Who is Tan Kin Lian? 5 things about the former NTUC Income CEO and his second bid to be President

SINGAPORE: Former NTUC Income chief executive Tan Kin Lian has got a second shot at the Singapore presidency after qualifying to run for the position.

He finished last in the 2011 presidential race but he believes "2023 will be my time".

The 75-year-old will be up against former Senior Minister Tharman Shanmugaratnam and former GIC chief investment officer Ng Kok Song in the Sep 1 election. 

When he announced his bid to run for President on Aug 11, Mr Tan said he believes in the importance of offering Singaporeans the chance to vote for what he described as an independent candidate.

He reiterated on Friday (Aug 18) that he is an "independent" candidate while Mr Tharman and Mr Ng "represent the establishment candidate".

Here are five things to know about Mr Tan:

FORMER NTUC INCOME CEO 

Mr Tan was the CEO of NTUC Income for 30 years until 2007. After leaving the insurer, he started a computer software business and travelled regularly to provide insurance consultancy in Indonesia. 

In a blog post on Jul 30, he claimed NTUC Income’s assets had increased by 600 times under his leadership – from S$28 million (US$20.8 million) to S$17 billion.

NTUC Income’s net assets were valued at around S$1.17 billion in its annual report for the financial year ending Dec 31, 2006, which was Mr Tan’s last full year as its CEO.

Explaining why he left NTUC Income, Mr Tan previously said that he disagreed with a few members of the board on the issue of privatising NTUC Income and had “fought so hard” for it to remain a cooperative.

When the board decided to search for a new CEO, Mr Tan said he accepted that decision “as it was best for NTUC Income to search for a new direction for the future”.

NTUC Income is now a corporate entity after its insurance business and assets were transferred to a new company called Income Insurance Ltd in 2022.

“I enjoyed working in Income because it was a cooperative society,” Mr Tan said in his post on Jul 30.

“Most of the profits that it made were plowed back to give higher bonuses to its policyholders. They did not go to pay big dividends to shareholders or to pay high salaries of the board and top management.

“I also (ran) Income frugally and kept the operating expenses low. This helped to keep the premiums low, so that the policyholders paid less."

HUMBLE BEGINNINGS

Mr Lim was born to a poor family that eked out a living transporting fish from the Riau Islands to Singapore.

Growing up in a family with six children, they lived in rental rooms and "had to move from place to place" after the leases expired, he said in his blog post on Jul 30.

“My father lost his livelihood during the Indonesian Confrontation in 1965. I left school after Secondary 4 to work to support the family. At that time, I was among the top students in Raffles Institution," he said.

Mr Tan added that he lives a "frugal life" and encouraged others to do the same.

He is married to Madam Tay Siew Hong. They have three children and five grandchildren.

FORMER PAP MEMBER

Mr Tan was a member of the ruling People’s Action Party (PAP) from the 1970s to 2008, but did not hold public office. He served as branch secretary at Marine Parade from 1976 to 1979, then became chairman of the Marine Parade Community Centre.

Despite his past links to the ruling party, he has described himself as an independent candidate and said he was "from outside the establishment".

When asked about this, Mr Tan said at a press conference on Friday (Aug 11) that “the PAP at that time was a very different PAP from today”.

“I was very proud to be helping the PAP in those days when it was very clear that it (has) the support of the population, a large part of the population, and I did what I could to contribute to them,” he said.

“The PAP today is quite different. I think many people feel that they are more towards the elite and not towards the ordinary people. So therefore, you must remember the PAP itself has changed its orientation.”

He added that this was why he left the party 15 years ago.

CAME LAST IN 2011 PRESIDENTIAL ELECTION

In 2011, Mr Tan unsuccessfully ran for the presidency and came in last out of four candidates, with 4.91 per cent of the more than 2.2 million votes. He lost his deposit of S$48,000.

Speaking to CNA after conceding defeat in the 2011 Presidential Election, Mr Tan said he was "somewhat disappointed" by the outcome.

"I will still continue to be the voice of the people, using other channels," he said at the time.

Mr Tan said on Aug 11 that he decided to throw his hat into the ring following comments and his team's advice that businessman George Goh might not meet the qualifying criteria, resulting in a possible two-way contest between Mr Ng and Mr Tharman.

He said he believes he will be the "only candidate from outside the establishment".

It emerged on Aug 18 that Mr Goh was unsuccessful in his application for a certificate of eligibility to contest the election.

AVID CYCLIST AND FREQUENT FACEBOOK USER

Mr Tan is an avid cyclist and frequently posts on social media about his cycling trips.

During a recent trip along Cactus Road in the Yio Chu Kang area, he said he would open the Istana grounds for cycling on Saturday mornings if he was elected President.

More than 64,000 accounts follow Mr Tan on his Facebook page, where he regularly shares life updates, such as the food he eats.

He also posts his thoughts about various issues, from the cost of living to cybersecurity.