Because We Are
Made For Purpose
Sustainability Report 2021

Our
PurposeStatement

Empower better
financial well-being
for all.

Our
Sustainability
VisionWe empower better financial well-being by embedding
environmental, social and governance (ESG) considerationsin the way we act and operate through our products, services
and people. By identifying risks and tapping into opportunities,
we want to achieve operational resilience to address climatechange and its impact on the environment and society, as wellas influence others to contribute positively to a more inclusive,
resilient and sustainable future together.

Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Table of Contents
Overview

Action for Environment

Build Stronger Communities

Foreword by CEO

02

Our Approach to Net-Zero

16

Champion Social Mobility

42

About NTUC Income and This Report

04

Transition to a Low-Carbon Business

17

Address Social Needs

45

Decarbonise Investment Portfolio

23

2021 Highlights

Regulatory and Mandatory Disclosures

05

Operate a Responsible Business
Our Sustainability Approach

Effective Corporate Governance27

Offer Inclusive Products

31

Our Strategic Pillars and Material Actions

07

Promote Financial Literacy

35

Strategic Sustainability Pillars

08

Foster a Learning and Engaged Culture

37

Engaging Our Stakeholders

09

Contributing to the United Nations Sustainable
Development Goals (SDGs)

10

Managing Our Sustainability Commitments
and Actions

11

Progress Against Our Sustainability Strategy

12

Task Force on Climate-Related Financial Disclosures(TCFD) Index

46

Global Reporting Initiative (GRI) Index

49

NTUC Income

Sustainability Report 2021

01

Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Foreword by CEO
Throughout 2021, we continued to improve theway we work in the interest of all our stakeholders.
To ensure that we walk the talk leveraging ourbusiness in insurance to make the world around us
better, we hold ourselves accountable by appraising
our corporate performance against not just how well
we did financially, but also the extent of positive
impact we brought to the community we serve.
Andrew Yeo
Chief Executive
NTUC Income

Made for Purpose
To be purpose-driven is fundamental to Income.
We were established in 1970 to advance thecause of the Labour Movement and to plug apressing social need in Singapore by providing
a financial safety net via insurance for theworking class at an affordable cost.
Today, we remain focused on keeping insurance
accessible to people from all walks of life. By
doing so, we help Singaporeans achieve better
financial well-being by making insurance affordable
and accessible, as well as supporting their savings
and wealth accumulation goals so that they are
empowered to get the most out of life.

This continues to be our unwavering purpose
as we transition from an insurance co-operative
to a company this year.
Throughout 2021, we continued to improve
the way we work in the interest of all our
stakeholders. To ensure that we walk thetalk leveraging our business in insurance
to make the world around us better, we holdourselves accountable by appraising ourcorporate performance against not just how
well we did financially, but also the extent
of positive impact we brought to thecommunity we serve.

We adopted a new Sustainability Strategy
anchored on three core pillars – ‘Action forEnvironment’, ‘Operate a Responsible Business’and ‘Build Stronger Communities’ – to frame
our way of thinking and working morestrategically and holistically in this regard.
This is a significant milestone for Income’ssustainability agenda as it sharpens ourconsideration for environment, social andgovernance (ESG) factors as we align ourmaterial focus, business priorities and tangible
actions to our purpose and to create long-termvalue for our stakeholders. Increasingly, thisbecomes more significant as we extend ourfootprint beyond Singapore.

To do this well, we are identifying risks
and tapping into opportunities so that wetake material actions to address our key
sustainability topics and be operationallyresilient. This is important as we must first bea thriving business before we can contribute
effectively to the success of our people andsociety sustainably.
We must also be on this journey for the long
haul to succeed and, thus, we have set longterm sustainability goals.
Most significantly, we made a commitment
to achieve net-zero greenhouse gas (GHG)
emissions by 2050.

NTUC Income

Sustainability Report 2021

02Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Foreword by CEO
In support of this goal, we have pledged tocease underwriting of Property & Casualty
business in coal sectors by 2040.
We have also committed to totally divest our
exposure to coal-related sectors in our investment
portfolio by 2030. Additionally, we are also
managing our investment portfolio with
ESG considerations to align better with oursustainability vision and to fulfil long-term
obligations to our customers and stakeholders.
As an insurer, asset owner and investor,
Income has a role to play in the transition toa low-carbon economy. Hence, we are careful
about collecting robust data on our carbon
footprint and influencing their reduction sothat we can assert our influence meaningfully
as we decarbonise our operation and transition
to a low-carbon business.
We have also been deliberate in assessing
suitable target-setting methodologies andare keen on practical GHG reduction strategies
that are win-win for the company and society.
On this front, we are prioritising a calibrated
approach as we are mindful of future guidance
and methodologies that will continue toemerge, evolve, mature and influence theinsurance sector’s approach to GHG
reduction and sustainability.
However, where we already have a track record,
we are set to build on our strengths and deepen
our positive impact. More specifically, we
pushed boundaries in three areas in 2021.

Firstly, we acted as an enabler in the national
agenda to help Singaporeans prolong their
good years, prepare for, protect and pursue
quality and fulfilling lives in their later years
via a public awareness campaign where wehelped Singaporeans frame practical andsustainable actions in their pursuit to age well.
This emphasis came on the back of us
overhauling our thinking as an insurer in
relation to seniors. Insurers are typicallyskewed towards a younger demographic astraditional underwriting is designed to target
the younger set as its primary customers.
However, we recognise that such a mindset
will prove increasingly less relevant given ourageing population and the fact that criticaland chronic illnesses such as heart diseases,
diabetes and cancer are growing in prevalence
and threatening to widen existing protection
and savings gaps. As such, we see great
benefit in empowering seniors to be physically,
mentally and financially ready for theyears ahead.
Secondly, we took inspiration from today’s
digital-first lifestyle when developing products
to address unmet needs. This is because werecognise that a spectrum of customers will
unlikely be served by conventional insurance
simply because the latter does not resonate
with them.
With the rise of e-commerce platforms, moreare expecting better control and customisation
over what they purchase, as well as enhanced
flexibility in terms of how and when they buy
insurance. The pandemic situation and a more

To further fuel insurance innovations at Income,
we are purposefully investing in our human capitalby building our capabilities in digitalisation, data,
artificial intelligence and other technologies.
volatile economy have also made people more
mindful about cash flow and future planning.

digital responsibility in our way of working
organisation-wide to augment our purpose.

By taking on such considerations in the productdesign of TRIBE last year, we lowered the barrierof entry to insurance for customers substantially.
With TRIBE, customers purchase insurance
plans in subscription packs that allow them todecide on the pack size that suits their budget
and protection needs. Customers also have theflexibility to upsize and downsize their insurance
packs on a self-serve platform and choose topause or kickstart their subscriptions any time,with no penalty charges.

Finally, we renewed our commitment to be
more responsive to social needs by pledging
S$100 million over 10 years to social causes that
focus on education for children and youth-inneed, seniors and the environment. By doing
so, we are building stronger communities andinvesting in our collective future.

We are proud that such industry-first propositions
have won not only industry recognition but
also gained traction amongst customers andpartners, including those overseas who findthem meaningful in extending insurance accessand closing more protection gaps in their markets.
To further fuel insurance innovations at
Income, we are purposefully investing in ourhuman capital by building our capabilities indigitalisation, data, artificial intelligence andother technologies.
To do this well, we are also fostering a learning,
engaged and risk-aware culture and are set on
effective governance and embedding

Also, we believe that we can do more together.
This is why, through our Sustainability Strategy,
we are supporting seven United Nations
Sustainable Development Goals that we
believe we can contribute most meaningfully.
They offer added purpose to what we alreadydo at Income especially when we look to
influence others to contribute positively to amore inclusive and sustainable future together.
We have encapsulated how we are deliveringon our Sustainability Strategy and fulfilling our
purpose in this inaugural report. I am proud of
how our 2021 performance demonstrated aclear sense of purpose by showing how we hadcome together as one Income to be a more
responsible and sustainable business. We lookforward to delivering more positive impact as
we embark on this journey to advance oursustainability agenda for the greater good of
the societies we operate in.
NTUC Income

Sustainability Report 2021

03

Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

About NTUC Income and this Report
NTUC Income Insurance Co-operative Ltd(Income) is one of Singapore’s leading
composite insurers serving about 1.7 million
customers. Our ambition is to protect every
life and every home by making insurance
simple, accessible and personal for individuals
from all walks of life.
Our innovative, data-driven and omni-channel
approach puts us at the forefront of customercentric solutions to meet rapidly evolving needs
and to empower people with better financial
well-being. Our financial strength is reflectedin our strong credit ratings of AA- by Standard& Poor’s in 2021. Held consistently since 2009,
the rating underscores our strong competitive
position and diversified business mix which
underpins our commitment to our customers.
Despite the protracted pandemic and a challenging
year, we emerged stronger to close 2021 witha set of credible results. For the year ended
31 December 2021, gross premiums grew 8%
to S$4.6 billion and our total assets reached
S$47.3 billion. More information about our
financial performance can be found in our
2021 Annual Report (AR) on our website.
Similar to how we have been accountable toour stakeholders for our financial performance
via the AR, we are also maintaining a similar
approach on transparent disclosure for our
progress and performance on sustainability.

This report marks the inaugural Sustainability
Report published by Income. It provides asummary of Income’s sustainability measuresand performance in 2021. It also details our
Sustainability Strategy which outlines our focus
areas, material actions and business priorities
to deliver positive impact in Singapore pegged
to our 2021 sustainability targets.
We also included in this report our climaterelated disclosures that have been publishedin alignment with the recommendations
from the Task Force on Climate-Related
Financial Disclosures (TCFD). The TCFD wasestablished by the Financial Stability Board
with the aim of providing decision-usefulclimate-related information for financial
market participants, including those on
financial implications of climate risks andopportunities. Our TCFD-related disclosuresthat highlight our climate-related governance,risk management, strategy, as well as metrics
and targets, can be found in these reportchapters – 'Our Sustainability Approach','Action for Environment' and 'Regulatory
and Mandatory Disclosures'.
This report was prepared in accordance with
the Global Reporting Standards (Core option)
and with reference to the G4 Financial Services
sector disclosures by the GRI Global Sustainability
Standards Board.

This report reflects information and data
for the calendar year 2021, unless otherwise
stated. It should also be read in conjunction
with our 2021 AR and other sustainabilityrelated disclosures on our website.

Feedback
We invite all stakeholders to provide
us with feedback on this report andour sustainability performance. Your
feedback is crucial to help us improve
our sustainability performance anddisclosure practices. You may address
your questions, comments or feedback
to our Sustainability Team atsustainability@income.com.sg.

NTUC Income

Sustainability Report 202104Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

2021 Highlights
Action for Environment

Operate a Responsible Business

Build Stronger Communities

Net-Zero Commitment
Pledged to achieve net-zero greenhousegas emissions by 2050

Promote Financial Literacy
Heightened awareness on the importanceof financial planning and retirement
readiness via public education campaigns.
'So Steady' and 'Me First', targeting seniors
and Singaporeans at large respectively

S$4.23 million in Financial Support via
COVID-19 Support Schemes
Supported over 50,000 individuals, families
and businesses through difficult times,
including the low-income and those mostimpacted by the pandemic

Increased Access to Insurance
Launched TRIBE, a new subscription-based
insurance with on-demand adaptability

Pledged S$100 Million Over 10 Years
in Support of Social Causes
Enhanced support for causes thatchampion the low-income, the elderly
and the environment

Cease Property and Casualty
Underwriting in Coal Sectors
Committed to cease underwriting ofproperty and casualty business in coalsectors by 2040
Zero Coal Exposure in Investment
Committed to totally divest our investment
portfolio from coal sectors by 2030
Sustainably Managed Assets
To have all our assets managed by externalfund managers that are signatories to the
UN Principles for Responsible Investment
or with ESG considerations by 2030
Greening Our Offices
Over 70% of Income-owned buildings areGreen Mark certified as of 2021 and where
possible, we use materials that are GreenMark certified for retrofitting
Paperless Policyholder Communications
by 2025
Saved 3.94 million sheets of paper by
avoiding and reducing printed sheets

Top Quartile Employee Engagement
Reflected strong employee engagementlevels as Income maintained top-quartile
performance in McKinsey & Company's
annual Organizational Health Index survey,
which was benchmarked against theinsurance industry
Build a Future Ready Workforce
Almost all staff completed two days ofdata-related training to help themsucceed in a data-driven and digitallyenabled environment
Foster a Risk-aware Culture
Hosted a Conduct & Culture Week toinstill knowledge and raise awarenessabout personal data protection

Contributed 1% of Operating Profit toChampion Education for Youth-In-Need
Funds offered financial support to students
who are eligible for the OrangeAid Future
Development Programme and the Income
Family Micro-Insurance Scheme so thatthey continue with their education despite
their difficult financial circumstances
Extended Support to
Low-income Workers
Donated S$1.2 million to NTUC U Care
Fund and related causes

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Sustainability Report 2021

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Because We
Care
In 2021, we sharpened our sustainability
strategy. This strategy guides our material
actions, business priorities and goals todeliver long-term sustainable value to ouremployees, customers, shareholders andthe wider community.

Our Sustainability Approach
Our Strategic Pillars and Material Actions

07

Strategic Sustainability Pillars

08

Engaging Our Stakeholders

09

Contributing to the SDGs

10

Managing Our Sustainability Commitments
and Actions

11

Progress Against Our Sustainability Strategy

12Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Our Strategic Pillars and Material Actions
Our sustainability strategy is formulated around three strategic pillars, namely 'Action for Environment', 'Operate a Responsible Business' and 'Build Stronger Communities'.
Each pillar comprises material actions that guide our business priorities and together, they outline how we plan to create sustainable value and operate in the best interest of
the company and our stakeholders. Through implementing our sustainability strategy, we also support selected United Nations Sustainable Development Goals (SDGs).

Action for Environment
As an insurer, asset owner and investor, we have a role in
influencing and acting against the impact that climate change
has on the environment and society. We pledged to achieve
net-zero greenhouse gas (GHG) emissions by 2050 so that ourbusiness in insurance and the way we operate, including
channelling investments, are tied to sustainable outcomes.

Build Stronger Communities
As a corporate citizen and an employer, we seek toempower underserved communities and promote
environmental causes. We drive positive impact in
the areas of education for children and youth-in-need,seniors in Singapore and the environment by committing
S$100 million over 10 years. We do this through Income
OrangeAid (our community development programme) andIncome Gives Back (our employee volunteering programme).

Operate a Responsible BusinessWe consider the impact of our business operations on
the environment and society so that we do the rightthing for our employees and the people we serve. We
do this by maintaining effective governance and aculture of ethical decision-making. We also continue toimprove access to insurance by means of offering more
inclusive products and financial literacy education todifferent segments of our society, including those who
are underserved. Appreciating our employees as a key
and valued asset of the company, we remain focusedon developing, engaging and helping our employees
grow professionally and personally through purposefulwork and a supportive work environment.

