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NTUC Income: Difference between revisions
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This restructuring preserved its legacy while enabling it to operate as a commercially driven organisation. The change became effective on 1 September 2022, following approvals from the relevant regulatory authorities. | This restructuring preserved its legacy while enabling it to operate as a commercially driven organisation. The change became effective on 1 September 2022, following approvals from the relevant regulatory authorities. | ||
'''Post-Privatisation Developments''' | === '''Post-Privatisation Developments''' === | ||
Post-privatisation, Income Insurance Limited continues to offer the same portfolio of products and services but has been actively exploring opportunities to expand beyond Singapore. The organisation has emphasised its commitment to retaining its customer-centric values and addressing the insurance needs of both individuals and businesses. | |||
=== '''Controversial Sale of Income Insurance to Allianz''' === | |||
In 2024, German insurer Allianz proposed acquiring a 51% stake in Singapore’s Income Insurance for S$2.2 billion. While the deal aimed to enhance Income’s market position, the Singapore government blocked it, citing public interest concerns. Key issues included a planned capital reduction by Allianz that contradicted Income’s social mission and reduced influence of NTUC Enterprise, the majority shareholder. The decision led to amendments in Singapore’s Insurance Act to address public interest in similar transactions. The government remains open to revised proposals that preserve Income’s social objectives. | |||
== '''Key appointment holders''' == | == '''Key appointment holders''' == | ||