasi sejak 27 Feb 2004 - 31 Mac 2012
100.00
80.00
60.00
40.00
20.00
0.00
-20.00
-40.00
AmAssurance - Balanced 50% FBM100 & 50% MGS Med
Mac
-04
Sep
-04
Mac
-05
Sep
-05
Mac
-06
Sep
-06
Mac
-07
Sep
-07
Mac
-08
Sep
-08
Mac
-09
Sep
-09
Mac
-10
Sep
-10
Mac
-12
Sep
-11
Mac
-11
Pres
tasi
(%)
Bulan
PRESTASI DANA
(ii) Prestasi Tahun Lengkap
216
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Dana AmAssurance Dana Teguh
(i) Prestasi Semenjak Permulaan
Dana AmAssurance Dana Teguh Berbanding Tanda ArasPrestasi sejak 1 Apr 2010 - 31 Mac 2012
Apr2011
Mei2011
Jun2011
Jul2011
Ogo2011
Sep2011
Okt2011
Nov2011
Dec2011
Jan2012
Feb2012
Mac2012
-8.000
-6.000
-4.000
-2.000
0.000
2.000
4.000
6.000
8.000
AmAssurance - Dana Teguh 50% FBM Hijrah & 50% MGS Med
Pres
tasi
(%)
Bulan
Dana AmAssurance Dana Teguh Berbanding Tanda ArasPrestasi sejak Pelancaran 27 Feb 2004 - 31 Mac 2012
Mac
-04
Sep
-04
Mac
-05
Sep
-05
Mac
-06
Sep
-06
Mac
-07
Sep
-07
Mac
-08
Sep
-08
Mac
-09
Sep
-09
Mac
-10
Sep
-10
Mac
-12
Sep
-11
Mac
-11
AmAssurance - Dana Teguh 50% FBM Hijrah & 50% MGS Med
-40.00
-20.00
0.00
20.00
40.00
60.00
80.00
100.00
Pres
tasi
(%)
Bulan
PRESTASI DANA
(ii) Prestasi Tahun Lengkap
217
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Dana AmAssurance AmOasis Islamic Equity
(i) Prestasi Semenjak Permulaan
Dana AmAssurance AmOasis Islamic Equity Berbanding Tanda ArasPrestasi sejak 1 Apr 2011 - 31 Mac 2012
Apr2011
Mei2011
Jun2011
Jul2011
Ogo2011
Sep2011
Okt2011
Nov2011
Dec2011
Jan2012
Feb2012
Mac2012
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
AmAssurance - AmOasis Islamic Equity Dow Jones Islamic Market Index
Pres
tasi
(%)
Bulan
Dana AmAssurance AmOasis Islamic Equity Berbanding Tanda ArasPrestasi sejak 1 Apr 2007 - 31 Mac 2012
Ap
r-07
Jul-0
7
Okt
-07
Jan-
08
Ap
r-08
Jul-0
8
Okt
-08
Jan-
10
Ap
r-10
Jul-1
0
Okt
-10
Jan-
11
Ap
r-11
Jul-1
1
Okt
-11
Jan-
12
Ap
r-09
Jan-
09
Jul-0
9
Okt
-09
AmAssurance - Oasis Islamic Equity Dow Jones Islamic Market Index
-60.00-50.00-40.00-30.00-20.00-10.00
0.0010.0020.0030.00
Pres
tasi
(%)
Bulan
PRESTASI DANA
(ii) Prestasi Tahun Lengkap
218
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Dana AmAssurance Precious Metals
(i) Prestasi Semenjak Permulaan
Dana AmAssurance Precious Metals Berbanding Tanda ArasPrestasi sejak 1 Apr 2011 - 31 Mac 2012
Apr2011
Mei2011
Jun2011
Jul2011
Ogo2011
Sep2011
Okt2011
Nov2011
Dec2011
Jan2012
Feb2012
Mac2012
AmAssurance - Precious FTSE Gold Mines Index
-25.00
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
Pres
tasi
(%)
Bulan
Dana AmAssurance Precious Metals Berbanding Tanda ArasPrestasi sejak 1 Sep 2008 - 31 Mac 2012
AmAssurance - Precious FTSE Gold Mines Index
-60.00
-40.00
-20.00
0.00
20.00
40.00
60.00
80.00
Sep
-08
Dec
-08
Mac
-09
Jun-
09
Sep
-09
Dec
-09
Mac
-10
Jun-
10
Sep
-10
Dec
-10
Mac
-11
Jun-
11
Sep
-11
Dec
-11
Mac
-12
Pres
tasi
(%)
Bulan
PRESTASI DANA
(ii) Prestasi Tahun Lengkap
219
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Dana AmAssurance Global Agribusiness
(i) Prestasi Semenjak Permulaan
Dana AmAssurance Global Agribusiness Berbanding Tanda ArasPrestasi sejak 1 Apr 2011 - 31 Mac 2012
Apr2011
Mei2011
Jun2011
Jul2011
Ogo2011
Sep2011
Okt2011
Nov2011
Dec2011
Jan2012
Feb2012
Mac2012
AmAssurance - Agribusiness MSCI World Free Index
-20.00
-15.00
-10.00
-5.00
0.00
5.00
Pres
tasi
(%)
Bulan
Dana AmAssurance Global Agribusiness Berbanding Tanda ArasPrestasi sejak 1 Sep 2008 - 31 Mac 2012
AmAssurance - Agribusiness MSCI World Free Index
-60.00
-40.00
-20.00
0.00
20.00
40.00
60.00
80.00
Sep
-08
Dec
-08
Mac
-09
Jun-
09
Sep
-09
Dec
-09
Mac
-10
Jun-
10
Sep
-10
Dec
-10
Mac
-11
Jun-
11
Sep
-11
Dec
-11
Mac
-12
Pres
tasi
(%)
Bulan
PRESTASI DANA
(ii) Prestasi Tahun Lengkap
220
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Dana AmAssurance Global Emerging Market
(i) Prestasi Semenjak Permulaan
Dana AmAssurance Global Emerging Market Berbanding Tanda ArasPrestasi sejak 1 Jun 2008 - 31 Mac 2012
AmAssurance - Global Emergimg Market MSCI Emerging Markets Index
Jun-
08
Sep
-08
Dec
-08
Mac
-09
Jun-
09
Sep
-09
Dec
-09
Mac
-10
Jun-
10
Sep
-10
Dec
-10
Mac
-11
Jun-
11
Sep
-11
Dec
-11
Mac
-12
-60.00-50.00-40.00-30.00-20.00-10.00
0.0010.0020.00
Pres
tasi
(%)
Bulan
Dana AmAssurance Global Emerging Market Berbanding Tanda ArasPrestasi sejak 1 Apr 2011 - 31 Mac 2012
Apr2011
Mei2011
Jun2011
Jul2011
Ogo2011
Sep2011
Okt2011
Nov2011
Dec2011
Jan2012
Feb2012
Mac2012
AmAssurance - Global Emerging Market MSCI Emerging Markets Index
-30.00
-25.00
-20.00
-15.00
-10.00
-5.00
0.00
5.00
Pres
tasi
(%)
Bulan
PRESTASI DANA
(ii) Prestasi Tahun Lengkap
221
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Dana AmAssurance Dividend
(i) Prestasi Semenjak Permulaan
Dana AmAssurance Dividend Berbanding Tanda ArasPrestasi sejak 27 Okt 2011 - 31 Mac 2012
AmAssurance - Dividend FBMKLCI
Okt
-11
Nov
-11
Dec
-11
Jan-
12
Feb
-12
Mac
-12
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
Pres
tasi
(%)
Bulan
Dana AmAssurance Amasia Star Capital Guaranteed
(i) Prestasi Semenjak Permulaan
Dana AmAssurance AmAsia Star Capital GuaranteedPrestasi sejak 7 Jul 2008 – 4 Jul 2011
AmAssurance - AsiaStar
Jul-0
8
Sep
-08
Nov
-08
Jan-
09
Mac
-09
Mei
-09
Jul-0
9
Sep
-09
Nov
-09
Jan-
10
Mac
-10
Mei
-10
Jul-1
0
Sep
-10
Nov
-10
Jan-
11
Mac
-11
Mei
-11
Jul-1
1
-10.00-8.00-6.00-4.00-2.000.002.004.006.00
Pres
tasi
(%)
Bulan
PRESTASI DANA
222
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Dana AmAssurance AmAsia Recovery Capital Guaranteed
(i) Prestasi Semenjak Permulaan
Dana AmAssurance AmAsia Recovery Capital GuaranteedPrestasi sejak 7 Jul 2009 – 31 Mac 2012
AmAssurance - AsiaRecovery
-2.00
2.00
-1.00
0.00
1.00
3.00
-3.00
Jul-0
9
Sep
-09
Nov
-09
Jan-
10
Mac
-10
Mei
-10
Jul-1
0
Sep
-10
Nov
-10
Jan-
11
Mac
-11
Mei
-11
Jul-1
1
Sep
-11
Nov
-11
Jan-
12
Mac
-12
Pres
tasi
(%)
Bulan
Dana AmAssurance AmCurrency Income Capital Guaranteed
(i) Prestasi Semenjak Permulaan
Dana AmAssurance AmCurrency Income Capital GuaranteedPrestasi sejak 16 Ogos 2010 – 31 Mac 2012
AmAssurance - AmCurrency Income
-2.50
-0.50
-2.00
-1.50
-1.00
0.00
-3.00
Og
o-10
Sep
-10
Okt
-10
Nov
-10
Dec
-10
Jan-
11
Feb
-11
Mac
-11
Ap
r-11
Mei
-11
Jun-
11
Jul-1
1
Og
o-11
Sep
-11
Okt
-11
Nov
-11
Dec
-11
Jan-
12
Feb
-12
Mac
-12
Pres
tasi
(%)
Bulan
PRESTASI DANA
223
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Dana AmAssurance AmCommodity Stable Capital Guaranteed
(i) Prestasi Semenjak Permulaan
Dana AmAssurance AmCommodity Stable Capital GuaranteedPrestasi sejak 11 Okt 2010 – 31 Mac 2012
AmAssurance - AmCommodity Stable
-5.00
-4.00
-3.00
-2.00
-1.00
0.00
Okt
-10
Nov
-10
Dec
-10
Jan-
11
Feb
-11
Mac
-11
Ap
r-11
Mei
-11
Jun-
11
Jul-1
1
Og
o-11
Sep
-11
Okt
-11
Nov
-11
Dec
-11
Jan-
12
Feb
-12
Mac
-12
-6.00
Pres
tasi
(%)
Bulan
Dana AmAssurance AmCurrency Income II Capital Guaranteed
(i) Prestasi Semenjak Permulaan
Dana AmAssurance AmCurrency Income II Capital GuaranteedPrestasi sejak 21 Mac 2011 – 31 Mac 2012
AmAssurance - AmCurrency Income II
-3.00
-2.50
-0.50
-2.00
-1.50
-1.00
0.00
-3.50
Mac
-11
Ap
r-11
Mei
-11
Jun-
11
Jul-1
1
Og
o-11
Sep
-11
Okt
-11
Nov
-11
Dec
-11
Jan-
12
Feb
-12
Mac
-12
Pres
tasi
(%)
Bulan
PRESTASI DANA
PECAHAN SEKTOR& KATEGORI
225
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Dana AmAssurance Equity
Butiran komposisi portfolio Dana AmAssurance Equity setakat 31 Mac 2012 adalah seperti berikut:
Dana AmAssurance Bond
Butiran komposisi portfolio Dana AmAssurance Bond setakat 31 Mac 2012 adalah seperti berikut:
PembinaanProduk PenggunaKewanganProduk IndustriInfrastrukturSaham AsingHartanahPasaran ACE WaranPerdagangan/PerkhidmatanREITSPerladanganPerjanjian Beli-Semula/Tunai
Simpanan Tetap/Repos/ NCDs/BAs/TunaiUnit Amanah Malaysia Bon KerajaanSekuriti Kerajaan Malaysia
TK 2012%
TK 2012%
TK 2011%
TK 2011%
TK 2010%
TK 2010%
TK 2009%
TK 2009%
TK 2008%
TK 2008%
8.25-
7.584.57
-----
43.716.845.72
23.33100.00
11.549.40
79.06
-100.00
11.23-
7.324.01
--
4.54--
12.78-
3.8356.29
100.00
39.128.078.86
43.95100.00
2.903.80
17.806.601.50
-8.50
--
24.10-
10.0024.80
100.00
45.9054.10
-
-100.00
1.704.208.201.702.50
-0.80
--
14.70-
3.7062.50
100.00
11.1088.90
-
-100.00
6.204.10
15.805.202.900.101.80
-0.10
28.70-
13.8021.30
100.00
2.1097.90
-
-100.00
PECAHAN SEKTOR& KATEGORI
226
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Dana AmAssurance Balanced
Butiran komposisi portfolio Dana AmAssurance Balanced setakat 31 Mac 2012 adalah seperti berikut:
Dana AmAssurance Dana Teguh
Butiran komposisi portfolio Dana AmAssurance Dana Teguh setakat 31 Mac 2012 adalah seperti berikut:
PECAHAN SEKTOR & KATEGORI
TK 2012%
TK 2011%
TK 2010%
TK 2009%
TK 2008%
PembinaanProduk PenggunaKewanganProduk IndustriInfrastrukturWaranPerladanganHartanahPasaran ACE Saham AsingREITSPerdagangan/PerkhidmatanBon KorporatUnit Amanah Malaysia Perjanjian Beli-Semula/Tunai
7.61-
7.273.91
--
5.38---
6.1635.9127.08
-6.68
100.00
7.81-
6.832.34
--
3.413.74
---
10.3411.725.94
47.87100.00
2.582.68
13.075.431.13
-8.301.69
---
16.36-
13.2335.54
100.00
2.101.806.301.502.10
-2.900.50
---
12.3013.8024.7032.00
100.00
3.701.20
12.203.302.100.10
11.801.50
-0.10
-21.8013.0020.608.60
100.00
TK 2012%
TK 2011%
TK 2010%
TK 2009%
TK 2008%
PembinaanProduk PenggunaProduk IndustriInfrastrukturWaranPerladanganHartanahPerdagangan/PerkhidmatanBon KorporatUnit Amanah MalaysiaPerjanjian Beli-Semula/Tunai
11.45-
4.20--
4.85-
37.0418.312.27
21.88100.00
11.30-
6.51---
3.9710.76
-6.75
60.71100.00
7.202.109.10
--
8.507.70
20.70-
7.3037.40
100.00
4.503.200.302.60
-6.303.00
11.70-
17.4051.00
100.00
8.904.103.902.400.10
11.601.90
22.50-
16.3028.30
100.00
227
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Dana AmAssurance AmOasis Islamic Equity
Butiran komposisi portfolio Dana AmAssurance AmOasis Islamic Equity setakat 31 Mac 2012 adalah seperti berikut:
Dana AmOasis Global Islamic Equity (“Dana Pengantara”) Peruntukan Sektor*
Nota: Sumber peruntukan sektor ‘Dana Pengantara’ dari AmMutual * Sebagai peratusan dari NAV. Sila ambil perhatian bahawa pendedahan aset untuk dana adalah tertakluk kepada perubahan
yang kerap setiap hari.
TK 2012%
TK 2011%
TK 2010%
TK 2009%
TK 2008%
PembinaanProduk PenggunaProduk IndustriInfrastrukturWaranPerladanganHartanahPerdagangan/PerkhidmatanUnit Amanah MalaysiaPerjanjian Beli-Semula/Tunai
8.55 -
2.88 6.38
-3.84
-24.42 26.64 27.29
100.00
10.21 -----
2.93 9.97
32.61 44.28
100.00
--------
54.47 45.53
100.00
--------
70.60 29.40
100.00
--------
88.31 11.69
100.00
TK 2012%
TK 2011%
TK 2010%
TK 2009%
FY 2008%
Bahan AsasKomunikasiKitaran PelangganBukan-Kitaran PelangganTenagaKewanganPenjagaan KesihatanIndustriHartanahTeknologiUtiliti
9.0019.008.006.00
12.00-
19.006.001.00
18.002.00
14.0017.008.005.00
10.003.00
15.008.00
-17.003.00
12.0017.0010.005.007.00
-13.0012.004.00
16.004.00
11.0016.009.005.007.00
-15.0011.004.00
17.005.00
12.0015.0014.004.006.00
-13.0011.004.00
16.005.00
PECAHAN SEKTOR & KATEGORI
228
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Dana AmAssurance Precious Metals
Butiran komposisi portfolio Dana AmAssurance Precious Metals setakat 31 Mac 2012 adalah seperti berikut:
Dana AmPrecious Metals (“Dana Pengantara”) Peruntukan Sektor*
TK 2012%
TK 2011%
TK 2010%
TK 2009%
Unit Amanah MalaysiaPerjanjian Beli-Semula/Tunai
85.93 14.07
100.00
47.92 52.08
100.00
59.83 40.17
100.00
59.83 40.17
100.00
TK 2012%
TK 2011%
TK 2010%
TK 2009%
BerlianEmasPlatinumLogam Berharga & MineralPerakTunai dan Aset-aset Lain
-71.75
-12.92
-15.31
-74.05
-21.08
-4.84
-72.359.90
-8.509.25
0.0779.434.86
-8.157.49
PECAHAN SEKTOR & KATEGORI
Nota: Sumber peruntukan sektor ‘Dana Pengantara’ dari AmMutual * Sebagai peratusan dari NAV. Sila ambil perhatian bahawa pendedahan aset untuk dana adalah tertakluk
kepada perubahan yang kerap setiap hari.
229
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Dana AmAssurance Global Agribusiness
Butiran komposisi portfolio Dana AmAssurance Global Agribusiness setakat 31 Mac 2012 adalah seperti berikut:
Dana AmGlobal Agribusiness (“Dana Pengantara”) Peruntukan Sektor*
TK 2012%
TK 2011%
TK 2010%
TK 2009%
Unit Amanah MalaysiaPerjanjian Beli-Semula/Tunai
84.08 15.92
100.00
70.39 29.61
100.00
76.29 23.71
100.00
-100.00 100.00
TK 2012%
TK 2011%
TK 2010%
TK 2009%
Produk PertanianPembinaan/Mesin PerladanganBudi Bicara PenggunaBahan Asasi PenggunaPenyulingan & Pembuatan WainPengedarPerbankan PelbagaiTenagaBaja & Kimia PertanianPeruncitan MakananUtiliti GasPasaraya & Pusat Membeli-belah BesarAlatan Sains Kehidupan & PerkhidmatanMarinPelabuhan Marin & PerkhidmatanSektor-sektor LainMakanan & Daging BerbungkusProduk KertasFarmaseutikel Landasan KeretapiRestoranKimia KhususTunai & Sektor-sektor LainTiada Pengkelasan
25.20
2.40--
--
2.00-
40.306.40
-
1.50
2.80-
1.80-
12.70--
0.80--
4.10-
29.70
2.30--
3.50-
2.70-
19.809.20
-
-
--
-7.10
14.40---
2.80-
2.506.00
25.90
---
--
2.90-
13.706.701.40
-
--
2.50-
23.701.601.60
-3.501.804.00
10.70
22.40
4.70--
-4.102.60
-33.30
--
-
-1.90
2.40-
16.40---
2.502.805.101.70
PECAHAN SEKTOR & KATEGORI
Nota: Sumber peruntukan sektor ‘Dana Pengantara’ dari AmMutual * Sebagai peratusan dari NAV. Sila ambil perhatian bahawa pendedahan aset untuk dana adalah tertakluk
kepada perubahan yang kerap setiap hari.
230
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Dana AmAssurance Global Emerging Market
Butiran komposisi portfolio Dana AmAssurance Global Emerging Market setakat 31 Mac 2012 adalah seperti berikut:
AmAssurance AmAsia Recovery CGF
Butiran komposisi portfolio AmAssurance AmAsia Recovery CGF setakat 31 Mac 2012 adalah seperti berikut:
Dana AmGlobal Emerging Market Opportunities (“Dana Pengantara”) Peruntukan Sektor*
TK 2012%
TK 2012%
TK 2011%
TK 2011%
TK 2010%
TK 2010%
TK 2009%
Unit Amanah MalaysiaPerjanjian Beli-Semula/Tunai
Instrumen BerstrukturPerjanjian Beli-Semula/Tunai
68.52 31.48
100.00
99.03 0.97
100.00
69.66 30.34
100.00
99.05 0.95
100.00
78.21 21.79
100.00
99.05 0.95
100.00
-100.00 100.00
TK 2012%
TK 2011%
TK 2010%
TK 2009%
Budi Bicara PenggunaBahan Asasi PenggunaDerivatifTenagaKewanganPenjagaan KesihatanIndustriTeknologi MaklumatBahan-bahanTiada PengkelasanPerkhidmatan TelekomunikasiUtilitiAset Bersih LainTunai
19.491.08
-0.0111.5727.82
-5.06
12.876.51
--
2.2513.36
-
12.77--
13.1836.22
-6.902.798.91
-3.812.06
-13.35
11.733.83
-10.0232.651.949.761.843.17
-7.141.95
15.97-
9.674.09
-12.0027.27
-7.132.064.769.89
15.673.653.81
-
PECAHAN SEKTOR & KATEGORI
Nota: Sumber peruntukan sektor ‘Dana Pengantara’ dari AmMutual * Sebagai peratusan dari NAV. Sila ambil perhatian bahawa pendedahan aset untuk dana adalah tertakluk
kepada perubahan yang kerap setiap hari.
231
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
AmAssurance AmCurrency Income CGF
Butiran komposisi portfolio AmAssurance AmCurrency Income CGF setakat 31 Mac 2012 adalah seperti berikut:
AmAssurance AmCommodity Stable CGF
Butiran komposisi portfolio AmAssurance AmCommodity Stable CGF setakat 31 Mac 2012 adalah seperti berikut:
AmAssurance AmCurrency Income CGF
Butiran komposisi portfolio AmAssurance AmCurrency Income II CGF setakat 31 Mac 2012 adalah seperti berikut:
Dana AmAssurance Dividend
Butiran komposisi portfolio Dana AmAssurance Dividend setakat 31 Mac 2012 adalah seperti berikut:
TK 2012%
TK 2012%
TK 2012%
TK 2012%
TK 2011%
TK 2011%
TK 2011%
Instrumen BerstrukturPerjanjian Beli-Semula/Tunai
Unit Amanah MalaysiaInstrumen BerstrukturPerjanjian Beli-Semula/Tunai
Instrumen BerstrukturPerjanjian Beli-Semula/Tunai
PembinaanProduk PenggunaKewanganProduk IndustriInfrastrukturSaham AsingHartanahPasaran ACE WaranPerdagangan/PerkhidmatanREITSPerladanganPerjanjian Beli-Semula/Tunai
99.42 0.58
100.00
1.6798.240.09
100.00
98.591.41
100.00
--
13.296.115.92
----
24.5916.565.46
28.07100.00
98.96 1.04
100.00
1.6498.270.09
100.00
98.241.76
100.00
PECAHAN SEKTOR & KATEGORI
JADUAL PERBANDINGAN: PRESTASI DANA
233
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Prestasi Dana Setakat 31 Mac 2012
Sejak Penerbitan5 Tahun3 Tahun1 Tahun
Purata KompaunPulangan Tahunan (%)
Pulangan Tahunan (%)
JADUAL PERBANDINGAN: PRESTASI DANA
Dana AmAssurance Equity
Dana AmAssurance Bond
Dana AmAssurance Balanced
Dana AmAssurance Dana Teguh
Dana AmAssurance AmOasis Islamic Equity
Dana AmAssurance Global Emerging Market
Dana AmAssurance Agribusiness
Dana AmAssurance Precious Metals
AmAssurance AmAsia RECOVERY CGF
AmAssurance AmCurrency Income CGF
AmAssurance AmCommodity Stable CGF
AmAssurance AmCurrency Income II CGF
Dana AmAssuranc Dividend
(3.23)
5.91
(2.25)
(0.67)
(3.41)
(8.89)
(5.30)
(19.14)
1.85
1.33
0.23
(2.26)
-
16.21
5.00
12.77
13.69
10.14
(0.46)
3.63
(5.11)
-
-
-
-
-
5.95
4.34
5.89
6.54
-
-
-
-
-
-
-
-
-
5.62
4.74
6.21
5.69
(2.42)
(0.32)
3.18
(4.17)
0.81
(0.64)
(2.60)
(2.19)
9.07
JADUAL PERBANDINGAN: NILAI ASET BERSIH, JUMLAH UNIT & HARGA UNIT
235
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Nilai Aset Bersih, Jumlah Unit dan Harga Unit setakat 31 Mac 2012
DANA AMASSURANCE EQUITY
Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2012 adalah seperti berikut:
Nilai Aset Bersih, Jumlah Unit dan Harga Unit setakat 31 Mac 2012
DANA AMASSURANCE BOND
Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2012 adalah seperti berikut:
JADUAL PERBANDINGAN: NILAI ASET BERSIH, JUMLAH UNIT & HARGA UNIT
Harga Unit (RM)NAV tertinggi setiap unit bagi tahunNAV terendah setiap unit bagi tahun
Nilai Bersih Aset (NAV) dan Unit di dalam Edaran (UIC) setakat penghujung tahun*Jumlah NAV (RM juta)UIC (juta)NAV setiap unit (RM)
Jumlah Pulangan Bagi Tahun (%)Jumlah Pulangan¹Pertumbuhan ModalPertumbuhan Pendapatan
TK2012
TK2011
TK2010
TK2009
TK2008
0.8317 0.7070
14.5937 18.6334 0.7832
(3.23)(3.23)
-
0.8280 0.6329
11.4753 14.1793 0.8093
20.65 20.65
-
0.6730 0.5010
4.6029 6.8745 0.6708
34.43 34.43
-
0.6663 0.4816
2.4408 4.8912 0.4990
(22.40)(22.40)
-
0.7363 0.5865
2.4655 3.8346 0.6430
9.63 9.63
-
Harga Unit (RM)NAV tertinggi setiap unit bagi tahunNAV terendah setiap unit bagi tahun
Nilai Bersih Aset (NAV) dan Unit di dalam Edaran (UIC) setakat penghujung tahun*Jumlah NAV (RM juta)UIC (juta)NAV setiap unit (RM)
Jumlah Pulangan Bagi Tahun (%)Pulangan Tahunan¹Pertumbuhan ModalPertumbuhan Pendapatan
TK2012
TK2011
TK2010
TK2009
TK2008
0.7323 0.6903
11.9079 16.2856 0.7311
5.91 5.91
-
0.6915 0.6640
11.3630 16.4615 0.6903
3.96 3.96
-
0.6640 0.6310
5.8876 8.8720 0.6640
5.15 5.15
-
0.6374 0.5944
3.5000 5.5422 0.6315
3.45 3.45
-
0.6104 0.5433
3.1694 5.1926 0.6104
3.23 3.23
-
* Harga dan nilai aset bersih setiap unit tidak dipaparkan sebagai ‘ex-distribution’ kerana tiada pengedaran pendapatan diisytiharkan oleh dana untuk tahun kewangan.
Nota: 1. Jumlah pulangan adalah pulangan sebenar dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih dari segala yuran.
* Harga dan nilai aset bersih setiap unit tidak dipaparkan sebagai ‘ex-distribution’ kerana tiada pengedaran pendapatan diisytiharkan oleh dana untuk tahun kewangan.
Nota: 1. Pulangan tahunan adalah pulangan sebenar dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih dari segala yuran.
236
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Nilai Aset Bersih, Jumlah Unit dan Harga Unit setakat 31 Mac 2012
DANA AMASSURANCE BALANCED
Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2012 adalah seperti berikut:
Nilai Aset Bersih, Jumlah Unit dan Harga Unit setakat 31 Mac 2012
DANA AMASSURANCE DANA TEGUH
Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2012 adalah seperti berikut:
Harga Unit (RM)NAV tertinggi setiap unit bagi tahunNAV terendah setiap unit bagi tahun
Nilai Bersih Aset (NAV) dan Unit di dalam Edaran (UIC) setakat penghujung tahun*Jumlah NAV (RM juta)UIC (juta)NAV setiap unit (RM)
Jumlah Pulangan Bagi Tahun (%)Jumlah Pulangan¹Pertumbuhan ModalPertumbuhan Pendapatan
TK2012
TK2011
TK2010
TK2009
TK2008
0.8626 0.7568
21.5113 26.2568 0.8193
(2.25)(2.25)
-
0.8588 0.7085
17.5410 20.9280 0.8382
14.04 14.04
-
0.7360 0.5730
5.8011 7.9035 0.7350
28.65 28.65
-
0.6972 0.5508
2.8729 5.0283 0.5713
(16.44)(16.44)
-
0.7577 0.6154
3.3232 4.8601 0.6837
11.10 11.10
-
Harga Unit (RM)NAV tertinggi setiap unit bagi tahunNAV terendah setiap unit bagi tahun
Nilai Bersih Aset (NAV) dan Unit di dalam Edaran (UIC) setakat penghujung tahun*Jumlah NAV (RM juta)UIC (juta)NAV setiap unit (RM)
Jumlah Pulangan Bagi Tahun (%)Jumlah Pulangan¹Pertumbuhan ModalPertumbuhan Pendapatan
TK2012
TK2011
TK2010
TK2009
TK2008
0.8169 0.7318
13.1293 16.6728 0.7875
(0.67)(0.67)
-
0.8118 0.6501
7.0499 8.8919 0.7928
15.27 15.27
-
0.6880 0.5380
2.7808 4.0512 0.6878
28.34 28.34
-
0.6400 0.5162
1.6482 3.0755 0.5359
(13.54)(13.54)
-
0.7068 0.5283
1.6951 2.7350 0.6198
8.02 8.02
-
* Harga dan nilai aset bersih setiap unit tidak dipaparkan sebagai ‘ex-distribution’ kerana tiada pengedaran pendapatan diisytiharkan oleh dana untuk tahun kewangan.
Nota: 1. Jumlah pulangan adalah pulangan sebenar dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih dari segala yuran.
* Harga dan nilai aset bersih setiap unit tidak dipaparkan sebagai ‘ex-distribution’ kerana tiada pengedaran pendapatan diisytiharkan oleh dana untuk tahun kewangan.
Nota: 1. Jumlah pulangan adalah pulangan sebenar dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih dari segala yuran.
JADUAL PERBANDINGAN: NILAI ASET BERSIH, JUMLAH UNIT & HARGA UNIT
237
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Nilai Aset Bersih, Jumlah Unit dan Harga Unit setakat 31 Mac 2012
DANA AMASSURANCE AMOASIS ISLAMIC EQUITY
Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2012 adalah seperti berikut:
Nilai Aset Bersih, Jumlah Unit dan Harga Unit setakat 31 Mac 2012
DANA AMASSURANCE PRECIOUS METALS
Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2012 adalah seperti berikut:
Harga Unit (RM)NAV tertinggi setiap unit bagi tahunNAV terendah setiap unit bagi tahun
Nilai Bersih Aset (NAV) dan Unit di dalam Edaran (UIC) setakat penghujung tahun*Jumlah NAV (RM juta)UIC (juta)NAV setiap unit (RM)
Jumlah Pulangan Bagi Tahun (%)Jumlah Pulangan¹Pertumbuhan ModalPertumbuhan Pendapatan
TK2012
TK2011
TK2010
TK2009
TK2008
0.4642 0.4110
4.3479 9.8279 0.4424
(3.41)(3.41)
-
0.4688 0.3915
4.3056 9.4007 0.4580
10.95 10.95
-
0.4300 0.3180
3.3350 8.0792 0.4128
24.68 24.68
-
0.4660 0.2590
2.7186 8.2108 0.3311
(24.75)(24.75)
-
0.5210 0.4260
3.5068 7.9691 0.4400
(8.68)(8.68)
-
Harga Unit (RM)NAV tertinggi setiap unit bagi tahunNAV terendah setiap unit bagi tahun
Nilai Bersih Aset (NAV) dan Unit di dalam Edaran (UIC) setakat penghujung tahun*Jumlah NAV (RM juta)UIC (juta)NAV setiap unit (RM)
Jumlah Pulangan Bagi Tahun (%)Jumlah Pulangan¹Pertumbuhan ModalPertumbuhan Pendapatan
TK2012
TK2011
TK2010
TK2009
0.5597 0.4293
5.1605 12.0202 0.4293
(19.14)(19.14)
-
0.5665 0.4892
4.5400 8.5518 0.5309
7.71 7.71
-
0.5630 0.4810
1.9337 3.9231 0.4929
(1.91)(1.91)
-
0.5030 0.5000
0.5973 1.1887 0.5025
---
* Harga dan nilai aset bersih setiap unit tidak dipaparkan sebagai ‘ex-distribution’ kerana tiada pengedaran pendapatan diisytiharkan oleh dana untuk tahun kewangan.
