NTUC Income Insurance Co-operative, which is transiting from being a co-op to a corporatized entity by end of the year, has booked gross premiums of $4.6 billion for FY2021 ended Dec, up 8% over the preceding FY2020.
The premium growth for FY2021 was driven by a 9% gain to $4.2 billion from its life and health insurance segment, thanks to higher single premium life insurance sales.
However, its net operating surplus for the same period was down 55% to $169.8 million, due to fair value investment losses of its bonds, which were impacted by rising interest rates and credit risk uncertainties.
On the other hand, its general insurance segment was flat, with premium for FY2021 coming in at $379.5 million, versus $380.2 million for FY2020.
Total assets increased slightly from $45.8 billion to $47.3 billion.
"As a company, we banded together and emerged stronger to close 2021 with a set of credible results," says chairman Ronald Ong in the annual report.
