Strategic Risks

Our underlying exposure to Singapore decreased from S$62 billion to S$60 billion, constituting a smaller 33% of our growing portfolio, compared to 38% the year before. Rest of Asia (excluding Singapore and Japan) grew from 40% of our portfolio to 41%, with OECD exposures making up 23%, up from 20% the previous year.

Overall, nearly 74% of our exposure is to Asia, with our exposure to AA/AAA-rated and OECD economies at about 62%. About 79% of our portfolio comprises listed or liquid assets.

Some 64% of our portfolio value is in the financial services and telecommunications & media sectors. Both are beneficiaries of the economic transformation in Asia with its growing middle-class demands. The single largest investment accounts for less than 19% of our portfolio value, down from 26% five years ago.