SINGAPORE – Shareholders of Income Insurance will enjoy their highest dividend in 10 years after the insurer reported strong annual profits, while also gaining a renewed avenue to sell their shares.

The developments were disclosed during Income’s annual general meeting on May 25 and its 2025 financial year annual report, which was released on June 2.

While Income is not listed on the stock exchange, it is a public company with more than 15,000 retail shareholders who hold about 27.4 million shares.

Public debate ensued in July 2024 after German insurer Allianz made an offer to buy a majority stake in the firm for $2.2 billion, or $40.58 a share.

However, the deal was later blocked by the Government over concerns about its impact on Income’s social mission. Allianz withdrew its offer on Dec 16, 2024.

Here are the key takeaways from Income’s AGM and annual report:

Income’s board proposed a total dividend of $1.063 per share, representing the highest payout in the past 10 years.

This was enabled by a 165 per cent year-on-year jump in net profit to $118.9 million for FY2025, boosted by better investment returns, product mix and demand from younger and more affluent clients.

The total dividend for FY2024 was 41.6 cents per share, including a special 55th anniversary dividend of 20.8 cents each.

The insurer is also worth more now, with its net asset value per share rising to $32.66 in FY2025, from $31.97 in FY2024.