9 Oct 2008
For Immediate Release
Rating the highest among all financial institutions in Singapore and reflects its financial strength
SINGAPORE, 9 October 2008 - NTUC Income had its AA rating re-affirmed today in the latest Standard and Poor's ratings, making it the highest rated financial institution in Singapore for financial strength.
Under the ratings system used by S & P, a company rated 'AA' has a very strong capacity to meet its financial commitments.
NTUC Income's Chief Executive Tan Suee Chieh said: 'Despite the current financial upheavals, Standard and Poor's AA rating re-affirms our strong financial position and puts NTUC Income second to none among financial institutions in Singapore. Our policyholders can be assured that their money is safe with us. We are prudent and well diversified in our investments, and will continue to be so.'
The S&P report highlighted that NTUC Income has prudent reserving standards, that its investment strategy is generally conservative, and that it is likely to receive extraordinary support from the government if needed.
'Local financial institutions such as NTUC Income have weathered the financial turmoil only because of our sound fundamentals, diversification strategy and strong corporate governance. We have a strong government, a strong MAS, and a strong parent in NTUC. So, when times are tough, it is safest for customers to stay at home,' he added.
About NTUC Income
NTUC Income is the only insurance co-operative in Singapore. It is a national icon, built on strong and sound business principles. Established in 1970 in response to the growing need for affordable insurance, it has become a leading life, health and general insurer.
In staying true to its social mission to offer affordable, accessible and sustainable insurance to all, NTUC Income has earned the trust of 1.8 million customers from all strata of society.
It has been rated 'AA' by independent credit ratings agency, Standard & Poor's since 1999, the highest accolade given to a domestic insurer in Asia, reflecting a strong financial profile, flexibility and capacity to meet new challenges. The organisation's corporate philosophy, "Social in Purpose, Commercial in Approach" means that even while aiming for commercial leadership, it places people at the heart of the decision making process.