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Friday, January 28, 2011

NTUC Income's reassurance to me they still value co-operative spirit

NTUC Income's reassurance:

Thanks for the post.

NTUC Income remains committed to our social purpose to do good for our customers and the community. But in order to be able to do good, we must do well in our business.

We continue to act as the price moderator in the industry, offering some of the most competitive life, health, general insurance products. We also offer low-priced, high-protection plans exclusively for NTUC members and unions.

Last year, in view of our excellent business results, we were able to pay a total bonus of $415.5m to our participating life insurance policyholders. We also pledged to contribute 1% of our operating profits to OrangeAid, our CSR fund set up to benefit children and youths.

Besides making significant contributions to the Moral Home for Disabled, the Singapore Children's Society and the Assumption Pathway School, we launched the NTUC Income Family Micro Insurance Scheme aimed to benefit 13,000 low-income households with children. We pledged $0.5m over 3 years in support of this scheme. Our annual contribution to the labour movement includes our $1m towards the U Care Fund in aid of low wage workers and their families.

We will continue to step up on our Do Good efforts. We must therefore continue to do well.

Hope this clarifies. Have a great day!

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