Nota: 1. Jumlah pulangan adalah pulangan sebenar dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih dari segala yuran.
* Harga dan nilai aset bersih setiap unit tidak dipaparkan sebagai ‘ex-distribution’ kerana tiada pengedaran pendapatan diisytiharkan oleh dana untuk tahun kewangan.
Nota: 1. Jumlah pulangan adalah pulangan sebenar dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih dari segala yuran.
JADUAL PERBANDINGAN: NILAI ASET BERSIH, JUMLAH UNIT & HARGA UNIT
238
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Nilai Aset Bersih, Jumlah Unit dan Harga Unit setakat 31 Mac 2012
DANA AMASSURANCE GLOBAL AGRIBUSINESS
Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2012 adalah seperti berikut:
Nilai Aset Bersih, Jumlah Unit dan Harga Unit setakat 31 Mac 2012
DANA AMASSURANCE GLOBAL EMERGING MARKET
Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2012 adalah seperti berikut:
Harga Unit (RM)NAV tertinggi setiap unit bagi tahunNAV terendah setiap unit bagi tahun
Nilai Bersih Aset (NAV) dan Unit di dalam Edaran (UIC) setakat penghujung tahun*Jumlah NAV (RM juta)UIC (juta)NAV setiap unit (RM)
Jumlah Pulangan Bagi Tahun (%)Jumlah Pulangan¹Pertumbuhan ModalPertumbuhan Pendapatan
TK2012
TK2011
TK2010
TK2009
0.6046 0.4794
1.4590 2.6083 0.5594
(5.30)(5.30)
-
0.5976 0.4943
1.3087 2.2156 0.5907
4.42 4.42
-
0.6140 0.5020
0.6895 1.2188 0.5657
12.53 12.53
-
0.5030 0.5000
0.5310 1.0564 0.5027
---
Harga Unit (RM)NAV tertinggi setiap unit bagi tahunNAV terendah setiap unit bagi tahun
Nilai Bersih Aset (NAV) dan Unit di dalam Edaran (UIC) setakat penghujung tahun*Total NAV (RM juta)UIC (juta)NAV setiap unit (RM)
Jumlah Pulangan Bagi Tahun (%)Jumlah Pulangan¹Pertumbuhan ModalPertumbuhan Pendapatan
TK2012
TK2011
TK2010
TK2009
0.5557 0.4590
0.7216 1.4608 0.4940
(8.89)(8.89)
-
0.5726 0.4853
0.7228 1.3331 0.5422
0.63 0.63
-
0.5580 0.4950
0.6226 1.1554 0.5388
7.57 7.57
-
0.5010 0.4980
0.5413 1.0807 0.5009
---
* Harga dan nilai aset bersih setiap unit tidak dipaparkan sebagai ‘ex-distribution’ kerana tiada pengedaran pendapatan diisytiharkan oleh dana untuk tahun kewangan.
Nota: 1. Jumlah pulangan adalah pulangan sebenar dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih dari segala yuran.
* Harga dan nilai aset bersih setiap unit tidak dipaparkan sebagai ‘ex-distribution’ kerana tiada pengedaran pendapatan diisytiharkan oleh dana untuk tahun kewangan.
Nota: 1. Jumlah pulangan adalah pulangan sebenar dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih dari segala yuran.
JADUAL PERBANDINGAN: NILAI ASET BERSIH, JUMLAH UNIT & HARGA UNIT
239
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Nilai Aset Bersih, Jumlah Unit dan Harga Unit setakat 31 Mac 2012
AMASSURANCE AMASIA RECOVERY CGF
Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2012 adalah seperti berikut:
Nilai Aset Bersih, Jumlah Unit dan Harga Unit setakat 31 Mac 2012
AMASSURANCE AMCURRENCY INCOME CGF
Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2012 adalah seperti berikut:
Harga Unit (RM)NAV tertinggi setiap unit bagi tahunNAV terendah setiap unit bagi tahun
Nilai Bersih Aset (NAV) dan Unit di dalam Edaran (UIC) setakat penghujung tahun*Jumlah NAV (RM juta)UIC (juta)NAV setiap unit (RM)
Jumlah Pulangan Bagi Tahun (%)Jumlah Pulangan¹Pertumbuhan ModalPertumbuhan Pendapatan
TK2012
TK2011
TK2010
0.5112 0.4995
84.3793 165.0711
0.5112
1.85 1.85
-
0.5034 0.4894
84.3390 168.0419
0.5019
1.52 1.52
-
0.5000 0.4900
84.5429 170.9963
0.4944
---
Harga Unit (RM)NAV tertinggi setiap unit bagi tahunNAV terendah setiap unit bagi tahun
Nilai Bersih Aset (NAV) dan Unit di dalam Edaran (UIC) setakat penghujung tahun*Jumlah NAV (RM juta)UIC (juta)NAV setiap unit (RM)
Jumlah Pulangan Bagi Tahun (%)Jumlah Pulangan¹Pertumbuhan ModalPertumbuhan Pendapatan
TK2012
TK2011
0.5015 0.4877
42.0634 85.0083 0.4948
1.33 1.33
-
0.5000 0.4855
42.5831 87.2069 0.4883
---
* Harga dan nilai aset bersih setiap unit tidak dipaparkan sebagai ‘ex-distribution’ kerana tiada pengedaran pendapatan diisytiharkan oleh dana untuk tahun kewangan.
Nota: 1. Jumlah pulangan adalah pulangan sebenar dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih dari segala yuran.
* Harga dan nilai aset bersih setiap unit tidak dipaparkan sebagai ‘ex-distribution’ kerana tiada pengedaran pendapatan diisytiharkan oleh dana untuk tahun kewangan.
Nota: 1. Jumlah pulangan adalah pulangan sebenar dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih dari segala yuran.
JADUAL PERBANDINGAN: NILAI ASET BERSIH, JUMLAH UNIT & HARGA UNIT
240
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Nilai Aset Bersih, Jumlah Unit dan Harga Unit setakat 31 Mac 2012
AMASSURANCE AMCOMMODITY STABLE CGF
Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2012 adalah seperti berikut:
Nilai Aset Bersih, Jumlah Unit dan Harga Unit setakat 31 Mac 2012
AMASSURANCE AMCURRENCY INCOME II CGF
Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2012 adalah seperti berikut:
Harga Unit (RM)NAV tertinggi setiap unit bagi tahunNAV terendah setiap unit bagi tahun
Nilai Bersih Aset (NAV) dan Unit di dalam Edaran (UIC) setakat penghujung tahun*Jumlah NAV (RM juta)UIC (juta)NAV setiap unit (RM)
Jumlah Pulangan Bagi Tahun (%)Jumlah Pulangan¹Pertumbuhan ModalPertumbuhan Pendapatan
TK2012
TK2011
0.4891 0.4749
4.5326 9.4236 0.4810
0.23 0.23
-
0.5000 0.4799
4.5676 9.5188 0.4799
---
Harga Unit (RM)NAV tertinggi setiap unit bagi tahunNAV terendah setiap unit bagi tahun
Nilai Bersih Aset (NAV) dan Unit di dalam Edaran (UIC) setakat penghujung tahun*Jumlah NAV (RM juta)UIC (juta)NAV setiap unit (RM)
Jumlah Pulangan Bagi Tahun (%)Jumlah Pulangan¹Pertumbuhan ModalPertumbuhan Pendapatan
TK2012
TK2011
0.5038 0.4833
17.2383 35.2736 0.4887
(2.26)(2.26)
-
0.5000 0.5000
18.2888 36.5777 0.5000
---
* Harga dan nilai aset bersih setiap unit tidak dipaparkan sebagai ‘ex-distribution’ kerana tiada pengedaran pendapatan diisytiharkan oleh dana untuk tahun kewangan.
Nota: 1. Jumlah pulangan adalah pulangan sebenar dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih dari segala yuran.
* Harga dan nilai aset bersih setiap unit tidak dipaparkan sebagai ‘ex-distribution’ kerana tiada pengedaran pendapatan diisytiharkan oleh dana untuk tahun kewangan.
Nota: 1. Jumlah pulangan adalah pulangan sebenar dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih dari segala yuran.
JADUAL PERBANDINGAN: NILAI ASET BERSIH, JUMLAH UNIT & HARGA UNIT
241
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Nilai Aset Bersih, Jumlah Unit dan Harga Unit setakat 31 Mac 2012
DANA AMASSURANCE DIVIDEND
Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2012 adalah seperti berikut:
Harga Unit (RM)NAV tertinggi setiap unit bagi tahunNAV terendah setiap unit bagi tahun
Nilai Bersih Aset (NAV) dan Unit di dalam Edaran (UIC) setakat penghujung tahun*Jumlah NAV (RM juta)UIC (juta)NAV setiap unit (RM)
Jumlah Pulangan Bagi Tahun (%)Jumlah Pulangan¹Pertumbuhan ModalPertumbuhan Pendapatan
Tempoh Kewangan
2012
0.5273 0.4973
5.4439 10.4925 0.5189
---
* Harga dan nilai aset bersih setiap unit tidak dipaparkan sebagai ‘ex-distribution’ kerana tiada pengedaran pendapatan diisytiharkan oleh dana untuk tahun kewangan.
Nota: 1. Jumlah pulangan adalah pulangan sebenar dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih dari segala yuran.
JADUAL PERBANDINGAN: NILAI ASET BERSIH, JUMLAH UNIT & HARGA UNIT
NOTA-NOTA KEPADA PENYATA KEWANGAN
Pernyataan Pengurus
Laporan juruaudit bebas
Penyata kedudukan kewangan
Penyata pendapatan komprehensif
Penyata perubahan di dalam ekuiti
Penyata aliran tunai
Nota kepada penyata kewangan
243
244
245
249
253
258
272
mukasurat
243
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Pada pendapat Pengurus, AmLife Insurance Berhad, penyata-penyata kewangan pada mukasurat-mukasurat 245 hingga 362 telah disediakan menurut Piawaian Laporan Kewangan di Malaysia dan Garis Panduan yang dikeluarkan oleh Bank Negara Malaysia untuk memberikan gambaran yang benar dan tepat mengenai kedudukan kewangan Dana AmAssurance Equity, Dana AmAssurance Bond, Dana AmAssurance Balanced, Dana AmAssurance Dana Teguh, Dana AmAssurance AmOasis Islamic Equity, Dana AmAssurance Global Emerging Market, AmAssurance AmAsia Star CGF, Dana AmAssurance Precious Metals, Dana AmAssurance Global Agribusiness, AmAssurance AmAsia Recovery CGF, AmAssurance AmCommodity Stable CGF, AmAssurance AmCurrency Income CGF, AmAssurance AmCurrency Income II CGF dan Dana AmAssurance Dividend (secara bersama dirujuk sebagai “Dana-dana”) AmLife Insurance Berhad pada 31 Mac 2012 dan keputusan-keputusannya, perubahan-perubahan di dalam ekuiti dan aliran-aliran tunai bagi tahun yang telah berakhir.
Bagi pihak AmLife Insurance Berhad
Adrian John Nurse
Kuala Lumpur, Malaysia 31 Mei 2012
NOTA-NOTA KEPADA PENYATA KEWANGAN
PERNYATAAN PENGURUS
244
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
LAPORAN MENGENAI PENYATA KEWANGAN
Kami telah mengaudit penyata-penyata kewangan dana-dana berkaitan pelaburan AmLife Insurance Berhad (“Pengurus”) (terdiri daripada Dana AmAssurance Equity, Dana AmAssurance Bond, Dana AmAssurance Balanced, Dana AmAssurance Dana Teguh, Dana AmAssurance AmOasis Islamic Equity, Dana AmAssurance Global Emerging Market, AmAssurance AmAsia Star CGF, Dana AmAssurance Precious Metals, Dana AmAssurance Global Agribusiness, AmAssurance AmAsia Recovery CGF, AmAssurance AmCommodity Stable CGF, AmAssurance AmCurrency Income CGF, AmAssurance AmCurrency Income II CGF dan Dana AmAssurance Dividend) (secara bersama dirujuk sebagai “Dana-dana”), yang terdiri daripada penyata-penyata kedudukan kewangan pada 31 Mac 2012, dan penyata-penyata pendapatan komprehensif, penyata-penyata perubahan di dalam ekuiti dan penyata-penyata aliran-aliran tunai Dana-dana bagi tahun yang telah berakhir, dan ringkasan polisi-polisi perakaunan yang penting dan lain-lain nota-nota penerangan, seperti pada mukasurat-mukasurat 245 hingga 362.
Tanggungjawab para Pengarah kepada penyata kewanganPara pengarah Pengurus bertanggungjawab terdadap penyediaan penyata-penyata kewangan yang memberikan gambaran yang benar dan tepat menurut Piawaian Laporan Kewangan di Malaysia dan Garis Panduan yang dikeluarkan oleh Bank Negara Malaysia, dan terhadap pengawasan dalaman sebagaimana dianggap perlu oleh para pengarah untuk membolehkan penyediaan penyata-penyata kewangan yang bebas daripada salah nyata yang besar, sama ada disebabkan oleh penipuan atau ralat.
Tanggungjawab juruauditTanggungjawab kami adalah untuk menyatakan pendapat mengenai penyata-penyata kewangan ini berdasarkan audit kami. Kami telah menjalankan audit kami menurut piawaian pengauditan yang telah diluluskan di Malaysia. Piawaian-piawaian tersebut memerlukan kami mematuhi syarat-syarat etika dan merancang serta menjalankan audit tersebut untuk mendapatkan keyakinan yang wajar mengenai sama ada penyata-penyata kewangan tersebut bebas daripada salah nyata yang penting.
Audit melibatkan prosedur-prosedur yang dijalankan untuk mendapatkan bukti audit mengenai amaun-amaun dan pendedahan-pendedahan di dalam penyata-penyata kewangan. Prosedur-prosedur yang dipilih bergantung kepada pilihan kami, termasuk penilaian risiko-risiko salah nyata yang penting pada penyata-penyata kewangan, sama ada disebabkan oleh penipuan atau ralat. Dalam membuat penilaian-penilaian risiko itu, kami menganggap pengawasan dalaman yang relevan kepada penyediaan penyata-penyata kewangan Dana-dana yang memberikan gambaran yang benar dan tepat untuk membentuk prosedur-prosedur audit yang wajar mengikut keadaannya, tetapi bukan untuk tujuan menyatakan pendapat mengenai keberkesanan pengawasan dalaman Dana-dana. Audit juga melibatkan penilaian kewajaran polisi-polisi perakaunan yang digunakan dan kewajaran anggaran-anggaran perakaunan yang dibuat oleh para pengarah, serta menilai keseluruhan pembentangan penyata-penyata kewangan.
Kami percaya bahawa bukti audit yang kami dapati adalah mencukupi dan wajar untuk memberikan asas untuk pendapat audit kami.
PendapatPada pendapat kami, penyata-penyata kewangan ini telah disediakan dengan baik menurut Piawaian Laporan Kewangan di Malaysia dan Garis Panduan yang dikeluarkan oleh Bank Negara Malaysia untuk memberikan gambaran yang benar dan tepat mengenai kedudukan kewangan Dana-dana pada 31 Mac 2012 dan mengenai prestasi kewangan serta aliran-aliran tunai mereka bagi tahun yang telah berakhir.
Lain-lain halLaporan ini dibuat hanya kepada para pemegang unit Dana-dana, sebagai sebuah badan, menurut Garis Panduan yang dikeluarkan oleh Bank Negara Malaysia dan bukan untuk tujuan lain. Kami tidak bertanggungjawab ke atas sesiapa yang lain bagi isi kandungan laporan ini.
Ernst & Young AF: 0039 Akauntan Bertauliah Kuala Lumpur, Malaysia 30 Mei 2012
Brandon Bruce Sta Maria No. 2937/09/13(J) Akauntan Bertauliah
LAPORAN JURUAUDIT BEBASkepada para pemegang unit Dana Berkaitan Pelaburan AmLife Insurance Berhad (Diperbadankan di Malaysia)
245
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
PENYATA KEDUDUKAN KEWANGANPADA 31 MAC 2012
Nota
11,462,575 -
161,525 4,395
11,628,495
69,615 19,415 64,195
153,225
11,475,270
9,283,968 2,191,302 11,475,270
14,179,271
0.8093
11,718,566 -
301,125 138
12,019,829
66,876 30,533 14,479
111,888
11,907,941
10,045,448 1,862,493
11,907,941
16,285,582
0.7312
11,366,085 -
110,799 1,310
11,478,194
29,938 5,524
79,757 115,219
11,362,975
10,154,465 1,208,510 11,362,975
16,461,544
0.6903
ASET PelaburanAset cukai tertangguhLain-lain belum terima Tunai dan baki di bankJumlah aset
LIABILITIPeruntukan untuk cukaiLiabiliti cukai tertangguhLain-lain belum bayarJumlah liabiliti
NILAI ASET BERSIH DANA (“NAB”)
EKUITI Modal pemegang unit Pendapatan tidak teragihAkaun pemegang unit
UNIT DALAM PENGAGIHAN
NAB SEUNIT (RM)
14,621,733 8,138
14,341 2,686
14,646,898
25,736 -
27,445 53,181
14,593,717
12,961,910 1,631,807
14,593,717
18,633,446
0.7832
2012RM
2012RM
2011RM
2011RM
34
4
5
5
5
Dana AmAssurance Equity Dana AmAssurance Bond
Nota
17,187,332 -
491,786 3,147
17,682,265
47,242 26,284 67,728
141,254
17,541,011
15,142,220 2,398,791 17,541,011 20,927,960
0.8382
12,921,964 -
279,038 150
13,201,152
48,006 1,204
22,618 71,828
13,129,324
11,900,548 1,228,776
13,129,324
16,672,811
0.7875
6,931,850 -
227,778 917
7,160,545
35,198 16,688 58,787
110,673
7,049,872
5,829,325 1,220,547 7,049,872
8,891,870
0.7928
ASET PelaburanAset cukai tertangguhRampai belum terimaTunai dan baki di bankJumlah aset
LIABILITIPeruntukan untuk cukaiLiabiliti cukai tertangguhLain-lain belum bayarJumlah liabiliti
NILAI ASET BERSIH DANA (“NAB”)
EKUITI Modal pemegang unit Pendapatan tidak teragihAkaun pemegang unit
UNIT DALAM PENGAGIHAN
NAB SEUNIT (RM)
21,362,548 3,139
192,275 2,420
21,560,382
15,671 -
33,441 49,112
21,511,270
19,595,250 1,916,020
21,511,270
26,256,835
0.8193
2012RM
2012RM
2011RM
2011RM
34
4
5
5
5
Dana AmAssurance Balanced Dana AmAssurance Dana Teguh
246
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
PENYATA KEDUDUKAN KEWANGAN PADA 31 MAC 2012 (bersambung)
Nota
4,304,658 17,317 3,061
92,320 1,437
4,418,793
3,435 109,731 113,166
4,305,627
4,594,689 (289,062)
4,305,627
9,400,744
0.4580
ASET Pelaburan Aset cukai tertangguh Cukai boleh pulih Rampai belum terima Tunai dan baki di bank Jumlah aset
LIABILITIPeruntukan untuk cukai Lain-lain belum bayar Jumlah liabiliti
NILAI ASET BERSIH DANA (“NAB”)
EKUITI Modal pemegang unit Kerugian terkumpul Akaun pemegang unit
UNIT DALAM PENGAGIHAN
NAB SEUNIT (RM)
4,348,778 30,678
- 17,946
891 4,398,293
62 50,376 50,438
4,347,855
4,801,446 (453,591)
4,347,855
9,827,922
0.4424
2012RM
2011RM
34
5
5
5
Dana AmAssurance AmOasis Islamic Equity
Nota
751,869 -
67 586
4,105 756,627
4,110 2,112
27,638 33,860
722,767
675,103
47,664 722,767
1,333,091
0.5422
- - - - - -
- - - -
-
-
- -
-
-
102,925,282 - -
25,332 2,043
102,952,657
468,384 7,693
6,215,627 6,691,704
96,260,953
93,574,671
2,686,282 96,260,953
187,089,354
0.5145
ASET PelaburanAset cukai tertangguhCukai boleh pulihRampai belum terimaTunai dan baki di bankJumlah aset
LIABILITILiabiliti cukai tertangguhPeruntukan untuk cukaiLain-lain belum bayarJumlah liabiliti
NILAI ASET BERSIH DANA (“NAB”)
EKUITI Modal pemegang unitPendapatan tidak teragih/ (Kerugian terkumpul)Akaun pemegang unit
UNIT DALAM PENGAGIHAN
NAB SEUNIT (RM)
725,332 2,103
- 528
9,286 737,249
- 3,411
12,258 15,669
721,580
739,930
(18,350) 721,580
1,460,756
0.4940
2012RM
2012RM
2011RM
2011RM
34
4
5
5
5
Dana AmAssuranceGlobal Emerging Market
AmAssuranceAmAsia Star CGF
247
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
PENYATA KEDUDUKAN KEWANGAN PADA 31 MAC 2012 (bersambung)
Nota
88,247,427 -
444 536
88,248,407
152,476 2,731
3,754,161 3,909,368
84,339,039
84,039,603
299,436 84,339,039
168,041,905
0.5019
4,654,869 11,059
228 4,239
4,670,395
- 8,073
129,678 137,751
4,532,644
4,715,132
(182,488) 4,532,644
9,423,571
0.4810
4,601,279 15,165
227 4,020
4,620,691
- 53,122 53,122
4,567,569
4,760,783
(193,214) 4,567,569
9,518,847
0.4798
ASET PelaburanAset cukai tertangguhRampai belum terimaTunai dan baki di bankJumlah aset
LIABILITILiabiliti cukai tertangguhPeruntukan untuk cukaiLain-lain belum bayarJumlah liabiliti
NILAI ASET BERSIH DANA (“NAB”)
EKUITI Modal pemegang unitPendapatan tidak teragih/ (Kerugian terkumpul)Akaun pemegang unit
UNIT DALAM PENGAGIHAN
NAB SEUNIT (RM)
90,843,497 -
144 528
90,844,169
358,269 4,679
6,101,961 6,464,909
84,379,260
82,539,771
1,839,489 84,379,260
165,071,089
0.5112
2012RM
2012RM
2011RM
2011RM
34
4
5
5
5
AmAssuranceAmAsia Recovery CGF
AmAssuranceAmCommodity Stable CGF
Nota
4,497,607 3,879
93,587 418
4,595,491
- 3,220
52,267 55,487
4,540,004
4,440,848
99,156 4,540,004
8,551,816
0.5309
1,459,599 -
16,623 5,491
1,481,713
6,637 1,853
14,253 22,743
1,458,970
1,397,977
60,993 1,458,970
2,608,312
0.5594
1,349,633 -
4,396 236
1,354,265
12,568 1,364
31,673 45,605
1,308,660
1,173,738
134,922 1,308,660
2,215,601
0.5907
ASET PelaburanAset cukai tertangguhRampai belum terimaTunai dan baki di bankJumlah aset
LIABILITILiabiliti cukai tertangguhPeruntukan untuk cukaiLain-lain belum bayarJumlah liabiliti
NILAI ASET BERSIH DANA (“NAB”)
EKUITI Modal pemegang unitPendapatan tidak teragih/ (Kerugian terkumpul)Akaun pemegang unit
UNIT DALAM PENGAGIHAN
NAB SEUNIT (RM)
5,057,175 89,864 43,810
947 5,191,796
- 2,404
28,850 31,254
5,160,542
6,082,750
(922,208) 5,160,542
12,020,242
0.4293
2012RM
2012RM
2011RM
2011RM
34
4
5
5
5
Dana AmAssurancePrecious Metals
Dana AmAssuranceGlobal Agribusiness
248
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Nota
ASET PelaburanRampai belum terimaTunai dan baki di bankJumlah aset
LIABILITILiabiliti cukai tertangguhPeruntukan untuk cukaiLain-lain belum bayarJumlah liabiliti
NILAI ASET BERSIH DANA (“NAB”)
EKUITI Modal pemegang unitPendapatan tidak teragihAkaun pemegang unit
UNIT DALAM PENGAGIHAN
NAB SEUNIT (RM)
5,463,444 7,013 1,345
5,471,802
11,543 1,029
15,326 27,898
5,443,904
5,253,589 190,315
5,443,904
10,492,470
0.5188
2012RM
3
4
5
5
5
Dana AmAssurance Dividend
Nota
43,660,185 77,505 1,778
931 43,740,399
566 1,158,506 1,159,072
42,581,327
43,610,422 (1,029,095)
42,581,327
87,206,942
0.4883
17,878,906 34,184
105 181
17,913,376
756 674,278 675,034
17,238,342
17,730,297 (491,955)
17,238,342
35,273,557
0.4887
18,210,776 13,062
171 471
18,224,480
14 11,260 11,274
18,213,206
18,374,025 (160,819)
18,213,206
36,577,657
0.4979
ASET PelaburanAset cukai tertangguhRampai belum terimaTunai dan baki di bankJumlah aset
LIABILITIPeruntukan untuk cukaiLain-lain belum bayarJumlah liabiliti
NILAI ASET BERSIH DANA (“NAB”)
EKUITI Modal pemegang unitKerugian terkumpulAkaun pemegang unit
UNIT DALAM PENGAGIHAN
NAB SEUNIT (RM)
44,211,429 17,421 1,581
659 44,231,090
8,904 2,158,805 2,167,709
42,063,381
42,526,927 (463,546)
42,063,381
85,008,326
0.4948
2012RM
2012RM
2011RM
2011RM
34
5
5
5
AmAssuranceAmCurrency Income CGF
AmAssurance AmCurrency Income II CGF
PENYATA KEDUDUKAN KEWANGAN PADA 31 MAC 2012 (bersambung)
249
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
PENYATA PENDAPATAN KOMPREHENSIF BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012
Nota
35,718 133,124 168,842
2,143,708 -
2,312,550
(22,102) (453,009) (477,219) (952,330)
1,360,220
(103,279)
1,256,941
512,100 31,983
544,083
47,265 242,548 833,896
(117,966) - -
(117,966)
715,930
(61,947)
653,983
84,244 73,605
157,849
265,757 -
423,606
(18,888) (11,116)
(119,154) (149,158)
274,448
(17,231)
257,217
Pendapatan pelaburan bersih: Pendapatan faedah Pendapatan dividen
Perolehan atas pelupusan pelaburanPerolehan modal tidak terealisasi bersihJumlah pendapatan
Perbelanjaan pengurusanKerugian atas pelupusan pelaburanKerugian modal tidak terealisasi bersihJumlah perbelanjaan
(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukai
Cukai
(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah (kerugian)/pendapatan komprehensif bagi tahun
120,078 286,961 407,039
- -
407,039
(214,898)(452,444) (344,417)
(1,011,759)
(604,720)
45,225
(559,495)
2012RM
2012RM
2011RM
2011RM
67
8
Dana AmAssurance Equity Dana AmAssurance Bond
Nota
54,600 167,618 222,218
1,820,189 2,042,407
(26,235) (430,986) (418,764) (875,985)
1,166,422
(86,775)
1,079,647
213,875 118,516 332,391
44,616 377,007
(134,217) -
(229,008) (363,225)
13,782
(5,553)
8,229
33,775 56,230 90,005
984,802 1,074,807
(15,648) (210,942) (207,885) (434,475)
640,332
(48,585)
591,747
Pendapatan pelaburan bersih: Pendapatan faedah Pendapatan dividen
Perolehan atas pelupusan pelaburanJumlah pendapatan
Perbelanjaan pengurusanKerugian atas pelupusan pelaburanKerugian modal tidak terealisasi bersihJumlah perbelanjaan
(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukai
Cukai
(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah (kerugian)/pendapatan komprehensif bagi tahun
444,087 374,831 818,918
- 818,918
(272,935) (582,531) (477,643)
(1,333,109)
(514,191)
31,420
(482,771)
2012RM
2012RM
2011RM
2011RM
67
8
Dana AmAssurance Balanced Dana AmAssurance Dana Teguh
250
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
PENYATA PENDAPATAN KOMPREHENSIF BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)
Nota
12,234 28,369 40,603
362,353 493,526 896,482
(27,017) (487,020)
- (514,037)
382,445
(39,223)
343,222
Pendapatan pelaburan bersih: Pendapatan faedah Pendapatan dividen
Perolehan atas pelupusan pelaburanPerolehan modal tidak terealisasi bersihJumlah pendapatan
Perbelanjaan pengurusanKerugian atas pelupusan pelaburanKerugian modal tidak terealisasi bersihJumlah perbelanjaan
(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukai
Cukai
(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah (kerugian)/pendapatan komprehensif bagi tahun
52,683 28,972 81,655
- -
81,655
(50,114) (40,890)
(167,007) (258,011)
(176,356)
11,827
(164,529)
2012RM
2011RM
67
8
Dana AmAssuranceAmOasis Islamic Equity
Nota
745 -
745
12,874 -
13,619
(8,438) (1,014) (9,452)
4,167
(1,008)
3,159
5,878 -
5,878
6,003,863 -
6,009,741
(177,369) (5,854,800) (6,032,169)
(22,428)
467,943
445,515
15,555 -
15,555
- 3,310,308 3,325,863
(1,016,012) -
(1,016,012)
2,309,851
(266,069)
2,043,782
Pendapatan pelaburan bersih: Pendapatan faedah Pendapatan dividen
Perolehan atas pelupusan pelaburanPerolehan modal tidak terealisasi bersihJumlah pendapatan
Perbelanjaan pengurusanKerugian modal tidak terealisasi bersihJumlah perbelanjaan
(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukai
Cukai
(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah (kerugian)/pendapatan komprehensif bagi tahun
6,278 1,281 7,559
10,793 -
18,352
(11,555) (77,658) (89,213)
(70,861)
4,847
(66,014)
2012RM
2012RM
2011RM
2011RM
67
8
Dana AmAssuranceGlobal Emerging Market
AmAssuranceAmAsia Star CGF
251
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Nota
19,515 -
19,515
2,279,188 2,298,703
(850,240) -
(850,240)
1,448,463
(183,896)
1,264,567
100,918 2,037
102,955
51,322 154,277
(31,174) -
(31,174)
123,103
(12,179)
110,924
- - -
- -
(18,819) (189,560) (208,379)
(208,379)
15,165
(193,214)
Pendapatan pelaburan bersih: Pendapatan faedah Pendapatan dividen
Perolehan modal tidak terealisasi bersihJumlah pendapatan
Perbelanjaan pengurusanKerugian modal tidak terealisasi bersihJumlah perbelanjaan
Lebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukai
Cukai
Lebihan/(defisit) pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah pendapatan/(kerugian) komprehensif bagi tahun
24,355 -
24,355
2,572,417 2,596,772
(848,978) -
(848,978)
1,747,794
(207,741)
1,540,053
2012RM
01.04.2011 hingga 31.03.2012
RM2011RM
11.10.2010 hingga 31.03.2011
RM
67
8
AmAssuranceAmAsia Recovery CGF
AmAssuranceAmCommodity Stable CGF
Nota
24,649 146,566 171,215
21,372
192,587
(22,919) - -
(22,919)
169,668
(3,682)
165,986
6,112 -
6,112
- 6,112
(11,344) (74,139)
- (85,483)
(79,371)
5,442
(73,929)
5,693 -
5,693
74,896 80,589
(11,101) - -
(11,101)
69,488
(6,447)
63,041
Pendapatan pelaburan bersih: Pendapatan faedah Pendapatan dividen
Perolehan modal tidak terealisasi bersihJumlah pendapatan
Perbelanjaan pengurusanKerugian modal tidak terealisasi bersihKerugian atas pelupusan pelaburanJumlah perbelanjaan
(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukai
Cukai
(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah (kerugian)/pendapatan komprehensif bagi tahun
27,890 -
27,890 -
27,890
(23,144) (1,074,815)
(38,097) (1,136,056)
(1,108,166)
86,802
(1,021,364)
2012RM
2012RM
2011RM
2011RM
67
8
Dana AmAssurancePrecious Metals
Dana AmAssuranceGlobal Agribusiness
PENYATA PENDAPATAN KOMPREHENSIF BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)
252
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Nota
Pendapatan pelaburan bersih: Pendapatan faedah Pendapatan dividen
Perolehan atas pelupusan pelaburanPerolehan modal tidak terealisasi bersihJumlah pendapatan
Perbelanjaan pengurusanJumlah perbelanjaan
Lebihan pendapatan daripada perbelanjaan sebelum cukai
Cukai
Lebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah pendapatan komprehensif bagi tahun
30,028 51,762 81,790
19,129 144,295 245,214
(37,907) (37,907)
207,307
(16,992)
190,315
67
8
Dana AmAssurance Dividend
27.10.2011 hingga 31.03.2012
RM
Nota
7,080 7,080
- 7,080
(144,305) (968,809)
(1,113,114)
(1,106,034)
76,939
(1,029,095)
9,278 9,278
- 9,278
(96,772) (264,021) (360,793)
(351,515)
20,379
(331,136)
171 171
- 171
(10,760) (163,278) (174,038)
(173,867)
13,048
(160,819)
Pendapatan pelaburan bersih: Pendapatan faedah
Perolehan modal tidak terealisasi bersihJumlah pendapatan
Perbelanjaan pengurusanKerugian modal tidak terealisasi bersihJumlah perbelanjaan
Lebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukai
Cukai
Lebihan/(defisit) pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah (kerugian)/pendapatan komprehensif bagi tahun
104,225 104,225
751,055 855,280
(221,309) -
(221,309)
633,971
(68,422)
565,549
6
8
AmAssuranceAmCurrency Income CGF
AmAssuranceAmCurrency Income II CGF
01.04.2011 hingga 31.03.2012
RM
01.04.2011 hingga 31.03.2012
RM
16.08.2010 hingga 31.03.2011
RM
21.03.2011 hingga 31.03.2011
RM
PENYATA PENDAPATAN KOMPREHENSIF BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)
253
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
PENYATA PERUBAHAN DI DALAM EKUITIBAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012
934,361 1,256,941
- -
2,191,302
2,191,302 (559,495)
- -
1,631,807
4,611,267 1,256,941
11,771,264 (6,164,202) 11,475,270
11,475,270 (559,495)
11,974,079 (8,296,137) 14,593,717
Pada 1 April 2010 Jumlah pendapatan komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2011
