Page | 1 | PHILLIP SECURITIES RESEARCH (SINGAPORE)
Valuation Report: Income Insurance
Limited
• We value the company using a combination of Price-to-NBEV ratio, Price-to-Book ratio
and Price-to-EV ratio. The equity valuation range is S$1,131mn to S$2,991mn. Applying
an equal weightage of the three valuation methods, the valuation for the equity is
S$2,115mn and a per share value of S$19.74 (based on the total number of shares
outstanding as disclosed by Income as at time of writing). We have not applied a
discount for the illiquidity of the shares.
• All historical and forecast financials are from the company.
• Some of the merits of the company include new business premiums to increase
by >16% by 2025 to more than S$1bn, new business embedded value to grow by >55%
to more than S$135mn, and potential to grow from the suite of NTUC products.
Company Background
Formerly known as NTUC Income Insurance Co-operative Limited (“NTUC Income”), the
company now operates as Income Insurance Limited (“Income Insurance”), a public non-
listed company limited by shares following the successful transfer of the insurance business
on 1 September 2022. Income Insurance Limited serves ~1.7mn Singaporeans and is one of
the leading composite insurers in Singapore, offering life, health and general insurance.
Income Insurance has 5 branches and 10 lite branches across Singapore, as well as
operations in Indonesia, Malaysia, Thailand and Vietnam.
Life Insurance: Income Insurance provides a range of insurance options, including three
whole life insurance plans and 14 term insurance plans. The flagship whole life policy is
known as Income Star Secure Pro, and its term life equivalent is Income Star Term Protect.
Additionally, the company offers specialized life insurance policies tailored to various
needs, including plans for seniors, women, maternity coverage, and families.
Health Insurance: The company has 11 health insurance plans, including group insurance,
with the most pertinent one being the Medisave-eligible Enhanced IncomeShield. It is an
Integrated Shield Plan (IP) designed to provide protection against significant hospitalization
expenses.
General Insurance: Income Insurance also offers many kinds of general insurance, such as
personal accident insurance, savings plans and investment plans, car or motorcycle
insurance, travel insurance, home insurance and maid insurance.
Investment Highlights
1. Income 2025 ambition. Income Insurance intends to grow its business in terms of
both volume and value. New business premiums have grown at a CAGR of 9% from
S$778mn in FY20 to S$862mn in FY22. The company expects new business premiums
to surpass S$1bn in FY25 with a 100% growth in Life Application Programming
Interface (API), Personal Lines Insurance, New Business Models, Employee Benefits
and Commercial Lines. New Business Embedded Value (NBEV) has grown at a CAGR
of 39% from S$45mn in FY20 to S$87mn in FY22, with expectations to exceed
S$135mn in FY25. Lastly, while Insurance Operating Results have dipped 3% to
S$111mn in FY22, Income Insurance intends to reach >S$155mn in FY25 for a growth
of 30% per annum.
4 January 2024
Financials
Income Statement
Y/E Dec, SGD mn FY18 FY19 FY20 FY21
Net Premiums
3,599 3,599 3,599 3,599
Total operating income
3,888 7,360 7,690 4,657
Net Benefits & Claims
3,231 6,488 6,774 3,849
Operating surplus
171 326 374 170
Other Comp. Income
(27) 52 11 (3)
Total Comp. Income
127 364 387 159
Net Comp. Income
126 364 384 160
Balance Sheet
Y/E Dec, SGD mn FY18 FY19 FY20 FY21
Investment properties
1,921 1,954 1,910 1,916
Other financial assets
32,610 35,357 40,251 41,322
Cash
645 676 1,216 1,432
Total Assets
37,203 41,939 45,843 47,267
Ins. contract prov.
