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NTUC Income also had another non-core business, i.e. to manage a shopping mall. The willingness to handle this activity gave us the reason to invest in Eastpoint Shopping Mall in 1998. We bought the shopping mall at a good price.
Over the past ten years, the value of the shopping mall must have appreciated by $50 million.
Taking this into account, the overall business results of the so-called non-core business has been healthy. It is wrong to described them as "bleeding".
The non-core businesses are managed by separate people, and do not distract the insurance people from running the insurance business. Our intention, at that time, was that the "more than insurance" business will help to strengthen the branding of NTUC Income.
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