The former Chief Executive Officer (CEO) of NTUC Income, Tan Kin Lian has expressed that consumers are getting a poor payout for their premiums paid into Eldershield. He made the claim in pointing to data in his website.
“The insurance companies are making a profit margin of 30 percent after providing for reserves for future claims,” Mr Tan said.
He added that they were making huge profits, “maybe $100 million a year”.