ESG considerations are folded into the business and they manifest in three strategic pillars that guide our material
focus in creating sustainable value where we operate in support of selected Sustainability Development Goals (SDGs).

NTUC Income

Sustainability Report 202107

Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Strategic Sustainability Pillars
Strategic Pillars

Action forEnvironment

Operate a Responsible
Business

Build Stronger
Communities

Material Actions

Future Targets

Transition to
Low-carbon Business• Achieve net-zero GHG emissions by 2050

• Commit to paperless policyholder communication by 2025

• Cease underwriting of coal-related Property &Casualty business in coal sectors by 2040

• Act on emission reduction opportunities based on our
GHG inventory assessment

Decarbonise
Investment Portfolio• Zero exposure to coal-related sectors in investment
portfolio by 2030

• Investment portfolios are managed with
ESG considerations

Innovate Sustainable
Products• Act on product development opportunities based on identified environment-related risks and opportunities

Offer Inclusive Products• Ensure access to insurance for all, including seniors and the underserved

Promote Financial Literacy• Educate and empower financial well-being for all

Foster a Learning andEngaged Culture• Support employee development and empower a career ‘Made Yours’

Effective Corporate
Governance• Foster a risk-aware culture and embed responsible business practices

Champion Social Mobility• Drive positive impact in the area of education for children and youth-in-need

Address Social Needs• Commit S$100 million over 10 years from 2021 tochampion education for children and youth-in-need,seniors in Singapore and environmental causes

Promote and Empower
Sustainable Development• Crowdsource innovations that promote sustainable insurance or related social innovations• Encourage employee volunteerism

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Sustainability Report 2021

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Engaging Our Stakeholders
Our sustainability strategy is grounded by insights fromour stakeholder engagement and materiality assessment
conducted in collaboration with a third-party consultant.
Engaging with different stakeholders allowed us to determine
actions and priorities that are material in responding tosustainability topics that have been identified and to create
value for our stakeholders.
To identify relevant sustainability topics, we considered existing
and upcoming regulations, industry trends and focus areas bypeer companies. These topics were then prioritised based on
their importance to our stakeholders (i.e., employees, customers,
business partners) and their significance to the business.
Most recent materiality assessment was carried out in 2019 andrevised in 2021. The sustainability topics identified during theassessment were translated into material actions, which in turnset business priorities that informed our sustainability strategy.
In light of the COVID-19 pandemic and other developments,
we sharpened our sustainability strategy to include long-term
environmental and social commitments in 2021. This decision
was validated by the Executive Committee and approved by
the Board.
The table outlines our key stakeholder groups and engagement
channels that we use regularly to keep pace with stakeholders’concerns and feedback so that we continue to stay relevant.
To achieve our sustainability ambitions and contribute to wider
positive change, it is important that we work in partnerships
with others.
We are a non-corporate institutional member of the GCNS,
a local chapter of the United Nations Global Compact.

Key Stakeholder Groups

Engagement Channels

Customers
Our customers are at the heart of what we do. Feedback
from them helps us understand their needs to improve our
products and services.

• Customer service channels that receive customer
feedback on an ongoing basis• Website and social media platforms that
disseminate news and information• OrangeAid RoundUp as a channel for existingcustomers to donate to Income’s community initiative

Employees
Our people enable us to achieve our strategic objectives
and generate value for the business. We seek to continuously
engage our people for their perspectives and experience todrive improvements at the workplace and in our offerings.

• Annual staff survey – Organizational Health Index• Employee training and well-being initiatives• Skip-level meetings to receive employee feedback• Townhalls – CEO ‘Live’• Employee volunteerism programmeSociety
We believe collaboration is key to create positive change. We
work together with the government, non-profits and otherorganisations to help address social needs in our communities.

• Annual public survey – Social Impact Tracker• Various community programmes

Business Partners
We continue to work with our external fund managers,
business partners and suppliers to make responsible
decisions and to advance our sustainability commitments.

• Formal discussions with external fund managers
on their Principles for Responsible Investment (PRI)
status and portfolio management

Government/Regulators
We keep ourselves informed about regulatory trends,
changes and issues. This helps us maintain our compliancewith applicable regulations and improve corporate
governance procedures.

• Formal discussions on Environmental Risk Management(EnRM) with representatives from the Monetary
Authority of Singapore (MAS)• Compliance reporting on cybersecurity anddata protection

We are also members of the Life Insurance Association and
the General Insurance Association, both of which encourage
collaboration across the industry and relevant regulatory bodies
to promote consumer literacy in insurance products.

NTUC Income

Sustainability Report 2021

09Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Contributing to the SDGs
The United Nations SDGs are a universal call to action to end poverty, protect the planet and ensure all people enjoy peace and prosperity by 2030. The global
challenges underpinning each SDG require solutions that businesses can contribute to and thus the SDGs provide a means for Income to illustrate how our activities
support global goals and targets.
We focus on SDGs where we can have the biggest impact through our business priorities and activities. The SDG targets we support are as follows.

No Poverty

Good Health andWell-being

Quality
Education

Decent Work andEconomic Growth

Responsible
Consumption and
Production

Climate Action

Peace, Justiceand Strong
Institutions

1.5		Build resilienceof the poorand vulnerable
and reduce
vulnerability toeconomic, socialand environmental
shocks anddisasters, including
climate-related
extreme events

3.8		Achieve universal
health coverage,
including financial
risk protection,access to quality
essential healthcare services andsafe, effective,
quality andaffordable
essential
medicines andvaccines

4.4		Increase relevant
skills, including
technical andvocational skills,
for employment,
decent jobs andentrepreneurship8.2		Achieve higher
levels of economic
productivity
throughdiversification,technologicalupgrading &innovation

12.5		 Reduce waste
generation throughprevention,
reduction, recycling
and reuse

13.1		 Strengthen
resilience andadaptive capacity
to climate-related
hazards/natural
disasters

16.6		 Effective,
accountable andtransparent
institutions at
all levels

4.7		Ensure that alllearners acquire
the knowledge
and skills needed
to promotesustainable
development

8.10		 Encourage andexpand access tobanking, insurance& financial services
for all

12.6		 Adopt and reporton sustainable
practices

13.3		 Improve education,awareness, humanand institutional
capacity on climatechange mitigation,
adaption andimpact reductionand early warning

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Sustainability Report 2021

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Managing Our Sustainability Commitments and Actions
At Income, our Board of Directors
integrates ESG considerations in thedevelopment of Income’s businessstrategy and has ultimate oversight of
its sustainability. The oversight of oursustainability commitments and actions
are integrated into the responsibilities
of existing Board-level committees
and our Executive Committee.
Board of Directors
The Board of Directors endorses Income’ssustainability vision and strategy, provides guidanceon material sustainability matters, offers advice
on their management and monitoring and ensuresrisks and opportunities are appropriately balanced.
In 2021, the Board of Directors completed one
climate-related training and the Risk Management
Committee completed an additional two climaterelated training sessions to ensure that thedirectors understand global developments andregulatory expectations in environmental
risk management.
The Board of Directors is supported by the Nominatingand Human Resource & Remuneration Committee,
Risk Management Committee and the Investment
Committee on sustainability-related matters.

Nominating and Human Resource &Remuneration Committee (NHRRC)
The NHRRC oversees Income’s sustainability visionand strategy, its sustainability topics, material
actions that set the company’s business priorities
and annual performance targets on sustainability.
It has oversight of Income’s sustainability initiatives
and implementation roadmap.

Risk Management Committee (RMC)
The RMC oversees the management of risks andopportunities, including environment-related ones
and their impact on Income’s strategy. In 2021,
the RMC approved Income’s Environmental Risk
Management (EnRM) Framework, which comprises
the EnRM policy, risk appetite and strategy statement.
The EnRM Framework applies to the investment,
underwriting and business operation units.

Framework including the EnRM Policy, risk
appetite and strategy statement. It also monitors
progress on climate-related initiatives. The Chief
Risk Officer is responsible for the annual reviewof the EnRM Framework, analysing related
issues in support of risk appetite setting andestablishing the control framework so thatenvironmental risks are managed within Income’srisk appetite. In addition, the ExCom oversees
various workstreams to ensure the effective
implementation of the sustainability strategy
and ensures that sustainability is embedded asa key component of business planning.

The ExCom met quarterly on environmental
risk management and discussed progress on
implementing Income’s EnRM Framework in 2021.
The ExCom reports to the RMC and provided four
updates to the RMC on topics related to Income’s
environmental risk management. During the year,
the ExCom also provided quarterly progress
updates to the Board on Income’s sustainability
strategy. The ExCom received three training
sessions in 2021 on topics such as TCFD
recommendations, the impacts of climate change
and climate-related risks and opportunities.

Board of Directors
Overall responsible for sustainability at Income

Investment Committee (IC)The IC oversees Income's Responsible Investment
Policy which is aligned with the company's overallsustainability vision and strategy. The IC has oversighton the incorporation of responsible investment
practices in the company's investment portfolio.

Executive Committee (ExCom)
At management level, the ExCom is responsible
for reviewing and endorsing Income’s EnRM

Nominating and Human
Resource & Remuneration
Committee (NHRRC)
Reports matters related
to Sustainability

Risk Management
Committee (RMC)

Investment
Committee (IC)

Reports matters related
to Environment Risk
Management (EnRM)

Reports mattersrelated to Responsible
Investment

Executive Committee (ExCom)

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Sustainability Report 2021

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Progress Against Our Sustainability Strategy
Annually, we set sustainability targets that are aligned to our material actions and business priorities. Progress against these targets was tracked across different
sustainability workstreams and reported to the ExCom and the Board of Directors quarterly. The full-year sustainability performance formed part of our annual corporate
performance scorecard and this ensures that we do well and do good.

Action for Environment
Sustainability Topics

SDG Targets• Climate change• Waste management• Responsible investment

Material Actions

Business Priorities

2021 ProgressTransition to
low-carbon
business

Implement Environmental
Risk Management (EnRM) Guidelines

Introduced the EnRM Framework and processes for environmental risk assessmentand management

Drive environmental awarenessorganisation wide

Launched staff awareness campaign “Operation: Save Don’t Waste Challenge”
to promote a zero-waste lifestyle

Embed paperless policyholder
communication operationally

Saved 3.94 million sheets of paper by avoiding and reducing printed sheets

Investment portfolio managed with
ESG considerations

98.4% of investment portfolio were managed with ESG considerations

12.5
12.6

13.1
13.3

Decarbonise
investment
portfolio

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Progress Against Our Sustainability Strategy

Operate a Responsible Business
Sustainability Topics• Ageing populations andlifestyle related diseases• Financial inclusion• Employee well-being

SDG Targets

Material Actions

Business Priorities

2021 Progress

Offer inclusive
products

Extend seniors’ access to life insurance
products with full underwriting

Achieved 90% offer rate to seniors who applied for Life insurance plans

3.8

Offer a Silver suite of insurance products

Achieved 6.7% growth in number of in-force policies (Silver suite of insurance
products benchmarked to 2020)
Achieved highest association vs competitors

8.10

Highest association vs competitors forcatering products to seniors and people
with special needs based on annual Social
Impact Tracker
Launch new insurance model to promote
insurance access

Launched subscription insurance, TRIBE, on 28 July

Promote financial
literacy

Educate and empower financial
well-being for all

Launched public education campaigns:• retirement planning campaign and webinar, ‘So Steady’ and• protection campaign, ‘Me First’Foster a learningand engaged
cultureSupport employee development andempower a career ‘Made Yours’

99.5% of staff completed at least 16 hours (2 days) of Data Curriculum training under
the Future Ready Workforce programme

Effective
corporate
governanceFoster a risk-aware culture and embed
responsible business practices

8.10

Organizational Health Index (OHI) score maintained at 1st quartile

4.4

8.2

• Cybersecurity anddata protection• Fair dealing• Ethical and effective
governance

16.6

Completed annual review of corporate policies to ensure that we are compliant with
relevant regulations
Zero fines, penalties or breaches by regulators due to non-compliance relating tocybersecurity, data protection and fair dealing
Hosted Conduct & Culture Week to foster a risk-aware culture at Income

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Progress Against Our Sustainability Strategy

Build Stronger Communities
Sustainability Topics

SDG Targets• Community
development

Material Actions

Business Priorities

2021 Progress

Champion social
mobility

Drive positive impact in the area of
education for children and youth-in-need

Supported 399 eligible Institute of Technical Education and polytechnic students
from low-income families via the OrangeAid Future Development Programme
52,238 students at MOE Primary, Secondary, Specialised Schools, Pre-U
and NTUC First Campus' My First Skool remained eligible for the Income Family
Micro-Insurance Scheme (IFMIS), with COVID-19 benefits extended until
31 December 2021

4.4

Address social
needs
1.5

Commit S$100million over 10 years from2021 to champion education for children
and youth-in-need, the seniors in
Singapore and environmental causes

Donated 1% of insurance operating profit to Income OrangeAid

Encourage employee volunteerism

Employees raised S$32,000 for Thye Hua Kwan Home for the Disabled

Donated S$1.2 million to Labour Movement (LM) in support of low-income workers

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Because We
UnderstandAt Income, we understand the urgencyof the business response to climatechange. To build operational resilience
to climate-related risks, we haveembarked on formalising an approachto managing our environmental risks.

Action for Environment
Our Approach to Net-Zero

16

Transition to a Low-Carbon Business

17

Decarbonise Investment Portfolio

23

Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Our Approach to Net-Zero
We committed to achieving net-zero greenhouse gas (GHG) emissions by 2050. To drive the operationalisation of this target and contribute to SDG 13 Climate Action,
we will continue to take the following actions.

1

Assess our exposure toclimate-related risks andopportunities to inform ourclimate strategy and risk
management decisions.

Transition to a low-carbon
business by strengthening ourmanagement of environmental
risks1 and opportunities andworking towards decarbonising
our operational footprint.

Leverage our role as
an asset owner and investor
to decarbonise our investment
portfolio and influence
positive change in thecompanies we invest in.

We assess the impacts of physical andtransition risks on our business using a
mix of tools and techniques such as
scenario analysis and stress testing.

In 2021, we established the EnRM Frameworkthat applies to our investment, underwriting
and business operation units. We measured
our operational carbon footprint from 2019 to
2021 and will continue to develop strategies
to reduce emissions from our operations.

In 2021, we formalised the Responsible
Investment (RI) Policy that guides the way
we consider environmental issues in ourinvestment practices and continued to actively
engage our external fund managers as part ofour endeavour to reduce the carbon footprintof our invested assets.

Environmental issues can result from climate change, loss of biodiversity, pollution and changes in land use. For Income, we recognise that these issues are interlinked but our efforts are currently focused on climate change as it is a more pressing topic. Thus,
any reference to environmental risk considers climate change risk.

