Income has already lost out on several key contracts to global and regional competitors, says its majority shareholder.
New: You can now listen to articles.SINGAPORE: A social enterprise model alone"cannot shoulder" growth in Singapore's competitive insurance environment, NTUC Enterprise said in a statement on Tuesday .
Experts told CNA that Singaporeans have a historical attachment to Income Insurance and still think of it as a co-operative of NTUC, even though it became a corporate entity in 2022. NTUC Enterprise said it issued a letter of responsibility for Income Insurance to the Monetary Authority of Singapore in 2012, and converted its shares to irredeemable ones so that they could count towards Income Insurance's capital adequacy ratio.
"NTUC Enterprise remained a majority shareholder of Income Insurance, cognisant that corporatisation would provide the company flexibility to consider strategic options that could support the long-term growth of Income Insurance," the statement said.
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