Decade-high dividend for Income shareholders: Key takeaways from insurer’s 2026 AGM

[SINGAPORE] Shareholders of Income Insurance will enjoy their highest dividend in 10 years after the insurer reported strong annual profits, while also gaining a renewed avenue to sell their shares.

The developments were disclosed during Income’s annual general meeting (AGM) on May 25 and in its 2025 financial year report, which was released on Jun 2.

While Income is not listed on the stock exchange, it is a public company with more than 15,000 retail shareholders who hold about 27.4 million shares.

Public debate ensued in July 2024 after German insurer Allianz made an offer to buy a majority stake in the firm for S$2.2 billion, or S$40.58 a share.

However, the deal was later blocked by the government over concerns about its impact on Income’s social mission. Allianz withdrew its offer on Dec 16, 2024.

Here are the key takeaways from Income’s AGM and annual report:

Better results, higher dividends

Income’s board proposed a total dividend of S$1.063 per share, the highest payout in the past 10 years.

This was enabled by a 165 per cent year-on-year jump in net profit to S$118.9 million for FY2025, boosted by better investment returns, product mix and demand from younger and more affluent clients.

The total dividend for FY2024 was 41.6 cents per share, including a special 55th anniversary dividend of 20.8 cents each.

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The insurer is also worth more now, with its net asset value per share rising to S$32.66 in FY2025, from S$31.97 in FY2024.

Income chief executive Andrew Yeo said at the AGM that the insurer can keep rewarding shareholders and investing for the future without compromising policyholder commitments or long-term stability.

Share resale on Alta Exchange resumes

Income shareholders seeking to sell their shares will once again be able to participate in a private exchange programme run by Phillip Securities. This option had been suspended following Allianz’s offer in 2024.

Under the programme, Phillip Securities may buy shares from willing sellers and seek to place them with accredited and institutional investors through the Alta Exchange platform, Yeo said.

Existing participants whose shares are already held in custody with Phillip Securities can indicate their interest to sell online, while first-time participants will need to visit a Phillip Investor Centre with their shareholder letter, identification documents and share certificates, if any, to complete the necessary paperwork.

Shareholders will receive their letters after the AGM.

No action is required of shareholders who choose not to participate in the programme.

Yeo stressed that the programme is independently operated by Phillip Securities and not endorsed by Income. Transactions are not guaranteed and are based on a willing buyer and seller basis at mutually agreed terms.

He added that shareholders can also privately identify and directly transfer their shares on mutually agreed terms without participating in Phillip Securities’ share liquidity option.

The relaunch of the programme comes a year after some shareholders voiced concerns and frustration at Income’s AGM in 2025 because they could not sell their shares. Many were also disappointed at losing the opportunity to sell their shares to Allianz at S$40.58 per share.

“We recognise that a private exchange facility alone may not meet the needs of all shareholders. The board and management are continuing to carefully consider all relevant liquidity options for our shareholders,” Yeo said.

Strengthened social compact

Income, which celebrated its 55th anniversary in 2025, also stepped up efforts to carry out its social mission, which came under scrutiny in the wake of the Allianz offer.

Income chairperson Joy Tan said at the AGM that on top of delivering stronger financial results in 2025, the insurer also took steps to demonstrate commitment to its social mission through several initiatives supporting vulnerable groups.

For example, the insurer committed S$10 million over five years to supporting caregivers and families through its Income OrangeAid Caregiver Support Accelerator Grant, and has launched its Child Secure programme to help children affected by a parent’s critical illness.

It also rolled out several SG60 initiatives aimed at seniors and lower-income Singaporeans.

“Taken together with the strong financial performance for FY 2025, these initiatives reflect the progress we set out to make and show how we have begun to deliver on the mandate entrusted to the board,” said Tan.

Chairperson steps down amid board renewal

As part of a process to renew the board with directors possessing the right calibre and strong industry expertise, Tan revealed that she will relinquish her role as chairperson of the board on Jul 1, after completing her nine-year tenure as an independent director.

Tan, who has been in her current role as chairperson for just under a year after replacing Ronald Ong in 2025, will stay on the board as a non-independent and non-executive director.

She will be replaced by Lim Sim Seng, who was appointed to the board as an independent non-executive director on May 1.

Lim also sits on the board of companies like SIA Engineering and IOI Properties and is Singapore’s non-resident High Commissioner to Nigeria.

He has years of experience in banking and finance and was most recently a senior adviser to DBS Group, a position he held after retiring as group executive at the bank, where he led its consumer banking and private banking franchises from 2010 to 2023.

Lim will be appointed chairman of the board on Jul 1. THE STRAITS TIMES