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Transition to a Low-Carbon Business
In November 2021, Singapore joined
the Powering Past Coal Alliance andannounced its efforts to progressively
phase out the use of unabated coal inits electricity mix by 2050. Coal is themost carbon-intensive fossil fuel andphasing it out is a key step to achieve
emissions reductions needed to limit
global warming to 1.5°C, according to
the Paris Agreement.
Against this backdrop, we are committed totransition our investments and insurance businessout of thermal coal mining and coal-fired power
plants by 20352. More specifically, we target
to have zero exposure to coal sectors in ourinvestment portfolio by 2030. We are also
committed to fully phasing out our underwritingof property and casualty insurance forcompanies in coal sectors by 20403.
Our actions are informed by the climate
risks and opportunities we have identified.
The next section details our approach inconducting climate risk assessments andidentifying opportunities.
Identifying and Assessing Climate Risks
and Opportunities
Climate-related risks can translate into
financial and non-financial risks which include
physical and transition risks. The risks will be2

3

more apparent when shifts are abrupt andphysical events are extreme. The identification,assessment and management of climate-relatedrisks are outlined in our EnRM Policy. These risks
are assessed qualitatively and quantitatively
through analyses such as climate scenario analysis
and stress testing. The identification andassessment of climate-related risks allows us tounderstand the potential impact of climate change
on our insurance and investment operations.
As one of Singapore’s leading insurers offering
property, motor, life and health insurance,

climate-related risks and opportunities will
have a material impact on our businessactivities and strategy.
We may be exposed to higher claims andunderwriting losses from more frequent andsevere weather events. For example, acute andchronic physical risks, such as flash floods andsea level rise, may cause damage to insured
properties in low-lying regions of Singapore.
The increasing occurrence of flash floods
exacerbated by increased precipitation in the
short term may also lead to exposure to higher

claims and underwriting losses. Global warming
may also increase the transmission of vectorborne diseases and other health-related illnesses(e.g., heatstroke and respiratory illnesses)
affecting both mortality and morbidity.
Transition risks such as the gradual phasing out
of Internal Combustion Engine (ICE) vehicles
and consumer demand for more sustainable
vehicles present new opportunities for our
motor business.

Income’s latest usage-based motor insurance model for EV owners
In June 2021, Income extended usage-based motor insurance (UBI) to electricvehicle (EV) owners.
Through a partnership with automotive marketplace Carro, Income has beenable to seamlessly integrate its AI-enabled dynamic pricing system with Carro’s
in-vehicle telematics technology. The UBI offering aligns to the lifestyles of EV
drivers, such as weekend car drivers, those working from home and stay-athome parents, who have lower mileage on the roads. As such, the UBI
approach allows them to enjoy greater savings as they pay for motor insurance
premiums according to their car mileage.
The proposition not only makes motor insurance more flexible, affordable andaccessible for EV owners but also supports Income’s ambition to insure all EVs
in Singapore as part of its support of the Singapore Green Plan 2030 and toaccelerate EV adoption in Singapore.

Peter Tay, Income’s Chief Digital Officer (L) and Tan Kuan Yu, Carro’s Head ofSingapore (R) marked our collective push to accelebrate EV adoption in Singapore
with the launch of "Covered", Income's latest usage-based motor insurance.

Regarding thermal coal mines and coal-fired power plants, Income is committed to transition out of these investments and insurance business by 2035 if the investee or insured has not demonstrated sufficient commitment to achieve carbon emission in linewith the Paris Agreement by 2040. Income will also progressively review its position on other aspects of the coal industry.
Income will not underwrite building and operation of coal-fired plants or coal mines, companies whose turnover are solely dependent on sales of coal and shipments of 100% coal.

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Transition to a Low-Carbon Business
As an asset owner, we have a total asset of
S$47.3 billion4. Income’s investments are
exposed to physical and transition risks. For
example, the physical impacts from climatechange climate change, which includes naturaland man-made catastrophes, affect infrastructure
and properties that we have a significant stakein. There are also transition risks associatedwith carbon price and government policies tomanage climate change. Other impacts ofclimate change include reputational damage
due to the inability to keep up with rising peer
and corporate commitments.
To manage environmental risks in our day-today operations, we established a risk escalation
process that applies to our underwriting andinvestment businesses.
Risk Escalation Process
The risk management process for Income’s
underwriting and investment businesses involves
the identification of material environmental
risks from climate-sensitive sectors. This isapplicable to our material underwriting
business activities namely property, motor,
life and health5 and investment.
To identify sectors with high environmental risks6,
we developed an environmental risk heatmap,
taking guidance from the United Nations
Environment Programme Finance Initiative(UNEP FI) Principles for Sustainable Insurance.
4
5
6

7
8

Sectors are classified based on the definitions
provided by the Global Industry Classification
Standard (GICS) Methodology and theSingapore Standard Industrial Classification.
These classifications help Income understandour risk exposures.

referring to well-established scenario frameworks
developed by the Network for Greening the
Financial System (NGFS)7 for a qualitative analysis.
This is supplemented by conducting stresstests with reference to the Bank of England(BoE)’s 2021 Climate Biennial Exploratory Scenario

The environmental risk heatmap is reviewed
annually and includes the review of climatesensitive sectors against Income’s risk appetiteand environmental risk management guidelines
are applied to stay within the risk appetite.
Income’s escalation process is consistent with
Income’s Environmental Risk Management
Framework, as approved by the RMC. Approvalmust be sought for exceptions to the establishedenvironmental risk management guidelines,
which will need to be subsequently reported to
the ExCom and RMC. For insurance businessactivities, approval will be sought from theGeneral Managers of Corporate Business andConsumer Business. For investment activities,
approval will be sought from the Chief
Investment Officer.
More information on environmental risk
management escalation related to investment
activities can be found in the section,'Decarbonise Investment Portfolio'.

exercise, Representative Concentration
Pathways (RCP)8 by the Intergovernmental
Panel on Climate Change (IPCC) by participatingin MAS’ industry-wide stress testing exercise tounderstand the impacts from physical andtransition risks.

Identify
Climate-Sensitive
Sectors

Approved
Exceptions to
be Reported to
the ExComand RMC

Income’sEnvironmental
Risk Management
Escalation Process

Seek Approval
for Exceptions
to Guidelines

Identify
Material Business
Activities

Apply Guidelines
to Stay within
Risk Appetite

To understand the strategic impacts on ourbusiness from both physical and transition
risks, we carried out scenario analysis byhttps://www.income.com.sg/annual-report/2021/index.html
The environmental risk arising from life and health portfolio is primarily managed through investments.
Environmental physical and transition risks for material lines of business are rated by economic sector as follows: Red (High or Direct Risk), Amber (Elevated Risk), Yellow (Potential Risk) and White (Not Applicable). Environmental physical risks are also identified
and assessed by location and supported by data available from national authorities such as the Singapore’s National Water Agency (PUB).
Network for Greening the Financial System (NGFS) climate scenarios provide a common starting point for understanding climate-related risks (both transition and physical) using several climate scenarios with different transition pathways and climate policy outcomes.
RCP 4.5 describes an intermediate pathway which reflects late action to combat climate change, where emissions peak around 2040 before declining and RCP 8.5 is considered the worst-case pathway where emissions continue rising throughout the 21st century.

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Transition to a Low-Carbon Business
Scenario Analysis
The key objective of scenario analysis is to forma baseline understanding of climate-relatedrisks and opportunities. We acknowledge thatthe impact of climate change on our businessmay vary under different climate outcomes.
We referred to three NGFS scenarios (detailed
in the table below) to perform a qualitative
analysis to identify and manage climate-relatedrisks and opportunities under different climate

scenarios, defined by varying temperature
trajectories (whether it is a rise of 1.5°C, 2°C
or above 3°C), time horizons9 (short-term, mediumterm and long-term) and transitioning pathways(orderly, disorderly, or business-as-usual).
More specifically, the scenarios were chosen tounderstand the resilience of our strategy
and business in a situation where the global
community successfully transitions to net-zero

NGFS Scenario TypeGHG emissions by 2050, or a situation ofdelayed transition and a hot house world with
global warming of 3°C or more by 2100.
To supplement traditional risk management,
scenario analysis tends to be long term because
it seeks to answer ‘what-if’ questions andprovides results based on several assumptions
associated with a certain pathway. Scenario
analysis also allows us to identify a rangeof plausible future states and understandhow climate-related risks and opportunities
will impact our business strategy andfinancial planning.
Focusing on long-term scenario planning helps
us build resilience against future developments
and surmise how different risks might unfold
under varying climate conditions and economic
and regulatory landscapes.

Scenario Referenced

1

Orderly

Assumes climate policies will be introduced early and become
progressively more stringent. Both physical and transition risks are
relatively subdued.

Net-Zero 2050

Limits global warming to 1.5°C through stringent climate policies andinnovation, reaching global net-zero GHG emissions around 2050.
Physical risks are relatively low but transition risks are high. Somejurisdictions such as the US, EU and Japan reach net-zero for all GHGs.

2

Disorderly

Explores higher transition risk due to policies being delayed ordivergent across countries and sectors. For example, carbon prices
would have to increase abruptly after a period of delay.

Delayed Transition

It assumes annual emissions do not decrease until 2030. Strong
policies are needed to limit warming to below 2°C. Emissions removal
is limited.

3

Hot House World

Assumes that some climate policies are implemented in somejurisdictions, but global efforts are insufficient to halt significant
global warming. The scenarios result in severe physical risks including
irreversible impacts like sea level rise.

Current Policies

It assumes that only currently implemented policies are preserved,
leading to high physical risks. Emissions grow until 2080 leading toabout 3 °C of warming and severe physical risks. If no further measures
are introduced, 3°C or more of warming could occur by 2100.

Table: NGFS scenario descriptions10

910

Our time horizons for viewing and managing climate change risks are defined as short-term (up to three years), medium-term (three to ten years) and long-term (ten years and beyond).
Source: Network for Greening the Financial System

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Transition to a Low-Carbon BusinessAccordingly, the table below highlights the identified key risks and opportunities to our material business lines under different climate scenarios and time horizons.
Material Business

Risk TypeTime Horizon

Risks/Impact

Opportunities

1

Motor (Orderly)

Transition

Short term
to 2040

Changes in government policies:• Cease new diesel cars and taxis by 2025
• Cleaner energy cars and taxis from 2030
• Cleaner energy for all vehicles by 2040

• Insurance for cleaner vehicles including electricvehicles• Insurance and partnerships with ancillary businesses

2

Investments(Disorderly)

Transition andphysicalMedium toLong term• Fall in assets value, risk of stranded assets and reputational
damage as major financial institutions and businesses makecommitments on coal and fossil and have started to transition• Reduce carbon footprint• Green bonds/infrastructure3

Property(Hot House)

Physical

Short; Medium
and Long term

• Flash floods• Sea level rise

• Working with our customers and business partners to
mitigate risk

4Life and Health(Hot House)

PhysicalLong term• IPCC: global temperature could rise by 1.5°C by 2030
• Increased mortality and morbidity• Mainly addressed via Investments to reduce emission• Insurances for heat and related diseases

Table: Key climate risks and opportunities

Stress Testing
In 2021, Income conducted our Own Risk andSolvency Assessment (ORSA) stress test exercise
which considered both transition and physicalrisks from scenarios calibrated with reference
to BoE’s 2021 Climate Biennial Exploratory
Scenario exercise and the IPCC. The ORSA
stress test scenarios looked ahead to 2023
for impact from transition risks and 2030
for impact from physical risks.
Transition risk scenario
The transition risk scenario considered a delayed
action in climate change-related policies suchas dramatic policy shifts (e.g., steep increases
in global carbon prices). In response, asset
prices saw a sharp repricing which led to a1112

macroeconomic shock in 2023. Furthermore,
it considered incentives from governments toencourage fast adoption of electric vehicles.
Although the climate target was still met andglobal average temperature increases werelimited to below 2°C, the rapid transition
resulted in a significant disruption to theeconomy. The transition risks in this scenario
primarily impact our investment and motor
insurance business.
We also participated in the 2021 MAS stresstesting exercise which considered transition
risk between 2021 and 2023 from a climate
stress scenario that envisaged a disorderlytransition where all jurisdictions shortly
imposed a carbon tax. This translated toshort-term decline in economic growth acrossall economies with certain jurisdictions andclimate-relevant sectors subject to harder hit.
For Income, the key risk highlighted in thisstress test was transition risk impacting ourinvestment portfolio.

this scenario, however, has not factored in thepotential impact of future government efforts
to counter rising sea levels.

Physical risk scenario

Physical risk will have the most impact on
certain property and engineering businesses as
exposures in low-lying regions of Singapore will
be at risk of damage from coastal flooding.

The physical risk scenario looked ahead to 2030
to assess the impact of chronic physical risk
arising from sea level rise of 45mm by 2030
on our underwriting exposures. The parameter
was calibrated with reference to the averageof sea level rise estimated in RCP 4.511 and
RCP 8.512 by the IPCC. As a form of simplification,
the impact of sea level rise was applied on our2020 financial position. The impact assessed in

We will continue to monitor our exposures in
low-lying areas that are vulnerable to physical risk
and make suitable adjustments to underwriting
considerations where appropriate. On this front,
we note that data quality and model availability
remain a challenge and will continue to perform
more accurate analysis on the impacts ofclimate change whenever possible.

An intermediate pathway which reflects late action to combat climate change, where emissions peak around 2040 before declining. Sea level is expected to rise 40mm by 2030.
Considered the worst-case pathway where emissions continue rising throughout the 21st century. Sea level is expected to rise 50mm by 2030.

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Transition to a Low-Carbon Business
Decarbonise Operational Footprint

for the first time and we acknowledge that thisis a key step in demonstrating our commitment
to combat climate change.

To transition to a low-carbon business, Incomemust decarbonise our operational footprint. We
use a variety of metrics to assess climate-relatedrisks and opportunities and track our progress
towards net-zero emissions by 2050. This includes
monitoring the carbon footprint of our business
operations and investment portfolio. With thisreport, we have disclosed our carbon footprint

The table below shows Income’s Scope 1,
Scope 2 and selected Scope 3 Greenhouse
Gas (GHG) emissions13 from our business
operations and it is prepared using theinternationally recognised GHG accounting

Greenhouse Gas (GHG) Emissions (tonnes CO2e)
Scope 114

Scope 215

Scope 316

standard – the Greenhouse Gas Protocol.
Measuring our operational carbon footprint
is an important first step in helping us
identify business activities that are morecarbon intensive and develop strategies toreduce our operational carbon footprint.
Scope 2 emissions from purchased electricity
is the largest contributor to Income’s carbon
footprint in our business operations in 2021.
Scope 2 emissions recorded yearly decline
between 2019 and 2021 due to a combinationof factors including ongoing energy-saving
measures and the effects of COVID-19 such as
hybrid work models.

7,727
1,329

7,177

6,965
6,355

391

2019

6,214

6,027

481

2020

2021

2019

2020

2021

2019

2020

2021

The sharp increase in Scope 1 emissions between
2020 and 2021 was primarily due to additional
refrigerant top-ups that took place in 2021,
which contributed to fugitive emissions.
A significant global and industry-wide challenge
relates to accounting for indirect Scope 3
emissions particularly in the financial sector.
We will continue to review the operationalboundary of our Scope 3 emissions frombusiness operations in subsequent reports
when feasible and where material.