Pada 1 April 2011Jumlah kerugian komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2012
3,676,906
- 11,771,264 (6,164,202) 9,283,968
9,283,968 -
11,974,079 (8,296,137) 12,961,910
Modalpemegang unit
RM
Pendapatan tidak teragih
RM
Dana AmAssurance Equity
Jumlah ekuiti
RM
951,293 257,217
- -
1,208,510
1,208,510 653,983
- -
1,862,493
5,890,599 257,217
8,424,315 (3,209,156)
11,362,975
11,362,975 653,983
10,351,906 (10,460,923) 11,907,941
Pada 1 April 2010 Jumlah pendapatan komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2011
Pada 1 April 2011Jumlah pendapatan komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2012
4,939,306
- 8,424,315 (3,209,156)
10,154,465
10,154,465 -
10,351,906 (10,460,923) 10,045,448
Modalpemegang unit
RM
Pendapatan tidak teragih
RM
Dana AmAssurance Bond
Jumlah ekuiti
RM
1,319,144 1,079,647
- -
2,398,791
2,398,791 (482,771)
- -
1,916,020
5,808,689 1,079,647
12,357,949 (1,705,274) 17,541,011
17,541,011 (482,771)
14,106,619 (9,653,589) 21,511,270
Pada 1 April 2010 Jumlah pendapatan komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2011
Pada 1 April 2011Jumlah kerugian komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2012
4,489,545
- 12,357,949 (1,705,274) 15,142,220
15,142,220 -
14,106,619 (9,653,589) 19,595,250
Modalpemegang unit
RM
Pendapatan tidak teragih
RM
Jumlah ekuiti
RM
Dana AmAssurance Balanced
254
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
628,800 591,747
- -
1,220,547
1,220,547 8,229
- -
1,228,776
2,786,451 591,747
4,809,957 (1,138,283) 7,049,872
7,049,872 8,229
11,268,525 (5,197,302) 13,129,324
Pada 1 April 2010 Jumlah pendapatan komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2011
Pada 1 April 2011Jumlah pendapatan komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2012
2,157,651
- 4,809,957 (1,138,283) 5,829,325
5,829,325 -
11,268,525 (5,197,302) 11,900,548
Modalpemegang unit
RM
Pendapatan tidak teragih
RM
Dana AmAssurance Dana Teguh
Jumlah ekuiti
RM
(632,284) 343,222
- -
(289,062)
(289,062) (164,529)
- -
(453,591)
3,335,014 343,222
1,973,070 (1,345,679) 4,305,627
4,305,627 (164,529)
3,021,175 (2,814,418) 4,347,855
Pada 1 April 2010 Jumlah pendapatan komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2011
Pada 1 April 2011Jumlah kerugian komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2012
3,967,298
- 1,973,070 (1,345,679) 4,594,689
4,594,689 -
3,021,175 (2,814,418) 4,801,446
Modalpemegang unit
RM
Kerugianterkumpul
RM
Dana AmAssurance AmOasis Islamic Equity
Jumlah ekuiti
RM
44,505 3,159
- -
47,664
47,664 (66,014)
- -
(18,350)
622,580 3,159
151,020 (53,992)
722,767
722,767 (66,014)
168,625 (103,798) 721,580
Pada 1 April 2010 Jumlah pendapatan komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2011
Pada 1 April 2011Jumlah kerugian komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2012
578,075
- 151,020 (53,992)
675,103
675,103 -
168,625 (103,798) 739,930
Modalpemegang unit
RM
Pendapatan tidak teragih/(Kerugian terkumpul)
RM
Dana AmAssurance Global Emerging Market
Jumlah ekuiti
RM
PENYATA PERUBAHAN DI DALAM EKUITI BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)
255
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
642,500 2,043,782
- -
2,686,282
2,686,282 445,515
- -
(3,131,797) -
96,396,014 2,043,782
- (2,178,843)
96,260,953
96,260,953 445,515
- (96,706,468)
- -
Pada 1 April 2010 Jumlah pendapatan komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2011
Pada 1 April 2011Jumlah kerugian komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPenyamaanPada 31 Mac 2012
95,753,514
- -
(2,178,843) 93,574,671
93,574,671 - -
(96,706,468) 3,131,797
-
Modalpemegang unit
RM
Pendapatan tidak teragih/(Kerugian terkumpul)
RM
AmAssurance AmAsia Star CGF
Jumlah ekuiti
RM
(66,830) 165,986
- -
99,156
99,156 (1,021,364)
- -
(922,208)
1,933,742 165,986
3,225,127 (784,851)
4,540,004
4,540,004 (1,021,364) 4,575,155 (2,933,253) 5,160,542
Pada 1 April 2010 Jumlah pendapatan komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2011
Pada 1 April 2011Jumlah kerugian komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2012
2,000,572
- 3,225,127
(784,851) 4,440,848
4,440,848 -
4,575,155 (2,933,253) 6,082,750
Modalpemegang unit
RM
Pendapatan tidak teragih/(Kerugian terkumpul)
RM
Dana AmAssurance Precious Metals
Jumlah ekuiti
RM
71,881 63,041
- -
134,922
134,922 (73,929)
- -
60,993
689,488 63,041
740,470 (184,339)
1,308,660
1,308,660 (73,929)
737,273 (513,034)
1,458,970
Pada 1 April 2010 Jumlah pendapatan komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2011
Pada 1 April 2011Jumlah kerugian komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2012
617,607
- 740,470 (184,339)
1,173,738
1,173,738 -
737,273 (513,034)
1,397,977
Modalpemegang unit
RM
Pendapatan tidak teragih
RM
Dana AmAssurance Global Agribusiness
Jumlah ekuiti
RM
PENYATA PERUBAHAN DI DALAM EKUITI BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)
256
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(965,131) 1,264,567
- -
299,436
299,436 1,540,053
- -
1,839,489
84,542,903 1,264,567
8,762 (1,477,193) 84,339,039
84,339,039 1,540,053
- (1,499,832) 84,379,260
Pada 1 April 2010 Jumlah pendapatan komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2011
Pada 1 April 2011Jumlah pendapatan komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2012
85,508,034
- 8,762
(1,477,193) 84,039,603
84,039,603 - -
(1,499,832) 82,539,771
Modalpemegang unit
RM
Pendapatan tidak teragih/(Kerugian terkumpul)
RM
AmAssurance AmAsia Recovery CGF
Jumlah ekuiti
RM
- (193,214)
- -
(193,214)
(193,214) 110,924 (100,198)
- (182,488)
- (193,214)
4,794,586 (33,803)
4,567,569
4,567,569 110,924 (100,198) (45,651)
4,532,644
Pada tarikh pelancaran dana pada 11.10.2010 Jumlah kerugian komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2011
Pada 1 April 2011Jumlah pendapatan komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2012
- -
4,794,586 (33,803)
4,760,783
4,760,783 -
(45,651) 4,715,132
Modalpemegang unit
RM
Kerugianterkumpul
RM
AmAssurance AmCommodity Stable CGF
Jumlah ekuiti
RM
- (1,029,095)
- -
(1,029,095)
(1,029,095) 565,549
- -
(463,546)
- (1,029,095) 43,716,690
(106,268) 42,581,327
42,581,327 565,549
- (1,083,495) 42,063,381
Pada tarikh pelancaran dana pada 16.08.2010 Jumlah kerugian komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2011
Pada 1 April 2011Jumlah pendapatan komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2012
- -
43,716,690 (106,268)
43,610,422
43,610,422 - -
(1,083,495) 42,526,927
Modalpemegang unit
RM
Kerugianterkumpul
RM
AmAssurance AmCurrency Income CGF
Jumlah ekuiti
RM
PENYATA PERUBAHAN DI DALAM EKUITI BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)
257
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
- (160,819)
- -
(160,819)
(160,819) (331,136)
- -
(491,955)
- (160,819)
18,374,025 -
18,213,206
18,213,206 (331,136)
- (643,728)
17,238,342
Pada tarikh pelancaran dana pada 21.03.2011 Jumlah kerugian komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2011
Pada 1 April 2011Jumlah kerugian komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2012
- -
18,374,025 -
18,374,025
18,374,025 - -
(643,728) 17,730,297
Modalpemegang unit
RM
Kerugianterkumpul
RM
AmAssurance AmCurrency Income II CGF
Jumlah ekuiti
RM
- 190,315
- -
190,315
- 190,315
5,283,559 (29,970)
5,443,904
Pada tarikh pelancaran dana pada 27.10.2011Jumlah pendapatan komprehensif bagi tahunPenciptaan unit-unitPembatalan unit-unitPada 31 Mac 2012
- -
5,283,559 (29,970)
5,253,589
Modalpemegang unit
RM
Pendapatan tidak teragih
RM
Dana AmAssurance Dividend
Jumlah ekuiti
RM
PENYATA PERUBAHAN DI DALAM EKUITI BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)
258
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
PENYATA ALIRAN TUNAIBAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012
(604,720)
(407,039) 452,444 344,417 (214,898)
(44,664,845) 37,667,950
380,833 147,184
(36,750) (6,720,526)
11,974,079 (8,296,137) 3,677,942
(3,042,584) 6,454,270 3,411,686
3,409,000 2,686
3,411,686
1,360,220
(168,842) (1,690,699)
477,219 (22,102)
(31,855,703) 31,406,287
153,160 40,060 19,894
(258,404)
11,771,264 (6,164,202) 5,607,062
5,348,658 1,105,612 6,454,270
6,449,875 4,395
6,454,270
2012RM
2011RM
Dana AmAssurance Equity
ALIRAN TUNAI DARIPADA AKTIVITI OPERASI(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Kerugian/(perolehan) bersih atas pelupusan pelaburan Kerugian modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanHasil kutipan daripada pelupusan pelaburanPendapatan pelaburan diterimaPengurangan dalam lain-lain belum terima(Pengurangan)/peningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi
ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAANPenciptaan unit-unitPembatalan unit-unitTunai bersih terhasil daripada aktiviti pembiayaan
(Pengurangan)/peningkatan bersih dalam tunai dan tunai setaraTunai dan tunai setara pada awal tahunTunai dan tunai setara pada akhir tahun
TUNAI DAN TUNAI SETARA TERDIRI DARIPADA:Deposit dengan institusi kewangan berlesenTunai dan baki di bank
259
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
715,930
(544,083) (47,265)
(242,548) (117,966)
(13,531,222) 10,375,470
543,783 (190,326)
(65,278) (2,985,539)
10,351,906 (10,460,923)
(109,017)
(3,094,556) 4,446,927 1,352,371
1,352,233 138
1,352,371
274,448
(157,849) (254,641) 119,154 (18,888)
(7,945,975) 4,390,202
157,849 (110,035)
22,329 (3,504,518)
8,424,315 (3,209,156) 5,215,159
1,710,641 2,736,286 4,446,927
4,445,617 1,310
4,446,927
2012RM
2011RM
Dana AmAssurance Bond
ALIRAN TUNAI DARIPADA AKTIVITI OPERASI(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Kerugian/(perolehan) bersih atas pelupusan pelaburan (Perolehan)/kerugian modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanHasil kutipan daripada pelupusan pelaburanPendapatan pelaburan diterimaPeningkatan dalam lain-lain belum terima(Pengurangan)/peningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi
ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAANPenciptaan unit-unitPembatalan unit-unitTunai bersih (digunakan dalam)/terhasil daripada aktiviti pembiayaan
(Pengurangan)/peningkatan bersih dalam tunai dan tunai setaraTunai dan tunai setara pada awal tahunTunai dan tunai setara pada akhir tahun
TUNAI DAN TUNAI SETARA TERDIRI DARIPADA:Deposit dengan institusi kewangan berlesenTunai dan baki di bank
PENYATA ALIRAN TUNAI BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)
260
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(514,191)
(818,918) 582,531 477,643 (272,935)
(60,694,415) 48,616,252
831,579 299,511
(34,287) (11,254,295)
14,106,619 (9,653,589) 4,453,030
(6,801,265) 8,229,068 1,427,803
1,425,383 2,420
1,427,803
1,166,422
(222,218) (1,389,203)
418,764 (26,235)
(34,307,817) 30,011,430
231,429 (407,202)
23,478 (4,474,917)
12,357,949 (1,705,274)
10,652,675
6,177,758 2,051,310 8,229,068
8,225,921 3,147
8,229,068
2012RM
2011RM
ALIRAN TUNAI DARIPADA AKTIVITI OPERASI(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Kerugian/(perolehan) bersih atas pelupusan pelaburan Kerugian modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanHasil kutipan daripada pelupusan pelaburanPendapatan pelaburan diterimaPengurangan/(peningkatan) dalam lain-lain belum terima(Pengurangan)/peningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi
ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAANPenciptaan unit-unitPembatalan unit-unitTunai bersih terhasil daripada aktiviti pembiayaan
(Pengurangan)/peningkatan bersih dalam tunai dan tunai setaraTunai dan tunai setara pada awal tahunTunai dan tunai setara pada akhir tahun
TUNAI DAN TUNAI SETARA TERDIRI DARIPADA:Deposit dengan institusi kewangan berlesenTunai dan baki di bank
Dana AmAssurance Balanced
PENYATA ALIRAN TUNAI BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)
261
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
13,782
(332,391) (44,616)
229,008 (134,217)
(23,287,007) 15,729,049
327,529 (51,260) (36,169)
(7,452,075)
11,268,525 (5,197,302) 6,071,223
(1,380,852) 4,208,764 2,827,912
2,827,762 150
2,827,912
640,332
(90,005) (773,860) 207,885 (15,648)
(13,299,691) 12,911,768
85,780 (215,520)
14,534 (518,777)
4,809,957 (1,138,283) 3,671,674
3,152,897 1,055,867 4,208,764
4,207,847 917
4,208,764
2012RM
2011RM
ALIRAN TUNAI DARIPADA AKTIVITI OPERASI(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Perolehan bersih atas pelupusan pelaburan Kerugian modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanHasil kutipan daripada pelupusan pelaburanPendapatan pelaburan diterimaPeningkatan dalam lain-lain belum terima(Pengurangan)/peningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi
ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAANPenciptaan unit-unitPembatalan unit-unitTunai bersih terhasil daripada aktiviti pembiayaan
(Pengurangan)/peningkatan bersih dalam tunai dan tunai setaraTunai dan tunai setara pada awal tahunTunai dan tunai setara pada akhir tahun
TUNAI DAN TUNAI SETARA TERDIRI DARIPADA:Deposit dengan institusi kewangan berlesenTunai dan baki di bank
Dana AmAssurance Dana Teguh
PENYATA ALIRAN TUNAI BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)
262
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(176,356)
(81,655) 40,890
167,007 (50,114)
(5,843,284) 4,871,905
79,808 74,374
(59,355) (926,666)
3,021,175 (2,814,418)
206,757
(719,909) 1,906,800 1,186,891
1,186,000 891
1,186,891
382,445
(40,603) 124,667 (493,526) (27,017)
(6,238,327) 5,998,038
28,935 (11,503) 40,781
(209,093)
1,973,070 (1,345,679)
627,391
418,298 1,488,502 1,906,800
1,905,363 1,437
1,906,800
2012RM
2011RM
ALIRAN TUNAI DARIPADA AKTIVITI OPERASI(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Kerugian bersih atas pelupusan pelaburan Kerugian/(perolehan) modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanHasil kutipan daripada pelupusan pelaburanPendapatan pelaburan diterimaPengurangan/(peningkatan) dalam lain-lain belum terima(Pengurangan)/peningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi
ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAANPenciptaan unit-unitPembatalan unit-unitTunai bersih terhasil daripada aktiviti pembiayaan
(Pengurangan)/peningkatan bersih dalam tunai dan tunai setaraTunai dan tunai setara pada awal tahunTunai dan tunai setara pada akhir tahun
TUNAI DAN TUNAI SETARA TERDIRI DARIPADA:Deposit dengan institusi kewangan berlesenTunai dan baki di bank
Dana AmAssurance AmOasis Islamic Equity
PENYATA ALIRAN TUNAI BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)
263
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(70,861)
(7,559) (10,793) 77,658 (11,555)
(154,402) 110,809
7,559 58
(15,380) (62,911)
168,625 (103,798)
64,827
1,916 229,345 231,261
221,975 9,286
231,261
4,167
(745) (12,874)
1,014 (8,438)
(208,637) 196,257
745 1,801
10,602 (7,670)
151,020 (53,992) 97,028
89,358 139,987 229,345
225,240 4,105
229,345
2012RM
2011RM
ALIRAN TUNAI DARIPADA AKTIVITI OPERASI(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Perolehan bersih atas pelupusan pelaburan Kerugian modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanHasil kutipan daripada pelupusan pelaburanPendapatan pelaburan diterimaPengurangan dalam lain-lain belum terima(Pengurangan)/peningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi
ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAANPenciptaan unit-unitPembatalan unit-unitTunai bersih terhasil daripada aktiviti pembiayaan
Peningkatan bersih dalam tunai dan tunai setaraTunai dan tunai setara pada awal tahunTunai dan tunai setara pada akhir tahun
TUNAI DAN TUNAI SETARA TERDIRI DARIPADA:Deposit dengan institusi kewangan berlesenTunai dan baki di bank
Dana AmAssurance Global Emerging Market
PENYATA ALIRAN TUNAI BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)
264
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(22,428)
(5,878) (6,003,863) 5,854,800
(177,369) 102,393,863
(2,256) 25,332
(6,215,627) 96,023,943
(96,706,468) (96,706,468)
(682,525) 682,525
-
- - -
2,309,851
(15,555) -
(3,310,308) (1,016,012)
- 15,555
(129) 3,152,435 2,151,849
(2,178,843) (2,178,843)
(26,994) 709,519 682,525
680,482 2,043
682,525
01.04.2011 hingga 13.07.2011
RM
ALIRAN TUNAI DARIPADA AKTIVITI OPERASI(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Perolehan bersih atas pelupusan pelaburan Kerugian/(perolehan) modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanHasil kutipan daripada pelupusan pelaburanPendapatan pelaburan diterimaPengurangan/(peningkatan) dalam lain-lain belum terima(Pengurangan)/peningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi
ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAANPembatalan unit-unitTunai bersih terhasil daripada aktiviti pembiayaan
(Pengurangan) bersih dalam tunai dan tunai setaraTunai dan tunai setara pada awal tahunTunai dan tunai setara pada akhir tahun
TUNAI DAN TUNAI SETARA TERDIRI DARIPADA:Deposit dengan institusi kewangan berlesenTunai dan baki di bank
AmAssurance AmAsia Star CGF
PENYATA ALIRAN TUNAI BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)
01.04.2010 hingga 31.03.2011
RM
265
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(1,108,166)
(27,890) 38,097
1,074,815 (23,144)
(4,320,998) 1,016,950
27,893 49,777
(23,417) (3,272,939)
4,575,155 (2,933,253) 1,641,902
(1,631,037) 2,342,696
711,659
710,712 947
711,659
169,668
(171,215)-
(21,372) (22,919)
(1,003,825) -
171,215 (28,699) 27,723
(856,505)
3,225,127 (784,851)
2,440,276
1,583,771 758,925
2,342,696
2,342,278 418
2,342,696
2012RM
2011RM
ALIRAN TUNAI DARIPADA AKTIVITI OPERASI(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Kerugian bersih atas pelupusan pelaburan Kerugian/(perolehan) modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanHasil kutipan daripada pelupusan pelaburanPendapatan pelaburan diterimaPengurangan/(peningkatan) dalam lain-lain belum terima(Pengurangan)/peningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi
ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAANPenciptaan unit-unitPembatalan unit-unitTunai bersih terhasil daripada aktiviti pembiayaan
(Pengurangan)/peningkatan bersih dalam tunai dan tunai setaraTunai dan tunai setara pada awal tahunTunai dan tunai setara pada akhir tahun
TUNAI DAN TUNAI SETARA TERDIRI DARIPADA:Deposit dengan institusi kewangan berlesenTunai dan baki di bank
Dana AmAssurance Precious Metals
PENYATA ALIRAN TUNAI BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)
266
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(79,371)
(6,112) 74,139 (11,344)
(355,846) 6,113
(12,227) (17,420)
(390,724)
737,273 (513,034) 224,239
(166,485) 399,738 233,253
227,762 5,491
233,253
69,488
(5,693) (74,896) (11,101)
(343,037) 5,693
11,866 14,788
(321,791)
740,470 (184,339) 556,131
234,340 165,398 399,738
399,502 236
399,738
2012RM
2011RM
ALIRAN TUNAI DARIPADA AKTIVITI OPERASI(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Kerugian/(perolehan) modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanPendapatan pelaburan diterima(Peningkatan)/pengurangan dalam lain-lain belum terima(Pengurangan)/peningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi
ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAANPenciptaan unit-unitPembatalan unit-unitTunai bersih terhasil daripada aktiviti pembiayaan
(Pengurangan)/peningkatan bersih dalam tunai dan tunai setaraTunai dan tunai setara pada awal tahunTunai dan tunai setara pada akhir tahun
TUNAI DAN TUNAI SETARA TERDIRI DARIPADA:Deposit dengan institusi kewangan berlesenTunai dan baki di bank
Dana AmAssurance Global Agribusiness
PENYATA ALIRAN TUNAI BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)
267
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
1,747,794
(24,355) (2,572,417)
(848,978) 24,356
300 2,347,800
1,523,478
- (1,499,832) (1,499,832)
23,646 855,674 879,320
878,792 528
879,320
1,448,463
(19,515) (2,279,188)
(850,240) 19,515
(210) 2,319,131 1,488,196
8,762 (1,477,193) (1,468,431)
19,765 835,909 855,674
855,138 536
855,674
2012RM
2011RM
ALIRAN TUNAI DARIPADA AKTIVITI OPERASILebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Perolehan modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanPengurangan/(peningkatan) dalam lain-lain belum terimaPeningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi
ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAANPenciptaan unit-unitPembatalan unit-unitTunai bersih terhasil daripada aktiviti pembiayaan
Peningkatan bersih dalam tunai dan tunai setaraTunai dan tunai setara pada awal tahunTunai dan tunai setara pada akhir tahun
TUNAI DAN TUNAI SETARA TERDIRI DARIPADA:Deposit dengan institusi kewangan berlesenTunai dan baki di bank
AmAssurance AmAsia Recovery CGF
PENYATA ALIRAN TUNAI BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)
268
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
123,103
(102,955) (51,322) (31,174) (2,269)
102,956 (1)
76,556 146,068
- (45,651)
(100,198) (145,849)
219 4,020 4,239
4,239 4,239
(208,379)
- 189,560 (18,819)
(4,790,839) -
(227) 53,122
(4,756,763)
4,794,586 (33,803)
- 4,760,783
4,020 -
4,020
4,020 4,020
01.04.2011 hingga 31.03.2012
RM
11.10.2010 hingga 31.03.2011
RM
ALIRAN TUNAI DARIPADA AKTIVITI OPERASILebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih (Perolehan)/kerugian modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanPendapatan pelaburan diterimaPeningkatan dalam lain-lain belum terimaPeningkatan dalam lain-lain belum bayarTunai bersih terhasil daripada/(digunakan dalam) aktiviti operasi
ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAANPenciptaan unit-unitPembatalan unit-unitPembayaran kupon kepada pemegang unitTunai bersih (digunakan dalam)/terhasil daripada aktiviti pembiayaan
Peningkatan bersih dalam tunai dan tunai setaraTunai dan tunai setara pada awal tahunTunai dan tunai setara pada akhir tahun
TUNAI DAN TUNAI SETARA TERDIRI DARIPADA:Tunai dan baki di bank
AmAssurance AmCommodity Stable CGF
PENYATA ALIRAN TUNAI BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)
269
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
633,971
(104,225) (751,055) (221,309)
- 104,225
197 1,000,299
883,412
- (1,083,495) (1,083,495)
(200,083) 455,906 255,823
255,164 659
255,823
(1,106,034)
(7,080) 968,809 (144,305)
(44,174,019) 7,080 (1,778)
1,158,506 (43,154,516)
43,716,690 (106,268)
43,610,422
455,906 -
455,906
454,975 931
455,906
01.04.2011 hingga 31.03.2012
RM
16.08.2010 hingga 31.03.2011
RM
ALIRAN TUNAI DARIPADA AKTIVITI OPERASILebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih (Perolehan)/kerugian modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanPendapatan pelaburan diterimaPengurangan/(peningkatan) dalam lain-lain belum terimaPeningkatan dalam lain-lain belum bayarTunai bersih terhasil daripada/(digunakan dalam) aktiviti operasi
ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAANPenciptaan unit-unitPembatalan unit-unitTunai bersih (digunakan dalam)/terhasil daripada aktiviti pembiayaan
(Pengurangan)/peningkatan bersih dalam tunai dan tunai setaraTunai dan tunai setara pada awal tahunTunai dan tunai setara pada akhir tahun
TUNAI DAN TUNAI SETARA TERDIRI DARIPADA:Deposit dengan institusi kewangan berlesenTunai dan baki di bank
AmAssurance AmCurrency Income CGF
PENYATA ALIRAN TUNAI BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)
270
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(351,515)
(9,278) 264,021 (96,772)
- 9,276
66 663,018 575,588
- (643,728) (643,728)
(68,140) 320,471 252,331
252,150 181
252,331
(173,867)
(171) 163,278 (10,760)
(18,054,054) 171 (171)
11,260 (18,053,554)
18,374,025 -
18,374,025
320,471 -
320,471
320,000 471
320,471
01.04.2011 hingga 31.03.2012
RM
21.03.2011 hingga 31.03.2011
RM
ALIRAN TUNAI DARIPADA AKTIVITI OPERASIDefisit pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Kerugian modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanPendapatan pelaburan diterimaPengurangan/(peningkatan) dalam lain-lain belum terimaPeningkatan dalam lain-lain belum bayarTunai bersih terhasil daripada/(digunakan dalam) aktiviti operasi
ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAANPenciptaan unit-unitPembatalan unit-unitTunai bersih (digunakan dalam)/terhasil daripada aktiviti pembiayaan
(Pengurangan)/peningkatan bersih dalam tunai dan tunai setaraTunai dan tunai setara pada awal tahunTunai dan tunai setara pada akhir tahun
TUNAI DAN TUNAI SETARA TERDIRI DARIPADA:Deposit dengan institusi kewangan berlesenTunai dan baki di bank
AmAssurance AmCurrency Income II CGF
PENYATA ALIRAN TUNAI BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)
271
NOTA-NOTA KEPADA PENYATA KEWANGAN
Nota yang disertakan membentuk sebahagian penting penyata kewangan ini.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
207,307
(81,790)(19,129)
(144,295) (37,907)
(4,387,917) 620,337 77,370 (7,013)
15,326(3,719,804)
5,283,559 (29,970)
5,253,589
1,533,785 -
1,533,785
1,532,440
1,345 1,533,785
27.10.2011 hingga 31.03.2012
RM
ALIRAN TUNAI DARIPADA AKTIVITI OPERASILebihan pendapatan daripada perbelanjaan sebelum cukaiPelarasan: Pendapatan pelaburan bersih Perolehan bersih atas pelupusan pelaburan Perolehan modal tidak terealisasi bersih atas pelaburanLebihan perbelanjaan daripada pendapatanPembelian bersih pelaburanHasil kutipan daripada pelupusan pelaburanPendapatan pelaburan diterimaPeningkatan dalam lain-lain belum terimaPeningkatan dalam lain-lain belum bayarTunai bersih digunakan dalam aktiviti operasi
ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAANPenciptaan unit-unitPembatalan unit-unitTunai bersih terhasil daripada aktiviti pembiayaan
Peningkatan bersih dalam tunai dan tunai setaraTunai dan tunai setara pada awal tahunTunai dan tunai setara pada akhir tahun
TUNAI DAN TUNAI SETARA TERDIRI DARIPADA:Deposit dengan institusi kewangan berlesenTunai dan baki di bank
Dana AmAssurance Dividend
PENYATA ALIRAN TUNAI BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2012 (bersambung)
272
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
1. PENGURUS DAN AKTIVITI UTAMANYA
Dana-dana berkaitan pelaburan AmLife Insurance Berhad (“Pengurus”) terdiri daripada Dana AmAssurance Equity, Dana AmAssurance Bond, Dana AmAssurance Balanced, Dana AmAssurance Dana Teguh, Dana AmAssurance AmOasis Islamic Equity, Dana AmAssurance Global Emerging Market, AmAssurance AmAsia Star CGF, Dana AmAssurance Precious Metals, Dana AmAssurance Global Agribusiness, AmAssurance AmAsia Recovery CGF, AmAssurance AmCommodity Stable CGF, AmAssurance AmCurrency Income CGF, AmAssurance AmCurrency Income II CGF dan Dana AmAssurance Dividend (secara bersama dirujuk sebagai “Dana-dana”).
Pengurus merupakan syarikat liabiliti awam terhad yang diperbadankan dan bermastautin di Malaysia dan
berlesen di bawah Akta Insurans, 1996. Aktiviti utamanya adalah perniagaan pengunderaitan insurans hayat dan berkaitan pelaburan.
Tiada perubahan penting di dalam sifat aktiviti-aktiviti utama Pengurus di sepanjang tahun ini. Penyata-penyata kewangan ini telah diluluskan untuk penerbitan oleh Lembaga Pengarah Pengurus menurut
satu resolusi bertarikh 30 Mei 2012.
2. POLISI PERAKAUNAN YANG PENTING
2.1 Asas Perakaunan
Penyata-penyata kewangan ini telah disediakan di bawah konvensyen kos sejarah, kecuali dinyatakan sebaliknya di dalam polisi-polisi perakaunan di bawah, dan mematuhi Piawaian Laporan Kewangan (“FRS”) di Malaysia, Akta Insurans, 1996 dan Garis Panduan/Pekeliling yang dikeluarkan oleh Bank Negara Malaysia.
