However, its net operating surplus for the same period was down 55% to $169.8 million, due to fair value investment losses of its bonds, which were impacted by rising interest rates and credit risk uncertainties.
NTUC Income Insurance Co-operative, which is transiting from being a co-op to a corporatized entity by end of the year, has booked gross premiums of $4.6 billion for FY2021 ended Dec, up 8% over the preceding FY2020.
The premium growth for FY2021 was driven by a 9% gain to $4.2 billion from its life and health insurance segment, thanks to higher single premium life insurance sales.