In this inaugural report, we have chosen
to focus our Scope 3 disclosure efforts on
estimating emissions arising from paper use,
waste generated in our operations, energy
consumption from data centre and Income’s
downstream leased assets because these are
emissions sources which we have the mostsignificant ability to collect robust data andinfluence reduction.
We acknowledge that this is a first step as thearea is still developing for Income as well as
for the wider market. Our Scope 3 reporting
may materially change in future periods asfurther guidance and methodologies continue
to emerge and mature.
To track our progress towards net-zeroemissions by 2050, we are currently developing
interim GHG reduction targets by considering
suitable target-setting methodologies and practical
GHG reduction strategies. These considerations
are rigorous and time is required to understandtheir impact on our business and sustainability
agenda as we are careful about setting meaningfultargets. We strive to disclose our Scope 1 and 2
targets in our 2023 report that will be publishedin 2024.

GHG emissions were calculated based on GHG Protocol. Emission factors were taken from Singapore’s Energy Market Authority and Defra (UK Government GHG Conversion Factors for Company Reporting). Income used the operational control approach to set
the organisational boundary. It is limited to NTUC Income Insurance Co-operative Limited.
14
Scope 1 comprised emissions from fuel combustion (stationary and mobile) including Income’s vehicle fleet, fuel for generators and fugitive emissions from refrigerants. The number of air conditioner refrigerant refills contributed to the differences inyear-on-year results: 2019 (three refills at three locations), 2020 (three refills at three locations) and 2021 (eight refills at six locations).
15
Scope 2 was reported using the location-based method and comprises emissions from purchased electricity (Income’s office building, offices, branches, motor service centre and common areas of commercial buildings). Income is reviewing the approach toreport under the market-based method in future periods.
16
Scope 3 comprised emissions from paper use, waste generated in operations (only Income Centre at Bras Basah), energy consumption from data centre and downstream leased assets from Income’s investment properties in Singapore. It assumed that waste
levels in 2019 was similar to 2020.
13

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Transition to a Low-Carbon BusinessIn the meantime, we prioritise exploring andimplementing initiatives which are operationallyfeasible to lower our carbon footprint in ourbusiness operations. We have introduced
energy-saving and waste reduction or
avoidance measures in our buildings and will
maintain such efforts, as well as explore newones such as switching to more sustainablerefrigerants for our cooling equipment andattaining Green Mark certification forsuitable buildings. Currently, five out ofseven buildings that we own are Green Markcertified17 and we are working towards
achieving our sixth Green Mark certificationby the end of 2022.

Push for a Zero-Waste Lifestyle

Monitoring Carbon Exposure
from Underwriting
As an insurer, it is important for us to
manage carbon risk in our underwriting
portfolio and understand the climate impactof our underwriting decisions. However,we acknowledge that this is an industry-wide
challenge as available data and standardised
methodology are lacking. In this regard, we
will continue to closely monitor
developments in measuring emissions ofunderwriting portfolio from TCFD, Partnershipfor Carbon Accounting Financials (PCAF)
and the Net-Zero Insurance Alliance (NZIA).

CEO Andrew Yeo called on employees to join 'Operation: Save, Don't Waste' alongside campaign mascot, Captain Gaia (L). Employees participated in the eco-gift exchange activity (R).

A zero-waste lifestyle conserves resources
and minimises pollution. As individuals,
we can all do our part. Thus, we mooted androlled out 'Operation: Save, Don’t Waste',an organisation-wide campaign to galvanise
our employees to adopt greener practices
and a zero-waste lifestyle.
The campaign was launched in late September
2021 and engaged employees throughout
the last quarter of the year via a myriadof campaign activities. These included an
eco-challenge that tasked employees to17complete different green actions such as
using reusable shopping bags, recycling oldelectronic items or having a meatless meal
to earn “star points”. Income pledged to planta tree with every 10 “star points” achievedin support of NParks’ OneMillionTrees
movement. A total of 135 trees will beplanted in 2022.
Additionally, a range of curated content suchas instructional videos and Lunch & Learn
eco-workshops were organised to support
employees on their eco quests. For example,

employees learnt to make environmentallyfriendly surface cleaners and laundry
detergents as well as cooked with ugly
produce in DIY sessions.
The finale of the campaign was an
eco-gifting activity that encouraged
employees to show appreciation to theirfellow colleagues with eco-friendly gifts
as part of the year-end festivities.

The Green Mark certified buildings are Income Centre, Income @ Raffles, Tampines Junction, Eastpoint Mall and Income @ Prinsep. Ubi 55 and Tampines Point did not achieve Green Mark certification in 2021.

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Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Decarbonise Investment Portfolio
Income believes that long-term returns are dependent on sustainable growth, well-functioning market and good corporate governance. In view of a long-term planninghorizon, climate-related factors have the potential to significantly impact profitability and shareholder value and consequently affect our policyholders.
Managing Climate Risks and Opportunities
in Investments
Guided by the framework in our Responsible
Investment (RI) Policy, we consider environmental
considerations to be increasingly importantelements of sound investment practices andwe strive to reduce the total carbon footprintof our invested assets over the years. As such,
we have developed internal processes to
identify and assess environmental risk exposuresin our investment portfolio. At the same time,
we look to build a resilient investment portfolio
by mitigating the impact of environmental
risks on our long-term returns.
However, environmental risks differ acrossasset classes, are often complicated and requirea holistic thought process to ensure robust risk
management. Hence, we will take a tailoredand progressive approach to manage andmitigate the risks in our investment portfolio
over a long-term horizon. In doing so, we will
carefully consider, measure and monitor
environmental risks using appropriate methods
and processes that are aligned throughout theentire organisation.

Environmental risk management is implemented
through our external fund managers (EFMs),a majority of whom are signatories to the
UN Principles for Responsible Investment (PRI)and supporters of TCFD. Many of our EFMs
are also members of large global investor-led
climate initiatives such as Climate Action 100+and the Net-Zero Asset Managers initiative.

Given the prevailing limitations on theavailability and disclosure of carbon emissions
data, our approach focuses on our public
equities and corporate bonds holdings. As webuild up our climate-related capacity andcapabilities, we will continue to consider
improvements in assessing our overall carbon
footprint beyond public equities and corporate
bonds, subject to improvements in disclosureand access to meaningful data.

We seek to influence the assets in which
we invest through active engagement with
our EFMs to communicate our responsible
investment beliefs and expectations. At thesame time, we have developed in-house tools
to monitor and assess our investment portfolio’s
exposure to carbon-intensive sectors as part ofour due diligence process.
This is done through a heatmap of our portfolio’s
Weighted Average Carbon Intensity (WACI)
where we identify industry sectors and investee
companies with the highest carbon intensities
for materiality assessments. More importantly,
this allows us to evaluate the implications on
the risk-adjusted investment performance ofsuch holdings in the respective EFM mandates
and portfolios.

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Decarbonise Investment Portfolio
Managing Climate Risks and Opportunities
through External Fund Managers
Our approach to invest responsibly is
guided by our Responsible Investment policy
and incorporated in our EFM due diligence,
selection, appointment and monitoringprocesses. As the majority of our EFMs are
PRI signatories and TCFD supporters, mostof our assets are already managed with ESG
considerations that are embedded in the EFMs’
investment processes. Where PRI may not be
as relevant for a particular asset class (e.g.,
private assets such as physical real estate,
private credit), we require EFMs to incorporate
ESG considerations in the investment managementand decision-making processes for our portfolios,
where applicable. In addition, EFMs are also
expected to exercise active stewardship overinvestee companies in portfolios under their
management and actively support companies intheir transition towards long-term sustainability
as opposed to simply divesting or excluding
them from their investment universe.
As part of our regular EFM engagement andmonitoring, which are conducted throughdue diligence meetings, as well as knowledge
sharing and learning sessions, we require
our EFMs to report regularly on the ESG
and environmental risk characteristics of ourportfolios (including the portfolio’s WACI). This
enables us to develop a good understanding of
ESG-related issues, analyse pertinent risk issues
and delve deeper into the way ESG risks aremanaged in our portfolios.

18

Active engagement with our EFMs also
allows us to gain insights into the way in which
they engage with investee companies. Ourpreference is to stay invested in companies
that are committed to improve their ESG andenvironmental practices and influence positivechanges in behaviours of those that lag behind.
We believe this will help to promote sustainable
practices throughout the entire supply chain
which will in turn lead to a more meaningful
contribution to the broader agenda for climatechange. This approach is aligned with our EFMs
and embedded in their investment processes.
We are firm in our commitment towards
responsible investment and will endeavour
to have all our assets managed by PRI EFMs
with ESG considerations by 203018. At the sametime, through EFM engagement and influence,
we will endeavour to reduce the carbon footprint(Scope 1 + 2 emissions) of our invested assets
over the years to help maintain a resilient
investment portfolio.
Monitoring Portfolio Carbon Exposure
Taking recommendations from the TCFD,
we use the WACI to measure the exposureof our portfolio to carbon-intensive sectors
and investee companies. The WACI does notdepend on market capitalisation and hence,
can be applied across different asset classes
and sectors. This enables us to identify priority
areas for in-depth materiality assessments,

determine areas of action to reduce portfolio
emissions and informs our strategic planning.
Using data from MSCI ESG Research which
has 84.9% (reported + estimated) coverageof our public-listed equities and corporate
bonds holdings as at 31 December 2021,
our investment portfolio WACI (Scope 1 + 2)
stood at 277.3 tCO2e/US$ million sales.
Comparatively, the investment portfolio
WACI was 233.0 tCO2e/US$ million sales
as at 31 December 2020 (82.2% reported +estimated coverage).

A key reason for the higher overall investment
portfolio WACI in 2021 as compared to 2020
was the slight increase in the portfolio
allocation to the utilities sector. This was inpart due to some of our EFMs raising theportfolios’ exposure to this traditionally moredefensive and anti-cyclical sector, amid thehigher market volatility in 2021, in a bid tostabilise investment performance. While theincrease was marginal and less than 1% of our
total portfolio exposures, the high carbon
intensity of this sector and, in turn, its
contribution to the overall portfolio WACI
was significant.

For alternative asset classes where PRI may not be as relevant (e.g. real estate, private credit), Income requires our EFMs to have ESG as one of the considerations in their investment processes and, where applicable, ascribe to PRI equivalent standards for the asset class.

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Decarbonise Investment Portfolio

Weighted Average Carbon Intensityof Investment Portfolio (tonnes CO2e/
US$ million sales)
277.3

portfolio. We believe that a focused engagement
strategy is more meaningful in reducing climaterelated risks in the portfolio as positive changes
made by the investee companies are more likely
to be accompanied by emissions reductions.

GICS Sector Contribution to Portfolio Weighted Average Carbon Intensity

100%

233

31 December 2020 31 December 2021
(82.2% coverage)(84.9% coverage)
Source: MSCI ESG Research, Income

For both years, the sectors (based on GICS) withthe highest carbon intensities and contribution
to the overall portfolio WACI were utilities,
materials and energy, despite them accounting
for less than 10% of our overall portfolio. This
is not unexpected due to the carbon-intensive
nature of these sectors.
For investments in carbon-intensive sectors andcompanies, we expect our EFMs to engage andassess the investee companies’ willingness andability to manage climate-related risks andopportunities in support of our collective
transition to a low-carbon future as part oftheir investment process in managing Income’s

We engaged our EFMs to evaluate the material
risks of the holdings in the utilities sector, alongwith other carbon-intensive holdings in theportfolio, to understand how they managed
and mitigated risks. Based on our assessment,
our EFMs adequately considered and addressed
the carbon and environmental risks of theseholdings in accordance with our stated investment
objectives, guidelines and restrictions. Wherean EFM’s management and mitigation efforts
of environmental considerations and risks inrelation to the portfolio’s stated investment
objective are assessed to be lacking, it will beescalated to the Chief Investment Officer withinvestment recommendations for further
action. We will continue to monitor actively
and engage constructively with our EFMs toalign our responsible investment beliefs andexpectations with them.

90%

Health Care
80%

Consumer Staples
70%

Communication Services

60%

50%

Consumer Discretionary
10.2%

Real Estate

10.4%

Information Technology

11.4%

40%

11.6%

Industrial

30%

Financial
20%

30.3%

36.8%

Materials

10%

We understand that carbon intensity data is
not the only way of measuring a portfolio’s
GHG emissions or its environmental risk exposure.
We will enhance our qualitative and quantitative
approaches to effectively measure and manage
environmental risks in our investment portfoliowith improvements in ESG data and carbon
emission disclosures.

EnergyUtilities

0

Contribution to WACI
December 2020

Contribution to WACI
December 2021

Source: MSCI ESG Research, Income

This disclosure was developed using information from MSCI ESG Research LLC or its affiliates or information providers. Although NTUC Income Insurance Cooperative Limited’s information providers, including without limitation, MSCI ESG Research LLC and its
affiliates (the “ESG Parties”), obtain information (the “Information”) from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness, of any data herein and expressly disclaim all express or implied
warranties, including those of merchantability and fitness for a particular purpose. The Information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for, or a component of, any financial
instruments or products or indices. Further, none of the Information can in and of itself be used to determine which securities to buy or sell or when to buy or sell them. None of the ESG Parties shall have any liability for any errors or omissions in connection withany data herein, or any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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Because We
ListenAt Income, we consider the impact of ourbusiness on the environment and society so that
we do the right thing for our employees andthe people we serve. We do this by maintaining
effective governance, improving insurance accessfor different segments of society, and helping
our employees grow professionally andpersonally at work.

Operate a Responsible Business
Effective Corporate Governance27

Offer Inclusive Products

31

Promote Financial Literacy

35

Foster a Learning and Engaged Culture

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Effective Corporate Governance
When we speak of operating a responsible business, we mean embarking on sound and good business practices so that we do the right thing by our stakeholders.
At Income, this also means offering inclusive products and promoting financial literacy so that we empower people with better financial well-being. Ultimately, we want tobe a valued partner to our customers – one who supports their financial needs at different life stages.
To succeed, establishing a strong foundationof trust with our stakeholders is key andwe must always operate with integrity via
strong and effective governance. As such, it isimportant for us to foster a risk-aware culture,including digital responsibility, to embed
responsible business practices effectively as
we embark on insurance innovation anddigitalisation to serve our customers better.
This is essential to complement our omnichannel approach as we cater to the financial
needs of diverse customers seamlessly.

Board GovernanceGood governance ensures that we always
act in the best interest of the businessand our stakeholders. Our governanceframework is held to high standards and sets
the foundation for all our actions, which
include the way we manage our business,comply with regulations, protect information
entrusted to us and interact with customers
and business partners. This is important as astrong governance framework is essential tobuilding and maintaining the trust of
our stakeholders.

