NTUC Income AR 2017

NTUC Income (“Income”) was the first social enterprise established by the Labour Movement in 1970 to provide affordable insurance for workers in Singapore. Today, Income is Singapore’s largest composite insurer catering to the protection, savings and investment needs of more than two million customers who look to Income for trusted advice and solutions when making their most important financial decisions, by leveraging our wide network of advisers and partners. 2017 PERFORMANCE HIGHLIGHTS 2017 was a year of robust growth for the life insurance industry where both single and regular premium products registered double digit growth for new business premiums. The overall industry weighted new business premiums grew by 24.4% in 2017 compared to 2016. Against this backdrop, Income also performed well in 2017 and here are some key highlights of our business performance: • Gross premium was 14.3% higher than 2016 at $3.9 billion • Our insurance operating results improved 25.8% compared to 2016, ending the year at $115.5 million • Our assets under management was $36.3 billion LIFE INSURANCE In 2017, Income received $3.6 billion in total gross life and health insurance premiums, which was 14.8% higher than 2016. For weighted new business premiums, Income recorded a strong year with growth at a high of 34.1% compared to 2016. GENERAL INSURANCE In 2017, the general insurance business generated $320.6 million in earned premiums, which was 9.5% higher than the previous year. Motor insurance, the key contributor of our general insurance business also ended with healthy growth in premiums thereby maintaining our leading market position with a market share of 27.9% in terms of vehicle count and 21.3% in terms of premiums. DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 Gross Premiums (in $ million) Insurance Operating Results (in $ million) Total Assets (in $ billion) 2016 $32.9 2017 $36.3 2016 $91.8 2017 $115.5 25.8% 14.3% 10.4% 2016 2017 General insurance Life & health insurance $3,093.4 $3,551.3 $320.6 $3,871.9 $292.7 $3,386.1 4 NTUC INCOME INSURANCE CO-OPERATIVE LIMITED ANNUAL REPORT 2017