31,379 33,734 37,806 38,911
Total liabilities
33,674 38,083 41,582 42,907
Shareholder's equity
3,523 3,850 4,252 4,350
Total Equity
3,528 3,856 4,261 4,360
Source: Income Insurance
Glenn Thum (+65 6212 1851)
Senior Research Analyst
glennthumjc@phillip.com.sg
Page | 2 | PHILLIP SECURITIES RESEARCH (SINGAPORE)
Income Insurance
Valuation
2. Digital Initiatives. Income Insurance is a leading digital insurer in Singapore and the
region, with their flagship SNACK by Income product as their leading financial lifestyle
app. SNACK is engaging with the digitally adept younger generation from a very early
age, primarily through their Investments offering, which is highly appealing. They are
continuously evolving and partnering with over 150 collaborators to create a
comprehensive financial lifestyle app. This app will provide customers with access to
a wide range of products in the future, including micro-insurances, conventional
general insurance, and various insurance and investment benefits offered by their
partners. The company’s other prominent digital initiative is EKKO, an omni-channel
online-to-offline (O2O) solution to enable agents to sell more efficiently and
effectively. It leverages on digital partnerships, such as Trust Bank, Grab, CapitaStar
and Fairprice Group, to provide a complete omni-channel experience for customers
to engage with Income Insurance via the various touchpoints available to them.
3. Regional insurance presence. HIVE by Income is an Insurance-as-a-Service platform
created by Income Insurance to penetrate into the region. It enables any insurer and
digital platform owner across the region to launch, localize and scale innovative
embedded insurance propositions. Their pre-built InsurTech integrations enhance
their partners’ speed to market, and their ability to capture new customer segments
and engagement with minimal additional cost and a competitive advantage that is
data-driven. The company currently has presence in Thailand, with café Casa Lapin, in
Indonesia, with parametric-based Droplet, and in Vietnam, with JupViec Care, a pay-
as-you-earn stackable personal accident product for on-demand helpers, and QRPay,
a digibanca partnership with TPBank.
Valuation
Price-to-NBEV valuation
We use Great Eastern Holdings Ltd (G07 SGX) as a comparable to
Income Insurance, both of which are major players in the insurance
industry in the same region, for a guide on how an insurance
provider would trade.
New Business Embedded Value (NBEV) represents the present value
of future profits from new business premiums. We will be using the
Price-to-NBEV ratio, which is calculated by share price over NBEV
per share. GE traded at a 10-year average P/NBEV of 19.4x. The
three-year average is 13.0x. The current P/NBEV is 9.4x.
Figure 1: Sensitivity analysis for Price-to-NBEV valuation of
Income Insurance
Source: PSR, Income Insurance
As such, we peg our valuation of Income Insurance at 13.0x P/NBEV, its average P/NBEV from 2020 to 2022. We believe that a P/NBEV
of 13.0x is appropriate as Income Insurance’s current growth trajectory and plans are more in line with GE’s from 2020 onwards. On
this basis, our valuation implies an equity value of S$1,131mn (13x P/NBEV).
To determine the range of valuations, we applied a 5% and 10% discount and premium to both NBEV and P/NBEV metrics (Figure 1).
At the bottom end of our valuation range, 10% lower projected FY22 NBEV and 10% lower P/NBEV of 11.7x, the equity value is S$916mn
(Figure 1). At the top end of our valuation range, we use a 10% higher projection of FY22 NBEV and a P/NBEV of 14.3x, the equity value
is S$1,369mn.
P/NBEV (x)
0.0 11.7 13.0 14.3
10.0% 1,120 1,244 1,369
5.0% 1,069 1,188 1,306
0.0% 1,018 1,131 1,244
-5.0% 967 1,074 1,182
-10.0% 916 1,018 1,120
NBEV FY22
Page | 3 | PHILLIP SECURITIES RESEARCH (SINGAPORE)
Income Insurance
Valuation
Figure 2: GE’s P/NBEV range from FY20-FY22 is a more appropriate comparison
Source: PSR, Bloomberg
Price-to-Book valuation
Similarly, we use Great Eastern Holdings Ltd (G07 SGX) as a
comparable to Income Insurance, both of which have similar
balance sheets, for a guide on how an insurance provider would
trade.