Dana-dana ini telah mengambil guna semua FRS, Tafsiran Jawatankuasa Penerbitan (“IC”) dan perubahan-perubahan kepada FRS di Malaysia kecuali bagi yang telah diterbitkan tetapi belum berkuatkuasa seperti yang diterangkan di dalam Nota 2.3.
Penyata-penyata kewangan ini dibentangkan dalam Ringgit Malaysia (“RM”).
2.2 Ringkasan polisi perakaunan yang penting (a) Yuran pengurusan Yuran pengurusan dicaj berdasarkan kepada nilai aset bersih harian Dana-dana, pada kadar-kadar berikut:
(i) Dana AmAssurance Equity 1.50% setahun (ii) Dana AmAssurance Bond 1.00% setahun (iii) Dana AmAssurance Balanced 1.50% setahun (iv) Dana AmAssurance Dana Teguh 1.50% setahun (v) Dana AmAssurance AmOasis Islamic Equity 1.50% setahun (vi) Dana AmAssurance Global Emerging Market 1.50% setahun (vii) AmAssurance AmAsia Star CGF 1.00% setahun (viii) Dana AmAssurance Precious Metals 1.50% setahun (ix) Dana AmAssurance Global Agribusiness 1.50% setahun (x) AmAssurance AmAsia Recovery CGF 1.00% setahun (xi) AmAssurance AmCommodity Stable CGF 0.50% setahun (xii) AmAssurance AmCurrency Income CGF 0.50% setahun (xiii) AmAssurance AmCurrency Income II CGF 0.50% setahun (xiv) Dana AmAssurance Dividend 1.50% setahun
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(b) Instrumen kewangan- pengiktirafan permulaan dan ukuran seterusnya
(i) Tarikh pengiktirafan
Semua aset dan liabiliti kewangan pada mulanya diiktiraf pada tarikh dagangan, iaitu, tarikh apabila Dana-dana tersebut menjadi pihak kepada peruntukan berkontrak instrumen. Ini termasuk “dagangan cara biasa”: pembelian atau jualan aset-aset kewangan yang memerlukan penyerahan aset-aset dalam tempoh yang secara amnya ditetapkan oleh peraturan atau konvensyen di dalam pasaran.
(ii) Ukuran permulaan instrumen kewangan
Aset-aset kewangan di dalam skop FRS 139 diklasifikasikan sebagai aset-aset kewangan
pada nilai saksama melalui keuntungan atau kerugian, aset-aset kewangan yang ada-untuk-dijual, aset-aset kewangan yang dipegang-hingga-matang atau pinjaman-pinjaman dan belum terima, sewajarnya. Liabiliti-liabiliti kewangan Dana-dana diklasifikasikan sebagai liabiliti-liabiliti kewangan pada nilai saksama melalui keuntungan atau kerugian atau pada kos terlunas, sewajarnya. Dana-dana ini menentukan klasifikasi aset-aset kewangan dan liabiliti-liabiliti kewangan pada pengiktirafan permulaan.
Klasifikasi instrumen-instrumen kewangan pada pengiktirafan permulaan bergantung kepada tujuan dan niat pengurus yang mana instrumen-instrumen kewangan tersebut diambil serta sifat-sifatnya. Semua instrumen kewangan diukur pada mulanya pada nilai saksamanya campur kos-kos transaksi, kecuali dalam hal aset-aset kewangan dan liabiliti-liabiliti kewangan yang direkodkan pada nilai saksama melalui keuntungan atau kerugian, yang diukur pada nilai saksama.
Dana-dana ini mengklasifikasikan pelaburan ke dalam aset-aset kewangan pada nilai saksama melalui keuntungan atau kerugian (“FVTPL”) atau pinjaman-pinjaman dan belum terima (“LAR”).
(iii) Ukuran seterusnya
Ukuran seterusnya instrumen-instrumen kewangan bergantung kepada klasifikasinya seperti yang diterangkan di bawah:
(1) Aset kewangan pada nilai saksama melalui keuntungan atau kerugian
Aset-aset kewangan atau liabiliti-liabiliti kewangan direkodkan di dalam penyata kedudukan kewangan pada nilai saksama. Perubahan-perubahan di dalam nilai saksama diiktiraf di dalam “Pendapatan pelaburan dan dagangan”. Pendapatan atau perbelanjaan faedah dan dividen direkodkan di dalam “Pendapatan pelaburan dan dagangan”, “Pendapatan faedah” atau “Perbelanjaan faedah”, sewajarnya dan menurut terma-terma kontrak, atau apabila hak pembayaran telah ditetapkan.
Termasuk di dalam klasifikasi ini adalah sekuriti-sekuriti pendapatan tetap, skim-skim pelaburan bersama dan ekuiti-ekuiti.
(2) Pinjaman dan belum terima
Pinjaman-pinjaman dan belum terima adalah termasuk aset-aset kewangan bukan derivatif dengan pembayaran-pembayaran tetap atau boleh ditetapkan yang tidak tersiar harga di dalam pasaran aktif.
Selepas ukuran permulaan, amaun-amaun seterusnya diukur pada kos terlunas
menggunakan kadar faedah efektif (“EIR”), tolak peruntukan untuk kerosakan. Kos terlunas dikira dengan mengambil kira sebarang diskaun atau premium di atas pengambilan dan yuran-yuran serta kos-kos yang merupakan sebahagian penting EIR.
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(iv) Liabiliti kewangan pada kos terlunas
Liabiliti-liabiliti kewangan dikeluarkan oleh Dana-dana, yang tidak bertanda pada nilai saksama melalui keuntungan atau kerugian, diklasifikasikan sebagai liabiliti-liabiliti kewangan pada kos terlunas, yang mana asas pengaturan berkontrak menyebabkan Dana-dana mempunyai obligasi sama ada untuk menyerahkan tunai atau aset kewangan yang lain kepada pemegang, atau untuk memenuhi obligasi selain daripada melalui pertukaran amaun tunai yang tetap atau aset kewangan yang lain untuk sejumlah tetap saham ekuiti sendiri.
Selepas ukuran permulaan, ini seterusnya diukur pada kos terlunas menggunakan EIR. Kos terlunas dikira dengan mangambil kira sebarang diskaun atau premium di atas penerbitan dan kos-kos yang merupakan sebahagian penting EIR.
(c) Nyahiktiraf aset kewangan dan liabiliti kewangan
(i) Aset kewangan
Suatu aset kewangan (atau, di mana berkenaan sebahagian aset kewangan atau sebahagian kumpulan aset-aset kewangan yang serupa) dinyahiktiraf apabila:
- Hak-hak untuk menerima aliran-aliran tunai daripada aset telah luput. - Dana-dana telah dipindahkan haknya untuk menerima aliran-aliran tunai daripada aset atau
telah memikul satu obligasi untuk membayar aliran-aliran tunai yang diterima sepenuhnya tanpa kelewatan yang lama kepada pihak ketiga di bawah pengaturan “serah-semua”; dan sama ada:
- Dana-dana telah memindahkan secara besar semua risiko dan ganjaran aset tersebut, atau - Dana-dana tidak memindahkan mahupun mengekalkan secara besar semua risiko dan
ganjaran aset tersebut, tetapi telah memindahkan pengawasan aset.
Apabila Dana-dana telah memindahkan hak-haknya untuk menerima aliran-aliran tunai daripada suatu aset atau telah memasuki pengaturan serah-semua, dan tidak memindahkan mahupun mengekalkan secara besar semua risiko dan ganjaran aset atau pun tidak memindahkan kawalan aset, aset tersebut diiktiraf sehingga tahap penglibatan berterusan dana di dalam aset tersebut. Dalam hal ini, Dana-dana juga mengiktiraf satu liabiliti yang bersekutu. Aset yang dipindahkan dan liabiliti bersekutu diukur menggunakan asas yang menunjukkan hak-hak dan obligasi-obligasi yang Dana-dana tersebut telah kekalkan.
(ii) Liabiliti kewangan
Satu liabiliti kewangan dinyahiktiraf apabila obligasi di bawah liabiliti tersebut dilepaskan, dibatalkan atau luput. Di mana satu liabiliti kewangan sedia ada digantikan oleh yang lain daripada peminjam yang sama pada terma-terma yang berbeza secara besar, atau terma-terma liabiliti sedia ada diubahsuai secara besar, pertukaran atau pengubahsuaian sedemikian diolah sebagai nyahiktiraf liabiliti asal dan pengiktirafan liabiliti yang baru. Perbezaan di antara nilai dibawa liabiliti kewangan yang asal dan pertimbangan yang dibayar diiktiraf di dalam keuntungan atau kerugian.
(d) Penentuan nilai saksama
Nilai saksama instrumen-instrumen kewangan yang didagangkan di dalam pasaran-pasaran aktif pada tarikh laporan adalah berdasarkan kepada harga pasaran tersiar harganya atau sebut harga peniaga (harga bidaan untuk kedudukan jangka panjang dan harga permintaan untuk kedudukan jangka pendek), tanpa sebarang pemotongan untuk kos-kos transaksi.
Untuk instrumen-instrumen kewangan yang tidak didagangkan di dalam pasaran aktif, nilai saksama ditentukan dengan menggunakan teknik-teknik penilaian yang wajar. Teknik-teknik penilaian
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adalah termasuk kaedah aliran tunai berdiskaun, perbandingan dengan instrumen-instrumen serupa yang mana harga-harga pasaran yang boleh dilihat wujud, model-model harga opsyen, model-model kredit dan lain-lain model penilaian yang relevan.
(e) Kerosakan aset kewangan
Dana-dana menilainpada setiap tarikh laporan sama ada terdapat bukti objektif bahawa aset kewangan atau sekumpulan aset kewangan telah rosak. Satu aset kewangan atau sekumpulan aset kewangan dianggap rosak sekiranya, dan hanya sekiranya, terdapat bukti objektif kerosakan akibat satu atau lebih kejadian yang telah berlaku selepas pengiktirafan permulaan aset (“kejadian kerugian” telah berlaku) dan kejadian kerugian itu (atau kejadian-kejadian) mempunyai impak ke atas anggaran aliran-aliran tunai masa hadapan aset kewangan atau kumpulan aset kewangan yang boleh dianggarkan dengan tepat.
Aset kewangan dibawa pada kos terlunas
Bukti kerosakan boleh termasuk tanda-tanda bahawa peminjam atau sekumpulan peminjam mengalami kesukaran kewangan yang besar, kemungkinan mereka akan muflis atau lain-lain penstrukturan semula kewangan, mungkir atau delinkuensi dalam pembayaran-pembayaran faedah atau pokok dan di mana data yang boleh dilihat menunjukkan bahawa terdapat pengurangan yang boleh diukur di dalam anggaran aliran-aliran tunai masa hadapan, seperti perubahan-perubahan di dalam tunggakan-tunggakan atau keadaan ekonomi yang berkaitan dengan kemungkiran.
Untuk aset-aset kewangan yang dibawa pada kos terlunas, Dana-dana pada mulanya menilai secara
individu sama ada bukti objektif kerosakan wujud bagi aset-aset kewangan yang besar secara individu, atau secara bersama bagi aset-aset kewangan yang tidak besar secara individu. Sekiranya Dana-dana menentukan bahawa tiada bukti objektif kerosakan wujud bagi aset kewangan yang dinilai secara individu, ia termasuk aset di dalam sekumpulan aset kewangan dengan sifat risiko kredit yang serupa dan menilainya secara bersama untuk kerosakan. Aset-aset yang dinilai secara individu untuk kerosakan dan yang mana kerugian kerosakan diiktiraf, atau terus diiktiraf, tidak termasuk di dalam penilaian bersama kerosakan.
Jika terdapat bukti objektif bahawa kerugian kerosakan telah berlaku, amaun kerugian diukur sebagai perbezaan di antara amaun dibawa aset tersebut dan nilai semasa anggaran aliran-aliran tunai masa hadapan (tidak termasuk jangkaan kerugian-kerugian kredit masa hadapan yang belum berlaku). Amaun dibawa aset dikurangkan melalui penggunaan akaun peruntukan dan amaun kerugian diiktiraf di dalam penyata pendapatan. Pendapatan faedah terus terakru di atas amaun dibawa yang berkurangan dan diakru menggunakan kadar faedah yang digunakan untuk mendiskaun aliran-aliran tunai masa hadapan untuk tujuan mengukur kerugian kerosakan. Pendapatan faedah direkodkan sebagai sebahagian daripada “Pendapatan faedah”. Pinjaman-pinjaman bersama dengan peruntukan bersekutu dihapuskira apabila tiada prospek realistik pemulihan masa hadapan dan semua pajakan telah terealisasi atau telah dipindahkan kepada Dana-dana. Sekiranya, dalam tahun seterusnya, amaun anggaran kerugian kerosakan meningkat atau berkurangan kerana satu kejadian yang berlaku selepas kerosakan diiktiraf, kerugian kerosakan yang telah diiktiraf terdahulu ditingkatkan atau dikurangkan dengan menyelaraskan akaun peruntukan. Sekiranya hapuskira masa hadapan pulih kemudiannya, pemulihan tersebut dikreditkan kepada “Kerugian kerosakan di atas pinjaman, pendahuluan dan pembiayaan” sehingga tahap amaun dibawa aset tidak melebihi kos terlunasnya pada tarikh pembalikan.
Nilai semasa anggaran aliran-aliran tunai masa hadapan didiskaun pada EIR asal aset kewangan tersebut. Sekiranya pinjaman mempunyai kadar faedah yang pelbagai, kadar diskaun untuk mengukur sebarang kerugian kerosakan adalah EIR semasa. Sekiranya Dana-dana telah mengklasifikasikan semula aset-aset dagangan kepada pinjaman-pinjaman, pendahuluan-pendahuluan dan pembiayaan, kadar diskaun untuk mengukur sebarang kerugian kerosakan adalah EIR yang baru yang ditentukan pada tarikh pengklasifikasian semula. Pengiraan nilai semasa anggaran aliran-aliran tunai masa hadapan aset kewangan bercagar menggambarkan aliran-aliran tunai yang mungkin terhasil daripada penebusan tolak kos untuk mendapatkan dan menjual cagaran tersebut, sama ada penebusan berkemungkinan atau tidak.
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(f) Mengimbangi instrumen kewangan
Aset-aset kewangan dan liabiliti-liabiliti kewangan diimbangi dan amaun bersihnya dilaporkan di dalam penyata kedudukan kewangan sekiranya, dan hanya sekiranya, pada masa ini terdapat hak perundangan yang boleh berkuatkuasa untuk mengimbangi amaun-amaun yang diiktiraf dan terdapat niat untuk menyelesaikan pada asas bersih, atau untuk merealisasikan aset dan menyelesaikan liabiliti secara serentak. Ini secara amnya bukan halnya dengan perjanjian-perjanjian jaringan induk, oleh itu, aset-aset dan liabiliti-liabiliti berkaitan dibentangkan kasar di dalam penyata kedudukan kewangan.
(g) Kerosakan aset bukan-kewangan
Dana-dana menilai pada setiap tarikh laporan sama ada terdapat tanda bahawa aset mungkin rosak. Sekiranya sebarang tanda wujud, atau apabila ujian kerosakan tahunan untuk aset diperlukan, Dana-dana menganggarkan amaun boleh pulih aset tersebut. Amaun boleh pulih aset adalah nilai saksama aset atau unit penghasil-tunai (“CGU”) tolak kos-kos untuk menjual atau nilai gunaannya, yang mana lebih tinggi. Di mana amaun dibawa aset atau CGU melebihi amaun boleh pulihnya, aset tersebut dianggap rosak dan dikira turun kepada amaun boleh pulihnya. Dalam menilai nilai gunaan, anggaran aliran-aliran tunai masa hadapan didiskaun kepada nilai semasanya menggunakan kadar diskaun pra-cukai yang menggambarkan penilaian pasaran semasa nilai masa wang dan risiko-risiko yang spesifik kepada aset. Dalam menentukan nilai saksama tolak kos-kos untuk menjual, satu model penilaian yang wajar digunakan. Pengiraan-pengiraan ini disokong oleh gandaan-gandaan penilaian, harga-harga saham tersiar harga untuk entiti-entiti dagangan awam atau lain-lain penanda-penanda nilai saksama yang ada.
Untuk aset-aset tidak termasuk ihsan, satu penilaian dibuat pada setiap tarikh laporan sama ada terdapat sebarang tanda bahawa kerugian-kerugian kerosakan yang diiktiraf terdahulu berkemungkinan tidak lagi wujud atau mungkin telah berkurangan. Sekiranya tanda sedemikian wujud, Dana-dana menganggarkan amaun boleh pulih aset atau CGU. Kerugian kerosakan yang telah diiktiraf terdahulu dibalikkan hanya sekiranya terdapat perubahan dalam anggapan-anggapan yang digunakan untuk menentukan amaun boleh pulih aset sejak kerugian kerosakan yang terakhir diiktiraf. Pembalikan tersebut adalah terhad agar amaun dibawa aset tidak melebihi amaun boleh pulihnya, mahupun melebihi amaun dibawa yang mungkin telah ditentukan, bersih daripada susutnilai, sekiranya tiada kerugian kerosakan diiktiraf untuk aset tersebut dalam tahun-tahun terdahulu. Pembalikan sedemikian diiktiraf di dalam penyata pendapatan.
(h) Penciptaan dan pembatalan bersih
Penciptaan bersih unit-unit yang mewakili premium yang dibayar oleh para pemegang polisi sebagai pembayaran untuk kontrak baru atau pembayaran-pembayaran seterusnya untuk meningkatkan amaun kontrak itu ditunjukkan di dalam penyata-penyata pendapatan komprehensif Dana-dana. Penciptaan bersih unit-unit diiktiraf pada asas penerimaan.
Pembatalan bersih unit-unit mewakili pembatalan unit-unit yang timbul daripada serahan-serahan dan pengeluaran-pengeluaran. Pembatalan diiktiraf apabila serahan kontrak insurans berkaitan dibuat.
(i) Pengiktirafan Lain-lain Hasil Hasil diiktiraf sehingga tahap ia berkemungkinan bahawa manfaat-manfaat ekonomi akan mengalir
kepada Dana-dana dan hasil boleh diukur secara tepat. Kriteria pengiktirafan spesifik berikut mesti dipenuhi sebelum hasil diiktiraf.
(i) Pendapatan faedah
Pendapatan dan perbelanjaan faedah dan pembiayaan diiktiraf di dalam keuntungan atau kerugian menggunakan kaedah faedah efektif. Apabila aset kewangan atau sekumpulan aset kewangan yang serupa telah dikira turun akibat kerugian kerosakan, pendapatan faedah diiktiraf menggunakan kadar faedah yang digunakan untuk mendiskaun aliran-aliran tunai masa hadapan untuk tujuan mengukur kerugian kerosakan.
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(ii) Perolehan dan kerugian terealisasi atas pelaburan
Pada pelupusan pelaburan, perbezaan di antara hasil kutipan pelupusan bersih dan amaun dibawa pelaburan dikreditkan atau dicaj kepada penyata pendapatan komprehensif.
(iii) Pendapatan dividen
Pendapatan dividen mewakili dividen kasar daripada pelaburan-pelaburan tersiar harga dan tidak tersiar harga dan diiktiraf apabila hak untuk menerima pembayaran ditetapkan.
(j) Cukai pendapatan
Cukai pendapatan di atas penyata-penyata pendapatan komprehensif bagi tahun terdiri daripada cukai semasa dan tertangguh. Cukai semasa adalah amaun jangkaan cukai-cukai pendapatan belum bayar berkenaan dengan pendapatan boleh cukai bagi tahun dan diukur menggunakan kadar-kadar cukai berkanun pada tarikh penyata kedudukan kewangan.
Cukai tertangguh diperuntukkan, menggunakan kaedah liabiliti. Mengikut prinsip, liabiliti-liabiliti cukai tertangguh diiktiraf untuk semua perbezaan sementara boleh cukai dan aset-aset cukai tertangguh diiktiraf untuk semua perbezaan sementara boleh potong, kerugian-kerugian cukai tidak terguna dan kredit-kredit cukai tidak terguna yang boleh digunakan.
Cukai tertangguh diukur pada kadar-kadar cukai yang dijangka digunapakai dalam tempoh apabila aset tersebut direalisasi atau liabiliti diselesaikan, berdasarkan kepada kadar-kadar cukai berkanun atau berkanun secara substantif pada tarikh penyata-penyata kedudukan kewangan. Cukai tertangguh diiktiraf sebagai pendapatan atau perbelanjaan dan termasuk di dalam penyata-penyata pendapatan komprehensif untuk tahun/tempoh.
(k) Peruntukan
Peruntukan-peruntukan diiktiraf apabila Dana-dana mempunyai obligasi semasa akibat kejadian masa lalu dan berkemungkinan bahawa aliran keluar sumber-sumber lengkap dengan manfaat-manfaat ekonomi akan diperlukan untuk menyelesaikan obligasi tersebut, dan anggaran tepat amaun tersebut boleh dibuat. Peruntukan-peruntukan dinilai pada setiap tarikh penyata-penyata kedudukan kewangan dan diselaraskan untuk menunjukkan anggaran terbaik semasa. Di mana kesan nilai masa wang adalah penting, peruntukan-peruntukan didiskaun menggunakan kadar pra-cukai semasa yang menggambarkan, di mana wajar, risiko-risiko spesifik kepada liabiliti. Di mana pendiskaunan digunakan, peningkatan dalam peruntukan disebabkan oleh laluan masa diiktiraf sebagai kos biaya.
(l) Transaksi matawang asing
Penyata-penyata kewangan dibentangkan dalam Ringgit Malaysia yang juga matawang fungsi Dana-dana.
Transaksi-transaksi dalam matawang-matawang asing pada mulanya direkodkan dalam kadar
matawang fungsi semasa pada tarikh transaksi-transaksi. Aset-aset dan liabiliti-liabiliti monetari berdenominasi matawang asing ditukarkan semula pada kadar pertukaran matawang fungsi semasa pada tarikh laporan. Semua perbezaan dibawa kepada keuntungan atau kerugian. Butiran bukan-monetari berdenominasi matawang-matawang asing yang diukur pada kos sejarah ditukar menggunakan kadar-kadar pertukaran pada tarikh-tarikh transaksi-transaksi permulaan.
Butiran-butiran bukan-monetari diukur pada nilai saksama dalam matawang asing ditukarkan menggunakan kadar-kadar pertukaran pada tarikh apabila nilai saksama ditentukan. Semua perbezaan pertukaran asing dibawa kepada keuntungan atau kerugian, kecuali bagi perbezaan berkaitan dengan butiran-butiran yang mana perolehan-perolehan atau kerugian-kerugian diiktiraf secara langsung dalam ekuiti, yang mana dalam hal ini, perolehan atau kerugian tersebut diiktiraf bersih daripada komponen pertukaran dalam ekuiti.
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(m) Tunai dan tunai setara
Untuk tujuan penyata-penyata aliran-aliran tunai, tunai dan tunai setara mewakili tunai di bank dan deposit-deposit dengan bank-bank berlesen, yang mempunyai risiko kecil perubahan dalam nilai.
Penyata-penyata aliran tunai telah disediakan menggunakan kaedah tidak langsung.
2.3 Perubahan dalam polisi perakaunan Polisi-polisi perakaunan yang diambilguna adalah konsisten dengan tahun kewangan terdahulu kecuali
seperti berikut: Pada 1 April 2011, Dana-dana mengambilguna FRS dan Tafsiran IC yang baru dan bersemak berikut yang
mandatori untuk tempoh-tempoh kewangan tahunan bermula pada atau selepas 1 April 2011:
Berkuatkuasa untuk tempoh tahunan bermula pada Deskripsi atau selepas
FRS 1: Pengambilgunaan Kali Pertama Piawaian Laporan Kewangan 1 Julai 2010
Perubahan kepada FRS 2: Pembayaran Berasaskan Saham 1 Julai 2010
FRS 3 Kombinasi Perniagaan 1 Julai 2010
Perubahan kepada FRS 5: Aset Bukan Semasa Dipegang untuk Jualan dan Operasi Terhenti 1 Julai 2010
Perubahan kepada FRS 127: Penyata Kewangan Gabungan dan Berasingan 1 Julai 2010
Perubahan kepada FRS 138: Aset Tak Ketara 1 Julai 2010
Perubahan kepada Tafsiran IC 9: Penilaian Semula Derivatif Tertanam 1 Julai 2010
Tafsiran IC 12: Pengaturan Konsesi Perkhidmatan 1 Julai 2010
Tafsiran IC 16: Lindung Nilai Pelaburan Bersih dalam Operasi Asing 1 Julai 2010
Tafsiran IC 17: Pengagihan Aset Bukan Tunai kepada Pemilik 1 Julai 2010
Perubahan kepada FRS 132: Klasifikasi Penerbitan Hak 1 Mac 2010
Tafsiran IC 18: Pindahan Aset daripada Pelanggan 1 Januari 2011
Perubahan kepada FRS 7: Memperbaiki Pendedahan mengenai Instrumen Kewangan 1 Januari 2011
Perubahan kepada FRS 1: Pengecualian Terhad untuk Pengambilguna Kali Pertama 1 Januari 2011
Perubahan kepada FRS 1: Pengecualian Tambahan untuk Pengambilguna Kali Pertama 1 Januari 2011
Tafsiran IC 4: Menentukan Sama Ada Pengaturan mengandungi Pajakan 1 Januari 2011
Pembaikan kepada FRS yang dikeluarkan dalam tahun 2010 1 Januari 2011
Pengambilgunaan piawaian-piawaian dan tafsiran-tafsiran di atas tidak mempunyai sebarang kesan yang besar ke atas prestasi dan kedudukan kewangan Dana-dana kecuali untuk syarat-syarat pendedahan tambahan di bawah Perubahan kepada FRS 7.
Perubahan kepada FRS 7: Memperbaiki Pendedahan mengenai Instrumen Kewangan
Piawaian yang diubah memerlukan pendedahan lebih baik mengenai ukuran nilai saksama dan risiko
kecairan. Ukuran-ukuran nilai saksama berkaitan dengan butiran-butiran yang direkodkan pada nilai saksama didedahkan oleh sumber input menggunakan tatatingkat nilai saksama tiga tahap (Tahap 1, Tahap 2 dan Tahap 3), mengikut kelas, untuk semua instrumen-instrumen kewangan yang diiktiraf pada nilai saksama. Satu penyesuaian di antara baki awal dan akhir untuk ukuran-ukuran nilai saksama Tahap 3 diperlukan. Sebarang pindahan besar di antara tahap-tahap tatatingkat nilai saksama dan sebab-sebab untuk pindahan-pindahan itu hendaklah didedahkan. Perubahan-perubahan juga menerangkan syarat-syarat untuk pendedahan-pendedahan risiko kecairan berkenaan dengan transaksi-transaksi derivatif dan
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)2. POLISI PERAKAUNAN YANG PENTING (bersambung)
279
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
aset-aset yang digunakan untuk pengurusan kecairan. Pendedahan-pendedahan ukuran nilai saksama dibentangkan di dalam Nota 11. Pendedahan-pendedahan risiko kecairan tidak dipengaruhi secara besar oleh perubahan-perubahan dan dibentangkan di dalam Nota 12.
2.4 Peralihan kepada Rangka Kerja Piawaian Laporan Kewangan Malaysia Pada 19 November 2011, Lembaga Piawaian Perakaunan Malaysia (MASB) mengeluarkan rangka kerja
perakaunan baru yang telah diluluskan oleh MASB, Rangka Kerja Piawaian Laporan Kewangan Malaysia (“Rangka Kerja MFRS”).
Dana-dana perlu menyediakan penyata-penyata kewangan menggunakan Rangka Kerja MFRS tersebut
di dalam penyata-penyata kewangan MFRS-nya untuk tahun berakhir 31 Disember 2012.
Para Pengarah Pengurus berpendapat bahawa prestasi kewangan dan kedudukan kewangan seperti yang didedahkan di dalam penyata-penyata kewangan ini untuk tempoh berakhir 31 Mac 2011 akan berbeza secara besar sekiranya disediakan di bawah Rangka Kerja MFRS tersebut.
