NTUC Income to become corporate entity amid ‘intensifying headwinds’ in insurance sector

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Singapore’s leading insurance co-operative NTUC Income is set to corporatise later this year to help it respond to market shifts better amid “intensifying headwinds” in the insurance sector. It has stressed that the move will have no impact on its staff or its nearly two million policyholders. Existing insurance business and assets will be transferred to the new company, Income Insurance Limited. After which, NTUC Income will be liquidated. Existing policies will be moved to the new company automatically, with the same coverage, terms and benefits.

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