Sustainability at Income Insurance

Our Commitment

As a composite insurer, investor, asset owner, employer and corporate citizen, we recognise the enabling role we play in promoting socioeconomic resilience in the communities we serve. Our strategic initiatives as a responsible corporate citizen, as well as the choices we make as an asset owner and investor impact society and have a bearing on building the society’s collective resilience. Our sustainability strategy builds on this understanding. It reflects our ambition to foster resilience as a core benefit to society through our actions, products, and services.

Our Purpose and Sustainability Strategy

We are guided by our sustainability purpose, ‘Resilience for All’. It reflects our role in strengthening the collective resilience of people and communities in Singapore through our actions, products and services. This builds on our focus on empowering a more resilient future for all. Our sustainability strategy focuses on four areas – planet, customers, employees and communities – and is anchored by three strategic pillars namely, ‘Steward Corporate Resilience’, ‘Enable Environmental Resilience’ and ‘Foster Community Resilience’ and five material goals.

Through this, we aim to strengthen the resilience of our business and the wider ecosystem we operate in. This allows us to support climate transition, uphold customer trust, nurture future-ready employees and foster inclusive progress.

Resilience for all chart

Enable Enviromental Resilience

As an insurer, asset owner and investor, we recognise our role in influencing and acting against the impact that climate change has on the environment and society. By taking action to advance our net zero ambition, we enable environmental resilience in order to combat climate change and leave future generations in a better place.

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Steward Corporate Resilience

Over five decades, we have shown that we are a dependable and trustworthy company, with a proven record of putting people first. By taking care of our customers and employees, we strengthen not just the resilience of our people but also that of the Company.

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Foster Community Resilience

At Income Insurance, we are deeply aware that our social impact stems from the effect that our decisions and actions have on communities. To do this well, we must help address real-world issues and lend support to communities meaningfully.

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Our sustainability strategy is also aligned with seven United Nations Sustainable Development Goals (UN SDGs), giving added purpose to what we do at Income Insurance.

SDG 1

SDG 3

SDG 10

SDG 12

SDG 13

Our Approach

Our goal is to build a resilient future together with our employees, customers, investors, and communities. To do this, we regularly engage our diverse stakeholder groups to identify sustainability-related issues that they are most concerned about. With these insights, we are better placed to evaluate the relevance of our sustainability strategy and to focus our efforts and resources towards supporting positive change where it matters most.

Stakeholder Engagement

Stakeholder engagement and collaboration are crucial to understanding our impact and driving efforts towards a more sustainable business. Through regular stakeholder engagement, we identify actions and priorities that are material in responding to sustainability and create value for our stakeholders.

Materiality

We leveraged the insights obtained through our stakeholder engagements and undertook a three-step materiality assessment exercise. We considered our potential and actual impact on the economy, environment, and people across the organisation’s activities and business relationships to which we applied a double-materiality lens.

Sustainability Governance

The oversight of sustainability at Income Insurance rests with our Board of Directors, the company's highest governance body. This ensures that sustainability principles are embedded across our business strategy and operations. In 2023, we established a Board-level Sustainability Committee to enhance the governance structure around the management of our sustainability strategy and initiatives within the company.