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)2. POLISI PERAKAUNAN YANG PENTING (bersambung)
280
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)
3. PELABURAN
(i) Dana AmAssurance Equity
Sekuriti ekuiti tersiar hargaUnit tersiar harga dan dana amanah hartanahDeposit dengan institusi kewangan berlesen
FVPTL: Sekuriti ekuiti tersiar harga: Kos (Kerugian)/perolehan tidak terealisasi bersih Nilai saksama Unit tersiar harga dan dana amanah hartanah: Kos Perolehan tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR: Deposit dengan institusi kewangan berlesen Jumlah pelaburan
5,012,700 -
6,449,875 11,462,575
4,770,038 242,662
5,012,700
- - -
5,012,700
6,449,875 11,462,575
10,212,233 1,000,500 3,409,000
14,621,733
10,340,620 (128,387)
10,212,233
973,868 26,632
1,000,500 11,212,733
3,409,000
14,621,733
2012RM
2011RM
Komposisi, kos-kos dan nilai-nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2012 adalah seperti yang diperincikan di bawah:
FVPTL: Sekuriti ekuiti tersiar harga: Pembinaan GAMUDA Bhd Malaysian Resources Corporation Bhd Kewangan Malayan Banking Bhd Produk Perindustrian KKB Engineering Bhd Perladangan Kulim Bhd
Perdagangan & Perkhidmatan Alam Maritim Resources Bhd Axiata Group Bhd Berjaya Sports Toto Bhd Dialog Group Bhd Faber Group Bhd MMC Corporation Bhd Pharmaniaga Bhd SapuraCrest Petroleum Bhd Sime Darby Bhd
644,225 598,212
1,037,668
701,969
848,040
805,264 986,653 748,917 827,734 531,784 883,572 56,190
943,078 727,314 10,340,620
4.36%3.91%
7.60%
4.58%
5.73%
5.00%7.13%5.24%5.20%3.37%5.78%0.39%6.69%5.01%
69.98%
175,000 300,000
125,000
400,000
200,000
1,000,000 200,000 175,000 350,000 300,000 300,000 11,190
200,000 75,000
637,000 570,000
1,108,750
668,000
836,000
730,000 1,040,000
764,750 759,500
492,000 843,000
56,733 976,000 730,500
10,212,233
Jumlah
unit Nilai saksama
RMKosRM
Nilai saksamasebagai %
daripada NAB
2012
281
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
FVPTL: Unit tersiar harga dan dana amanah hartanah:Capitamalls Malaysia Trust Pavilion Real Estate Invt Trust
Jumlah pelaburan pada FVTPL
476,447 497,421 973,868
11,314,488
3.31%3.55%6.86%
76.83%
350,000 450,000
483,000 517,500
1,000,500 11,212,733
Jumlah
unit Nilai saksama
RMKosRM
Nilai saksamasebagai %
daripada NAB
2012
Purata wajaran kadar-kadar faedah efektif adalah seperti berikut:
Deposit dengan bank berlesen 2.65 2.73
2012%
Purata wajarankadar faedah
efektif setahun
2011%
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (i) Dana AmAssurance Equity (bersambung)
282
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(ii) Dana AmAssurance Bond
Komposisi, kos-kos dan nilai-nilai saksama pelaburan-pelaburan FVTPL di Malaysia pada 31 Mac 2012 adalah seperti yang diperincikan di bawah:
Bon korporat tidak tersiar hargaSekuriti kerajaan MalaysiaUnit tidak tersiar harga dan dana amanah hartanahDeposit dengan institusi kewangan berlesen
FVPTL:Bon korporat tidak tersiar harga: Kos Perolehan/(kerugian) tidak terealisasi bersih Nilai saksama
Sekuriti kerajaan Malaysia: Kos Kerugian tidak terealisasi bersih Nilai saksama
Unit tidak tersiar harga dan dana amanah hartanah: Kos Perolehan tidak terealisasi bersih Nilai saksamaJumlah pelaburan pada FVTPL LAR:Deposit dengan bank berlesen
Jumlah pelaburan
1,007,449 4,995,500
917,519 4,445,617 11,366,085
1,009,450 (2,001)
1,007,449
5,008,750 (13,250)
4,995,500
833,641 83,878
917,519 6,920,468
4,445,617 11,366,085
9,265,363 -
1,100,970 1,352,233
11,718,566
9,066,520 198,843
9,265,363
- - -
980,625 120,345
1,100,970 10,366,333
1,352,233
11,718,566
2012RM
2011RM
FVPTL: Bon korporat tidak tersiar harga: ADCB Finance (Cayman) Limited harus dibayar pada 02/09/2015 Syarikat Prasarana Negara Berhad harus dibayar pada 04/08/2016 Gulf Investment Corporation G.S.C harus dibayar pada 01/03/2016 Special Power Vehicle Berhad harus dibayar pada 19/05/2016 Prominic Berhad harus dibayar pada 05/05/2016 Sarawak Energy Berhad harus dibayar pada 23/06/2026 Projek Lebuhraya Usahasama Berhad harus dibayar pada 10/01/2031 Tanjung Bin Energy Issuer Berhad harus dibayar pada 16/03/2027
1,020,300
2,500,000
500,000
1,004,250
1,006,200
1,010,090
1,008,500
1,017,180 9,066,520
8.81%
21.28%
4.32%
8.24%
8.63%
9.16%
8.77%
8.58%77.81%
1,000,000
2,500,000
500,000
625,000
1,000,000
1,000,000
1,000,000
1,000,000
1,049,500
2,534,500
514,250
981,313
1,027,900
1,091,200
1,044,500
1,022,200 9,265,363
Jumlah
unit Nilai saksama
RMKosRM
Nilai saksamasebagai %
daripada NAB
2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (bersambung)
283
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
FVPTL: Unit tersiar harga dan dana amanah hartanah: AmBond AmDynamic Bond Jumlah pelaburan pada FVTPL
857,800 122,825 980,625
10,047,145
8.18%1.07%9.25%
87.05%
821,050 205,268
973,929 127,041
1,100,970 10,366,333
Jumlah
unit Nilai saksama
RMKosRM
Nilai saksamasebagai %
daripada NAB
2012
Purata wajaran kadar-kadar faedah efektif adalah seperti berikut:
Bon korporat tidak tersiar harga - terjaminBon korporat tidak tersiar harga - tidak terjaminSekuriti keraajaan MalaysiaDeposit dengan bank berlesen
0.40 0.44 2.81 2.70
1.77 3.28
- 2.75
2012%
Purata wajarankadar faedah
efektif setahun
2011%
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (ii) Dana AmAssurance Bond (bersambung)
284
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(iii) Dana AmAssurance Balanced
Komposisi, kos-kos dan nilai-nilai saksama pelaburan-pelaburan FVTPL di Malaysia pada 31 Mac 2012 adalah seperti yang diperincikan di bawah:
Sekuriti ekuiti tersiar hargaBon korporat tidak tersiar hargaUnit tersiar harga dan dana amanah hartanahUnit tidak tersiar harga dan dana amanah hartanahDeposit dengan institusi kewangan berlesen
FVPTL:Sekuriti ekuiti tersiar harga: Kos (Kerugian)/perolehan tidak terealisasi bersih Nilai saksama Bon korporat tidak tersiar harga: Kos (Kerugian)/perolehan tidak terealisasi bersih Nilai saksama
Unit tersiar harga dan dana amanah hartanah: Kos Perolehan tidak terealisasi bersih Nilai saksama Unit tidak tersiar harga dan dana amanah hartanah: Kos Perolehan tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR:Deposit dengan bank berlesen
Jumlah pelaburan
5,925,800 2,014,900
- 1,020,711 8,225,921 17,187,332
5,658,581 267,219
5,925,800
2,018,900 (4,000)
2,014,900
- - -
955,742 64,969
1,020,711 8,961,411
8,225,921
17,187,332
12,833,984 5,786,431 1,316,750
- 1,425,383
21,362,548
13,040,417 (206,433)
12,833,984
5,753,295 33,136
5,786,431
1,284,842 31,908
1,316,750
- - -
19,937,165
1,425,383
21,362,548
2012RM
2011RM
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (bersambung)
FVPTL: Sekuriti ekuiti tersiar harga: Pembinaan GAMUDA Bhd Malaysian Resources Corporation Bhd Kewangan Malayan Banking Bhd Produk Perindustrian KKB Engineering Bhd Perladangan Kulim Bhd
828,683850,281
1,464,632
867,196
1,165,857
3.81%3.75%
7.22%
3.88%
5.34%
225,000 425,000
175,000
500,000
275,000
819,000 807,500
1,552,250
835,000
1,149,500
Jumlah
unit Nilai saksama
RMKosRM
Nilai saksamasebagai %
daripada NAB
2012
285
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (iii) Dana AmAssurance Balanced (bersambung)
FVPTL: Sekuriti ekuiti tersiar harga (bersambung): Hartanah Alam Maritim Resources Bhd Axiata Group Bhd
Perdagangan & Perkhidmatan Dialog Group Bhd Faber Group Bhd MMC Corporation BHD Pharmaniaga BHD Sapuracrest Petroleum Bhd Sime Darby Bhd
Bon korporat tidak tersiar harga: ADCB Finance (Cayman) Limited harus dibayar pada 02/09/2015 Syarikat Prasarana Negara Berhad harus dibayar pada 04/08/2026 Gulf Investment Corporation G.S.C harus dibayar pada 01/03/2016 Special Power Vehicle Berhad harus dibayar pada 19/05/2016Tanjung Bin Energy Issuer Bhd harus dibayar pada 16/03/2026
Unit tersiar harga dan dana amanah hartanah: Capitamalls Malaysia Trust Pavilion Real Estate Invt Trust Jumlah pelaburan pada FVTPL
1,008,959 1,228,640
1,190,108 526,047
1,316,126 56,191
1,568,012 969,685
13,040,417
1,020,300
500,000
1,000,000
1,707,225
1,525,770 5,753,295
649,304 635,538
1,284,842 20,078,554
4.24%6.04%
5.04%2.29%5.88%0.26%7.37%4.53%
59.66%
4.88%
2.36%
4.78%
7.76%
7.13%26.90%
3.05%3.07%6.12%
92.68%
1,250,000250,000
500,000300,000450,00011,190
325,000 100,000
1,000,000
500,000
1,000,000
1,062,500
1,500,000
475,000 575,000
Jumlah
unit Nilai saksama
RMKosRM
Nilai saksamasebagai %
daripada NAB
2012
912,5001,300,000
1,085,000 492,000
1,264,500 56,734
1,586,000 974,000
12,833,984
1,049,500
506,900
1,028,500
1,668,231
1,533,300 5,786,431
655,500 661,250
1,316,750 19,937,165
Purata wajaran kadar-kadar faedah efektif adalah seperti berikut:
Bon korporat tidak tersiar harga - terjaminBon korporat tidak tersiar harga - tidak terjaminDeposit dengan bank berlesen
2.39 2.60 2.65
1.28 4.14 2.73
2012%
Purata wajarankadar faedah
efektif setahun
2011%
286
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(iv) Dana AmAssurance Dana Teguh
Sekuriti ekuiti tersiar hargaBon korporat tidak tersiar hargaUnit tidak tersiar harga dan dana amanah hartanahDeposit dengan institusi kewangan berlesen
FVTPL:Sekuriti ekuiti tersiar harga: Kos (Kerugian)/perolehan tidak terealisasi bersih Nilai saksama Bon korporat tidak tersiar harga: Kos Perolehan tidak terealisasi bersih Nilai saksama Unit tidak tersiar harga dan dana amanah hartanah: Kos Perolehan tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR: Deposit dengan bank berlesen Jumlah pelaburan
2,255,950 -
468,053 4,207,847 6,931,850
2,079,965 175,985
2,255,950
- - -
435,434 32,619
468,053 2,724,003
4,207,847
6,931,850
7,434,120 2,366,427
293,655 2,827,762
12,921,964
7,537,387 (103,267)
7,434,120
2,309,613 56,814
2,366,427
267,602 26,053
293,655 10,094,202
2,827,762
12,921,964
2012RM
2011RM
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (bersambung)
Komposisi, kos-kos dan nilai-nilai saksama pelaburan-pelaburan FVTPL di Malaysia pada 31 Mac 2012 adalah seperti yang diperincikan di bawah:
FVTPL: Sekuriti ekuiti tersiar harga: Pembinaan Gamuda Bhd Malaysian Resources Corporation Bhd WCT Bhd Produk Perindustrian KKB Engineering Bhd Perladangan Kulim Bhd Perdagangan & Perkhidmatan Alam Maritim Resources Bhd Axiata Group Bhd Dialog Group Bhd Faber Group Bhd MMC Corporation Bhd Petronas DaganganBhd Sapuracrest Petroleum Bhd Sime Darby Bhd
460,218 498,543 545,417
562,873
638,214
527,765 615,984 611,891 350,764 664,057 644,395 835,375 581,891
7,537,387
3.47%3.62%4.18%
4.13%
4.78%
3.61%4.95%4.13%2.50%4.82%5.48%6.50%4.45%
56.62%
125,000 250,000 225,000
325,000
150,000
650,000 125,000 250,000 200,000 225,000 38,000
175,000 60,000
455,000 475,000 549,000
542,750
627,000
474,500 650,000 542,500 328,000 632,250 719,720 854,000 584,400
7,434,120
Jumlah
unit Nilai saksama
RMKosRM
Nilai saksamasebagai %
daripada NAB
2012
287
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (iv) Dana AmAssurance Dana Teguh (bersambung)
FVTPL: Bon korporat tidak tersiar harga: Syarikat Prasarana Negara Berhad harus dibayar pada 04/08/2026 Special Power Vehicle Berhad harus dibayar pada 19/05/2016 Sarawak Energy Berhad
Unit tersiar harga dan dana amanah hartanah: AmBon Islam Jumlah pelaburan pada FVTPL
1,000,000
602,550 707,063
2,309,613
267,602 267,602
10,114,602
7.72%
4.48%5.82%
18.02%
2.24%2.24%
76.88%
Jumlah
unit Nilai saksama
RMKosRM
Nilai saksamasebagai %
daripada NAB
2012
Purata wajaran kadar-kadar faedah efektif adalah seperti berikut:
Bon korporat tidak tersiar harga - terjaminBon korporat tidak tersiar harga - tidak terjaminDeposit dengan bank berlesen
- -
2.60
1.91 3.23 2.80
2012%
Purata wajarankadar faedah
efektif setahun
2011%
1,000,000
375,000 700,000
240,425
1,013,800
588,787 763,840
2,366,427
293,655 293,655
10,094,202
288
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(v) Dana AmAssurance AmOasis Islamic Equity
Sekuriti ekuiti tersiar hargaUnit tidak tersiar harga dan dana amanah hartanahDeposit dengan institusi kewangan berlesen
FVTPL:Sekuriti ekuiti tersiar harga: Kos (Kerugian)/perolehan tidak terealisasi bersih Nilai saksama
Unit tidak tersiar harga dan dana amanah hartanah: Kos Kerugian tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR: Deposit dengan bank berlesen
Jumlah pelaburan
995,300 1,403,995 1,905,363 4,304,658
865,888 129,412 995,300
1,749,866 (345,871)
1,403,995 2,399,295
1,905,363
4,304,658
2,004,200 1,158,578 1,186,000 4,348,778
2,055,660 (51,460)
2,004,200
1,490,584 (332,006)
1,158,578 3,162,778
1,186,000
4,348,778
2012RM
2011RM
Komposisi, kos-kos dan nilai-nilai saksama pelaburan-pelaburan FVTPL di Malaysia pada 31 Mac 2012 adalah seperti yang diperincikan di bawah:
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (bersambung)
FVTPL: Sekuriti ekuiti tersiar harga: Pembinaan Gamuda Bhd Malaysian Resources Corporation Bhd Perindustrian KKB Engineering Bhd IPC YTL Power International Bhd Perladangan Kulim Bhd
Perdagangan & Perkhidmatan Alam Maritim Resources Bhd Faber Group Bhd MMC Corporation Bhd Sapuracrest Petroleum Bhd Sime Darby Bhd
184,292 200,219
131,152
272,814
168,029
163,539 263,123 188,405 289,996 194,091
2,055,660
4.19%4.37%
2.88%
6.38%
3.85%
3.36%5.66%4.20%6.73%4.48%
46.10%
50,000 100,000
75,000
150,000
40,000
200,000 150,000 65,000 60,000 20,000
182,000 190,000
125,250
277,500
167,200
146,000 246,000 182,650 292,800 194,800
2,004,200
Jumlah
unit Nilai saksama
RMKosRM
Nilai saksamasebagai %
daripada NAB
2012
289
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
FVTPL: Unit tersiar harga dan dana amanah hartanah:Ekuiti Islamik Global AmOasis Jumlah pelaburan pada FVTPL
1,490,584 1,490,584 3,546,244
26.65%26.65%72.74%
1,403,997
1,158,578 1,158,578 3,162,778
Jumlah
unit Nilai saksama
RMKosRM
Nilai saksamasebagai %
daripada NAB
2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (v) Dana AmAssurance AmOasis Islamic Equity (bersambung)
Purata wajaran kadar-kadar faedah efektif adalah seperti berikut:
Deposit dengan bank berlesen 2.602.80
2012%
Purata wajarankadar faedah
efektif setahun
2011%
290
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(vi) Dana AmAssurance Global Emerging Market
Unit tidak tersiar harga dan dana amanah hartanahDeposit dengan institusi kewangan berlesen
FVTPL:Unit tidak tersiar harga dan dana amanah hartanah: Kos Kerugian tidak terealisasi bersih Nilai saksamaJumlah pelaburan pada FVTPL LAR: Deposit dengan bank berlesen Jumlah pelaburan
526,629 225,240 751,869
475,254 51,375
526,629 526,629
225,240
751,869
503,357 221,975 725,332
529,640 (26,283)
503,357 503,357
221,975
725,332
2012RM
2011RM
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (bersambung)
Komposisi, kos-kos dan nilai-nilai saksama pelaburan-pelaburan FVTPL di Malaysia pada 31 Mac 2012 adalah seperti yang diperincikan di bawah:
FVTPL: Unit tidak tersiar harga dan dana amanah hartanah: AmCash Management AmGlobal Emerging Market Opportunities Jumlah pelaburan pada FVTPL
83,306 446,334 529,640 529,640
11.54%58.21%69.76%69.76%
83,306 446,341
83,306 420,051 503,357 503,357
Jumlah
unit Nilai saksama
RMKosRM
Nilai saksamasebagai %
daripada NAB
2012
Purata wajaran kadar-kadar faedah efektif adalah seperti berikut:
Deposit dengan bank berlesen 2.782.98
2012%
Purata wajarankadar faedah
efektif setahun
2011%
291
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(vii) AmAssurance AmAsia Star CGF
Produk berstrukturDeposit dengan institusi kewangan berlesen
FVTPL:Produk berstruktur: Kos Perolehan tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR:Deposit dengan bank berlesen
Jumlah pelaburan
102,244,800 680,482
102,925,282
96,390,000 5,854,800
102,244,800 102,244,800
680,482
102,925,282
- - -
- - - -
-
-
2012RM
2011RM
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (bersambung)
Purata wajaran kadar-kadar faedah efektif adalah seperti berikut:
Deposit dengan bank berlesen 1.70-
2012%
Purata wajarankadar faedah
efektif setahun
2011%
292
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(viii) Dana AmAssurance Precious Metals
Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesen
FVTPL:Unit tidak tersiar harga dan dana amanah hartanah: Kos Kerugian tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR:Deposit dengan bank berlesen Jumlah pelaburan
2,155,329 2,342,278 4,497,607
2,203,824 (48,495)
2,155,329 2,155,329
2,342,278
4,497,607
4,346,463 710,712
5,057,175
5,469,773 (1,123,310) 4,346,463 4,346,463
710,712
5,057,175
2012RM
2011RM
Komposisi, kos-kos dan nilai-nilai saksama pelaburan-pelaburan FVTPL di Malaysia pada 31 Mac 2012 adalah seperti yang diperincikan di bawah:
FVTPL: Unit tidak tersiar harga dan dana amanah hartanah: Am Precious Metals Jumlah pelaburan pada FVTPL
5,469,773 5,469,7735,469,773
84.22%84.22%84.22%
5,883,139
4,346,463 4,346,4634,346,463
Jumlah
unit Nilai saksama
RMKosRM
Nilai saksamasebagai %
daripada NAB
2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (bersambung)
Purata wajaran kadar-kadar faedah efektif adalah seperti berikut:
Deposit dengan bank berlesen 2.602.80
2012%
Purata wajarankadar faedah
efektif setahun
2011%
293
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(ix) Dana AmAssurance Global Agribusiness
Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesen
FVTPL: Unit tidak tersiar harga dan dana amanah hartanah: Kos Perolehan tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR: Deposit dengan bank berlesen Jumlah pelaburan
950,131 399,502
1,349,633
793,037 157,094 950,131 950,131
399,502
1,349,633
1,231,837 227,762
1,459,599
1,148,88282,955
1,231,837 1,231,837
227,762
1,459,599
2012RM
2011RM
Komposisi, kos-kos dan nilai-nilai saksama pelaburan-pelaburan FVTPL di Malaysia pada 31 Mac 2012 adalah seperti yang diperincikan di bawah:
FVTPL: Unit tidak tersiar harga dan dana amanah hartanah:Am Global Agribusiness Jumlah pelaburan pada FVTPL
1,148,882 1,148,882 1,148,882
84.43%84.43%84.43%
1,370,383 1,231,837 1,231,837 1,231,837
Jumlah
unit Nilai saksama
RMKosRM
Nilai saksamasebagai %
daripada NAB
2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (bersambung)
Purata wajaran kadar-kadar faedah efektif adalah seperti berikut:
Deposit dengan bank berlesen 2.782.98
2012%
Purata wajarankadar faedah
efektif setahun
2011%
294
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(x) AmAssurance AmAsia Recovery CGF
Produk berstrukturDeposit dengan institusi kewangan berlesen
FVTPL: Produk berstruktur: Kos Perolehan tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR: Deposit dengan bank berlesen Jumlah pelaburan
87,392,289 855,138
88,247,427
85,486,343 1,905,946
87,392,289 87,392,289
855,138
88,247,427
89,964,705 878,792
90,843,497
85,486,343 4,478,362
89,964,705 89,964,705
878,792
90,843,497
2012RM
2011RM
Komposisi, kos-kos dan nilai-nilai saksama pelaburan-pelaburan FVTPL di Malaysia pada 31 Mac 2012 adalah seperti yang diperincikan di bawah:
FVTPL: Produk berstruktur: Instrumen Deposit Boleh Niaga Kadar Terapung Harus dibayar pada 02/07/2012 Jumlah pelaburan pada FVTPL
85,486,343 85,486,343 85,486,343
106.62%106.62%106.62%
89,700,000 89,964,705 89,964,705 89,964,705
Jumlah
unit Nilai saksama
RMKosRM
Nilai saksamasebagai %
daripada NAB
2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (bersambung)
Purata wajaran kadar-kadar faedah efektif adalah seperti berikut:
Deposit dengan bank berlesenInstrumen deposit boleh niaga kadar terapung
2.70 4.93
2.75 4.93
2012%
Purata wajarankadar faedah
efektif setahun
2011%
295
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Produk berstruktur Unit tidak tersiar harga dan dana amanah hartanah
FVTPL: Produk berstruktur: Kos Kerugian tidak terealisasi bersih Nilai saksama Unit tersiar harga dan dana amanah hartanah: Kos Perolehan tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL
4,525,534 75,745
4,601,279
4,715,094 (189,560)
4,525,534
75,745 -
75,745 4,601,279
4,576,856 78,013
4,654,869
4,715,094 (138,238)
4,576,856
78,013 -
78,013 4,654,869
(xi) AmAssurance AmCommodity Stable CGF
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (bersambung)
Komposisi, kos-kos dan nilai-nilai saksama pelaburan-pelaburan FVTPL di Malaysia pada 31 Mac 2012 adalah seperti yang diperincikan di bawah:
FVTPL: Produk berstruktur: Instrumen Deposit Boleh Niaga Kadar Terapung Harus dibayar pada 12/10/2015 Unit tidak tersiar harga dan dana amanah hartanah: AmCash Management Fund AmIncome Fund
4,715,094 4,715,094
25,856 52,157 78,013
4,793,107
100.98%100.98%
0.57%1.15%1.72%
102.70%
5,045,920
25,856 52,157
4,576,856 4,576,856
25,856 52,157 78,013
4,654,869
Jumlah
unit Nilai saksama
RMKosRM
Nilai saksamasebagai %
daripada NAB
2012
Purata wajaran kadar-kadar faedah efektif adalah seperti berikut:
Instrumen deposit boleh niaga kadar terapung 2.00 3.00
2012%
Purata wajarankadar faedah
efektif setahun
2011%
2012RM
2011RM
296
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(xii) AmAssurance AmCurrency Income CGF
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (bersambung)
Produk berstrukturDeposit dengan institusi kewangan berlesen
FVTPL: Produk berstruktur: Kos Kerugian tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR: Deposit dengan bank berlesen Jumlah pelaburan
43,205,210 454,975
43,660,185
44,174,019 (968,809)
43,205,210 43,205,210
454,975 43,660,185
43,956,265 255,164
44,211,429
44,174,019 (217,754) 43,956,265
43,956,265
255,164
44,211,429
Komposisi, kos-kos dan nilai-nilai saksama pelaburan-pelaburan FVTPL di Malaysia pada 31 Mac 2012 adalah seperti yang diperincikan di bawah:
FVTPL: Produk berstruktur: Instrumen Deposit Boleh Niaga Kadar Terapung Harus dibayar pada 16/08/2014 Jumlah pelaburan pada FVTPL
44,174,019 44,174,019 44,174,019
104.50%104.50%104.50%
46,193,169 43,956,265 43,956,265 43,956,265
Jumlah
unit Nilai saksama
RMKosRM
Nilai saksamasebagai %
daripada NAB
2012
Purata wajaran kadar-kadar faedah efektif adalah seperti berikut:
Deposit dengan bank berlesenInstrumen deposit boleh niaga kadar terapung
2.70 4.57
2.98 4.57
2012%
Purata wajarankadar faedah
efektif setahun
2011%
2012RM
2011RM
297
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (bersambung)
(xiii) AmAssurance AmCurrency Income II CGF
Produk berstrukturDeposit dengan institusi kewangan berlesen
FVTPL: Produk berstruktur: Kos Kerugian tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR: Deposit dengan bank berlesen Jumlah pelaburan
17,890,776 320,000
18,210,776
18,054,054 (163,278)
17,890,776 17,890,776
320,000 18,210,776
17,626,756 252,150
17,878,906
18,054,055 (427,299)
17,626,756 17,626,756
252,150
17,878,906
Komposisi, kos-kos dan nilai-nilai saksama pelaburan-pelaburan FVTPL di Malaysia pada 31 Mac 2012 adalah seperti yang diperincikan di bawah:
FVTPL: Produk berstruktur: Instrumen Deposit Boleh Niaga Kadar Terapung Harus dibayar pada 20/03/2014 Jumlah pelaburan pada FVTPL
18,054,055 18,054,055 18,054,055
102.25%102.25%102.25%
18,933,000 17,626,756 17,626,756 17,626,756
Jumlah
unit Nilai saksama
RMKosRM
Nilai saksamasebagai %
daripada NAB
2012
Purata wajaran kadar-kadar faedah efektif adalah seperti berikut:
Deposit dengan bank berlesenInstrumen deposit boleh niaga kadar terapung
2.78 4.85
2.98 4.85
2012%
Purata wajarankadar faedah
efektif setahun
2011%
2012RM
2011RM
298
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Sekuriti ekuiti tersiar hargaUnit tersiar harga dan dana amanah hartanahDeposit dengan institusi kewangan berlesen FVPTL: Sekuriti ekuiti tersiar harga: Kos Perolehan tidak terealisasi bersih Nilai saksama Unit tersiar harga dan dana amanah hartanah: Kos Perolehan tidak terealisasi bersih Nilai saksama Jumlah pelaburan pada FVTPL LAR: Deposit dengan bank berlesen Jumlah pelaburan
3,026,254 904,750
1,532,440 5,463,444
2,901,003 125,251
3,026,254
885,706 19,044
904,750 3,931,004
1,532,440
5,463,444
2012RM
Komposisi, kos-kos dan nilai-nilai saksama pelaburan-pelaburan FVTPL di Malaysia pada 31 Mac 2012 adalah seperti yang diperincikan di bawah:
FVPTL: Sekuriti ekuiti tersiar harga: Kewangan Malayan Banking Bhd Malaysia Building Society Bhd Perindustrian KKB Engineering Bhd IPC YTL Power International Bhd Perladangan Boustead Holdings Bhd Perdagangan/Perkhidmatan Berjaya Sports Toto Bhd Faber Group Bhd Padiberas Nasional Bhd Petronas Dagangan Bhd Pharmaniaga Bhd
378,837 269,420
345,423
314,962
273,722
324,848 263,123 390,274 329,464 10,930
2,901,003
7.33%6.01%
6.14%
5.95%
5.49%
6.02%4.52%6.98%6.96%0.20%
55.59%
45,000 150,000
200,000
175,000
55,000
75,000 150,000 125,000 20,000
2,200
399,150 327,000
334,000
323,750
298,650
327,750 246,000 380,000 378,800
11,154 3,026,254
Jumlah
unit Nilai saksama
RMKosRM
Nilai saksamasebagai %
daripada NAB
2012
(xiv) Dana AmAssurance Dividend
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (bersambung)
299
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)3. PELABURAN (xiv) Dana AmAssurance Dividend (bersambung)
FVPTL: Unit tersiar harga dan dana amanah hartanah: Capitamalls Malaysia Trust Pavilion Real Estate Invt Trust Sunway Real Estate Invt Trust
Jumlah pelaburan pada FVTPL
276,458 306,501 302,747 885,706
3,786,709
5.07%5.81%5.74%
16.62%72.21%
200,000 275,000 250,000
276,000 316,250 312,500 904,750
3,931,004
Jumlah
unit Nilai saksama
RMKosRM
Nilai saksamasebagai %
daripada NAB
2012
Purata wajaran kadar-kadar faedah efektif adalah seperti berikut:
Deposit dengan bank berlesen 2.73
2012%
Purata wajarankadar faedah
efektif setahun
300
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)
4. CUKAI TERTANGGUH
(Aset)/liabiliti cukai tertangguh adalah berkaitan dengan (kerugian)/perolehan modal tidak terealisasi di atas pelaburan-pelaburan Dana masing-masing.
