The insurer is pursuing acquisitions through Singlife as it seeks to build scale across Southeast Asia, with Thailand, Malaysia and the Philippines also identified as potential growth markets.
S&P raised Income Insurance’s stand-alone credit profile to ‘a+’ and maintained its stable outlook, citing improved capital clarity and continued government support expectations.
Former company chair Ronald Ong said shareholders have “persistently, strongly and increasingly requested a viable liquidity option” since Income’s corporatisation.
