He was CEO for 30 years, NTUC Income wasn't worth $17 billion
since day 1.
The thing is insurance industry is a poor cousin to other
finance lines. Agents earn on commission year on year, sure alot of
them earn more than salaried execs in insurance.
Furthermore, profit margin for NTUC's business (selling house,
travel, motor, accident insurance) is low compared to commercial
insurance. How much does one customer spend, and how much does the
agent take compared to the company?
Whether or not he will be President, I am saying his CEO's pay
was a laughing stock among insurance ppl.
Alize,
Please check your facts before you make the claim.
NTUC Income does not only sell general insurance (selling house,
travel, motor,
accident insurance)
NTUC Income sells commercial insurance to companies,
general insurance, health
insurance, life and annuity
insurance, savings and investment policies and
provide
financial
plannings.
Please see the url link http://www.income.com.sg/index.asp
Mr Tan has managed to grow a $40 million asset NTUC in 1977 to a
$17 billion asset NTUC when he retired from NTUC. The 2009 asset
value of NTUC Income is $23.1 billions.
Will NTUC Income pay him a miserable (assuming last drawn
salary) monthly income of $20k to $30k given that he grew the
assets of NTUC Income by ($17 billions / $40 millions ) = 425 times
?