“We see corporatisation as a strategic and essential pivot for Income to scale its business quicker locally and regionally, invest in growth channels and markets, as well as digital capabilities to effectively compete more equitably with other insurers,” says chairman Ronald Ong.
Insurer NTUC Income, set up as a co-operative more than half a century ago, plans to restructure into a corporate entity so that it can have more flexibility to tap different capital sources to fund growth opportunities.
Upon approval of its shareholders and regulators, NTUC Income, set up in 1970 to provide coverage for under-served workers, will become Income Insurance, an entity under the Companies Act. The proposed corporatisation exercise is expected to be completed in the second half of 2022.
