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In July 2024, the NTUC Enterprise co-operative gave an irrevocable undertaking to sell a majority 51% stake of Income Insurance Ltd to German insurer Allianz. [13]NTUC Enterprise Chairman Lim Boon Heng stated that "is a capital-intensive business and to grow, there is a need to tap the capital markets" and that the sale was necessary because the "strength of Allianz’s financial position will ...
The NTUC was first established in 1961 when the Singapore Trades Union Congress (STUC), which had backed the People's Action Party (PAP) in its successful drive for self-government back in 1959, split into the pro-PAP NTUC and the non-affiliated and more leftist Singapore Association of Trade Unions (SATU).
Tan ran NTUC Income with the aim of providing the best value to the policyholders. This meant lower fees for insurance agents, encouragement of direct selling practices which bypassed the agents altogether, [ 6 ] and low operating expenses—throughout his 30-year term as CEO, Tan flew in economy class, even on long haul flights.
When Income changed its status, the government allowed it to move a surplus worth 2 billion Singapore dollars ($1.48 billion) to the new corporate entity, rather than be donated to the country's ...
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He was appointed, as the Group Chief Executive at NTUC Enterprise on 1 October 2013. [1] Previously Tan was Chief Executive of NTUC Income Insurance Co-operative Limited in Singapore from February 2007 to September 2013. He has served as a member of the organization's Board of Directors since 2003. [2]
NTUC FairPrice is the largest supermarket chain in Singapore. [2] The company is a co-operative of the National Trades Union Congress (NTUC). The group has more than 100 supermarkets across the island, with over 160 outlets of Cheers convenience stores island-wide.
The NTUC is politically linked with the Nepali Congress (NC). In 2008, the NTUC and the Democratic Confederation of Nepalese Trade Unions (DECONT) merged to form the NTUC-Independent (DECONT had split from the NTUC in 1997). While still known as NTUC-I, the union has reverted to the former name. [1]