In October, Tan Suee Chieh became the first Group CEO of NTUC Enterprise, set up in 2012 as a holding entity for the twelve NTUC co-operatives. In his new capacity, the former CEO of NTUC Income oversees 14,000 staff, two million customers and record combined annual revenues of $8 billion. Earlier, in April 2013, Tan received the Outstanding CEO of the Year 2012 at the Singapore Business Awards for his leadership at NTUC Income since assuming the helm in 2007. Tan was cited for championing the co-operative's revolutionary brand of simple and honest insurance, and for achieving unprecedented business results while remaining true to its original purpose of providing affordable, accessible and sustainable insurance. Tan's tenure at NTUC Income saw revenue from premiums increase to an all-time high of $4.2 billion in 2011 and total assets grow from $18.8 billion in 2006 to $30.8 billion in 2012. Its capital adequacy ratio, an indicator of an insurer's financial strength, increased from 187 percent in 2006 to 271 percent in 2012, the highest in NTUC Income's history.