NTUC Income has issued its first sustainability report, titled Because we are made for purpose.
The report outlines Income’s sustainability vision, which is to empower better financial well-being by embedding environmental, social and governance (ESG) considerations across its business. The insurer is also working to achieve operational resilience, as well as address the impact of climate change on the environment and society.
Income’s long-term sustainability goals listed by the report were as follows.
In 2021, Income pledged SG$100 million over 10 years towards education for in-need children and youth, the elderly, and environmental causes.
The report also included disclosures regarding Income’s climate-related governance, risk management, strategy, as well as metrics and targets that are aligned to the recommendations of the Task Force on Climate-Related Financial Disclosures, established by Singapore’s Financial Stability Board.
“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,” said Andrew Yeo, Income’s CEO. “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.”
Income, which adopted its sustainability strategy in 2021, said the strategy has three pillars – “action for environment”, “operate a responsible business” and “build stronger communities”. Each pillar comprises material actions that guide its business priorities. Together, they outline how Income plans to create sustainable value and operate in the best interest of the company and its stakeholders, the insurer said.
Through implementing its sustainability strategy, Income also supports seven United Nations Sustainable Development Goals (SDGs) that it believes it can contribute to most meaningfully.
“We are on this sustainability journey for the long haul,” Yeo said. “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.”