We will be using the Price-to-Book ratio, which is calculated by share
price over book value per share, with book value being the net assets
(total assets – total liabilities). GE traded at a 10-year average P/B of
1.40x. The three-year average is 0.96x. The current P/B is 1.14x.
Figure 3: Sensitivity analysis for Price-to-Book valuation of
Income Insurance
Source: PSR, Income Insurance
As such, we peg our valuation of Income Insurance at 0.96x P/B, its average P/B from 2020 to 2022. We believe that a P/B of 0.96x is
appropriate as Income Insurance’s current balance sheet and book will be more reflective of GE’s from 2020 onwards. On this basis,
our valuation implies an equity value of S$2,991mn (0.96x P/B).
To determine the range of valuations, we applied a 5% and 10% discount and premium to both Book Value and P/B metrics (Figure 3).
At the bottom end of our valuation range, 10% lower projected FY22 Book Value and 10% lower P/B of 0.86x, the equity value is
S$2,412mn (Figure 3). At the top end of our valuation range, we use a 10% higher projection of FY22 Book Value and a P/NBEV of 1.06x,
the equity value is S$3,633mn.
Figure 4: GE’s P/B range from FY20-FY22 is a more appropriate comparison
Source: PSR, Bloomberg
P/B (x)
0.0 0.86 0.96 1.06
10.0% 2,948 3,290 3,633
5.0% 2,814 3,141 3,468
0.0% 2,680 2,991 3,303
-5.0% 2,546 2,842 3,138
-10.0% 2,412 2,692 2,972
Book Value
FY22
Page | 4 | PHILLIP SECURITIES RESEARCH (SINGAPORE)
Income Insurance
Valuation
Price-to-EV valuation
Similarly, we use Great Eastern Holdings Ltd (G07 SGX) as a
comparable to Income Insurance, both of which have similar
balance sheets, for a guide on how an insurance provider would
trade. Embedded Value was based on independent valuation
conducted by Milliman Private Limited on Income Insurance
Limited.
We will be using the Price-to-Embedded Value (EV) ratio, which is
calculated by share price over embedded value per share. GE
traded at a 10-year average P/EV of 0.78x. The three-year average
is 0.52x. The current P/EV is 0.46x.
Figure 5: Sensitivity analysis for Price-to-EV valuation of Income
Insurance
Source: PSR, Income Insurance
As such, we peg our valuation of Income Insurance at 0.52x P/B, its average P/EV from 2020 to 2022. We believe that a P/EV of 0.52x
is appropriate as Income Insurance’s current balance sheet and book will be more reflective of GE’s from 2020 onwards. On this basis,
our valuation implies an equity value of S$2,224mn (0.52x P/EV) based on the FY22 embedded value of Income.
To determine the range of valuations, we applied a 5% and 10% discount and premium to both EV and P/EV metrics (Figure 5). At the
bottom end of our valuation range, 10% lower projected FY22 EV and 10% lower P/EV of 0.47x, the equity value is S$1,801mn (Figure
5). At the top end of our valuation range, we use a 10% higher projection of FY22 EV and a P/EV of 0.57x, the equity value is S$2,691mn.
Figure 6: GE’s P/EV range from FY20-FY22 is a more appropriate comparison
Source: PSR, Bloomberg
Gross Premiums
Gross premiums, which represent revenue premium for new
insurance contract and renewal premiums of the company’s in-force
insurance contracts, dipped 7% YoY to S$4.3bn in FY22. This was
mainly due to the challenging economic environment and the
impact of the rising interest rate environment on their participating
savings product, partly mitigated by growth across general
insurance (Property & Casualty (P&C) insurance and Non-
Participating insurance) and growth in higher margin Non-
Participating Health business.
Participating insurance make up the majority gross premiums, at
53% of total gross premiums as at FY22, with Non-Participating
insurance the second largest at 34%. Property & Casualty (P&C)
insurance is at 10% of total gross premiums while Investment-Linked
Insurance Policies (ILP) the smallest at 3%.
