By Lorna Tan, Senior Correspondent

NTUC Income is refreshing its four-decades-old brand with a bright new logo and tagline designed to appeal to modern Singapore, including younger people.

But the cooperative is nonetheless sticking to its roots and will remain a mass market insurer, executives said in launching its rebranding effort yesterday.

The exercise is anchored on a 'Made Different' tagline, which will emphasise Income's social goals while spearheading efforts to become more energetic, contemporary and professional.

Chief executive Tan Suee Chieh recalled that Income was set up with the social purpose of providing affordable insurance to workers and labourers.

'NTUC Income will continue to focus on its social purpose, the basis of its founding about 40 years ago - providing affordable, accessible and sustainable insurance products to Singaporeans following independence,' said Mr Tan.

He added that the rebranded Income would be a premium mass market provider, like furniture retailer Ikea, which is known for its value-for-money, quality goods.

'We are not here to maximise profits for our shareholders, but to provide value for our customers. We were made different, we are different and we will continue to be different,' he said.

To bring its brand alive, Income will effect changes in its internal processes, practices and culture. As part of the effort, Income's staff are currently undergoing a customer service excellence training programme.

The refreshed logo and tagline will be unveiled to the public today during the two-day NTUC Income Kite Festival at the West Coast Park.

For the first half of this year, Income posted sliding sales, in line with declines in the wider insurance industry.

In terms of weighted premiums, the insurer's sales dipped 14 per cent to $99.5 million against a sharper 44 per cent contraction registered by the industry.

The measure takes into account just 10 per cent of a single premium and all of a year's premiums for annual premium plans.

Income's single premium sales fell 20 per cent to $375 million, while its annual premium business fell 10 per cent to $62 million. This is much lower than the 69 per cent and 17 per cent contractions experienced by the industry in single and annual premium sales respectively.

During the same period, Income saw its market share growing in the weighted premium income category to 16.9 per cent, up from 11 per cent previously.

Since April, its products have been available via three banking partners - United Overseas Bank, Citibank and POSB. In the three months ended June, it achieved single premium sales of $38 million via its banking channels.

This article was first published in The Straits Times.