More than Insurance

POSTED IN ONLINE CITIZEN
http://www.theonlinecitizen.com/

What Mandy (post 51) said is similar to what Tan Suee Chieh said in his media interviews. So far, I have avoided commenting on what TSC said, to avoid interfering with his management.

If I remember correctly, the so called non-core businesses of Income (except for Snow City and Singapore Dress) did quite well over the years as follows:

> they were operated viably
> they contributed to the branding of NTUC Income
> most successful were the car sharing and home repair services

All of these businesses were started with the approval of the investment committee of the board of directors.

Snow City and Singapore Dress made a loss of perhaps $5 million in total. This is more than offset by the gains from other investment decisions made during my management. I have left a surplus of $650 million to my successor.

I am particularly annoyed that TSC mentioned in a Straits Times interview that he had to discontinue the funeral services business. I wish to ask TSC to tell how much money was lost on this non-core business (if it really existed).

I hope that people like Mandy (who could be a fictitious name) do not slander me unfairly.