Dear readers, the potential acquisition of Income Singapore by Allianz via a majority stake of no less than 51% stake has sparked some active discussion in town recently. Several prominent members of the community have also expressed their views and they included Professor Tommy Koh and former CEOs of NTUC Income, Mr Tan Kin Lian and Mr Tan Suee Chieh.
Amidst the different opinions by many of whether the sale of Income Singapore to Allianz should proceed, I believe the discussion is actually a silver lining for Income Singapore.
A silver lining for Income Singapore precisely because of the wide recognition and trust of the social mission that its insurance policies are widely believed to be associated with.
Yesterday, Mr Lim Boon Heng , NTUC Enterprise Chairman said that Income Insurance will continue to provide affordable insurance for lower-income customers after the deal with Allianz. He added that NTUC Enterprise will also continue as an active shareholder of Income Insurance to keep it to its purpose and deliver social commitments to its policyholders.
While Mr Lim’s comments can be assuring to Income Singapore policyholders, I will prefer the deal with Allianz not to proceed as it will be even more assuring to policyholders for Income Singapore to keep its current status.
I believe many people feel strongly about this episode because we are talking something as basic as Insurance. And not only that, reasonably-priced insurance for the many people who are policy owners.