SINGAPORE

This is a 53-per-cent increase on last year’s payout of $270.8 million.

The insurer’s premium income grew 14.5 per cent to hit a record $3 billion last year.

Chief executive of NTUC Income Tan Suee Chieh said its customers had turned to them in “their flight to safety during the financial turbulence” last year, as they trusted the home-grown insurer to be financially strong.

He attributed the company’s success primarily to its change in culture, which places a “decided emphasis on a more professional approach to managing the business, achieving excellence and being performance oriented”.

Mr Tan said that during the economic downturn last year, the dedication of staff who have been with the company for many years helped earned the confidence of its channel partners, including banks and financial advisory firms.

In celebration of its 40th anniversary, some 250,000-odd long-standing policyholders — those who have been with the insurer for 10 years or more — will enjoy a one-time “special cash bonus” this May. The cheque amount will range between $25 and $500, depending on the policy duration. This year’s bonus payout is made up of the regular Annual and Special bonus amounting to $283.9 million, an Anniversary Bonus of $123 million, and the Special Cash Bonus worth $8.6 million.

Earlier this month, NTUC Income launched a free insurance scheme for low-income families, which will cost the insurer up to $500,000 over the next three years.

SINGAPORE

This is a 53-per-cent increase on last year’s payout of $270.8 million.

The insurer’s premium income grew 14.5 per cent to hit a record $3 billion last year.

Chief executive of NTUC Income Tan Suee Chieh said its customers had turned to them in “their flight to safety during the financial turbulence” last year, as they trusted the home-grown insurer to be financially strong.

He attributed the company’s success primarily to its change in culture, which places a “decided emphasis on a more professional approach to managing the business, achieving excellence and being performance oriented”.

Mr Tan said that during the economic downturn last year, the dedication of staff who have been with the company for many years helped earned the confidence of its channel partners, including banks and financial advisory firms.

In celebration of its 40th anniversary, some 250,000-odd long-standing policyholders — those who have been with the insurer for 10 years or more — will enjoy a one-time “special cash bonus” this May. The cheque amount will range between $25 and $500, depending on the policy duration. This year’s bonus payout is made up of the regular Annual and Special bonus amounting to $283.9 million, an Anniversary Bonus of $123 million, and the Special Cash Bonus worth $8.6 million.

Earlier this month, NTUC Income launched a free insurance scheme for low-income families, which will cost the insurer up to $500,000 over the next three years.