We recognise the importance of having
a set of well-defined corporate governanceprocesses to enhance performance andaccountability, sustain business integrity andsafeguard the interest of our stakeholders.
The promotion of corporate transparency,
integrity and accountability at all levels of theorganisation is led by the Board and assisted by
the management team. Our Board-approved
corporate policies guide the way we maintainbusiness integrity.

Integrity and accountability at all levels of
our organisation is led by the Board, which
comprises non-executive directors fromdiverse backgrounds and competencies.
Income’s framework of corporate governancepolicies and practices is in line with the
Guidelines on Corporate Governance issued by
the Monetary Authority of Singapore (MAS),the Insurance (Corporate Governance)
Regulations (ICGR), the Co-operative Societies
Act and the By-laws of Income.

The current composition of the Board satisfies
the regulatory requirement of having a majority
of independent directors. All Board members
are non-executive directors. For more
information about our Board Governance,
please refer to our Annual Report 2021.

Effective Risk Management
Income’s Risk Management Strategy, advisedand endorsed by the Risk Management
Committee (RMC) and approved by the Board,serves to ensure that the risk management
framework is in place to identify, measure,manage, monitor and report material risks
consistently across all business activities.
The Enterprise Risk Management (ERM)
Framework involves the overall assessment ofrisks which Income can be exposed to over thepresent, as well as reasonably foreseeable

future and its integration with capitalmanagement. Our enterprise-wide Risk Appetite
Statement articulates quantitatively andqualitatively the level of risk that we are readyto accept and tolerate. It also provides thebasis for oversight and governance at Income.
The foremost principle underlying Income’s
ERM Framework is that all risk management
activities are aimed at facilitating the achievementof its stated corporate objectives in a mannerthat is consistent with our stated aim offinancial stability.

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Effective Corporate GovernanceWithin the ERM Framework, Income operates
a “Three Lines of Defence” model for the
management of risks facing the business. The
first line of defence comprises the various
business units that are the ultimate owners of
the risks. They hold the responsibility toidentify, measure, manage and monitor therisks in their respective areas. The second lineof defence comprises the Risk Management
and Compliance functions. They review andchallenge the processes and controls in thefirst line of our business activities and propose,
as appropriate, risk limits and policies forapproval by the RMC or Board. The third line ofdefence comprises the Internal Audit function
which provides independent assurance thatthe risks are being managed effectively.

Strengthening Our Risk-Aware Culture
A strong risk-aware culture is important for
us to effectively manage risks at all levels of
our organisation. It involves embedding thecapability to identify and mitigate risks in thedaily routines of our employees and financial
consultants. To do this, we focus on actively
communicating appropriate behaviours andformalising relevant procedures via Conduct& Culture initiatives annually.
In 2021, our focus was on instillingknowledge and raising awareness about

personal data protection, including roles andresponsibilities, organisation-wide. To reinforce
best-practices and to make information
resonate, we communicated a series ofmessages on the topic to all employees andfinancial consultants, including adopting a
comic-style approach to present key narratives.
We also conducted two company-widewebinars “Ask Me Anything on the Personal
Data Protection Act (PDPA)” to share bestpractices on handling and protecting customer
information, as well as provided forums for

employees and financial consultants to ask
relevant questions. The virtual forums,
helmed by the Chief Risk Office, Chief
Compliance Officer and Data Protection
Office Team, facilitated open interactions
amongst our internal stakeholders andoffered practical takeaways to encourage
responsible actions and avoidance of data
breaches.

Our Risk Management Policy outlines how all
relevant and material categories of risk aremanaged at Income, including defining theroles and assigning responsibilities. For more
information about Effective Risk Management,
please refer to our Annual Report 2021.
Responsible Business Practices
We recognise the importance of keeping
abreast of regulatory changes and ensuringthat our policies are consistent with regulations.
Hence, we require all business units to perform
compliance risk assessments upon the issuanceof any new or amended regulations. Corporate
policies are also reviewed annually by policy
owners to ensure that our system ofgovernance remains relevant and sound.

Comic-style materials were used to engage employees on C.O.D.E. and the importance of data protection.

© 2022 Elizabeth Tai Li Lin. All rights reserved.

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Effective Corporate Governance
Code of Business Conduct
Income’s Code of Business Conduct outlines
the main principles and ethical values thatsafeguards our corporate reputation andgoverns the way we engage with our colleagues,
customers, business partners, shareholders,regulators and other stakeholders. It is alsoaligned to Income’s vision and purpose.
The Code of Business Conduct details the
expected conduct and responsibilities of ouremployees and it covers 14 principles andethical values. They include guidance on
conflict of interest and discrimination as
well as behaviours that employees adopt
for a fraud-free environment and to promoteresponsible marketing and communicationon all platforms.
To reinforce the culture of ethics andprofessionalism, we organised two ethics
workshops in 2021 to provide employees withadditional guidance on navigating potential
ethical issues at work. Almost all employees
attended the workshops.
Fraud Management
The Fraud Management Policy sets out the
fraud management framework and strategy
for Income. It safeguards the company’s
reputation and financial viability throughimproved management of fraud risk as well as
establishes and provides guidelines on asuitable response to a reported or suspectedfraud. It also defines the standards, roles andresponsibilities in relation to the managementof fraud. The Policy is owned by the Chief
Compliance Officer as the appointed Fraud
Management Officer and is maintained by theCompliance Department. The Policy is reviewed
annually and approved by the Audit Committee,
as delegated by the Board of Directors.
Whistle-blowing
Our Whistle-blowing Policy and programme
support employees to report concerns about
actual or suspected misconduct in matters offinancial reporting, corporate governanceissues or breaches of Income’s policies. It
introduces a list of reportable incidents andhow information should be provided to reportthese incidents. All reported concerns areassessed and investigated against establishedprotocols. To protect users of our whistleblowing programme, all reported concerns aretreated with confidentiality and any reprisals
when concerns are raised in good faith are
not tolerated.
Safeguarding Customers and Securing
Customer Information
Fair Dealing
At Income, we are committed to interactingwith customers in a fair and professionalmanner. Our senior management cascades anestablished and consistent approach towards
fair dealing with our customers. Fair Dealing is
led by our Chief Executive Officer, who manages

this topic with various committees including
the Conduct Committee and the Consumer
Business Executive Committee. We have awell-calibrated approach in maintaining fairdealing outcomes in the following ways.
• Training is provided to new staff andrepresentatives to promote a fair dealing
corporate culture• Products and services recommended tocustomers are suitable for their needs• Competencies of our financial advisors are
improved to ensure quality financial advice• Customers are provided with clear, timely
and relevant information to make informed
financial decisions• Customers’ feedback and complaints aremanaged in an independent, effective andprompt manner

Income's financial advisors and representatives
are also equipped with a Business Conduct
Handbook to guide them in maintaining thedesired fair dealing outcomes. To assess theeffectiveness of our Fair Dealing approach,we track our performance and perform trend
analyses on complaints received on a quarterly
basis. Our performance against the Fair Dealing
KPIs is shared with the Conduct Committee on
a quarterly basis and the Board annually.
Should external parties wish to raise concerns,
they can write directly to csquery@income.com.sg
or dial the Income hotline at 6788 1122.
In 2021, we had zero incident resulting in a fineor penalty by regulators due to non-compliancerelated to fair dealing.

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Effective Corporate Governance
Cybersecurity and Data Protection
We are committed to protecting the information
entrusted to us by our customers, business
partners, employees and other stakeholders.
We do so through strict adherence with dataprotection laws, mainly the Personal Data
Protection Act (PDPA) in Singapore and various
guidelines published by the MAS.
At Income, our Personal Data Protection Policy
establishes an internal framework on thecollection, use and disclosure of personal databy all employees. It sets out standards basedon requirements stipulated in the PDPA andguidelines issued by the Personal Data Protection
Commission. Additionally, our Privacy Policy
helps our stakeholders understand how wecollect, use, disclose and process their personal
data responsibly.

As Income embraces digitalisation andleverages technology organisation-wide
our Technology Risk Policy becomes more
pertinent as an effective oversight onmanaging technology risks via a risk-based
approach. It defines the principles, roles andresponsibilities surrounding the identification,measurement, management, monitoring andreporting of technology risks that could havematerial impact on Income.
The Information Technology Risk & Security
team and Data Protection Office ensure thatour practices are legally compliant and up to
date. Regular tests on our information systems
and network infrastructure are also conductedto ensure that our controls are well maintained.
In 2021, we had zero penalty imposed byregulators due to cybersecurity and dataprotection concerns.

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Offer Inclusive Products
As an insurer, we believe that we are well positioned to advance financial inclusion in our society. Hence, when developing our products, we consider how we can improve
the accessibility of our offerings to people at different life stages and of diverse financial circumstances. From the get-go, we have been mindful of those who areunderserved amongst us and are innovating to cater tailored products for them.
Closing the Protection Gaps of
Our Silver Generation
As Singapore’s population ages and life
expectancy increases1, we recognise that
health and aged care issues will become morepressing. This calls for more quality andaffordable care models and solutions in
Singapore. At Income, we recognise that thisrequires a change in mindset and approach
to insurance targeted at older persons as
traditionally, it gets more difficult to obtain
insurance as one grows older due to stricter
underwriting requirements. However, thisapproach will prove increasingly obsoletewith our growing silver population. To cater
insurance products to our seniors, we madetwo shifts in our approach.
Firstly, we recalibrated traditional underwriting
requirements and set practical benchmarks
to suit seniors when insuring them. Secondly,
we keep it simple and are focused on meetingtargeted needs when insuring older persons.
This way, our products are affordable and theireligibility criteria and underwriting requirements
are more relevant and realistically managed.
Our senior-focused health underwriting
questionnaire differs from the standard healthunderwriting questionnaire in two main areas.

1

Extending Insurance Access toUnderserved Segments

The first is to request only for health declarations
that are most relevant to seniors. This meansthat those above 50 years old are not required
to declare any pre-existing conditions that are
deemed less prevalent for the age group basedon underwriting guidelines and experience.
Some examples of such conditions include
gastritis, piles, gallstones, urinary tract infection
and pregnancy complications. As such, seniors
are not subjected to unnecessary medical
reviews related to these conditions. This makes
the insurance application process moreuser-friendly.
Secondly, the senior-focused questionnaire
streamlines declaration of key medical conditions
to minimise excessive request for information.
Seniors are required to make a health declaration
only if they are actively managing a medical
condition for the past five years and meet anyof the defined severity criteria, regardless ofwhen they are diagnosed.
With the recalibrated underwriting process forseniors, we are offering older persons a bettermedical underwriting experience so that they
are less deterred by lengthy and complex
underwriting requirements and the experienceof failing to qualify for the insurance application
despite the onerous process. In 2021, we
maintained a 90% offer rate to seniors who
applied for our life insurance products.

Migrant workers play a significant role in our
nation-building and form a big part of theSingapore construct. While they are protectedagainst workplace injuries, we recognise a gap
in covering migrant workers against non-workrelated death, total and permanent disability(TPD) and critical illnesses. According to the
Migrant Workers' Centre (MWC), unexpectedheart attacks, cancer, stroke and diabetes aresome leading causes of death among migrant
workers in Singapore.
Today, we offer seniors protection against
early and advanced stage cancer via Silver
Protect despite pre-existing medical conditions
that are non-cancer related. We insure even when
the older person has declared pre-existing
conditions such as a higher body mass index,
cholesterol level and blood pressure. These
conditions are common amongst seniors
and it will be unrealistic to not consider theirprevalence when designing and pricing
products for these customers. Income alsooffers the oldest entry age in the market at
74 years old.
To protect seniors against death and permanent
disability due to an accident, we offer Silver
Care which covers medical, home care,rehabilitation and caregiver training expenses.

We launched Care4Migrant Workers (C4M), a
low-cost insurance scheme to enable employers
to close this gap so that migrant workers canhave better peace of mind knowing that theirfamilies back home will be protected should
they unfortunately be rendered unable to work,
due to serious injuries, illnesses or, worse,
death. Eligible migrant workers with critical
illnesses will receive a payout of S$10,000 each.
The 37 critical illnesses that are included in theinsurance scheme includes major cancers,
stroke and heart attack. The payout is S$10,000
when the worker dies from non-work-related
accidents or suffers TPD.

https://www.income.com.sg/about-us/corporate-information/press-releases/almost-1-in-2-singaporeans-aged-40-to-65-see-thems

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Offer Inclusive ProductsStanding by Our Customers During COVID-19
In 2021, the pandemic continued to pose a challenge forour customers – more so for some than others. Based on
customers’ feedback, we gathered that there was a strong
desire to sustain insurance commitments and cover during
the pandemic. As such, we launched the Income Support
Schemes to offer our customers choice and flexibility sothat they could be supported in a way that best suited
their financial circumstances should they need help.
(L-R) MWC Chairman Yeo Guat Kwang, LEAP201 Chief Operating Officer Yip Hon Mun, NTUC SecretaryGeneral Ng Chee Meng, Income CEO Andrew Yeo, LEAP201 Chairman Michael Lien, MWC Executive
Director Bernard Menon, LEAP 201 Executive Director Nozomi Mizuno Witherspoon at the launch of C4M.
(Photo credit: NTUC)

For self-employed individuals such as freelancers and independent contractors,
being unable to work for a prolonged period due to illness or injury can mean
undue stress due to the loss of income. We offer Prolonged Medical Insurance
so that self-employed individuals can focus better on their full recovery as they
will receive benefits when they are hospitalised or on prolonged medical leave.
Understanding that the individual may require additional recuperation time post
hospitalisation, the insurance plan offers a daily cash benefit from the eighth dayof consecutive non-hospitalisation medical leave in addition to daily income foreach day of hospitalisation.
To protect children and youths with specific special needs, we offer SpecialCare(Autism) and SpecialCare (Down syndrome) to cover outpatient and hospitalisation
expenses, including physiotherapy and psychiatric therapy expenses, as well as
TPD and death in the event of accidents, contraction of infectious diseases, or
accidental damages. These insurance products remain industry firsts till today.
At Income, we understand caregivers of persons with special needs carry achallenging and huge responsibility as their dependants rely on them physically,
emotionally and financially. As such, our SpecialCare products cover also theparent or legal guardian of the person with special need or the insured in theevent of TPD or death due to an accident, giving additional peace of mind
to families.

