Dear readers, on 17 Jul 2024, Allianz, a German Insurance Company announced its intent to make a pre-conditional offer to acquire at least 51% of the shares of Income Insurance.
Income Insurance is the name of former NTUC Income after corporatization in September 2022.
Prior to the aforementioned announcement, it was already reported that Allianz is in discussion with Income Singapore on a substantial stake in Income Singapore and I expressed my worries at the development in an earlier article.
To reiterate, I chose NTUC Income (now Income Singapore) over many other competitor insurance companies for my insurances because of the strong branding in NTUC which is all about social mission. Hence, I trust the insurances of Income Singapore to be fair and decently priced for the people.
I feel disappointed and unease if Income Singapore is to be controlled by a foreign company with a major stake.
After Singapore’s Neptune Orient Lines was sold to France, I thought that is the limit of sale of Singapore’s largest home-grown companies to foreign firm. Never in my wildest imagination, will I imagine that what seem to be a very trusted Singapore brand for the people, Income Singapore may be taken over by a foreign firm.
I feel disappointed and shocked at the potential sale of Income Singapore to a foreign firm and worry about the future premium and possible changes in my insurances if Allianz were to take over.