05 June 2024
SINGAPORE – Income Insurance Limited (Income Insurance) today released its 2023 Sustainability Report, which highlights a clear focus on delivering positive social impact through its refreshed sustainability strategy, ‘Resilience for All’. The strategy reflects its ambition to foster resilience as a core benefit to society through its actions, products and services.
The company leaned into the findings of the Singapore Resilience Study (SRS), the Forward Singapore report and its understanding of resilience gaps in Singapore to better prioritise its material actions and goals to inform its refreshed strategy. By doing this, the company is strategically sharpening its investments in sustainability to address real-world issues and lend support to communities meaningfully. On this front, the company’s key sustainability progress is outlined below.
Achieving real-world decarbonisation through transition financing
To enable environmental resilience, Income Insurance have stepped up efforts to realise its net zero 2050 ambition. Most significantly, in 2023, the company committed to invest S$1 billion to finance climate transition, recognising that its capital allocation in financial markets has an influence on climate-positive transition. Progressing on this front, Income Insurance is an anchor investor of the Fullerton Carbon Action Fund and is advancing decarbonisation outcomes in its portfolio companies while supporting investment strategies that can help address climate change as they seek to deliver attractive risk-adjusted returns for investors.
Additionally, Income Insurance had set an interim 2025 goal last year to reduce absolute greenhouse gas emissions of its public assets portfolio by 20%. To succeed, it is engaging external fund managers (EFMs) to conduct company engagements with the top 20 carbon emitters in its public assets portfolio as the company fully outsourced the management of its Assets Under Management to EFMs.
Currently, Income Insurance has set global mandates that prevent its EFMs from making any new investments in companies that derive more than 10% of their revenue from thermal coal production and power generation. The revenue threshold is 30% for its Asian mandates. For oil sands, a 10% revenue threshold applies across the company’s public assets portfolio.
Income Insurance applies different thresholds to the restrictions for coal to support a just and inclusion transition especially in Asia where socioeconomic and energy infrastructure landscape is still highly dependent on coal as a source of energy and livelihoods.
It is also applying exceptions on Green, Social, Sustainability and Sustainability-linked bonds that are issued by companies that are transitioning to a more sustainable business model. This ensures that its investment approach avoids indiscriminate withdrawal of investments that could curtail capital to companies with credible transition plans.
Adopting material operational decarbonisation levers
Given that data centres in Singapore account for approximately 7% of total electricity consumption in Singapore¹, the company downsized its data centre carbon footprint by adopting a cloud-first strategy enterprise-wide. It also implemented a new energy monitoring system featuring sensors that monitor the temperature, humidity, power, and energy use of its data centres in real time, allowing the company to respond to immediate opportunities for more efficient energy utilisation.
In 2023, Income Insurance also prioritised the procurement of materials that are Green Mark-certified for its office renovations since buildings account for approximately 20% of Singapore’s carbon emissions² and green buildings are a key decarbonisation lever.
Influencing climate-positive transition
Income Insurance believe in bringing its customers along the journey as it transitions towards net zero and builds climate resilience as a business.
In 2023, the company worked with customers and partners to develop a three-year roadmap that focuses on a range of insurance products specifically designed for owners of electric vehicles (EVs) that would help accelerate electrification of vehicles in Singapore. Its usage-based motor insurance which offers EV owners the flexibility of pay-as-you-drive speaks to car owners who clock lower mileage on the road.
To better manage environmental risks, the company also enhanced technological capabilities to assess the exposure of its Property and Casualty business in flood-prone areas. This enables the business to initiate conversations and work closely with high-risk customers to mitigate the risks.
Income Insurance is also supporting its customers’ shift to sustainable investments with the introduction of the JPMorgan Global Income Sustainable Fund that actively enables a positive environmental impact by lowering the portfolio’s carbon footprint while providing long-term capital growth and income with lower volatility.
Through its flagship event, Income Eco Run (IER), Income Insurance champions the zero-waste cause and is rallying Singaporeans behind zero-waste practices and a sustainable lifestyle that supports the nation’s transition to a low-carbon economy and its vision to be a Zero-Waste Nation.
In 2023, IER incorporated features that were unprecedented for mass runs in Singapore. For example, participants ran in their own t-shirts, use recyclable and reusable hydration cups, wore run bibs that were 30% smaller than conventional ones, accepted e-certificates and forego commemorative medals. For its efforts, IER 2023 was conferred an ‘Eco Event’ by the Singapore Environmental Council via an independent audit.
Always innovating for evolving needs
To support customers’ changing lifestyles and evolving financial and protection needs, Income Insurance is keeping in step with the shifting demands of modern lifestyles and an ageing society.
For example, the company was the first, in 2023, to extend guaranteed post-cancer protection to Singaporeans via Complete Cancer Care. The proposition is groundbreaking as it champions life after cancer especially when cancer patients’ survival rates have been improving over the years³. It also launched a subscription-based mental well-being insurance plan, SNACK Self Care Pack, which is Singapore’s first standalone mental wellness insurance plan.
As Singaporeans age and life expectancy increases, it is critical that Singaporeans age well and thrive in their extended years. On this front, Income Insurance’s underwriting approach has been supporting seniors’ access to insurance while making health underwriting more efficient and customer-friendly for them. In 2023, nine out of 10 seniors who applied for its life insurance products were offered coverage. The company also protected more seniors with its suite of Silver products last year as in-force polices were about 4% higher compared to 2022. Additionally, it also protected close to 63% more Singaporeans against the risk of disability with its enhanced long-term coverage against moderate and severe disabilities.