With seven assistance schemes to choose from, Income
extended the widest array of support to customers amongst
insurers in Singapore. Two of our schemes were Incomefunded and they targeted low-income customers. For eligible
customers who were the hardest hit by the pandemic andwhose regular premium plans lapsed due to loss of income
as a result of retrenchment, placement on no-pay leave or
closure of their businesses, we offered a low-cost Temporary
Protection Plan to stand in for the lapsed policy with theoption of guaranteed reinstatement, within a year andwithout underwriting, should their financial situation improve.
Eligible customers holding life and health insurance plans
could also apply for premium payment deferment andinstalment schemes until 31 December 2021 should theyrequire help with their premiums. Customers who had
previously successfully applied for premium deferments on
their life and health insurance policies could also apply fora second six-month deferment period on the same policy,
subject to eligibility criteria.
For policyholders who had registered their motorcyclefor delivery business, we offered a 20% discount on theirpremiums. We also helped eligible corporate customers ease
their cash flow with a premium instalment scheme so thatthey could direct their funds to more urgent
operational needs to sustain their businesses
and to retain jobs.
As of 31 December 2021, we provided a
total of S$4.23 million in financial support
through these schemes to close to 50,000
eligible applicants.
In addition to the Income Support Schemes,
COVID-19 benefits were also extended
to selected insurance plans to allow ourcustomers to focus on recovering from theillness. Customers were encouraged to speakwith their financial advisors to determine
how their insurance policies covered themfor COVID-19 and additional information wasprovided on our website.
Through these measures, we remained
responsive to our customers’ needs andstood by them to ride out the pandemic,
allowing them to emerge stronger from it.

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Offer Inclusive Products
Reimagining Insurance to Resonate with
Evolving Lifestyle Needs
At Income, we recognise that there is asegment of customers who do not resonate
with conventional insurance and who requirea differentiated approach to help them close
their protection gaps. Understanding that
increasingly more customers want control in
how they engage with and purchase insurance,
we are reimagining the way in which customers
experience insurance by developing new
insurance models. To do so, we are leveraging
innovations to advance financial inclusion in
our society. The following are three groundbreaking offerings that we introduced in 2021.

TRIBE by Income is Singapore’s firstsubscription-based insurance that offers
on-demand adaptability with no lock-in
periods. It offers customers control of theinsurance protection they need, based on
their lifestyle and preferred premium
starting from S$5 per month.
Customers can upsize and downsize theirinsurance coverage flexibly, as well as
mix and match insurance plans to find a
combination that meets their needs. This
offers customers a new way to manage theirinsurance commitments that is tailored totheir lifestyle and financial circumstances.
TRIBE innovation came on the back of
the pandemic where cash flow constraints
against the backdrop of a volatile economy
had heightened customers’ desire forgreater control over what, when and how
they purchase insurance, including theability to customise and consolidate theirpurchases at a desired price point.

SNACK Investment is an industry-first micro
investment-linked plan (ILP) on the SNACK
by Income mobile app. It adopts a stackableapproach that empowers customers to build
their investment portfolios with bite-sizedpremiums while providing insurance coverageas they go about their daily activities such as
taking public transport, grocery shoppingand even when having a cuppa or dining out.

SNACKFIT is a first-of-its-kind fitness andlifestyle product that offers bonus insurance
coverage based on one’s biological age. It is
powered by ReMark’s Biological Age ModelBAMTM, a proprietary dynamic underwriting
algorithm that analyses five key metrics –Steps, Active Calories, Resting Heart Rate,
Sleep Hours and BMI – to calculate a person’s
biological age.

SNACK Investment is designed for those
who are keen and eligible to invest but
have not done so due to high barriers ofentry. With a minimum investment amountof just S$1, coupled with withdrawal
flexibility, it is a novel approach to purchasean ILP on a self-served platform as it allows
customers to decide flexibly on the premiums
that they wish to invest and to withdraw
their investments any time without
additional fees.

SNACKFIT calculates one’s biological age
based on the fitness and activity data
retrieved from fitness trackers, such as
Garmin and Fitbit, linked to the SNACK app.
It offers bonus insurance coverage based on
the policyholder’s activity data from theprevious day.
The policyholder will receive bonus insurance
coverage on their micro-policy the next day
based on how much younger their biologicalage is compared to their actual age. Thisencourages customers to adopt a more
active and healthier lifestyle to accumulate
bonus insurance coverage.

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Offer Inclusive Products

SNACK – bite-size Contributions to Insurance and Investment
SNACK by Income is a lifestyle-based stackable microinsurance
and investment platform (accessible via a mobile app) thatlets users pay bite-size premiums to purchase insurance andinvestment as they go about their daily activities such as
dining, grocery shopping, exercising and taking public transport.
Users can choose a premium amount as low as 30 cents,
50 cents or 70 cents to purchase microinsurance each timethey complete a lifestyle activity. Since its launch in June
2020, SNACK has expanded its proposition to include SNACK+,SNACKUP, SNACKFIT and SNACK Investment to extend its
reach and serve more customer segments.
SNACK is also working with corporates to extend insurance
coverage to their employees via SNACK+, such as fooddelivery workers who would otherwise find it challenging
to get insurance coverage due to their variable income.
Through SNACKUP, we are extending insurance access tocustomers of lifestyle partners and building an ecosystem
where insurance is being offered to retain loyal customers.
We are encouraged that SNACK has garnered a myriad ofaccolades, including the Insurance Asia Awards 2021, US CIO
100 Awards, SBR Technology Excellence Awards, Singapore
Digital Techblazer Awards, 2021 Indigo Design Awards,
DigFin Innovation Awards 2021, Efma-Accenture Innovationin Insurance Awards 2021 and Mob-Ex Awards 2020.
As of 31 December 2021, more than 50,000 users benefited
from SNACK by Income, with 680,000 policies issued.

I like how SNACK is very affordable as I don’t have toworry about paying a lump-sum premium to get insurance.
Instead, I can pay for insurance coverage in small amounts
and it suits my lifestyle. There is a foodpanda delivery
trigger on the SNACK app that charges me 70 cents wheneverI complete a food delivery and this gives me ease of mind
knowing I am protected while on the road.
Ahmad Akmal Bin Juhari, foodpanda rider

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Promote Financial Literacy
Financial literacy helps people understand the value of insurance and empowers them to make informed financial decisions. When individuals improve their financial
literacy, it not only lowers their barriers to access our products, but also enables them to improve their financial wellbeing and that of their families.
In 2021, we launched two public awareness campaigns – ‘So Steady’ and ‘Me First’.
'So Steady' Campaign
Singapore is one of the most rapidly ageing
societies in the world today, with one of theworld’s highest average life expectancies at
83.9 years2. Not only are Singaporeans living
longer lives, their attitudes towards ageing
are also shifting.
Through a study we conducted with NielsenIQ2,
we learnt that Singaporeans aged 40 to 65
are optimistic about ageing, with four in five
respondents wanting to embrace their later
years with energy and zest. Hence, we are
eager to engage Singaporeans to make themost of their golden years through the'So Steady' campaign, which encouraged
seniors (aged 50 and above) to age well byembracing four aspects of active ageing.
Prolong the quality of life throughphysical and mental wellness
Pursue interests and passions for afulfilling and purposeful life
Prepare for retirement and to befinancially independent for life
Protect against unforeseen circumstances
and unexpected expenses

2

The campaign featured a programme that rewards participants with ‘Steadypoints’ for tracking their daily activities. Steady points were exchanged forrewards with participating merchants upon completion of tasks that encouraged
an active lifestyle, such as tracking the number of steps taken, logging theirworkouts, monitoring hours of sleep, choosing healthier meals, etc. The campaign
also included a range of public outreach content that was complemented bypractical resources such as a publicly accessible online retirement calculator,
webinar and a suite of relevant insurance products.

‘So Steady’ was our innovative response to help our seniors age
well and we are proud to be contributing to the national agendathat is helping Singaporeans prolong Singaporeans prolong
their good years by preparing for, protecting and pursuingquality and fulfilling lives in their later years.

https://www.income.com.sg/about-us/corporate-information/press-releases/almost-1-in-2-singaporeans-aged-40-to-65-see-thems

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Promote Financial Literacy‘Me First’ Campaign
When it comes to retirement planning, we
believe that adopting a ‘Me First’ approachis important to securing a comfortable
retirement in the future. The ‘Me First’philosophy encourages us to carefully evaluate
the reasons and motivation behind our current
expenditure and to assess if it can be better
spent on ensuring that we retire comfortably.

Click here to view the "Me First"
campaign video

A survey commissioned by Income thatwas completed by 500 Singaporeans aged
between 21 and 68 years old revealed thatmost Singaporeans are aligned with thisphilosophy, with 93% of Singaporeansbelieving that putting their financial needs
first enables them to start planning earlier
and better for retirement.
Our ‘Me First’ campaign aimed to further
encourage the public to adopt this philosophy
to prioritise their financial needs. To do so,
we launched a short film that explored thebenefits of putting one’s own future needs
above the wishes of others3 and conducted apublic webinar to discuss this perspective as
well as offer useful retirement planning tips.

3

https://www.income.com.sg/me-first

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Foster a Learning and Engaged Culture
It is important that we take care of our people because they create value for our customers and drive impact for the organisation. Our focus is on developing our people
to help them grow professionally, engaging them to understand their perspectives and taking care of their well-being.
Career Development and Progression

Our Workforce at a Glance

1,908 Employees

4

39%

61%

16

Male4

Female4

Nationalities5

Senior Leadership, Including Board
Representation (%)

At Income, we are focused on empowering
a career ‘Made Yours’. This means we are
passionate about supporting our people toforge careers that are fulfilling and impactful
to them so that they are able to develop
professionally and personally to attain theirindividual career goals while fulfilling thecompany’s mission.
To facilitate our employees' career progression,
we utilise periodic performance appraisals andprogrammes that enable advancements intheir roles and responsibilities. We believe that

regular performance and career development
reviews can not only enhance employee
satisfaction but also help identify the career
path that our employees wish to take. We thensupport their growth and career development
through individualised development plans.
All permanent employees are required tocomplete their annual performance andcareer development review.
Our employees are also strongly encouraged
to take ownership of their career anddevelopment by identifying skills gaps fortheir desired career path. We then support
them to close these gaps.
To motivate employee development andretention, we encourage internal talentmobility where our people explore internal
job opportunities and embrace new job scopes
and responsibilities. One way in which we
support our employees on this front is throughthe Professional Conversion Programme which
offers employee structured and on-the-job
training to reskill or upskill them for new roles.

52% Male
48% Female

Workforce by Seniority (%)
1%

Senior management

23% Middle management
76% Staﬀ

Employees by Age Group (%)
17% <30 years old
66% 30-50 years old
17% >50 years old

45

Empower Career Paths in Insurance and Financial Advisory
To offer a career in financial advisory, we launched the Sales Management Associate (SMA)
programme in October 2020. This is a structured 18-month programme and the first in theindustry to offer fresh graduates and mid-career job seekers integrated exposure to career
tracks in financial advisory within our distribution channels.
The earn-as-you-learn programme offers a starting monthly base remuneration of S$2,900,
even as participants sit for exams to obtain relevant licences. It is also uniquely structured tohone a strong foundation in financial advisory by allowing participants to first complete theirfinancial advisory licensing, undergo sales training and on-the-job career discovery, before
moving on to full-time careers within the Income network. The SMA programme is designed todeepen participants' understanding of the insurance industry before embarking on full-time
financial advisory careers. On this front, participants have the flexibility to hone their skills either
as either as a client advisor with Income’s Retail Financial Services, tied agents with our agency
force, or a financial advisory representative at Income’s financial advisory subsidiary, Infinitum
Financial Advisory.

To find out more about the SMA programmeby Income, visit www.income.com.sg/careers/sales-management-associate.

This includes all employees of Income (Permanent and Temporary/Fixed-term), from function employees to senior management, as at 31 December 2021.
Nationalities of all employees of Income as of 31 December 2021 included employees from Singapore, Bangladesh, China, France, India, Indonesia, Korea, Malaysia, Myanmar, the Netherlands, Philippines, Sri Lanka, Taiwan, Thailand, United Kingdom and Vietnam.

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Foster a Learning and Engaged Culture
Developing a Future Ready Workforce
To purposefully build a workforce that is
equipped with skills that enable them to adapt
and thrive in the future of work, we developed
a developed 'Future Ready Workforce 2025',
the programme to upskill our employees.
The programme was informed by the top ten
skills of 2025, as highlighted in 'The Futureof Jobs Report 2020' by the World Economic
Forum. In 2021, our focus was on honing digitalskills, fostering innovation and developing
leadership competencies.
Creating a Data-Driven Learning Culture
As the work we do becomes increasingly
data-driven and digitally enabled, we want
our employees to be equipped to succeed insuch an environment. Hence, under our‘Future Ready Workforce’ programme, weplaced all employees through at least
16 hours of data-related training. In 2021,
99.5% of our eligible staff have completed
at least 16 hours of data-related training. The
data curriculum will continue to be curated
and finetuned to support our employees intheir data learning journey.
Building Leadership Competencies
Leadership competencies are skills andbehaviours that contribute to superior
performance. At Income, we leverage acompetency-based approach to leadershipso that we can better identify and cultivate
our next generation of leaders.

Under the 'Future-Ready Workforce’ programme,
our managers undergo three modules ofcompetency development and they include
leading change, developing people and driving
excellence. We also hone our managers’ coachingskills to empower them to be more effective
leaders when providing guidance on careers
and taking development conversations with
their teams.
Fostering Innovation
At Income, innovation is a key thrust to
creating value and impact for our stakeholders
and we have been taking steps to integrate
design thinking methodologies into theway we work. We believe teamwork is key
to fostering innovation. Thus, it is important
to exercise our collaboration ‘muscle’ tostrengthen the way we work together anddevelop innovative solutions.
We continue to embed these new ways
of working in the organisation throughcontinuous runs of Customer Experience 2.0(CE2.0) workshops which are two-day design
thinking workshops to ensure that the wholeorganisation, across all levels, are familiar withdesign thinking processes. This aims to help
our employees approach problems through thelens of the customer so that we continuously
test and iterate solutions that resonate withand delight customers, while considering
customers’ feedback at all steps. Such an

approach ensures that we stay focused on theoutcome that we want to achieve, optimise ourresources and work incrementally to solve theright problems with the right solutions.
Customer Experience 3.0 (CE3.0) is the next
step following CE2.0 workshops, whereselected employees from various functions
form multi-functional teams to solve businessrelated problem statements.

CE3.0 provides an avenue for employees toapply their skills to solve business issues.
In 2021, 11 CE3.0 projects were initiated, outof which eight completed design sprints andthree progressed to develop their Minimum
Viable Products (MVP).

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Foster a Learning and Engaged Culture

Idea Smash 2021
In October last year, we held an organisationwide hackathon to embed design thinking
methodologies within the company toempower innovation at Income.

The prototype, Jio on-the-Go, is designed tocomplement Income’s existing HR on-the-Go
mobile app. ‘Jio’ in colloquial terms means“to ask or invite to join”.

Participating employees formed crossfunctional teams to foster collaboration
across different departments to ideate
solutions to business problems. Mentors
were also assigned to each team and they
supported the team’s journey by imparting
their knowledge and experience in problem
solving, offering valuable advice that helped
teams prioritise issues and providing feedback
that contributed to the developmentof solutions.

The idea was inspired by the difficulties
new joiners faced in assimilating into theorganisation socially during the pandemic
when face-to-face interaction was limited.

The winning team of Idea Smash 2021
developed a prototype that aimed to help
new employees new employees ease into
their roles more effectively and to feel moresocially integrated, especially in our new
hybrid work environment.

