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SINGAPORE: NTUC Income on Thursday (Jan 6) announced plans to convert itself into a corporate entity, citing the need to be more competitive amid “intensifying headwinds” in the insurance sector.
Currently a co-operative under the NTUC umbrella, the insurer said converting into a company governed by the Companies Act will allow it to “achieve operational flexibility and gain access to strategic growth options to compete on an equal footing with other insurers locally and regionally”.
Its existing insurance business and assets will be transferred to a new company called Income Insurance Ltd.
The transfer has been approved by the Monetary Authority of Singapore, said chief executive officer Andrew Yeo at a media briefing. Income has also registered the new company with the Accounting and Corporate Regulatory Authority.
The corporatisation exercise is expected to be completed in the second half of this year, subject to regulatory approvals and other customary closing conditions. The co-operative will be liquidated thereafter.
The insurer stressed that the move, which only changes its legal form, will have no impact on staff or existing holders of its insurance policies.
More at https://shrtcô.de/eFNqYA
Currently a co-operative under the NTUC umbrella, the insurer said converting into a company governed by the Companies Act will allow it to “achieve operational flexibility and gain access to strategic growth options to compete on an equal footing with other insurers locally and regionally”.
Its existing insurance business and assets will be transferred to a new company called Income Insurance Ltd.
The transfer has been approved by the Monetary Authority of Singapore, said chief executive officer Andrew Yeo at a media briefing. Income has also registered the new company with the Accounting and Corporate Regulatory Authority.
The corporatisation exercise is expected to be completed in the second half of this year, subject to regulatory approvals and other customary closing conditions. The co-operative will be liquidated thereafter.
The insurer stressed that the move, which only changes its legal form, will have no impact on staff or existing holders of its insurance policies.
More at https://shrtcô.de/eFNqYA
