CE NTUC INCOME Tan Suee Chieh Reassurance to Public: 11 Oct 2008
October 14th, 2008 by ALVIN SOONG
Dear colleagues
The last week was a period of financial turbulence which was unparalleled since the 1930s. Since I spoke to many of you on the ReVVing UP Day 2 October Friday and on Sales Rally Day 7 October Tuesday, the financial world continued to be shaken by the excesses of undiluted profit making and unregulated capitalism of the last twenty five years.
In the midst of this turbulent week, Standard and Poors (a leading ratings agency) came out to reaffirm NTUC Income a AA company, meaning - we have very strong capacity to meet our financial commitments. This is fantastic news given the difficult environment we are in.
This puts us in a sound position to assure all our investors and customers that their money is safe with us. The S&P report highlighted that NTUC Income has prudent reserving standards, that its investment strategy is generally conservative, and that it is likely to receive extraordinary support from the government if needed.
Sales Rally
I was glad to see so many of you, FCs, ICs and office staff, at our sales rally last Tuesday - the final one for 2008. It was an important occasion for us - the exuberance and high energy that I felt from you was clear proof of the GOT TO and CAN DO spirit of NTUC Income, even when the economic situation is not so bright. But as Adam Khoo said, it is not the event that shapes the outcome, but our response to it that does. At NTUC Income, we will choose the right response to every opportunity or crisis, so that it is our response which will shape the outcome.
Who We Are
No financial institution is 100% safe. Unlike many other countries, we have a strong regulator in MAS and a good government in Singapore. NTUC Income is no ordinary institution. We are strongly backed by our parent, the NTUC, and the labour movement. We are Singapore and we are safe.
Why we are a Trusted Brand
We offer the best products, lowest premiums, and best yields. Our claims settlement has been rated the best by independent surveys and by MOH. We are prudent in our investments and they are well-diversified. Our management expenses are the lowest in the market and our brand is about transparency, integrity and trust.
Our people want to do well, but we also want to do good. We will always compete for commercial leadership, but our social purpose will be our guide. So, the decisions we take in NTUC Income has never been in shareholders favour at the expense of our policyholders. Our customers can rest assured that this will be guiding philosophy.
Home is the safest place to be
Local financial institutions such as NTUC Income have weathered the financial turmoil only because of our sound fundamentals, diversification strategy and strong corporate governance. We have a strong government, a strong MAS and a strong parent in NTUC.
In tough times like these , home is the safest place to be.
Have a good week ahead!
Tan Suee Chieh
Chief Executive
NTUC INCOME
