The idea of co-operatives, also known as social enterprises, was first conceived at the Modernisation Seminar in 1969, where delegates from NTUC affiliated unions gathered to discuss the challenges Singaporean workers were facing. Then, Singapore was a developing nation with a population comprising mostly blue-collar and low income workers.

One of the founding leaders of NTUC, Mr Devan Nair, articulated the need for the Labour Movement to turn into a social institution to serve Singaporean workers in various ways. Then Finance Minister Dr Goh Keng Swee supported this call and urged NTUC to set up social enterprises in areas such as life insurance and essential consumer goods to meet the needs of the working population.

This led to the establishment of NTUC co-operatives or Social Enterprises.

Income was established in 1970 with the objective of providing insurance protection to the masses. At that time, life insurance was something only the higher income group could afford.

Today, Income serves over two million customers. It is the top composite insurer in Singapore and one of the largest general insurers and health insurance providers. Income is also the largest motor insurer in Singapore, covering about one in four vehicles in Singapore.