Figure 7: Income’s Gross Premiums dipped 7% YoY in FY22
Source: PSR, Company
P/EV (x)
0.0 0.47 0.52 0.57
10.0% 2,202 2,446 2,691
5.0% 2,102 2,335 2,569
0.0% 2,001 2,224 2,446
-5.0% 1,901 2,113 2,324
-10.0% 1,801 2,001 2,202
Embedded
Value FY22
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Income Insurance
Valuation
New Business Premiums and New Business Embedded Value
New Business Premiums (NBP) volumes grew 3% YoY to S$862mn in
FY22. The growth was mainly contributed by strong growth in
corporate lines (+20% YoY), motor insurance (+8% YoY) from mainly
private cars, and personal insurance (+99% YoY) underpinned by the
outbound travel recovery which boosted travel insurance. However,
this growth was offset by a dip in life Whole Person Impairment (WPI
insurance (-22% YoY).
P&C insurance made up 53% of FY22 total NBP, while non-
participating insurance at 26%, participating insurance at 20% and
ILP the smallest at 1%.
New Business Embedded Value (NBEV) grew at a faster rate than
NBP volumes, growing 13% YoY to S$87mn in FY22. This is reflecting
the impact of higher margins across all products, which was partly
offset by the impact of product mix.
Figure 8: Both NBP and NBEV grew YoY in FY22
Source: PSR, Company
Net Operating Profit after Tax
Adjusted Insurance Operating Results (IOR) grew 40% YoY to S$111mn in FY22 but Net Operating Profit After Tax reported a loss of
S$643mn during the same period (FY21: profit of S$181mn). This mainly a result of equity and bond market volatility resulting in
negative mark-to-market fair value movements in the shareholder’s investment portfolio.
Figure 9: Adjusted IOR recovered in FY22
Source: PSR, Company
Figure 10: Net OPAT negative in FY22
Source: PSR, Company
Total Asset and Asset Mix
Total Assets dipped 10% YoY to S$41.9bn in FY22, mainly driven by the impact of mark-to-market fair value movements in both equity
and bond market as a result of the rising interest rate environment and economic uncertainty across 2022.
Overall Asset Mix continues to remain stable with the predominant focus on investment assets (89%) with the remainder in Cash (4%),
Investment properties (3%), Loans (2%) and Other debtors (2%).
Notably, the company’s Capital Adequacy Ratio (CAR) stands at 193% in FY22. This is well above MAS requirements (at least 100%) and
Income Insurance’s internal risk appetite threshold, despite the impact of 2022 mark-to-market fair value impacts.
Page | 6 | PHILLIP SECURITIES RESEARCH (SINGAPORE)
Income Insurance
Valuation
Figure 11: Total Assets dipped in FY22
Source: PSR, Company
Figure 12: Asset mix predominately in investment assets
Source: PSR, Company
Page | 7 | PHILLIP SECURITIES RESEARCH (SINGAPORE)
Income Insurance
Valuation
Sponsored Content by Income Insurance Limited
This Report has been commissioned by Alta Alternative Investments Pte. Ltd. (“Alta”) and sponsored by Income Insurance Limited (“Income Insurance”). Phillip Securities
Research Pte Ltd (“PSR”) is an independent third party and is in no way affiliated with either Alta, or Income Insurance and its related corporations, connected persons,
associated persons and affiliates (“Income Insurance Group”). This Report is not written by, published or distributed by the Income Insurance Group and does not reflect
the views of the Income Insurance Group.
This Report is not and should not be construed as an offer or solicitation to subscribe, buy, sell shares or otherwise deal in the securities of Income Insurance. You should
contact your own licensed representative directly if you are interested in buying or selling any product discussed in this Report.
This Report was prepared, published and distributed under the full control of PSR and all opinions expressed herein are the independent views of PSR.
There are no known conflicts of interest between PSR and the Income Insurance Group that may affect the preparation and publication of the Reports.