(i) Dana AmAssurance Equity
Pada awal tahunDiiktiraf di dalam penyata pendapatan komprehensif (Nota 8)Pada akhir tahun
59,193
(39,778) 19,415
19,415
(27,553) (8,138)
2012RM
2011RM
Pada awal tahunDiiktiraf di dalam penyata pendapatan komprehensif (Nota 8)Pada akhir tahun
15,307
(9,783) 5,524
5,524
25,009 30,533
2012RM
2011RM
Pada awal tahunDiiktiraf di dalam penyata pendapatan komprehensif (Nota 8)Pada akhir tahun
60,320
(34,036) 26,284
26,284
(29,423) (3,139)
2012RM
2011RM
Pada awal tahunDiiktiraf di dalam penyata pendapatan komprehensif (Nota 8)Pada akhir tahun
33,945
(17,257) 16,688
16,688
(15,484) 1,204
2012RM
2011RM
Pada awal tahunDiiktiraf di dalam penyata pendapatan komprehensif (Nota 8)Pada akhir tahun
(56,540)
39,223 (17,317)
(17,317)
(13,361) (30,678)
2012RM
2011RM
(ii) Dana AmAssurance Bond
(iii) Dana AmAssurance Balanced
(iv) Dana AmAssurance Dana Teguh
(v) Dana AmAssurance AmOasis Islamic Equity
301
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)4. CUKAI TERTANGGUH (bersambung)
Pada awal tahunDiiktiraf di dalam penyata pendapatan komprehensif (Nota 8)Pada akhir tahun
4,191
(81) 4,110
4,110
(6,213) (2,103)
2012RM
2011RM
Pada awal tahunDiiktiraf di dalam penyata pendapatan komprehensif (Nota 8)Pada akhir tahun
203,559
264,825 468,384
468,384
(468,384) -
2012RM
2011RM
Pada awal tahunDiiktiraf di dalam penyata pendapatan komprehensif (Nota 8)Pada akhir tahun
(5,589)
1,710 (3,879)
(3,879)
(85,985) (89,864)
2012RM
2011RM
Pada awal tahunDiiktiraf di dalam penyata pendapatan komprehensif (Nota 8)Pada akhir tahun
6,576
5,992 12,568
12,568
(5,931) 6,637
2012RM
2011RM
Pada awal tahunDiiktiraf di dalam penyata pendapatan komprehensif (Nota 8)Pada akhir tahun
(29,859)
182,335 152,476
152,476
205,793 358,269
2012RM
2011RM
(vii) AmAssurance AmAsia Star CGF
(vi) Dana AmAssurance Global Emerging Market
(viii) Dana AmAssurance Precious Metals
(ix) Dana AmAssurance Global Agribusiness
(x) AmAssurance AmAsia Recovery CGF
302
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)4. CUKAI TERTANGGUH (bersambung)
Pada awal tahun/tarikh pelancaran danaDiiktiraf di dalam penyata pendapatan komprehensif (Nota 8)Pada akhir tahun/tempoh
-
(15,165) (15,165)
(15,165)
4,106 (11,059)
2012RM
2011RM
Pada awal tahun/tarikh pelancaran danaDiiktiraf di dalam penyata pendapatan komprehensif (Nota 8)Pada akhir tahun/tempoh
-
(77,505) (77,505)
(77,505)
60,084 (17,421)
2012RM
2011RM
Pada awal tahun/tarikh pelancaran danaDiiktiraf di dalam penyata pendapatan komprehensif (Nota 8)Pada akhir tahun/tempoh
-
(13,062) (13,062)
(13,062)
(21,122) (34,184)
2012RM
2011RM
Pada tarikh pelancaran danaDiiktiraf di dalam penyata pendapatan komprehensif (Nota 8)Pada akhir tempoh
-
11,543 11,543
2012RM
(xii) AmAssurance AmCurrency Income CGF
(xi) AmAssurance AmCommodity Stable CGF
(xiii) AmAssurance AmCurrency Income II CGF
(xiv) Dana AmAssurance Dividend
303
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)
5. AKAUN PEMEGANG UNIT
(i) Dana AmAssurance Equity
(ii) Dana AmAssurance Bond
(iii) Dana AmAssurance Balanced
Amaun diterima untuk penciptaan semasa tahunAmaun dibayar untuk pembatalan disebabkan oleh serahan semasa tahun
Akaun pemegang unit dibawa ke hadapan(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah (kerugian)/pendapatan komprehensif bagi tahun
Nilai aset bersih seunit pada 31 Mac
Amaun diterima untuk penciptaan semasa tahunAmaun dibayar untuk pembatalan disebabkan oleh serahan semasa tahun
Akaun pemegang unit dibawa ke hadapanLebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah pendapatan komprehensif bagi tahun
Nilai aset bersih seunit pada 31 Mac
Amaun diterima untuk penciptaan semasa tahunAmaun dibayar untuk pembatalan disebabkan oleh serahan semasa tahun
Akaun pemegang unit dibawa ke hadapan(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah (kerugian)/pendapatan komprehensif bagi tahun
Nilai aset bersih seunit pada 31 Mac
11,974,079
(8,296,137) 3,677,942
11,475,270
(559,495)14,593,717
0.7832
10,351,906
(10,460,923) (109,017)
11,362,975
653,983 11,907,941
0.7312
14,106,619
(9,653,589) 4,453,030
17,541,011
(482,771) 21,511,270
0.8193
11,771,264
(6,164,202) 5,607,062
4,611,267
1,256,941 11,475,270
0.8093
8,424,315
(3,209,156) 5,215,159
5,890,599
257,217 11,362,975
0.6903
12,357,949
(1,705,274)10,652,675
5,808,689
1,079,647 17,541,011
0.8382
15,853,631
(11,399,456)4,454,175
14,179,271
- 18,633,446
14,657,826
(14,833,788) (175,962)
16,461,544
- 16,285,582
19,186,782
(13,857,906) 5,328,876
20,927,960
- 26,256,835
14,613,800
(7,309,058) 7,304,742
6,874,529
- 14,179,271
12,427,370
(4,837,820) 7,589,550
8,871,994
- 16,461,544
14,967,223
(1,942,756) 13,024,467
7,903,493
- 20,927,960
Jumlah unit
Jumlah unit
Jumlah unit
Jumlah unit
Jumlah unit
Jumlah unit
RM
RM
RM
RM
RM
RM
2012
2012
2012
2011
2011
2011
304
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(iv) Dana AmAssurance Dana Teguh
(v) Dana AmAssurance AmOasis Islamic Equity
(vi) Dana AmAssurance Global Emerging Market
Amaun diterima untuk penciptaan semasa tahunAmaun dibayar untuk pembatalan disebabkan oleh serahan semasa tahun
Akaun pemegang unit dibawa ke hadapanLebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah pendapatan komprehensif bagi tahun
Nilai aset bersih seunit pada 31 Mac
Amaun diterima untuk penciptaan semasa tahunAmaun dibayar untuk pembatalan disebabkan oleh serahan semasa tahun
Akaun pemegang unit dibawa ke hadapan(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah (kerugian)/pendapatan komprehensif bagi tahun
Nilai aset bersih seunit pada 31 Mac
Amaun diterima untuk penciptaan semasa tahunAmaun dibayar untuk pembatalan disebabkan oleh serahan semasa tahun
Akaun pemegang unit dibawa ke hadapan(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah (kerugian)/pendapatan komprehensif bagi tahun
Nilai aset bersih seunit pada 31 Mac
11,268,525
(5,197,302) 6,071,223
7,049,872
8,229 13,129,324
0.7875
3,021,175
(2,814,418) 206,757
4,305,627
(164,529) 4,347,855
0.4424
168,625
(103,798) 64,827
722,767
(66,014) 721,580
0.4940
4,809,957
(1,138,283) 3,671,674
2,786,451
591,747 7,049,872
0.7928
1,973,070
(1,345,679) 627,391
3,335,014
343,222 4,305,627
0.4580
151,020
(53,992) 97,028
622,580
3,159 722,767
0.5422
14,834,806
(7,053,865)7,780,941
8,891,870
- 16,672,811
7,042,611
(6,615,434) 427,178
9,400,744
- 9,827,922
339,337
(211,672) 127,665
1,333,091
- 1,460,756
5,267,721
(427,060) 4,840,661
4,051,209
- 8,891,870
4,240,856
(2,919,335) 1,321,521
8,079,223
- 9,400,744
278,749
(101,099) 177,650
1,155,441
- 1,333,091
Jumlah unit
Jumlah unit
Jumlah unit
Jumlah unit
Jumlah unit
Jumlah unit
RM
RM
RM
RM
RM
RM
2012
2012
2012
2011
2011
2011
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)5. AKAUN PEMEGANG UNIT (bersambung)
305
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(viii) Dana AmAssurance Precious Metals
(ix) Dana AmAssurance Global Agribusiness
Amaun diterima untuk penciptaan semasa tahunAmaun dibayar untuk pembatalan disebabkan oleh serahan semasa tahun
Akaun pemegang unit dibawa ke hadapanLebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah pendapatan komprehensif bagi tahun
Nilai aset bersih seunit pada 31 Mac
Amaun diterima untuk penciptaan semasa tahunAmaun dibayar untuk pembatalan disebabkan oleh serahan semasa tahun
Akaun pemegang unit dibawa ke hadapan(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah (kerugian)/pendapatan komprehensif bagi tahun
Nilai aset bersih seunit pada 31 Mac
Amaun diterima untuk penciptaan semasa tahunAmaun dibayar untuk pembatalan disebabkan oleh serahan semasa tahun
Akaun pemegang unit dibawa ke hadapan(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah (kerugian)/pendapatan komprehensif bagi tahun
Nilai aset bersih seunit pada 31 Mac
-
(96,706,468) (96,706,468)
96,260,953
445,515 -
-
4,575,155
(2,933,253) 1,641,902
4,540,004
(1,021,364) 5,160,542
0.4293
737,273
(513,034) 224,239
1,308,660
(73,929) 1,458,970
0.5594
-
(2,178,843)(2,178,843)
96,396,014
2,043,782 96,260,953
0.5145
3,225,127
(784,851) 2,440,276
1,933,742
165,986 4,540,004
0.5309
740,470
(184,339) 556,131
689,488
63,041 1,308,660
0.5907
-
(187,089,354)(187,089,354)
187,089,354
- -
9,632,794
(6,164,368) 3,468,426
8,551,816
- 12,020,242
1,363,450
(970,739) 392,711
2,215,601
- 2,608,312
-
(4,273,555) (4,273,555)
191,362,909
- 187,089,354
4,945,963
(317,231) 4,628,732
3,923,084
- 8,551,816
1,276,510
(279,663) 996,847
1,218,754
- 2,215,601
Jumlah unit
Jumlah unit
Jumlah unit
Jumlah unit
Jumlah unit
Jumlah unit
RM
RM
RM
RM
RM
RM
2012
2012
2012
2011
2011
2011
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)5. AKAUN PEMEGANG UNIT (bersambung)
(vii) AmAssurance AmAsia Star CGF
306
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Amaun diterima untuk penciptaan semasa tahunAmaun dibayar untuk pembatalan disebabkan oleh serahan semasa tahun
Akaun pemegang unit dibawa ke hadapanLebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah pendapatan komprehensif bagi tahun
Nilai aset bersih seunit pada 31 Mac
-
(1,499,832) (1,499,832)
84,339,039
1,540,053 84,379,260
0.5112
8,762
(1,477,193)(1,468,431)
84,542,903
1,264,567 84,339,039
0.5019
-
(2,970,816) (2,970,816)
168,041,905
- 165,071,089
-
(2,954,378) (2,954,378)
170,996,283
- 168,041,905
Jumlah unit Jumlah unitRM RM
2012 2011
Amaun diterima untuk penciptaan semasa tahun/tempohAmaun dibayar untuk pembatalan disebabkan oleh serahan semasa tahun/tempoh
Akaun pemegang unit dibawa ke hadapan/ pada tarikh pelancaran(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah (kerugian)/pendapatan komprehensif bagi tahunPembayaran kupon
Nilai aset bersih seunit pada 31 Mac
-
(45,651) (45,651)
4,567,569
110,924 (100,198)
4,532,644
0.4810
4,794,586
(33,803) 4,760,783
-
(193,214)-
4,567,569
0.4798
-
(95,276) (95,276)
9,518,847
- -
9,423,571
9,587,247
(68,400) 9,518,847
-
- -
9,518,847
Jumlah unit Jumlah unitRM RM
01.04.2011 hingga 31.03.2012 11.10.2010 hingga 31.03.2011
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)5. AKAUN PEMEGANG UNIT (bersambung)
(x) AmAssurance AmAsia Recovery CGF
(xi) AmAssurance AmCommodity Stable CGF
(xii) AmAssurance AmCurrency Income CGF
Amaun diterima untuk penciptaan semasa tahun/tempohAmaun dibayar untuk pembatalan disebabkan oleh serahan semasa tahun/tempoh
Akaun pemegang unit dibawa ke hadapan/ pada tarikh pelancaranLebihan/(Defisit) pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah pendapatan/(kerugian) komprehensif bagi tahun
Nilai aset bersih seunit pada 31 Mac
-
(1,083,495)(1,083,495)
42,581,327
565,549 42,063,381
0.4948
43,716,690
(106,268) 43,610,422
-
(1,029,095)42,581,327
0.4883
-
(2,198,616) (2,198,616)
87,206,942
- 85,008,326
87,419,462
(212,520) 87,206,942
-
- 87,206,942
Jumlah unit Jumlah unitRM RM
01.04.2011 hingga 31.03.2012 16.08.2010 hingga 31.03.2011
307
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)5. AKAUN PEMEGANG UNIT (bersambung)
(xiii) AmAssurance AmCurrency Income II CGF
(xiv) Dana AmAssurance Dividend
Amaun diterima untuk penciptaan semasa tahun/tempohAmaun dibayar untuk pembatalan disebabkan oleh serahan semasa tahun/tempoh
Akaun pemegang unit dibawa ke hadapan/ pada tarikh pelancaranDefisit pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah kerugian komprehensif bagi tahun
Nilai aset bersih seunit pada 31 Mac
-
(643,728) (643,728)
18,213,206
(331,136) 17,238,342
0.4887
18,374,025
- 18,374,025
-
(160,819) 18,213,206
0.4979
-
(1,304,100) (1,304,100)
36,577,657
- 35,273,557
36,577,657
- 36,577,657
-
- 36,577,657
Jumlah unit Jumlah unitRM RM
01.04.2011 hingga 31.03.2012 21.03.2011 hingga 31.03.2011
Amaun diterima untuk penciptaan semasa tempohAmaun dibayar untuk pembatalan disebabkan oleh serahan semasa tempoh
Akaun pemegang unit dibawa ke hadapan/ pada tarikh pelancaranLebihan pendapatan daripada perbelanjaan selepas cukai, mewakili jumlah pendapatan komprehensif bagi tahun
Nilai aset bersih seunit pada 31 Mac
5,283,559
(29,970) 5,253,589
-
190,315 5,443,904
0.5188
10,570,844
(78,374) 10,492,470
-
- 10,492,470
Jumlah unit RM
27.10.2011 hingga 31.03.2012
308
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
6. PENDAPATAN FAEDAH
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)
35,718 - -
35,718
78,042 8,538
425,520 512,100
63,766 16,369 4,109
84,244
120,078 - -
120,078
2012RM
2012RM
2011RM
2011RM
Dana AmAssurance Equity Dana AmAssurance Bond
Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen Sekuriti kerajaan Malaysia Bon korporat
46,381 8,219
54,600
85,910 127,965 213,875
33,775 -
33,775
100,931 343,156 444,087
2012RM
2012RM
2011RM
2011RM
Dana AmAssurance Balanced Dana AmAssurance Dana Teguh
Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen Bon korporat
12,234 52,683
2012RM
2011RM
Dana AmAssuranceAmOasis Islamic Equity
Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen
15,555 5,878
2012RM
2011RM
AmAssuranceAmAsia Star CGF
745
6,278
2012RM
2011RM
Dana AmAssuranceGlobal Emerging Market
Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen
5,693
6,112
2012RM
2011RM
Dana AmAssuranceGlobal Agribusiness
24,649
27,890
2012RM
2011RM
Dana AmAssurancePrecious Metals
Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen
309
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
30,028
27.10.2011 hingga 31.03.2012
RM
Dana AmAssuranceDividend
Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen
- 100,918
01.04.2011 hingga 31.03.2012
RM
11.10.2010 hingga 31.03.2011
RM
AmAssuranceAmCommodity Stable CGF
19,515 24,355
2012RM
2011RM
AmAssuranceAmAsia Recovery CGF
Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen
171 9,278
01.04.2011 hingga 31.03.2012
RM
21.03.2011 hingga 31.03.2011
RM
AmAssuranceAmCurrency Income II CGF
7,080
104,225
01.04.2011 hingga 31.03.2012
RM
16.08.2010 hingga 31.03.2011
RM
AmAssuranceAmCurrency Income CGF
Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)6. PENDAPATAN FAEDAH (bersambung)
310
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
7. PENDAPATAN DIVIDEN
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)
133,124
- 133,124
31,983
- 31,983
73,605
- 73,605
275,331
11,630 286,961
2012RM
2012RM
2011RM
2011RM
Dana AmAssurance Equity Dana AmAssurance Bond
Dividen kasar daripada: Sekuriti ekuiti tersiar harga di Malaysia Unit tersiar harga dan dana amanah hartanah di Malaysia
167,618
- 167,618
118,516
118,516
56,230
- 56,230
306,852
67,979374,831
2012RM
2012RM
2011RM
2011RM
Dana AmAssurance Balanced Dana AmAssurance Dana Teguh
Dividen kasar daripada: Sekuriti ekuiti tersiar harga di Malaysia Unit tersiar harga dan dana amanah hartanah di Malaysia
27.10.2011 hingga 31.03.2012
RM
Dana AmAssurance Dividend
Dividen kasar daripada: Sekuriti ekuiti tersiar harga di Malaysia Unit tersiar harga dan dana amanah hartanah di Malaysia
42,177
9,585 51,762
2012RM
2011RM
Dana AmAssuranceGlobal Emerging Market
2012RM
2011RM
Dana AmAssuranceAmOasis Islamic Equity
Dividen kasar daripada: Sekuriti ekuiti tersiar harga di Malaysia Unit tersiar harga dan dana amanah hartanah di Malaysia
28,369
- 28,369
1,281
- 1,281
-
- -
28,972
- 28,972
01.04.2011 hingga 31.03.2012
RM
11.10.2010 hingga 31.03.2011
RM
AmAssuranceAmCommodity Stable CGF
2012RM
2011RM
Dana AmAssurancePrecious Metals
Dividen kasar daripada: Sekuriti ekuiti tersiar harga di Malaysia Unit tersiar harga dan dana amanah hartanah di Malaysia
-
146,566 146,566
2,037
- 2,037
-
- -
-
- -
311
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
8. CUKAI
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)
-
39,223
39,223
1,534
(13,361)
(11,827)
Cukai pendapatan Malaysia: Peruntukan tahun semasa
Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4)
Perbelanjaan cukai bagi tahun
2012RM
2011RM
Dana AmAssuranceAmOasis Islamic Equity
2012RM
2012RM
2011RM
2011RM
Dana AmAssurance Equity Dana AmAssurance Bond
143,057
(39,778)
103,279
36,938
25,009
61,947
27,014
(9,783)
17,231
(17,672)
(27,553)
(45,225)
Cukai pendapatan Malaysia: Peruntukan tahun semasa
Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4)
Perbelanjaan cukai bagi tahun
2012RM
2012RM
2011RM
2011RM
Dana AmAssurance Balanced Dana AmAssurance Dana Teguh
120,811
(34,036)
86,775
21,037
(15,484)
5,553
65,842
(17,257)
48,585
(1,997)
(29,423)
(31,420)
Cukai pendapatan Malaysia: Peruntukan tahun semasa
Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4)
Perbelanjaan cukai bagi tahun
1,089
(81)
1,008
441
(468,384)
(467,943)
1,244
264,825
266,069
1,366
(6,213)
(4,847)
Cukai pendapatan Malaysia: Peruntukan tahun semasa
Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4)
Perbelanjaan cukai bagi tahun
2012RM
2011RM
AmAssuranceAmAsia Star CGF
2012RM
2011RM
Dana AmAssuranceGlobal Emerging Market
312
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
1,561
182,335
183,896
8,073
4,106
12,179
-
(15,165)
(15,165)
1,948
205,793
207,741
Cukai pendapatan Malaysia: Peruntukan tahun semasa
Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4)
Perbelanjaan cukai bagi tahun
01.04.2011 to 31.03.2012
RM
11.10.2010 to 31.03.2011
RM
AmAssuranceAmCommodity Stable CGF
2012RM
2011RM
AmAssurance AmAsia Recovery CGF
566
(77,505)
(76,939)
743
(21,122)
(20,379)
14
(13,062)
(13,048)
8,338
60,084
68,422
Cukai pendapatan Malaysia: Peruntukan tahun semasa
Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4)
Perbelanjaan cukai bagi tahun
01.04.2011 to 31.03.2012
RM
21.03.2011 to 31.03.2011
RM
AmAssurance AmCurrency Income II CGF
01.04.2011 to 31.03.2012
RM
16.08.2010 to 31.03.2011
RM
AmAssuranceAmCurrency Income CGF
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)8. CUKAI (bersambung)
1,972
1,710
3,682
489
(5,931)
(5,442)
455
5,992
6,447
(817)
(85,985)
(86,802)
Cukai pendapatan Malaysia: Peruntukan tahun semasa
Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4)
Perbelanjaan cukai bagi tahun
2012RM
2011RM
Dana AmAssuranceGlobal Agribusiness
2012RM
2011RM
Dana AmAssurancePrecious Metals
313
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)8. CUKAI (bersambung)
Cukai pendapatan Malaysia: Peruntukan tahun semasa
Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4)
Perbelanjaan cukai bagi tahun
27.10.2011 hingga 31.03.2012
RM
Dana AmAssuranceDividend
5,449
11,543
16,992
Caj cukai ke atas Dana-dana adalah berkaitan dengan pendapatan pelaburan yang diterima dan diperolehi di atas pelupusan pelaburan-pelaburan semasa tahun/tempoh, pada kadar cukai utama sebanyak 8% (2011: 8%) menurut kaedah yang ditetapkan di bawah Akta Cukai Pendapatan, 1967 untuk perniagaan insurans hayat.
Satu penyesuaian perbelanjaan cukai pendapatan yang digunapakai kepada lebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukai pada kadar cukai yang digunapakai kepada dana-dana berkaitan pelaburan, kepada perbelanjaan cukai pendapatan pada kadar cukai pendapatan efektif, adalah seperti berikut:
2012RM
2012RM
2011RM
2011RM
Dana AmAssurance Equity Dana AmAssurance Bond
1,360,220
108,818 (7,473)
1,934 103,279
715,930
57,275 (4,765)
9,437 61,947
274,448
21,956 (6,429)
1,704 17,231
(604,720)
(48,378) (14,039)
17,192 (45,225)
(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukai
Cukai pada caj cukai Malaysia sebanyak 8%Pendapatan tidak tertakluk kepada cukaiPerbelanjaan tidak boleh potong untuk tujuan cukai
2012RM
2012RM
2011RM
2011RM
Dana AmAssurance Balanced Dana AmAssurance Dana Teguh
1,166,422
93,314 (42,332)
35,793 86,775
13,782
1,104 (6,288)
10,737 5,553
640,332
51,227 (20,644)
18,003 48,585
(514,191)
(41,135) (12,117)
21,832 (31,420)
(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukai
Cukai pada caj cukai Malaysia sebanyak 8%Pendapatan tidak tertakluk kepada cukaiPerbelanjaan tidak boleh potong untuk tujuan cukai
314
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)8. CUKAI (bersambung)
382,445
30,596 (3,248)
11,875 39,223
(176,356)
(14,108) (1,728)
4,009 (11,827)
(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukai
Cukai pada caj cukai Malaysia sebanyak 8%Pendapatan tidak tertakluk kepada cukaiPerbelanjaan tidak boleh potong untuk tujuan cukai
2012RM
2011RM
Dana AmAssuranceAmOasis Islamic Equity
4,167
333 -
675 1,008
(22,428)
(1,795) (475,538)
9,390 (467,943)
2,309,851
184,788 -
81,281 266,069
(70,861)
(5,668) (103)
924 (4,847)
(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukai
Cukai pada caj cukai Malaysia sebanyak 8%Pendapatan tidak tertakluk kepada cukaiPerbelanjaan tidak boleh potong untuk tujuan cukai
2012RM
2011RM
AmAssuranceAmAsia Star CGF
2012RM
2011RM
Dana AmAssuranceGlobal Emerging Market
169,668
13,573 (11,726)
1,835 3,682
(79,371)
(6,350)-
908 (5,442)
69,488
5,559 -
888 6,447
(1,108,166)
(88,653)-
1,851 (86,802)
(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukai
Cukai pada caj cukai Malaysia sebanyak 8%Pendapatan tidak tertakluk kepada cukaiPerbelanjaan tidak boleh potong untuk tujuan cukai
2012RM
2011RM
Dana AmAssuranceGlobal Agribusiness
2012RM
2011RM
Dana AmAssurancePrecious Metals
315
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)8. CUKAI (bersambung)
1,448,463
115,877 -
68,019 183,896
123,103
9,848 (163)
2,494 12,179
(208,379)
(16,670) -
1,505 (15,165)
1,747,794
139,824 -
67,917 207,741
Lebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukai
Cukai pada caj cukai Malaysia sebanyak 8%Pendapatan tidak tertakluk kepada cukaiPerbelanjaan tidak boleh potong untuk tujuan cukai
01.04.2011 hingga 31.03.2012
RM
11.10.2010 hingga 31.03.2011
RM
AmAssuranceAmCommodity Stable CGF
2012RM
2011RM
AmAssuranceAmAsia Recovery CGF
(1,106,034)
(88,483) -
11,544 (76,939)
(351,515)
(28,121)-
7,742 (20,379)
(173,867)
(13,909) -
861 (13,048)
633,971
50,717 -
17,705 68,422
Lebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukai
Cukai pada caj cukai Malaysia sebanyak 8%Pendapatan tidak tertakluk kepada cukaiPerbelanjaan tidak boleh potong untuk tujuan cukai
01.04.2011 hingga 31.03.2012
RM
21.03.2011 hingga 31.03.2011
RM
AmAssuranceAmCurrency Income II CGF
01.04.2011 hingga 31.03.2012
RM
16.08.2010 hingga 31.03.2011
RM
AmAssuranceAmCurrency Income CGF
Lebihan pendapatan daripada perbelanjaan sebelum cukai
Cukai pada caj cukai Malaysia sebanyak 8%Pendapatan tidak tertakluk kepada cukaiPerbelanjaan tidak boleh potong untuk tujuan cukai
27.10.2011 hingga 31.03.2012
RM
Dana AmAssuranceDividend
207,307
16,585 (2,626)
3,03316,992
9. LIABILITI DAN KOMITMEN LUAR JANGKA
Pada 31 Mac 2012, Dana-dana tidak mempunyai sebarang liabiliti atau komitmen luar jangka yang besar yang tidak dimasukkan di dalam penyata-penyata kewangan.
316
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)
10. PENDEDAHAN PIHAK BERKAITAN YANG PENTING
(a) Pihak berkaitan
Pihak-pihak yang berkaitan dan hubungannya dengan Pengurus adalah seperti berikut:
Nama Hubungan
AmInvestment Bank Berhad Syarikat berkaitan lain
AmBank (M) Berhad Syarikat berkaitan lain
AmIslamic Bank (M) Berhad Syarikat berkaitan lain
AmSec Nominees (Tempatan) Sendirian Berhad Syarikat berkaitan lain
AmTrustee Berhad Syarikat berkaitan lain
Dalam urus niaga biasa, Pengurus menjalankan pelbagai transaksi dengan subsidiari-subsidiari dan syarikat-syarikat yang berkaitan dengan syarikat pemegang utamanya, AMMB Holdings Berhad dan lain-lain syarikat yang dianggap sebagai pihak berkaitan memandangkan pemegangan saham pengarah yang sama dan kepentingan sebuah pemegang saham korporat di dalam syarikat pemegang utamanya.
(b) Kakitangan pengurusan utama
Seiring dengan klasifikasi kumpulan, kakitangan pengurusan utama Pengurus adalah termasuk para pengarah dan Ketua Pegawai Eksekutif. Tiada transaksi besar telah dijalankan dengan kakitangan pengurusan utama semasa tahun ini.
(c) Baki pihak berkaitan
Pada akhir tahun/tempoh kewangan, baki-baki besar pihak yang berkaitan dengan Dana-dana dengan pihak-pihak yang berkaitan dengan Pengurus, adalah seperti berikut:
2012RM
2011RM
Dana AmAssurance Equity
5,012,700
6,449,875 4,395
-
3,409,000 2,686
AmSec Nominees (Tempatan) Sendirian Berhad Pelaburan
AmBank (M) Berhad Deposit dengan bank berlesen Tunai dan baki di bank
317
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)10. PENDEDAHAN PIHAK BERKAITAN YANG PENTING (c) Baki pihak berkaitan (bersambung)
2012RM
2011RM
Dana AmAssurance Bond
6,002,949
4,445,617 1,310
-
1,352,233 138
AmSec Nominees (Tempatan) Sendirian Berhad Pelaburan AmBank (M) Berhad Deposit dengan bank berlesen Tunai dan baki di bank
2012RM
2011RM
Dana AmAssurance Balanced
2012RM
2011RM
Dana AmAssurance Dana Teguh
2,255,950
4,207,847 917
-
2,827,762 150
AmSec Nominees (Tempatan) Sendirian Berhad Pelaburan
AmIslamic Bank (M) Berhad Deposit dengan bank berlesen Tunai dan baki di bank
2012RM
2011RM
Dana AmAssuranceAmOasis Islamic Equity
995,300
1,905,363 1,437
-
1,186,000 891
AmSec Nominees (Tempatan) Sendirian Berhad Pelaburan AmBank (M) Berhad Deposit dengan bank berlesen Tunai dan baki di bank
5,925,800
2,014,900
8,225,921 3,147
-
-
1,425,383 2,420
AmSec Nominees (Tempatan) Sendirian Berhad Pelaburan
AmTrustee Berhad Pelaburan AmBank (M) Berhad Deposit dengan bank berlesen Tunai dan baki di bank
318
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
2012RM
2011RM
Dana AmAssurance Global Emerging Market
4,105 9,286 AmBank (M) Berhad Tunai dan baki di bank
2012RM
2011RM
AmAssuranceAmAsia Star CGF
680,482 2,043
- -
AmBank (M) Berhad Deposit dengan bank berlesen Tunai dan baki di bank
2012RM
2011RM
Dana AmAssurancePrecious Metals
2,342,278 418
710,712 947
AmIslamic Bank (M) Berhad Deposit dengan bank berlesen Tunai dan baki di bank
2012RM
2011RM
Dana AmAssuranceGlobal Agribusiness
236 5,491 AmBank (M) Berhad Tunai dan baki di bank
2012RM
2011RM
AmAssuranceAmAsia Recovery CGF
855,138 536
878,792 528
AmBank (M) Berhad Deposit dengan bank berlesen Tunai dan baki di bank
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)10. PENDEDAHAN PIHAK BERKAITAN YANG PENTING (c) Baki pihak berkaitan (bersambung)
319
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
2012RM
2011RM
AmAssuranceAmCommodity Stable CGF
4,020 4,239 AmBank (M) Berhad Tunai dan baki di bank
2012RM
2011RM
AmAssuranceAmCurrency Income CGF
931 659 AmBank (M) Berhad Tunai dan baki di bank
2012RM
2011RM
AmAssuranceAmCurrency Income II CGF
471 181 AmBank (M) Berhad Tunai dan baki di bank
Dana AmAssuranceDividend
1,532,440 1,345
AmBank (M) Berhad Deposit dengan bank berlesen Tunai dan baki di bank
2012RM
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)10. PENDEDAHAN PIHAK BERKAITAN YANG PENTING (c) Baki pihak berkaitan (bersambung)
320
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(d) Baki pihak berkaitan
Semasa tahun kewangan, transaksi-transaksi pihak berkaitan Dana-dana dengan pihak-pihak berkaitan Pengurus, adalah seperti berikut:
2012RM
2012RM
2012RM
2012RM
2011RM
2011RM
2011RM
2011RM
Dana AmAssurance Equity
Dana AmAssurance Bond
Dana AmAssurance Balanced
Dana AmAssurance Dana Teguh
35,718
2,655
63,766
2,711
46,380
3,259
33,775
1,611
120,078
6,297
78,042
4,976
100,931
8,863
85,910
4,323
AmBank (M) Berhad Pendapatan pelaburan: Pendapatan faedah AmTrustee Berhad Perbelanjaan pengurusan: Yuran pemegang amanah
AmBank (M) Berhad Pendapatan pelaburan: Pendapatan faedah AmTrustee Berhad Perbelanjaan pengurusan: Yuran pemegang amanah
AmBank (M) Berhad Pendapatan pelaburan: Pendapatan faedah AmTrustee Berhad Perbelanjaan pengurusan: Yuran pemegang amanah
AmIslamic Bank (M) Berhad Pendapatan pelaburan: Pendapatan faedah AmTrustee Berhad Perbelanjaan pengurusan: Yuran pemegang amanah
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)10. PENDEDAHAN PIHAK BERKAITAN YANG PENTING (bersambung)
321
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
12,234
10
420
52,683
-
629
AmIslamic Bank (M) Berhad Pendapatan pelaburan: Pendapatan faedah
Perbelanjaan pengurusan: Caj bank AmTrustee Berhad Perbelanjaan pengurusan: Yuran pemegang amanah
10-
AmBank (M) Berhad Perbelanjaan pengurusan: Caj bank
15,555
35
5,878
-
AmBank (M) Berhad Pendapatan pelaburan: Pendapatan faedah Perbelanjaan pengurusan: Caj bank
13,607
10
27,890
10
AmIslamic Bank (M) Berhad Pendapatan pelaburan: Pendapatan faedah Perbelanjaan pengurusan: Caj bank
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)10. PENDEDAHAN PIHAK BERKAITAN YANG PENTING (d) Baki pihak berkaitan (bersambung)
2012RM
2011RM
Dana AmAssurance AmOasis Islamic Equity
2012RM
2011RM
Dana AmAssuranceGlobal Emerging Market
2012RM
2011RM
AmAssuranceAmAsia Star CGF
2012RM
2011RM
Dana AmAssurancePrecious Metals
322
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
10-
AmBank (M) Berhad Perbelanjaan pengurusan: Caj bank
10-
AmBank (M) Berhad Perbelanjaan pengurusan: Caj bank
7,080
20
11,665
10
AmBank (M) Berhad Pendapatan pelaburan: Pendapatan faedah
Perbelanjaan pengurusan: Caj bank
19,515
40
24,355
20
AmBank (M) Berhad Pendapatan pelaburan: Pendapatan faedah
Perbelanjaan pengurusan: Caj bank
2012RM
2011RM
Dana AmAssuranceGlobal Agribusiness
01.04.2011 hingga 31.03.2012
RM
11.10.2010 hingga 31.03.2011
RM
AmAssuranceAmCommodity Stable CGF
01.04.2011 hingga 31.03.2012
RM
16.08.2010 hingga 31.03.2011
RM
AmAssuranceAmCurrency Income CGF
2012RM
2011RM
AmAssuranceAmAsia Recovery CGF
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)10. PENDEDAHAN PIHAK BERKAITAN YANG PENTING (d) Baki pihak berkaitan (bersambung)
323
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
171
-
-
10
AmBank (M) Berhad Pendapatan pelaburan: Pendapatan faedah
Perbelanjaan pengurusan: Caj bank
01.04.2011 hingga 31.03.2012
RM
21.03.2011 hingga 31.03.2011
RM
AmAssuranceAmCurrency Income II CGF
Dana AmAssuranceDividend
27.10.2011 hingga 31.03.2012
RM
AmBank (M) Berhad Pendapatan pelaburan: Pendapatan faedah
Perbelanjaan pengurusan: Caj bank
AmTrustee Berhad Perbelanjaan pengurusan: Yuran pemegang amanah
30,028
12
888
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)10. PENDEDAHAN PIHAK BERKAITAN YANG PENTING (d) Baki pihak berkaitan (bersambung)
324
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)
11. NILAI SAKSAMA INSTRUMEN KEWANGAN
(a) Tatatingkat nilai saksama
Dana-dana menggunakan tatatingkat berikut untuk menentukan dan mendedahkan nilai saksama instrumen-instrumen kewangan melalui teknik penilaian: Tahap 1: Harga-harga tersiar harga (tidak diselaraskan) di dalam pasaran-pasaran aktif untuk aset-aset
atau liabiliti-liabiliti yang sama.
Tahap 2: Lain-lain teknik yang mana semua input yang mempengaruhi secara besar nilai saksama yang telah direkodkan boleh dilihat, sama ada secara langsung atau tidak langsung.
Tahap 3: Teknik yang menggunakan input-input yang mempengaruhi secara besar nilai saksama yang
telah direkodkan yang tidak berdasarkan kepada data pasaran yang boleh dilihat.
