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My vision is to create a cohesive group for my family of financial planners to better serve our clients. You may wish to read more in our page “Why our Blog”

Coming from a person who is suffering from a mild genetic disorder, I have experienced the importance of how insurance has dramatically shaped my life. My mission is to share with you readers the importance of Retirement Planning, Risk management and Wealth Management before we ever live to regret our lack of planning.

No one wants to outlive their money. No one plans to fail. Let us not fail to plan. Should you have any query, please do not hesitate to drop me an email - Alvin.Soong@income.com.sg Mobile - 96667946. As a family of agents, we are committed to providing you the best value - Alvin Soong

NTUC INCOME becomes No. 1 Local Insurance company in Singpaore

November 10th, 2008 by ALVIN SOONG

In Q3 2008, NTUC Income, the only Co-operative Insurance Company in Singapore achieved the Number 1 position in weighted premiums (a combination of API and SPI) according to results released by LIA (Life Insurance Association of Singapore) yesterday.

Weighted Premiums in Q3 2008

NTUC Income $90.7m (20.3% market share)
GE $84.3m (18.8%)
OAC $62.9m (14.1%)
Prudential $56.1m (12.5%)
AIA $50.0m (11.2%)

This is an extraordinary achievement in the market share rankings - never before in history have NTUC INCOME been No:1 in weighted premiums - doing well in both single and annual premiums at the same time. This is attributable to the determination of all the consultants and advisors, the imaginative engagement with our new channel - the financial advisory firms, the hard work we have put in in product positioning and marketing; committed sales management and an undying belief that we can achieve what NTUC INCOME set out to achieve. The change in CPF rules and financial crisis also helped us.

Annual Premiums in Q3 2008

NTUC INCOME came second to Prudential in API. The results are as follows

Prudential $52.1m
NTUC Income $46.0m
AIA $36.4m
Manu Life $29.0m
GE $27.8m

Single Premiums in Q3 2008

We came second to Great Eastern in SPI. The results are as follows

Great Eastern $571m
NTUC Income $449m
OAC $419m
AIA $149m
Prudential $78m

Weighted Premiums : Overall Year To Date (September 2008)

As you know we had a slower start this year. The year to date rankings are therefore as follow:

Great Eastern $238.2m
Prudential $227.4m
AIA $222.1m
NTUC Income $197.4m
OAC $192.9m

But do look at how close the results are, hence being No:1 is certainly not out of reach in the near future as we work towards the goal we set ourselves at the Esplanade in April last year. I think the financial crisis will hit a couple of the above companies really hard, and the full effects will be felt in the fourth quarter and next year.

What this Means for Us: A Watershed Moment

NTUC INCOME according to present CE continues to ensure the best performance for the policyholders of NTUC INCOME and to urge the representatives of NTUC INCOME to run continously for the beneft of the policyholders.

Extracted and summarised from CE Tan Suee Chieh’s Letter to the Representatives of NTUC INCOME

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