Sustainability at Income Insurance

As a composite insurer, investor and asset owner, as well as an employer and corporate citizen, we are well-placed to help build the socioeconomic resilience of the communities we serve. This is especially important in today’s volatile world where having the ability to adapt, absorb shocks, and recover from challenges and being resilient is vital for securing our future.

Our Purpose and Sustainability Strategy

We continue to be guided by our sustainability purpose, ‘Resilience for All’. It reflects what matters most to us, which is to build the collective resilience of people in Singapore through our actions, products and services. More significantly, it is an extension of what we have set out to achieve from the get-go – to empower better financial well-being for all. To succeed, we focus on four areas – planet, customers, employees, and communities – and anchor ourselves is anchored on three strategic pillars, namely, ‘Steward Corporate Resilience’, ‘Enable Environmental Resilience’ and ‘Foster Community Resilience’, and five material goals.

Our purpose to empower people with better financial well-being, including those who are underserved among us, remains steadfast today. We do this by being data-driven and customer-centric when delivering insurance products and services to people in Singapore. This is important in helping us understand those we serve better so that we can continue broadening their access to insurance and financial protection that matter most to their priorities and aspirations. Additionally, we also aim to do good by our planet and community.

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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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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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.

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
To ensure that sustainability is embedded in the business, sustainability is embedded in our organisation at the highest governance level. 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.