Schedule of financial assets fair value through profit or loss

On December 10, 2018 and November 20, 2023, the Group entered into life insurance policies with an insurance company to insure against the death or diagnosis of a terminal illness of a director. Under the policies, the basic sum assured is USD500,000 and USD750,000 respectively. The contracts will be terminated on the occurrence of the earliest of the death of the key management personnel insured or other terms pursuant to the contracts. The Group has paid out total insurance premium with an aggregate amount of USD151,340 and USD235,617 respectively at the inception of the policies, of which USD111,999 and USD169,000 respectively was financed through bank borrowings (Note 13). The Group may request a surrender of the contracts after the free look period and receive cash back based on the cash value at the date of withdrawal. The initial cash value of the policy is recognized as a financial asset at fair value through profit or loss.

The keyman life insurance policy is pledged to bank to secure banking facilities granted to the Group (Note 13).

This policy is recorded in the financial statements at fair value, represented by the total cash surrender value of the contract stated in the annual statement of this policy (level 3), as disclosed in Note 26.

The currency profile of the Group’s financial assets at FVPL at the end of the reporting date are denominated in United States Dollar.