Jadual-jadual berikut menunjukkan analisa instrumen-instrumen kewangan yang telah direkodkan pada nilai saksama mengikut tahap tatatingkat nilai saksama:
FVTPL: 2012 Sekuriti ekuiti tersiar hargaUnit tersiar harga dan dana amanah hartanah
2011 Sekuriti ekuiti tersiar harga
FVTPL: 2012 Bon korporat tidak tersiar hargaUnit tidak tersiar harga dan dana amanah hartanah
2011 Bon korporat tidak tersiar hargaSekuriti kerajaan MalaysiaUnit tidak tersiar harga dan dana amanah hartanah
- - -
- -
9,265,363 1,100,970 10,366,333
1,007,449 4,995,500
917,519 6,920,468
10,212,233 1,000,500 11,212,733
5,012,700 5,012,700
9,265,363 1,100,970 10,366,333
1,007,449 4,995,500
917,519 6,920,468
10,212,233 1,000,500
11,212,733
5,012,700 5,012,700
- - -
- - - -
- - -
- -
- - -
- - - -
Tahap 1RM’000
Tahap 1RM’000
Tahap 3 RM’000
Tahap 3 RM’000
Tahap 2RM’000
Tahap 2RM’000
Jumlah RM’000
Jumlah RM’000
(i) Dana AmAssurance Equity
(ii) Dana AmAssurance Bond
325
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(iv) Dana AmAssurance Dana Teguh
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)11. NILAI SAKSAMA INSTRUMEN KEWANGAN (a) Tatatingkat nilai saksama (bersambung)
Tahap 1RM’000
Tahap 1RM’000
Tahap 1RM’000
Tahap 3 RM’000
Tahap 3 RM’000
Tahap 3 RM’000
Tahap 2RM’000
Tahap 2RM’000
Tahap 2RM’000
Jumlah RM’000
Jumlah RM’000
Jumlah RM’000
(iii) Dana AmAssurance Balanced
FVTPL: 2012 Sekuriti ekuiti tersiar harga Bon korporat tidak tersiar harga Unit tersiar harga dan dana amanah hartanah
2011Sekuriti ekuiti tersiar harga Bon korporat tidak tersiar harga Unit tidak tersiar harga dan dana amanah hartanah
FVTPL: 2012 Sekuriti ekuiti tersiar hargaBon korporat tidak tersiar hargaUnit tersiar harga dan dana amanah hartanah
2011Sekuriti ekuiti tersiar hargaUnit tidak tersiar harga dan dana amanah hartanah
FVTPL: 2012 Sekuriti ekuiti tersiar hargaUnit tidak tersiar harga dan dana amanah hartanah
2011Sekuriti ekuiti tersiar hargaUnit tidak tersiar harga dan dana amanah hartanah
- 5,786,431
- 5,786,431
- 2,014,900 1,020,711 3,035,611
- 2,366,427
293,655 2,660,082
- 468,053 468,053
- 1,158,578 1,158,578
- 1,403,995 1,403,995
12,833,984 5,786,431 1,316,750 19,937,165
5,925,800 2,014,900 1,020,711 8,961,411
7,434,120 2,366,427
293,655 10,094,202
2,255,950 468,053
2,724,003
2,004,200 1,158,578 3,162,778
995,300 1,403,995 2,399,295
12,833,984
- 1,316,750
14,150,734
5,925,800 - -
5,925,800
7,434,120
- -
7,434,120
2,255,950 -
2,255,950
2,004,200
- 2,004,200
995,300 -
995,300
- - - -
- - - -
- - - -
- - -
- - -
- - -
(v) Dana AmAssurance AmOasis Islamic Equity
326
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(viii) Dana AmAssurance Precious Metals
(vii) AmAssurance AmAsia Star CGF
Tahap 1RM’000
Tahap 1RM’000
Tahap 1RM’000
Level 1 RM’000
Tahap 3 RM’000
Tahap 3 RM’000
Tahap 3 RM’000
Level 3 RM’000
Tahap 2RM’000
Tahap 2RM’000
Tahap 2RM’000
Level 2 RM’000
Jumlah RM’000
Jumlah RM’000
Jumlah RM’000
Total RM’000
FVTPL: 2012 Unit tidak tersiar harga dan dana amanah hartanah
2011Unit tidak tersiar harga dan dana amanah hartanah
FVTPL: 2012 Produk berstruktur
2011Produk berstruktur
FVTPL: 2012 Unit tidak tersiar harga dan dana amanah hartanah
2011Unit tidak tersiar harga dan dana amanah hartanah
FVTPL: 2012 Unit tidak tersiar harga dan dana amanah hartanah
2011Unit tidak tersiar harga dan dana amanah hartanah
503,357 503,357
526,629 526,629
- -
102,244,800 102,244,800
- -
102,244,800 102,244,800
4,346,463 4,346,463
2,155,329 2,155,329
1,231,837 1,231,837
950,131 950,131
503,357 503,357
526,629 526,629
4,346,463 4,346,463
2,155,329 2,155,329
1,231,837 1,231,837
950,131 950,131
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
(vi) Dana AmAssurance Global Emerging Market
(ix) Dana AmAssurance Global Agribusiness
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)11. NILAI SAKSAMA INSTRUMEN KEWANGAN (a) Tatatingkat nilai saksama (bersambung)
327
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Tahap 1RM’000
Tahap 3 RM’000
Tahap 2RM’000
Jumlah RM’000
FVTPL: 2012 Produk berstrukturUnit tidak tersiar harga dan dana amanah hartanah
2011Produk berstrukturUnit tidak tersiar harga dan dana amanah hartanah
4,576,856 78,013
4,654,869
4,525,534 75,745
4,601,279
4,576,856 78,013
4,654,869
4,525,534 75,745
4,601,279
- - -
- - -
- - -
- - -
(x) AmAssurance AmAsia Recovery CGF
Tahap 1RM’000
Tahap 1RM’000
Tahap 3 RM’000
Tahap 3 RM’000
Tahap 2RM’000
Tahap 2RM’000
Jumlah RM’000
Jumlah RM’000
FVTPL: 2012 Produk berstruktur
2011Produk berstruktur
FVTPL: 2012 Produk berstruktur
2011Produk berstruktur
89,964,705 89,964,705
87,392,289 87,392,289
43,956,265 43,956,265
43,205,210 43,205,210
89,964,705 89,964,705
87,392,289 87,392,289
43,956,265 43,956,265
43,205,210 43,205,210
- -
- -
- -
- -
- -
- -
- -
- -
(xii) AmAssurance AmCurrency Income CGF
(xi) AmAssurance AmCommodity Stable CGF
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)11. NILAI SAKSAMA INSTRUMEN KEWANGAN (a) Tatatingkat nilai saksama (bersambung)
328
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(xiv) Dana AmAssurance Dividend
Tahap 1RM’000
Tahap 1RM’000
Tahap 3 RM’000
Tahap 3 RM’000
Tahap 2RM’000
Tahap 2RM’000
Jumlah RM’000
Jumlah RM’000
FVTPL: 2012 Produk berstruktur
2011Produk berstruktur
FVTPL: 2012 Sekuriti ekuiti tersiar hargaUnit tersiar harga dan dana amanah hartanah
17,626,756 17,626,756
17,890,776 17,890,776
- --
3,026,254 904,750
3,931,004
- -
- -
3,026,254 904,750
3,931,004
- -
- -
- --
(xiii) AmAssurance AmCurrency Income II CGF
17,626,756 17,626,756
17,890,776 17,890,776
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)11. NILAI SAKSAMA INSTRUMEN KEWANGAN (a) Tatatingkat nilai saksama (bersambung)
329
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)
2012RM
2012RM
2011RM
2011RM
Dana AmAssurance Equity Dana AmAssurance Bond
- -
6,449,875 161,525
4,395 6,615,795
9,265,363 -
1,352,233 301,125
138 10,918,859
1,007,449 4,995,500
4,445,617 110,799
1,310 10,560,675
- -
3,409,000 14,341 2,686
3,426,027
Pelaburan: Bon korporat tidak tersiar harga Sekuriti kerajaan Malaysia Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
2012RM
2012RM
2011RM
2011RM
Dana AmAssurance Balanced Dana AmAssurance Dana Teguh
2,014,900
8,225,921 491,786
3,147 10,735,754
2,366,427
2,827,762 279,038
150 5,473,377
-
4,207,847 227,778
917 4,436,542
5,786,431
1,425,383 192,275
2,420 7,406,509
Pelaburan: Bon korporat tidak tersiar harga Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
12. RISIKO KEWANGAN
(1) Risiko kredit
Risiko kredit adalah risiko yang mana pihak bertentangan dengan instrumen kewangan akan menyebabkan kerugian kewangan kepada Dana-dana dengan kegagalan menjalankan satu obligasi. Dana-dana terdedah kepada risiko kerugian-kerugian berkaitan kredit yang boleh berlaku akibat daripada satu pihak bertentangan atau penerbit gagal atau enggan memenuhi obligasi-obligasi berkontraknya untuk membuat pembayaran balik faedah, pokok dan hasil kutipan daripada realisasi pelaburan-pelaburan tepat pada masanya.
Pengurus menguruskan risiko kredit Dana-dana dengan menjalankan semakan kredit dan pengawasan terperinci terhadap sebarang perubahan kepada profil kredit penerbit/pihak bertentangan untuk meminimumkan risiko sedemikian. Adalah merupakan polisi Dana-dana untuk menyertai instrumen-instrumen kewangan dengan pihak-pihak bertentangan yang bereputasi baik. Pengurus juga mengawasi secara terperinci keupayaan kredit pihak-pihak bertentangan Dana-dana (contohnya broker-broker, penjaga, bank-bank dan lain-lain) dengan menyemak penarafan-penarafan kredit dan profil kredit mereka secara berkala.
Pendedahan kredit
Jadual di bawah menunjukkan pendedahan maksimum kepada risiko kredit untuk komponen-komponen
penyata kedudukan kewangan dan butiran-butiran seperti komitmen-komitmen masa hadapan. Pendedahan maksimum ditunjukkan kasar, sebelum kesan pengurangan melalui penggunaan jaringan utama atau perjanjian-perjanjian bercagar dan penggunaan derivatif-derivatif kredit.
330
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
2,342,278
93,587 418
2,436,283
227,762 16,623 5,491
249,876
399,502 4,396
236 404,134
710,712 43,810
947 755,469
Pelaburan: Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
2012RM
2011RM
Dana AmAssurance Global Agribusiness
2012RM
2011RM
Dana AmAssurance Precious Metals
225,240
586 4,105
229,931
- - - -
102,244,800
680,482 25,332 2,043
102,952,657
221,975 528
9,286 231,789
Pelaburan: Deposit instrumen boleh niaga kadar terapung Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
2012RM
2011RM
AmAssurance AmAsia Star CGF
2012RM
2011RM
Dana AmAssurance Global Emerging Market
-
1,905,363 92,320 1,437
1,999,120
-
1,186,000 17,946
891 1,204,837
Pelaburan: Bon korporat tidak tersiar harga Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
2012RM
2011RM
Dana AmAssurance AmOasis Islamic Equity
87,392,289
855,138 444 536
88,248,407
4,576,856
- 228
4,239 4,581,323
4,525,534
- 227
4,020 4,529,781
89,964,705
878,792
144 528
90,844,169
Pelaburan: Deposit instrumen boleh niaga kadar terapung Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
2011RM
2011RM
AmAssurance AmCommodity Stable CGF
2012RM
2011RM
AmAssurance AmAsia Recovery CGF
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (1) Risiko kredit. Pendedahan kredit (bersambung)
331
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Pelaburan: Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
2012RM
Dana AmAssurance Dividend
1,532,440 7,013
1,345 1,540,798
43,205,210
454,975 1,778
931 43,662,894
17,626,756
252,150 105 181
17,879,192
17,890,776
320,000 171 471
18,211,418
43,956,265
255,164 1,581
659 44,213,669
Pelaburan: Deposit instrumen boleh niaga kadar terapung Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
2012RM
2012RM
AmAssurance AmCurrency Income II CGF
2012RM
2012RM
AmAssurance AmCurrency Income CGF
- - - -
- - - -
3,409,000 510
2,686 3,412,196
6,449,875 937
4,395 6,455,207
- - - -
- - - -
- - - -
- - - -
- 13,831
- 13,831
- 160,588
- 160,588
- - - -
- - - -
3,409,000 14,341 2,686
3,426,027
6,449,875 161,525
4,395 6,615,795
Tidak rosak mahupun tertunggak
Pendedahan kredit mengikut penarafan kredit
Jadual di bawah menyediakan maklumat berkenaan pendedahan-pendedahan risiko kredit Dana-dana dengan mengklasifikasikan aset-aset menurut penarafan-penarafan kredit Dana-dana pihak-pihak bertentangan.
(i) Dana AmAssurance Equity
AAA RM
AA RM
A RM
Jaminan Kerajaan
(GG)RM
Tidak ditarafkan
RM
Tertunggak tetapi
tidak rosakRM
Jumlah RM
2012 Pelaburan: Deposit dengan institusi kewangan berlesen lain-lain belum terima Tunai dan baki di bank
2011Pelaburan: Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (1) Risiko kredit. Pendedahan kredit (bersambung)
332
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Tidak rosak mahupun tertunggak
Tidak rosak mahupun tertunggak
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (1) Risiko kredit. Pendedahan kredit mengikut penarafan kredit (bersambung)
(ii) Dana AmAssurance Bond
AAA RM
AAA RM
AARM
AA RM
A RM
A RM
Jaminan Kerajaan
(GG)RM
Jaminan Kerajaan
(GG)RM
Tidak ditarafkan
RM
Tidak ditarafkan
RM
Tertunggak tetapi
tidak rosakRM
Tertunggak tetapi
tidak rosakRM
Jumlah RM
Jumlah RM
2,608,250
- - -
2,608,250
1,007,449 -
- - -
1,007,449
2,078,000
- - -
2,078,000
2,014,900
- - -
2,014,900
3,141,300
1,352,233 204 138
4,493,875
- -
4,445,617 2,301 1,310
4,449,228
1,533,300
1,425,383 213
2,420 2,961,316
-
8,225,921 1,194 3,147
8,230,262
981,313
- - -
981,313
- -
- - - -
1,668,231
- - -
1,668,231
-
- - - -
2,534,500
- - -
2,534,500
-4,995,500
- - -
4,995,500
506,900
- - -
506,900
-
- - - -
-
- 300,921
- 300,921
- -
- 108,498
- 108,498
-
- 192,062
- 192,062
-
- 490,592
- 490,592
-
- - - -
- -
- - - -
-
- - - -
-
- - - -
9,265,363
1,352,233 301,125
138 10,918,859
1,007,449 4,995,500
4,445,617 110,799
1,310 10,560,675
5,786,431
1,425,383 192,275
2,420 7,406,509
2,014,900
8,225,921 491,786
3,147 10,735,754
2012 Pelaburan: Bon korporat tidak tersiar harga Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
2011Pelaburan: Bon korporat tidak tersiar harga Sekuriti kerajaan Malaysia Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
2012 Pelaburan: Bon korporat tidak tersiar harga Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
2011Pelaburan: Bon korporat tidak tersiar harga Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
(iii) Dana AmAssurance Balanced
333
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(iv) Dana AmAssurance Dana Teguh
Tidak rosak mahupun tertunggak
AAA RM
AA RM
A RM
Jaminan Kerajaan
(GG)RM
Tidak ditarafkan
RM
Tertunggak tetapi
tidak rosakRM
Jumlah RM
- - - -
- - - -
1,186,000 182 891
1,187,073
1,905,363 271
1,437 1,907,071
- - - -
- - - -
- - - -
- - - -
-
17,764 -
17,764
- 92,049
- 92,049
- - - -
- - - -
1,186,000
17,946 891
1,204,837
1,905,363 92,320 1,437
1,999,120
2011Pelaburan: Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
2011Pelaburan: Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
(v) Dana AmAssurance AmOasis Islamic Equity
Tidak rosak mahupun tertunggak
AAA RM
AA RM
A RM
Jaminan Kerajaan
(GG)RM
Tidak ditarafkan
RM
Tertunggak tetapi
tidak rosakRM
Jumlah RM
-
- - - -
-
- - - -
763,840
2,827,762 434 150
3,592,186
-
4,207,847 600 917
4,209,364
588,788
- - -
588,788
-
- - - -
1,013,799
- - -
1,013,799
-
- - - -
-
- 278,604
- 278,604
-
- 227,178
- 227,178
-
- - - -
-
- - - -
2,366,427
2,827,762 279,038
150 5,473,377
-
4,207,847 227,778
917 4,436,542
2012Pelaburan: Bon korporat tidak tersiar harga Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
2011Pelaburan: Bon korporat tidak tersiar harga Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (1) Risiko kredit. Pendedahan kredit mengikut penarafan kredit (bersambung)
334
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Tidak rosak mahupun tertunggak
AAA RM
AA RM
A RM
Jaminan Kerajaan
(GG)RM
Tidak ditarafkan
RM
Tertunggak tetapi
tidak rosakRM
Jumlah RM
- - - --
102,244,800
680,482 352
2,043 102,927,677
- - - --
- - - --
-
- 24,980
- 24,980
- - - --
102,244,800
680,482 25,332 2,043
102,952,657
2011Pelaburan: Deposit instrumen boleh niaga kadar terapung Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
Tidak rosak mahupun tertunggak
AAA RM
AA RM
A RM
Jaminan Kerajaan
(GG)RM
Tidak ditarafkan
RM
Tertunggak tetapi
tidak rosakRM
Jumlah RM
221,975 36
- 222,011
225,240 120
- 225,360
- -
9,286 9,286
- -
4,105 4,105
- - - -
- - - -
- - - -
- - - -
- 492
- 492
- 466
- 466
- - - -
- - - -
221,975
528 9,286
231,789
225,240 586
4,105 229,931
2011Pelaburan: Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
2011Pelaburan: Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
(vi) Dana AmAssurance Global Emerging Market
(vii) AmAssurance AmAsia Star CGF
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (1) Risiko kredit. Pendedahan kredit mengikut penarafan kredit (bersambung)
335
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(viii) Dana AmAssurance Precious Metals
(ix) Dana AmAssurance Global Agribusiness
Tidak rosak mahupun tertunggak
Tidak rosak mahupun tertunggak
AAA RM
AAA RM
AA RM
AA RM
A RM
A RM
Jaminan Kerajaan
(GG)RM
Jaminan Kerajaan
(GG)RM
Tidak ditarafkan
RM
Tidak ditarafkan
RM
Tertunggak tetapi
tidak rosakRM
Tertunggak tetapi
tidak rosakRM
Jumlah RM
Jumlah RM
- - - -
- - - -
227,762 37
- 227,799
399,502 213
- 399,715
710,712 109 947
711,768
2,342,278 1,168
418 2,343,864
- -
5,491 5,491
- -
236 236
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- 43,701
- 43,701
- 92,419
- 92,419
- 16,586
- 16,586
- 4,183
- 4,183
- - - -
- - - -
- - - -
- - - -
710,712
43,810 947
755,469
2,342,278 93,587
418 2,436,283
227,762
16,623 5,491
249,876
399,502 4,396
236 404,134
2012 Pelaburan: Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
2011 Pelaburan: Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
2012 Pelaburan: Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
2011 Pelaburan: Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (1) Risiko kredit. Pendedahan kredit mengikut penarafan kredit (bersambung)
336
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Tidak rosak mahupun tertunggak
Tidak rosak mahupun tertunggak
AAA RM
AAA RM
AA RM
AA RM
A RM
A RM
Jaminan Kerajaan
(GG)RM
Jaminan Kerajaan
(GG)RM
Tidak ditarafkan
RM
Tidak ditarafkan
RM
Tertunggak tetapi
tidak rosakRM
Tertunggak tetapi
tidak rosakRM
Jumlah RM
Jumlah RM
(x) AmAssurance AmAsia Recovery CGF
- - - - -
-
- - - -
- - - -
- - - -
89,964,705
878,792 132 528
90,844,157
87,392,289
855,138 442 536
88,248,405
4,576,856 -
4,239 4,581,095
4,525,534 -
4,020 4,529,554
-
- - - -
- - - - -
- - - -
- - - -
-
- - - -
- - - - -
- - - -
- - - -
-
- 12
- 12
-
- 2 - 2
- 228
- 228
- 227
- 227
-
- - - -
- - - - -
- - - -
- - - -
89,964,705
878,792 144 528
90,844,169
87,392,289
855,138 444 536
88,248,407
4,576,856
228 4,239
4,581,323
4,525,534 227
4,020 4,529,781
2012 Pelaburan: Deposit instrumen boleh niaga kadar terapung Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
2011Pelaburan: Deposit instrumen boleh niaga kadar terapung Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
2012 Pelaburan: Deposit instrumen boleh niaga kadar terapung Lain-lain belum terima Tunai dan baki di bank
2011Pelaburan: Deposit instrumen boleh niaga kadar terapung Lain-lain belum terima Tunai dan baki di bank
(xi) AmAssurance AmCommodity Stable CGF
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (1) Risiko kredit. Pendedahan kredit mengikut penarafan kredit (bersambung)
337
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(xiii) AmAssurance AmCurrency Income II CGF
Tidak rosak mahupun tertunggak
AAA RM
AA RM
A RM
Jaminan Kerajaan
(GG)RM
Tidak ditarafkan
RM
Tertunggak tetapi
tidak rosakRM
Jumlah RM
-
255,164 42
- 255,206
-
454,975 236
- 455,211
43,956,265
- -
659 43,956,924
43,205,210
- -
931 43,206,141
-
- - - -
-
- - - -
-
- - - -
-
- - - -
- -
1,539 -
1,539
-
- 1,542
- 1,542
-
- - - -
-
- - - -
43,956,265
255,164 1,581
659 44,213,669
43,205,210
454,975 1,778
931 43,662,894
2012 Pelaburan: Deposit instrumen boleh niaga kadar terapung Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
2011Pelaburan: Deposit instrumen boleh niaga kadar terapung Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
(xii) AmAssurance AmCurrency Income CGF
Tidak rosak mahupun tertunggak
AAA RM
AA RM
A RM
Jaminan Kerajaan
(GG)RM
Tidak ditarafkan
RM
Tertunggak tetapi
tidak rosakRM
Jumlah RM
-
252,150 41
- 252,191
-
320,000 171
- 320,171
17,626,756
- -
181 17,626,937
17,890,776
- -
471 17,891,247
-
- - - -
-
- - - -
-
- - - -
-
- - - -
-
- 64
- 64
-
- - - -
-
- - - -
-
- - - -
17,626,756
252,150 105 181
17,879,192
17,890,776
320,000 171 471
18,211,418
2012 Pelaburan: Deposit instrumen boleh niaga kadar terapung Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
2011Pelaburan: Deposit instrumen boleh niaga kadar terapung Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (1) Risiko kredit. Pendedahan kredit mengikut penarafan kredit (bersambung)
338
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(xiv) Dana AmAssurance Dividend
Tidak rosak mahupun tertunggak
AAA RM
AA RM
A RM
Jaminan Kerajaan
(GG)RM
Tidak ditarafkan
RM
Tertunggak tetapi
tidak rosakRM
Jumlah RM
- - - -
1,532,440 229
1,345 1,534,014
- - - -
- - - -
- 6,784
- 6,784
- - - -
1,532,440
7,013 1,345
1,540,798
2012Pelaburan: Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (1) Risiko kredit. Pendedahan kredit mengikut penarafan kredit (bersambung)
339
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Semasa* RM
Bukan semasaRM
Jumlah
RM
Dana AmAssurance Equity
(2) Risiko kecairan
Risiko kecairan adalah risiko yang mana sebuah entiti, walaupun dapat membayar balik hutang, sama ada tidak mempunyai sumber-sumber kewangan yang mencukupi untuknya memenuhi obligasinya apabila tiba waktunya, atau boleh menjaminnya hanya pada kos yang berlebihan.
Jangkaan penggunaan atau penyelesaian aset
Jadual di bawah meringkaskan jangkaan penggunaan atau penyelesaian aset-aset:
- - - - - - -
- - - - - -
10,212,233 1,000,500 3,409,000
8,138 14,341 2,686
14,646,898
5,012,700 -
6,449,875 161,525
4,395 11,628,495
10,212,233 1,000,500 3,409,000
8,138 14,341 2,686
14,646,898
5,012,700 -
6,449,875 161,525
4,395 11,628,495
2012
ASETPelaburan: Sekuriti ekuiti tersiar harga Unit tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenAset cukai tertangguhLain-lain belum terimaTunai dan baki di bankJumlah aset
2011
ASETPelaburan: Sekuriti ekuiti tersiar harga Unit tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset
* Jangkaan penggunaan atau penyelesaian dalam tempoh 12 bulan dari tarikh Penyata Kedudukan Kewangan.
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (bersambung)
340
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Semasa* RM
Semasa* RM
Bukan semasaRM
Bukan semasaRM
Jumlah
RM
Jumlah
RM
Dana AmAssurance Bond
Dana AmAssurance Balanced
- - - - - - -
- - - - - - -
- - - - - - - -
- - - - - - - -
9,265,363 1,100,970 1,352,233
301,125 138
12,019,829
1,007,449 4,995,500
917,519 4,445,617
110,799 1,310
11,478,194
12,833,984 5,786,431 1,316,750 1,425,383
3,139 192,275
2,420 21,560,382
5,925,800 2,014,900
- 1,020,711 8,225,921
491,786 3,147
17,682,265
9,265,363 1,100,970 1,352,233 301,125
138 12,019,829
1,007,449 4,995,500
917,519 4,445,617
110,799 1,310
11,478,194
12,833,984 5,786,431 1,316,750 1,425,383
3,139 192,275
2,420 21,560,382
5,925,800 2,014,900
- 1,020,711 8,225,921
491,786 3,147
17,682,265
2012
ASET Pelaburan: Bon korporat tidak tersiar harga Unit tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset
2011
ASETPelaburan: Bon korporat tidak tersiar harga Sekuriti kerajaan Malaysia Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset
* Jangkaan penggunaan atau penyelesaian dalam tempoh 12 bulan dari tarikh Penyata Kedudukan Kewangan.
* Jangkaan penggunaan atau penyelesaian dalam tempoh 12 bulan dari tarikh Penyata Kedudukan Kewangan.
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (2) Risiko kecairan. Jangkaan penggunaan atau penyelesaian aset (bersambung)
2012
ASETPelaburan: Sekuriti ekuiti tersiar harga Bon korporat tidak tersiar harga Unit tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenAset cukai tertangguhLain-lain belum terimaTunai dan baki di bankJumlah aset
2011
ASETPelaburan: Sekuriti ekuiti tersiar harga Bon korporat tidak tersiar harga Unit tersiar harga dan dana amanah hartanah Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset
341
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Semasa* RM
Semasa* RM
Bukan semasaRM
Bukan semasaRM
Jumlah
RM
Jumlah
RM
Dana AmAssurance Dana Teguh
Dana AmAssurance AmOasis Islamic Equity
- - - - - - -
- - - - - -
- - - - - - -
- - - - - - - -
7,434,120 2,366,427
293,655 2,827,762
279,038 150
13,201,152
2,255,950 468,053
4,207,847 227,778
917 7,160,545
2,004,200 1,158,578 1,186,000
30,678 17,946
891 4,398,293
995,300 1,403,995 1,905,363
17,317 3,061
92,320 1,437
4,418,793
7,434,120 2,366,427
293,655 2,827,762
279,038 150
13,201,152
2,255,950 468,053
4,207,847 227,778
917 7,160,545
2,004,200 1,158,578 1,186,000
30,678 17,946
891 4,398,293
995,300 1,403,995 1,905,363
17,317 3,061
92,320 1,437
4,418,793
2012
ASETPelaburan: Sekuriti ekuiti tersiar harga Bon korporat tidak tersiar harga Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset
2011
ASETPelaburan: Sekuriti ekuiti tersiar harga Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset
* Jangkaan penggunaan atau penyelesaian dalam tempoh 12 bulan dari tarikh Penyata Kedudukan Kewangan.
* Jangkaan penggunaan atau penyelesaian dalam tempoh 12 bulan dari tarikh Penyata Kedudukan Kewangan.
2012
ASETPelaburan: Sekuriti ekuiti tersiar harga Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenAset cukai tertangguhLain-lain belum terimaTunai dan baki di bankJumlah aset
2011
ASETPelaburan: Sekuriti ekuiti tersiar harga Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenAset cukai tertangguhCukai boleh pulihLain-lain belum terimaTunai dan baki di bankJumlah aset
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (2) Risiko kecairan. Jangkaan penggunaan atau penyelesaian aset (bersambung)
342
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Semasa* RM
Semasa* RM
Bukan semasaRM
Bukan semasaRM
Jumlah
RM
Jumlah
RM
Dana AmAssurance Global Emerging Market
AmAssurance AmAsia Star CGF
- - - - - -
- - - - - -
- - - - -
503,357 221,975
2,103 528
9,286 737,249
526,629 225,240
67 586
4,105 756,627
102,244,800 680,482 25,332 2,043
102,952,657
503,357 221,975
2,103 528
9,286 737,249
526,629 225,240
67 586
4,105 756,627
102,244,800 680,482 25,332 2,043
102,952,657
2012
ASETPelaburan: Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenAset cukai tertangguhLain-lain belum terimaTunai dan baki di bankJumlah aset
2011
ASETPelaburan: Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenCukai boleh pulihLain-lain belum terimaTunai dan baki di bankJumlah aset
* Jangkaan penggunaan atau penyelesaian dalam tempoh 12 bulan dari tarikh Penyata Kedudukan Kewangan.
* Jangkaan penggunaan atau penyelesaian dalam tempoh 12 bulan dari tarikh Penyata Kedudukan Kewangan.
2011
ASETPelaburan: Produk berstruktur Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (2) Risiko kecairan. Jangkaan penggunaan atau penyelesaian aset (bersambung)
343
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Semasa* RM
Semasa* RM
Bukan semasaRM
Bukan semasaRM
Jumlah
RM
Jumlah
RM
Dana AmAssurance Precious Metals
Dana AmAssurance Global Agribusiness
- - - - - -
- - - - - -
- - - - -
- - - - -
4,346,463 710,712 89,864 43,810
947 5,191,796
2,155,329 2,342,278
3,879 93,587
418 4,595,491
1,231,837 227,762 16,623 5,491
1,481,713
950,131 399,502
4,396 236
1,354,265
4,346,463 710,712 89,864 43,810
947 5,191,796
2,155,329 2,342,278
3,879 93,587
418 4,595,491
1,231,837 227,762 16,623 5,491
1,481,713
950,131 399,502
4,396 236
1,354,265
2012
ASETPelaburan: Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenAset cukai tertangguhLain-lain belum terimaTunai dan baki di bankJumlah aset
2011
ASETPelaburan: Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenAset cukai tertangguhLain-lain belum terimaTunai dan baki di bankJumlah aset
* Jangkaan penggunaan atau penyelesaian dalam tempoh 12 bulan dari tarikh Penyata Kedudukan Kewangan.
* Jangkaan penggunaan atau penyelesaian dalam tempoh 12 bulan dari tarikh Penyata Kedudukan Kewangan.
2012
ASETPelaburan: Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset
2011
ASETPelaburan: Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (2) Risiko kecairan. Jangkaan penggunaan atau penyelesaian aset (bersambung)
344
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Semasa* RM
Semasa* RM
Bukan semasaRM
Bukan semasaRM
Jumlah
RM
Jumlah
RM
AmAssurance AmAsia Recovery CGF
AmAssurance AmCommodity Stable CGF
-- - - -
- - - - -
89,964,705 878,792
144 528
90,844,169
87,392,289 855,138
444 536
88,248,407
89,964,705 878,792
144 528
90,844,169
87,392,289 855,138
444 536
88,248,407
2012
ASETPelaburan: Produk berstruktur Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset
2011
ASETPelaburan: Produk berstruktur Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset
* Jangkaan penggunaan atau penyelesaian dalam tempoh 12 bulan dari tarikh Penyata Kedudukan Kewangan.
* Jangkaan penggunaan atau penyelesaian dalam tempoh 12 bulan dari tarikh Penyata Kedudukan Kewangan.
- - - - - - -
- - - - - - -
4,576,856 78,013
- 11,059
228 4,239
4,670,395
4,525,534 75,745
- 15,165
227 4,020
4,620,691
4,576,856 78,013
- 11,059
228 4,239
4,670,395
4,525,534 75,745
- 15,165
227 4,020
4,620,691
2012
ASETPelaburan: Produk berstruktur Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenAset cukai tertangguhLain-lain belum terimaTunai dan baki di bankJumlah aset
2011
ASETPelaburan: Produk berstruktur Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenAset cukai tertangguhLain-lain belum terimaTunai dan baki di bankJumlah aset
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (2) Risiko kecairan. Jangkaan penggunaan atau penyelesaian aset (bersambung)
345
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Semasa* RM
Bukan semasaRM
Jumlah
RM
AmAssurance AmCurrency Income II CGF
* Jangkaan penggunaan atau penyelesaian dalam tempoh 12 bulan dari tarikh Penyata Kedudukan Kewangan.
* Jangkaan penggunaan atau penyelesaian dalam tempoh 12 bulan dari tarikh Penyata Kedudukan Kewangan.
