NTUC Income launches its first sustainability report & More News Here

One of Singapore’s greatest insurers, NTUC Income (Income), has launched its first sustainability report, that’s titled “Because We Are Made for Purpose”, outlining the insurer’s sustainability imaginative and prescient to empower higher monetary well-being by embedding environmental, social and governance (ESG) concerns throughout its enterprise.

The report particulars Income’s sustainability technique that features the insurer’s focus areas and long-term sustainability targets to ship a constructive impression in Singapore.

The long-term sustainability targets are as follows.

• Achieve net-zero greenhouse gasoline (GHG) emissions by 2050

• Cease underwriting of property and casualty enterprise in coal sectors by 2040

• Totally divest funding portfolio from coal sectors by 2030

• Have all belongings managed by exterior fund managers which are signatories to the UN Principles of Responsible Investment or with ESG concerns by 2030

• Act on product growth alternatives based mostly on recognized environment-related dangers and alternatives

• Pledged S$100m ($73m) over 10 years from 2021 to champion schooling for kids and youth-in-need, seniors in Singapore and environmental causes.

The report additionally contains disclosures that element its climate-related governance, danger administration, technique, in addition to metrics and targets which are aligned to the suggestions of the Task Force on Climate-Related Financial Disclosures (TCFD), established by the Financial Stability Board.

NTUC Income’s CEO, Mr Andrew Yeo, stated, “To be purpose-driven is fundamental to Income and this is aptly reflected in our inaugural sustainability report. We were established in 1970 to plug a pressing social need in Singapore by providing affordable insurance to the working class. Today, we remain focused on keeping insurance accessible to people from all walks of life. This continues to be our unwavering purpose as we transition from an insurance co-operative to a company this year.”

“To ensure that we walk the talk leveraging our business in insurance to make the world a better place, we hold ourselves accountable by appraising our corporate performance not just by how well we do financially, but also the extent of positive impact we are bringing to the community we serve. Income’s sustainability strategy is a blueprint that frames our way of thinking and working more strategically and holistically as we sharpen our consideration for ESG factors to create long-term value for our stakeholders and community,” Mr Yeo added.

Income’s sustainability technique, which it adopted in 2021, is formulated round three strategic pillars, specifically ‘Action for Environment’, ‘Operate a Responsible Business’ and ‘Build Stronger Communities’. Each pillar includes materials actions that information the insurer’s enterprise priorities. Together, they define how Income plans to create sustainable worth and function in the most effective pursuits of the corporate and its stakeholders.

Through implementing its sustainability technique, Income additionally helps seven United Nations Sustainable Development Goals (SDGs) that it believes it will probably contribute to most meaningfully. These SDGs are:

• No poverty
• Good well being and well-being
• Quality schooling
• Decent work and financial development
• Responsible consumption and manufacturing
• Climate motion
• Peace, justice and robust establishments.

Mr Yeo stated, “We are on this sustainability journey for the long haul. To succeed, we have set long-term sustainability goals. The SDGs offer us added purpose to what we already do at Income as we strongly believe that we can achieve more together. As an insurer, asset owner and investor, Income has a role to play in the transition to a low-carbon economy. On this front, we are prioritising a calibrated approach as we are mindful of future guidance and methodologies that will continue to emerge, evolve, mature, and influence our approach to greenhouse gas reduction and sustainability. However, where we already have a track record, we are set to build on our strengths and deepen our positive impact in the long-term.”

Established in Singapore in 1970, NTUC Income is a number one composite insurer, providing life, well being and basic insurance coverage.

 

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