Going forward, Income Insurance will be enhancing its support for Singaporeans’ retirement adequacy and mental well-being by offering financial protection and entering relevant community partnerships.
Helping society thrive by addressing social needs

In 2023, Income Insurance invested S$7.9 million through its community development platform, Income OrangeAid. The funds supported various community initiatives that champion education for underprivileged children and youths (via the Income Orange Aid Future Development Programme and the Income Family Micro-insurance Scheme), seniors’ well-being (via the Health for Life Fund) and the environment (via the Income Eco Run).

Income Insurance also tapped into the power of many to build alliances for causes that it believes in. The company do so via its staff volunteering programme, Income Gives Back, and Income OrangeAid Round Up, which encourages its customers to round up their life and general insurance premiums to the next dollar (or more) and contribute the difference to Income OrangeAid.
To ensure that it channels its social investment of S$100 million by 2030 to drive change, Income Insurance is deliberate in sharpening its way of measuring and assessing its social impact so that it continues to improve the way it contributes to society through its corporate citizenship activities.
The table below details the company’s social investments, impact and contributions to the United Nations Sustainable Development Goals in 2023.

Mr Andrew Yeo, Chief Executive Officer of Income Insurance, said, “As a composite insurer, our core role is to protect lives, assets and businesses. By fundamentally doing what we do, we contribute to a more secure and confident society by helping our stakeholders manage risks and build resilience in the face of economic, environmental and social uncertainties. I am proud of the progress we made in 2023 towards implementing our sustainability strategy, which supports building of a more resilient planet, people, business and communities.”
“To succeed, we recognise that an embedded sustainability culture and a qualified and engaged workforce are prerequisites for our success. Thus, we measure ourselves enterprise-wide against sustainability-linked performance indicators. We will also persist in leveraging key enablers like technology, innovation, partnerships, continuous learning and good governance to scale our impact. We promise to act on matters of sustainability continually so that we are all in a better place to take on challenges, come what may.”
For more information on Income Insurance’s progress on sustainability, please visit: https://www.income.com.sg/sustainability

¹ Ministry of Communications and Information, Singapore (2021), “MCI’s response to PQ on data on current and expected 2021 total carbon emissions by data centres in Singapore and efforts to reduce emissions for data centres”, Available at: https://www.mci.gov.sg/media-centre/parliamentary-questions/mci-response-pq-data-carbon-emissions-data-centres-sg/