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NTUC Income reports premium growth for FY2021 but lower net operating surplus on fair value loss

The Edge Singapore
The Edge Singapore 6/19/2022 09:38 PM GMT+08  • 1 min read
NTUC Income reports premium growth for FY2021 but lower net operating surplus on fair value loss
"As a company, we banded together and emerged stronger to close 2021 with a set of credible results."
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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.

See also: Serial System reports lower 1QFY2022 earnings on allowance for obsolete stocks

"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.

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