- - - - - -
- - - - - -
17,626,756 252,150 34,184
105 181
17,913,376
17,890,776 320,000 13,062
171 471
18,224,480
17,626,756 252,150 34,184
105 181
17,913,376
17,890,776 320,000 13,062
171 471
18,224,480
2012
ASETPelaburan: Produk berstruktur Deposit dengan institusi kewangan berlesenAset cukai tertangguhLain-lain belum terimaTunai dan baki di bankJumlah aset
2011
ASETPelaburan: Produk berstruktur Deposit dengan institusi kewangan berlesenAset cukai tertangguhLain-lain belum terimaTunai dan baki di bankJumlah aset
Semasa* RM
Bukan semasaRM
Jumlah
RM
AmAssurance AmCurrency Income CGF
- - - - - -
- - - - - -
43,956,265 255,164 17,421 1,581
659 44,231,090
43,205,210 454,975 77,505 1,778
931 43,740,399
43,956,265 255,164 17,421 1,581
659 44,231,090
43,205,210 454,975 77,505 1,778
931 43,740,399
2012
ASETPelaburan: Produk berstruktur Deposit dengan institusi kewangan berlesenAset cukai tertangguhLain-lain belum terimaTunai dan baki di bankJumlah aset
2011
ASETPelaburan: Produk berstruktur Deposit dengan institusi kewangan berlesenAset cukai tertangguhLain-lain belum terimaTunai dan baki di bankJumlah aset
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (2) Risiko kecairan. Jangkaan penggunaan atau penyelesaian aset (bersambung)
346
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Semasa* RM
Bukan semasaRM
Jumlah
RM
Dana AmAssurance Dividend
- - - - - -
3,026,254 904,750
1,532,440 7,013 1,345
5,471,802
3,026,254 904,750
1,532,440 7,013 1,345
5,471,802
2012
ASETPelaburan: Sekuriti ekuiti tersiar harga Unit tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terimaTunai dan baki di bankJumlah aset
* Jangkaan penggunaan atau penyelesaian dalam tempoh 12 bulan dari tarikh Penyata Kedudukan Kewangan.
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (2) Risiko kecairan. Jangkaan penggunaan atau penyelesaian aset (bersambung)
347
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Profil kematangan
Jadual di bawah meringkaskan profil kematangan aset-aset kewangan dan liabiliti kewangan Dana-dana berdasarkan kepada obligasi-obligasi berkontrak tidak berdiskaun selebihnya:
(i) Dana AmAssurance Equity
Nilai Dibawa
RM
Sehingga setahun
RM
1 - 3
tahun RM
3 - 5 tahun RM
5 - 15 tahunRM
Melebihi15 tahun
RM
Tiada tarikh
matang RM
Jumlah RM
10,212,233
1,000,500
3,409,000 14,341 2,686
14,638,760
27,445 27,445
5,012,700
6,449,875 161,525
4,395 11,628,495
64,195 64,195
-
-
3,409,000 14,341 2,686
3,426,027
27,445 27,445
-
6,449,875 161,525
4,395 6,615,795
64,195 64,195
-
-
- - - -
- -
-
- - - -
- -
-
-
- - - -
- -
-
- - - -
- -
-
-
- - - -
- -
-
- - - -
- -
-
-
- - - -
- -
-
- - - -
- -
10,212,233
1,000,500
- - -
11,212,733
- -
5,012,700
- - -
5,012,700
- -
10,212,233
1,000,500
3,409,000 14,341 2,686
14,638,760
27,445 27,445
5,012,700
6,449,875 161,525
4,395 11,628,495
64,195 64,195
2012 Pelaburan: Sekuriti ekuiti tersiar harga Unit tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan
2011
Pelaburan: Sekuriti ekuiti tersiar harga Deposit dengan institusi kewangan berlesen Lain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (2) Risiko kecairan (bersambung)
348
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (2) Risiko kecairan. Profil kematangan (bersambung)
(ii) Dana AmAssurance Bond
Nilai Dibawa
RM
Sehingga setahun
RM
1 - 3
tahun RM
3 - 5 tahun RM
5 - 15 tahunRM
Melebihi15 tahun
RM
Tiada tarikh
matang RM
Jumlah RM
9,265,363
1,100,970
1,352,233 301,125
138 12,019,829
14,479 14,479
1,007,449
4,995,500
917,519
4,445,617 110,799
1,310 11,478,194
79,757 79,757
-
-
1,352,233 301,125
138 1,653,496
14,479 14,479
-
-
-
4,445,617 110,799
1,310 4,557,726
79,757 79,757
-
-
- - - -
- -
-
-
-
- - - -
- -
9,265,363
-
- - -
9,265,363
- -
1,007,449
4,995,500
-
- - -
6,002,949
- -
-
-
- - - -
- -
-
-
-
- - - -
- -
-
-
- - - -
- -
-
-
-
- - - -
- -
-
1,100,970
- - -
1,100,970
- -
-
-
917,519
- - -
917,519
- -
9,265,363
1,100,970
1,352,233 301,125
138 12,019,829
14,479 14,479
1,007,449
4,995,500
917,519
4,445,617 110,799
1,310 11,478,194
79,757 79,757
2012 Pelaburan: Bon korporat tidak tersiar harga Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan 2011
Pelaburan: Bon korporat tidak tersiar harga Sekuriti kerajaan Malaysia Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesen Lain-lain belum terima
Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan
349
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Nilai Dibawa
RM
Sehingga setahun
RM
1 - 3
tahun RM
3 - 5 tahun RM
5 - 15 tahunRM
Melebihi15 tahun
RM
Tiada tarikh
matang RM
Jumlah RM
12,833,984 5,786,431
1,316,750
1,425,383 192,275
2,420 21,557,243
33,441 33,441
5,925,800 2,014,900
-
8,225,921 491,786
3,147 16,661,554
67,728 67,728
- -
-
1,425,383 192,275
2,420 1,620,078
33,441 33,441
- -
-
8,225,921 491,786
3,147 8,720,854
67,728 67,728
- -
-
- - - -
- -
- -
-
- - - -
- -
- 5,786,431
-
- - -
5,786,431
- -
- 2,014,900
-
- - -
2,014,900
- -
- -
-
- - - -
- -
- -
-
- - - -
- -
- -
-
- - - -
- -
- -
-
- - - -
- -
12,833,984 -
1,316,750
- - -
14,150,734
- -
5,925,800 -
-
- - -
5,925,800
- -
12,833,984 5,786,431
1,316,750
1,425,383 192,275
2,420 21,557,243
33,441 33,441
5,925,800 2,014,900
-
8,225,921 491,786
3,147 16,661,554
67,728 67,728
2012 Pelaburan: Sekuriti ekuiti tersiar harga Bon korporat tidak tersiar harga Unit tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan 2011
Pelaburan: Sekuriti ekuiti tersiar harga Bon korporat tidak tersiar harga Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan
(iii) Dana AmAssurance Balanced
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (2) Risiko kecairan. Profil kematangan (bersambung)
350
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(iv) Dana AmAssurance Dana Teguh
Nilai Dibawa
RM
Sehingga setahun
RM
1 - 3
tahun RM
3 - 5 tahun RM
5 - 15 tahunRM
Melebihi15 tahun
RM
Tiada tarikh
matang RM
Jumlah RM
7,434,120 2,366,427
293,655
2,827,762 279,038
150 13,201,152
22,618 22,618
2,255,950
468,053
4,207,847 227,778
917 7,160,545
58,787 58,787
- -
-
2,827,762 279,038
150 3,106,950
22,618 22,618
-
-
4,207,847 227,778
917 4,436,542
58,787 58,787
- -
-
- - - -
- -
-
-
- - - -
- -
- 2,366,427
-
- - -
2,366,427
- -
-
-
- - - -
- -
- -
-
- - - -
- -
-
-
- - - -
- -
- -
-
- - - -
- -
-
-
- - - -
- -
7,434,120 -
293,655
- - -
7,727,775
- -
2,255,950
468,053
- - -
2,724,003
- -
7,434,120 2,366,427
293,655
2,827,762 279,038
150 13,201,152
22,618 22,618
2,255,950
468,053
4,207,847 227,778
917 7,160,545
58,787 58,787
2012 Pelaburan: Sekuriti ekuiti tersiar harga Bon korporat tidak tersiar harga Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan 2011
Pelaburan: Sekuriti ekuiti tersiar harga Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (2) Risiko kecairan. Profil kematangan (bersambung)
351
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Nilai Dibawa
RM
Sehingga setahun
RM
1 - 3
tahun RM
3 - 5 tahun RM
5 - 15 tahunRM
Melebihi15 tahun
RM
Tiada tarikh
matang RM
Jumlah RM
2,004,200
1,158,578
1,186,000 17,946
891 4,367,615
50,376 50,376
995,300
1,403,995
1,905,363 92,320 1,437
4,398,415
109,731 109,731
-
-
1,186,000 17,946
891 1,204,837
50,376 50,376
-
-
1,905,363 92,320 1,437
1,999,120
109,731 109,731
-
-
- - - -
- -
-
-
- - - -
- -
-
-
- - - -
- -
-
-
- - - -
- -
-
-
- - - -
- -
-
-
- - - -
- -
-
-
- - - -
- -
-
-
- - - -
- -
2,004,200
1,158,578
- - -
3,162,778
- -
995,300
1,403,995
- - -
2,399,295
- -
2,004,200
1,158,578
1,186,000 17,946
891 4,367,615
50,376 50,376
995,300
1,403,995
1,905,363 92,320 1,437
4,398,415
109,731 109,731
2012 Pelaburan: Sekuriti ekuiti tersiar harga Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan 2011
Pelaburan: Sekuriti ekuiti tersiar harga Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan
(v) Dana AmAssurance AmOasis Islamic Equity
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (2) Risiko kecairan. Profil kematangan (bersambung)
352
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(vii) AmAssurance AmAsia Star CGF
(vi) Dana AmAssurance Global Emerging Market
Nilai Dibawa
RM
Nilai Dibawa
RM
Sehingga setahun
RM
Sehingga setahun
RM
1 - 3
tahun RM
1 - 3
tahun RM
3 - 5 tahun RM
3 - 5 tahun RM
5 - 15 tahunRM
5 - 15 tahunRM
Melebihi15 tahun
RM
Melebihi15 tahun
RM
Tiada tarikh
matang RM
Tiada tarikh
matang RM
Jumlah RM
Jumlah RM
503,357
221,975
528 9,286
735,146
12,258 12,258
526,629
225,240 586
4,105 756,560
27,638 27,638
102,244,800
680,482 25,332
2,043 102,952,657
6,215,627 6,215,627
-
221,975 528
9,286 231,789
12,258 12,258
-
225,240 586
4,105 229,931
27,638 27,638
-
680,482 25,332
2,043 707,857
6,215,627 6,215,627
-
- - - -
- -
-
- - - -
- -
102,244,800
- - -
102,244,800
- -
-
- - - -
- -
-
- - - -
- -
- - - - -
- -
-
- - - -
- -
-
- - - -
- -
- - - - -
- -
-
- - - -
- -
-
- - - -
- -
- - - - -
- -
503,357
- - -
503,357
- -
526,629
- - -
526,629 - -
- - - - -
- -
503,357
221,975 528
9,286 735,146
12,258 12,258
526,629
225,240 586
4,105 756,560
27,638 27,638
102,244,800
680,482 25,332
2,043 102,952,657
6,215,627 6,215,627
2012 Pelaburan: Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan 2011
Pelaburan: Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan
2011 Pelaburan: Produk berstruktur Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan Lain-lain belum bayar Jumlah liabiliti kewangan
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (2) Risiko kecairan. Profil kematangan (bersambung)
353
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(viii) Dana AmAssurance Precious Metals
Nilai Dibawa
RM
Sehingga setahun
RM
1 - 3
tahun RM
3 - 5 tahun RM
5 - 15 tahunRM
Melebihi15 tahun
RM
Tiada tarikh
matang RM
Jumlah RM
4,346,463
710,712 43,810
947 5,101,932
28,850 28,850
2,155,329
2,342,278 93,587
418 4,591,612
52,267 52,267
-
710,712 43,810
947 755,469
28,850 28,850
-
2,342,278 93,587
418 2,436,283
52,267 52,267
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
4,346,463
- - -
4,346,463
- -
2,155,329
- - -
2,155,329
- -
4,346,463
710,712 43,810
947 5,101,932
28,850 28,850
2,155,329
2,342,278 93,587
418 4,591,612
52,267 52,267
2012 Pelaburan: Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan
2011
Pelaburan: Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayarJumlah liabiliti kewangan
Nilai Dibawa
RM
Sehingga setahun
RM
1 - 3
tahun RM
3 - 5 tahun RM
5 - 15 tahunRM
Melebihi15 tahun
RM
Tiada tarikh
matang RM
Jumlah RM
1,231,837
227,762 16,623 5,491
1,481,713
14,253 14,253
950,131
399,502 4,396
236 1,354,265
31,673 31,673
-
227,762 16,623 5,491
249,876
14,253 14,253
-
399,502 4,396
236 404,134
31,673 31,673
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
1,231,837
- - -
1,231,837
- -
950,131
- - -
950,131
- -
1,231,837
227,762 16,623 5,491
1,481,713
14,253 14,253
950,131
399,502 4,396
236 1,354,265
31,673 31,673
2012 Pelaburan: Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan 2011
Pelaburan: Unit tidak tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan
(ix) Dana AmAssurance Global Agribusiness
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (2) Risiko kecairan. Profil kematangan (bersambung)
354
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Nilai Dibawa
RM
Sehingga setahun
RM
1 - 3
tahun RM
3 - 5 tahun RM
5 - 15 tahunRM
Melebihi15 tahun
RM
Tiada tarikh
matang RM
Jumlah RM
89,964,705
878,792 144 528
90,844,169
6,101,961 6,101,961
87,392,289
855,138
444 536
88,248,407
3,754,161 3,754,161
-
878,792 144 528
879,464
6,101,961 6,101,961
-
855,138 444 536
856,118
3,754,161 3,754,161
89,964,705
- - -
89,964,705
- -
87,392,289
- - -
87,392,289
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
89,964,705
878,792 144 528
90,844,169
6,101,961 6,101,961
87,392,289
855,138 444 536
88,248,407
3,754,161 3,754,161
2012 Pelaburan: Produk berstruktur Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan 2011
Pelaburan: Produk berstruktur Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan
(x) AmAssurance AmAsia Recovery CGF
Nilai Dibawa
RM
Sehingga setahun
RM
1 - 3
tahun RM
3 - 5 tahun RM
5 - 15 tahunRM
Melebihi15 tahun
RM
Tiada tarikh
matang RM
Jumlah RM
4,576,856
78,013 228
4,239 4,659,336
129,678 129,678
4,525,534
75,745 227
4,020 4,605,526
53,122 53,122
-
- 228
4,239 4,467
129,678 129,678
-
- 227
4,020 4,247
53,122 53,122
4,576,856
- - -
4,576,856
- -
-
- - - -
- -
-
- - - -
- -
4,525,534
- - -
4,525,534
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
78,013 - -
78,013
- -
-
75,745 - -
75,745
- -
4,576,856
78,013 228
4,239 4,659,336
129,678 129,678
4,525,534
75,745 227
4,020 4,605,526
53,122 53,122
2012 Pelaburan: Produk berstruktur Unit tersiar harga dan dana amanah hartanahLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan 2011
Pelaburan: Produk berstruktur Unit tersiar harga dan dana amanah hartanahLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan
(xi) AmAssurance AmCommodity Stable CGF
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (2) Risiko kecairan. Profil kematangan (bersambung)
355
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(xii) AmAssurance AmCurrency Income CGF
Nilai Dibawa
RM
Sehingga setahun
RM
1 - 3
tahun RM
3 - 5 tahun RM
5 - 15 tahunRM
Melebihi15 tahun
RM
Tiada tarikh
matang RM
Jumlah RM
43,956,265
255,164 1,581
659 44,213,669
2,158,805 2,158,805
43,205,210
454,975 1,778
931 43,662,894
1,158,506 1,158,506
-
255,164 1,581
659 257,404
2,158,805 2,158,805
-
454,975 1,778
931 457,684
1,158,506 1,158,506
43,956,265
- - -
43,956,265
- -
43,205,210
- - -
43,205,210
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
43,956,265
255,164 1,581
659 44,213,669
2,158,805 2,158,805
43,205,210
454,975 1,778
931 43,662,894
1,158,506 1,158,506
2012 Pelaburan: Produk berstruktur Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan 2011
Pelaburan: Produk berstruktur Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan
(xiii) AmAssurance AmCurrency Income II CGF
Nilai Dibawa
RM
Sehingga setahun
RM
1 - 3
tahun RM
3 - 5 tahun RM
5 - 15 tahunRM
Melebihi15 tahun
RM
Tiada tarikh
matang RM
Jumlah RM
17,626,756
252,150 105 181
17,879,192
674,278 674,278
17,890,776
320,000 171 471
18,211,418
11,260 11,260
-
252,150 105 181
252,436
674,278 674,278
-
320,000 171 471
320,642
11,260 11,260
17,626,756
- - -
17,626,756
- -
17,890,776
- - -
17,890,776
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
-
- - - -
- -
17,626,756
252,150 105 181
17,879,192
674,278 674,278
17,890,776
320,000 171 471
18,211,418
11,260 11,260
2012 Pelaburan: Produk berstruktur Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan 2011
Pelaburan: Produk berstruktur Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (2) Risiko kecairan. Profil kematangan (bersambung)
356
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
(xiv) Dana AmAssurance Dividend
Nilai Dibawa
RM
Sehingga setahun
RM
1 - 3
tahun RM
3 - 5 tahun RM
5 - 15 tahunRM
Melebihi15 tahun
RM
Tiada tarikh
matang RM
Jumlah RM
3,026,254
904,750
1,532,440 7,013 1,345
5,471,802
15,326 15,326
-
-
1,532,440 7,013 1,345
1,540,798
15,326 15,326
-
-
- - - -
- -
-
-
- - - -
- -
-
-
- - - -
- -
-
-
- - - -
- -
3,026,254
904,750
- - -
3,931,004
- -
3,026,254
904,750
1,532,440 7,013 1,345
5,471,802
15,326 15,326
2012 Pelaburan: Sekuriti ekuiti tersiar harga Unit tersiar harga dan dana amanah hartanah Deposit dengan institusi kewangan berlesenLain-lain belum terima Tunai dan baki di bank Jumlah aset kewangan
Lain-lain belum bayar Jumlah liabiliti kewangan
(3) Risiko pasaran
Risiko pasaran adalah risiko yang mana nilai saksama atau aliran-aliran tunai masa hadapan instrumen kewangan akan naik turun kerana perubahan-perubahan dalam nilai, atau pendapatan daripada, aset atau dalam kadar-kadar faedah atau pertukaran. Risiko pasaran adalah termasuk empat elemen berikut:
Risiko harga – risiko naik turun nilai saksama atau aliran-aliran tunai masa hadapan instrumen kewangan yang timbul daripada perubahan atau naik turun dalam harga-harga ekuiti atau pendapatan
Risiko pertukaran asing – risiko naik turun dalam nilai saksama atau aliran-aliran tunai masa hadapan instrumen kewangan yang timbul daripada perubahan atau naik turun dalam kadar-kadar faedah
Risiko kadar faedah – risiko naik turun dalam nilai saksama atau aliran-aliran tunai masa hadapan instrumen kewangan yang timbul daripada perubahan atau naik turun dalam kadar-kadar faedah
Risiko hartanah – risiko naik turun dalam nilai saksama atau aliran-aliran tunai masa hadapan instrumen kewangan yang timbul daripada perubahan atau naik turun dalam nilai hartanah atau pendapatan.
(a) Risiko pertukaran asing (bersambung)
Pada 31 Mac 2012, Dana-dana tidak terdedah kepada risiko pertukaran asing melalui operasi pelaburannya dan pendapatan yuran yang didapati daripada instrumen-instrumen kerana semua transaksi didenominasi dalam matawang tempatan (Ringgit Malaysia).
(b) Risiko kadar faedah
Dana-dana terdedah kepada risiko kadar faedah nilai saksama yang mana perubahan kepada kadar-kadar faedah menyebabkan perubahan-perubahan kepada nilai-nilai saksama yang timbul daripada naik turun kadar-kadar faedah daripada aliran-aliran tunai, sebagai contoh bon-bon korporat faedah tetap dan deposit instrumen boleh niaga kadar terapung. Sebaliknya, aset-aset kewangan kadar terapung mendedahkan Dana-dana kepada risiko kadar faedah aliran tunai.
Penanda aras prestasi berkaitan bon di dalam mandat-mandat dana ditetapkan agar profil-profil aset bersesuaian dengan profil-profil liabiliti sedekat mungkin. Ini mengurangkan risiko kadar faedah.
Keputusan-keputusan pelaburan harian berkaitan dengan pengurusan risiko kadar faedah dan impaknya ke atas nilai pelaburan-pelaburan Dana-dana sebahagian besarnya dijalankan bagi pihak Dana-dana oleh AmInvestment Bank Berhad, di dalam lingkungan yang ditetapkan oleh mandat dana. Dalam membuat keputusan ke atas pelaburan-pelaburan pendapatan tetap, AmInvestment
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (2) Risiko kecairan. Profil kematangan (bersambung)
357
NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (3) Risiko pasaran. (b) Risiko kadar faedah (bersambung)
akan menilai sejauh mana risiko kadar faedah yang dibenarkan oleh dana seperti yang ditetapkan di dalam objektif-objektif dana berkaitan dengan penanda aras prestasi yang telah ditetapkan. Kaedah yang diikuti oleh Dana-dana untuk menguruskan risiko kadar faedah di dalam setiap dana spesifik merupakan sebahagian penting kaedah pengurusan aset yang diambilguna. Polisi pelaburan mengambil kira antara lain Nilai Mata-Asas (“BPV”) untuk mengukur kerugian maksimum portfolio pendapatan tetap pergerakan selari 0.01 di dalam lengkungan hasil.
Jadual berikut menunjukkan sensitiviti kepada perubahan sewajarnya di dalam kadar-kadar faedah ke atas nilai saksama atau aliran-aliran tunai masa hadapan sekuriti-sekuriti hutang dan Instrumen Deposit Boleh Niaga:
Dana AmAssurance Bond
(319,850) 359,050
(195,251) 203,678
+100 bps-100 bps
+100 bps-100 bps
(319,850) 359,050
(195,251) 203,678
2012 Kadar faedahKadar faedah
2011 Kadar faedahKadar faedah
Perubahandalam
mata asas
Kesan ke atas pendapatan atau kerugian bersih
bagi tahun (negatif)/positif
RM
Impak keatas NAB (negatif)/ positif
RM
Dana AmAssurance Balanced
(100,100) 110,200
(80,651) 84,635
+100 bps-100 bps
+100 bps-100 bps
(100,100) 110,200
(80,651) 84,635
2012 Kadar faedahKadar faedah
2011 Kadar faedahKadar faedah
Perubahandalam
mata asas
Kesan ke atas pendapatan atau kerugian bersih
bagi tahun (negatif)/positif
RM
Impak keatas NAB (negatif)/ positif
RM
Dana AmAssurance Dana Teguh
(190,555) 215,058
- -
+100 bps-100 bps
+100 bps-100 bps
(190,555) 215,058
- -
2012 Kadar faedahKadar faedah
2011 Kadar faedahKadar faedah
Perubahandalam
mata asas
Kesan ke atas pendapatan atau kerugian bersih
bagi tahun (negatif)/positif
RM
Impak keatas NAB (negatif)/ positif
RM
358
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AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
AmAssurance AmAsia Star CGF
- -
1,022,448 (1,022,448)
+100 bps-100 bps
+100 bps-100 bps
- -
1,022,448 (1,022,448)
2012 Kadar faedahKadar faedah
2011 Kadar faedahKadar faedah
Perubahandalam
mata asas
Kesan ke atas pendapatan atau kerugian bersih
bagi tahun (negatif)/positif
RM
Impak keatas NAB (negatif)/ positif
RM
AmAssurance AmAsia Recovery CGF
899,647 (899,647)
873,923 (873,923)
+100 bps-100 bps
+100 bps-100 bps
899,647 (899,647)
873,923 (873,923)
2012 Kadar faedahKadar faedah
2011 Kadar faedahKadar faedah
Perubahandalam
mata asas
Kesan ke atas pendapatan atau kerugian bersih
bagi tahun (negatif)/positif
RM
Impak keatas NAB (negatif)/ positif
RM
AmAssurance AmCommodity Stable CGF
45,769 (45,769)
45,255 (45,255)
+100 bps-100 bps
+100 bps-100 bps
45,769 (45,769)
45,255 (45,255)
2012 Kadar faedahKadar faedah
2011 Kadar faedahKadar faedah
Perubahandalam
mata asas
Kesan ke atas pendapatan atau kerugian bersih
bagi tahun (negatif)/positif
RM
Impak keatas NAB (negatif)/ positif
RM
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (3) Risiko pasaran. (b) Risiko kadar faedah (bersambung)
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AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
AmAssurance AmCurrency Income CGF
439,563 (439,563)
432,052 (432,052)
+100 bps-100 bps
+100 bps-100 bps
439,563 (439,563)
432,052 (432,052)
2012 Kadar faedahKadar faedah
2011 Kadar faedahKadar faedah
Perubahandalam
mata asas
Kesan ke atas pendapatan atau kerugian bersih
bagi tahun (negatif)/positif
RM
Impak keatas NAB (negatif)/ positif
RM
AmAssurance AmCurrency Income II CGF
176,268 (176,268)
178,908 (178,908)
+100 bps-100 bps
+100 bps-100 bps
176,268 (176,268)
178,908 (178,908)
2012 Kadar faedahKadar faedah
2011 Kadar faedahKadar faedah
Perubahandalam
mata asas
Kesan ke atas pendapatan atau kerugian bersih
bagi tahun (negatif)/positif
RM
Impak keatas NAB (negatif)/ positif
RM
(c) Risiko ekuiti
Risiko ekuiti diterima menurut selera risiko yang telah dipersetujui untuk mencapai tahap pulangan yang dikehendaki daripada aset-aset pemegang polisi.
Pengurusan pelaburan-pelaburan ekuiti dijalankan oleh Dana-dana. Dalam membuat keputusan mengenai pelaburan-pelaburan ekuiti, Dana-dana akan menilai sejauh mana risiko ekuiti diperlukan atau dibenarkan oleh Dana-dana seperti yang ditetapkan di dalam objektif-objektif Dana-dana dan berkaitan dengan tanda aras prestasi yang telah ditetapkan. Kaedah yang diikuti oleh Dana-dana untuk menguruskan risiko ekuiti di dalam setiap dana merupakan sebahagian penting kaedah pengurusan aset yang diambilguna. Polisi pelaburan mengambil kira antara lain Nilai pada Risiko (“VaR”) untuk mengukur kerugian maksimum dalam nilai pasaran portfolio ekuiti di dalam masa yang ditetapkan dan pada tahap keyakinan yang diberikan.
(d) Risiko harga
Analisa di bawah dijalankan untuk pergerakan-pergerakan yang mungkin wajar di dalam pembolehubah-pembolehubah utama dengan semua pembolehubah lain dipegang malar, menunjukkan impak ke atas keuntungan sebelum cukai. Hubung kait pembolehubah-pembolehubah akan mempunyai kesan yang besar dalam menentukan impak terakhir ke atas risiko harga, tetapi untuk menunjukkan impak disebabkan oleh perubahan-perubahan di dalam pembolehubah-pembolehubah, pembolehubah-pembolehubah harus diubah secara individu. Harus dicatat bahawa pergerakan-pergerakan di dalam pembolehubah-pembolehubah ini adalah bukan-linear.
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (3) Risiko pasaran. (b) Risiko kadar faedah (bersambung)
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NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (3) Risiko pasaran. (d) Risiko harga (bersambung)
Dana AmAssurance Equity
Dana AmAssurance Balanced
Dana AmAssurance Dana Teguh
Perubahandalam
FBMKLCI
Perubahandalam
FBMKLCI
Perubahandalam
FBMKLCI
Kesan ke atas pendapatan atau kerugian bersih
bagi tahun positif/(negatif)
RM
Kesan ke atas pendapatan atau kerugian bersih
bagi tahun positif/(negatif)
RM
Kesan ke atas pendapatan atau kerugian bersih
bagi tahun positif/(negatif)
RM
Impak keatas NAB
positif/(negatif)
RM
Impak keatas NAB
positif/(negatif)
RM
Impak keatas NAB
positif/(negatif)
RM
1,681,910
(1,681,910)
751,905 (751,905)
2,122,610 (2,122,610)
888,870 (888,870)
1,115,118 (1,115,118)
338,393 (338,393)
+ 15%- 15%
+ 15%- 15%
+ 15%- 15%
+ 15%- 15%
+ 15%- 15%
+ 15%- 15%
1,681,910
(1,681,910)
751,905 (751,905)
2,122,610 (2,122,610)
888,870 (888,870)
1,115,118 (1,115,118)
338,393 (338,393)
2012 Indeks pasaran: FBMKLCI FBMKLCI 2011 Indeks pasaran: FBMKLCI FBMKLCI
2012 Indeks pasaran: FBMKLCI FBMKLCI 2011 Indeks pasaran: FBMKLCI FBMKLCI
2012 Indeks pasaran: FBMKLCI FBMKLCI 2011 Indeks pasaran: FBMKLCI FBMKLCI
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NOTA-NOTA KEPADA PENYATA KEWANGAN
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
Dana AmAssurance AmOasis Islamic Equity
Perubahandalam
FBMKLCI
Kesan ke atas pendapatan atau kerugian bersih
bagi tahun positif/(negatif)
RM
Impak keatas NAB
positif/(negatif)
RM
300,630 (300,630)
149,295 (149,295)
+ 15%- 15%
+ 15%- 15%
300,630 (300,630)
149,295 (149,295)
2012 Indeks pasaran: FBMKLCI FBMKLCI 2011 Indeks pasaran: FBMKLCI FBMKLCI
Dana AmAssurance Dividend
Perubahandalam
FBMKLCI
Kesan ke atas pendapatan atau kerugian bersih
bagi tahun positif/(negatif)
RM
Impak keatas NAB
positif/(negatif)
RM
589,651 (589,651)
+ 15%- 15%
589,651 (589,651)
2012 Indeks pasaran: FBMKLCI FBMKLCI
(e) Risiko operasi
Penyebab risiko operasi adalah kakitangan, proses-proses, tadbir urus, sistem IT dan kejadian-kejadian luaran. BRMC bertujuan untuk mengekalkan persekitaran terkawal yang wajar untuk memastikan pendedahan kepada risiko-risiko operasi seiring dengan selera risiko yang telah dipersetujui, menyedari bahawa risiko-risiko operasi mungkin timbul di dalam urus niaga biasa perniagaan walupun apabila dijalankan seiring dengan polisi-polisi Dana-dana dan peraturan BNM.
13. PENGURUSAN MODAL
Objektif-objektif Dana-dana untuk menguruskan modal adalah:
a) Untuk melabur di dalam pelaburan yang memenuhi objektif dana;
b) Untuk mencapai pulangan-pulangan yang konsisten dan dalam waktu yang sama menjaga modal
dengan menggunakan pelbagai strategi pelaburan; c) Untuk mengekalkan kecairan yang mencukupi untuk mencapai perbelanjaan Dana, dan untuk
mencapai permintaan-permintaan penebusan apabila ia timbul; dan d) Untuk mengekalkan saiz dana yang mencukupi untuk memastikan kecekapan-kos operasi Dana.
Tiada perubahan dibuat kepada objektif-objektif, polisi-polisi atau proses-proses pengurusan modal semasa tahun kewangan semasa.
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)12. RISIKO KEWANGAN (3) Risiko pasaran. (d) Risiko harga (bersambung)
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AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012
NOTA KEPADA PENYATA KEWANGAN 31 MAC 2012 (bersambung)
14. PERBANDINGAN
Tiada perbandingan disediakan untuk Dana Dividend kerana ini merupakan set pertama penyata kewangan beraudit yang disediakan untuk tempoh dari tarikh pelancarannya pada 27 Oktober 2011 hingga 31 Mac 2012.
Perbandingan-perbandingan untuk AmCommodity Stable CGF, AmCurrency Income CGF dan
AmCurrency Income II CGF telah disediakan untuk tempoh dari tarikh-tarikh pelancarannya masing-masing hingga 31 Mac 2011. Begitu juga, penyata-penyata pendapatan komprehensif, penyata-penyata perubahan di dalam ekuiti dan penyata-penyata aliran tunai Dana-dana tidak disediakan berkenaan dengan tempoh-tempoh perbandingan.
AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi tahun kewangan berakhir 31 Mac 2012