With Jio on-the-Go, new employees can get
to know the organisation and their teammates
better and can be better orientated with theirtasks and milestones related to their scope ofwork. They can also easily familiarise themselveswith a glossary of insurance terms that will
support effective communication withcolleagues. New employees can also be bettersupported by relevant stakeholders such as
their supervisors and buddies via Jio on-the-Go.
On a wider enterprise level, Jio on-the-Go
can also be a platform to foster stronger social
cohesion oragnisation-wide as employees areencouraged to form sports or special interest
groups with like-minded colleagues.

The problem statement the team came up with was close to our hearts
as we joined Income in the midst of WFH arrangement early last year.
The hackathon taught us to consider different perspectives, stay agile
and to keep an open mind. It was an invaluable experience and we hadsuch good fun at the same time!
Celina Lim, Group Leader for winning team of Idea Smash 2021

Presentation of Jio on-the-Go MVP by the winning team of Idea Smash 2021

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Foster a Learning and Engaged Culture
Engaging Our People

Rewarding Our People

To meet the needs of our employees, it is crucial that we hearfrom them. Hence, we gather employee sentiments by runningan employee survey every year. Our annual Organizational
Health Index (OHI) survey, conducted by McKinsey & Co., is arobust and well-tested approach to measure organisational
health based on nine outcomes6. Results of the survey are alsobenchmarked against the insurance industry to determine our
performance relative to peer companies. This helps us obtain
feedback that inform the way we engage our employees tobuild stronger levels of engagement and satisfaction.

To reward and retain our people, our remuneration programmes
are aligned with market benchmarks and are based on individual
performance. Periodic reviews are conducted to ensure that we
continue to offer fair, equitable and competitive remuneration
to our employees. One hundred and forty-five or 80% of eligible
employees are covered by collective bargaining agreements.

In 2021, Income maintained its overall health score at 81 andwas placed in the top quartile when benchmarked against theinsurance industry7. Insights from the OHI survey informed
follow-up actions and they include conducting further dialogue
sessions with our employees to gain deeper understanding
about their sentiments. An example of an initiative implemented
in 2021 as a result of the 2020 OHI survey was the initiative,“No Meetings Wednesday” that offers employees someuninterrupted time and head space to think ‘blue skies’, ideate
and solve problems. Such empowerment and self-directedness
are fundamental to our collective success.

Through our e-Spot Award, our managers are encouraged toshow recognition to colleagues within and outside of theirteams spontaneously by sending them an e-appreciation card
and an e-voucher for their good work.

In addition to the OHI survey, we also engaged our employees
through Skip-level Meetings. These are meetings where asenior-level manager reaches out to employees whom theywould not have otherwise connected with regularly, without
the presence of the employees' direct supervisors. Skip-level
Meetings helped our managers and leaders gain insights toemployee sentiments, their goals and challenges at work. At thesame time, they provided a channel for managers to share their
feedback. Other touchpoints such as Townhalls and Leadership
Forums were also organised to update our employees on
Income’s performance and progress.

6
7

To recognise long-service staff, we extended an employee sharepurchase plan to staff who have been in our employment forover five years or more.

commuting to a healthcare facility, we partnered with
DoctorAnywhere to launch a tele-consultation service forall employees. Through this service, employees have accessto remote healthcare assistance and have their medicinesdelivered to their homes.
In November last year, we also organised a Health & Wellness
Month that comprised Lunch & Learn classes as well as virtual
fitness classes for all employees to partake. Lunch & Learn
classes included workshops about mental resilience, healthy
cooking and workplace posture and ergonomics. To encourage
our employees to be more active, fitness classes such as yoga,
Pilates, Zumba and boxing were conducted virtually during work
hours. One of the programmes to promote mental well-being
was a talk on “Embracing Challenges with Resilience” by aspeaker from the Singapore Association for Mental Health.

Supporting Employee Well-being
The health and well-being of our employees are of utmost
importance to us. We care for them through a comprehensive
welfare scheme that includes insurance and medical benefits
and various welfare measures. Our Initial Response Team (IRT)also provides regular COVID-19 related updates and advisories
to ensure the safety of all our employees, while balancing
business needs.
We supported employees to work remotely during the
pandemic and provided remote working guidelines to help
employees and managers create a safe working environment
for everyone. The hot-desk booking system was also rolled out
to support a new way of working during the pandemic.
To ensure that our employees have adequate access to medicalcare and to reduce their exposure to infections while

Employees shared messages of encouragement and appreciation to one another,
especially those working on-site, during an internal engagement campaign#IINThisTogether.

The nine outcomes are Direction, Leadership, Work Environment, Accountability, Coordination and Control, Capability, Motivation, Innovation and Learning and External Orientation
An effective response rate is indicated as survey responses that were straight line answers or were completed unreasonably quickly were omitted according to best practices to ensure data quality

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Build Stronger Communities

Regulatory and Mandatory Disclosures

Because We
EmpathiseAt NTUC Income, we celebrate friendship,community and volunteerism by supporting
relevant social causes, philanthropic
funding and strategic collaborations withlike-minded partners.

Build Stronger Communities
Champion Social Mobility

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Address Social Needs

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Champion Social Mobility
We recognise that the responsibility to foster a more equitable society is a collective one and our role as an active member of the community is important. ThroughIncome OrangeAid and other philanthropic efforts, Income supports diverse community causes. As part of our renewed sustainability strategy, we pledged to commit
S$100 million over 10 years to support causes that champion the low-income including education for children and youth-in-need, the elderly and the environment.
Our contribution to the community is strengthened by support from our employees. Hence, it is also important for us to continue inspiring our people to be active
stewards in their community. We believe that through our community initiatives, philanthropic funding and employee volunteerism programmes, we can be more
responsive to social needs and to build stronger communities.

We established Income OrangeAid in 2010 to champion community development witha focus on education for youth-in-need.
Annually, Income donates 1% of its insurance operating profits to support OrangeAid
programmes. In 2021, this amounted to S$1.09 million. Our employees also support thecause through donations via their payroll.
Through OrangeAid RoundUp, we encourage our customers to round up their policy premiums
to the next dollar or more and donate the difference to OrangeAid. As of 31 December
2021, funds raised through OrangeAid RoundUp was S$326,026.
In 2021, we disbursed a total of S$1.4 million to OrangeAid initiatives.

To advance equality in our community, it is important to us that we boost the social mobilityof those from disadvantaged backgrounds. At Income, we firmly believe that education levels
the playing field for all in society and is key to social mobility. We are aware that students fromunderprivileged backgrounds may drop out of school to provide for their families. Hence, we seek
to help children and youths from low-income families by providing them with financial assistanceand skills development.

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Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

Champion Social Mobility
Future Development Programme (FDP)The FDP is one of OrangeAid’s flagshipinitiatives where youths from low-income
families receive bursaries to help defray theirschool fees and living expenses. To selecteligible youths for the programme, we work
closely with the Institutes of Technical
Education and all five polytechnics in
Singapore annually. In 2021, we disbursed
over S$1 million to 399 eligible students
from these Institutes of Higher Learning.
As part of the FDP, we also conduct financial
literacy and career-readiness workshops forour awardees annually. The financial literacy
workshops focus on teaching life skills tostudents and include topics such as money
management, savings and investing. The careerdevelopment workshops guide students on
how to build their personal brand to stand out
from the crowd and make an impact on their

future careers. To ensure the safety of our
FDP beneficiaries and trainers, the workshops,
the workshops were conducted online byleveraging an interactive education
digital application.

Our FDP Beneficiaries Pay it Forward
When her mother – the sole breadwinnerof the family – passed away, Syahirah binte
Sola’amat's first reaction was to drop out ofschool so that she could work full-time tosupport her family.

We also trained past awardees as facilitators
through our Alumni Facilitator Training
Programme. The programme was inspired by
FDP awardees who expressed a desire to giveback to the FDP by supporting their peers’
learning journeys at the workshops.
By offering facilitator training, we aim to also
groom FDP awardees who are interested to
explore a career as a trainer and equip them with
the necessary skill set, while they earn a small
stipend as facilitators at the FDP workshops.
Since its launch in 2018, 67 alumni beneficiaries
have joined the training programme. For 2021,
there were 17 alumni facilitators.

Working part-time while juggling school waschallenging. Thus, Syahirah was very relieved
when she became a beneficiary of the Income
OrangeAid FDP.

Syahirah binte Sola’amat, 2018 to 2020 FDP Awardee

Similarly, Bill Chan Win Sun joined the
FDP as an alumni facilitator last year andassisted the coaches in engaging students
in discussions about money management
during the workshops.

Positive Impact on FDP Beneficiaries

87%

had more time to focus
on their schoolwork

92%

had funds forschool fees

94%

had more clarity on
money management

98%

were able to apply
what they learned at
the workshops daily

Beyond financial aid, Syahirah’s experienceat the FDP workshops also helped her better
appreciate the importance of financial
literacy. This inspired Syahirah to return to
the FDP as an alumni facilitator to support
other participants in 2021. Armed with new
skills she learnt at the Facilitator Training
Programme, Syahirah is now more confident
as she aspires towards a career in education.

“I really like the interaction andengagement with my peers and coaches
on the topic of personal finance. It wasmore than just ‘adulting’ as we share ourpersonal experiences too.”Bill who was motivated to pursue his
studies as a FDP awardee found his role
as a facilitator rewarding as he felt that
he was able to make a positive differenceby helping other FDP awardees strengthen
their financial literacy.

Bill Chan Win Sun, 2016 and 2017 FDP awardee

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Champion Social Mobility
Income Family Micro-Insurance Scheme (IFMIS)IFMIS is a premium-free insurance scheme developed to offer
financial support to eligible children and youths from low-income
families in times of crisis. Income understands that families,
especially those from low-income backgrounds, are often
the hardest hit when a parent or guardian of children and youths
suffers permanent disability or passes away. This is especially
so when the parent or guardian is the sole breadwinner of thefamily. In times of crisis, these school-going children and youths
may have to drop out of school due to the financial challenges
that they face. Thus, by stepping up to offer tangible support tovulnerable families in their time of need through IFMIS, Income
continues to champion education for youth-in-need.

We are pleased that Income has extended premium-free
IFMIS coverage beyond FAS recipients in primary schools
to include support for students in our secondary schools,
specialised schools and pre-university institutions. MOE is
glad to continue this partnership with Income to widen
support for needy students and their families.
Mr Clarence Tang, Divisional Director of Finance andProcurement Division, Ministry of Education

In the unfortunate event of death or total and permanent
disability (TPD) of the eligible child’s parent or guardian,IFMIS pays out S$5,000 upon approval of the claim. The scheme
covers eligible students who are studying in a local primary,secondary or specialised school or pre-university institution and
who are receiving support under the Ministry of Education
Financial Assistance Scheme (MOE FAS). The IFMIS also covers
eligible children who are enrolled in NTUC First Campus’
My First Skool. In 2021, we disbursed S$150,000 in IFMIS claims
to 30 families and over 52,000 students remained eligible for
the Scheme.

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Build Stronger Communities

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Address Social Needs
We are dedicated to supporting those in need to strengthen the resilience of our community. While our community development initiatives focus on social mobility,
we recognise that there are many social issues that can benefit from our support. To ensure that we effectively manage our support of charitable causes, all funding
activities are guided by our CSR Sponsorship and Funding Guidelines.
In 2021, our donations to charitable causes
amounted to close to S$1.3 million. They
include sponsorships to voluntary welfareorganisations, non-profit organisations, unions,low-wage workers and professional associations.

Encourage Employee Volunteerism
We encourage our people to be active
contributors to their community by providingthem volunteering opportunities and paid
volunteer leave.

However, in 2021, our annual organisationwide volunteering event, ‘Income Gives Back’,
was put on hold due to the COVID-19 pandemic.
Despite that, our employees upheld the spiritof giving by launching an internal fundraising
campaign that raised a total of S$32,340, topurchase daily necessities for the Thye Hua
Kwan (THK) Home for the Disabled. The money
raised was used to purchase daily essentials
required by the home such as detergents,
insect repellents, bathroom products andmilk powder.

Income has been our verystrong supporter for almost
30 years and we are glad tosee this friendship between
THK and Income continue eventhrough challenging times.
Ms Agatha Tan, Divisional Directorof THK Homes for Disabled Services

Income employees posed alongside staff from the Thye Hua Kwan Home for the Disabled while delivering a donation of daily essential items to the Home.

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TCFD Index
TCFD Pillar/Recommendation

Key Points

Report Reference

Governance: Disclose the organisation’s governance around climate-related risks and opportunitiesa) Describe the board’s
oversight of climate-relatedrisks and opportunities• The Board of Directors has delegated the oversight of climate-related risks, opportunities and management to the following
Board-level committees: the Risk Management Committee (RMC), the Nominating and Human Resource & Remuneration
Committee (NHRRC) and the Investment Committee (IC).
• The Board of Directors and the RMC have completed climate-related training on environmental risks and TCFD
recommendations.
• The RMC oversees the management of climate risks and opportunities and their impacts on Income’s strategic planning andfinancial performance across Income's underwriting and investment portfolios. The RMC is supported by the Executive
Committee (ExCom). The ExCom is chaired by the CEO and consists of various Division Chiefs.

b) Describe management’s rolein assessing and managing
climate-related risks andopportunities• The ExCom is responsible for reporting to the RMC on environmental risk matters on a quarterly basis and monitoring
progress on climate-related initiatives. In addition, ExCom oversees various workstreams to ensure the effective
implementation of the sustainability strategy and to ensure that sustainability is embedded as a key component ofbusiness planning.
• The Chief Risk Officer is responsible for the annual review of the Environmental Risk Management Framework andestablishing controls so that environmental risks are managed within Income's risk appetite.

Managing Our Sustainability
Commitments and Actions(from page 11)

Strategy: Disclose the actual and potential impacts of climate-related risks and opportunities on the organisation’s business, strategy and financial planning where such information is materiala) Describe the climate-relatedrisks and opportunities theorganisation has identified overthe short, medium and long term

• Income has identified risks and opportunities related to its underwriting and investment activities, covering both physical andtransition risks across different time horizons for material business lines.
• Transition risks include risk events such as steep increases in global carbon prices, changes in government policies, etc. Physicalrisks include risk events such as sea level rise, floods, increase in vector-borne disease transmission, etc.
• Opportunities identified include products and services for electric vehicle owners, product innovation to support the
management of heat-related illnesses in the community, access to green bonds, etc.

Identifying andAssessing Climate Risks
and Opportunities(from page 17)b) Describe the impact of climaterelated risks and opportunities
on the organisation’s businesses,
strategy and financial planning• We recognise that climate risks will have a material impact on our business activities and strategies. For example, physical risks
may cause damage to insured properties and increase our exposure to higher claims and underwriting losses. However, consumer
demand for more sustainable vehicles such as electric vehicles present opportunities for our motor business line.
• Our investments are exposed to both physical and transition risks. The impacts of climate change due to transitionand physical risk events include lower investment returns and higher volatility, risk of stranded assets and potential
reputational damage.
• Key actions taken this year that have shaped our business include the establishment of our Environmental Risk Management
Framework and Responsible Investment Policy and our commitment to numerous forward-looking targets, including net-zeroby 2050, that reflects our ambition to support the low-carbon transition.

