NTUC Income AR 2019

ANNUAL REPORT 2019 9 FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 2019 was a strong year for Income. Not only did Income close the year with a set of credible business results, we also consolidated our leadership position as a comprehensive multi-channel insurer. In this regard, we stepped up our capabilities in offering customers choice and access to insurance with the launch of Infinitum Financial Advisory Pte Ltd (Infinitum), Income’s wholly- owned financial advisory firm, as well as expanded and rejuvenated our distribution footprint and made excellent progress as a digital insurer. We were recognised for our digitalisation efforts, particularly for being customer-centric and innovative, not only through accolades but also in attracting best-in- class partners to further augment our business so that we can respond more effectively to growing competition and changing market needs with industry-first and ground- breaking propositions. More importantly, even as we garnered these achievements, Income stayed true to our purpose and continued to enjoy the highest association with delivering positive social impact and products that catered to the underserved segments in Singapore. Our ‘trust’ and ‘value’ scores also remained the highest in 2019 amongst insurers in Singapore. Today, Income is one of the top composite insurers in Singapore, providing life, health and general insurance to over two million customers. In the new decade, we will continue on the strong momentum to grow and future- proof Income, leveraging the strong foundation that we have collectively built in the past years, to serve the financial needs of generations to come. 2019 PERFORMANCE HIGHLIGHTS Income outperformed the industry with an 11% growth in weighted new business despite the life insurance industry in Singapore growing only 0.4% in 2019. Income took the lead in general insurance in Singapore last year, with motor insurance maintaining a wide lead against other insurers. Here are some key highlights of our business performance for the year ended 31 December 2019. • Gross premiums grew 8.5% to $3.9 billion; • Net operating surplus improved by 91.1%, ending the year at $326.1 million; • Total assets reached all-time high at $41.9 billion. DIRECTORS’ REPORT General insurance Life & Health insurance GROSS PREMIUMS (in $ million) 8.5% 2018 $3,631.9 $3,290.8 $341.1 $3,941.2 $3,573.3 $368.0 2019 NET OPERATING SURPLUS (in $ million) 91.1% 2018 $170.6 $326.1 2019 TOTAL ASSETS (in $ billion) 12.7% 2018 $37.2 $41.9 2019