Mr Tan Suee Chieh,

Chief Executive, NTUC Income Co-operative Ltd

 

Distinguished Guests,

 

Ladies and Gentlemen,

 

Thank you for the opportunity to join you this evening to celebrate NTUC Income’s 40^th anniversary.

 

2.                  I congratulate NTUC Income on the stellar performance last year. Income’s weighted life insurance new business premiums[1] grew 7.6% last year, reaching a milestone of $275 million in sales. This is impressive, given that the industry contracted by 17% over the same period. At the same time, Income has notched up more achievements in the health and annuity insurance businesses, and its motor insurance business has returned to profitability. These remarkable achievements are the result of the dedication and hard work of the management and employees in Income.

 

3.                  NTUC Income has come a long way since its founding in 1970 as an insurance co-operative (or ‘co-op’), to become a household name in the financial services landscape. When NTUC Income embarked on a major rebranding exercise last year as part of its transformation programme, it signalled its intent to differentiate itself through a more lively, contemporary and professional approach to business. As NTUC Income reviews and changes its internal practices and processes, it is a great opportunity to bring about improvements for greater efficiency and productivity. I am glad that you have reaffirmed Income’s status as a co-op; to be different from other insurance companies by maximising value to the people you serve.

 

4.                   As a social enterprise, NTUC Income’s performance is measured not solely by profitability, but ultimately by your contribution and impact on the community. True to its mission, I am glad that Income has made essential insurance services such as hospitalisation and protection plans, affordable and accessible to the people in Singapore. NTUC Income’s contribution and support to various charities and community projects; and its efforts to provide employment opportunities for the elderly (as ‘customer relations officers’), are fine examples of its contribution to the community. True to its co-op roots, NTUC Income has exemplified the Co-op Principle of “Concern for Community”. With a number of community projects in the pipeline, I trust that NTUC Income will continue to help the poor and underprivileged, and improve the lives of all Singaporeans.

 

Assistance for Families

 

5.                  I am very happy to note that NTUC Income has launched a new micro-insurance initiative to help low-income households in Singapore.

 

6.                  As an extension of NTUC Income’s corporate social responsibility initiative, the scheme will benefit low-income families whose children currently receive childcare, kindergarten and student care subsidies under ComCare.  More details on the scheme will be made available to eligible families at a later date.

 

7.                  I would like to thank NTUC Income for sponsoring this scheme. This clearly demonstrates NTUC Income’s founding social purpose to provide essential insurance to those who need it most. MCYS, the People’s Association and the Community Development Councils are glad to be able to facilitate this initiative.

 

Conclusion

 

8.                  NTUC Income has demonstrated how a social enterprise can deliver good business results and at the same time, bring about positive social outcomes. The Scheme launched this evening is one example of NTUC Income translating its business results to benefits for needy and disadvantaged families.

 

9.                  I hope this is not a one-off initiative and that more organisations will follow Income’s lead. My ministry is open to exploring more such opportunities with different organisations for the benefit of the community, in line with our mission to build a cohesive and resilient society.

 

10.             In closing, I would like to wish NTUC Income and its employees every success in years to come, as you celebrate your 40^th anniversary. May you continue to do good.

 

Thank you.