Although financial markets, and the world in general, have recently experienced uncertainty and volatility, 2021 will perhaps be regarded as a more stable year in comparison to years that preceded and succeeded it. For participating (par) business in Singapore, 2021 saw the lowering of the maximum investment return assumption for new business illustrations from 4.75% to 4.25%, and represented the second year of reporting under the new RBC2 capital regime that was introduced in 2020. In this e-Alert we review the position of par funds in Singapore at the end of 2021, based on public information published in 2022, and compare this to the position at the end of 2020.