Dear readers, I believe by now, you might have heard of the news surrounding Allianz’s, a German Insurance Company, potential takeover of Income Singapore.
Income Singapore is the new name of the more familiar NTUC Income after the company was corporatized in 2022.
I object strongly to the potential takeover of Income Singapore by Allianz or by any other company simply because when I chose NTUC Income (now Income Singapore) as the company for my insurance policies over others, it is the brand name “NTUC Income” that ensures me that my insurance policies will be fair in scope and price.
The brand name “NTUC Income” is strong as it is after all very closely linked to the government. And my insurance policies with Income Singapore is almost like a social compact between me (the people of Singapore) and NTUC which is linked to the government. I can never imagine that, if the proposed takeover by Income Singapore through a major stake of at least 51% by Allianz is to materialize, I will be technically having my many of insurances with a German-based insurer and the feeling of a social compact will be no more.
If Income Singapore is taken over by Allianz, then Income Singapore is no different from other insurance firms (as social mission will seem to me to be gone). I will not rule out that I will review my insurance policies (there are no guarantees that the coverage will not be changed) with Income Singapore.