The analyst(s) (I.e. individuals) who prepared this Report certifies that the opinions contained herein accurately and exclusively reflect his or her views about the securities
of Income Insurance, and that he or she has taken reasonable care to maintain independence and objectivity in respect of the opinions herein.
The analyst(s) (i.e. individuals) who wrote this Report does not hold securities in Income Insurance. The analyst(s) receives compensation based on the overall revenues
of PSR, and no part of his or her compensation was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this Report.
The analyst(s) (i.e. individuals) and his/her associates confirm that they do not serve as directors or officers of Income Insurance Group, and the Income Insurance Group
has not provided or agreed to provide any compensation or other benefits to the analyst(s) in connection with this Report.
An “associate” is defined as (i) the spouse, parent or step-parent, or any minor child (natural or adopted) or minor step-child, of the analyst; (ii) the trustee of a trust of
which the analyst, his spouse, parent or step-parent, minor child (natural or adopted) or minor step-child, is a beneficiary or discretionary object; or (iii) another person
accustomed or obliged to act in accordance with the directions or instructions of the analyst.
Financials
Income Statement Balance Sheet
Y/E Dec, SGD mn FY17 FY18 FY19 FY20 FY21 Y/E Dec, SGD mn FY17 FY18 FY19 FY20 FY21
Net Premiums 3,513 3,599 3,895 4,210 4,461 Investment properties 1,870 1,921 1,954 1,910 1,916
Fee and Other Income 19 149 28 85 34 Investment in joint ventures 91 107 154 559 581
Other Income 2,868 141 3,437 3,394 162 Other financial assets 32,076 32,610 35,357 40,251 41,322
Total operating income 6,400 3,888 7,360 7,690 4,657 Loans 696 693 680 659 641
Net Benefits and Claims 5,575 3,231 6,488 6,774 3,849 Insurance and other receivables 281 327 411 426 613
Operating expenses 459 487 546 541 638 Cash and cash equivalents 586 645 676 1,216 1,432
Operating surplus 366 171 326 374 170 Others 718 900 2,709 823 2,195
Associates & JVs 11 70 52 -4 53 Total Assets 36,318 37,203 41,939 45,843 47,267
Net Surplus 351 154 312 376 162 Insurance contract provisions 30,645 31,379 33,734 37,806 38,911
Other Comprehensive Income -52 (27) 52 11 (3) Borrowings 1,016 1,017 1,064 1,856 1,853
Total Comprehensive Income 298 127 364 387 159 Insurance and other payables 1,109 1,204 1,552 1,805 2,039
Non-controlling Interest 0 1 0 3 -0 Others 90 75 1,733 115 105
Net Comprehensive Income 298 126 364 384 160 Total liabilities 32,860 33,674 38,083 41,582 42,907
Shareholder's equity 3,453 3,523 3,850 4,252 4,350
Non-controlling interest 5 6 6 10 9
Total Equity 3,458 3,528 3,856 4,261 4,360
Per share data (SGD) Margins and Ratios
Y/E Dec FY17 FY18 FY19 FY20 FY21 Y/E Dec FY17 FY18 FY19 FY20 FY21
EPS 3.02 1.28 3.68 3.53 1.46 Growth
DPS 0.60 0.60 0.75 0.60 0.60 Net Premium 16% 2% 8% 8% 6%
BVPS 34.99 35.70 39.01 39.15 40.04 Total operating income 44.2% -39.2% 89.3% 4.5% -39.4%
Dividend payout ratio 20% 47% 20% 17% 41% Operating surplus 143.8% -53.3% 91.1% 14.8% -54.7%
Net surplus 163.2% -56.0% 102.1% 20.5% -57.0%
Supplementary items Net comprehensive Income 96.9% -57.6% 187.8% 5.5% -58.4%
Y/E Dec FY17 FY18 FY19 FY20 FY21 Key Ratios
CAR 282% 273% 283% - - ROE 8.6% 3.6% 9.5% 9.0% 3.7%
ROA 0.9% 0.3% 0.9% 0.9% 0.3%
Source: Company
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Income Insurance
Valuation
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