NTUC Income to enter into corporatisation exercise
The move will establish its legal form to a company governed by the Companies Act.
A corporatisation exercise is the next step forward for NTUC Income, according to the co-operative.
“We see corporatisation as a strategic and essential pivot for Income to scale its business quicker locally and regionally, invest in growth channels and markets, as well as digital capabilities to effectively compete more equitably with other insurers,” said Ronald Ong, Chairman, Income.
The movie will include the transfer of its existing insurance business and assets to the new company, Income Insurance Limited, whilst the co-op will be liquidated. No changes will happen to Income’s organisational structure or business operation, as the exercise will only impact its legal form.
By embarking on the corporatisation exercise, Income is demonstrating foresight to be future-ready and sustainable in an increasingly dynamic and complex insurance landscape. More significantly, it marks our commitment to further drive long-term business and customer value in Singapore and beyond, while strengthening our competitive position as a leading homegrown insurer,” added Ong.
Following this announcement, Income will be organising an Extraordinary General Meeting to seek members’ approval for the move.