You are here

Singapore insurer NTUC Income gets rated 'AA-' by S&P Global

S&P Global Ratings has affirmed its "AA-" local currency long-term issuer credit rating and financial strength rating on life and general insurer NTUC Income Insurance Co-operative.The cooperative earned an "A+" long-term issue rating for its subordinated debt from the agency, reflecting the positive views S&P Global has on the Singapore insurer.

S&P Global Ratings in a press statement issued on Dec 31 announced the ratings it has for NTUC Income, and the respective ratings are:

  • stand-alone credit profile: elevated from "a-" to "a",
  • subordinated debt: affirmed  "A+", and
  • local currency long-term issuer credit rating: affirmed "AA-".

S&P Global Ratings believes that NTUC Income's risk position has improved based on the insurer's reduced dependence on non-traditional forms of capital and its managed exposure to risky assets.

"We have therefore revised upward our assessment of the insurer's financial risk profile, " S&P Global Ratings said in the statement.

Market voices on:

Further, it expects NTUC Income to maintain its solid competitive position and high likelihood of extraordinary support from the Singapore government.

"The stable outlook over the next 12-24 months reflects our view that NTUC Income will maintain its very strong linkage with, and important role for, the Singapore government."