Identifying and Assessing
Climate Risks andOpportunities (from page 17)

NTUC Income

Our Approach to Net-Zero(from page 16)

Sustainability Report 2021

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

TCFD Index

TCFD Pillar/Recommendation

Key Points

Report Reference

Strategy: Disclose the actual and potential impacts of climate-related risks and opportunities on the organisation’s business, strategy and financial planning where such information is materialc) Describe the resilience of theorganisation’s strategy, taking
into consideration different
climate-related scenarios,
including a 2°C or lower scenario• A qualitative analysis was conducted using scenarios developed by the NFGS. Scenarios depicting global warming of 1.5°C,
below 2°C and above 3°C were used.
• An ORSA stress test exercise was conducted using scenarios calibrated with reference to Bank of England’s 2021 Climate
Biennial Exploratory Scenario and Representative Concentration Pathways by the IPCC.
• Income participated in the 2021 MAS stress testing exercise which considered transition risks from 2021 to 2023.

Identifying and Assessing
Climate Risks andOpportunities(from page 18)

Risk Management: Disclose how the organisation identifies, assesses and manages climate-related risksa) Describe the organisation’s
processes for identifying andassessing climate-related risksb) Describe the organisation’s
processes for managing
climate-related risksc) Describe how processes for
identifying, assessing andmanaging climate-relatedrisks are integrated into
the organisation’s overallrisk management• Climate-related risks and impacts are assessed through an environmental risk heatmap developed in-house, scenario analysis
and stress-testing.
• We assessed risks to each of our material business lines under different climate scenarios, taking into consideration both
physical and transition risks.
• As an asset owner, we require our external fund managers (EFM) to integrate ESG considerations in the management of ourinvestment portfolios. We actively engage our EFMs for updates on the environmental risk characteristics of our portfolios.
• We developed in-house tools (Weighted Average Carbon Intensity heatmap of our portfolio) to monitor and assess ourinvestment portfolio’s exposure to carbon-intensive sectors as part of our due diligence process.

Identifying and Assessing
Climate Risks andOpportunities (from page 18)• Our underwriting and investment activities undergo a risk escalation process and environmental risk management guidelines
are applied such that transactions stay within Income’s risk appetite.
• Our approach to invest responsibly is guided by our Responsible Investment (RI) policy and is embedded in our EFM due
diligence, selection, appointment and monitoring.
• The majority of our EFMs are PRI signatories and TCFD supporters, as such, most of our assets are already managed with ESG
considerations. Where they are not managed with ESG considerations, we require these EFMs to do so within their investment
management and decision-making processes for our portfolios, where applicable.
• We seek to influence the assets in which we invest through active engagement with our EFMs to communicate our responsible
investment beliefs and expectations.
• We are monitoring our operational emissions (across Scope 1 to 3) and will be identifying emissions reduction opportunities
to implement.

Risk Escalation Process(from page 18)• Processes for identifying, assessing and managing climate-related risks are executed by business units based on the frameworks
approved by various Board-level committees supported by the ExCom.
• The Environmental Risk Management Framework sets out Income’s Environmental Risk Management policy, risk appetite andstrategy statement applicable to the investment, underwriting and business operation units. The policy is owned by the Chief Risk
Officer and maintained by the Risk Management department.
• The Responsible Investment Policy sets out the methodology, process and considerations by which the Investment team conducts
the monitoring and material assessments of sectors and portfolio holdings with high carbon intensities. The policy is owned by the
Chief Investment Officer and maintained by the Investment department.

Managing Our
Sustainability
Commitments and Actions(from page 11)

NTUC Income

Managing Climate Risks
and Opportunities in
Investments (from page 23)

Decarbonise Investment
Portfolio (from page 23)

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

TCFD Index

TCFD Pillar/Recommendation

Key Points

Report Reference

Metrics and Targets: Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities, where such information is material

12a) Disclose the metrics usedby the organisation to assessclimate-related risks andopportunities in line with
its strategy and risk
management process• To identify sectors with high environmental risks, we developed an environmental risk heatmap taking guidance from theUnited Nations Environment Programme Finance Initiative (UNEP FI) Principles for Sustainable Insurance. The environmental
risk heatmap is reviewed annually and includes the review of climate-sensitive sectors against Income’s risk appetite andenvironmental risk management guidelines are applied to stay within the risk appetite.
• We measure the climate risk exposure in our investment portfolio using the WACI metric, as well as the weight of different
sectors in our portfolio.
• We engaged our EFMs to evaluate the material risks of our carbon-intensive holdings and to understand how these risks arebeing managed and mitigated. Engagements with the EFMs indicated that climate-related risk concerns were adequately
considered and addressed in accordance with our mandates.

Monitoring Portfolio
Carbon Intensity(from page 24)b) Disclose Scope 1, Scope 2 and,if appropriate, Scope 3
greenhouse gas (GHG)
emissions and the related risks• Income’s Scope 1 to 3 GHG emissions for 2019 to 2021 were calculated based on the GHG Protocol and are disclosed in the2021 Sustainability Report.

Decarbonise Operational
Footprint (from page 21)c) Describe the targets used by
the organisation to manage
climate-related risks andopportunities and performanceagainst targets• Income has developed and published its commitment to various forward-looking targets to manage climate-related risks
and opportunities:• Net-zero greenhouse gas emissions by 2050
• Transition out of thermal coal mining and coal-fired power plants in our investments and insurance business by 20351• Zero exposure to coal sectors in our investment portfolio by 2030
• Fully cease underwriting of Property and Casualty business in coal sectors by 20402• Have all our assets managed by PRI EFMs or with ESG considerations by 2030

Transition to a
Low-Carbon Business(from page 17)

Managing Climate Risks
and Opportunities throughExternal Fund Managers(from page 24)

Managing Climate Risks
and Opportunities throughExternal Fund Managers(from page 24)

Regarding thermal coal mine and coal-fired power plants, Income is committed to transition out of these investments and insurance business by 2035 if the investee or insured has not demonstrated sufficient commitment to achieve carbon emission in linewith the Paris Agreement by 2040. Income will also progressively review its position on other aspects of the coal industry.
Income will not underwrite building and operation of coal-fired plants or coal mines, companies whose turnover are solely dependent on sales of coal and shipments of 100% coal.

NTUC Income

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

GRI Index
GRI Standard
Disclosure

Indicator

Report section(s) reference and additional information

Reasons for omissions,where applicable

About NTUC Income and This Report (page 4)–

GRI 102: General Disclosures 2016
Organisational profile
102-1

Name of the organisation

102-2

Activities, brands, products and services

–

102-3

Location of headquarters

–

102-4

Location of operations

–

102-5

Ownership and legal form

–

102-6

Markets served

–

102-7

Scale of the organisation

–

102-8

Information on employees and other workers

Operate a Responsible Business – Foster a Learning and Engaged Culture (page 37)

–

102-9

Supply chain

About NTUC Income and This Report (page 4)–102-10Significant changes to the organisation and its supply chain

There were no significant changes to NTUC Income and its supply chain in 2021–

102-11

Precautionary Principle or approach

Our Sustainability Approach – Managing our Sustainability Commitments and Actions(page 11)–

Action for Environment – Transition to a Low-Carbon Business (page 18)
Operate a Responsible Business – Effective Corporate Governance (page 27-30)
102-12External initiatives

About NTUC Income and This Report (page 4)–102-13

Membership associations

Our Sustainability Approach – Engaging Our Stakeholders (page 9)–

Statement from senior decision maker

Foreword by CEO (page 2-3)–

Foreword by CEO (page 2-3)–

Strategy102-14

Ethics and integrity
102-16

Values, principles, standards and norms of behaviour

Our Sustainability Approach – Our Strategic Pillars and Material Actions (page 7)

NTUC Income

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

GRI Index

GRI Standard
Disclosure

Indicator

Report section(s) reference and additional information

Reasons for omissions,where applicable

Our Sustainability Approach – Managing our Sustainability Commitments and Actions(page 11)–

GRI 102: General Disclosures 2016
Governance102-18Governance structure102-22Composition of the highest governance body and its
committees

102-30Effectiveness of risk management processes–

102-31

Review of economic, environmental and social topics–

102-32Highest governance body’s role in sustainability reporting––

Stakeholder engagement102-40

List of stakeholder groups

Our Sustainability Approach – Engaging Our Stakeholders (page 9)–102-41

Collective bargaining agreements

Operate a Responsible Business – Foster a Learning and Engaged Culture (page 40)–

102-42

Identifying and selecting stakeholders

Our Sustainability Approach – Engaging Our Stakeholders (page 9)–102-43

Approach to stakeholder engagement–102-44

Key topics and concerns raised–

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

GRI Index

GRI Standard
Disclosure

Indicator

Report section(s) reference and additional information

Reasons for omissions,where applicable

GRI 102: General Disclosures 2016
Reporting practice102-45

Entities included in the consolidated financial statements

About NTUC Income and This Report (page 4)–102-46

Defining report content and topic boundaries

Our Sustainability Approach – Engaging Our Stakeholders (page 9)–102-47

List of material topics

Our Sustainability Approach – Progress Against Our Sustainability Strategy(from page 12)–102-48

Restatements of information

There is no restatement of information and this is Income's inaugural Sustainability
Report–102-49Changes in reporting

There are no changes in reporting and this is Income's inaugural Sustainability Report–102-50

Reporting period

About NTUC Income and This Report (page 4)–102-51

Date of most recent report

This is Income's inaugural Sustainability Report–102-52

Reporting cycle

We will publish a Sustainability Report annually–

102-53

Contact point for questions regarding the report

About NTUC Income and This Report (page 4)–102-54Claims of reporting in accordance with the GRI standards

102-55

GRI content index

Regulatory and Mandatory Disclosures (from page 49)–

102-56External assurance

Information in this report has not been externally assured–

Operate a Responsible Business – Effective Corporate Governance (from page 27)––

GRI 201: Economic Performance 2016
103-1, 103-2,
103-3

Discussion of the material topic and management approach

Please refer to the Income Annual Report 2021 for details on Income’s approach to
managing economic performance.

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

GRI Index

GRI Standard
Disclosure

Indicator

Report section(s) reference and additional information

Reasons for omissions,where applicable

Please refer to the Income Annual Report 2021 for Income’s economic performance–GRI 201: Economic Performance 2016
201-1

Direct economic value generated and distributed

Community Investment: See Building Stronger Communities (page 42, 45)
201-2

Financial implications and other risks and opportunities due
to climate change

Action for Environment (page 15-25)

The costs of actions
taken to manage the risks
or opportunities were
not disclosed

Operate a Responsible Business – Offer Inclusive Products (page 31)–

GRI 203: Indirect Economic Impacts
103-1, 103-2,
103-3

Explanation of the material topic and its boundary

Operate a Responsible Business – Promote Financial Literacy (page 35)
Building Stronger Communities – Champion Social Mobility (page 42)203-2

Significant indirect economic impacts

Operate a Responsible Business – Offer Inclusive Products (page 31-34)–

Operate a Responsible Business – Promote Financial Literacy (page 35-36)
Building Stronger Communities – Champion Social Mobility (page 42-44)
GRI 305: Emissions 2016
103-1, 103-2,
103-3

Discussion of the material topic and management approach

Action for Environment – Our Approach to Net-Zero (page 16)

–

305-1

Direct (Scope 1) GHG emissions

Action for Environment – Transition to a Low-Carbon Business (page 21-22)

–

305-2

Energy indirect (Scope 2) GHG emissions

305-3

Other indirect (Scope 3) GHG emissions–
Action for Environment – Transition to a Low-Carbon Business (page 21-22)–

Action for Environment – Decarbonise Investment Portfolio (page 23-25)
305-4

GHG emissions intensity

Action for Environment – Decarbonise Investment Portfolio (page 24-25)

NTUC Income–

Sustainability Report 2021

52

Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

GRI Index

GRI Standard
Disclosure

Indicator

Report section(s) reference and additional information

Reasons for omissions,where applicable

GRI 306: Waste 2020
103-1, 103-2,
103-3

Explanation of the material topic and its boundary

Paper consumption constitutes a material use of natural resource at Income as ourbusiness requires formal and documented correspondences with our customers. As
such, we committed to reduce our use of paper through the progressive digitalisationof paper communications to policyholders.

–

306-1

Waste generation and significant waste-related impacts

Progress Against Our Sustainability Strategy (page 12)

–

306-2

Management of significant waste-related impacts

Action for Environment – Transition to a Low-Carbon Business (page 22)

–

306-4

Waste diverted from disposal–

GRI 404: Training and Education 2016
103-1, 103-2,
103-3

Explanation of the material topic and its boundary

Operate a Responsible Business – Fostering a Learning and Engaged Culture(from page 37)–

GRI 404-2

Programmes for updating employee skills and transition
assistance programmes

Operate a Responsible Business – Fostering a Learning and Engaged Culture(page 37-39)–

GRI 404-3

Percentage of employees receiving regular performance andcareer development reviews

Percentage of employees who received annual performance review in 2021:–

By gender– Female: 99% of eligible permanent headcount– Male: 99% of eligible permanent headcountBy employee category– Senior management: 100% of eligible permanent headcount– Middle management: 97% of eligible permanent headcount– Staff: 99% of eligible permanent headcount

NTUC Income

Sustainability Report 2021

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Overview2021 Highlights

Our Sustainability Approach

Action for Environment

Operate a Responsible Business

Build Stronger Communities

Regulatory and Mandatory Disclosures

GRI Index

GRI Standard
Disclosure

Indicator

Report section(s) reference and additional information

Reasons for omissions,where applicable

Operate a Responsible Business – Effective Corporate Governance(page 29, ‘Fair Dealing’)–

GRI 417: Marketing and Labelling 2016
103-1, 103-2,
103-3

Explanation of the material topic and its boundary

417-2

Incidents of non-compliance concerning product and service
information and labelling

–

417-3

Incidents of non-compliance concerning marketing
communications–

GRI 418: Customer Privacy 2016
103-1, 103-2,
103-3

Explanation of the material topic and its boundary

418-1

Substantiated complaints concerning breaches of customer
privacy and leakages of customer data

Operate a Responsible Business – Effective Corporate Governance (page 30)––

GRI G4 Financial Services Sector Disclosures
GRI F10Percentage and number of companies held in the institution’s
portfolio with which Income has interacted on environmental
or social issues

GRI F11Percentage of assets subject to positive and negativeenvironmental or social screening

GRI FS14

Initiatives to improve access to financial services for
disadvantaged people

Our Sustainability Approach – Progress Made in Our Sustainability Strategy (page 12)––
Operate a Responsible Business – Offer Inclusive Products (page 31-34)–

Operate a Responsible Business – Promote Financial Literacy (page 35-36)
Build Stronger Communities – Champion Social Mobility (page 44)

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