Since 1999, Income has been awarded the 'AA' rating by Standard & Poor's (S & P), the highest published rating for all Singapore-incorporated companies. For the policyholders, this means that their policies are very secure with a 'AA' stamp of financial strength.

As an insurance co-operative, Income has always placed the interests of our policyholders first . With a modest capital of only $1.2 million, we have today become a leader in Life and General Insurance with more than 1 million policyholders and total assets in excess of S$11 billion.

At the end of 2001, Income had 1,380,000 in force policies comprising 866,000 life insurance and 514,000 general insurance policies. Of the total life policies in Singapore, 18% are Income policies. Income has a 30% market share in the motor insurance market. (Which means for every 3 vehicles, 1 is insured with NTUC INCOME). NTUC INCOME is the No.1 local general insurers and in the top 3 life insurer in Singapore.

In 2004, NTUC INCOME also gives out $313M as reversionary bonuses to policyholders as the 35th anniversary for life insurances.

For the People

A) Co-Operative Principles

• As a co-operative, NTUC Income's primary objective is to serve its policyholders and look after their best interest. Income's mission is to be the preferred insurer that provides a comprehensive range of services of better value, based on co-operative principles.
• Our co-operative principles ensure that we place the interest of our policyholders foremost. In past years, about 98% of our annual surplus has been distributed to policyholders or retained as reserves.
• In 2001, a total of $207 million of the surplus from Income's life insurance fund was declared as reversionary bonuses. Shareholders received a dividend of 5%.
  

B) Low Expense Ratio

• A good indication of the cost of insurance to the policyholder is the ratio of expenses to the premium. A lower expense ratio implies that the policyholder has to bear a lower cost. Last year, Income's expense ratio for life and general insurance was 16% and 23% respectively compared to 18% and 36% for the industry.
  

C) Active Participation & Sponsorship in Community Services

• In NTUC INCOME, 94% of our staff contributes to the Community Chest, and we have received numerous Prestigious Awards for our participation and contribution to the community.
  

Future Direction

• To explore new avenues to expand its activities and develop new products and services in order to provide more benefits to policyholders.
• To be pro-active in introducing innovative measures to improve the quality of life of its policyholders and the public at large.
• Continue to uphold our co-operative principles and to recognize our social responsibilities to the community as we work towards building a better society for all.

1) How is NTUC INCOME different from the rest of the other companies:
http://www.income.coop/insurance/comparisons/

2) Know Your Insurance Website:
http://www.knowyourinsurance.com.sg/Articles.aspx

3) CEO Tan Kin Lian's BLOG:
http://tankinlian.blogspot.com/